# EDGAR Filing Document

**Accession Number:** 0001849998
**File Stem:** 0001145549-23-002478
**Filing Date:** 2023-1
**Character Count:** 102294
**Document Hash:** 63bfde61a46522e3ff90018d5552757d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-002478.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001145549-23-002478

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes ETF Trust
- **CENTRAL INDEX KEY:** 0001849998
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23730
- **FILM NUMBER:** 23547817

**BUSINESS ADDRESS:**
- **STREET 1:** 4000 ERICCSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086
- **BUSINESS PHONE:** 412-288-1900

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

## Series and Classes Contracts Data

### Federated Hermes Short Duration High Yield ETF (Series ID: S000074174)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000231759 | Federated Hermes Short Duration High Yield ETF | XFHYX           |

## Nport-Ex

Federated Hermes Short Duration High Yield ETF

Portfolio of Investments

November 30, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>**or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—63.9% |  |
|  | **Aerospace/Defense—1.2%** |  |
| $200000 | TransDigm, Inc., Sr. Sub. Note, 6.375%, 6/15/2026 | $196426 |
| &nbsp;&nbsp; 150000 | TransDigm, Inc., Sr. Sub., Series WI, 5.500%, 11/15/2027 | &nbsp;&nbsp; 141375 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337801 |
|  | **Airlines—1.2%** |  |
| &nbsp;&nbsp; 350000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.500%, 4/20/2026 | &nbsp;&nbsp; 339436 |
|  | **Automotive—4.5%** |  |
| &nbsp;&nbsp; 100000 | Dornoch Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2029 | &nbsp;&nbsp; 66547 |
| &nbsp;&nbsp; 500000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.063%, 11/1/2024 | &nbsp;&nbsp; 482673 |
| &nbsp;&nbsp; 250000 | J.B. Poindexter & Co., Inc., Sr. Unsecd. Note, 144A, 7.125%, 4/15/2026 | &nbsp;&nbsp; 241577 |
| &nbsp;&nbsp; 60000 | KAR Auction Services, Inc., Sr. Unsecd. Note, 144A, 5.125%, 6/1/2025 | &nbsp;&nbsp; 58333 |
| &nbsp;&nbsp; 150000 | Mercedes-Benz Finance NA LLC, Sr. Unsecd. Note, 144A, 5.500%, 11/27/2024 | &nbsp;&nbsp; 151038 |
| &nbsp;&nbsp; 250000 | Panther BF Aggregator 2 LP, Sr. Unsecd. Note, 144A, 8.500%, 5/15/2027 | &nbsp;&nbsp; 244652 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1244820 |
|  | **Building Materials—2.0%** |  |
| &nbsp;&nbsp; 250000 | Cp Atlas Buyer, Inc., Sr. Unsecd. Note, 144A, 7.000%, 12/1/2028 | &nbsp;&nbsp; 182900 |
| &nbsp;&nbsp; 100000 | Srs Distribution, Inc., Sr. Unsecd. Note, 144A, 6.125%, 7/1/2029 | &nbsp;&nbsp; 82942 |
| &nbsp;&nbsp; 180000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2027 | &nbsp;&nbsp; 165647 |
| &nbsp;&nbsp; 150000 | White Cap Parent LLC, Sr. Sub. Secd. Note, 144A, 8.250%, 3/15/2026 | &nbsp;&nbsp; 127648 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559137 |
|  | **Cable Satellite—2.6%** |  |
| &nbsp;&nbsp; 150000 | CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, 144A, 5.500%, 5/1/2026 | &nbsp;&nbsp; 145500 |
| &nbsp;&nbsp; 200000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027 | &nbsp;&nbsp; 183250 |
| &nbsp;&nbsp; 200000 | DIRECTV Holdings LLC, Sec. Fac. Bond, 144A, 5.875%, 8/15/2027 | &nbsp;&nbsp; 183516 |
| &nbsp;&nbsp; 200000 | DISH Network Corp., Sec. Fac. Bond, 144A, 11.750%, 11/15/2027 | &nbsp;&nbsp; 205566 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717832 |
|  | **Chemicals—2.4%** |  |
| &nbsp;&nbsp; 200000 | Cheever Escrow Issuer, Sec. Fac. Bond, 144A, 7.125%, 10/1/2027 | &nbsp;&nbsp; 187000 |
| &nbsp;&nbsp; 120000 | Herens Holdco S.a.r.l., Sec. Fac. Bond, 144A, 4.750%, 5/15/2028 | &nbsp;&nbsp; 96000 |
| &nbsp;&nbsp; 200000 | Illuminate Buyer LLC/Illuminate Holdings IV, Inc., Sr. Unsecd. Note, 144A, 9.000%, 7/1/2028 | &nbsp;&nbsp; 165000 |
| &nbsp;&nbsp; 200000 | Koppers, Inc., Sr. Unsecd. Note, 144A, 6.000%, 2/15/2025 | &nbsp;&nbsp; 186250 |
| &nbsp;&nbsp; 100000 | Polar US Borrower LLC, Sr. Unsecd. Note, 144A, 6.750%, 5/15/2026 | &nbsp;&nbsp; 41706 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675956 |
|  | **Construction Machinery—0.7%** |  |
| &nbsp;&nbsp; 200000 | United Rentals, Inc., Sr. Unsecd. Note, 5.500%, 5/15/2027 | &nbsp;&nbsp; 197345 |
|  | **Consumer Cyclical Services—1.4%** |  |
| &nbsp;&nbsp; 100000 | Allied Universal Holdco LLC, Sec. Fac. Bond, 144A, 6.625%, 7/15/2026 | &nbsp;&nbsp; 95000 |
| &nbsp;&nbsp; 100000 | Garda World Security Corp., Sec. Fac. Bond, 144A, 4.625%, 2/15/2027 | &nbsp;&nbsp; 89809 |
| &nbsp;&nbsp; 200000 | The Brink's Co., Sr. Unsecd. Note, 144A, 5.500%, 7/15/2025 | &nbsp;&nbsp; 197221 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382030 |
|  | **Consumer Products—1.3%** |  |
| &nbsp;&nbsp; 250000 | BCPE Empire Holdings, Inc., Sr. Unsecd. Note, 144A, 7.625%, 5/1/2027 | &nbsp;&nbsp; 225937 |
| &nbsp;&nbsp; 150000 | Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 5.500%, 6/1/2028 | &nbsp;&nbsp; 141342 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367279 |
|  | **Diversified Manufacturing—2.5%** |  |
| &nbsp;&nbsp; 250000 | Gates Global LLC, Sr. Unsecd. Note, 144A, 6.250%, 1/15/2026 | &nbsp;&nbsp; 241052 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Diversified Manufacturing—continued** |  |
| $350000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.125%, 6/15/2025 | $354375 |
| &nbsp;&nbsp; 100000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.250%, 6/15/2028 | &nbsp;&nbsp; 101305 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696732 |
|  | **Finance Companies—0.5%** |  |
| &nbsp;&nbsp; 150000 | United Shore Financial Services, Sr. Unsecd. Note, 144A, 5.500%, 11/15/2025 | &nbsp;&nbsp; 138996 |
|  | **Financial Institutions—0.8%** |  |
| &nbsp;&nbsp; 225000<br><sup>1</sup> <br>| JPMorgan Chase & Co., Sr. Unsecd. Note, 5.215% (3-month USLIBOR +0.890%), 7/23/2024 | &nbsp;&nbsp; 224604 |
|  | **Food & Beverage—2.1%** |  |
| &nbsp;&nbsp; 250000 | Aramark Services, Inc., Sr. Unsecd. Note, 144A, 5.000%, 4/1/2025 | &nbsp;&nbsp; 243750 |
| &nbsp;&nbsp; 100000 | Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 5.500%, 10/15/2027 | &nbsp;&nbsp; 96500 |
| &nbsp;&nbsp; 250000 | US Foods, Inc., Sec. Fac. Bond, 144A, 6.250%, 4/15/2025 | &nbsp;&nbsp; 252335 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592585 |
|  | **Gaming—5.3%** |  |
| &nbsp;&nbsp; 100000 | Affinity Gaming LLC, 144A, 6.875%, 12/15/2027 | &nbsp;&nbsp; 85784 |
| &nbsp;&nbsp; 250000 | Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027 | &nbsp;&nbsp; 232500 |
| &nbsp;&nbsp; 300000 | Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 6.250%, 7/1/2025 | &nbsp;&nbsp; 296491 |
| &nbsp;&nbsp; 225000 | MGM Resorts International, Sr. Unsecd. Note, 6.000%, 3/15/2023 | &nbsp;&nbsp; 225011 |
| &nbsp;&nbsp; 200000 | Mohegan Tribal Gaming Authority, 144A, 8.000%, 2/1/2026 | &nbsp;&nbsp; 187790 |
| &nbsp;&nbsp; 210000 | Sugarhouse HSP Gaming Finance Corp., Sec. Fac. Bond, 144A, 5.875%, 5/15/2025 | &nbsp;&nbsp; 197538 |
| &nbsp;&nbsp; 250000 | VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 5.625%, 5/1/2024 | &nbsp;&nbsp; 247584 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1472698 |
|  | **Health Care—2.8%** |  |
| &nbsp;&nbsp; 150000 | Ardent Health Services, Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029 | &nbsp;&nbsp; 117563 |
| &nbsp;&nbsp; 200000 | Global Medical Response, Inc., Sec. Fac. Bond, 144A, 6.500%, 10/1/2025 | &nbsp;&nbsp; 150516 |
| &nbsp;&nbsp; 100000 | MPH Acquisition Holdings LLC, Sr. Note, 144A, 5.500%, 9/1/2028 | &nbsp;&nbsp; 79877 |
| &nbsp;&nbsp; 150000 | Team Health Holdings, Inc., Sr. Unsecd. Note, 144A, 6.375%, 2/1/2025 | &nbsp;&nbsp; 87375 |
| &nbsp;&nbsp; 350000 | Tenet Healthcare Corp., Sr. Secd. Note, 4.625%, 7/15/2024 | &nbsp;&nbsp; 342473 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777804 |
|  | **Independent Energy—3.8%** |  |
| &nbsp;&nbsp; 150000 | Permian Resources Operating LLC, Sr. Unsecd. Note, 144A, 5.375%, 1/15/2026 | &nbsp;&nbsp; 139221 |
| &nbsp;&nbsp; 250000 | Range Resources Corp., Sr. Unsecd. Note, 4.875%, 5/15/2025 | &nbsp;&nbsp; 242260 |
| &nbsp;&nbsp; 250000 | SM Energy Co., Sr. Unsecd. Note, 6.750%, 9/15/2026 | &nbsp;&nbsp; 245000 |
| &nbsp;&nbsp; 200000 | Southwestern Energy Co., Sr. Unsecd. Note, 7.750%, 10/1/2027 | &nbsp;&nbsp; 205759 |
| &nbsp;&nbsp; 250000 | Tap Rock Resources LLC, Sr. Unsecd. Note, 144A, 7.000%, 10/1/2026 | &nbsp;&nbsp; 233750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1065990 |
|  | **Industrial - Other—0.4%** |  |
| &nbsp;&nbsp; 150000 | Madison Iaq LLC Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029 | &nbsp;&nbsp; 110960 |
|  | **Insurance - P&C—4.3%** |  |
| &nbsp;&nbsp; 282890 | Ardonagh Midco 2 PLC, Sr. Unsecd. Note, 144A, 11.500% / 12.750% PIK, 1/15/2027 | &nbsp;&nbsp; 273696 |
| &nbsp;&nbsp; 200000 | AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 7.000%, 8/15/2025 | &nbsp;&nbsp; 191901 |
| &nbsp;&nbsp; 300000 | Hub International Ltd., Sr. Unsecd. Note, 144A, 7.000%, 5/1/2026 | &nbsp;&nbsp; 297018 |
| &nbsp;&nbsp; 185000 | NFP Corp., Sr. Unsecd. Note, 144A, 6.875%, 8/15/2028 | &nbsp;&nbsp; 156479 |
| &nbsp;&nbsp; 300000 | USIS Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.875%, 5/1/2025 | &nbsp;&nbsp; 294033 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1213127 |
|  | **Leisure—0.5%** |  |
| &nbsp;&nbsp; 151000 | Six Flags Theme Parks, Sec. Fac. Bond, 144A, 7.000%, 7/1/2025 | &nbsp;&nbsp; 151374 |
|  | **Lodging—1.4%** |  |
| &nbsp;&nbsp; 400000 | Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 5.375%, 5/1/2025 | &nbsp;&nbsp; 397444 |
|  | **Media Entertainment—2.8%** |  |
| &nbsp;&nbsp; 250000 | Cumulus Media News Holdings, Inc., 144A, 6.750%, 7/1/2026 | &nbsp;&nbsp; 209487 |

---

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Media Entertainment—continued** |  |
| $200000 | iHeartCommunications, Inc., 144A, 5.250%, 8/15/2027 | $178114 |
| &nbsp;&nbsp; 150000 | Scripps Escrow, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2027 | &nbsp;&nbsp; 133500 |
| &nbsp;&nbsp; 100000 | Tegna, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2028 | &nbsp;&nbsp; 94311 |
| &nbsp;&nbsp; 100000 | Terrier Media Buyer, Inc., Sr. Unsecd. Note, 144A, 8.875%, 12/15/2027 | &nbsp;&nbsp; 76000 |
| &nbsp;&nbsp; 100000 | Townsquare Media, Inc., Sec. Fac. Bond, 144A, 6.875%, 2/1/2026 | &nbsp;&nbsp; 92771 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 784183 |
|  | **Midstream—4.6%** |  |
| &nbsp;&nbsp; 250000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027 | &nbsp;&nbsp; 238727 |
| &nbsp;&nbsp; 350000 | Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2026 | &nbsp;&nbsp; 344047 |
| &nbsp;&nbsp; 250000 | NuStar Logistics LP, Sr. Unsecd. Note, 5.625%, 4/28/2027 | &nbsp;&nbsp; 235090 |
| &nbsp;&nbsp; 250000 | Solaris Midstream Holdings LLC, Sr. Unsecd. Note, 144A, 7.625%, 4/1/2026 | &nbsp;&nbsp; 246250 |
| &nbsp;&nbsp; 250000 | Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027 | &nbsp;&nbsp; 236549 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1300663 |
|  | **Oil Field Services—2.6%** |  |
| &nbsp;&nbsp; 100000 | Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027 | &nbsp;&nbsp; 96750 |
| &nbsp;&nbsp; 300000 | Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/15/2027 | &nbsp;&nbsp; 291750 |
| &nbsp;&nbsp; 250000 | Precision Drilling Corp., Sr. Unsecd. Note, 144A, 7.125%, 1/15/2026 | &nbsp;&nbsp; 244785 |
| &nbsp;&nbsp; 110000 | USA Compression Partners LP, Sr. Unsecd. Note, Series WI, 6.875%, 4/1/2026 | &nbsp;&nbsp; 105325 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 738610 |
|  | **Packaging—3.2%** |  |
| &nbsp;&nbsp; 150000 | Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, 144A, 5.250%, 8/15/2027 | &nbsp;&nbsp; 113445 |
| &nbsp;&nbsp; 350000 | Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2025 | &nbsp;&nbsp; 331942 |
| &nbsp;&nbsp; 260000 | Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.625%, 11/1/2025 | &nbsp;&nbsp; 223642 |
| &nbsp;&nbsp; 250000 | Trivium Packaging Finance BV, Sr. Unsecd. Note, 144A, 8.500%, 8/15/2027 | &nbsp;&nbsp; 234056 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 903085 |
|  | **Paper—1.4%** |  |
| &nbsp;&nbsp; 400000 | Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 5.375%, 2/1/2025 | &nbsp;&nbsp; 388323 |
|  | **Pharmaceuticals—0.3%** |  |
| &nbsp;&nbsp; 100000 | Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 5.500%, 11/1/2025 | &nbsp;&nbsp; 84489 |
|  | **Technology—3.5%** |  |
| &nbsp;&nbsp; 400000 | AMS AG, Sr. Unsecd. Note, 144A, 7.000%, 7/31/2025 | &nbsp;&nbsp; 367579 |
| &nbsp;&nbsp; 250000 | Boxer Parent Co., Inc., 144A, 7.125%, 10/2/2025 | &nbsp;&nbsp; 245000 |
| &nbsp;&nbsp; 150000 | Coherent Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029 | &nbsp;&nbsp; 132375 |
| &nbsp;&nbsp; 150000 | Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.000%, 10/15/2026 | &nbsp;&nbsp; 138525 |
| &nbsp;&nbsp; 150000 | Veritas US, Inc./Veritas Bermuda, Ltd., Sr. Secd. Note, 144A, 7.500%, 9/1/2025 | &nbsp;&nbsp; 107205 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990684 |
|  | **Transportation Services—2.2%** |  |
| &nbsp;&nbsp; 400000 | Stena International S.A., Sec. Fac. Bond, 144A, 6.125%, 2/1/2025 | &nbsp;&nbsp; 371863 |
| &nbsp;&nbsp; 250000 | Watco Cos LLC/Finance Co., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2027 | &nbsp;&nbsp; 242908 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 614771 |
|  | **Utility - Electric—0.9%** |  |
| &nbsp;&nbsp; 260000 | Enviva Partners LP/Enviva Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 1/15/2026 | &nbsp;&nbsp; 247884 |
|  | **Wireless Communications—0.7%** |  |
| &nbsp;&nbsp; 200000<br><sup>1</sup> <br>| Verizon Communications, Inc., Sr. Unsecd. Note, 5.706% (3-month USLIBOR +1.100%), 5/15/2025 | &nbsp;&nbsp; 200421 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE BONDS <br>(IDENTIFIED COST $19,411,585)<br>| &nbsp;&nbsp; 17917063 |
| <sup>1</sup> <br>| FLOATING RATE LOANS—26.7% |  |
|  | **Aerospace/Defense—0.7%** |  |
| &nbsp;&nbsp; 198971 | Peraton Corp., Term Loan–1st Lien, Series B, 7.821% (1-month USLIBOR +3.750%), 2/1/2028 | &nbsp;&nbsp; 193997 |

---

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| <sup>1</sup> <br>| FLOATING RATE LOANS—continued |  |
|  | **Building Materials—0.5%** |  |
| $150000 | Cornerstone Building Brands, Inc., Term Loan–1st Lien, 9.419% (SOFR CME +5.625%), 8/1/2028 | $139001 |
|  | **Chemicals—0.9%** |  |
| &nbsp;&nbsp; 242565 | Messer Industries GmbH, Term Loan–1st Lien, 6.174% (3-month USLIBOR +2.500%), 3/2/2026 | &nbsp;&nbsp; 238725 |
|  | **Consumer Cyclical Services—0.7%** |  |
| &nbsp;&nbsp; 100000 | AP Core Holdings II, LLC, Term Loan–1st Lien, Series B2, 9.571% (1-month USLIBOR +5.500%), 9/1/2027 | &nbsp;&nbsp; 88417 |
| &nbsp;&nbsp; 99500 | Century Casinos, Inc, Term Loan–1st Lien, 9.844% (SOFR CME +6.100%), 4/2/2029 | &nbsp;&nbsp; 94774 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183191 |
|  | **Consumer Products—0.5%** |  |
| &nbsp;&nbsp; 149250 | BCPE Empire Holdings, Inc., Term Loan–1st Lien, 8.811% (SOFR CME +4.625%), 6/11/2026 | &nbsp;&nbsp; 144667 |
|  | **Diversified Manufacturing—1.1%** |  |
| &nbsp;&nbsp; 200000<br><sup>2</sup> <br>| Gates Global LLC, Term Loan B–1st Lien, TBD, 11/16/2029 | &nbsp;&nbsp; 196400 |
| &nbsp;&nbsp; 100000 | Watlow Electric Manufacturing Company, Term Loan B–1st Lien, 9.269% (SOFR CME +5.000%), 3/2/2028 | &nbsp;&nbsp; 98000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294400 |
|  | **Financial Institutions—0.9%** |  |
| &nbsp;&nbsp; 246154 | Sedgwick Claims Management Services, Inc., Term Loan–1st Lien, Series B3, 8.321% (1-month USLIBOR +4.250%), 9/3/2026 | &nbsp;&nbsp; 242031 |
|  | **Gaming—0.9%** |  |
| &nbsp;&nbsp; 249375 | Great Canadian Gaming Corp., Term Loan–1st Lien, 7.602% (3-month USLIBOR +4.00%), 11/1/2026 | &nbsp;&nbsp; 244076 |
|  | **Health Care—1.9%** |  |
| &nbsp;&nbsp; 198995 | AHP Health Partners, Inc., Term Loan–1st Lien, Series B, 7.571% (1-month USLIBOR +3.500%), 8/24/2028 | &nbsp;&nbsp; 193439 |
| &nbsp;&nbsp; 123121 | Curium BidCo S.a r.l., Term Loan–1st Lien, 7.924% (3-month USLIBOR +4.250), 12/2/2027 | &nbsp;&nbsp; 118196 |
| &nbsp;&nbsp; 250000 | MH Sub I, LLC, Term Loan–2nd Lien, 10.649% (SOFR CME +6.250%), 2/23/2029 | &nbsp;&nbsp; 224062 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535697 |
|  | **Independent Energy—0.9%** |  |
| &nbsp;&nbsp; 250000 | Ascent Resources Utica Holdings, LLC, Term Loan–2nd Lien, 12.941% (3-month USLIBOR +9.000%), 11/1/2025 | &nbsp;&nbsp; 263542 |
|  | **Industrial - Other—1.5%** |  |
| &nbsp;&nbsp; 248744 | Filtration Group Corp., Term Loan–1st Lien, 7.571% (1-month USLIBOR +3.500%), 10/21/2028 | &nbsp;&nbsp; 242090 |
| &nbsp;&nbsp; 98740 | Fluid-Flow Products, Inc., Term Loan–1st Lien, 7.424% (3-month USLIBOR +3.750%), 3/31/2028 | &nbsp;&nbsp; 93803 |
| &nbsp;&nbsp; 100000 | SPX Flow, Inc., 2022 Term Loan–1st Lien, 8.686% (SOFR CME +4.500%), 4/5/2029 | &nbsp;&nbsp; 93500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429393 |
|  | **Insurance - P&C—1.5%** |  |
| &nbsp;&nbsp; 150000<br><sup>2</sup> <br>| AssuredPartners, Inc., Term Loan B–1st Lien, TBD, 2/13/2027 | &nbsp;&nbsp; 147094 |
| &nbsp;&nbsp; 100000 | Asurion LLC, Term Loan–2nd Lien, Series B3, 9.321% (1-month USLIBOR +5.250%), 1/31/2028 | &nbsp;&nbsp; 76900 |
| &nbsp;&nbsp; 100000 | Hub International Limited, Term Loan B–1st Lien, 8.220% (SOFR CME +4.000%), 11/10/2029 | &nbsp;&nbsp; 98375 |
| &nbsp;&nbsp; 100000<br><sup>2</sup> <br>| USI, Inc., Term Loan–1st Lien, TBD, 11/16/2029 | &nbsp;&nbsp; 98268 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420637 |
|  | **Leisure—0.5%** |  |
| &nbsp;&nbsp; 150000<br><sup>2</sup> <br>| Formula One Holdings Limited., Term Loan B–1st Lien, TBD, 1/15/2030 | &nbsp;&nbsp; 149204 |
|  | **Lodging—0.5%** |  |
| &nbsp;&nbsp; 150000<br><sup>2</sup> <br>| Four Seasons Hotels Limited, Term Loan B–1st Lien, TBD, 11/30/2029 | &nbsp;&nbsp; 149720 |
|  | **Media Entertainment—1.1%** |  |
| &nbsp;&nbsp; 148740 | Magnite, Inc., Term Loan–1st Lien, 8.570%–9.740% (1-month USLIBOR +5.000%, 3-month USLIBOR + 5.000%, 6-month <br> USLIBOR + 5.000%), 4/28/2028<br>| &nbsp;&nbsp; 139321 |
| &nbsp;&nbsp; 98125 | NEP Group, Inc., Term Loan–1st Lien, Series B, 9.250% (PRIME +3.000%), 10/20/2025 | &nbsp;&nbsp; 81853 |
| &nbsp;&nbsp; 99750 | Univision Communications, Inc., Term Loan–1st Lien, Series B, 7.790% (SOFR CME +4.250%), 6/24/2029 | &nbsp;&nbsp; 98253 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319427 |
|  | **Oil Field Services—0.4%** |  |
| &nbsp;&nbsp; 125000 | ChampionX Corp., Term Loan–1st Lien, Series B1, 7.144% (SOFR CME +3.250%), 6/7/2029 | &nbsp;&nbsp; 124649 |
|  | **Packaging—1.7%** |  |
| &nbsp;&nbsp; 248734 | Charter NEX US, Inc., Term Loan–1st Lien, 7.821% (1-month USLIBOR +3.750%), 12/1/2027 | &nbsp;&nbsp; 242011 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| <sup>1</sup> <br>| FLOATING RATE LOANS—continued |  |
|  | **Packaging—continued** |  |
| $249375 | Clydesdale Acquisition Holdings, Inc., Term Loan–1st Lien, Series B, 8.361% (SOFR CME +4.175%), 4/13/2029 | $240402 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482413 |
|  | **Services—0.4%** |  |
| &nbsp;&nbsp; 125000 | Covetrus, Inc., Term Loan–1st Lien, 8.784% (SOFR CME +5.000%), 10/13/2029 | &nbsp;&nbsp; 118673 |
|  | **Technology—8.3%** |  |
| &nbsp;&nbsp; 250000 | Barracuda Networks, Inc., Term Loan–1st Lien, 8.594% (SOFR CME +4.500%), 8/15/2029 | &nbsp;&nbsp; 241007 |
| &nbsp;&nbsp; 150000 | CDK Global, Inc., Term Loan–1st Lien, Series B, 8.112% (SOFR CME +4.500%), 7/6/2029 | &nbsp;&nbsp; 148074 |
| &nbsp;&nbsp; 173161 | Digi International, Inc., Term Loan–1st Lien, Series B, 9.071% (1-month USLIBOR +5.000%), 11/1/2028 | &nbsp;&nbsp; 170780 |
| &nbsp;&nbsp; 98106 | Gainwell Acquisition Corp., Term Loan–1st Lien, Series B, 7.674% (3-month USLIBOR +4.000%), 10/1/2027 | &nbsp;&nbsp; 95555 |
| &nbsp;&nbsp; 99115 | Greeneden U.S. Holdings II, LLC, Term Loan–1st Lien, Series B4, 8.071% (1-month USLIBOR +4.000%), 12/1/2027 | &nbsp;&nbsp; 96080 |
| &nbsp;&nbsp; 98705 | Hyland Software, Inc., Term Loan–1st Lien, 7.571% (1-month USLIBOR +3.500%), 7/1/2024 | &nbsp;&nbsp; 97163 |
| &nbsp;&nbsp; 248711 | Marcel LUX IV S.a.r.l., Term Loan–1st Lien, Series B, 7.164% (SOFR CME + 3.250%), 3/15/2026 | &nbsp;&nbsp; 244359 |
| &nbsp;&nbsp; 150000<br><sup>2</sup> <br>| Neptune Bidco US Inc, Term Loan B–1st Lien, TBD, 4/11/2029 | &nbsp;&nbsp; 134625 |
| &nbsp;&nbsp; 248721 | NEXUS Buyer LLC, Term Loan–1st Lien, Series B, 7.821% (1-month USLIBOR +3.750%), 11/9/2026 | &nbsp;&nbsp; 237902 |
| &nbsp;&nbsp; 100000<br><sup>2</sup> <br>| Open Text Corporation, Term Loan B–1st Lien, TBD, 11/16/2029 | &nbsp;&nbsp; 97042 |
| &nbsp;&nbsp; 249375 | Renaissance Holding Corp., Term Loan–1st Lien, Series B, 8.294% (SOFR CME +4.500%), 3/30/2029 | &nbsp;&nbsp; 239869 |
| &nbsp;&nbsp; 150000 | Tibco Software Inc., Term Loan–1st Lien, 8.153% (SOFR CME +4.500%), 3/30/2029 | &nbsp;&nbsp; 135965 |
| &nbsp;&nbsp; 250000 | Ultimate Software Group, Inc. (The), Term Loan–2nd Lien, 8.998% (1-month USLIBOR +5.250%), 5/3/2027 | &nbsp;&nbsp; 228750 |
| &nbsp;&nbsp; 148725 | VS Buyer, LLC, Term Loan–1st Lien, Series B, 7.071% (1-month USLIBOR +3.000%), 2/28/2027 | &nbsp;&nbsp; 145750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 2312921 |
|  | **Transportation Services—0.9%** |  |
| &nbsp;&nbsp; 250000 | SkyMiles IP Ltd., 2020 Skymiles Term Loan B–1st Lien, 7.993% (3-month USLIBOR +3.750%), 10/20/2027 | &nbsp;&nbsp; 253312 |
|  | **Utility - Electric—0.9%** |  |
| &nbsp;&nbsp; 249375 | TerraForm Power Operating, LLC, 2022 Term Loan B–1st Lien, 6.403% (SOFR CME +2.750%), 5/21/2029 | &nbsp;&nbsp; 247400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FLOATING RATE LOANS <br>(IDENTIFIED COST $7,596,672)<br>| &nbsp;&nbsp;&nbsp; 7487076 |
|  | ASSET-BACKED SECURITIES—4.3% |  |
|  | **Auto Receivables—0.4%** |  |
| &nbsp;&nbsp; 100000 | Enterprise Fleet Financing LLC 2022-4, Class A2, 5.760%, 10/22/2029 | &nbsp;&nbsp; 100427 |
|  | **Automotive—0.3%** |  |
| &nbsp;&nbsp; 100000 | Volkswagen Auto Lease Trust 2022-A, Class A3, 3.680%, 7/21/2025 | &nbsp;&nbsp; 97343 |
|  | **Finance Companies—3.6%** |  |
| &nbsp;&nbsp; 250000 | Aimco 2020-12A, Class ER, 9.964%, 1/17/2032 | &nbsp;&nbsp; 226835 |
| &nbsp;&nbsp; 200000 | MMAF Equipment Finance LLC 2022-B, Class A2, 5.570%, 9/9/2025 | &nbsp;&nbsp; 199997 |
| &nbsp;&nbsp; 250000 | Palmer Square Loan Funding Ltd. 2022-2A, Class D, 10.064% (SOFR +6.200%), 10/15/2030 | &nbsp;&nbsp; 214404 |
| &nbsp;&nbsp; 150000 | Palmer Square Loan Funding Ltd. 2022-5A, Class C, 6.434% (SOFR CME 3 Month +3.910%), 1/15/2031 | &nbsp;&nbsp; 142194 |
| &nbsp;&nbsp; 250000 | Stratus CLO 2022-1A, Class D, 6.532% (SOFR +4.250%), 7/20/2030 | &nbsp;&nbsp; 219686 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1003116 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSET-BACKED SECURITIES <br>(IDENTIFIED COST $1,292,450)<br>| &nbsp;&nbsp;&nbsp; 1200886 |
|  | INVESTMENT COMPANIES—6.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46235 | Bank Loan Core Fund | &nbsp;&nbsp; 402248 |
| &nbsp;&nbsp; 1526908 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 3.86%<sup>3</sup> <br>| &nbsp;&nbsp; 1526296 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT COMPANIES <br>(IDENTIFIED COST $1,944,491)<br>| &nbsp;&nbsp;&nbsp; 1928544 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—101.8% <br>(IDENTIFIED COST $30,245,198)<br>| &nbsp;&nbsp; 28533569 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(1.8)%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (517151) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $28016418 |

---

**5**

------

Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended November 30, 2022, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Bank Loan** <br>**Core Fund**<br>| **Federated Hermes** <br>**Institutional** <br>**Prime Value** <br>**Obligations Fund,** <br>**Institutional Shares**<br>| **Total of** <br>**Affiliated** <br>**Transactions**<br>|
| Value as of 2/28/2022 | $1687027 | $540297 | $2227324 |
| Purchases at Cost | $250000 | $10945528 | $11195528 |
| Proceeds from Sales | $(1430000) | $(9959256) | $(11389256) |
| Change in Unrealized Appreciation/Depreciation | $3218 | $308 | $3526 |
| Net Realized Gain/(Loss) | $(107997) | $(581) | $(108578) |
| Value as of 11/30/2022 | $402248 | $1526296 | $1928544 |
| Shares Held as of 11/30/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46235 | &nbsp;&nbsp;&nbsp; 1526908 | &nbsp;&nbsp;&nbsp;&nbsp; 1573143 |
| Dividend Income | $36296 | $15159 | $51455 |

---

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

---

| | |
|:---|:---|
| 1 | *Floating/variable note with current rate and current maturity or next reset date shown.* |
| 2 | *All or a portion of the security represents unsettled loan commitments at November 30, 2022 where the rate will be determined at time of settlement.* |
| 3 | *7-day net yield.* |
| 4 | *Assets, other than investments in securities, less liabilities.* |

---

Note: The categories of investments are shown as a percentage of total net assets at November 30, 2022.

**Investment Valuation** 

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

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

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

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

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

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

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

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

**Fair Valuation and Significant Events Procedures** 

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

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

**6**

------

the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>The following is a summary of the inputs used, as of November 30, 2022, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| Corporate Bonds | $— | $17917063 | $— | $17917063 |
| Floating Rate Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7487076 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7487076 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1200886 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1200886 |
| **Investment Companies** | &nbsp;&nbsp; 1928544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1928544 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | $1928544 | $26605025 | $— | $28533569 |

---

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

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| LIBOR | —London Interbank Offered Rate |
| PIK | —Payment in Kind |
| SOFR | —Secured Overnight Financing Rate |
| TBD | —To Be Determined |

---

**7**

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Federated Hermes ETF Trust

- **b. Investment Company Act file number:** 811-23730

- **c. CIK number of Registrant:** 0001849998

- **d. LEI of Registrant:** 2549000FKW49U2D1SG36

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** Federated Hermes Funds

  - **City:** Warrendale

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 15086-7561

  - **Telephone number:** 800-341-7400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Federated Hermes Short Duration High Yield ETF

- **b. EDGAR series identifier (if any):** S000074174

- **c. LEI of Series:** 254900C6EJWE31DXU692

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-02-28

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $29486316.24

**Total Liabilities:** $1474532.14

**Net Assets:** $28011784.10

**Delayed Delivery Securities:** $1227197.98

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1.341141000000 | **1-Year:** -96.576339000000 | **5-Year:** -159.566329000000 | **10-Year:** -16.792265000000 | **30-Year:** 0.000000000000

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

- **3-Month:** -64.983136000000 | **1-Year:** -2430.102338000000 | **5-Year:** -4399.124664000000 | **10-Year:** -526.240283000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231759 | -2.59%               | 1.92%                | 1.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-88339.01               | $-783921.63                                |
| Month 2  | $-158953.20              | $526906.83                                 |
| Month 3  | $-116983.53              | $253285.01                                 |

### Schedule of Portfolio Investments

| Name                                                        | Title                                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AHP HEALTH PARTN                                            | AHP Health Partners Inc                                                 | CUSIP: 00150LAB7<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | DBT              | CORP              | US        |    150000 | PA      | $117562.50    | 0.42%             | 2029-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| AP Core Holdings II, LLC                                    | AP Core Holdings II, LLC High-Yield Term Loan B2                        | CUSIP: 00187GAD1<br>LEI: 549300PND8ZZ4RWYRZ56 | Long             | LON              | CORP              | US        |    100000 | PA      | $88417.00     | 0.32%             | 2027-09-01      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                                    | American Airlines Inc/AAdvantage Loyalty IP Ltd                         | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    350000 | PA      | $339436.37    | 1.21%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Allied Universal                                            | ALLIED UNIVERSAL HOLDCO SR SECURED 144A 07/26 6.625                     | CUSIP: 019576AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $95000.00     | 0.34%             | 2026-07-15      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| AMS-OSRAM AG                                                | AMS AG 07/25 7                                                          | CUSIP: 03217CAA4<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |    400000 | PA      | $367578.36    | 1.31%             | 2025-07-31      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                    | Antero Midstream Partners LP / Antero Midstream Finance Corp            | CUSIP: 03690AAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $238727.10    | 0.85%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                                    | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                  | CUSIP: 03969AAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    150000 | PA      | $113445.00    | 0.40%             | 2027-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| ARDONAGH MIDCO 2 PLC                                        | Ardonagh Midco 2 PLC                                                    | CUSIP: 03985RAA1<br>LEI: 9845003AD1386OH58D80 | Long             | DBT              | CORP              | GB        |    282890 | PA      | $273696.08    | 0.98%             | 2027-01-15      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| ASSUREDPARTNERS INC                                         | ASSUREDPARTNERS INC                                                     | CUSIP: 04621HAU7<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | LON              | CORP              | US        |    150000 | PA      | $147094.50    | 0.53%             | 2027-02-13      | None          | 8.57%                 | No            |                  2 | On Loan: No      |
| BCPE Empire Holdings, Inc.                                  | BCPE Empire Holdings, Inc. 2022 Incremental Term Loan                   | CUSIP: 05550HAL9<br>LEI: 549300O2G0VI2955B626 | Long             | LON              | CORP              | US        |    149250 | PA      | $144666.53    | 0.52%             | 2026-06-11      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| BCPE EMPIRE HOLDINGS INC                                    | BCPE Empire Holdings Inc                                                | CUSIP: 05552VAA0<br>LEI: 549300O2G0VI2955B626 | Long             | DBT              | CORP              | US        |    250000 | PA      | $225937.50    | 0.81%             | 2027-05-01      | Fixed         | 7.63%                 | Yes           |                  2 | On Loan: No      |
| BRINK'S CO/THE                                              | Brink's Co/The                                                          | CUSIP: 109696AB0<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197221.00    | 0.70%             | 2025-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                      | CCO Holdings LLC / CCO Holdings Capital Corp                            | CUSIP: 1248EPBR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $145500.00    | 0.52%             | 2026-05-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                            | CSC Holdings LLC                                                        | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $183250.00    | 0.65%             | 2027-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Charter NEX US, Inc.                                        | Charter NEX US, Inc. 2021 Term Loan                                     | CUSIP: 16125TAJ1<br>LEI: 549300KRNU8RNVGYXG75 | Long             | LON              | CORP              | US        |    248734 | PA      | $242010.90    | 0.86%             | 2027-12-01      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| CHEEVER ESCROW ISSUER                                       | Cheever Escrow Issuer LLC                                               | CUSIP: 16308NAA2<br>LEI: 254900JRWEYCJ9Z3ZP06 | Long             | DBT              | CORP              | US        |    200000 | PA      | $187000.00    | 0.67%             | 2027-10-01      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| Clearwater Paper Corp                                       | Clearwater Paper Corp                                                   | CUSIP: 18538RAH6<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |    400000 | PA      | $388323.10    | 1.39%             | 2025-02-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                                    | Consensus Cloud Solutions Inc                                           | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $138525.00    | 0.49%             | 2026-10-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Covetrus, Inc.                                              | Covetrus, Inc. Term Loan                                                | CUSIP: 22304EAC0<br>LEI: 5493009S30DUFCF75V87 | Long             | LON              | CORP              | US        |    125000 | PA      | $118672.50    | 0.42%             | 2029-10-13      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| CUMULUS MEDIA NEW HLDGS                                     | Cumulus Media New Holdings Inc                                          | CUSIP: 23110AAA4<br>LEI: 5493001D9VBAVY1OKJ46 | Long             | DBT              | CORP              | US        |    250000 | PA      | $209487.50    | 0.75%             | 2026-07-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                       | DIRECTV Holdings LLC / DIRECTV Financing Co Inc                         | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $183516.00    | 0.66%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| DISH NETWORK CORP                                           | DISH Network Corp                                                       | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205566.00    | 0.73%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| DORNOCH DEBT MERGER SUB                                     | Dornoch Debt Merger Sub Inc                                             | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $66546.69     | 0.24%             | 2029-10-15      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| EDGEWELL PERSONAL CARE                                      | Edgewell Personal Care Co                                               | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141341.87    | 0.50%             | 2028-06-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                              | Enterprise Fleet Financing 2022-4 LLC                                   | CUSIP: 29374GAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100426.77    | 0.36%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Federated Core Trust - Federated Bank Loan Core Fund        | FEDERATED CORE TR FEDERATED BANK LOAN CORE FUND                         | CUSIP: 31409N804<br>LEI: 549300FJK5JF0KIC2N83 | Long             | EC               | RF                | US        |     46235 | NS      | $402247.72    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Filtration Group Corporation                                | Filtration Group Corporation 2021 Incremental Term Loan                 | CUSIP: 31732FAR7<br>LEI: 549300ZA0D9WN5ECE978 | Long             | LON              | CORP              | US        |    248744 | PA      | $242089.83    | 0.86%             | 2028-10-21      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                    | Ford Motor Credit Co LLC                                                | CUSIP: 345397ZX4<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    500000 | PA      | $482672.85    | 1.72%             | 2024-11-01      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                        | Garda World Security Corp                                               | CUSIP: 36485MAK5<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $89809.00     | 0.32%             | 2027-02-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| GATES GLOBAL/GATES CORP                                     | Gates Global LLC / Gates Global Co                                      | CUSIP: 36740LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $241052.50    | 0.86%             | 2026-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE                                     | Global Medical Response Inc                                             | CUSIP: 37960BAA3<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |    200000 | PA      | $150516.00    | 0.54%             | 2025-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Greeneden U.S. Holdings II, LLC                             | Greeneden U.S. Holdings II, LLC 2020 USD Term Loan B4                   | CUSIP: 39479UAQ6<br>LEI: 549300CVRD4OUCPHWQ42 | Long             | LON              | CORP              | US        |     99115 | PA      | $96079.99     | 0.34%             | 2027-12-01      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                    | Hilton Domestic Operating Co Inc                                        | CUSIP: 432833AG6<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    400000 | PA      | $397444.00    | 1.42%             | 2025-05-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Hub International Limited                                   | Hub International Limited 2022 Term Loan B                              | CUSIP: 44332EAV8<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |    100000 | PA      | $98375.00     | 0.35%             | 2029-11-10      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                                       | HUB International Ltd                                                   | CUSIP: 44332PAD3<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297018.00    | 1.06%             | 2026-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Hyland Software, Inc.                                       | Hyland Software, Inc. 2018 1st Lien Term Loan                           | CUSIP: 44908XAT5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     98705 | PA      | $97162.89     | 0.35%             | 2024-07-01      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| KAR Auction Services Inc                                    | KAR Auction Services Inc                                                | CUSIP: 48238TAA7<br>LEI: 5493004HKD20LBSG7D03 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58333.31     | 0.21%             | 2025-06-01      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| MGM RESORTS INTL                                            | MGM Resorts International                                               | CUSIP: 552953CC3<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    225000 | PA      | $225010.80    | 0.80%             | 2023-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS                                    | MPH Acquisition Holdings LLC                                            | CUSIP: 553283AD4<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |    100000 | PA      | $79877.00     | 0.29%             | 2028-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MADISON IAQ LLC                                             | Madison IAQ LLC                                                         | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $110959.50    | 0.40%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Magnite Inc                                                 | MAGNITE INC TERM LOAN                                                   | CUSIP: 55955NAB4<br>LEI: 54930018FR2YX1HHSB02 | Long             | LON              | CORP              | US        |    148741 | PA      | $139320.82    | 0.50%             | 2028-04-28      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                                        | Mercedes-Benz Finance North America LLC                                 | CUSIP: 58769JAA5<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151037.80    | 0.54%             | 2024-11-27      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                                  | MMAF Equipment Finance LLC 2022-B                                       | CUSIP: 606940AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $199996.76    | 0.71%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MOHEGAN GAMING & ENT                                        | Mohegan Gaming & Entertainment                                          | CUSIP: 608328BH2<br>LEI: 549300UB083Z2NRDHC48 | Long             | DBT              | CORP              | US        |    200000 | PA      | $187790.00    | 0.67%             | 2026-02-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| NEP GROUP, INC.                                             | NEP Group, Inc. Incremental Term Loan B                                 | CUSIP: 62908HAK1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     98125 | PA      | $81852.93     | 0.29%             | 2025-10-20      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| NFP CORP                                                    | NFP Corp                                                                | CUSIP: 65342RAD2<br>LEI: VO2L9FZNXDJNQNEYH039 | Long             | DBT              | CORP              | US        |    185000 | PA      | $156478.55    | 0.56%             | 2028-08-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| NEXUS Buyer LLC                                             | NEXUS Buyer LLC Term Loan B                                             | CUSIP: 65343UAC6<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |    248721 | PA      | $237901.86    | 0.85%             | 2026-11-09      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                              | Palmer Square Loan Funding Ltd                                          | CUSIP: 69702KAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $214403.70    | 0.77%             | 2030-10-15      | Floating      | 10.06%                | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                              | Palmer Square Loan Funding 2022-5 Ltd                                   | CUSIP: 69702QAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $142193.70    | 0.51%             | 2031-01-15      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                    | Panther BF Aggregator 2 LP / Panther Finance Co Inc                     | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $244651.73    | 0.87%             | 2027-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Peraton Corp.                                               | Peraton Holding Corp Term Loan B                                        | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |    198971 | PA      | $193997.04    | 0.69%             | 2028-02-01      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| JB Poindexter & Co Inc                                      | JB Poindexter & Co Inc                                                  | CUSIP: 730481AJ7<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241577.50    | 0.86%             | 2026-04-15      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co                                                | SM Energy Co                                                            | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245000.00    | 0.87%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SCRIPPS ESCROW INC                                          | Scripps Escrow Inc                                                      | CUSIP: 81104PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $133500.00    | 0.48%             | 2027-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Sedgwick Claims Management Services, Inc.                   | Sedgwick Claims Management Services, Inc. 2020 Term Loan B3             | CUSIP: 81527CAN7<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |    246154 | PA      | $242030.77    | 0.86%             | 2026-09-03      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| SOLARIS MIDSTREAM HOLDIN                                    | Solaris Midstream Holdings LLC                                          | CUSIP: 83419MAA0<br>LEI: 5493007AWQW8ZKCHVV46 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246250.00    | 0.88%             | 2026-04-01      | Fixed         | 7.63%                 | Yes           |                  2 | On Loan: No      |
| STANDARD INDUSTRIES INC                                     | Standard Industries Inc/NJ                                              | CUSIP: 853496AC1<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    180000 | PA      | $165647.06    | 0.59%             | 2027-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS                                    | Suburban Propane Partners LP/Suburban Energy Finance Corp               | CUSIP: 864486AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $236549.27    | 0.84%             | 2027-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SUGAR HSP GMNG PROP/FIN                                     | Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp | CUSIP: 865033AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $197538.08    | 0.71%             | 2025-05-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Team Health Holdings Inc                                    | Team Health Holdings Inc                                                | CUSIP: 88047PAA2<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | DBT              | CORP              | US        |    150000 | PA      | $87375.00     | 0.31%             | 2025-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| TerraForm Power Operating, LLC                              | TerraForm Power Operating, LLC 2022 Term Loan B                         | CUSIP: 88103NAK6<br>LEI: 5493000S2OLR3UT5BE13 | Long             | LON              | CORP              | US        |    249375 | PA      | $247399.95    | 0.88%             | 2029-05-21      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| TOWNSQUARE MEDIA INC                                        | Townsquare Media Inc                                                    | CUSIP: 892231AB7<br>LEI: 549300XBA8C68H0DR538 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92770.84     | 0.33%             | 2026-02-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                       | Trivium Packaging Finance BV                                            | CUSIP: 89686QAB2<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $234056.09    | 0.84%             | 2027-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| COHERENT CORP                                               | II-VI Inc                                                               | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |    150000 | PA      | $132375.00    | 0.47%             | 2029-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| US FOODS INC                                                | US Foods Inc                                                            | CUSIP: 90290MAC5<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252335.00    | 0.90%             | 2025-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                     | United Rentals North America Inc                                        | CUSIP: 911365BF0<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197345.00    | 0.70%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc.                               | Univision Communications Inc. 2022 First Lien Term Loan B               | CUSIP: 914908BD9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |     99750 | PA      | $98253.75     | 0.35%             | 2029-06-24      | Floating      | 7.79%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                                    | USA Compression Partners LP / USA Compression Finance Corp              | CUSIP: 91740PAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $105325.00    | 0.38%             | 2026-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VS Buyer, LLC                                               | VS Buyer, LLC Term Loan B                                               | CUSIP: 91834WAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    148724 | PA      | $145749.99    | 0.52%             | 2027-02-28      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos Inc                                       | Valeant Pharmaceuticals International Inc                               | CUSIP: 91911KAN2<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $84489.00     | 0.30%             | 2025-11-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| VERITAS US INC/BERMUDA L                                    | Veritas US Inc / Veritas Bermuda Ltd                                    | CUSIP: 92346LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $107205.21    | 0.38%             | 2025-09-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                      | VICI Properties LP / VICI Note Co Inc                                   | CUSIP: 92564RAF2<br>LEI: N/A                  | Long             | DBT              |  | US        |    250000 | PA      | $247584.70    | 0.88%             | 2024-05-01      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Auto Lease Trust                                 | Volkswagen Auto Lease Trust 2022-A                                      | CUSIP: 92868AAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $97342.42     | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Ultimate Software Group Inc (The)                           | THE ULTIMATE SW GRP INC                                                 | CUSIP: 000000000<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    250000 | PA      | $228750.00    | 0.82%             | 2027-05-03      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| Digi International Inc.                                     | DIGI INTERNATIONAL INC                                                  | CUSIP: 000000000<br>LEI: 529900KG656HGROI4N27 | Long             | LON              | CORP              | US        |    173161 | PA      | $170780.23    | 0.61%             | 2028-11-01      | Floating      | 9.38%                 | No            |                  2 | On Loan: No      |
| SPX FLOW, INC.                                              | SPX FLOW, INC.                                                          | CUSIP: 000000000<br>LEI: 5493003YXEKRBINIEM78 | Long             | LON              | CORP              | US        |    100000 | PA      | $93500.00     | 0.33%             | 2029-04-05      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| Watlow Electric Manufacturing Company                       | Watlow Electric Manufacturing Company 2022 Incremental Term Loan B      | CUSIP: 000000000<br>LEI: 54930089QP6NQUHLU558 | Long             | LON              | CORP              | US        |    100000 | PA      | $98000.00     | 0.35%             | 2028-03-02      | Floating      | 9.27%                 | No            |                  2 | On Loan: No      |
| Formula One Holdings Limited.                               | Formula One Holdings Limited. Term Loan B                               | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |    150000 | PA      | $149203.50    | 0.53%             | 2030-01-15      | None          | 7.57%                 | No            |                  2 | On Loan: No      |
| Messer Industries GmbH                                      | Messer Industries GmbH 2018 USD Term Loan                               | CUSIP: 000000000<br>LEI: 529900HNC1EZT3TC1260 | Long             | LON              | CORP              | US        |    242565 | PA      | $238725.10    | 0.85%             | 2026-03-02      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Curium BidCo S.a r.l.                                       | CURIUM BIDCO SARL 2020 USD TERM LOAN                                    | CUSIP: 000000000<br>LEI: 213800P2VV9KG6N9L140 | Long             | LON              | CORP              | LU        |    123121 | PA      | $118195.80    | 0.42%             | 2027-12-02      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| AHP Health Partners, Inc.                                   | AHP Health Partners, Inc. 2021 Term Loan B                              | CUSIP: 00130MAJ3<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | LON              | CORP              | US        |    198995 | PA      | $193439.04    | 0.69%             | 2028-08-24      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Aimco                                                       | Aimco CLO 12 Ltd                                                        | CUSIP: 00140MAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $226835.70    | 0.81%             | 2032-01-17      | Floating      | 9.96%                 | Yes           |                  2 | On Loan: No      |
| AFFINITY GAMING                                             | Affinity Gaming                                                         | CUSIP: 00842XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $85784.00     | 0.31%             | 2027-12-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Aramark Services Inc                                        | Aramark Services Inc                                                    | CUSIP: 038522AP3<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243750.00    | 0.87%             | 2025-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                                    | Archrock Partners LP / Archrock Partners Finance Corp                   | CUSIP: 03959KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $96750.00     | 0.35%             | 2027-04-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| AssuredPartners Inc                                         | AssuredPartners Inc                                                     | CUSIP: 04624VAA7<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | DBT              | CORP              | US        |    200000 | PA      | $191901.29    | 0.69%             | 2025-08-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Asurion LLC                                                 | Asurion LLC 2021 2nd Lien Term Loan B3                                  | CUSIP: 04649VAZ3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    100000 | PA      | $76900.00     | 0.27%             | 2028-01-31      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| Barracuda Networks, Inc.                                    | BARRACUDA NETWORKS INC                                                  | CUSIP: 06832FAB3<br>LEI: 549300CXGRZWNMPU8080 | Long             | LON              | CORP              | US        |    250000 | PA      | $241007.50    | 0.86%             | 2029-08-15      | Floating      | 8.59%                 | No            |                  2 | On Loan: No      |
| BOXER PARENT CO INC                                         | Boxer Parent Co Inc                                                     | CUSIP: 103186AB8<br>LEI: 5493006T045HLTF7YX04 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245000.00    | 0.87%             | 2025-10-02      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| BOYD GAMING CORP                                            | Boyd Gaming Corp                                                        | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    250000 | PA      | $232500.00    | 0.83%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC                                          | CP Atlas Buyer Inc                                                      | CUSIP: 12597YAA7<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |    250000 | PA      | $182900.00    | 0.65%             | 2028-12-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                    | Centennial Resource Production LLC                                      | CUSIP: 15138AAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    150000 | PA      | $139220.74    | 0.50%             | 2026-01-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Century Casinos, Inc                                        | Century Casinos, Inc 2022 Term Loan                                     | CUSIP: 15649EAF1<br>LEI: 549300H2L4Y24HXY7M50 | Long             | LON              | CORP              | US        |     99500 | PA      | $94773.75     | 0.34%             | 2029-04-02      | Floating      | 9.84%                 | No            |                  2 | On Loan: No      |
| ChampionX Corporation                                       | ChampionX Corporation 2022 Term Loan B1                                 | CUSIP: 15872NAC6<br>LEI: 549300EP2909K6DYYP38 | Long             | LON              | CORP              | US        |    125000 | PA      | $124648.75    | 0.44%             | 2029-06-07      | Floating      | 7.14%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                         | Clydesdale Acquisition Holdings Inc Term Loan B                         | CUSIP: 18972FAC6<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |    249375 | PA      | $240402.49    | 0.86%             | 2029-04-13      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| Cornerstone Building Brands, Inc.                           | Cornerstone Building Brands, Inc. 2022 Term Loan                        | CUSIP: 21925FAB0<br>LEI: 549300IW41QEWQ6T0H29 | Long             | LON              | CORP              | US        |    150000 | PA      | $139000.50    | 0.50%             | 2028-08-01      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| SkyMiles IP Ltd.                                            | Delta Air Lines, Inc. 2020 1st Lien Term Loan B                         | CUSIP: 24736CBS2<br>LEI: 2549008L7P4I8VB90936 | Long             | LON              | CORP              | KY        |    250000 | PA      | $253312.50    | 0.90%             | 2027-10-20      | Floating      | 7.99%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                       | Colt Merger Sub Inc                                                     | CUSIP: 28470RAH5<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    300000 | PA      | $296490.74    | 1.06%             | 2025-07-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| ENVIVA PARTNERS LP/FIN C                                    | Enviva Partners LP / Enviva Partners Finance Corp                       | CUSIP: 29413XAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $247884.23    | 0.88%             | 2026-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Fluid-Flow Products, Inc.                                   | Fluid-Flow Products, Inc. Term Loan                                     | CUSIP: 30260UAC9<br>LEI: 254900BHD5AK9H7EKF91 | Long             | LON              | CORP              | US        |     98741 | PA      | $93803.53     | 0.33%             | 2028-03-31      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| HERENS HOLDCO SARL                                          | Herens Holdco Sarl                                                      | CUSIP: 427169AA5<br>LEI: 2221002FZ55AMAUX4G64 | Long             | DBT              | CORP              | LU        |    120000 | PA      | $96000.00     | 0.34%             | 2028-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                                    | Hess Midstream Operations LP                                            | CUSIP: 428102AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $344046.50    | 1.23%             | 2026-02-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                    | iHeartCommunications Inc                                                | CUSIP: 45174HBE6<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    200000 | PA      | $178114.00    | 0.64%             | 2027-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| ILLUMINATE BUYER/HLDG                                       | Illuminate Buyer LLC / Illuminate Holdings IV Inc                       | CUSIP: 45232TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $165000.00    | 0.59%             | 2028-07-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                         | JPMorgan Chase & Co                                                     | CUSIP: 46647PAW6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    225000 | PA      | $224604.06    | 0.80%             | 2024-07-23      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Koppers Inc                                                 | Koppers Inc                                                             | CUSIP: 500605AH3<br>LEI: LTO4ZL5EBDR1NE6FGJ36 | Long             | DBT              | CORP              | US        |    200000 | PA      | $186250.00    | 0.66%             | 2025-02-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| MH Sub I, LLC                                               | MH Sub I, LLC 2021 2nd Lien Term Loan                                   | CUSIP: 55303BAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    250000 | PA      | $224062.50    | 0.80%             | 2029-02-23      | Floating      | 10.65%                | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp.                                  | Milano Acquisition Corp Term Loan B                                     | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     98106 | PA      | $95555.31     | 0.34%             | 2027-10-01      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Federated Hermes Institutional Prime Value Obligations Fund | Federated Institutional Prime Value Obligations Fund                    | CUSIP: 60934N583<br>LEI: 254900OXLDDVEP8MMK94 | Long             | EC               | RF                | US        |   1526908 | NS      | $1526296.75   | 5.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NABORS INDUSTRIES INC                                       | Nabors Industries Inc                                                   | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    300000 | PA      | $291750.00    | 1.04%             | 2027-05-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Neptune Bidco US Inc                                        | Neptune Bidco US Inc 2022 USD Term Loan B                               | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |    150000 | PA      | $134625.00    | 0.48%             | 2029-04-11      | None          | 8.82%                 | No            |                  2 | On Loan: No      |
| NuStar Logistics LP                                         | NuStar Logistics LP                                                     | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    250000 | PA      | $235090.47    | 0.84%             | 2027-04-28      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                                              | Owens-Brockway Glass Container Inc                                      | CUSIP: 690872AB2<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    350000 | PA      | $331941.97    | 1.19%             | 2025-01-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                                    | Performance Food Group Inc                                              | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96500.00     | 0.34%             | 2027-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| POLAR US BORROWER LLC                                       | Polar US Borrower LLC / Schenectady International Group Inc             | CUSIP: 73103PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $41706.05     | 0.15%             | 2026-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Precision Drilling Corp                                     | Precision Drilling Corp                                                 | CUSIP: 740212AL9<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $244785.00    | 0.87%             | 2026-01-15      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| Range Resources Corp                                        | Range Resources Corp                                                    | CUSIP: 75281AAS8<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242260.00    | 0.86%             | 2025-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Renaissance Holding Corp.                                   | RENAISSANCE LEARNING, INC.                                              | CUSIP: 75972JAG9<br>LEI: 549300UKKEC0Y6TXNF09 | Long             | LON              | CORP              | US        |    249375 | PA      | $239868.83    | 0.86%             | 2029-03-30      | Floating      | 8.29%                 | No            |                  2 | On Loan: No      |
| SRS DISTRIBUTION INC                                        | SRS Distribution Inc                                                    | CUSIP: 78471RAC0<br>LEI: 549300ZQ3XP75BCYM468 | Long             | DBT              | CORP              | US        |    100000 | PA      | $82941.85     | 0.30%             | 2029-07-01      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| SIX FLAGS THEME PARKS                                       | Six Flags Theme Parks Inc                                               | CUSIP: 83001WAC8<br>LEI: 5493003MX0ZXTM8EVY68 | Long             | DBT              | CORP              | US        |    151000 | PA      | $151373.88    | 0.54%             | 2025-07-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Southwestern Energy Co                                      | Southwestern Energy Co                                                  | CUSIP: 845467AN9<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205759.56    | 0.73%             | 2027-10-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA                                      | Stena International SA                                                  | CUSIP: 85858EAB9<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $371863.03    | 1.33%             | 2025-02-01      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Stratus CLO                                                 | Stratus CLO 2022-1 Ltd                                                  | CUSIP: 86317WAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $219686.53    | 0.78%             | 2030-07-20      | Floating      | 6.53%                 | Yes           |                  2 | On Loan: No      |
| TAP ROCK RESOURCES LLC                                      | Tap Rock Resources LLC                                                  | CUSIP: 87602LAA0<br>LEI: 549300Y3SDS1HPFQ6H17 | Long             | DBT              | CORP              | US        |    250000 | PA      | $233750.00    | 0.83%             | 2026-10-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| TEGNA INC                                                   | TEGNA Inc                                                               | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94311.00     | 0.34%             | 2028-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp                                       | Tenet Healthcare Corp                                                   | CUSIP: 88033GCS7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    350000 | PA      | $342473.25    | 1.22%             | 2024-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION                                       | Terrier Media Buyer Inc                                                 | CUSIP: 88146LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $76000.00     | 0.27%             | 2027-12-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| TIBCO SOFTWARE INC.                                         | Tibco Software Inc. 2022 USD Term Loan                                  | CUSIP: 88632NAV2<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    150000 | PA      | $135964.50    | 0.49%             | 2029-03-30      | Floating      | 8.15%                 | No            |                  3 | On Loan: No      |
| TransDigm Inc                                               | TransDigm Inc                                                           | CUSIP: 893647BB2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196426.00    | 0.70%             | 2026-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                               | TransDigm Inc                                                           | CUSIP: 893647BL0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141375.00    | 0.50%             | 2027-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                                    | Trident Merger Sub Inc                                                  | CUSIP: 89616RAA7<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |    260000 | PA      | $223641.88    | 0.80%             | 2025-11-01      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                                    | United Shore Financial Services LLC                                     | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    150000 | PA      | $138996.00    | 0.50%             | 2025-11-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| USI Inc/NY                                                  | USIS Merger Sub Inc                                                     | CUSIP: 91739VAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $294033.25    | 1.05%             | 2025-05-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                      | Verizon Communications Inc                                              | CUSIP: 92343VEP5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200420.68    | 0.72%             | 2025-05-15      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| WATCO COS LLC/FINANCE CO                                    | Watco Cos LLC / Watco Finance Corp                                      | CUSIP: 941130AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $242907.50    | 0.87%             | 2027-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                      | WESCO Distribution Inc                                                  | CUSIP: 95081QAN4<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    350000 | PA      | $354375.00    | 1.27%             | 2025-06-15      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                      | WESCO Distribution Inc                                                  | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101305.00    | 0.36%             | 2028-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| WHITE CAP PARENT LLC                                        | White Cap Parent LLC                                                    | CUSIP: 96351CAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $127647.62    | 0.46%             | 2026-03-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Ascent Resources - Utica                                    | Ascent Resources - Utica 2020 Fixed 2nd Lien Term Loan                  | CUSIP: 000000000<br>LEI: 549300EGLQ2M2CL7JZ89 | Long             | LON              | CORP              | US        |    250000 | PA      | $263542.50    | 0.94%             | 2025-11-01      | Floating      | 12.94%                | No            |                  2 | On Loan: No      |
| CDK Global, Inc.                                            | CDK GLOBAL, INC 2022 USD TERM LOAN B                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    150000 | PA      | $148074.00    | 0.53%             | 2029-07-06      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| GATES GLOBAL LLC                                            | GATES GLOBAL LLC                                                        | CUSIP: 000000000<br>LEI: 549300XI79MQJV13DW27 | Long             | LON              | CORP              | US        |    200000 | PA      | $196400.00    | 0.70%             | 2029-11-16      | None          | 7.82%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORPORATION                                       | OPEN TEXT CORPORATION                                                   | CUSIP: 000000000<br>LEI: 549300HP7ONDQODZJV16 | Long             | LON              | CORP              | CA        |    100000 | PA      | $97042.00     | 0.35%             | 2029-11-16      | None          | 7.31%                 | No            |                  2 | On Loan: No      |
| USI, Inc.                                                   | USI, Inc. 2022 Incremental Term Loan                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    100000 | PA      | $98268.00     | 0.35%             | 2029-11-22      | None          | 8.33%                 | No            |                  2 | On Loan: No      |
| Four Seasons Hotels Limited                                 | Four Seasons Hotels Limited 2022 Term Loan B                            | CUSIP: 000000000<br>LEI: 5493009FUVX8LHYY2202 | Long             | LON              | CORP              | CA        |    150000 | PA      | $149719.50    | 0.53%             | 2029-11-30      | None          | 7.67%                 | No            |                  2 | On Loan: No      |
| Great Canadian Gaming Corporation                           | Great Canadian Gaming Corporation 2021 Term Loan                        | CUSIP: 000000000<br>LEI: 549300FU60SSFLTE0M84 | Long             | LON              | CORP              | CA        |    249375 | PA      | $244075.78    | 0.87%             | 2026-11-01      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| Marcel LUX IV SARL                                          | Marcel LUX IV SARL USD Term Loan B1                                     | CUSIP: 000000000<br>LEI: 254900A6AL2000BPNS82 | Long             | LON              | CORP              | US        |    248711 | PA      | $244358.89    | 0.87%             | 2026-03-15      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-24

**Name of Applicant:** Federated Hermes ETF Trust

**Signature:** Stephen Van Meter

**Name of Signer:** Federated Hermes ETF Trust

**Title:** Chief Compliance Officer