# EDGAR Filing Document

**Accession Number:** 0001849998
**File Stem:** 0001193125-26-020450
**Filing Date:** 2026-1
**Character Count:** 155962
**Document Hash:** 4780ddef2ac6179e712be51d86ae6c25
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-020450.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001193125-26-020450

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**PERIOD START**: 20260228

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23730
- **FILM NUMBER:** 26553670

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

**MAIL ADDRESS:**
- **STREET 1:** 4000 ERICSSON 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 | FHYS            |

## Nport-Ex

Federated Hermes Short Duration High Yield ETF

Portfolio of Investments

November 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>**or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—86.3% |  |
|  | **Aerospace/Defense—1.6%** |  |
| $275000 | TransDigm, Inc., 144A, 6.375%, 3/1/2029 | &nbsp;&nbsp; $283241 |
| &nbsp;&nbsp; 475000 | TransDigm, Inc., Sr. Secd. Note, 144A, 6.875%, 12/15/2030 | &nbsp;&nbsp; 495180 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778421 |
|  | **Airlines—0.2%** |  |
| &nbsp;&nbsp; 120833 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.500%, 4/20/2026 | &nbsp;&nbsp; 121045 |
|  | **Automotive—2.5%** |  |
| &nbsp;&nbsp; 125000 | Adient Global Holdings Ltd., 144A, 7.000%, 4/15/2028 | &nbsp;&nbsp; 128255 |
| &nbsp;&nbsp; 75000 | Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 8.250%, 4/15/2031 | &nbsp;&nbsp; 78827 |
| &nbsp;&nbsp; 125000 | Clarios Global LP, Sr. Secd. Note, 144A, 6.750%, 5/15/2028 | &nbsp;&nbsp; 128226 |
| &nbsp;&nbsp; 250000 | Clarios Global LP, Sr. Secd. Note, 144A, 6.750%, 2/15/2030 | &nbsp;&nbsp; 259870 |
| &nbsp;&nbsp; 175000 | Dornoch Debt Merger Sub., Inc., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2029 | &nbsp;&nbsp; 147327 |
| &nbsp;&nbsp; 350000 | IHO Verwaltungs GmbH, Secured Note, 144A, 7.750%, 11/15/2030 | &nbsp;&nbsp; 364702 |
| &nbsp;&nbsp; 125000 | JB Poindexter & Co., Inc., Sr. Unsecd. Note, 144A, 8.750%, 12/15/2031 | &nbsp;&nbsp; 130341 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1237548 |
|  | **Building Materials—3.0%** |  |
| &nbsp;&nbsp; 175000 | American Builders & Contractors Supply Co., Inc., 144A, 4.000%, 1/15/2028 | &nbsp;&nbsp; 173113 |
| &nbsp;&nbsp; 250000 | CP Atlas Buyer, Inc., 144A, 9.750%, 7/15/2030 | &nbsp;&nbsp; 252909 |
| &nbsp;&nbsp; 200000 | Interface, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/1/2028 | &nbsp;&nbsp; 199750 |
| &nbsp;&nbsp; 300000 | MIWD Holdco II LLC/ MIWD Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 2/1/2030 | &nbsp;&nbsp; 283297 |
| &nbsp;&nbsp; 400000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.375%, 7/15/2030 | &nbsp;&nbsp; 387853 |
| &nbsp;&nbsp; 200000 | White Cap Supply Holdings LLC, Sr. Unsecd. Note, 144A, 7.375%, 11/15/2030 | &nbsp;&nbsp; 203984 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1500906 |
|  | **Cable Satellite—3.5%** |  |
| &nbsp;&nbsp; 300000 | CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, 144A, 5.500%, 5/1/2026 | &nbsp;&nbsp; 299866 |
| &nbsp;&nbsp; 700000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 7.375%, 3/1/2031 | &nbsp;&nbsp; 714245 |
| &nbsp;&nbsp; 125000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.000%, 8/1/2027 | &nbsp;&nbsp; 125028 |
| &nbsp;&nbsp; 425000 | Sunrise FinCo I B.V., Sr. Note, 144A, 4.875%, 7/15/2031 | &nbsp;&nbsp; 406071 |
| &nbsp;&nbsp; 200000 | Vmed O2 UK Financing I PLC, Sr. Note, 144A, 4.750%, 7/15/2031 | &nbsp;&nbsp; 184551 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1729761 |
|  | **Chemicals—3.9%** |  |
| &nbsp;&nbsp; 225000 | Ashland, Inc., Sr. Unsecd. Note, 144A, 3.375%, 9/1/2031 | &nbsp;&nbsp; 203406 |
| &nbsp;&nbsp; 175000 | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V., Sr. Unsecd. Note, 144A, 7.250%, 2/15/2031 | &nbsp;&nbsp; 184963 |
| &nbsp;&nbsp; 300000 | Celanese US Holdings LLC, Sr. Unsecd. Note, 6.500%, 4/15/2030 | &nbsp;&nbsp; 299525 |
| &nbsp;&nbsp; 200000 | H.B. Fuller Co., Sr. Unsecd. Note, 4.250%, 10/15/2028 | &nbsp;&nbsp; 194460 |
| &nbsp;&nbsp; 54000 | Illuminate Buyer LLC/Illuminate Holdings IV, Inc., Sr. Unsecd. Note, 144A, 9.000%, 7/1/2028 | &nbsp;&nbsp; 53987 |
| &nbsp;&nbsp; 225000 | Maxam Prill S.a.r.l., Sr. Secd. Note, 144A, 7.750%, 7/15/2030 | &nbsp;&nbsp; 229162 |
| &nbsp;&nbsp; 425000 | Olympus Water US Holding Corp., Sr. Secd. Note, 144A, 7.250%, 6/15/2031 | &nbsp;&nbsp; 425420 |
| &nbsp;&nbsp; 200000 | SNF Group SACA, Sr. Unsecd. Note, 144A, 3.125%, 3/15/2027 | &nbsp;&nbsp; 196601 |
| &nbsp;&nbsp; 175000 | WR Grace Holdings LLC, Sr. Secd. Note, 144A, 7.375%, 3/1/2031 | &nbsp;&nbsp; 177833 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1965357 |
|  | **Construction Machinery—1.2%** |  |
| &nbsp;&nbsp; 250000 | Herc Holdings, Inc., Sr. Unsecd. Note, 144A, 7.000%, 6/15/2030 | &nbsp;&nbsp; 262433 |
| &nbsp;&nbsp; 325000 | United Rentals North America, Inc., Sr. Unsecd. Note, 5.500%, 5/15/2027 | &nbsp;&nbsp; 325027 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587460 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Consumer Cyclical Services—2.6%** |  |
| $25000 | Allied Universal Holdco LLC, Sr. Secd. Note, 144A, 6.875%, 6/15/2030 | &nbsp;&nbsp; $25840 |
| &nbsp;&nbsp; 175000 | Allied Universal Holdco LLC, Sr. Secd. Note, 144A, 7.875%, 2/15/2031 | &nbsp;&nbsp; 184250 |
| &nbsp;&nbsp; 25000 | Garda World Security Corp., Sr. Secd. Note, 144A, 6.500%, 1/15/2031 | &nbsp;&nbsp; 25667 |
| &nbsp;&nbsp; 200000 | Garda World Security Corp., Sr. Secd. Note, 144A, 7.750%, 2/15/2028 | &nbsp;&nbsp; 205042 |
| &nbsp;&nbsp; 300000 | Garda World Security Corp., Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029 | &nbsp;&nbsp; 294549 |
| &nbsp;&nbsp; 225000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc., Sr. Unsecd. Note, 144A, 3.500%, 3/1/2029 | &nbsp;&nbsp; 215326 |
| &nbsp;&nbsp; 50000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc., Sr. Unsecd. Note, 144A, 5.250%, 12/1/2027 | &nbsp;&nbsp; 49998 |
| &nbsp;&nbsp; 125000 | Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027 | &nbsp;&nbsp; 124813 |
| &nbsp;&nbsp; 170000 | The Brink's Co., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2029 | &nbsp;&nbsp; 175536 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1301021 |
|  | **Consumer Products—1.7%** |  |
| &nbsp;&nbsp; 125000 | Champ Acquisition Corp., Sr. Secd. Note, 144A, 8.375%, 12/1/2031 | &nbsp;&nbsp; 132953 |
| &nbsp;&nbsp; 425000 | Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/31/2029 | &nbsp;&nbsp; 404326 |
| &nbsp;&nbsp; 25000 | Prestige Brands, Inc., Sr. Unsecd. Note, 144A, 5.125%, 1/15/2028 | &nbsp;&nbsp; 24978 |
| &nbsp;&nbsp; 275000 | Whirlpool Corp., Sr. Unsecd. Note, 6.125%, 6/15/2030 | &nbsp;&nbsp; 277765 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840022 |
|  | **Diversified Manufacturing—1.0%** |  |
| &nbsp;&nbsp; 200000 | Gates Corp., Sr. Unsecd. Note, 144A, 6.875%, 7/1/2029 | &nbsp;&nbsp; 208424 |
| &nbsp;&nbsp; 300000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 6.375%, 3/15/2029 | &nbsp;&nbsp; 309953 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518377 |
|  | **Environmental—0.4%** |  |
| &nbsp;&nbsp; 175000 | Clean Harbors, Inc., Sr. Unsecd. Note, 144A, 6.375%, 2/1/2031 | &nbsp;&nbsp; 179866 |
|  | **Finance Companies—1.4%** |  |
| &nbsp;&nbsp; 250000 | Crosscountry Intermediate HoldCo LLC, Sr. Unsecd. Note, 144A, 6.500%, 10/1/2030 | &nbsp;&nbsp; 253174 |
| &nbsp;&nbsp; 150000 | Rocket Cos., Inc., Sr. Unsecd. Note, 144A, 6.125%, 8/1/2030 | &nbsp;&nbsp; 155709 |
| &nbsp;&nbsp; 100000 | Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.625%, 3/1/2029 | &nbsp;&nbsp; 96588 |
| &nbsp;&nbsp; 175000 | United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.750%, 6/15/2027 | &nbsp;&nbsp; 175407 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680878 |
|  | **Food & Beverage—2.1%** |  |
| &nbsp;&nbsp; 200000 | Aramark Services, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028 | &nbsp;&nbsp; 200119 |
| &nbsp;&nbsp; 250000 | Bellring Brands, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2030 | &nbsp;&nbsp; 257872 |
| &nbsp;&nbsp; 250000 | Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 5.500%, 10/15/2027 | &nbsp;&nbsp; 249985 |
| &nbsp;&nbsp; 350000 | US Foods, Inc., Sr. Unsecd. Note, 144A, 6.875%, 9/15/2028 | &nbsp;&nbsp; 362005 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1069981 |
|  | **Gaming—5.1%** |  |
| &nbsp;&nbsp; 150000 | Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027 | &nbsp;&nbsp; 149709 |
| &nbsp;&nbsp; 125000 | Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2031 | &nbsp;&nbsp; 121781 |
| &nbsp;&nbsp; 100000 | Caesars Entertainment, Inc., Sr. Secd. Note, 144A, 7.000%, 2/15/2030 | &nbsp;&nbsp; 103520 |
| &nbsp;&nbsp; 300000 | Churchill Downs, Inc., Sr. Unsecd. Note, 144A, 5.500%, 4/1/2027 | &nbsp;&nbsp; 300551 |
| &nbsp;&nbsp; 50000 | Churchill Downs, Inc., Sr. Unsecd. Note, 144A, 6.750%, 5/1/2031 | &nbsp;&nbsp; 51570 |
| &nbsp;&nbsp; 275000 | Light & Wonder International, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/15/2029 | &nbsp;&nbsp; 282438 |
| &nbsp;&nbsp; 375000 | MGM Resorts International, Sr. Unsecd. Note, 6.125%, 9/15/2029 | &nbsp;&nbsp; 383349 |
| &nbsp;&nbsp; 275000 | Midwest Gaming Borrower LLC, Sr. Note, 144A, 4.875%, 5/1/2029 | &nbsp;&nbsp; 268579 |
| &nbsp;&nbsp; 225000 | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., Secured Note, 144A, 6.250%, 10/15/2030 | &nbsp;&nbsp; 228423 |
| &nbsp;&nbsp; 125000 | Station Casinos, LLC, Sr. Unsecd. Note, 144A, 4.500%, 2/15/2028 | &nbsp;&nbsp; 123642 |
| &nbsp;&nbsp; 225000 | Station Casinos, LLC, Sr. Unsecd. Note, 144A, 4.625%, 12/1/2031 | &nbsp;&nbsp; 212912 |
| &nbsp;&nbsp; 175000 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 144A, 7.125%, 2/15/2031 | &nbsp;&nbsp; 189059 |
| &nbsp;&nbsp; 100000 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., Sr. Unsecd. Note, 144A, 5.125%, 10/1/2029 | &nbsp;&nbsp; 100502 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 2516035 |

---

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Health Care—3.4%** |  |
| $250000 | AHP Health Partners, Inc., Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029 | &nbsp;&nbsp; $245145 |
| &nbsp;&nbsp; 225000 | Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/1/2029 | &nbsp;&nbsp; 214747 |
| &nbsp;&nbsp; 50000 | CHS/Community Health Systems, Inc., 144A, 6.875%, 4/15/2029 | &nbsp;&nbsp; 45125 |
| &nbsp;&nbsp; 250000 | CHS/Community Health Systems, Inc., Sr. Note, 144A, 5.250%, 5/15/2030 | &nbsp;&nbsp; 236174 |
| &nbsp;&nbsp; 225000 | Medline Borrower LP, Sr. Unsecd. Note, 144A, 5.250%, 10/1/2029 | &nbsp;&nbsp; 225526 |
| &nbsp;&nbsp; 50000 | Medline Borrower LP/Medline Co-Issuer, Inc., 144A, 6.250%, 4/1/2029 | &nbsp;&nbsp; 51716 |
| &nbsp;&nbsp; 150000 | Raven Acquisition Holdings LLC, Sr. Secd. Note, 144A, 6.875%, 11/15/2031 | &nbsp;&nbsp; 154199 |
| &nbsp;&nbsp; 350000 | Tenet Healthcare Corp., 4.375%, 1/15/2030 | &nbsp;&nbsp; 342970 |
| &nbsp;&nbsp; 175000 | Tenet Healthcare Corp., Sr. Secd. Note, 6.750%, 5/15/2031 | &nbsp;&nbsp; 182329 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1697931 |
|  | **Independent Energy—4.8%** |  |
| &nbsp;&nbsp; 275000 | Aethon United BR LP/Aethon United Finance Corp., 144A, 7.500%, 10/1/2029 | &nbsp;&nbsp; 287353 |
| &nbsp;&nbsp; 75000 | Antero Resources Corp., Sr. Unsecd. Note, 144A, 5.375%, 3/1/2030 | &nbsp;&nbsp; 75690 |
| &nbsp;&nbsp; 250000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029 | &nbsp;&nbsp; 250776 |
| &nbsp;&nbsp; 150000 | Chord Energy Corp., Sr. Unsecd. Note, 144A, 6.000%, 10/1/2030 | &nbsp;&nbsp; 151243 |
| &nbsp;&nbsp; 250000 | Civitas Resources, Inc., Sr. Unsecd. Note, 144A, 8.625%, 11/1/2030 | &nbsp;&nbsp; 261890 |
| &nbsp;&nbsp; 125000 | Civitas Resources, Inc., Unsecd. Note, 144A, 8.375%, 7/1/2028 | &nbsp;&nbsp; 128918 |
| &nbsp;&nbsp; 325000 | Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029 | &nbsp;&nbsp; 323209 |
| &nbsp;&nbsp; 75000 | EQT Corp., Sr. Unsecd. Note, 6.375%, 4/1/2029 | &nbsp;&nbsp; 77655 |
| &nbsp;&nbsp; 225000 | Matador Resources Co., Sr. Unsecd. Note, 144A, 6.875%, 4/15/2028 | &nbsp;&nbsp; 230463 |
| &nbsp;&nbsp; 150000 | Range Resources Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030 | &nbsp;&nbsp; 148002 |
| &nbsp;&nbsp; 250000 | Rockcliff Energy II LLC, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2029 | &nbsp;&nbsp; 244851 |
| &nbsp;&nbsp; 200000 | SM Energy Co., Sr. Unsecd. Note, 6.750%, 9/15/2026 | &nbsp;&nbsp; 200216 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 2380266 |
|  | **Industrial - Other—1.3%** |  |
| &nbsp;&nbsp; 400000 | Madison IAQ LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029 | &nbsp;&nbsp; 395585 |
| &nbsp;&nbsp; 250000 | SPX Flow, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/1/2030 | &nbsp;&nbsp; 256949 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 652534 |
|  | **Insurance - P&C—5.8%** |  |
| &nbsp;&nbsp; 200000 | Acrisure LLC, Sr. Secd. Note, 144A, 7.500%, 11/6/2030 | &nbsp;&nbsp; 207678 |
| &nbsp;&nbsp; 325000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, Sr. Unsecd. Note, 144A, 6.750%, 10/15/2027 | &nbsp;&nbsp; 326056 |
| &nbsp;&nbsp; 400000 | AmWINS Group, Inc., Sr. Secd. Note, 144A, 6.375%, 2/15/2029 | &nbsp;&nbsp; 411052 |
| &nbsp;&nbsp; 325000 | Ardonagh Finco Ltd., Sr. Secd. Note, 144A, 7.750%, 2/15/2031 | &nbsp;&nbsp; 339790 |
| &nbsp;&nbsp; 275000 | Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 144A, 7.125%, 5/15/2031 | &nbsp;&nbsp; 285477 |
| &nbsp;&nbsp; 425000 | Broadstreet Partners, Inc., Sr. Unsecd. Note, 144A, 5.875%, 4/15/2029 | &nbsp;&nbsp; 424281 |
| &nbsp;&nbsp; 475000 | Hub International Ltd., Sr. Secd. Note, 144A, 7.250%, 6/15/2030 | &nbsp;&nbsp; 497698 |
| &nbsp;&nbsp; 250000 | Jones Deslauriers Insurance Management, Inc., Sr. Secd. Note, 144A, 8.500%, 3/15/2030 | &nbsp;&nbsp; 261661 |
| &nbsp;&nbsp; 125000 | Ryan Specialty LLC, Sr. Secd. Note, 144A, 4.375%, 2/1/2030 | &nbsp;&nbsp; 122455 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 2876148 |
|  | **Leisure—1.5%** |  |
| &nbsp;&nbsp; 75000 | Carnival Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2029 | &nbsp;&nbsp; 75628 |
| &nbsp;&nbsp; 200000 | Carnival Corp., Sr. Unsecd. Note, 144A, 5.750%, 3/15/2030 | &nbsp;&nbsp; 205553 |
| &nbsp;&nbsp; 50000 | Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 6.500%, 10/1/2028 | &nbsp;&nbsp; 48507 |
| &nbsp;&nbsp; 275000 | NCL Corp. Ltd., Sr. Unsecd. Note, 144A, 6.250%, 3/1/2030 | &nbsp;&nbsp; 277986 |
| &nbsp;&nbsp; 150000 | Royal Caribbean Cruises, Ltd., Sr. Unsecd. Note, 144A, 5.500%, 8/31/2026 | &nbsp;&nbsp; 150349 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758023 |
|  | **Lodging—1.7%** |  |
| &nbsp;&nbsp; 250000 | Hilton Domestic Operating Co., Inc., Sr. Unsecd. Note, 144A, 4.000%, 5/1/2031 | &nbsp;&nbsp; 238770 |
| &nbsp;&nbsp; 250000 | RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 7.250%, 7/15/2028 | &nbsp;&nbsp; 257912 |
| &nbsp;&nbsp; 125000 | Wyndham Hotels & Resorts, Inc., Sr. Unsecd. Note, 144A, 4.375%, 8/15/2028 | &nbsp;&nbsp; 123020 |

---

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Lodging—continued** |  |
| $225000 | XHR LP, Sr. Unsecd. Note, 144A, 6.625%, 5/15/2030 | &nbsp;&nbsp; $230624 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850326 |
|  | **Media Entertainment—1.5%** |  |
| &nbsp;&nbsp; 50000 | Lamar Media Corp., Sr. Unsecd. Note, 4.000%, 2/15/2030 | &nbsp;&nbsp; 48374 |
| &nbsp;&nbsp; 200000 | Lamar Media Corp., Sr. Unsecd. Note, Series WI, 3.625%, 1/15/2031 | &nbsp;&nbsp; 188712 |
| &nbsp;&nbsp; 150000 | Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2030 | &nbsp;&nbsp; 145932 |
| &nbsp;&nbsp; 125000 | Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 5.000%, 8/15/2027 | &nbsp;&nbsp; 124815 |
| &nbsp;&nbsp; 200000 | Univision Communications, Inc., Sr. Secd. Note, 144A, 8.000%, 8/15/2028 | &nbsp;&nbsp; 206397 |
| &nbsp;&nbsp; 50000 | Univision Communications, Inc., Sr. Secd. Note, 144A, 8.500%, 7/31/2031 | &nbsp;&nbsp; 51725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765955 |
|  | **Metals & Mining—1.9%** |  |
| &nbsp;&nbsp; 250000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 6.750%, 4/15/2030 | &nbsp;&nbsp; 255395 |
| &nbsp;&nbsp; 175000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 6.875%, 11/1/2029 | &nbsp;&nbsp; 180049 |
| &nbsp;&nbsp; 525000 | Coeur Mining, Inc., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2029 | &nbsp;&nbsp; 522398 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957842 |
|  | **Midstream—5.0%** |  |
| &nbsp;&nbsp; 400000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.375%, 6/15/2029 | &nbsp;&nbsp; 401319 |
| &nbsp;&nbsp; 50000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028 | &nbsp;&nbsp; 50059 |
| &nbsp;&nbsp; 50000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.625%, 2/1/2032 | &nbsp;&nbsp; 51827 |
| &nbsp;&nbsp; 275000 | Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unsecd. Note, 144A, 7.000%, 7/15/2029 | &nbsp;&nbsp; 286811 |
| &nbsp;&nbsp; 300000 | CNX Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 4/15/2030 | &nbsp;&nbsp; 287740 |
| &nbsp;&nbsp; 100000 | DBR Land Holdings LLC, Sr. Unsecd. Note, 144A, 6.250%, 12/1/2030 | &nbsp;&nbsp; 101281 |
| &nbsp;&nbsp; 150000 | DT Midstream, Inc., Sr. Sub. Secd. Note, 144A, 4.125%, 6/15/2029 | &nbsp;&nbsp; 147263 |
| &nbsp;&nbsp; 100000 | Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.875%, 3/1/2028 | &nbsp;&nbsp; 101683 |
| &nbsp;&nbsp; 115000 | Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 6.500%, 6/1/2029 | &nbsp;&nbsp; 119000 |
| &nbsp;&nbsp; 175000 | Rockies Express Pipeline, Sr. Unsecd. Note, 144A, 4.950%, 7/15/2029 | &nbsp;&nbsp; 175057 |
| &nbsp;&nbsp; 275000 | Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027 | &nbsp;&nbsp; 275501 |
| &nbsp;&nbsp; 300000 | Tallgrass Energy Partners LP, Sr. Unsecd. Note, 144A, 6.000%, 9/1/2031 | &nbsp;&nbsp; 296504 |
| &nbsp;&nbsp; 75000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.500%, 3/1/2030 | &nbsp;&nbsp; 76315 |
| &nbsp;&nbsp; 125000 | WBI Operating LLC, Sr. Unsecd. Note, 144A, 6.250%, 10/15/2030 | &nbsp;&nbsp; 125050 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 2495410 |
|  | **Oil Field Services—2.9%** |  |
| &nbsp;&nbsp; 300000 | Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2028 | &nbsp;&nbsp; 301842 |
| &nbsp;&nbsp; 300000 | Kodiak Gas Services LLC, Sr. Unsecd. Note, 144A, 7.250%, 2/15/2029 | &nbsp;&nbsp; 312784 |
| &nbsp;&nbsp; 225000 | Nabors Industries, Inc., Co. Guarantee, 144A, 9.125%, 1/31/2030 | &nbsp;&nbsp; 235899 |
| &nbsp;&nbsp; 175000 | Precision Drilling Corp., Sr. Unsecd. Note, 144A, 6.875%, 1/15/2029 | &nbsp;&nbsp; 176045 |
| &nbsp;&nbsp; 400000 | USA Compression Partners LP, Sr. Unsecd. Note, 144A, 7.125%, 3/15/2029 | &nbsp;&nbsp; 415786 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1442356 |
|  | **Packaging—1.9%** |  |
| &nbsp;&nbsp; 200000 | Ardagh Metal Packaging, Secured Note, 144A, 6.250%, 1/30/2031 | &nbsp;&nbsp; 203475 |
| &nbsp;&nbsp; 125000 | Crown Americas LLC, Sr. Unsecd. Note, Series WI, 5.250%, 4/1/2030 | &nbsp;&nbsp; 127623 |
| &nbsp;&nbsp; 350000 | Sealed Air Corp., Sr. Unsecd. Note, 144A, 5.000%, 4/15/2029 | &nbsp;&nbsp; 352443 |
| &nbsp;&nbsp; 250000 | Trivium Packaging Finance B.V., 144A, 8.250%, 7/15/2030 | &nbsp;&nbsp; 263198 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946739 |
|  | **Paper—1.1%** |  |
| &nbsp;&nbsp; 300000 | Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 4.750%, 8/15/2028 | &nbsp;&nbsp; 279282 |
| &nbsp;&nbsp; 275000 | Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 4.750%, 7/15/2027 | &nbsp;&nbsp; 274367 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553649 |
|  | **Pharmaceuticals—1.1%** |  |
| &nbsp;&nbsp; 325000 | Grifols Escrow Issuer S.A., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2028 | &nbsp;&nbsp; 317738 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Pharmaceuticals—continued** |  |
| $275000 | Organon Finance 1 LLC, Sr. Unsecd. Note, 144A, 5.125%, 4/30/2031 | &nbsp;&nbsp; $230300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548038 |
|  | **Restaurant—1.1%** |  |
| &nbsp;&nbsp; 200000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.000%, 10/15/2030 | &nbsp;&nbsp; 190578 |
| &nbsp;&nbsp; 325000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 6.125%, 6/15/2029 | &nbsp;&nbsp; 335079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525657 |
|  | **Retailers—2.3%** |  |
| &nbsp;&nbsp; 175000 | Academy Ltd., Sr. Secd. Note, 144A, 6.000%, 11/15/2027 | &nbsp;&nbsp; 175130 |
| &nbsp;&nbsp; 250000 | Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 11/15/2029 | &nbsp;&nbsp; 245224 |
| &nbsp;&nbsp; 250000 | BELRON UK Finance PLC, 144A, 5.750%, 10/15/2029 | &nbsp;&nbsp; 254233 |
| &nbsp;&nbsp; 25000 | Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.625%, 10/1/2029 | &nbsp;&nbsp; 23715 |
| &nbsp;&nbsp; 125000 | Hanesbrands, Inc., Sr. Unsecd. Note, 144A, 9.000%, 2/15/2031 | &nbsp;&nbsp; 131680 |
| &nbsp;&nbsp; 225000 | Lithia Motors, Inc., Sr. Unsecd. Note, 144A, 5.500%, 10/1/2030 | &nbsp;&nbsp; 226124 |
| &nbsp;&nbsp; 100000 | William Carter Co., Sr. Unsecd. Note, 144A, 7.375%, 2/15/2031 | &nbsp;&nbsp; 101995 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1158101 |
|  | **Supermarkets—0.8%** |  |
| &nbsp;&nbsp; 150000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 4.875%, 2/15/2030 | &nbsp;&nbsp; 148870 |
| &nbsp;&nbsp; 225000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.500%, 3/31/2031 | &nbsp;&nbsp; 228075 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376945 |
|  | **Technology—13.4%** |  |
| &nbsp;&nbsp; 200000 | APLD Computeco LLC, Sr. Secd. Note, 144A, 9.250%, 12/15/2030 | &nbsp;&nbsp; 192750 |
| &nbsp;&nbsp; 300000 | Capstone Borrower, Inc., Sr. Secd. Note, 144A, 8.000%, 6/15/2030 | &nbsp;&nbsp; 305853 |
| &nbsp;&nbsp; 100000 | Ciena Corp., Sr. Unsecd. Note, 144A, 4.000%, 1/31/2030 | &nbsp;&nbsp; 96423 |
| &nbsp;&nbsp; 200000 | Cipher Compute LLC, 144A, 7.125%, 11/15/2030 | &nbsp;&nbsp; 203188 |
| &nbsp;&nbsp; 250000 | Clarivate Science Holdings Corp., Sr. Unsecd. Note, 144A, 4.875%, 7/1/2029 | &nbsp;&nbsp; 236279 |
| &nbsp;&nbsp; 300000 | Cloud Software Group, Inc., Secured Note, 144A, 9.000%, 9/30/2029 | &nbsp;&nbsp; 309460 |
| &nbsp;&nbsp; 125000 | Cloud Software Group, Inc., Sr. Secd. Note, 144A, 6.500%, 3/31/2029 | &nbsp;&nbsp; 126004 |
| &nbsp;&nbsp; 200000 | Coherent Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029 | &nbsp;&nbsp; 198206 |
| &nbsp;&nbsp; 275000 | Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.500%, 10/15/2028 | &nbsp;&nbsp; 276004 |
| &nbsp;&nbsp; 225000 | CoreWeave, Inc., Sr. Unsecd. Note, 144A, 9.250%, 6/1/2030 | &nbsp;&nbsp; 207586 |
| &nbsp;&nbsp; 225000 | Elastic N.V., Sr. Unsecd. Note, 144A, 4.125%, 7/15/2029 | &nbsp;&nbsp; 216992 |
| &nbsp;&nbsp; 100000 | Ellucian Holdings, Inc., Sr. Secd. Note, 144A, 6.500%, 12/1/2029 | &nbsp;&nbsp; 101365 |
| &nbsp;&nbsp; 150000 | Entegris, Inc., Sr. Unsecd. Note, 144A, 4.375%, 4/15/2028 | &nbsp;&nbsp; 148543 |
| &nbsp;&nbsp; 150000 | Entegris, Inc., Sr. Unsecd. Note, 144A, 5.950%, 6/15/2030 | &nbsp;&nbsp; 153557 |
| &nbsp;&nbsp; 100000 | Fair Isaac & Co., Inc., Sr. Unsecd. Note, 144A, 5.250%, 5/15/2026 | &nbsp;&nbsp; 100197 |
| &nbsp;&nbsp; 200000 | Fortress Intermediate 3, Inc., Sr. Secd. Note, 144A, 7.500%, 6/1/2031 | &nbsp;&nbsp; 208687 |
| &nbsp;&nbsp; 175000 | Gen Digital, Inc., Sr. Unsecd. Note, 144A, 7.125%, 9/30/2030 | &nbsp;&nbsp; 180978 |
| &nbsp;&nbsp; 250000 | HealthEquity, Inc., Sr. Unsecd. Note, 144A, 4.500%, 10/1/2029 | &nbsp;&nbsp; 245659 |
| &nbsp;&nbsp; 100000 | Iron Mountain, Inc., Sr. Unsecd. Note, 144A, 4.875%, 9/15/2027 | &nbsp;&nbsp; 99648 |
| &nbsp;&nbsp; 175000 | Iron Mountain, Inc., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2029 | &nbsp;&nbsp; 179760 |
| &nbsp;&nbsp; 200000 | KIOXIA Holdings Corp., Sr. Unsecd. Note, 144A, 6.250%, 7/24/2030 | &nbsp;&nbsp; 205802 |
| &nbsp;&nbsp; 50000 | NCR Voyix Corp., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2028 | &nbsp;&nbsp; 49633 |
| &nbsp;&nbsp; 200000 | Open Text, Inc., 144A, 6.900%, 12/1/2027 | &nbsp;&nbsp; 207474 |
| &nbsp;&nbsp; 100000 | Open Text, Inc., Sr. Unsecd. Note, 144A, 4.125%, 2/15/2030 | &nbsp;&nbsp; 95337 |
| &nbsp;&nbsp; 325000 | Rocket Software, Inc., Sr. Secd. Note, 144A, 9.000%, 11/28/2028 | &nbsp;&nbsp; 334843 |
| &nbsp;&nbsp; 75000 | Rocket Software, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2029 | &nbsp;&nbsp; 73028 |
| &nbsp;&nbsp; 125000 | Science Applications International Corp., Sr. Unsecd. Note, 144A, 4.875%, 4/1/2028 | &nbsp;&nbsp; 124156 |
| &nbsp;&nbsp; 25000 | Seagate Data Storage Technologh Pte. Ltd., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2030 | &nbsp;&nbsp; 25742 |
| &nbsp;&nbsp; 175000 | Seagate Data Storage Technologh Pte. Ltd., Sr. Unsecd. Note, 144A, 8.250%, 12/15/2029 | &nbsp;&nbsp; 185911 |
| &nbsp;&nbsp; 300000 | Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.375%, 2/15/2030 | &nbsp;&nbsp; 292255 |

---

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Technology—continued** |  |
| $385000 | SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027 | &nbsp;&nbsp; $384938 |
| &nbsp;&nbsp; 225000 | UKG, Inc., Sr. Secd. Note, 144A, 6.875%, 2/1/2031 | &nbsp;&nbsp; 232280 |
| &nbsp;&nbsp; 225000 | Viavi Solutions, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2029 | &nbsp;&nbsp; 214176 |
| &nbsp;&nbsp; 150000 | VOLTAGRID LLC, 144A, 7.375%, 11/1/2030 | &nbsp;&nbsp; 149593 |
| &nbsp;&nbsp; 300000 | WULF Compute LLC, Secured Note, 144A, 7.750%, 10/15/2030 | &nbsp;&nbsp; 310176 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 6672483 |
|  | **Transportation Services—0.5%** |  |
| &nbsp;&nbsp; 225000 | Stena International S.A., Sec. Fac. Bond, REGS, 7.250%, 1/15/2031 | &nbsp;&nbsp; 229319 |
|  | **Utility - Electric—4.1%** |  |
| &nbsp;&nbsp; 50000 | Calpine Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2031 | &nbsp;&nbsp; 50108 |
| &nbsp;&nbsp; 225000 | Calpine Corp., Sr. Unsecd. Note, 144A, 5.125%, 3/15/2028 | &nbsp;&nbsp; 225631 |
| &nbsp;&nbsp; 250000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 5.250%, 6/15/2029 | &nbsp;&nbsp; 251054 |
| &nbsp;&nbsp; 125000 | TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030 | &nbsp;&nbsp; 120169 |
| &nbsp;&nbsp; 225000 | TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028 | &nbsp;&nbsp; 224606 |
| &nbsp;&nbsp; 300000 | TransAlta Corp., Sr. Unsecd. Note, 7.750%, 11/15/2029 | &nbsp;&nbsp; 313497 |
| &nbsp;&nbsp; 375000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2027 | &nbsp;&nbsp; 375454 |
| &nbsp;&nbsp; 25000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 7.750%, 10/15/2031 | &nbsp;&nbsp; 26555 |
| &nbsp;&nbsp; 65000 | XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 4.500%, 9/15/2027 | &nbsp;&nbsp; 63861 |
| &nbsp;&nbsp; 100000 | XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 7.250%, 1/15/2029 | &nbsp;&nbsp; 102483 |
| &nbsp;&nbsp; 250000 | XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 8.375%, 1/15/2031 | &nbsp;&nbsp; 261978 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 2015396 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE BONDS <br>(IDENTIFIED COST $42,404,767)<br>| &nbsp;&nbsp; 42929796 |
| <sup>1</sup> <br>| FLOATING RATE LOANS—10.2% |  |
|  | **Cable Satellite—0.2%** |  |
| &nbsp;&nbsp; 99250 | Charter Communications Operating, LLC, 2024 Term Loan B5–1st Lien, 6.235% (SOFR CME +2.250%), 12/15/2031 | &nbsp;&nbsp; 98974 |
|  | **Chemicals—0.4%** |  |
| &nbsp;&nbsp; 83967 | Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B7–1st Lien, 5.752% (SOFR CME +1.750%), 12/20/2029 | &nbsp;&nbsp; 84096 |
| &nbsp;&nbsp; 100000 | W.R. Grace & Co.-Conn., 2025 Term Loan B–1st Lien, 7.002% (SOFR CME +3.000%), 8/19/2032 | &nbsp;&nbsp; 99563 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183659 |
|  | **Consumer Cyclical Services—0.5%** |  |
| &nbsp;&nbsp; 175000 | Allied Universal Holdco LLC, 2025 USD Term Loan B–1st Lien, 7.166% (SOFR CME +3.250%), 8/20/2032 | &nbsp;&nbsp; 175635 |
| &nbsp;&nbsp; 90502 | Fleet Midco I Ltd., 2024 1st Lien Term Loan B–1st Lien, 6.792% (SOFR CME +2.750%), 2/21/2031 | &nbsp;&nbsp; 90616 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266251 |
|  | **Consumer Products—0.7%** |  |
| &nbsp;&nbsp; 100000 | Beach Acquisition Bidco LLC, USD Term Loan B–1st Lien, 7.308% (SOFR CME +3.250%), 9/12/2032 | &nbsp;&nbsp; 100583 |
| &nbsp;&nbsp; 150000<br><sup>2</sup> <br>| Lavender Dutch BorrowerCo B.V., USD Term Loan–1st Lien, TBD, 9/27/2032 | &nbsp;&nbsp; 150282 |
| &nbsp;&nbsp; 98465 | VC GB Holdings I Corp., 1st Lien Term Loan–1st Lien, 7.763% (SOFR CME +3.500%), 7/21/2028 | &nbsp;&nbsp; 98443 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349308 |
|  | **Diversified Manufacturing—0.3%** |  |
| &nbsp;&nbsp; 99002 | EMRLD Borrower, LP, 2024 Term Loan B–1st Lien, 6.122% (SOFR CME +2.250%), 8/4/2031 | &nbsp;&nbsp; 98996 |
| &nbsp;&nbsp; 54781 | EMRLD Borrower, LP, Term Loan B–1st Lien, 6.072% (SOFR CME +2.250%), 5/31/2030 | &nbsp;&nbsp; 54779 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153775 |
|  | **Gaming—0.6%** |  |
| &nbsp;&nbsp; 246250 | Caesars Entertainment, Inc., 2024 Term Loan B1–1st Lien, 6.166% (SOFR CME +2.250%), 2/6/2031 | &nbsp;&nbsp; 243275 |
| &nbsp;&nbsp; 40750 | Caesars Entertainment, Inc., Term Loan B–1st Lien, 6.166% (SOFR CME +2.250%), 2/6/2030 | &nbsp;&nbsp; 40309 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283584 |
|  | **Health Care—1.2%** |  |
| &nbsp;&nbsp; 245960 | Medline Borrower, LP, 2025 Term Loan B–1st Lien, 5.916% (SOFR CME +2.000%), 10/23/2028 | &nbsp;&nbsp; 246275 |
| &nbsp;&nbsp; 100000 | Opal Bidco SAS, USD 1st Lien Term Loan B–1st Lien, 6.902% (SOFR CME +3.000%), 4/28/2032 | &nbsp;&nbsp; 100641 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| <sup>1</sup> <br>| FLOATING RATE LOANS—continued |  |
|  | **Health Care—continued** |  |
| $140583 | Parexel International Corp., 2025 Term Loan B–1st Lien, 6.166% (SOFR CME +2.250%), 11/15/2028 | &nbsp;&nbsp; $141104 |
| &nbsp;&nbsp; 90409 | Vizient, Inc., 2024 Term Loan B–1st Lien, 5.666% (SOFR CME +1.750%), 8/1/2031 | &nbsp;&nbsp; 90590 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578610 |
|  | **Industrial - Other—0.5%** |  |
| &nbsp;&nbsp; 98500 | CD&R Hydra Buyer, Inc., 2024 Term Loan B–1st Lien, 8.016% (SOFR CME +4.000%), 3/25/2031 | &nbsp;&nbsp; 98316 |
| &nbsp;&nbsp; 95880 | Filtration Group Corp., 2025 USD Term Loan–1st Lien, 6.666% (SOFR CME +2.750%), 10/21/2028 | &nbsp;&nbsp; 96408 |
| &nbsp;&nbsp; 69750 | SPX Flow, Inc., 2025 Term Loan–1st Lien, 6.666% (SOFR CME +2.750%), 4/5/2029 | &nbsp;&nbsp; 70102 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264826 |
|  | **Insurance - P&C—1.3%** |  |
| &nbsp;&nbsp; 149250 | Ardonagh Midco 3 PLC, 2024 USD Term Loan B–1st Lien, 6.752%–6.950% (SOFR CME +2.750%), 2/15/2031 | &nbsp;&nbsp; 148690 |
| &nbsp;&nbsp; 168515 | HUB International Ltd., 2025 Term Loan B–1st Lien, 6.120% (SOFR CME +2.250%), 6/20/2030 | &nbsp;&nbsp; 169094 |
| &nbsp;&nbsp; 98507 | Jones DesLauriers Insurance Management, Inc., 2025 Term Loan B–1st Lien, 6.590% (SOFR CME +2.750%), 3/15/2030 | &nbsp;&nbsp; 98507 |
| &nbsp;&nbsp; 148503 | Sedgwick Claims Management Services, Inc., 2023 Term Loan B–1st Lien, 6.416% (SOFR CME +2.500%), 7/31/2031 | &nbsp;&nbsp; 148734 |
| &nbsp;&nbsp; 91935 | Truist Insurance Holdings LLC, 2024 Term Loan B–1st Lien, 6.752% (SOFR CME +2.750%), 5/6/2031 | &nbsp;&nbsp; 91913 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656938 |
|  | **Leisure—0.3%** |  |
| &nbsp;&nbsp; 123130 | SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3–1st Lien, 5.916% (SOFR CME +2.000%), 12/4/2031 | &nbsp;&nbsp; 120667 |
|  | **Media Entertainment—0.4%** |  |
| &nbsp;&nbsp; 118782 | Emerald X, Inc., 2025 Term Loan B1–1st Lien, 7.166% (SOFR CME +3.250%), 1/30/2032 | &nbsp;&nbsp; 119277 |
| &nbsp;&nbsp; 96750 | Univision Communications, Inc., 2022 First Lien Term Loan B–1st Lien, 8.252% (SOFR CME +4.250%), 6/24/2029 | &nbsp;&nbsp; 96549 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215826 |
|  | **Packaging—0.7%** |  |
| &nbsp;&nbsp; 202760 | Charter NEX US, Inc., 2024 Term Loan B1–1st Lien, 6.709% (SOFR CME +2.750%), 11/29/2030 | &nbsp;&nbsp; 203543 |
| &nbsp;&nbsp; 163391 | Clydesdale Acquisition Holdings, Inc., Term Loan B–1st Lien, 7.091% (SOFR CME +3.175%), 4/13/2029 | &nbsp;&nbsp; 162696 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366239 |
|  | **Pharmaceuticals—1.1%** |  |
| &nbsp;&nbsp; 100000 | Amneal Pharmaceuticals LLC, 2025 Term Loan B–1st Lien, 7.416% (SOFR CME +3.500%), 8/1/2032 | &nbsp;&nbsp; 100750 |
| &nbsp;&nbsp; 249375 | Bausch Health Cos., Inc., 2025 Term Loan B–1st Lien, 10.166% (SOFR CME +6.250%), 10/8/2030 | &nbsp;&nbsp; 246008 |
| &nbsp;&nbsp; 200000<br><sup>2</sup> <br>| Genmab AS, Term Loan B–1st Lien, TBD, 11/18/2032 | &nbsp;&nbsp; 200666 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547424 |
|  | **Technology—2.0%** |  |
| &nbsp;&nbsp; 171921 | Athenahealth Group, Inc., 2022 Term Loan B–1st Lien, 6.666% (SOFR CME +2.750%), 2/15/2029 | &nbsp;&nbsp; 171563 |
| &nbsp;&nbsp; 159501 | Cloud Software Group, Inc., 2025 Term Loan B (2032)–1st Lien, 7.252% (SOFR CME +3.250%), 8/13/2032 | &nbsp;&nbsp; 159092 |
| &nbsp;&nbsp; 100000 | KnowBe4, Inc., 2025 Term Loan–1st Lien, 7.590% (SOFR CME +3.750%), 7/23/2032 | &nbsp;&nbsp; 100063 |
| &nbsp;&nbsp; 150000 | Ping Identity Corp., 2025 Term Loan–1st Lien, 6.625% (SOFR CME +2.750%), 11/15/2032 | &nbsp;&nbsp; 150562 |
| &nbsp;&nbsp; 98000 | Quartz Acquireco LLC, 2025 Term Loan B–1st Lien, 6.252% (SOFR CME +2.250%), 6/28/2030 | &nbsp;&nbsp; 97510 |
| &nbsp;&nbsp; 75000 | Shift4 Payments, LLC, 2025 Term Loan–1st Lien, 6.502% (SOFR CME +2.500%), 6/30/2032 | &nbsp;&nbsp; 75481 |
| &nbsp;&nbsp; 99000 | UKG, Inc., 2024 Term Loan B–1st Lien, 6.338% (SOFR CME +2.500%), 2/10/2031 | &nbsp;&nbsp; 98916 |
| &nbsp;&nbsp; 145340 | VS Buyer, LLC, 2025 Term Loan B–1st Lien, 6.090% (SOFR CME +2.250%), 4/12/2031 | &nbsp;&nbsp; 144977 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998164 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FLOATING RATE LOANS <br>(IDENTIFIED COST $5,054,263)<br>| &nbsp;&nbsp;&nbsp; 5084245 |
|  | ASSET-BACKED SECURITY—0.0% |  |
|  | **Automotive—0.0%** |  |
| &nbsp;&nbsp; 11189 | Enterprise Fleet Financing LLC 2022-4, Class A2, 5.760%, 10/22/2029 <br>(IDENTIFIED COST $11,187)<br>| &nbsp;&nbsp; 11231 |

---

**7**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | INVESTMENT COMPANY—4.0% |  |
| 1976942 | Federated Hermes Government Obligations Fund, Premier Shares, 3.89%<sup>3</sup> <br>(IDENTIFIED COST $1,976,942)<br>| &nbsp;&nbsp; $1976942 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—100.5% <br>(IDENTIFIED COST $49,447,159)<br>| &nbsp;&nbsp; 50002214 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(0.5)%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (256138) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $49746076 |

---

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended November 30, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Federated Hermes** <br>**Government** <br>**Obligations Fund,** <br>**Premier Shares**<br>|
| Value as of 2/28/2025 | &nbsp;&nbsp; $585360 |
| Purchases at Cost | &nbsp;&nbsp; $8514830 |
| Proceeds from Sales | &nbsp;&nbsp; $(7123248) |
| Change in Unrealized Appreciation/Depreciation | &nbsp;&nbsp; $— |
| Net Realized Gain/(Loss) | &nbsp;&nbsp; $— |
| Value as of 11/30/2025 | &nbsp;&nbsp; $1976942 |
| Shares Held as of 11/30/2025 | &nbsp;&nbsp; 1976942 |
| Dividend Income | &nbsp;&nbsp; $27148 |

---

&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, 2025 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 net assets at November 30, 2025.

**Investment Valuation** 

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

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

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

■ 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. The trading prices of the Fund's shares listed on its exchange may differ from the Fund's NAV and will normally be affected by market forces, such as supply and demand, economic conditions, the market value of the Fund's disclosed portfolio holdings and other factors. As a result, trading prices may be lower, higher or the same as the Fund's NAV; and investors may pay more than NAV when buying shares and receive less than NAV when selling shares through the exchange.

**8**

------

**Fair Valuation and Significant Events Procedures** 

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

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

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.

**9**

------

&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, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42929796 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42929796 |
| Floating Rate Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5084245 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5084245 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11231 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11231 |
| **Investment Company** | &nbsp;&nbsp; 1976942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1976942 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | &nbsp;&nbsp; $1976942 | &nbsp;&nbsp; $48025272 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50002214 |

---

&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: |
| SOFR | —Secured Overnight Financing Rate |
| TBD | —To Be Determined |
| USD | —United States Dollar |

---

**10**

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Federated Hermes 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:** 2026-02-28

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $50710157.65

**Total Liabilities:** $964081.36

**Net Assets:** $49746076.29

**Delayed Delivery Securities:** $498781.25

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -16.653253000000 | **1-Year:** -113.762328000000 | **5-Year:** -108.689109000000 | **10-Year:** -9.227259000000 | **30-Year:** 0.000000000000

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

- **3-Month:** -330.317834000000 | **1-Year:** -3543.674786000000 | **5-Year:** -6210.234481000000 | **10-Year:** -396.772723000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231759 | 0.54%                | 0.38%                | 0.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-11112.99               | $27963.92                                  |
| Month 2  | $22667.40                | $-71540.63                                 |
| Month 3  | $1491.14                 | $122855.71                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ANTERO MIDSTREAM PART/FI                     | Antero Midstream Partners LP / Antero Midstream Finance Corp                    | CUSIP: 03690AAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51827.25     | 0.10%             | 2032-02-01      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| AthenaHealth Group Inc                       | Athenahealth, Inc. 2022 Term Loan B                                             | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |    171921 | PA      | $171563.28    | 0.34%             | 2029-02-15      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| BALDWIN INSUR GRP/FIN                        | Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance | CUSIP: 05825XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $285477.23    | 0.57%             | 2031-05-15      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                          | Churchill Downs Inc                                                             | CUSIP: 171484AG3<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300551.40    | 0.60%             | 2027-04-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CROWN AMERICAS LLC                           | Crown Americas LLC                                                              | CUSIP: 228180AB1<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127623.13    | 0.26%             | 2030-04-01      | Fixed         | 5.25%                 | No            |                  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        |     11189 | PA      | $11231.27     | 0.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| GRIFOLS SA                                   | Grifols Escrow Issuer SA                                                        | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    325000 | PA      | $317738.30    | 0.64%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| INTERFACE INC                                | Interface Inc                                                                   | CUSIP: 458665AS5<br>LEI: 549300VXZWQOIDFPU355 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199750.00    | 0.40%             | 2028-12-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                       | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 01309QAC2<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |    225000 | PA      | $228074.85    | 0.46%             | 2031-03-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| AMWINS GROUP INC                             | AmWINS Group Inc                                                                | CUSIP: 031921AC3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    400000 | PA      | $411052.00    | 0.83%             | 2029-02-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                     | Antero Midstream Partners LP / Antero Midstream Finance Corp                    | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $401319.04    | 0.81%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| ELLUCIAN HOLDINGS INC                        | Ellucian Holdings Inc                                                           | CUSIP: 289178AA3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101365.40    | 0.20%             | 2029-12-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MADISON IAQ LLC                              | Madison IAQ LLC                                                                 | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    400000 | PA      | $395585.32    | 0.80%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| NRG ENERGY INC                               | NRG Energy Inc                                                                  | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251053.94    | 0.50%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                     | American Airlines Inc/AAdvantage Loyalty IP Ltd                                 | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    120834 | PA      | $121045.34    | 0.24%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                       | Adient Global Holdings Ltd                                                      | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    125000 | PA      | $128255.25    | 0.26%             | 2028-04-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC                       | JB Poindexter & Co Inc                                                          | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |    125000 | PA      | $130340.75    | 0.26%             | 2031-12-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                     | Performance Food Group Inc                                                      | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249984.70    | 0.50%             | 2027-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                       | Acrisure LLC / Acrisure Finance Inc                                             | CUSIP: 00489LAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $207677.40    | 0.42%             | 2030-11-06      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                     | Archrock Partners LP / Archrock Partners Finance Corp                           | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $301842.00    | 0.61%             | 2028-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                             | Allied Universal Holdco LLC / Allied Universal Finance Corp                     | CUSIP: 019576AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25839.85     | 0.05%             | 2030-06-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP                        | Clearwater Paper Corp                                                           | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |    300000 | PA      | $279282.00    | 0.56%             | 2028-08-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| PRECISION DRILLING CORP                      | Precision Drilling Corp                                                         | CUSIP: 740212AM7<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |    175000 | PA      | $176045.45    | 0.35%             | 2029-01-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte Ltd      | SEAGATE DATA STOR                                                               | CUSIP: 81180LAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    175000 | PA      | $185911.25    | 0.37%             | 2029-12-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| SUNRISE FINCO I BV                           | UPC Broadband Finco BV                                                          | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |    425000 | PA      | $406070.50    | 0.82%             | 2031-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Ping Identity Holding Corp                   | Ping Identity Holding Corp2025 Term Loan                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    150000 | PA      | $150562.50    | 0.30%             | 2032-11-15      | Floating      | 6.62%                 | 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        |    163390 | PA      | $162696.03    | 0.33%             | 2029-04-13      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| COEUR MINING INC                             | Coeur Mining Inc                                                                | CUSIP: 192108BC1<br>LEI: 5493003AVK173D48DR70 | Long             | DBT              | CORP              | US        |    525000 | PA      | $522397.89    | 1.05%             | 2029-02-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                      | Scientific Games International Inc                                              | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    275000 | PA      | $282437.65    | 0.57%             | 2029-11-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Lavender US HoldCo 1 Inc                     | LAVENDER DUTCH BORROWERCO BV USD TERM LOAN                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    150000 | PA      | $150282.00    | 0.30%             | 2032-09-27      | Floating      | 7.89%                 | No            |                  2 | On Loan: No      |
| ASHLAND INC                                  | Ashland LLC                                                                     | CUSIP: 04433LAA0<br>LEI: 529900E4L9R04SB8HB11 | Long             | DBT              | CORP              | US        |    225000 | PA      | $203406.17    | 0.41%             | 2031-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                          | Avantor Funding Inc                                                             | CUSIP: 05352TAB5<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    225000 | PA      | $214746.68    | 0.43%             | 2029-11-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| AETHON UN/AETHIN UN FIN                      | Aethon United BR LP / Aethon United Finance Corp                                | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $287353.55    | 0.58%             | 2029-10-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ABC SUPPLY CO INC                            | American Builders & Contractors Supply Co Inc                                   | CUSIP: 024747AF4<br>LEI: 549300H5GQ4C1BEKG397 | Long             | DBT              | CORP              | US        |    175000 | PA      | $173113.15    | 0.35%             | 2028-01-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ANTERO RESOURCES CORP                        | Antero Resources Corp                                                           | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75689.93     | 0.15%             | 2030-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS D                     | Axalta Coating Systems Dutch Holding B BV                                       | CUSIP: 05455JAA5<br>LEI: 5493007DMEBZH3CQ5E51 | Long             | DBT              | CORP              | NL        |    175000 | PA      | $184963.10    | 0.37%             | 2031-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| BRINK'S CO/THE                               | Brink's Co/The                                                                  | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    170000 | PA      | $175535.71    | 0.35%             | 2029-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| BROADSTREET PARTNERS GRP                     | BroadStreet Partners Inc                                                        | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |    425000 | PA      | $424280.99    | 0.85%             | 2029-04-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                        | Caesars Entertainment Inc                                                       | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103520.30    | 0.21%             | 2030-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| SIX FLAGS/CANADA WON                         | Cedar Fair LP / Canada's Wonderland Co / Magnum Management Corp / Millennium Op | CUSIP: 150190AK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $48507.23     | 0.10%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                     | Celanese US Holdings LLC                                                        | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299525.07    | 0.60%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                        | Civitas Resources Inc                                                           | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    250000 | PA      | $261889.75    | 0.53%             | 2030-11-01      | Fixed         | 8.63%                 | Yes           |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                     | Clarios Global LP / Clarios US Finance Co                                       | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    250000 | PA      | $259870.00    | 0.52%             | 2030-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CLEAN HARBORS INC                            | Clean Harbors Inc                                                               | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |    175000 | PA      | $179866.40    | 0.36%             | 2031-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CROSSCOUNTRY INTER                           | CrossCountry Intermediate HoldCo LLC                                            | CUSIP: 22757VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $253174.00    | 0.51%             | 2030-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| DBR LAND HOLDINGS LLC                        | DBR Land Holdings LLC                                                           | CUSIP: 24024BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101281.00    | 0.20%             | 2030-12-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| EQT CORP                                     | EQT Corp                                                                        | CUSIP: 26884LAZ2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77654.63     | 0.16%             | 2029-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                       | Energizer Holdings Inc                                                          | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    425000 | PA      | $404325.92    | 0.81%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fleet US Bidco Inc                           | Fleet US Bidco Inc 2024 1st Lien Term Loan B                                    | CUSIP: 33902UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     90503 | PA      | $90615.64     | 0.18%             | 2031-02-21      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/FINCO                          | Go Daddy Operating Co LLC / GD Finance Co Inc                                   | CUSIP: 38016LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $49997.93     | 0.10%             | 2027-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| HANESBRANDS INC                              | Hanesbrands Inc                                                                 | CUSIP: 410345AQ5<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |    125000 | PA      | $131679.88    | 0.26%             | 2031-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                     | Hilton Domestic Operating Co Inc                                                | CUSIP: 432833AL5<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    250000 | PA      | $238769.75    | 0.48%             | 2031-05-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| HUB International Ltd                        | HUB International Ltd2025 Term Loan B                                           | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |    168515 | PA      | $169094.23    | 0.34%             | 2030-06-20      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                        | HUB International Ltd                                                           | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    475000 | PA      | $497697.88    | 1.00%             | 2030-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| IHO VERWALTUNGS GMBH                         | IHO Verwaltungs GmbH                                                            | CUSIP: 44963BAF5<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    350000 | PA      | $364701.40    | 0.73%             | 2030-11-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| KnowBe4 Inc                                  | KnowBe4 Inc 2025 Term Loan                                                      | CUSIP: 49925TAD7<br>LEI: 64883ZJ0RS5039H4PN24 | Long             | LON              | CORP              | US        |    100000 | PA      | $100063.00    | 0.20%             | 2032-07-23      | Floating      | 7.59%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                      | Kodiak Gas Services LLC                                                         | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    300000 | PA      | $312783.90    | 0.63%             | 2029-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                          | Medline Borrower LP 2025 Term Loan B                                            | CUSIP: 58503UAH6<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    245960 | PA      | $246275.28    | 0.50%             | 2028-10-23      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                       | NextEra Energy Operating Partners LP                                            | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102483.00    | 0.21%             | 2029-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Phoenix Newco Inc                            | Phoenix Newco Inc2025 Term Loan B                                               | CUSIP: 71911KAE4<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |    140583 | PA      | $141104.07    | 0.28%             | 2028-11-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                        | SS&C Technologies Inc                                                           | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    385000 | PA      | $384938.25    | 0.77%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SeaWorld Parks & Entertainment Inc           | SeaWorld Parks & Entertainment Inc2024 Term Loan B3                             | CUSIP: 78488CAL4<br>LEI: 549300UZV72O3371JJ53 | Long             | LON              | CORP              | US        |    123130 | PA      | $120667.13    | 0.24%             | 2031-12-04      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                        | Tenet Healthcare Corp                                                           | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    175000 | PA      | $182329.35    | 0.37%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                        | Trivium Packaging Finance BV                                                    | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $263197.75    | 0.53%             | 2030-07-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| UKG Inc                                      | UKG Inc 2024 Term Loan B                                                        | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |     99000 | PA      | $98915.85     | 0.20%             | 2031-02-10      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                     | USA Compression Partners LP / USA Compression Finance Corp                      | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $415785.60    | 0.84%             | 2029-03-15      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| WBI OPERATING LLC                            | WBI Operating LLC                                                               | CUSIP: 92944BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $125050.01    | 0.25%             | 2030-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| WHITE CAP SUPPLY HOLDING                     | White Cap Supply Holdings LLC                                                   | CUSIP: 96467GAC2<br>LEI: 254900L2N0T6GULCL366 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203983.48    | 0.41%             | 2030-11-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WILLIAM CARTER                               | William Carter Co/The                                                           | CUSIP: 96926JAG2<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101995.33    | 0.21%             | 2031-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| WYNDHAM HOTELS & RESORTS                     | Wyndham Hotels & Resorts Inc                                                    | CUSIP: 98311AAB1<br>LEI: 549300FE3MQ4RVXXC673 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123019.98    | 0.25%             | 2028-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                       | XPLR Infrastructure Operating Partners LP                                       | CUSIP: 98380MAA3<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    250000 | PA      | $261978.25    | 0.53%             | 2031-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Shift4 Payments LLC                          | SHIFT4 PAYMENTS LLC 2025 TERM LOAN                                              | CUSIP: 000000000<br>LEI: 254900GTEMR7L40VPI74 | Long             | LON              | CORP              | US        |     75000 | PA      | $75480.75     | 0.15%             | 2032-06-30      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Beach Acquisition Bidco LLC                  | BEACH ACQUISITION BIDCO LLC USD TERM LOAN B                                     | CUSIP: 07337FAB1<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |    100000 | PA      | $100583.00    | 0.20%             | 2032-09-12      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| BELLRING BRANDS INC                          | BellRing Brands Inc                                                             | CUSIP: 07831CAA1<br>LEI: 549300S3BOK5CMTS8054 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257872.00    | 0.52%             | 2030-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| KIOXIA HOLDINGS CORP                         | Kioxia Holdings Corp                                                            | CUSIP: 49726JAA6<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $205802.20    | 0.41%             | 2030-07-24      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                      | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    150000 | PA      | $150348.70    | 0.30%             | 2026-08-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                       | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $714245.12    | 1.44%             | 2031-03-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| STS Operating Inc                            | STS Operating Inc 2024 Term Loan B                                              | CUSIP: 12508KAJ6<br>LEI: 549300HW5C2VGPZCHL57 | Long             | LON              | CORP              | US        |     98500 | PA      | $98315.81     | 0.20%             | 2031-03-25      | Floating      | 8.02%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                     | Vistra Operations Co LLC                                                        | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26554.78     | 0.05%             | 2031-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| 1261229 BC Ltd                               | 1261229 BC Ltd2025 Term Loan B                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    249375 | PA      | $246008.44    | 0.49%             | 2030-10-08      | Floating      | 10.17%                | No            |                  2 | On Loan: No      |
| CNX MIDSTREAM PART LP                        | CNX Midstream Partners LP                                                       | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $287739.51    | 0.58%             | 2030-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                          | Churchill Downs Inc                                                             | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51570.30     | 0.10%             | 2031-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| COREWEAVE INC                                | CoreWeave Inc                                                                   | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    225000 | PA      | $207586.21    | 0.42%             | 2030-06-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| HERC HOLDINGS INC                            | Herc Holdings Inc                                                               | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262433.00    | 0.53%             | 2030-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| ARAMARK SERVICES INC                         | Aramark Services Inc                                                            | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200119.40    | 0.40%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                      | Asbury Automotive Group Inc                                                     | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245224.10    | 0.49%             | 2029-11-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| BOYD GAMING CORP                             | Boyd Gaming Corp                                                                | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149709.44    | 0.30%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                    | CAESARS ENTERTAINMENT CORP                                                      | CUSIP: 12768EAG1<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |     40750 | PA      | $40308.68     | 0.08%             | 2030-02-06      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                    | Caesars Entertainment Inc                                                       | CUSIP: 12768EAH9<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |    246250 | PA      | $243275.30    | 0.49%             | 2031-02-06      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Charter Next Generation Inc                  | Charter Next Generation Inc2024 Term Loan B1                                    | CUSIP: 16125TAM4<br>LEI: 549300KRNU8RNVGYXG75 | Long             | LON              | CORP              | US        |    202760 | PA      | $203542.75    | 0.41%             | 2030-11-29      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| CLARIV SCI HLD CORP                          | Clarivate Science Holdings Corp                                                 | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $236278.68    | 0.47%             | 2029-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                         | Cleveland-Cliffs Inc                                                            | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    175000 | PA      | $180049.28    | 0.36%             | 2029-11-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                       | Comstock Resources Inc                                                          | CUSIP: 205768AU8<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    325000 | PA      | $323209.51    | 0.65%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| DT MIDSTREAM INC                             | DT Midstream Inc                                                                | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $147263.48    | 0.30%             | 2029-06-15      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                         | Garda World Security Corp                                                       | CUSIP: 36485MAL3<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $294549.27    | 0.59%             | 2029-06-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                         | Garda World Security Corp                                                       | CUSIP: 36485MAQ2<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $25666.83     | 0.05%             | 2031-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| HEALTHEQUITY INC                             | HealthEquity Inc                                                                | CUSIP: 42226AAA5<br>LEI: 529900LRJU1RAFQHM467 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245659.25    | 0.49%             | 2029-10-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                     | Hess Midstream Operations LP                                                    | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101682.80    | 0.20%             | 2028-03-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| MIWD HLDCO II/MIWD FIN                       | MIWD Holdco II LLC / MIWD Finance Corp                                          | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $283297.41    | 0.57%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| NCL CORPORATION LTD                          | NCL Corp Ltd                                                                    | CUSIP: 62886HBP5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    275000 | PA      | $277986.50    | 0.56%             | 2030-03-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| GEN DIGITAL INC                              | Gen Digital Inc                                                                 | CUSIP: 668771AL2<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    175000 | PA      | $180978.35    | 0.36%             | 2030-09-30      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                     | 1011778 BC ULC / New Red Finance Inc                                            | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    200000 | PA      | $190577.36    | 0.38%             | 2030-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| CALPINE CORP                                 | Calpine Corp                                                                    | CUSIP: 131347CQ7<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50107.75     | 0.10%             | 2031-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating LLC         | Charter Communications Operating LLC2024 Term Loan B5                           | CUSIP: 16117LCE7<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |     99250 | PA      | $98974.09     | 0.20%             | 2031-12-15      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| CIENA CORP                                   | Ciena Corp                                                                      | CUSIP: 171779AL5<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96422.62     | 0.19%             | 2030-01-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Emerald X Inc                                | Emerald X Inc2025 Term Loan B1                                                  | CUSIP: 29088UAH0<br>LEI: 549300YQCBSQUCZ74696 | Long             | LON              | CORP              | US        |    118782 | PA      | $119277.09    | 0.24%             | 2032-01-30      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                 | Entegris Inc                                                                    | CUSIP: 29362UAC8<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148543.13    | 0.30%             | 2028-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| FORTRESS INTERMEDIATE                        | Fortress Intermediate 3 Inc                                                     | CUSIP: 34966MAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $208686.40    | 0.42%             | 2031-06-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                             | Lamar Media Corp                                                                | CUSIP: 513075BZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $188712.58    | 0.38%             | 2031-01-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                             | MGM Resorts International                                                       | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    375000 | PA      | $383348.63    | 0.77%             | 2029-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                          | Prestige Brands Inc                                                             | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24977.65     | 0.05%             | 2028-01-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Quartz Acquireco LLC                         | Quartz Acquireco LLC2025 Term Loan B                                            | CUSIP: 74773KAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     98000 | PA      | $97510.00     | 0.20%             | 2030-06-28      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE                            | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp                    | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $228423.15    | 0.46%             | 2030-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| ROCKET COS INC                               | Rocket Cos Inc                                                                  | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $155709.30    | 0.31%             | 2030-08-01      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| SM ENERGY CO                                 | SM Energy Co                                                                    | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200216.20    | 0.40%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                              | Sealed Air Corp                                                                 | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    350000 | PA      | $352442.65    | 0.71%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick Claims Management Services Inc      | Sedgwick Claims Management Services Inc2023 Term Loan B                         | CUSIP: 81527CAP2<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |    148503 | PA      | $148734.47    | 0.30%             | 2031-07-31      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                          | Station Casinos LLC                                                             | CUSIP: 857691AH2<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    225000 | PA      | $212911.51    | 0.43%             | 2031-12-01      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| VOLTAGRID LLC                                | VoltaGrid LLC                                                                   | CUSIP: 92874BAA3<br>LEI: 254900R5BEUGIKK1FM03 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149592.99    | 0.30%             | 2030-11-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| OPEN TEXT INC                                | Open Text Holdings Inc                                                          | CUSIP: 683720AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $95337.23     | 0.19%             | 2030-02-15      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                     | Outfront Media Capital LLC / Outfront Media Capital Corp                        | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $145932.29    | 0.29%             | 2030-03-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| RYAN SPECIALTY GROUP                         | Ryan Specialty Group LLC                                                        | CUSIP: 78351MAA0<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122454.85    | 0.25%             | 2030-02-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| SENSATA TECH INC                             | Sensata Technologies Inc                                                        | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    300000 | PA      | $292254.60    | 0.59%             | 2030-02-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                          | Sirius XM Radio Inc                                                             | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125028.00    | 0.25%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                     | TerraForm Power Operating LLC                                                   | CUSIP: 88104LAG8<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |    125000 | PA      | $120169.10    | 0.24%             | 2030-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TRANSALTA CORP                               | TransAlta Corp                                                                  | CUSIP: 89346DAH0<br>LEI: GJZNVO2UY6DNFNIYH321 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $313496.70    | 0.63%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CRC Insurance Group LLC                      | TIH Insurance Holdings LLC2024 Term Loan B                                      | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     91935 | PA      | $91912.50     | 0.18%             | 2031-05-06      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| UKG INC                                      | UKG Inc                                                                         | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |    225000 | PA      | $232279.65    | 0.47%             | 2031-02-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| US FOODS INC                                 | US Foods Inc                                                                    | CUSIP: 90290MAG6<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    350000 | PA      | $362004.65    | 0.73%             | 2028-09-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                      | United Rentals North America Inc                                                | CUSIP: 911365BF0<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    325000 | PA      | $325026.57    | 0.65%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                     | United Wholesale Mortgage LLC                                                   | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    175000 | PA      | $175406.88    | 0.35%             | 2027-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                     | Univision Communications Inc                                                    | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206396.60    | 0.41%             | 2028-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| VS Buyer LLC                                 | VS Buyer LLC2025 Term Loan B                                                    | CUSIP: 91834WAG5<br>LEI: 254900G5QLDMHSCYJK25 | Long             | LON              | CORP              | US        |    145340 | PA      | $144976.64    | 0.29%             | 2031-04-12      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| VIAVI SOLUTIONS INC                          | Viavi Solutions Inc                                                             | CUSIP: 925550AF2<br>LEI: 5493006K3E3N1QOBF092 | Long             | DBT              | CORP              | US        |    225000 | PA      | $214175.77    | 0.43%             | 2029-10-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                         | WR Grace Holdings LLC                                                           | CUSIP: 92943GAE1<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    175000 | PA      | $177833.27    | 0.36%             | 2031-03-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Genmab A/S                                   | GENMAB AS TERM LOAN B                                                           | CUSIP: 000000000<br>LEI: 529900MTJPDPE4MHJ122 | Long             | LON              | CORP              | DK        |    200000 | PA      | $200666.00    | 0.40%             | 2032-11-19      | Floating      | 6.99%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA                       | Stena International SA                                                          | CUSIP: 000000000<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |    225000 | PA      | $229318.88    | 0.46%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Opal Bidco SAS                               | Opal Bidco SAS USD 1st Lien Term Loan B                                         | CUSIP: 000000000<br>LEI: 969500R96XT7XY2UJ564 | Long             | LON              | CORP              | US        |    100000 | PA      | $100641.00    | 0.20%             | 2032-04-28      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| Ardonagh Group Finco Pty Ltd                 | Ardonagh Group Finco Pty Ltd2024 USD Term Loan B                                | CUSIP: 000000000<br>LEI: 254900YP2E642AGM4G32 | Long             | LON              | CORP              | AU        |    149250 | PA      | $148690.31    | 0.30%             | 2031-02-15      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| GATES CORPORATION/DE                         | Gates Corp/The                                                                  | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208423.60    | 0.42%             | 2029-07-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                       | NextEra Energy Operating Partners LP                                            | CUSIP: 65342QAB8<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63861.37     | 0.13%             | 2027-09-15      | Fixed         | 4.50%                 | 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        |     54000 | PA      | $53987.29     | 0.11%             | 2028-07-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                            | Iron Mountain Inc                                                               | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    175000 | PA      | $179759.65    | 0.36%             | 2029-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                     | 1011778 BC ULC / New Red Finance Inc                                            | CUSIP: 68245XAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    325000 | PA      | $335079.23    | 0.67%             | 2029-06-15      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                     | Quicken Loans LLC / Quicken Loans Co-Issuer Inc                                 | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $96588.10     | 0.19%             | 2029-03-01      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| RANGE RESOURCES CORP                         | Range Resources Corp                                                            | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148001.55    | 0.30%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Vizient Inc                                  | Vizient Inc2024 Term Loan B                                                     | CUSIP: 92855LAR7<br>LEI: 5493007V6T3HZ7777P70 | Long             | LON              | CORP              | US        |     90409 | PA      | $90589.91     | 0.18%             | 2031-08-01      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                             | Lamar Media Corp                                                                | CUSIP: 513075BT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $48374.16     | 0.10%             | 2030-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                            | Lithia Motors Inc                                                               | CUSIP: 536797AJ2<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    225000 | PA      | $226124.39    | 0.45%             | 2030-10-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                         | Matador Resources Co                                                            | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |    225000 | PA      | $230462.55    | 0.46%             | 2028-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| MAXAM PRILL SARL                             | Maxam Prill Sarl                                                                | CUSIP: 57779MAA8<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |    225000 | PA      | $229162.05    | 0.46%             | 2030-07-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                       | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC     | CUSIP: 03969YAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    200000 | PA      | $203475.56    | 0.41%             | 2031-01-30      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CARNIVAL CORP                                | Carnival Corp                                                                   | CUSIP: 143658CB6<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     75000 | PA      | $75627.53     | 0.15%             | 2029-05-01      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| CHAMP ACQUISITION CORP                       | Champ Acquisition Corp                                                          | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $132952.88    | 0.27%             | 2031-12-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                     | Medline Borrower LP/Medline Co-Issuer Inc                                       | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51716.00     | 0.10%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MIDWEST GMNG BOR/MWG FIN                     | Midwest Gaming Borrower LLC                                                     | CUSIP: 59833DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $268578.64    | 0.54%             | 2029-05-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Federated Hermes Government Obligations Fund | Federated Hermes Government Obligations Fund                                    | CUSIP: 608919718<br>LEI: 254900VAJ9169N7JRF45 | Long             | STIV             | RF                | US        |   1976942 | NS      | $1976941.97   | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR VOYIX CORP                               | NCR Corp                                                                        | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49632.60     | 0.10%             | 2028-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                        | Civitas Resources Inc                                                           | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    125000 | PA      | $128917.88    | 0.26%             | 2028-07-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                     | Organon Finance 1 LLC                                                           | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $230300.07    | 0.46%             | 2031-04-30      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| SPX FLOW INC                                 | Redwood Star Merger Sub Inc                                                     | CUSIP: 758071AA2<br>LEI: 5493003YXEKRBINIEM78 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256948.50    | 0.52%             | 2030-04-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                       | Picard Midco Inc                                                                | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126003.97    | 0.25%             | 2029-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC                                | TransDigm Inc                                                                   | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    475000 | PA      | $495179.90    | 1.00%             | 2030-12-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                     | RHP Hotel Properties LP / RHP Finance Corp                                      | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              |  | US        |    250000 | PA      | $257912.50    | 0.52%             | 2028-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDIN                     | Raven Acquisition Holdings LLC                                                  | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $154198.80    | 0.31%             | 2031-11-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| AHP HEALTH PARTN                             | AHP Health Partners Inc                                                         | CUSIP: 00150LAB7<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245145.50    | 0.49%             | 2029-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| TGNR INTERMEDIATE HOLDIN                     | Rockcliff Energy II LLC                                                         | CUSIP: 77289KAA3<br>LEI: 5493007AZNVKZ5HEMT23 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244851.17    | 0.49%             | 2029-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                          | Rocket Software Inc                                                             | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    325000 | PA      | $334843.28    | 0.67%             | 2028-11-28      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| SNF GROUP SACA                               | SPCM SA                                                                         | CUSIP: 7846ELAD9<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $196600.48    | 0.40%             | 2027-03-15      | Fixed         | 3.13%                 | Yes           |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                     | Science Applications International Corp                                         | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124155.79    | 0.25%             | 2028-04-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| SEAGATE DATA STOR                            | Seagate Data Storage Technology Pte Ltd                                         | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     25000 | PA      | $25742.35     | 0.05%             | 2030-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                     | Standard Industries Inc/NJ                                                      | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    400000 | PA      | $387853.20    | 0.78%             | 2030-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| APLD COMPUTECO LLC                           | APLD ComputeCo LLC                                                              | CUSIP: 00202DAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $192749.91    | 0.39%             | 2030-12-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                       | Adient Global Holdings Ltd                                                      | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |     75000 | PA      | $78827.18     | 0.16%             | 2031-04-15      | Fixed         | 8.25%                 | 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        |    275000 | PA      | $275500.89    | 0.55%             | 2027-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                      | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                    | CUSIP: 87470LAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $296503.80    | 0.60%             | 2031-09-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                       | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $148870.10    | 0.30%             | 2030-02-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                  | Allied Universal Holdco LLC 2025 USD Term Loan B                                | CUSIP: 01957TAX5<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |    175000 | PA      | $175635.25    | 0.35%             | 2032-08-20      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                        | Tenet Healthcare Corp                                                           | CUSIP: 88033GDR8<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    350000 | PA      | $342969.80    | 0.69%             | 2030-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| COHERENT CORP                                | II-VI Inc                                                                       | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198206.32    | 0.40%             | 2029-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                     | Antero Midstream Partners LP / Antero Midstream Finance Corp                    | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50059.30     | 0.10%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC                        | Belron UK Finance PLC                                                           | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $254232.75    | 0.51%             | 2029-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Axalta Coating Systems US Holdings Inc       | Axalta Coating Systems US Holdings Inc2024 Term Loan B                          | CUSIP: 90347BAP3<br>LEI: 549300NZ43V4QV4UGN28 | Long             | LON              | CORP              | US        |     83967 | PA      | $84095.84     | 0.17%             | 2029-12-20      | Floating      | 5.75%                 | 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        |     96750 | PA      | $96548.76     | 0.19%             | 2029-06-24      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                     | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45125.19     | 0.09%             | 2029-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                     | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    250000 | PA      | $236173.85    | 0.47%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| VC GB Holdings I Corp                        | Illuminate Merger Sub Corp. 1st Lien Term Loan                                  | CUSIP: 91823JAC6<br>LEI: 549300K4B21TSY42LF51 | Long             | LON              | CORP              | US        |     98466 | PA      | $98442.85     | 0.20%             | 2028-07-21      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                     | Vistra Operations Co LLC                                                        | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    375000 | PA      | $375453.38    | 0.75%             | 2027-02-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| VMED O2 UK FINAN                             | Vmed O2 UK Financing I PLC                                                      | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $184551.34    | 0.37%             | 2031-07-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                     | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                            | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $189059.50    | 0.38%             | 2031-02-15      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| CAPSTONE BORROWER INC                        | Capstone Borrower Inc                                                           | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |    300000 | PA      | $305853.19    | 0.61%             | 2030-06-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| CARNIVAL CORP                                | Carnival Corp                                                                   | CUSIP: 143658BY7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    200000 | PA      | $205553.40    | 0.41%             | 2030-03-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ACADEMY LTD                                  | Academy Ltd                                                                     | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |    175000 | PA      | $175130.03    | 0.35%             | 2027-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                     | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                  | CUSIP: 01883LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $326056.25    | 0.66%             | 2027-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                      | Allied Universal Holdco LLC                                                     | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |    175000 | PA      | $184249.98    | 0.37%             | 2031-02-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Amneal Pharmaceuticals LLC                   | AMNEAL PHARMACEUTICALS LLC 2025 TERM LOAN B                                     | CUSIP: 03167DAR5<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |    100000 | PA      | $100750.00    | 0.20%             | 2032-08-01      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LTD                           | Ardonagh Finco Ltd                                                              | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |    325000 | PA      | $339790.10    | 0.68%             | 2031-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                     | Ascent Resources Utica Holdings LLC / ARU Finance Corp                          | CUSIP: 04364VAU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250775.75    | 0.50%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                     | Blue Racer Midstream LLC / Blue Racer Finance Corp                              | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $286810.98    | 0.58%             | 2029-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| BOYD GAMING CORP                             | Boyd Gaming Corp                                                                | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    125000 | PA      | $121781.00    | 0.24%             | 2031-06-15      | Fixed         | 4.75%                 | 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        |    300000 | PA      | $299866.47    | 0.60%             | 2026-05-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CP ATLAS BUYER INC                           | CP Atlas Buyer Inc                                                              | CUSIP: 12597YAC3<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252909.25    | 0.51%             | 2030-07-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| CALPINE CORP                                 | Calpine Corp                                                                    | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    225000 | PA      | $225631.13    | 0.45%             | 2028-03-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                     | Clarios Global LP / Clarios US Finance Co                                       | CUSIP: 18060TAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    125000 | PA      | $128225.88    | 0.26%             | 2028-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                         | Cleveland-Cliffs Inc                                                            | CUSIP: 185899AN1<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255394.75    | 0.51%             | 2030-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| DORNOCH DEBT MERGER SUB                      | Dornoch Debt Merger Sub Inc                                                     | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $147327.27    | 0.30%             | 2029-10-15      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| EMRLD Borrower LP                            | Emrld Borrower LP2024 Term Loan B                                               | CUSIP: 26872NAD1<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |     99002 | PA      | $98995.93     | 0.20%             | 2031-08-04      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                              | Fair Isaac Corp                                                                 | CUSIP: 303250AE4<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100197.00    | 0.20%             | 2026-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Filtration Group Corp                        | Filtration Group Corporation 2025 USD Term Loan                                 | CUSIP: 31732FAX4<br>LEI: 549300ZA0D9WN5ECE978 | Long             | LON              | CORP              | US        |     95880 | PA      | $96407.38     | 0.19%             | 2028-10-21      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                         | Garda World Security Corp                                                       | CUSIP: 36485MAM1<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $205042.40    | 0.41%             | 2028-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                     | Hess Midstream Operations LP                                                    | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $118999.59    | 0.24%             | 2029-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                            | Iron Mountain Inc                                                               | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    100000 | PA      | $99647.55     | 0.20%             | 2027-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                     | Olympus Water US Holding Corp                                                   | CUSIP: 681639AD2<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    425000 | PA      | $425419.89    | 0.86%             | 2031-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                          | Rocket Software Inc                                                             | CUSIP: 77314EAA6<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73028.36     | 0.15%             | 2029-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| SPX Flow Inc                                 | SPX Flow Inc 2025 Term Loan                                                     | CUSIP: 78470DAW8<br>LEI: 5493003YXEKRBINIEM78 | Long             | LON              | CORP              | US        |     69750 | PA      | $70102.24     | 0.14%             | 2029-04-05      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                     | TerraForm Power Operating LLC                                                   | CUSIP: 88104LAE3<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |    225000 | PA      | $224606.36    | 0.45%             | 2028-01-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| WR Grace Holdings LLC                        | WR Grace Holdings LLC2025 Term Loan B                                           | CUSIP: 92943HAD1<br>LEI: 549300WNOVFRGYOAEB12 | Long             | LON              | CORP              | US        |    100000 | PA      | $99563.00     | 0.20%             | 2032-08-19      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                               | Whirlpool Corp                                                                  | CUSIP: 963320BD7<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |    275000 | PA      | $277765.13    | 0.56%             | 2030-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| XHR LP                                       | XHR LP                                                                          | CUSIP: 98372MAE5<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              |  | US        |    225000 | PA      | $230624.33    | 0.46%             | 2030-05-15      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| CIPHER COMPUTE LLC                           | Cipher Compute LLC                                                              | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $203187.96    | 0.41%             | 2030-11-15      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                       | Cloud Software Group Inc                                                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    300000 | PA      | $309459.90    | 0.62%             | 2029-09-30      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                     | Consensus Cloud Solutions Inc                                                   | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $276004.03    | 0.55%             | 2028-10-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Emrld Borrower LP                            | Emrld Borrower LP Term Loan B                                                   | CUSIP: 26872NAC3<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |     54781 | PA      | $54778.76     | 0.11%             | 2030-05-31      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| ELASTIC NV                                   | Elastic NV                                                                      | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |    225000 | PA      | $216991.85    | 0.44%             | 2029-07-15      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| ENTEGRIS INC                                 | Entegris Escrow Corp                                                            | CUSIP: 29365BAB9<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153557.25    | 0.31%             | 2030-06-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| GAP INC/THE                                  | Gap Inc/The                                                                     | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23714.43     | 0.05%             | 2029-10-01      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| GO DADDY OPCO/FINCO                          | Go Daddy Operating Co LLC / GD Finance Co Inc                                   | CUSIP: 38016LAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $215326.28    | 0.43%             | 2029-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                     | Graphic Packaging International LLC                                             | CUSIP: 38869AAA5<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    275000 | PA      | $274366.70    | 0.55%             | 2027-07-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| H.B. FULLER CO                               | HB Fuller Co                                                                    | CUSIP: 40410KAA3<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194460.00    | 0.39%             | 2028-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                     | Jones Deslauriers Insurance Management Inc                                      | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $261661.00    | 0.53%             | 2030-03-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                       | Match Group Inc                                                                 | CUSIP: 57665RAG1<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124813.08    | 0.25%             | 2027-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                          | Mozart Debt Merger Sub Inc                                                      | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    225000 | PA      | $225525.60    | 0.45%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                        | Nabors Industries Inc                                                           | CUSIP: 62957HAP0<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    225000 | PA      | $235899.00    | 0.47%             | 2030-01-31      | Fixed         | 9.13%                 | Yes           |                  2 | On Loan: No      |
| CHORD ENERGY CORP                            | Chord Energy Corp                                                               | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151243.35    | 0.30%             | 2030-10-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| OPEN TEXT CORP                               | Open Text Corp                                                                  | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $207474.20    | 0.42%             | 2027-12-01      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                     | Outfront Media Capital LLC / Outfront Media Capital Corp                        | CUSIP: 69007TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $124814.64    | 0.25%             | 2027-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                     | Rockies Express Pipeline LLC                                                    | CUSIP: 77340RAR8<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    175000 | PA      | $175057.40    | 0.35%             | 2029-07-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| STATION CASINOS LLC                          | Station Casinos LLC                                                             | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123641.64    | 0.25%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                     | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $76315.13     | 0.15%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                     | Cloud Software Group Inc2025 Term Loan B (2032)                                 | CUSIP: 88632NBL3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    159502 | PA      | $159091.73    | 0.32%             | 2032-08-13      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                | TransDigm Inc                                                                   | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    275000 | PA      | $283240.93    | 0.57%             | 2029-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                     | Univision Communications Inc                                                    | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51724.75     | 0.10%             | 2031-07-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                       | WESCO Distribution Inc                                                          | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    300000 | PA      | $309953.10    | 0.62%             | 2029-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| WULF COMPUTE LLC                             | WULF Compute LLC                                                                | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $310176.14    | 0.62%             | 2030-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                     | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                            | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100501.80    | 0.20%             | 2029-10-01      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Jones Deslauriers Insurance Management Inc   | Jones Deslauriers Insurance Management Inc2025 Term Loan B                      | CUSIP: 000000000<br>LEI: 549300JQIWNFU00E5424 | Long             | LON              | CORP              | CA        |     98507 | PA      | $98506.86     | 0.20%             | 2030-03-15      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer