# EDGAR Filing Document

**Accession Number:** 0001849998
**File Stem:** 0001145549-25-046949
**Filing Date:** 2025-7
**Character Count:** 131740
**Document Hash:** 45d8229d992c466039f3bc15c5204212
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-046949.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001145549-25-046949

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**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:** 251139038

**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

May 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>**or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—80.8% |  |
|  | **Aerospace/Defense—1.1%** |  |
| $250000 | TransDigm, Inc., 144A, 6.375%, 3/1/2029 | &nbsp;&nbsp; $254074 |
| &nbsp;&nbsp; 75000 | TransDigm, Inc., Sr. Sub., Series WI, 5.500%, 11/15/2027 | &nbsp;&nbsp; 74942 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329016 |
|  | **Airlines—0.6%** |  |
| &nbsp;&nbsp; 116667 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.500%, 4/20/2026 | &nbsp;&nbsp; 116467 |
| &nbsp;&nbsp; 52875 | Mileage Plus Holdings LLC, 144A, 6.500%, 6/20/2027 | &nbsp;&nbsp; 52997 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169464 |
|  | **Automotive—2.4%** |  |
| &nbsp;&nbsp; 50000 | Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 8.250%, 4/15/2031 | &nbsp;&nbsp; 51034 |
| &nbsp;&nbsp; 125000 | Adient Global Holdings Ltd., Term Loan - 1st Lien, 144A, 7.000%, 4/15/2028 | &nbsp;&nbsp; 127754 |
| &nbsp;&nbsp; 250000 | Clarios Global LP / Clarios US Finance Co., Sr. Unsecd. Note, 144A, 8.500%, 5/15/2027 | &nbsp;&nbsp; 251080 |
| &nbsp;&nbsp; 90000 | Clarios Global LP, Sec. Fac. Bond, 144A, 6.750%, 5/15/2028 | &nbsp;&nbsp; 91697 |
| &nbsp;&nbsp; 200000 | IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.375%, 5/15/2029 | &nbsp;&nbsp; 196987 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718552 |
|  | **Banking—0.3%** |  |
| &nbsp;&nbsp; 75000 | Ally Financial, Inc., Sr. Sub. Note, 5.750%, 11/20/2025 | &nbsp;&nbsp; 75128 |
|  | **Building Materials—3.0%** |  |
| &nbsp;&nbsp; 150000 | American Builders & Contractors Supply Co., Inc., 144A, 4.000%, 1/15/2028 | &nbsp;&nbsp; 144822 |
| &nbsp;&nbsp; 150000 | Foundation Building Materials, Inc., Sr. Unsecd. Note, 144A, 6.000%, 3/1/2029 | &nbsp;&nbsp; 127765 |
| &nbsp;&nbsp; 75000 | Interface, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/1/2028 | &nbsp;&nbsp; 73991 |
| &nbsp;&nbsp; 225000 | MIWD Holdco II LLC/ MIWD Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 2/1/2030 | &nbsp;&nbsp; 207437 |
| &nbsp;&nbsp; 100000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2027 | &nbsp;&nbsp; 99319 |
| &nbsp;&nbsp; 225000 | White Cap Buyer LLC, Sr. Unsecd. Note, 144A, 6.875%, 10/15/2028 | &nbsp;&nbsp; 220569 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 873903 |
|  | **Cable Satellite—1.5%** |  |
| &nbsp;&nbsp; 50000 | CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, 144A, 5.500%, 5/1/2026 | &nbsp;&nbsp; 49876 |
| &nbsp;&nbsp; 200000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 7.375%, 3/1/2031 | &nbsp;&nbsp; 207000 |
| &nbsp;&nbsp; 50000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 6.150%, 11/10/2026 | &nbsp;&nbsp; 50884 |
| &nbsp;&nbsp; 125000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.000%, 8/1/2027 | &nbsp;&nbsp; 123706 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431466 |
|  | **Chemicals—3.7%** |  |
| &nbsp;&nbsp; 25000 | Ashland, Inc., Sr. Unsecd. Note, 144A, 3.375%, 9/1/2031 | &nbsp;&nbsp; 21539 |
| &nbsp;&nbsp; 240000 | Celanese US Holdings LLC, Sr. Unsecd. Note, 6.500%, 4/15/2030 | &nbsp;&nbsp; 241897 |
| &nbsp;&nbsp; 175000 | H.B. Fuller Co., Sr. Unsecd. Note, 4.250%, 10/15/2028 | &nbsp;&nbsp; 166691 |
| &nbsp;&nbsp; 225000 | Illuminate Buyer LLC/Illuminate Holdings IV, Inc., Sr. Unsecd. Note, 144A, 9.000%, 7/1/2028 | &nbsp;&nbsp; 225741 |
| &nbsp;&nbsp; 225000 | Olympus Water US Holding Corp., Sec. Fac. Bond, 144A, 9.750%, 11/15/2028 | &nbsp;&nbsp; 235905 |
| &nbsp;&nbsp; 200000 | SNF Group SACA, Sr. Unsecd. Note, 144A, 3.125%, 3/15/2027 | &nbsp;&nbsp; 192029 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1083802 |
|  | **Construction Machinery—0.8%** |  |
| &nbsp;&nbsp; 50000 | Herc Holdings Escrow, Inc., Sr. Unsecd. Note, 144A, 7.000%, 6/15/2030 | &nbsp;&nbsp; 51511 |
| &nbsp;&nbsp; 190000 | United Rentals North America, Inc., Sr. Unsecd. Note, 5.500%, 5/15/2027 | &nbsp;&nbsp; 190092 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241603 |
|  | **Consumer Cyclical Services—2.0%** |  |
| &nbsp;&nbsp; 75000 | Allied Universal Holdco LLC, Sec. Fac. Bond, 144A, 7.875%, 2/15/2031 | &nbsp;&nbsp; 77728 |
| &nbsp;&nbsp; 175000 | Garda World Security Corp., Sec. Fac. Bond, 144A, 7.750%, 2/15/2028 | &nbsp;&nbsp; 180884 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Consumer Cyclical Services—continued** |  |
| $50000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc., Sr. Unsecd. Note, 144A, 5.250%, 12/1/2027 | &nbsp;&nbsp; $49704 |
| &nbsp;&nbsp; 125000 | Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027 | &nbsp;&nbsp; 123841 |
| &nbsp;&nbsp; 145000 | The Brink's Co., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2029 | &nbsp;&nbsp; 147948 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580105 |
|  | **Consumer Products—1.6%** |  |
| &nbsp;&nbsp; 225000 | Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 5.500%, 6/1/2028 | &nbsp;&nbsp; 221210 |
| &nbsp;&nbsp; 225000 | Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 6.500%, 12/31/2027 | &nbsp;&nbsp; 226456 |
| &nbsp;&nbsp; 25000 | Prestige Brands, Inc., Sr. Unsecd. Note, 144A, 5.125%, 1/15/2028 | &nbsp;&nbsp; 24879 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472545 |
|  | **Diversified Manufacturing—1.3%** |  |
| &nbsp;&nbsp; 200000 | Gates Corp., Sr. Unsecd. Note, 144A, 6.875%, 7/1/2029 | &nbsp;&nbsp; 204952 |
| &nbsp;&nbsp; 175000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 6.375%, 3/15/2029 | &nbsp;&nbsp; 178631 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383583 |
|  | **Finance Companies—1.6%** |  |
| &nbsp;&nbsp; 150000 | Macquarie Airfinance Holdings Ltd., Sr. Unsecd. Note, 144A, 8.125%, 3/30/2029 | &nbsp;&nbsp; 156971 |
| &nbsp;&nbsp; 50000 | Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.625%, 3/1/2029 | &nbsp;&nbsp; 46649 |
| &nbsp;&nbsp; 150000 | United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.500%, 11/15/2025 | &nbsp;&nbsp; 149750 |
| &nbsp;&nbsp; 125000 | United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.750%, 6/15/2027 | &nbsp;&nbsp; 123214 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476584 |
|  | **Food & Beverage—3.0%** |  |
| &nbsp;&nbsp; 165000 | Aramark Services, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028 | &nbsp;&nbsp; 163244 |
| &nbsp;&nbsp; 125000 | Bellring Brands, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2030 | &nbsp;&nbsp; 129899 |
| &nbsp;&nbsp; 125000 | Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 5.500%, 10/15/2027 | &nbsp;&nbsp; 124481 |
| &nbsp;&nbsp; 180000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/15/2029 | &nbsp;&nbsp; 177765 |
| &nbsp;&nbsp; 275000 | US Foods, Inc., Sr. Unsecd. Note, 144A, 6.875%, 9/15/2028 | &nbsp;&nbsp; 282764 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 878153 |
|  | **Gaming—5.1%** |  |
| &nbsp;&nbsp; 125000 | Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027 | &nbsp;&nbsp; 123164 |
| &nbsp;&nbsp; 225000 | CCM Merger, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2026 | &nbsp;&nbsp; 225083 |
| &nbsp;&nbsp; 150000 | Churchill Downs, Inc., Sr. Unsecd. Note, 144A, 5.500%, 4/1/2027 | &nbsp;&nbsp; 149479 |
| &nbsp;&nbsp; 200000 | Light & Wonder International, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/15/2029 | &nbsp;&nbsp; 205768 |
| &nbsp;&nbsp; 200000 | MGM Resorts International, Sr. Unsecd. Note, 6.125%, 9/15/2029 | &nbsp;&nbsp; 200951 |
| &nbsp;&nbsp; 200000 | Midwest Gaming Borrower LLC, Sr. Note, 144A, 4.875%, 5/1/2029 | &nbsp;&nbsp; 191639 |
| &nbsp;&nbsp; 225000 | PENN Entertainment, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2027 | &nbsp;&nbsp; 221986 |
| &nbsp;&nbsp; 100000 | Station Casinos, LLC, Sr. Unsecd. Note, 144A, 4.500%, 2/15/2028 | &nbsp;&nbsp; 96985 |
| &nbsp;&nbsp; 100000 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., Sr. Unsecd. Note, 144A, 5.125%, 10/1/2029 | &nbsp;&nbsp; 97514 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1512569 |
|  | **Health Care—1.7%** |  |
| &nbsp;&nbsp; 225000 | AHP Health Partners, Inc., Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029 | &nbsp;&nbsp; 215543 |
| &nbsp;&nbsp; 75000 | Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/1/2029 | &nbsp;&nbsp; 69949 |
| &nbsp;&nbsp; 50000 | Medline Borrower LP/Medline Co-Issuer, Inc., 144A, 6.250%, 4/1/2029 | &nbsp;&nbsp; 50878 |
| &nbsp;&nbsp; 75000 | Neogen Food Safety Corp., Sr. Unsecd. Note, 144A, 8.625%, 7/20/2030 | &nbsp;&nbsp; 78205 |
| &nbsp;&nbsp; 100000 | Tenet Healthcare Corp., 144A, 6.250%, 2/1/2027 | &nbsp;&nbsp; 100071 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514646 |
|  | **Independent Energy—5.7%** |  |
| &nbsp;&nbsp; 250000 | Aethon United BR LP/Aethon United Finance Corp., 144A, 7.500%, 10/1/2029 | &nbsp;&nbsp; 256192 |
| &nbsp;&nbsp; 165000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 8.250%, 12/31/2028 | &nbsp;&nbsp; 167485 |
| &nbsp;&nbsp; 75000 | Civitas Resources, Inc., Unsecd. Note, 144A, 8.375%, 7/1/2028 | &nbsp;&nbsp; 75563 |
| &nbsp;&nbsp; 275000 | Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029 | &nbsp;&nbsp; 270037 |
| &nbsp;&nbsp; 75000 | EQT Corp., Sr. Unsecd. Note, 144A, 6.375%, 4/1/2029 | &nbsp;&nbsp; 76797 |

---

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Independent Energy—continued** |  |
| $175000 | Matador Resources Co., Sr. Unsecd. Note, 144A, 6.875%, 4/15/2028 | &nbsp;&nbsp; $177405 |
| &nbsp;&nbsp; 125000 | Permian Resources Operating LLC, Sr. Unsecd. Note, 144A, 5.375%, 1/15/2026 | &nbsp;&nbsp; 124674 |
| &nbsp;&nbsp; 215000 | Rockcliff Energy II LLC, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2029 | &nbsp;&nbsp; 203032 |
| &nbsp;&nbsp; 150000 | Sitio Royalties Operating Partnership LP / Sitio Finance Corp., Sr. Unsecd. Note, 144A, 7.875%, 11/1/2028 | &nbsp;&nbsp; 154700 |
| &nbsp;&nbsp; 175000 | SM Energy Co., Sr. Unsecd. Note, 6.750%, 9/15/2026 | &nbsp;&nbsp; 174703 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1680588 |
|  | **Industrial - Other—1.5%** |  |
| &nbsp;&nbsp; 75000 | Hillenbrand, Inc., Sr. Unsecd. Note, 6.250%, 2/15/2029 | &nbsp;&nbsp; 75259 |
| &nbsp;&nbsp; 200000 | Madison Iaq LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029 | &nbsp;&nbsp; 193462 |
| &nbsp;&nbsp; 175000 | SPX Flow, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/1/2030 | &nbsp;&nbsp; 180138 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448859 |
|  | **Insurance - P&C—6.3%** |  |
| &nbsp;&nbsp; 225000 | Acrisure LLC, Sec. Fac. Bond, 144A, 7.500%, 11/6/2030 | &nbsp;&nbsp; 232155 |
| &nbsp;&nbsp; 275000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, Sr. Unsecd. Note, 144A, 6.750%, 10/15/2027 | &nbsp;&nbsp; 274901 |
| &nbsp;&nbsp; 275000 | AmWINS Group, Inc., Sec. Fac. Bond, 144A, 6.375%, 2/15/2029 | &nbsp;&nbsp; 278853 |
| &nbsp;&nbsp; 200000 | Ardonagh Finco Ltd., Sec. Fac. Bond, 144A, 7.750%, 2/15/2031 | &nbsp;&nbsp; 206795 |
| &nbsp;&nbsp; 200000 | Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 144A, 7.125%, 5/15/2031 | &nbsp;&nbsp; 206185 |
| &nbsp;&nbsp; 300000 | Broadstreet Partners, Inc., Sr. Unsecd. Note, 144A, 5.875%, 4/15/2029 | &nbsp;&nbsp; 295400 |
| &nbsp;&nbsp; 75000 | Hub International Ltd., Sec. Fac. Bond, 144A, 7.250%, 6/15/2030 | &nbsp;&nbsp; 78107 |
| &nbsp;&nbsp; 150000 | Jones Deslauriers Insurance Management, Inc., Sec. Fac. Bond, 144A, 8.500%, 3/15/2030 | &nbsp;&nbsp; 157525 |
| &nbsp;&nbsp; 125000 | Ryan Specialty LLC, Sec. Fac. Bond, 144A, 4.375%, 2/1/2030 | &nbsp;&nbsp; 118881 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1848802 |
|  | **Leisure—2.7%** |  |
| &nbsp;&nbsp; 125000 | Carnival Corp., Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027 | &nbsp;&nbsp; 125313 |
| &nbsp;&nbsp; 150000 | Carnival Corp., Sr. Unsecd. Note, 144A, 5.750%, 3/15/2030 | &nbsp;&nbsp; 150348 |
| &nbsp;&nbsp; 100000 | Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 6.500%, 10/1/2028 | &nbsp;&nbsp; 100830 |
| &nbsp;&nbsp; 24000 | NCL Corp. Ltd., Sr. Unsecd. Note, 144A, 5.875%, 3/15/2026 | &nbsp;&nbsp; 24015 |
| &nbsp;&nbsp; 250000 | NCL Corp. Ltd., Sr. Unsecd. Note, 144A, 6.250%, 3/1/2030 | &nbsp;&nbsp; 247322 |
| &nbsp;&nbsp; 150000 | Royal Caribbean Cruises, Ltd., Sr. Unsecd. Note, 144A, 5.500%, 8/31/2026 | &nbsp;&nbsp; 150021 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 797849 |
|  | **Lodging—1.9%** |  |
| &nbsp;&nbsp; 225000 | RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 7.250%, 7/15/2028 | &nbsp;&nbsp; 231977 |
| &nbsp;&nbsp; 125000 | Wyndham Hotels & Resorts, Inc., Sr. Unsecd. Note, 144A, 4.375%, 8/15/2028 | &nbsp;&nbsp; 120955 |
| &nbsp;&nbsp; 200000 | XHR LP, Sr. Unsecd. Note, 144A, 6.625%, 5/15/2030 | &nbsp;&nbsp; 200426 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553358 |
|  | **Media Entertainment—1.4%** |  |
| &nbsp;&nbsp; 50000 | Lamar Media Corp., Sr. Unsecd. Note, 4.000%, 2/15/2030 | &nbsp;&nbsp; 47123 |
| &nbsp;&nbsp; 100000 | Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2030 | &nbsp;&nbsp; 93815 |
| &nbsp;&nbsp; 125000 | Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 5.000%, 8/15/2027 | &nbsp;&nbsp; 123386 |
| &nbsp;&nbsp; 50000 | Stagwell Global LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029 | &nbsp;&nbsp; 47012 |
| &nbsp;&nbsp; 100000 | Univision Communications, Inc., Sec. Fac. Bond, 144A, 8.000%, 8/15/2028 | &nbsp;&nbsp; 100064 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411400 |
|  | **Metals & Mining—1.7%** |  |
| &nbsp;&nbsp; 200000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 6.750%, 4/15/2030 | &nbsp;&nbsp; 179545 |
| &nbsp;&nbsp; 75000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 6.875%, 11/1/2029 | &nbsp;&nbsp; 69733 |
| &nbsp;&nbsp; 250000 | Coeur Mining, Inc., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2029 | &nbsp;&nbsp; 240603 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489881 |
|  | **Midstream—4.6%** |  |
| &nbsp;&nbsp; 150000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027 | &nbsp;&nbsp; 149869 |
| &nbsp;&nbsp; 100000 | Aris Water Holdings LLC, Sr. Unsecd. Note, 144A, 7.250%, 4/1/2030 | &nbsp;&nbsp; 100541 |

---

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Midstream—continued** |  |
| $250000 | Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unsecd. Note, 144A, 7.000%, 7/15/2029 | &nbsp;&nbsp; $258294 |
| &nbsp;&nbsp; 275000 | CNX Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 4/15/2030 | &nbsp;&nbsp; 254927 |
| &nbsp;&nbsp; 100000 | DT Midstream, Inc., Sr. Sub. Secd. Note, 144A, 4.125%, 6/15/2029 | &nbsp;&nbsp; 95247 |
| &nbsp;&nbsp; 100000 | Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.875%, 3/1/2028 | &nbsp;&nbsp; 100984 |
| &nbsp;&nbsp; 65000 | Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 6.500%, 6/1/2029 | &nbsp;&nbsp; 66358 |
| &nbsp;&nbsp; 75000 | Northriver Midstream Fin, 144A, 5.625%, 2/15/2026 | &nbsp;&nbsp; 74570 |
| &nbsp;&nbsp; 165000 | Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027 | &nbsp;&nbsp; 164635 |
| &nbsp;&nbsp; 75000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030 | &nbsp;&nbsp; 75583 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1341008 |
|  | **Oil Field Services—3.2%** |  |
| &nbsp;&nbsp; 250000 | Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027 | &nbsp;&nbsp; 250361 |
| &nbsp;&nbsp; 175000 | Kodiak Gas Services LLC, Sr. Unsecd. Note, 144A, 7.250%, 2/15/2029 | &nbsp;&nbsp; 179342 |
| &nbsp;&nbsp; 150000 | Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/15/2027 | &nbsp;&nbsp; 144007 |
| &nbsp;&nbsp; 96000 | Precision Drilling Corp., Sr. Unsecd. Note, 144A, 7.125%, 1/15/2026 | &nbsp;&nbsp; 95893 |
| &nbsp;&nbsp; 275000 | USA Compression Partners LP, Sr. Unsecd. Note, 144A, 7.125%, 3/15/2029 | &nbsp;&nbsp; 279322 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 948925 |
|  | **Packaging—2.4%** |  |
| &nbsp;&nbsp; 75000 | Clydesdale Acquisition Holdings, Inc., Sec. Fac. Bond, 144A, 6.875%, 1/15/2030 | &nbsp;&nbsp; 76054 |
| &nbsp;&nbsp; 75000 | Crown Americas LLC, Sr. Unsecd. Note, Series WI, 5.250%, 4/1/2030 | &nbsp;&nbsp; 74718 |
| &nbsp;&nbsp; 225000 | Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/13/2027 | &nbsp;&nbsp; 225113 |
| &nbsp;&nbsp; 125000 | Sealed Air Corp., Sr. Unsecd. Note, 144A, 5.000%, 4/15/2029 | &nbsp;&nbsp; 122730 |
| &nbsp;&nbsp; 200000 | Trivium Packaging Finance B.V., Term Loan - 1st Lien, 144A, 8.250%, 7/15/2030 | &nbsp;&nbsp; 207508 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 706123 |
|  | **Paper—1.7%** |  |
| &nbsp;&nbsp; 250000 | Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 4.750%, 8/15/2028 | &nbsp;&nbsp; 239172 |
| &nbsp;&nbsp; 250000 | Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 4.750%, 7/15/2027 | &nbsp;&nbsp; 246304 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485476 |
|  | **Pharmaceuticals—1.4%** |  |
| &nbsp;&nbsp; 250000 | Grifols Escrow Issuer S.A., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2028 | &nbsp;&nbsp; 237815 |
| &nbsp;&nbsp; 200000 | Organon Finance 1 LLC, Sr. Unsecd. Note, 144A, 5.125%, 4/30/2031 | &nbsp;&nbsp; 168056 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405871 |
|  | **Restaurant—0.8%** |  |
| &nbsp;&nbsp; 225000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 6.125%, 6/15/2029 | &nbsp;&nbsp; 229462 |
|  | **Retailers—3.2%** |  |
| &nbsp;&nbsp; 125000 | Academy Ltd., Sec. Fac. Bond, 144A, 6.000%, 11/15/2027 | &nbsp;&nbsp; 125293 |
| &nbsp;&nbsp; 165000 | Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 11/15/2029 | &nbsp;&nbsp; 156856 |
| &nbsp;&nbsp; 225000 | BELRON Uk Finance PLC, 144A, 5.750%, 10/15/2029 | &nbsp;&nbsp; 225842 |
| &nbsp;&nbsp; 100000 | Group 1 Automotive, Inc., Sr. Unsecd. Note, 144A, 6.375%, 1/15/2030 | &nbsp;&nbsp; 101839 |
| &nbsp;&nbsp; 230000 | LCM Investments Holdings II, LLC, Sr. Unsecd. Note, 144A, 4.875%, 5/1/2029 | &nbsp;&nbsp; 221563 |
| &nbsp;&nbsp; 125000 | William Carter Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2027 | &nbsp;&nbsp; 124148 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955541 |
|  | **Technology—9.1%** |  |
| &nbsp;&nbsp; 225000 | Capstone Borrower, Inc., Sec. Fac. Bond, 144A, 8.000%, 6/15/2030 | &nbsp;&nbsp; 232375 |
| &nbsp;&nbsp; 75000 | Ciena Corp., Sr. Unsecd. Note, 144A, 4.000%, 1/31/2030 | &nbsp;&nbsp; 69804 |
| &nbsp;&nbsp; 100000 | Cloud Software Group, Inc., Sec. Fac. Bond, 144A, 6.500%, 3/31/2029 | &nbsp;&nbsp; 99887 |
| &nbsp;&nbsp; 150000 | Coherent Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029 | &nbsp;&nbsp; 145345 |
| &nbsp;&nbsp; 250000 | Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.000%, 10/15/2026 | &nbsp;&nbsp; 247040 |
| &nbsp;&nbsp; 150000 | CoreWeave, Inc., Sr. Unsecd. Note, 144A, 9.250%, 6/1/2030 | &nbsp;&nbsp; 149832 |
| &nbsp;&nbsp; 150000 | Elastic N.V., Sr. Unsecd. Note, 144A, 4.125%, 7/15/2029 | &nbsp;&nbsp; 140650 |
| &nbsp;&nbsp; 150000 | Ellucian Holdings, Inc., Sec. Fac. Bond, 144A, 6.500%, 12/1/2029 | &nbsp;&nbsp; 151491 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Technology—continued** |  |
| $125000 | Entegris, Inc., Sr. Unsecd. Note, 144A, 4.375%, 4/15/2028 | &nbsp;&nbsp; $120683 |
| &nbsp;&nbsp; 150000 | HealthEquity, Inc., Sr. Unsecd. Note, 144A, 4.500%, 10/1/2029 | &nbsp;&nbsp; 143259 |
| &nbsp;&nbsp; 100000 | Iron Mountain, Inc., Sr. Unsecd. Note, 144A, 4.875%, 9/15/2027 | &nbsp;&nbsp; 98815 |
| &nbsp;&nbsp; 70000 | Iron Mountain, Inc., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2029 | &nbsp;&nbsp; 72322 |
| &nbsp;&nbsp; 25000 | NCR Voyix Corp., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2028 | &nbsp;&nbsp; 24657 |
| &nbsp;&nbsp; 75000 | Open Text, Inc., 144A, 6.900%, 12/1/2027 | &nbsp;&nbsp; 77239 |
| &nbsp;&nbsp; 250000 | Rocket Software, Inc., Sec. Fac. Bond, 144A, 9.000%, 11/28/2028 | &nbsp;&nbsp; 257937 |
| &nbsp;&nbsp; 125000 | Science Applications International Corp., Sr. Unsecd. Note, 144A, 4.875%, 4/1/2028 | &nbsp;&nbsp; 121844 |
| &nbsp;&nbsp; 25000 | Seagate Data Storage Technologh Pte. Ltd., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2030 | &nbsp;&nbsp; 25039 |
| &nbsp;&nbsp; 100000 | Seagate HDD Cayman, Sr. Unsecd. Note, 8.250%, 12/15/2029 | &nbsp;&nbsp; 106586 |
| &nbsp;&nbsp; 100000 | Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.375%, 2/15/2030 | &nbsp;&nbsp; 94020 |
| &nbsp;&nbsp; 310000 | SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027 | &nbsp;&nbsp; 309654 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 2688479 |
|  | **Utility - Electric—3.5%** |  |
| &nbsp;&nbsp; 175000 | Calpine Corp., Sr. Unsecd. Note, 144A, 5.125%, 3/15/2028 | &nbsp;&nbsp; 173479 |
| &nbsp;&nbsp; 150000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 5.250%, 6/15/2029 | &nbsp;&nbsp; 148234 |
| &nbsp;&nbsp; 150000 | TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028 | &nbsp;&nbsp; 145839 |
| &nbsp;&nbsp; 200000 | TransAlta Corp., Sr. Unsecd. Note, 7.750%, 11/15/2029 | &nbsp;&nbsp; 208383 |
| &nbsp;&nbsp; 150000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2027 | &nbsp;&nbsp; 149900 |
| &nbsp;&nbsp; 65000 | XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 4.500%, 9/15/2027 | &nbsp;&nbsp; 62878 |
| &nbsp;&nbsp; 100000 | XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 7.250%, 1/15/2029 | &nbsp;&nbsp; 100491 |
| &nbsp;&nbsp; 50000 | XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 8.375%, 1/15/2031 | &nbsp;&nbsp; 52215 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1041419 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE BONDS <br>(IDENTIFIED COST $23,570,340)<br>| &nbsp;&nbsp; 23774160 |
| <sup>1</sup> <br>| FLOATING RATE LOANS—16.4% |  |
|  | **Airlines—0.3%** |  |
| &nbsp;&nbsp; 76656 | SkyMiles IP Ltd., 2020 Skymiles Term Loan B–1st Lien, 8.022% (SOFR CME +3.750%), 10/20/2027 | &nbsp;&nbsp; 77035 |
|  | **Building Materials—0.7%** |  |
| &nbsp;&nbsp; 99000 | Foundation Building Materials Holding Co. LLC, 2024 Term Loan B2–1st Lien, 8.280%–8.327% (SOFR CME +4.000%), 1/29/2031 | &nbsp;&nbsp; 92799 |
| &nbsp;&nbsp; 123437 | GYP Holdings III Corp., 2024 Term Loan–1st Lien, 6.577% (SOFR CME +2.250%), 5/12/2030 | &nbsp;&nbsp; 123283 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216082 |
|  | **Cable Satellite—0.3%** |  |
| &nbsp;&nbsp; 99750 | Charter Communications Operating, LLC, 2024 Term Loan B5–1st Lien, 6.548% (SOFR CME +2.250%), 12/15/2031 | &nbsp;&nbsp; 99663 |
|  | **Chemicals—0.3%** |  |
| &nbsp;&nbsp; 84892 | Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B–1st Lien, 6.049% (SOFR CME +1.750%), 12/20/2029 | &nbsp;&nbsp; 85034 |
|  | **Consumer Cyclical Services—1.3%** |  |
| &nbsp;&nbsp; 173205 | Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B–1st Lien, 8.177% (SOFR CME +3.750%), 5/12/2028 | &nbsp;&nbsp; 173368 |
| &nbsp;&nbsp; 123750 | Dun & Bradstreet Corp. (The), 2024 Term Loan–1st Lien, 6.575% (SOFR CME +2.250%), 1/18/2029 | &nbsp;&nbsp; 123646 |
| &nbsp;&nbsp; 90960 | Fleet Midco I Ltd., 2024 1st Lien Term Loan B–1st Lien, 7.055% (SOFR CME +2.750%), 2/21/2031 | &nbsp;&nbsp; 90960 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387974 |
|  | **Consumer Products—0.7%** |  |
| &nbsp;&nbsp; 100000<br><sup>2</sup> <br>| Opal Bidco SAS, USD Term Loan B–1st Lien, TBD, 4/28/2032 | &nbsp;&nbsp; 100050 |
| &nbsp;&nbsp; 98977 | VC GB Holdings I Corp., 1st Lien Term Loan–1st Lien, 8.061% (SOFR CME +3.500%), 7/21/2028 | &nbsp;&nbsp; 97110 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197160 |
|  | **Diversified Manufacturing—0.5%** |  |
| &nbsp;&nbsp; 99500 | EMRLD Borrower, LP, 2024 Term Loan B–1st Lien, 6.799% (SOFR CME +2.500%), 8/4/2031 | &nbsp;&nbsp; 98941 |
| &nbsp;&nbsp; 55058 | EMRLD Borrower, LP, Term Loan B–1st Lien, 6.833% (SOFR CME +2.500%), 5/31/2030 | &nbsp;&nbsp; 54745 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153686 |

---

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| <sup>1</sup> <br>| FLOATING RATE LOANS—continued |  |
|  | **Gaming—1.0%** |  |
| $247500 | Caesars Entertainment, Inc., 2024 Term Loan B1–1st Lien, 6.577% (SOFR CME +2.250%), 2/6/2031 | &nbsp;&nbsp; $246339 |
| &nbsp;&nbsp; 41000 | Caesars Entertainment, Inc., Term Loan B–1st Lien, 6.577% (SOFR CME +2.250%), 2/6/2030 | &nbsp;&nbsp; 40859 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287198 |
|  | **Health Care—1.7%** |  |
| &nbsp;&nbsp; 253695 | Medline Borrower, LP, 2024 USD Add-on Term Loan B–1st Lien, 6.577% (SOFR CME +2.250%), 10/23/2028 | &nbsp;&nbsp; 253401 |
| &nbsp;&nbsp; 141291 | Parexel International Corp., 2025 Term Loan B–1st Lien, 6.827% (SOFR CME +2.500%), 11/15/2028 | &nbsp;&nbsp; 141258 |
| &nbsp;&nbsp; 94955 | Vizient, Inc., 2024 Term Loan B–1st Lien, 6.077% (SOFR CME +1.750%), 8/1/2031 | &nbsp;&nbsp; 95044 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489703 |
|  | **Industrial - Other—0.9%** |  |
| &nbsp;&nbsp; 99000 | CD&R Hydra Buyer, Inc., 2024 Term Loan B–1st Lien, 8.427% (SOFR CME +4.000%), 3/25/2031 | &nbsp;&nbsp; 96504 |
| &nbsp;&nbsp; 96128 | Filtration Group Corp., 2025 USD Term Loan B–1st Lien, 7.327% (SOFR CME +3.000%), 10/21/2028 | &nbsp;&nbsp; 96382 |
| &nbsp;&nbsp; 69750 | SPX Flow, Inc., 2024 1st Lien Term Loan B–1st Lien, 7.327% (SOFR CME +3.000%), 4/5/2029 | &nbsp;&nbsp; 69925 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262811 |
|  | **Insurance - P&C—2.3%** |  |
| &nbsp;&nbsp; 150000 | Ardonagh Midco 3 PLC, 2024 USD Term Loan B–1st Lien, 6.885%–7.203% (SOFR CME +2.750%), 2/15/2031 | &nbsp;&nbsp; 148875 |
| &nbsp;&nbsp; 198005 | HUB International Ltd., 2025 Term Loan B–1st Lien, 6.769% (SOFR CME +2.500%), 6/20/2030 | &nbsp;&nbsp; 197932 |
| &nbsp;&nbsp; 99003 | Jones DesLauriers Insurance Management, Inc., 2025 Term Loan B–1st Lien, 7.030% (SOFR CME +2.750%), 3/15/2030 | &nbsp;&nbsp; 97724 |
| &nbsp;&nbsp; 149250 | Sedgwick Claims Management Services, Inc., 2023 Term Loan B–1st Lien, 7.327% (SOFR CME +3.000%), 7/31/2031 | &nbsp;&nbsp; 149353 |
| &nbsp;&nbsp; 91936 | Truist Insurance Holdings LLC, 2024 Term Loan B–1st Lien, 7.049% (SOFR CME +2.750%), 5/6/2031 | &nbsp;&nbsp; 91667 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685551 |
|  | **Leisure—0.4%** |  |
| &nbsp;&nbsp; 123752 | SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3–1st Lien, 6.327% (SOFR CME +2.000%), 12/4/2031 | &nbsp;&nbsp; 122978 |
|  | **Media Entertainment—0.7%** |  |
| &nbsp;&nbsp; 119079 | Emerald X, Inc., 2025 Term Loan B–1st Lien, 8.077% (SOFR CME +3.750%), 1/30/2032 | &nbsp;&nbsp; 119377 |
| &nbsp;&nbsp; 97250 | Univision Communications, Inc., 2022 First Lien Term Loan B–1st Lien, 8.549% (SOFR CME +4.250%), 6/24/2029 | &nbsp;&nbsp; 96278 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215655 |
|  | **Packaging—1.3%** |  |
| &nbsp;&nbsp; 203825 | Charter NEX US, Inc., 2024 Term Loan B1–1st Lien, 7.092% (SOFR CME +2.750%), 11/29/2030 | &nbsp;&nbsp; 204126 |
| &nbsp;&nbsp; 163390 | Clydesdale Acquisition Holdings, Inc., Term Loan B–1st Lien, 7.502% (SOFR CME +3.175%), 4/13/2029 | &nbsp;&nbsp; 162629 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366755 |
|  | **Pharmaceuticals—0.8%** |  |
| &nbsp;&nbsp; 250000 | Bausch Health Cos., Inc., 2025 Term Loan B–1st Lien, 10.587% (SOFR CME +6.250%), 10/8/2030 | &nbsp;&nbsp; 236910 |
|  | **Technology—3.2%** |  |
| &nbsp;&nbsp; 172785 | Athenahealth Group, Inc., 2022 Term Loan B–1st Lien, 7.327% (SOFR CME +3.000%), 2/15/2029 | &nbsp;&nbsp; 171952 |
| &nbsp;&nbsp; 147086 | Cloud Software Group, Inc., 2024 1st Lien Term Loan B–1st Lien, 7.799% (SOFR CME +3.500%), 3/29/2029 | &nbsp;&nbsp; 146627 |
| &nbsp;&nbsp; 98748 | Proofpoint, Inc., 2024 Term Loan–1st Lien, 7.327% (SOFR CME +3.000%), 8/31/2028 | &nbsp;&nbsp; 98652 |
| &nbsp;&nbsp; 98500 | Quartz Acquireco LLC, 2025 Term Loan B–1st Lien, 6.549% (SOFR CME +2.250%), 6/28/2030 | &nbsp;&nbsp; 98439 |
| &nbsp;&nbsp; 98503 | Renaissance Holding Corp., 2024 1st Lien Term Loan–1st Lien, 8.280% (SOFR CME +4.000%), 4/5/2030 | &nbsp;&nbsp; 90653 |
| &nbsp;&nbsp; 75000<br><sup>2</sup> <br>| Shift4 Payments, LLC, 2025 Term Loan–1st Lien, TBD, 5/7/2032 | &nbsp;&nbsp; 75437 |
| &nbsp;&nbsp; 99250 | UKG, Inc., 2024 Term Loan B–1st Lien, 7.329% (SOFR CME +3.000%), 2/10/2031 | &nbsp;&nbsp; 99409 |
| &nbsp;&nbsp; 145705 | VS Buyer, LLC, 2024 1st Lien Term Loan B–1st Lien, 7.019% (SOFR CME +2.750%), 4/12/2031 | &nbsp;&nbsp; 145705 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 926874 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FLOATING RATE LOANS <br>(IDENTIFIED COST $4,813,736)<br>| &nbsp;&nbsp;&nbsp; 4811069 |
|  | ASSET-BACKED SECURITY—0.1% |  |
|  | **Automotive—0.1%** |  |
| &nbsp;&nbsp; 32071 | Enterprise Fleet Financing LLC 2022-4, Class A2, 5.760%, 10/22/2029 <br>(IDENTIFIED COST $32,066)<br>| &nbsp;&nbsp; 32187 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | INVESTMENT COMPANY—2.4% |  |
| 705446 | Federated Hermes Government Obligations Fund, Premier Shares, 4.23%<sup>3</sup> <br>(IDENTIFIED COST $705,446)<br>| &nbsp;&nbsp; $705446 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—99.7% <br>(IDENTIFIED COST $29,121,588)<br>| &nbsp;&nbsp; 29322862 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—0.3%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81603 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $29404465 |

---

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended May 31, 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; $2156664 |
| Proceeds from Sales | &nbsp;&nbsp; $(2036578) |
| Change in Unrealized Appreciation/Depreciation | &nbsp;&nbsp; $— |
| Net Realized Gain/(Loss) | &nbsp;&nbsp; $— |
| Value as of 5/31/2025 | &nbsp;&nbsp; $705446 |
| Shares Held as of 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 705446 |
| Dividend Income | &nbsp;&nbsp; $5746 |

---

&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 May 31, 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 May 31, 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.

**7**

------

**Fair Valuation and Significant Events Procedures** 

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

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

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.

**8**

------

&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 May 31, 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; $23774160 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23774160 |
| Floating Rate Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4811069 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4811069 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32187 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32187 |
| **Investment Company** | &nbsp;&nbsp; 705446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705446 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | &nbsp;&nbsp; $705446 | &nbsp;&nbsp; $28617416 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29322862 |

---

&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 |

---

**9**

------

## 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:** 2025-05-31

**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:** $29799955.68

**Total Liabilities:** $395484.09

**Net Assets:** $29404471.59

**Delayed Delivery Securities:** $224312.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -10.161186000000 | **1-Year:** -101.008471000000 | **5-Year:** -110.745503000000 | **10-Year:** -14.374328000000 | **30-Year:** 0.000000000000

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

- **3-Month:** -162.479170000000 | **1-Year:** -2279.837251000000 | **5-Year:** -3886.751532000000 | **10-Year:** -205.894416000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231759 | -0.44%               | 0.46%                | 1.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-10977.30               | $-257519.10                                |
| Month 2  | $-30711.12               | $11407.84                                  |
| Month 3  | $-34342.38               | $251929.17                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMERICAN AIRLINES/AADVAN                     | American Airlines Inc/AAdvantage Loyalty IP Ltd                                 | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    116667 | PA      | $116467.34    | 0.40%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ARDONAGH FINCO LTD                           | Ardonagh Finco Ltd                                                              | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |    200000 | PA      | $206795.20    | 0.70%             | 2031-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Central Parent LLC                           | Central Parent Inc 2024 Term Loan B                                             | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       188 | PA      | $166.99       | 0.00%             | 2029-07-06      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Dun & Bradstreet Corp/The                    | Dun & Bradstreet Corp/The2024 Term Loan                                         | CUSIP: 26483NAW0<br>LEI: RI37BMPWE56BCJ747E14 | Long             | LON              | CORP              | US        |    123750 | PA      | $123646.05    | 0.42%             | 2029-01-18      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                     | EQT Corp                                                                        | CUSIP: 26884LAY5<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76796.44     | 0.26%             | 2029-04-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| GATES CORPORATION/DE                         | Gates Corp/The                                                                  | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204951.82    | 0.70%             | 2029-07-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                     | Graphic Packaging International LLC                                             | CUSIP: 38869AAA5<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246303.93    | 0.84%             | 2027-07-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                        | HUB International Ltd                                                           | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78106.65     | 0.27%             | 2030-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CNX MIDSTREAM PART LP                        | CNX Midstream Partners LP                                                       | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $254927.20    | 0.87%             | 2030-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment Inc                    | CAESARS ENTERTAINMENT CORP                                                      | CUSIP: 12768EAG1<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |     41000 | PA      | $40858.96     | 0.14%             | 2030-02-06      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                          | Medline Borrower LP2024 USD Add-on Term Loan B                                  | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    253695 | PA      | $253401.01    | 0.86%             | 2028-10-23      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Federated Hermes Government Obligations Fund | Federated Hermes Government Obligations Fund                                    | CUSIP: 608919718<br>LEI: 254900VAJ9169N7JRF45 | Long             | STIV             | RF                | US        |    705446 | NS      | $705446.34    | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| GRIFOLS SA                                   | Grifols Escrow Issuer SA                                                        | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    250000 | PA      | $237815.03    | 0.81%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Precision Drilling Corp                      | Precision Drilling Corp                                                         | CUSIP: 740212AL9<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |     96000 | PA      | $95892.95     | 0.33%             | 2026-01-15      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                      | Scientific Games International Inc                                              | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205768.00    | 0.70%             | 2029-11-15      | Fixed         | 7.25%                 | 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      | $75437.25     | 0.26%             | 2032-05-07      | Floating      | 7.32%                 | No            |                  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        |     98977 | PA      | $97110.29     | 0.33%             | 2028-07-21      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                     | Vistra Operations Co LLC                                                        | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149900.63    | 0.51%             | 2027-02-15      | Fixed         | 5.63%                 | Yes           |                  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        |    150000 | PA      | $148875.00    | 0.51%             | 2031-02-15      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| AHP HEALTH PARTN                             | AHP Health Partners Inc                                                         | CUSIP: 00150LAB7<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | DBT              | CORP              | US        |    225000 | PA      | $215543.12    | 0.73%             | 2029-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                       | Acrisure LLC / Acrisure Finance Inc                                             | CUSIP: 00489LAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $232154.79    | 0.79%             | 2030-11-06      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| AMWINS GROUP INC                             | AmWINS Group Inc                                                                | CUSIP: 031921AC3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    275000 | PA      | $278852.75    | 0.95%             | 2029-02-15      | Fixed         | 6.38%                 | 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        |     50000 | PA      | $49875.93     | 0.17%             | 2026-05-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| STS Operating Inc                            | STS Operating Inc 2024 Term Loan B                                              | CUSIP: 12508KAJ6<br>LEI: 549300HW5C2VGPZCHL57 | Long             | LON              | CORP              | US        |     99000 | PA      | $96504.21     | 0.33%             | 2031-03-25      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                     | Celanese US Holdings LLC                                                        | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    240000 | PA      | $241896.72    | 0.82%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                     | Centennial Resource Production LLC                                              | CUSIP: 15138AAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124673.61    | 0.42%             | 2026-01-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CIENA CORP                                   | Ciena Corp                                                                      | CUSIP: 171779AL5<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69804.43     | 0.24%             | 2030-01-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                       | Clydesdale Acquisition Holdings Inc                                             | CUSIP: 18972EAC9<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76053.75     | 0.26%             | 2030-01-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| EMRLD BORROWER LP                            | Emrld Borrower LP2024 Term Loan B                                               | CUSIP: 26872NAD1<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |     99500 | PA      | $98940.81     | 0.34%             | 2031-08-04      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                       | Energizer Holdings Inc                                                          | CUSIP: 29272WAF6<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    225000 | PA      | $226455.75    | 0.77%             | 2027-12-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                     | Hess Midstream Operations LP                                                    | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100984.40    | 0.34%             | 2028-03-01      | Fixed         | 5.88%                 | 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        |    225000 | PA      | $225741.15    | 0.77%             | 2028-07-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                     | LCM Investments Holdings II LLC                                                 | CUSIP: 50190EAA2<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |    230000 | PA      | $221562.80    | 0.75%             | 2029-05-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| MADISON IAQ LLC                              | Madison IAQ LLC                                                                 | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    200000 | PA      | $193462.10    | 0.66%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC                      | MIDAS OPCO HOLDINGS LLC                                                         | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |     75000 | PA      | $70517.82     | 0.24%             | 2029-08-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                       | Adient Global Holdings Ltd                                                      | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |     50000 | PA      | $51033.65     | 0.17%             | 2031-04-15      | Fixed         | 8.25%                 | 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        |    250000 | PA      | $256192.25    | 0.87%             | 2029-10-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                     | Antero Midstream Partners LP / Antero Midstream Finance Corp                    | CUSIP: 03690AAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $149869.44    | 0.51%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                      | Asbury Automotive Group Inc                                                     | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |    165000 | PA      | $156855.70    | 0.53%             | 2029-11-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| AthenaHealth Group Inc                       | Athenahealth, Inc. 2022 Term Loan B                                             | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |    172785 | PA      | $171951.98    | 0.58%             | 2029-02-15      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                             | Boyd Gaming Corp                                                                | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123164.53    | 0.42%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                | Carnival Corp                                                                   | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    125000 | PA      | $125312.68    | 0.43%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| COREWEAVE INC                                | CoreWeave Inc                                                                   | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149831.71    | 0.51%             | 2030-06-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| DT MIDSTREAM INC                             | DT Midstream Inc                                                                | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $95247.05     | 0.32%             | 2029-06-15      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| Emrld Borrower LP                            | Emrld Borrower LP Term Loan B                                                   | CUSIP: 26872NAC3<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |     55058 | PA      | $54745.46     | 0.19%             | 2030-05-31      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| ELASTIC NV                                   | Elastic NV                                                                      | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $140650.42    | 0.48%             | 2029-07-15      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| ELLUCIAN HOLDINGS INC                        | Ellucian Holdings Inc                                                           | CUSIP: 289178AA3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151490.55    | 0.52%             | 2029-12-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| H.B. FULLER CO                               | HB Fuller Co                                                                    | CUSIP: 40410KAA3<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |    175000 | PA      | $166690.93    | 0.57%             | 2028-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                             | MGM Resorts International                                                       | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200950.80    | 0.68%             | 2029-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                          | NCL Corp Ltd                                                                    | CUSIP: 62886HBA8<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     24000 | PA      | $24015.17     | 0.08%             | 2026-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Phoenix Newco Inc                            | Phoenix Newco Inc2025 Term Loan B                                               | CUSIP: 71911KAE4<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |    141291 | PA      | $141258.23    | 0.48%             | 2028-11-15      | Floating      | 6.83%                 | No            |                  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        |     50000 | PA      | $46649.11     | 0.16%             | 2029-03-01      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| SPX FLOW INC                                 | Redwood Star Merger Sub Inc                                                     | CUSIP: 758071AA2<br>LEI: 5493003YXEKRBINIEM78 | Long             | DBT              | CORP              | US        |    175000 | PA      | $180138.35    | 0.61%             | 2030-04-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| RYAN SPECIALTY GROUP                         | Ryan Specialty Group LLC                                                        | CUSIP: 78351MAA0<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |    125000 | PA      | $118881.19    | 0.40%             | 2030-02-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                           | Seagate HDD Cayman                                                              | CUSIP: 81180WBN0<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $106586.50    | 0.36%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  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        |    165000 | PA      | $164634.57    | 0.56%             | 2027-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                      | United Rentals North America Inc                                                | CUSIP: 911365BF0<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    190000 | PA      | $190091.39    | 0.65%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                     | Univision Communications Inc                                                    | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100064.00    | 0.34%             | 2028-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy Inc                               | NRG Energy Inc                                                                  | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148233.89    | 0.50%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                       | NextEra Energy Operating Partners LP                                            | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100490.70    | 0.34%             | 2029-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| OPEN TEXT CORP                               | Open Text Corp                                                                  | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $77238.83     | 0.26%             | 2027-12-01      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                     | Organon Finance 1 LLC                                                           | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $168056.12    | 0.57%             | 2031-04-30      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                     | Panther BF Aggregator 2 LP / Panther Finance Co Inc                             | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    250000 | PA      | $251079.75    | 0.85%             | 2027-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC                       | Penn National Gaming Inc                                                        | CUSIP: 707569AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $221985.63    | 0.75%             | 2027-01-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| QUARTZ ACQUIRECO LLC                         | Quartz Acquireco LLC2025 Term Loan B                                            | CUSIP: 74773KAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     98500 | PA      | $98438.93     | 0.33%             | 2030-06-28      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Renaissance Holdings Corp                    | Renaissance Holdings Corp2024 1st Lien Term Loan                                | CUSIP: 75972JAK0<br>LEI: 549300UKKEC0Y6TXNF09 | Long             | LON              | CORP              | US        |     98503 | PA      | $90653.40     | 0.31%             | 2030-04-05      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                          | Rocket Software Inc                                                             | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257937.00    | 0.88%             | 2028-11-28      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| SPX FLOW INC                                 | SPX FLOW Inc2024 1st Lien Term Loan B                                           | CUSIP: 78470DAV0<br>LEI: 5493003YXEKRBINIEM78 | Long             | LON              | CORP              | US        |     69750 | PA      | $69924.38     | 0.24%             | 2029-04-05      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                     | Science Applications International Corp                                         | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    125000 | PA      | $121843.73    | 0.41%             | 2028-04-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| SENSATA TECH INC                             | Sensata Technologies Inc                                                        | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94019.89     | 0.32%             | 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      | $123706.45    | 0.42%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| STATION CASINOS LLC                          | Station Casinos LLC                                                             | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96985.27     | 0.33%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                        | TENET HEALTHCARE CORP                                                           | CUSIP: 88033GDS6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100071.10    | 0.34%             | 2027-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                     | TerraForm Power Operating LLC                                                   | CUSIP: 88104LAE3<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145839.08    | 0.50%             | 2028-01-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP INC                     | Cloud Software Group Inc2024 1st Lien Term Loan B                               | CUSIP: 88632NBF6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    147086 | PA      | $146627.35    | 0.50%             | 2029-03-29      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| TRANSALTA CORP                               | TransAlta Corp                                                                  | CUSIP: 89346DAH0<br>LEI: GJZNVO2UY6DNFNIYH321 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $208383.40    | 0.71%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                 | US Foods Inc                                                                    | CUSIP: 90290MAG6<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    275000 | PA      | $282763.80    | 0.96%             | 2028-09-15      | Fixed         | 6.88%                 | 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        |     84892 | PA      | $85033.82     | 0.29%             | 2029-12-20      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                     | United Shore Financial Services LLC                                             | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149750.46    | 0.51%             | 2025-11-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| VIZIENT INC                                  | Vizient Inc 2024 Term Loan B                                                    | CUSIP: 92855LAR7<br>LEI: 5493007V6T3HZ7777P70 | Long             | LON              | CORP              | US        |     94955 | PA      | $95043.80     | 0.32%             | 2031-08-01      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Opal US LLC                                  | OPAL BIDCO SAS USD TERM LOAN B                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    100000 | PA      | $100050.00    | 0.34%             | 2032-04-28      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                      | Allied Universal Holdco LLC                                                     | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77727.68     | 0.26%             | 2031-02-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| ABC SUPPLY CO INC                            | American Builders & Contractors Supply Co Inc                                   | CUSIP: 024747AF4<br>LEI: 549300H5GQ4C1BEKG397 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144822.39    | 0.49%             | 2028-01-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Aramark Services Inc                         | Aramark Services Inc                                                            | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    165000 | PA      | $163244.05    | 0.56%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| BELLRING BRANDS INC                          | BellRing Brands Inc                                                             | CUSIP: 07831CAA1<br>LEI: 549300S3BOK5CMTS8054 | Long             | DBT              | CORP              | US        |    125000 | PA      | $129899.13    | 0.44%             | 2030-03-15      | Fixed         | 7.00%                 | 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        |    200000 | PA      | $207000.00    | 0.70%             | 2031-03-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Charter Next Generation Inc                  | Charter Next Generation Inc2024 Term Loan B1                                    | CUSIP: 16125TAM4<br>LEI: 549300KRNU8RNVGYXG75 | Long             | LON              | CORP              | US        |    203824 | PA      | $204126.13    | 0.69%             | 2030-11-29      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                        | Civitas Resources Inc                                                           | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75562.88     | 0.26%             | 2028-07-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP                        | Clearwater Paper Corp                                                           | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |    250000 | PA      | $239172.50    | 0.81%             | 2028-08-15      | Fixed         | 4.75%                 | Yes           |                  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        |     90960 | PA      | $90959.59     | 0.31%             | 2031-02-21      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| INTERFACE INC                                | Interface Inc                                                                   | CUSIP: 458665AS5<br>LEI: 549300VXZWQOIDFPU355 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73991.19     | 0.25%             | 2028-12-01      | Fixed         | 5.50%                 | 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      | $50878.19     | 0.17%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                               | Owens-Brockway Glass Container Inc                                              | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    225000 | PA      | $225113.18    | 0.77%             | 2027-05-13      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| POST HOLDINGS INC                            | Post Holdings Inc                                                               | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    180000 | PA      | $177764.94    | 0.60%             | 2029-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies Inc                        | SS&C Technologies Inc                                                           | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    310000 | PA      | $309654.29    | 1.05%             | 2027-09-30      | Fixed         | 5.50%                 | 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      | $25038.99     | 0.09%             | 2030-07-15      | Fixed         | 5.88%                 | Yes           |                  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        |    149250 | PA      | $149352.98    | 0.51%             | 2031-07-31      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                | TransDigm Inc                                                                   | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254074.25    | 0.86%             | 2029-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ACADEMY LTD                                  | Academy Ltd                                                                     | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125292.75    | 0.43%             | 2027-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                       | Adient Global Holdings Ltd                                                      | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    125000 | PA      | $127754.25    | 0.43%             | 2028-04-15      | Fixed         | 7.00%                 | 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        |    275000 | PA      | $274901.20    | 0.93%             | 2027-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Ally Financial Inc                           | Ally Financial Inc                                                              | CUSIP: 02005NBF6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75127.94     | 0.26%             | 2025-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                     | Archrock Partners LP / Archrock Partners Finance Corp                           | CUSIP: 03959KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250360.50    | 0.85%             | 2027-04-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| ARIS WATER HOLDINGS LLC                      | Aris Water Holdings LLC                                                         | CUSIP: 04041NAA0<br>LEI: 5493007AWQW8ZKCHVV46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100540.80    | 0.34%             | 2030-04-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                     | Ascent Resources Utica Holdings LLC / ARU Finance Corp                          | CUSIP: 04364VAR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $167484.57    | 0.57%             | 2028-12-31      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| ASHLAND INC                                  | Ashland LLC                                                                     | CUSIP: 04433LAA0<br>LEI: 529900E4L9R04SB8HB11 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21538.54     | 0.07%             | 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        |     75000 | PA      | $69949.08     | 0.24%             | 2029-11-01      | Fixed         | 3.88%                 | Yes           |                  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        |    200000 | PA      | $206185.20    | 0.70%             | 2031-05-15      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC                        | Belron UK Finance PLC                                                           | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |    225000 | PA      | $225842.52    | 0.77%             | 2029-10-15      | Fixed         | 5.75%                 | 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        |    250000 | PA      | $258294.25    | 0.88%             | 2029-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| BRINK'S CO/THE                               | Brink's Co/The                                                                  | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    145000 | PA      | $147948.58    | 0.50%             | 2029-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| BROADSTREET PARTNERS INC                     | BroadStreet Partners Inc                                                        | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295400.16    | 1.00%             | 2029-04-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment Inc                    | Caesars Entertainment Inc                                                       | CUSIP: 12768EAH9<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |    247500 | PA      | $246339.23    | 0.84%             | 2031-02-06      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                 | Calpine Corp                                                                    | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    175000 | PA      | $173478.88    | 0.59%             | 2028-03-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| CAPSTONE BORROWER INC                        | Capstone Borrower Inc                                                           | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |    225000 | PA      | $232374.83    | 0.79%             | 2030-06-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| CARNIVAL CORP                                | Carnival Corp                                                                   | CUSIP: 143658BY7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    150000 | PA      | $150348.15    | 0.51%             | 2030-03-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CCM MERGER INC                               | CCM Merger Inc                                                                  | CUSIP: 14985VAE1<br>LEI: 549300P77RSBKKFME089 | Long             | DBT              | CORP              | US        |    225000 | PA      | $225083.54    | 0.77%             | 2026-05-01      | Fixed         | 6.38%                 | 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        |    100000 | PA      | $100829.80    | 0.34%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                     | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50883.77     | 0.17%             | 2026-11-10      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC         | Charter Communications Operating LLC2024 Term Loan B5                           | CUSIP: 16117LCE7<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |     99750 | PA      | $99663.22     | 0.34%             | 2031-12-15      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Churchill Downs Inc                          | Churchill Downs Inc                                                             | CUSIP: 171484AG3<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149478.84    | 0.51%             | 2027-04-01      | Fixed         | 5.50%                 | 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        |     90000 | PA      | $91697.58     | 0.31%             | 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        |    200000 | PA      | $179544.67    | 0.61%             | 2030-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                         | Cleveland-Cliffs Inc                                                            | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69732.70     | 0.24%             | 2029-11-01      | Fixed         | 6.88%                 | Yes           |                  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      | $162629.04    | 0.55%             | 2029-04-13      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| COEUR MINING INC                             | Coeur Mining Inc                                                                | CUSIP: 192108BC1<br>LEI: 5493003AVK173D48DR70 | Long             | DBT              | CORP              | US        |    250000 | PA      | $240603.23    | 0.82%             | 2029-02-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                       | Comstock Resources Inc                                                          | CUSIP: 205768AU8<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    275000 | PA      | $270037.02    | 0.92%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                     | Consensus Cloud Solutions Inc                                                   | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $247040.00    | 0.84%             | 2026-10-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| SkyMiles IP Ltd                              | Delta Air Lines, Inc. 2020 1st Lien Term Loan B                                 | CUSIP: 24736CBS2<br>LEI: 2549008L7P4I8VB90936 | Long             | LON              | CORP              | KY        |     76656 | PA      | $77035.02     | 0.26%             | 2027-10-20      | Floating      | 8.02%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                     | Olympus Water US Holding Corp                                                   | CUSIP: 25259KAA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    225000 | PA      | $235904.85    | 0.80%             | 2028-11-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| EDGEWELL PERSONAL CARE                       | Edgewell Personal Care Co                                                       | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    225000 | PA      | $221209.90    | 0.75%             | 2028-06-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| EMERALD X INC                                | Emerald X Inc2025 Term Loan B                                                   | CUSIP: 29088UAG2<br>LEI: 549300YQCBSQUCZ74696 | Long             | LON              | CORP              | US        |    119079 | PA      | $119377.17    | 0.41%             | 2032-01-30      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                 | Entegris Inc                                                                    | CUSIP: 29362UAC8<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    125000 | PA      | $120683.41    | 0.41%             | 2028-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC               | Enterprise Fleet Financing 2022-4 LLC                                           | CUSIP: 29374GAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     32071 | PA      | $32186.40     | 0.11%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Filtration Group Corp                        | FILTRATION GROUP CORPORATION 2025 TERM LOAN B                                   | CUSIP: 31732FAV8<br>LEI: 549300ZA0D9WN5ECE978 | Long             | LON              | CORP              | US        |     96128 | PA      | $96382.21     | 0.33%             | 2028-10-21      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| FOUNDATION BUILDING M                        | Foundation Building Materials Inc                                               | CUSIP: 350392AA4<br>LEI: 549300ZVE6MONHB01I28 | Long             | DBT              | CORP              | US        |    150000 | PA      | $127764.51    | 0.43%             | 2029-03-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Foundation Building Materials Inc            | Foundation Building Materials Inc 2024 TERM LOAN B2                             | CUSIP: 35039KAD8<br>LEI: 549300ZVE6MONHB01I28 | Long             | LON              | CORP              | US        |     99000 | PA      | $92798.64     | 0.32%             | 2031-01-29      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| GYP Holdings III Corp                        | GYP Holdings III Corp 2024 Term Loan                                            | CUSIP: 36249VAK2<br>LEI: 549300055I1KJWZH9690 | Long             | LON              | CORP              | US        |    123438 | PA      | $123283.20    | 0.42%             | 2030-05-12      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| NEOGEN FOOD SAFE CORP                        | Garden Spinco Corp                                                              | CUSIP: 365417AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $78204.45     | 0.27%             | 2030-07-20      | Fixed         | 8.63%                 | Yes           |                  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      | $49704.07     | 0.17%             | 2027-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| GROUP 1 AUTOMOTIVE INC                       | Group 1 Automotive Inc                                                          | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101839.10    | 0.35%             | 2030-01-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| HEALTHEQUITY INC                             | HealthEquity Inc                                                                | CUSIP: 42226AAA5<br>LEI: 529900LRJU1RAFQHM467 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143258.88    | 0.49%             | 2029-10-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| HERC HOLDINGS ESCROW INC                     | Herc Holdings Escrow Inc                                                        | CUSIP: 42703NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51511.28     | 0.18%             | 2030-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                     | Hess Midstream Operations LP                                                    | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $66357.72     | 0.23%             | 2029-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| HILLENBRAND INC                              | Hillenbrand Inc                                                                 | CUSIP: 431571AF5<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75258.83     | 0.26%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                        | HUB International Ltd2025 Term Loan B                                           | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |    198005 | PA      | $197931.74    | 0.67%             | 2030-06-20      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                         | IHO Verwaltungs GmbH                                                            | CUSIP: 44963BAD0<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $196986.74    | 0.67%             | 2029-05-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain Inc                            | Iron Mountain Inc                                                               | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    100000 | PA      | $98814.94     | 0.34%             | 2027-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                     | Jones Deslauriers Insurance Management Inc                                      | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $157524.60    | 0.54%             | 2030-03-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                      | Kodiak Gas Services LLC                                                         | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    175000 | PA      | $179342.28    | 0.61%             | 2029-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                             | Lamar Media Corp                                                                | CUSIP: 513075BT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $47122.62     | 0.16%             | 2030-02-15      | Fixed         | 4.00%                 | No            |                  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        |    225000 | PA      | $207436.46    | 0.71%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                     | Macquarie Airfinance Holdings Ltd                                               | CUSIP: 55609NAB4<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $156970.80    | 0.53%             | 2029-03-30      | Fixed         | 8.13%                 | Yes           |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                         | Matador Resources Co                                                            | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |    175000 | PA      | $177405.20    | 0.60%             | 2028-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| MIDWEST GMNG BOR/MWG FIN                     | Midwest Gaming Borrower LLC                                                     | CUSIP: 59833DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $191639.24    | 0.65%             | 2029-05-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| MILEAGE PLUS HLDINGS LLC                     | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd       | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     52875 | PA      | $52996.35     | 0.18%             | 2027-06-20      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| NCR VOYIX CORP                               | NCR Corp                                                                        | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24656.65     | 0.08%             | 2028-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NCL CORPORATION LTD                          | NCL Corp Ltd                                                                    | CUSIP: 62886HBP5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $247321.80    | 0.84%             | 2030-03-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                        | Nabors Industries Inc                                                           | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144007.35    | 0.49%             | 2027-05-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                       | NextEra Energy Operating Partners LP                                            | CUSIP: 65342QAB8<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |     65000 | PA      | $62877.85     | 0.21%             | 2027-09-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| NORTHRIVER MIDSTREAM FIN                     | Northriver Midstream Finance LP                                                 | CUSIP: 66679NAA8<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $74569.73     | 0.25%             | 2026-02-15      | Fixed         | 5.63%                 | 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      | $123386.16    | 0.42%             | 2027-08-15      | Fixed         | 5.00%                 | 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        |    100000 | PA      | $93815.54     | 0.32%             | 2030-03-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                     | Performance Food Group Inc                                                      | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124481.53    | 0.42%             | 2027-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                          | Prestige Brands Inc                                                             | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24878.96     | 0.08%             | 2028-01-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| PROOFPOINT INC                               | Proofpoint Inc 2024 Term Loan                                                   | CUSIP: 74345HAG6<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |     98747 | PA      | $98651.67     | 0.34%             | 2028-08-31      | Floating      | 7.33%                 | No            |                  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        |    225000 | PA      | $231977.03    | 0.79%             | 2028-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| TGNR INTERMEDIATE HOLDIN                     | Rockcliff Energy II LLC                                                         | CUSIP: 77289KAA3<br>LEI: 5493007AZNVKZ5HEMT23 | Long             | DBT              | CORP              | US        |    215000 | PA      | $203032.26    | 0.69%             | 2029-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                      | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    150000 | PA      | $150021.45    | 0.51%             | 2026-08-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co                                 | SM Energy Co                                                                    | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    175000 | PA      | $174703.41    | 0.59%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SNF GROUP SACA                               | SPCM SA                                                                         | CUSIP: 7846ELAD9<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $192029.30    | 0.65%             | 2027-03-15      | Fixed         | 3.13%                 | 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        |    123752 | PA      | $122978.13    | 0.42%             | 2031-12-04      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                              | Sealed Air Corp                                                                 | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122730.00    | 0.42%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                     | Standard Industries Inc/NJ                                                      | CUSIP: 853496AC1<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99318.91     | 0.34%             | 2027-02-15      | Fixed         | 5.00%                 | 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      | $75582.59     | 0.26%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                       | Picard Midco Inc                                                                | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99887.49     | 0.34%             | 2029-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC                                | TransDigm Inc                                                                   | CUSIP: 893647BL0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74941.33     | 0.25%             | 2027-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                        | Trivium Packaging Finance BV                                                    | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $207508.63    | 0.71%             | 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        |     99250 | PA      | $99408.80     | 0.34%             | 2031-02-10      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| COHERENT CORP                                | II-VI Inc                                                                       | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145344.54    | 0.49%             | 2029-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                     | United Wholesale Mortgage LLC                                                   | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123213.93    | 0.42%             | 2027-06-15      | Fixed         | 5.75%                 | Yes           |                  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        |     97250 | PA      | $96277.50     | 0.33%             | 2029-06-24      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| VS BUYER LLC                                 | VS Buyer LLC2024 1st Lien Term Loan B                                           | CUSIP: 91834WAF7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    145705 | PA      | $145705.14    | 0.50%             | 2031-04-12      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                       | WESCO Distribution Inc                                                          | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    175000 | PA      | $178631.60    | 0.61%             | 2029-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| WHITE CAP BUYER LLC                          | White Cap Buyer LLC                                                             | CUSIP: 96350RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $220569.26    | 0.75%             | 2028-10-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| WILLIAM CARTER                               | William Carter Co/The                                                           | CUSIP: 96926JAC1<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124147.95    | 0.42%             | 2027-03-15      | Fixed         | 5.63%                 | 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      | $97513.59     | 0.33%             | 2029-10-01      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| XHR LP                                       | XHR LP                                                                          | CUSIP: 98372MAE5<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              |  | US        |    200000 | PA      | $200426.20    | 0.68%             | 2030-05-15      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                       | XPLR Infrastructure Operating Partners LP                                       | CUSIP: 98380MAA3<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52214.75     | 0.18%             | 2031-01-15      | Fixed         | 8.38%                 | 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        |     99003 | PA      | $97724.00     | 0.33%             | 2030-03-15      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| 1261229 BC Ltd                               | 1261229 BC Ltd2025 Term Loan B                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    250000 | PA      | $236910.00    | 0.81%             | 2030-10-08      | Floating      | 10.59%                | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                  | Allied Universal Holdco LLC 2021 USD Incremental Term Loan B                    | CUSIP: 01957TAH0<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |    173205 | PA      | $173367.93    | 0.59%             | 2028-05-12      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| CROWN AMERICAS LLC                           | Crown Americas LLC                                                              | CUSIP: 228180AB1<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74717.88     | 0.25%             | 2030-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                         | Garda World Security Corp                                                       | CUSIP: 36485MAM1<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    175000 | PA      | $180883.82    | 0.62%             | 2028-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                            | Iron Mountain Inc                                                               | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     70000 | PA      | $72321.76     | 0.25%             | 2029-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                       | Match Group Inc                                                                 | CUSIP: 57665RAG1<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123840.98    | 0.42%             | 2027-12-15      | Fixed         | 5.00%                 | 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        |    225000 | PA      | $229461.53    | 0.78%             | 2029-06-15      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| SITIO ROYAL OP / SIT FIN                     | Sitio Royalties Operating Partnership LP / Sitio Finance Corp                   | CUSIP: 82983MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $154700.10    | 0.53%             | 2028-11-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| TIH Insurance Holdings LLC                   | TIH Insurance Holdings LLC2024 Term Loan B                                      | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     91935 | PA      | $91667.03     | 0.31%             | 2031-05-06      | Floating      | 7.05%                 | 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        |    275000 | PA      | $279321.90    | 0.95%             | 2029-03-15      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| WYNDHAM HOTELS & RESORTS                     | Wyndham Hotels & Resorts Inc                                                    | CUSIP: 98311AAB1<br>LEI: 549300FE3MQ4RVXXC673 | Long             | DBT              | CORP              | US        |    125000 | PA      | $120955.21    | 0.41%             | 2028-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-22

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer