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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DLLAD LLC</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DAIMLER TRUCK FINAN NA</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DELL INT LLC / EMC CORP</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dell Equipment Finance Trust</name>
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          <isin value="US24703UAG85"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Enterprise Fleet Financing LLC</name>
        <lei>RKWYUSIDZTWNAX1D9U96</lei>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Enterprise Fleet Financing LLC</name>
        <lei>RKWYUSIDZTWNAX1D9U96</lei>
        <title>Enterprise Fleet Financing 2025-1 LLC</title>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>FS Trust</name>
        <lei>N/A</lei>
        <title>FS 2026-ORL</title>
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          <isin value="US30343YAA64"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-02-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae REMICS</title>
        <cusip>3136BPAQ4</cusip>
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          <isin value="US3136BPAQ41"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae REMICS</title>
        <cusip>3136BS5D3</cusip>
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          <isin value="US3136BS5D39"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae REMICS</title>
        <cusip>3136BY4F6</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae REMICS</title>
        <cusip>3136BY5V0</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae REMICS</title>
        <cusip>3136G5MR8</cusip>
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          <isin value="US3136G5MR84"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac REMICS</title>
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          <isin value="US3137AB6Y21"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federated Core Trust - Federated Bank Loan Core Fund</name>
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        <title>FEDERATED CORE TR FEDERATED BANK LOAN CORE FUND</title>
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        <fairValLevel>1</fairValLevel>
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        <name>PRUDENTIAL QMA STRAT VAL-</name>
        <lei>254900HYFNGKM5PJOV84</lei>
        <title>FEDERATED CORE TR MUTUAL FUND</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Federated Core Trust III - Federated Project and Trade Finance Core Fund</name>
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        <title>FEDERATED CORE TR III FEDERATED PROJ+TRADE FIN CORE</title>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FIDELITY NATL INFO SERV</name>
        <lei>6WQI0GK1PRFVBA061U48</lei>
        <title>Fidelity National Information Services Inc</title>
        <cusip>31620MCC8</cusip>
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          <isin value="US31620MCC82"/>
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        <balance>125000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>125896.2500000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-10</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ford Credit Auto Owner Trust</name>
        <lei>N/A</lei>
        <title>Ford Credit Auto Owner Trust 2024-D</title>
        <cusip>34535VAE4</cusip>
        <identifiers>
          <isin value="US34535VAE48"/>
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        <balance>60000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>60175.4900000000</valUSD>
        <pctVal>0.2404308844</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co Inc</title>
        <cusip>37045XFF8</cusip>
        <identifiers>
          <isin value="US37045XFF87"/>
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        <balance>250000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>251174.6200000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.8000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co Inc</title>
        <cusip>37045XFH4</cusip>
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          <isin value="US37045XFH44"/>
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        <balance>125000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>125685.0600000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GLOBAL PAYMENTS INC</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>Global Payments Inc</title>
        <cusip>37940XAV4</cusip>
        <identifiers>
          <isin value="US37940XAV47"/>
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        <balance>125000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>123503.1400000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
        <cusip>38141GD76</cusip>
        <identifiers>
          <isin value="US38141GD769"/>
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        <balance>250000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250343.1600000000</valUSD>
        <pctVal>1.0002449063</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.3400000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38384MM61</cusip>
        <identifiers>
          <isin value="US38384MM616"/>
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        <balance>242424.14</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>243397.3800000000</valUSD>
        <pctVal>0.9724930753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.7100000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38385MEG7</cusip>
        <identifiers>
          <isin value="US38385MEG78"/>
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        <balance>248985.21</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>248538.0100000000</valUSD>
        <pctVal>0.9930324380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.4600000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38385MGV2</cusip>
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          <isin value="US38385MGV28"/>
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        <balance>249034.17</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>248572.6600000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.4600000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38385RHV0</cusip>
        <identifiers>
          <isin value="US38385RHV06"/>
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        <balance>248798.02</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>248531.6100000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.4600000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GREAT AMERICA LEASING RECEIVABLES</name>
        <lei>549300JFP7GIDD4UWO79</lei>
        <title>GreatAmerica Leasing Receivables Funding LLC</title>
        <cusip>39154TCR7</cusip>
        <identifiers>
          <isin value="US39154TCR77"/>
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        <balance>250000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>247556.5500000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HCA INC</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA Inc</title>
        <cusip>404119CX5</cusip>
        <identifiers>
          <isin value="US404119CX50"/>
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        <balance>200000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>200749.4500000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.5100000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HPEFS Equipment Trust</name>
        <lei>N/A</lei>
        <title>HPEFS Equipment Trust 2025-1</title>
        <cusip>40446EAD9</cusip>
        <identifiers>
          <isin value="US40446EAD94"/>
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        <balance>210000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>209675.9700000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HP ENTERPRISE CO</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co</title>
        <cusip>42824CCC1</cusip>
        <identifiers>
          <isin value="US42824CCC10"/>
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        <balance>250000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>249667.4200000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Hyundai Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Hyundai Auto Receivables Trust 2024-C</title>
        <cusip>448976AF7</cusip>
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          <isin value="US448976AF79"/>
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        <balance>188000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>188139.3800000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co</title>
        <cusip>46647PFN1</cusip>
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          <isin value="US46647PFN15"/>
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        <balance>250000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>250551.1400000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.4500000000</annualizedRt>
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      <invstOrSec>
        <name>JW Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>JW Commercial Mortgage Trust 2026-MRCO</title>
        <cusip>481948AA5</cusip>
        <identifiers>
          <isin value="US481948AA54"/>
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        <balance>500000.00</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.1300000000</annualizedRt>
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      <invstOrSec>
        <name>LAD Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>LAD Auto Receivables Trust 2025-1</title>
        <cusip>505712AE9</cusip>
        <identifiers>
          <isin value="US505712AE92"/>
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        <balance>135000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>135844.7900000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LINCOLN FIN GLBL FUNDING</name>
        <lei>984500OC010458395923</lei>
        <title>Lincoln Financial Global Funding</title>
        <cusip>53359KAD3</cusip>
        <identifiers>
          <isin value="US53359KAD37"/>
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        <balance>125000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>123256.0700000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>M&amp;T BANK CORPORATION</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MPLX LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MARSH &amp; MCLENNAN COS INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mercedes-Benz Auto Lease Trust</name>
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        <title>Mercedes-Benz Auto Lease Trust 2024-A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FEDERATED HERMES MONEY MARKET OBLIGATIONS TRUST</name>
        <lei>254900VAJ9169N7JRF45</lei>
        <title>Federated Hermes Government Obligations Fund</title>
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          <isin value="US6089197189"/>
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        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY PVT BANK</name>
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        <title>Morgan Stanley Private Bank NA</title>
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        <fairValLevel>2</fairValLevel>
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        <name>NEXTERA ENERGY CAPITAL</name>
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        <title>NextEra Energy Capital Holdings Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>NextGear Floorplan Master Owner Trust</name>
        <lei>N/A</lei>
        <title>NextGear Floorplan Master Owner Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ORACLE CORP</name>
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        <title>Oracle Corp</title>
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        <fairValLevel>2</fairValLevel>
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        <name>PFS Financing Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>PNC FINANCIAL SERVICES</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PHILIP MORRIS INTL INC</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ROYAL BANK OF CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Santander Drive Auto Receivables Trust</name>
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        <title>Santander Drive Auto Receivables Trust 2025-3</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Securitized Term Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Securitized Term Auto Receivables Trust</name>
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        <title>Securitized Term Auto Receivables Trust 2025-B</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Securitized Term Auto Receivables Trust</name>
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        <title>Securitized Term Auto Receivables Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SPACE EXPLORATION TECH</name>
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        <title>Space Exploration Technologies Corp</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Stellantis Financial Underwritten Enhanced Lease Trust</name>
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        <title>Stellantis Financial Underwritten Enhanced Lease Trust 2026-B</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SUMISHO AIR LEASE CORP</name>
        <lei>984500DF5ACB4A114F45</lei>
        <title>Takeoff Merger Sub Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Trillium Credit Card Trust II</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>TRUIST BANK</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Verizon Master Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Verizon Master Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMERICAN HONDA FINANCE</name>
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        <title>American Honda Finance Corp</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MMAF Equipment Finance LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HOST HOTELS &amp; RESORTS LP</name>
        <lei>FXB7X4WXVA8QPMNOGS12</lei>
        <title>Host Hotels &amp; Resorts LP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ONEOK INC</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK Inc</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Chesapeake Funding II LLC</name>
        <lei>5493000HT7H4OFOD6Z12</lei>
        <title>Chesapeake Funding II LLC</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <fairValLevel>2</fairValLevel>
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        <name>US BANK NA CINCINNATI</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FORD MOTOR CREDIT CO LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co LLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GM Financial Consumer Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>GM Financial Consumer Automobile Receivables Trust 2024-4</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIGROUP INC</name>
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        <title>Citigroup Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>PenFed Auto Receivables Owner Trust</name>
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        <title>PenFed Auto Receivables Owner Trust 2025-A</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.4100000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MMAF Equipment Finance LLC</name>
        <lei>N/A</lei>
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          <isin value="US55317WAD39"/>
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        <balance>250000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>253130.9300000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL AUSTRALIA BANK</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
        <title>National Australia Bank Ltd</title>
        <cusip>632525CC3</cusip>
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          <isin value="US632525CC34"/>
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        <balance>250000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>251904.7100000000</valUSD>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-14</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NATWEST GROUP PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group PLC</title>
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          <isin value="US639057AU27"/>
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        <balance>250000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>251562.5000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.7300000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Stellantis Financial Underwritten Enhanced Lease Trust</name>
        <lei>N/A</lei>
        <title>Stellantis Financial Underwritten Enhanced Lease Trust 2025-B</title>
        <cusip>858933AE4</cusip>
        <identifiers>
          <isin value="US858933AE49"/>
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        <balance>250000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>249393.9000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NOMURA HOLDINGS INC</name>
        <lei>549300B3CEAHYG7K8164</lei>
        <title>Nomura Holdings Inc</title>
        <cusip>65535HCH0</cusip>
        <identifiers>
          <isin value="US65535HCH03"/>
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        <balance>250000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>249918.2500000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.5900000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Santander Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
        <title>Santander Bank Auto Credit-Linked Notes Series 2024-A</title>
        <cusip>80290CCH5</cusip>
        <identifiers>
          <isin value="US80290CCH51"/>
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        <balance>247065.12</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>249740.6400000000</valUSD>
        <pctVal>0.9978375405</pctVal>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARI Fleet Lease Trust</name>
        <lei>N/A</lei>
        <title>ARI Fleet Lease Trust 2025-A</title>
        <cusip>04033CAC0</cusip>
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          <isin value="US04033CAC01"/>
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        <balance>200000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>198990.0800000000</valUSD>
        <pctVal>0.7950639191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA CORP</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp</title>
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          <isin value="US06051GMZ99"/>
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        <balance>250000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>250240.0000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.5100000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38385SNZ2</cusip>
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          <isin value="US38385SNZ29"/>
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        <balance>249713.90</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>249713.1300000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-05-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.5100000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HYUNDAI CAPITAL AMERICA</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
        <cusip>44891AEH6</cusip>
        <identifiers>
          <isin value="US44891AEH68"/>
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        <balance>250000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250615.0000000000</valUSD>
        <pctVal>1.0013310417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.7000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>WESTPAC NEW ZEALAND LTD</name>
        <lei>549300MW73M5PK1PNG73</lei>
        <title>Westpac New Zealand Ltd</title>
        <cusip>96122FAH0</cusip>
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          <isin value="US96122FAH01"/>
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        <balance>250000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>250365.8700000000</valUSD>
        <pctVal>1.0003356440</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.3800000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wheels Fleet Lease Funding LLC</name>
        <lei>549300BSFY0E0XXREF43</lei>
        <title>Wheels Fleet Lease Funding 1 LLC</title>
        <cusip>96328GCF2</cusip>
        <identifiers>
          <isin value="US96328GCF28"/>
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        <balance>248894.07</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>249272.0200000000</valUSD>
        <pctVal>0.9959651715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
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        <title>US 5YR NOTE (CBT) SEP26</title>
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        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI38QJ92"/>
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        <balance>-4</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>678.9000000000</valUSD>
        <pctVal>0.0027125417</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CBOT 5 Year U.S. Treasury Note Futures</issuerName>
                <issueTitle>CBOT 5 Year U.S. Treasury Note Futures</issueTitle>
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                  <cusip value="000000000"/>
                  <other otherDesc="Identifier" value="FVU6 Comdty"/>
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            </descRefInstrmnt>
            <expDate>2026-09-30</expDate>
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            <curCd>USD</curCd>
            <unrealizedAppr>678.9000000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Federated Hermes ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Stephen Van Meter</ncom:signature>
      <ncom:signerName>Federated Hermes ETF Trust</ncom:signerName>
      <ncom:title>Chief Compliance Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
