# EDGAR Filing Document

**Accession Number:** 0001034106
**File Stem:** 0001623632-23-000357
**Filing Date:** 2023-2
**Character Count:** 146107
**Document Hash:** cc363e73a59872aa61bc4a29469ce768
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001623632-23-000357.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001623632-23-000357

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FEDERATED HERMES CORE TRUST
- **CENTRAL INDEX KEY:** 0001034106
- **IRS NUMBER:** 232934777
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1212

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08519
- **FILM NUMBER:** 23660913

**BUSINESS ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561
- **BUSINESS PHONE:** 8003417400

**MAIL ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED CORE TRUST
- **DATE OF NAME CHANGE:** 20180601

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED CORE TRUST/PA
- **DATE OF NAME CHANGE:** 19971126

## Series and Classes Contracts Data

### Bank Loan Core Fund (Series ID: S000030275)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000093165 | Bank Loan Core Fund |  |

**United States**

**Securities and Exchange Commission**

**Washington, D.C. 20549**

**Form N-CSR**

**Certified Shareholder Report of Registered Management Investment Companies**

<u>811-8519</u>

(Investment Company Act File Number)

**Federated Hermes Core Trust**

______________________________________________________________

**(Exact Name of Registrant as Specified in Charter)**

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

(412) 288-1900

(Registrant's Telephone Number)

Peter J. Germain, Esquire

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

 ****

Date of Fiscal Year End: <u>06/30/2023</u>

Date of Reporting Period: <u>Six months ended 12/31/22</u>

**Item 1.** **Reports to Stockholders**

**Semi-Annual Shareholder Report**

***December 31, 2022***

![](img11b0cc011.gif)

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Bank Loan Core Fund

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A Portfolio of Federated Hermes Core Trust

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**Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee**

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**CONTENTS** 

---

| | |
|:---|:---|
| [Portfolio of Investments Summary Table](#xx_af9f40b0-c432-466c-9686-1805e9c5f364_1) | &nbsp;&nbsp; [1](#xx_af9f40b0-c432-466c-9686-1805e9c5f364_1)  |
| [Portfolio of Investments](#xx_af9f40b0-c432-466c-9686-1805e9c5f364_2) | &nbsp;&nbsp; [2](#xx_af9f40b0-c432-466c-9686-1805e9c5f364_2)  |
| [Financial Highlights](#xx_17277ddc-d829-4435-a0a4-1b0b3b513741_1) | [13](#xx_17277ddc-d829-4435-a0a4-1b0b3b513741_1)  |
| [Statement of Assets and Liabilities](#xx_29c73947-10f2-475a-bd58-67ceffdf0460_1) | [14](#xx_29c73947-10f2-475a-bd58-67ceffdf0460_1)  |
| [Statement of Operations](#xx_29c73947-10f2-475a-bd58-67ceffdf0460_2) | [15](#xx_29c73947-10f2-475a-bd58-67ceffdf0460_2)  |
| [Statement of Changes in Net Assets](#xx_29c73947-10f2-475a-bd58-67ceffdf0460_3) | [16](#xx_29c73947-10f2-475a-bd58-67ceffdf0460_3)  |
| [Notes to Financial Statements](#xx_d760df86-b29e-4652-bf57-c1ca47d09945_1) | [17](#xx_d760df86-b29e-4652-bf57-c1ca47d09945_1)  |
| [Shareholder Expense Example](#xx_5a65e70e-0989-4d3f-8bb4-517800942a29_1) | [21](#xx_5a65e70e-0989-4d3f-8bb4-517800942a29_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_7a37e950-8706-43ce-bffc-8f33adef7d8a_1) | [22](#xx_7a37e950-8706-43ce-bffc-8f33adef7d8a_1)  |
| [Liquidity Risk Management Program](#xx_dd03889c-9815-4399-9a65-1b12928ce80a_1)[–](#xx_dd03889c-9815-4399-9a65-1b12928ce80a_1)<br> [Annual Evaluation of Adequacy and Effectiveness](#xx_dd03889c-9815-4399-9a65-1b12928ce80a_1)<br>| [26](#xx_dd03889c-9815-4399-9a65-1b12928ce80a_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_dce25e87-86a0-4ad4-a09b-03b56c0d2879_1) | [27](#xx_dce25e87-86a0-4ad4-a09b-03b56c0d2879_1)  |
| [Quarterly Portfolio Schedule](#xx_dce25e87-86a0-4ad4-a09b-03b56c0d2879_1) | [27](#xx_dce25e87-86a0-4ad4-a09b-03b56c0d2879_1) |

---

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Portfolio of Investments Summary Table (unaudited)

At December 31, 2022, the Fund's index composition<sup>1</sup> was as follows:

---

| | |
|:---|:---|
| **Index Classification** | **Percentage of** <br>**Total Net Assets**<br>|
| Technology | 19.3% |
| Health Care | 10.7% |
| Media Entertainment | &nbsp;&nbsp; 6.6% |
| Insurance - P&C | &nbsp;&nbsp; 5.4% |
| Consumer Products | &nbsp;&nbsp; 4.2% |
| Finance Companies | &nbsp;&nbsp; 4.2% |
| Chemicals | &nbsp;&nbsp; 3.9% |
| Building Materials | &nbsp;&nbsp; 3.7% |
| Industrial - Other | &nbsp;&nbsp; 3.6% |
| Other<sup>2</sup> <br>| 32.6% |
| Cash Equivalents<sup>3</sup> <br>| &nbsp;&nbsp; 1.4% |
| Other Assets and Liabilities - Net<sup>4</sup> <br>| &nbsp;&nbsp; 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | **100%** |

---

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

---

| | |
|:---|:---|
| 1 | *Index classifications are based upon, and individual portfolio securities are assigned to, the classifications and sub-classifications of the Credit Suisse Leveraged* <br> *Loan Index (CSLLI). Individual portfolio securities that are not included in the CSLLI are assigned to an index classification by the Fund's Adviser.*<br>|
| 2 | *For purposes of this table, index classifications which constitute less than 3.5% of the Fund's total net assets have been aggregated under the designation* <br> *"Other."*<br>|
| 3 | *Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements.* |
| 4 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.* |

---

Semi-Annual Shareholder Report

**1**

------

Portfolio of Investments

December 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>**or Shares**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| FLOATING RATE LOANS—82.2% |  |
|  | **Aerospace/Defense—0.9%** |  |
| $4760029 | Peraton Corp., Term Loan B–1st Lien, 8.134% (1-month USLIBOR +3.750%), 2/1/2028 | $4656903 |
| &nbsp;&nbsp; 2553139 | TransDigm, Inc., 2020 Term Loan E–1st Lien, 6.980% (3-month USLIBOR +2.250%), 5/30/2025 | &nbsp;&nbsp; 2530224 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 7187127 |
|  | **Airlines—0.5%** |  |
| &nbsp;&nbsp; 4000000 | American Airlines, Inc., 2021 Term Loan–1st Lien, 8.993% (3-month USLIBOR +4.750%), 4/20/2028 | &nbsp;&nbsp; 3989380 |
|  | **Automotive—1.9%** |  |
| &nbsp;&nbsp; 1400000 | American Axle and Manufacturing, Inc., 2022 Term Loan B–1st Lien, 7.898% (SOFR CME +3.500%), 12/13/2029 | &nbsp;&nbsp; 1373169 |
| &nbsp;&nbsp; 4325349 | Clarios Global, LP, 2021 USD Term Loan B–1st Lien, 7.634% (1-month USLIBOR +3.250%), 4/30/2026 | &nbsp;&nbsp; 4253267 |
| &nbsp;&nbsp; 3967513 | DexKo Global, Inc., 2021 USD Term Loan B–1st Lien, 8.480% (3-month USLIBOR +3.750%), 10/4/2028 | &nbsp;&nbsp; 3570206 |
| &nbsp;&nbsp; 900000 | DexKo Global, Inc., 2022 USD Term Loan–1st Lien, 11.080% (SOFR CME +6.500%), 10/4/2028 | &nbsp;&nbsp; 841500 |
| &nbsp;&nbsp; 2856862 | TI Group Automotive Systems, LLC, 2021 USD Term Loan–1st Lien, 7.980% (3-month USLIBOR +3.250%), 12/16/2026 | &nbsp;&nbsp; 2833064 |
| &nbsp;&nbsp; 1965000 | Truck Hero, Inc., 2021 Term Loan B–1st Lien, 8.134% (1-month USLIBOR +3.750%), 1/31/2028 | &nbsp;&nbsp; 1693585 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 14564791 |
|  | **Building Materials—3.3%** |  |
| &nbsp;&nbsp; 1451250 | American Builders & Contractors Supply Co., Inc., 2019 Term Loan–1st Lien, 6.384% (1-month USLIBOR +2.000%), 1/15/2027 | &nbsp;&nbsp; 1441664 |
| &nbsp;&nbsp; 2715999 | Cornerstone Building Brands, Inc., 2021 Term Loan B–1st Lien, 7.568% (1-month USLIBOR +3.250%), 4/12/2028 | &nbsp;&nbsp; 2449736 |
| &nbsp;&nbsp; 2850000 | Cornerstone Building Brands, Inc., 2022 Term Loan–1st Lien, 9.961% (SOFR CME +5.625%), 8/1/2028 | &nbsp;&nbsp; 2691825 |
| &nbsp;&nbsp; 1903192 | CP Atlas Buyer, Inc., 2021 Term Loan B–1st Lien, 7.884% (1-month USLIBOR +3.500%), 11/23/2027 | &nbsp;&nbsp; 1674067 |
| &nbsp;&nbsp; 2420221 | Foundation Building Materials Holding Co., LLC, 2021 Term Loan–1st Lien, 7.665% (3-month USLIBOR +3.250%), 1/31/2028 | &nbsp;&nbsp; 2297395 |
| &nbsp;&nbsp; 857143<br><sup>2</sup> <br>| Icebox Holdco III, Inc., 2021 Delayed Draw Term Loan–1st Lien, 8.230% (3-month USLIBOR +3.750%) (partially <br> unfunded), 12/22/2028<br>| &nbsp;&nbsp; 793929 |
| &nbsp;&nbsp; 4109643 | Icebox Holdco III, Inc., 2021 Term Loan–1st Lien, 8.230% (3-month USLIBOR +3.500%), 12/22/2028 | &nbsp;&nbsp; 3806557 |
| &nbsp;&nbsp; 2160000 | Icebox Holdco III, Inc., 2021 Term Loan–2nd Lien, 11.480% (3-month USLIBOR +6.750%), 12/21/2029 | &nbsp;&nbsp; 1922400 |
| &nbsp;&nbsp; 301587<br><sup>2</sup> <br>| IPS Corp., 2021 Delayed Draw Term Loan–1st Lien, TBD (unfunded), 10/2/2028 | &nbsp;&nbsp; 270863 |
| &nbsp;&nbsp; 1685833 | IPS Corp., 2021 Term Loan–1st Lien, 7.884% (1-month USLIBOR +3.500%), 10/2/2028 | &nbsp;&nbsp; 1514089 |
| &nbsp;&nbsp; 2468750 | SRS Distribution, Inc., 2021 Term Loan B–1st Lien, 7.884% (1-month USLIBOR +3.500%), 6/2/2028 | &nbsp;&nbsp; 2366260 |
| &nbsp;&nbsp; 992500 | SRS Distribution, Inc., 2022 Incremental Term Loan–1st Lien, 7.923% (SOFR CME +3.500%), 6/2/2028 | &nbsp;&nbsp; 950939 |
| &nbsp;&nbsp; 2922888 | White Cap Buyer, LLC, Term Loan B–1st Lien, 8.073% (SOFR CME +3.750%), 10/19/2027 | &nbsp;&nbsp; 2831547 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 25011271 |
|  | **Cable Satellite—1.7%** |  |
| &nbsp;&nbsp; 1831037 | Charter Communications Operating, LLC, 2019 Term Loan B2–1st Lien, 6.140% (1-month USLIBOR +1.750%), 2/1/2027 | &nbsp;&nbsp; 1790754 |
| &nbsp;&nbsp; 4754278 | DirecTV Financing, LLC, Term Loan–1st Lien, 9.384% (1-month USLIBOR +5.000%), 8/2/2027 | &nbsp;&nbsp; 4638892 |
| &nbsp;&nbsp; 1275000 | Telenet Financing USD, LLC, 2020 USD Term Loan AR–1st Lien, 6.318% (1-month USLIBOR +2.000%), 4/30/2028 | &nbsp;&nbsp; 1244081 |
| &nbsp;&nbsp; 3000000 | UPC Financing Partnership, 2021 USD Term Loan AX–1st Lien, 7.243% (1-month USLIBOR +2.925%), 1/31/2029 | &nbsp;&nbsp; 2937495 |
| &nbsp;&nbsp; 2500000 | Ziggo Financing Partnership, USD Term Loan I–1st Lien, 6.818% (1-month USLIBOR +2.500%), 4/30/2028 | &nbsp;&nbsp; 2443563 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 13054785 |
|  | **Chemicals—3.6%** |  |
| &nbsp;&nbsp; 2400000<br><sup>2</sup> <br>| Axalta Coating Systems Dutch Holding B B.V., 2022 USD Term Loan B–1st Lien, TBD, 12/20/2029 | &nbsp;&nbsp; 2405400 |
| &nbsp;&nbsp; 2928826 | Element Solutions, Inc., 2019 Term Loan B1–1st Lien, 6.323% (1-month USLIBOR +2.000%), 1/31/2026 | &nbsp;&nbsp; 2928826 |
| &nbsp;&nbsp; 2732366 | Illuminate Buyer, LLC, 2021 Term Loan–1st Lien, 7.884% (1-month USLIBOR +3.500%), 6/30/2027 | &nbsp;&nbsp; 2623072 |
| &nbsp;&nbsp; 2163114 | Lonza Group AG, USD Term Loan B–1st Lien, 8.730% (3-month USLIBOR +4.000%), 7/3/2028 | &nbsp;&nbsp; 1993309 |
| &nbsp;&nbsp; 3617108 | Messer Industries GmbH, 2018 USD Term Loan–1st Lien, 7.230% (3-month USLIBOR +2.500%), 3/2/2026 | &nbsp;&nbsp; 3591680 |
| &nbsp;&nbsp; 3461278 | Olympus Water US Holding Corp., 2021 USD Term Loan B–1st Lien, 8.500% (3-month USLIBOR +3.750%), 11/9/2028 | &nbsp;&nbsp; 3331965 |
| &nbsp;&nbsp; 2910288 | Polar US Borrower, LLC, 2018 Term Loan–1st Lien, 9.021%–11.250% (2-month USLIBOR +4.750%, PRIME <br> +3.750%), 10/15/2025<br>| &nbsp;&nbsp; 2366065 |
| &nbsp;&nbsp; 3397728 | Potters Industries, LLC, Term Loan B–1st Lien, 8.730% (3-month USLIBOR +4.000%), 12/14/2027 | &nbsp;&nbsp; 3338267 |
| &nbsp;&nbsp; 985000 | PQ Corp., 2021 Term Loan B–1st Lien, 6.915% (3-month USLIBOR +2.500%), 6/9/2028 | &nbsp;&nbsp; 972072 |

---

Semi-Annual Shareholder Report

**2**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| FLOATING RATE LOANS—continued |  |
|  | **Chemicals—continued** |  |
| $3960000 | Sparta U.S. Holdco, LLC, 2021 Term Loan–1st Lien, 7.142% (1-month USLIBOR +3.000%), 8/2/2028 | $3864306 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 27414962 |
|  | **Consumer Cyclical Services—2.8%** |  |
| &nbsp;&nbsp; 2282861 | Allied Universal Holdco, LLC, 2021 USD Incremental Term Loan B–1st Lien, 8.173% (1-month USLIBOR +3.750%), 5/12/2028 | &nbsp;&nbsp; 2173295 |
| &nbsp;&nbsp; 2677314 | AP Core Holdings II, LLC, Amortization Term Loan B1–1st Lien, 9.884% (1-month USLIBOR +5.500%), 9/1/2027 | &nbsp;&nbsp; 2434348 |
| &nbsp;&nbsp; 2000000 | AP Core Holdings II, LLC, High-Yield Term Loan B2–1st Lien, 9.884% (1-month USLIBOR +5.500%), 9/1/2027 | &nbsp;&nbsp; 1809380 |
| &nbsp;&nbsp; 5855750 | Century Casinos, Inc., 2022 Term Loan–1st Lien, 10.224% (SOFR CME +6.100%), 4/2/2029 | &nbsp;&nbsp; 5584921 |
| &nbsp;&nbsp; 2743092 | Core & Main, LP, 2021 Term Loan B–1st Lien, 6.889%–7.416% (1-month USLIBOR +2.500%, 6-month USLIBOR <br> +2.500%), 7/27/2028<br>| &nbsp;&nbsp; 2715661 |
| &nbsp;&nbsp; 2496523 | Garda World Security Corp., 2021 Term Loan B–1st Lien, 8.930% (3-month USLIBOR +4.250%), 10/30/2026 | &nbsp;&nbsp; 2435358 |
| &nbsp;&nbsp; 3958916 | Jack Ohio Finance, LLC, Term Loan–1st Lien, 9.134% (1-month USLIBOR +4.750%), 10/4/2028 | &nbsp;&nbsp; 3889635 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 21042598 |
|  | **Consumer Products—4.1%** |  |
| &nbsp;&nbsp; 3845706 | BCPE Empire Holdings, Inc., 2019 Term Loan B–1st Lien, 8.384% (1-month USLIBOR +4.000%), 6/11/2026 | &nbsp;&nbsp; 3742353 |
| &nbsp;&nbsp; 843625 | BCPE Empire Holdings, Inc., 2022 Incremental Term Loan–1st Lien, 9.048% (SOFR CME +4.625%), 6/11/2026 | &nbsp;&nbsp; 822534 |
| &nbsp;&nbsp; 2935063 | CNT Holdings I Corp., 2020 Term Loan–1st Lien, 7.239% (SOFR CME +3.500%), 11/8/2027 | &nbsp;&nbsp; 2848318 |
| &nbsp;&nbsp; 1500000 | CNT Holdings I Corp., 2020 Term Loan–2nd Lien, 10.489% (3-month USLIBOR +6.750%), 11/6/2028 | &nbsp;&nbsp; 1422503 |
| &nbsp;&nbsp; 3448835 | Diamond (BC) B.V., 2021 Term Loan B–1st Lien, 7.165% (3-month USLIBOR +2.750%), 9/29/2028 | &nbsp;&nbsp; 3338903 |
| &nbsp;&nbsp; 3846667 | Energizer Holdings, Inc., 2020 Term Loan–1st Lien, 6.625% (1-month USLIBOR +2.250%), 12/22/2027 | &nbsp;&nbsp; 3784158 |
| &nbsp;&nbsp; 4947519 | Illuminate Merger Sub Corp., Term Loan–1st Lien, 7.884% (3-month USLIBOR +3.500%), 7/21/2028 | &nbsp;&nbsp; 4475451 |
| &nbsp;&nbsp; 8000000 | Illuminate Merger Sub Corp., Term Loan–2nd Lien, 11.134% (1-month USLIBOR +6.750%), 7/23/2029 | &nbsp;&nbsp; 6746640 |
| &nbsp;&nbsp; 634003 | New Constellis Borrower, LLC, 2020 PIK Term Loan–2nd Lien, 15.384% (1-month USLIBOR +11.000%), 3/27/2025 | &nbsp;&nbsp; 317531 |
| &nbsp;&nbsp; 3925113 | Sunshine Luxembourg VII S.a.r.l., 2021 Term Loan B3–1st Lien, 8.480% (3-month USLIBOR +3.750%), 10/1/2026 | &nbsp;&nbsp; 3768658 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 31267049 |
|  | **Diversified—0.5%** |  |
| &nbsp;&nbsp; 992500 | Pre-Paid Legal Services, Inc., 2021 Term Loan–1st Lien, 8.134% (1-month USLIBOR +3.750%), 12/15/2028 | &nbsp;&nbsp; 956700 |
| &nbsp;&nbsp; 3000000 | Pre-Paid Legal Services, Inc., 2021 Term Loan–2nd Lien, 11.384% (1-month USLIBOR +7.000%), 12/14/2029 | &nbsp;&nbsp; 2743125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3699825 |
|  | **Diversified Manufacturing—1.7%** |  |
| &nbsp;&nbsp; 1960351 | Gardner Denver, Inc., 2020 USD Term Loan B2–1st Lien, 6.173% (SOFR CME +1.750%), 3/1/2027 | &nbsp;&nbsp; 1947285 |
| &nbsp;&nbsp; 2329344 | Gates Global, LLC, 2021 Term Loan B3–1st Lien, 6.884% (1-month USLIBOR +2.500%), 3/31/2027 | &nbsp;&nbsp; 2284481 |
| &nbsp;&nbsp; 2793000 | Gates Global, LLC, 2022 Term Loan B4–1st Lien, 7.823% (SOFR CME +3.500%), 11/16/2029 | &nbsp;&nbsp; 2778169 |
| &nbsp;&nbsp; 972500 | Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan–1st Lien, 6.173% (SOFR CME +1.750%), 3/1/2027 | &nbsp;&nbsp; 966019 |
| &nbsp;&nbsp; 1400000 | Watlow Electric Manufacturing Co., 2022 Incremental Term Loan B–1st Lien, 9.269% (SOFR CME +5.000%), 3/2/2028 | &nbsp;&nbsp; 1386000 |
| &nbsp;&nbsp; 3420095 | Watlow Electric Manufacturing Co., Term Loan B–1st Lien, 8.153% (SOFR CME +3.750%), 3/2/2028 | &nbsp;&nbsp; 3298271 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 12660225 |
|  | **Financial Institutions—1.3%** |  |
| &nbsp;&nbsp; 4564354 | Sedgwick Claims Management Services, Inc., 2018 Term Loan B–1st Lien, 7.634% (1-month USLIBOR +3.250%), 12/31/2025 | &nbsp;&nbsp; 4447392 |
| &nbsp;&nbsp; 2862584 | Sedgwick Claims Management Services, Inc., 2019 Term Loan B–1st Lien, 8.134% (1-month USLIBOR +3.750%), 9/3/2026 | &nbsp;&nbsp; 2815051 |
| &nbsp;&nbsp; 2869040 | Sedgwick Claims Management Services, Inc., 2020 Term Loan B3–1st Lien, 8.634% (1-month USLIBOR +4.250%), 9/3/2026 | &nbsp;&nbsp; 2839991 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 10102434 |
|  | **Food & Beverage—0.8%** |  |
| &nbsp;&nbsp; 1865000 | Aramark Services, Inc., 2019 Term Loan B4–1st Lien, 6.134% (1-month USLIBOR +1.750%), 1/15/2027 | &nbsp;&nbsp; 1839123 |
| &nbsp;&nbsp; 2947575 | City Brewing Co., LLC, Closing Date Term Loan–1st Lien, 7.792% (1-month USLIBOR +3.500%), 4/5/2028 | &nbsp;&nbsp; 1322725 |
| &nbsp;&nbsp; 2636667 | US Foods, Inc., 2021 Term Loan B–1st Lien, 7.134% (1-month USLIBOR +2.750%), 11/22/2028 | &nbsp;&nbsp; 2628928 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5790776 |
|  | **Gaming—2.7%** |  |
| &nbsp;&nbsp; 2496703 | Caesars Resort Collection, LLC, 2017 Term Loan B–1st Lien, 7.134% (1-month USLIBOR +2.750%), 12/23/2024 | &nbsp;&nbsp; 2494306 |
| &nbsp;&nbsp; 1938285 | Caesars Resort Collection, LLC, 2020 Term Loan B1–1st Lien, 7.884% (1-month USLIBOR +3.500%), 7/21/2025 | &nbsp;&nbsp; 1935968 |
| &nbsp;&nbsp; 2772116 | Golden Entertainment, Inc., 2017 Term Loan–1st Lien, 7.390% (1-month USLIBOR +3.000%), 10/21/2024 | &nbsp;&nbsp; 2768651 |

---

Semi-Annual Shareholder Report

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| FLOATING RATE LOANS—continued |  |
|  | **Gaming—continued** |  |
| $3731250 | Great Canadian Gaming Corp., 2021 Term Loan–1st Lien, 8.753% (3-month USLIBOR +4.000%), 11/1/2026 | $3673714 |
| &nbsp;&nbsp; 3304170 | J&J Ventures Gaming, LLC, Term Loan–1st Lien, 8.730% (3-month USLIBOR +4.000%), 4/26/2028 | &nbsp;&nbsp; 3176133 |
| &nbsp;&nbsp; 3491250 | Scientific Games Holdings, LP, 2022 USD Term Loan B–1st Lien, 7.097% (SOFR CME +3.500%), 4/4/2029 | &nbsp;&nbsp; 3337967 |
| &nbsp;&nbsp; 1990000 | Scientific Games International, Inc., 2022 USD Term Loan–1st Lien, 7.417% (SOFR CME +3.000%), 4/14/2029 | &nbsp;&nbsp; 1967971 |
| &nbsp;&nbsp; 977575 | Stars Group Holdings B.V., 2018 USD Incremental Term Loan–1st Lien, 6.980% (3-month USLIBOR +2.250%), 7/21/2026 | &nbsp;&nbsp; 965625 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 20320335 |
|  | **Health Care—9.6%** |  |
| &nbsp;&nbsp; 3761432 | AHP Health Partners, Inc., 2021 Term Loan B–1st Lien, 7.884% (1-month USLIBOR +3.500%), 8/24/2028 | &nbsp;&nbsp; 3703845 |
| &nbsp;&nbsp; 434162<br><sup>2</sup> <br>| Athenahealth, Inc., 2022 Delayed Draw Term Loan–1st Lien, TBD (unfunded), 2/15/2029 | &nbsp;&nbsp; 393073 |
| &nbsp;&nbsp; 2548746 | Athenahealth, Inc., 2022 Term Loan B–1st Lien, 7.821% (SOFR CME +3.500%), 2/15/2029 | &nbsp;&nbsp; 2307533 |
| &nbsp;&nbsp; 2814542 | Avantor Funding, Inc., 2021 Term Loan B5–1st Lien, 6.634% (1-month USLIBOR +2.250%), 11/8/2027 | &nbsp;&nbsp; 2805747 |
| &nbsp;&nbsp; 2985000 | Bausch & Lomb, Inc., Term Loan–1st Lien, 7.842% (SOFR CME +3.250%), 5/10/2027 | &nbsp;&nbsp; 2847421 |
| &nbsp;&nbsp; 2068944 | Carestream Dental Equipment, Inc., 2017 Term Loan–1st Lien, 7.634% (1-month USLIBOR +3.250%), 9/1/2024 | &nbsp;&nbsp; 1932745 |
| &nbsp;&nbsp; 2064013 | Carestream Dental Equipment, Inc., 2021 Term Loan–1st Lien, 8.884% (1-month USLIBOR +4.500%), 9/1/2024 | &nbsp;&nbsp; 2053693 |
| &nbsp;&nbsp; 5000000 | Carestream Dental Equipment, Inc., 2021 Term Loan–2nd Lien, 12.384% (1-month USLIBOR +8.000%), 9/1/2025 | &nbsp;&nbsp; 4700000 |
| &nbsp;&nbsp; 1114685 | Carestream Health, Inc., 2022 Term Loan–1st Lien, 12.180% (SOFR CME +7.500%), 9/30/2027 | &nbsp;&nbsp; 852734 |
| &nbsp;&nbsp; 2414175 | Curium BidCo S.a r.l., 2020 USD Term Loan–1st Lien, 8.980% (1-month USLIBOR +4.250%, 3-month USLIBOR <br> +4.250%), 12/2/2027<br>| &nbsp;&nbsp; 2359856 |
| &nbsp;&nbsp; 629921<br><sup>2</sup> <br>| Dermatology Intermediate Holdings III, Inc., 2022 Delayed Draw Term Loan–1st Lien, 4.000%–8.573% (SOFR CME +4.250%) <br> (partially unfunded), 3/30/2029<br>| &nbsp;&nbsp; 615748 |
| &nbsp;&nbsp; 3353228 | Dermatology Intermediate Holdings III, Inc., 2022 Term Loan B–1st Lien, 8.573% (SOFR CME +4.250%), 3/30/2029 | &nbsp;&nbsp; 3277781 |
| &nbsp;&nbsp; 11586773 | Exactech, Inc., 2018 Term Loan B–1st Lien, 8.134% (1-month USLIBOR +3.750%), 2/14/2025 | &nbsp;&nbsp; 8863881 |
| &nbsp;&nbsp; 1816892 | Global Medical Response, Inc., 2017 Incremental Term Loan–1st Lien, 8.634% (1-month USLIBOR +4.250%), 3/14/2025 | &nbsp;&nbsp; 1298324 |
| &nbsp;&nbsp; 2353184 | Global Medical Response, Inc., 2020 Term Loan B–1st Lien, 8.422% (1-month USLIBOR +4.250%), 10/2/2025 | &nbsp;&nbsp; 1663419 |
| &nbsp;&nbsp; 893653 | IQVIA, Inc., 2017 USD Term Loan B2–1st Lien, 6.134% (1-month USLIBOR +1.750%), 1/17/2025 | &nbsp;&nbsp; 892911 |
| &nbsp;&nbsp; 2264446 | IQVIA, Inc., 2018 USD Term Loan B3–1st Lien, 6.480% (3-month USLIBOR +1.750%), 6/11/2025 | &nbsp;&nbsp; 2258083 |
| &nbsp;&nbsp; 1985000 | MDVIP, Inc., 2021 Term Loan–1st Lien, 7.889% (1-month USLIBOR +3.500%), 10/16/2028 | &nbsp;&nbsp; 1900637 |
| &nbsp;&nbsp; 1000000 | MDVIP, Inc., 2021 Term Loan–2nd Lien, 10.889% (1-month USLIBOR +6.500%), 10/15/2029 | &nbsp;&nbsp; 860000 |
| &nbsp;&nbsp; 2471281 | Medline Borrower, LP, USD Term Loan B–1st Lien, 7.634% (1-month USLIBOR +3.250%), 10/23/2028 | &nbsp;&nbsp; 2352919 |
| &nbsp;&nbsp; 3792375 | MH Sub I, LLC, 2017 Term Loan–1st Lien, 8.134% (1-month USLIBOR +3.750%), 9/13/2024 | &nbsp;&nbsp; 3692294 |
| &nbsp;&nbsp; 4050675 | MH Sub I, LLC, 2020 Incremental Term Loan–1st Lien, 8.134% (1-month USLIBOR +3.750%), 9/13/2024 | &nbsp;&nbsp; 3945074 |
| &nbsp;&nbsp; 5750000 | MH Sub I, LLC, 2021 Term Loan–2nd Lien, 10.649% (SOFR CME +6.250%), 2/23/2029 | &nbsp;&nbsp; 5149844 |
| &nbsp;&nbsp; 2952575 | MPH Acquisition Holdings, LLC, 2021 Term Loan B–1st Lien, 8.985% (3-month USLIBOR +4.250%), 9/1/2028 | &nbsp;&nbsp; 2535524 |
| &nbsp;&nbsp; 2945651 | National Mentor Holdings, Inc., 2021 Term Loan–1st Lien, 8.140%–8.480% (1-month USLIBOR +3.750%, 3-month USLIBOR <br> +3.750%), 3/2/2028<br>| &nbsp;&nbsp; 2075049 |
| &nbsp;&nbsp; 2000000 | National Mentor Holdings, Inc., 2021 Term Loan–2nd Lien, 11.980% (3-month USLIBOR +7.250%), 3/2/2029 | &nbsp;&nbsp; 1332500 |
| &nbsp;&nbsp; 42951 | National Mentor Holdings, Inc., 2021 Term Loan C–1st Lien, 8.480% (3-month USLIBOR +3.750%), 3/2/2028 | &nbsp;&nbsp; 30256 |
| &nbsp;&nbsp; 1942173 | Navicure, Inc., 2019 Term Loan B–1st Lien, 8.384% (1-month USLIBOR +4.000%), 10/22/2026 | &nbsp;&nbsp; 1913040 |
| &nbsp;&nbsp; 1345456 | RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B–1st Lien, 8.165% (3-month USLIBOR +3.750%), 11/16/2025 | &nbsp;&nbsp; 1271624 |
| &nbsp;&nbsp; 987500 | Signify Health, LLC, 2021 Term Loan B–1st Lien, 7.730% (3-month USLIBOR +3.000%), 6/22/2028 | &nbsp;&nbsp; 977625 |
| &nbsp;&nbsp; 2384161 | Team Health Holdings, Inc., 2022 Term Loan B–1st Lien, 9.573% (SOFR CME +5.250%), 3/2/2027 | &nbsp;&nbsp; 1803773 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 72666953 |
|  | **Independent Energy—1.1%** |  |
| &nbsp;&nbsp; 7750000 | Ascent Resources Utica Holdings, LLC, 2020 Fixed Term Loan–2nd Lien, 12.941% (3-month USLIBOR +9.000%), 11/1/2025 | &nbsp;&nbsp; 8215000 |
|  | **Industrial - Other—3.6%** |  |
| &nbsp;&nbsp; 997500 | FCG Acquisitions, Inc., 2022 Incremental Term Loan–1st Lien, 9.330% (SOFR CME +4.750%), 3/31/2028 | &nbsp;&nbsp; 960094 |
| &nbsp;&nbsp; 2751980 | Filtration Group Corp., 2018 Term Loan–1st Lien, 7.384% (1-month USLIBOR +3.000%), 3/29/2025 | &nbsp;&nbsp; 2729056 |
| &nbsp;&nbsp; 2701960 | Filtration Group Corp., 2021 Incremental Term Loan–1st Lien, 7.884% (1-month USLIBOR +3.500%), 10/21/2028 | &nbsp;&nbsp; 2659175 |
| &nbsp;&nbsp; 3082285 | Fluid-Flow Products, Inc., Term Loan–1st Lien, 8.480% (3-month USLIBOR +3.750%), 3/31/2028 | &nbsp;&nbsp; 2938774 |
| &nbsp;&nbsp; 1500000 | Fluid-Flow Products, Inc., Term Loan–2nd Lien, 11.480% (3-month USLIBOR +6.750%), 3/29/2029 | &nbsp;&nbsp; 1417500 |
| &nbsp;&nbsp; 2932582 | Madison IAQ, LLC, Term Loan–1st Lien, 7.988% (3-month USLIBOR +3.250%), 6/21/2028 | &nbsp;&nbsp; 2735747 |

---

Semi-Annual Shareholder Report

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| FLOATING RATE LOANS—continued |  |
|  | **Industrial - Other—continued** |  |
| $2942488 | Resideo Funding, Inc., 2021 Term Loan–1st Lien, 6.550%–6.880% (1-month USLIBOR +2.250%, 3-month USLIBOR <br> +2.250%), 2/11/2028<br>| $2925951 |
| &nbsp;&nbsp; 3391500 | SPX Flow, Inc., 2022 Term Loan–1st Lien, 8.923% (SOFR CME +4.500%), 4/5/2029 | &nbsp;&nbsp; 3176513 |
| &nbsp;&nbsp; 3902181 | Vectra Co., Term Loan–1st Lien, 7.634% (1-month USLIBOR +3.250%), 3/8/2025 | &nbsp;&nbsp; 3105160 |
| &nbsp;&nbsp; 1561650 | Vectra Co., Term Loan–2nd Lien, 11.634% (1-month USLIBOR +7.250%), 3/8/2026 | &nbsp;&nbsp; 780825 |
| &nbsp;&nbsp; 3871447 | Vertical US Newco, Inc., Term Loan B–1st Lien, 6.871% (6-month USLIBOR +3.500%), 7/30/2027 | &nbsp;&nbsp; 3735056 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 27163851 |
|  | **Insurance - P&C—4.9%** |  |
| &nbsp;&nbsp; 2796061 | AmWINS Group, Inc., 2021 Term Loan B–1st Lien, 6.634% (1-month USLIBOR +2.250%), 2/19/2028 | &nbsp;&nbsp; 2749968 |
| &nbsp;&nbsp; 2633729 | AssuredPartners, Inc., 2020 Term Loan B–1st Lien, 7.884% (1-month USLIBOR +3.500%), 2/12/2027 | &nbsp;&nbsp; 2564054 |
| &nbsp;&nbsp; 2888289 | AssuredPartners, Inc., 2021 Term Loan B–1st Lien, 7.884% (1-month USLIBOR +3.500%), 2/12/2027 | &nbsp;&nbsp; 2804529 |
| &nbsp;&nbsp; 1845375 | AssuredPartners, Inc., 2022 Term Loan B4–1st Lien, 8.573% (SOFR CME +4.250%), 2/12/2027 | &nbsp;&nbsp; 1836157 |
| &nbsp;&nbsp; 1775934 | Asurion, LLC, 2018 Term Loan B7–1st Lien, 7.384% (1-month USLIBOR +3.000%), 11/3/2024 | &nbsp;&nbsp; 1729316 |
| &nbsp;&nbsp; 1525105 | Asurion, LLC, 2020 Term Loan B8–1st Lien, 7.634% (1-month USLIBOR +3.250%), 12/23/2026 | &nbsp;&nbsp; 1363383 |
| &nbsp;&nbsp; 1250000 | Asurion, LLC, 2021 Term Loan B3–2nd Lien, 9.634% (1-month USLIBOR +5.250%), 1/31/2028 | &nbsp;&nbsp; 982288 |
| &nbsp;&nbsp; 2000000 | Asurion, LLC, 2021 Term Loan B4–2nd Lien, 9.634% (1-month USLIBOR +5.250%), 1/20/2029 | &nbsp;&nbsp; 1566430 |
| &nbsp;&nbsp; 1945152 | Asurion, LLC, 2021 Term Loan B9–1st Lien, 7.634% (1-month USLIBOR +3.250%), 7/31/2027 | &nbsp;&nbsp; 1708096 |
| &nbsp;&nbsp; 1995000 | Asurion, LLC, 2022 Term Loan B10–1st Lien, 8.680% (SOFR CME +4.000%), 8/19/2028 | &nbsp;&nbsp; 1785026 |
| &nbsp;&nbsp; 3686586 | Hub International Ltd., 2018 Term Loan B–1st Lien, 7.327% (3-month USLIBOR +3.000%), 4/25/2025 | &nbsp;&nbsp; 3652227 |
| &nbsp;&nbsp; 2364619 | Hub International Ltd., 2021 Term Loan B–1st Lien, 7.528% (3-month USLIBOR +3.250%), 4/25/2025 | &nbsp;&nbsp; 2346612 |
| &nbsp;&nbsp; 1900000 | Hub International Ltd., 2022 Term Loan B–1st Lien, 8.220% (SOFR CME +4.000%), 11/10/2029 | &nbsp;&nbsp; 1882586 |
| &nbsp;&nbsp; 3059611 | NFP Corp., 2020 Term Loan–1st Lien, 7.634% (1-month USLIBOR +3.250%), 2/15/2027 | &nbsp;&nbsp; 2933953 |
| &nbsp;&nbsp; 1905279 | Ryan Specialty Group, LLC, Term Loan–1st Lien, 7.423% (SOFR CME +3.000%), 9/1/2027 | &nbsp;&nbsp; 1896553 |
| &nbsp;&nbsp; 2327122 | USI, Inc., 2017 Repriced Term Loan–1st Lien, 8.480% (3-month USLIBOR +2.750%), 5/16/2024 | &nbsp;&nbsp; 2326144 |
| &nbsp;&nbsp; 2425081 | USI, Inc., 2019 Incremental Term Loan B–1st Lien, 7.980% (3-month USLIBOR +3.250%), 12/2/2026 | &nbsp;&nbsp; 2413332 |
| &nbsp;&nbsp; 393182 | USI, Inc., 2022 Incremental Term Loan–1st Lien, 8.330% (SOFR CME +3.750%), 11/22/2029 | &nbsp;&nbsp; 390233 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 36930887 |
|  | **Leisure—0.5%** |  |
| &nbsp;&nbsp; 3850000 | Formula One Holdings Ltd., Term Loan B–1st Lien, 7.573% (SOFR CME +3.250%), 1/15/2030 | &nbsp;&nbsp; 3852887 |
|  | **Lodging—0.7%** |  |
| &nbsp;&nbsp; 2822176 | Alterra Mountain Co., Term Loan B1–1st Lien, 7.134% (1-month USLIBOR +2.750%), 7/31/2024 | &nbsp;&nbsp; 2817591 |
| &nbsp;&nbsp; 2850000 | Four Seasons Hotels Ltd., 2022 Term Loan B–1st Lien, 7.673% (SOFR CME +3.250%), 11/30/2029 | &nbsp;&nbsp; 2854061 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5671652 |
|  | **Media Entertainment—6.2%** |  |
| &nbsp;&nbsp; 3000000 | AVSC Holding Corp., 2018 Term Loan–2nd Lien, 11.422% (1-month USLIBOR +7.250%), 9/1/2025 | &nbsp;&nbsp; 2452230 |
| &nbsp;&nbsp; 2838631 | AVSC Holding Corp., 2020 Term Loan B1–1st Lien, 7.935% (7.865% Cash 1-month USLIBOR +3.250%, 0.250% PIK), 3/3/2025 | &nbsp;&nbsp; 2615274 |
| &nbsp;&nbsp; 1485474 | AVSC Holding Corp., 2020 Term Loan B2–1st Lien, 9.685% (8.685% Cash 3-month USLIBOR +4.500%, 1.000% <br> PIK), 10/15/2026<br>| &nbsp;&nbsp; 1374687 |
| &nbsp;&nbsp; 2804423 | Clear Channel Outdoor Holdings, Inc., Term Loan B–1st Lien, 7.915% (3-month USLIBOR +3.500%), 8/21/2026 | &nbsp;&nbsp; 2560789 |
| &nbsp;&nbsp; 3143743 | Comet Bidco Ltd., 2018 USD Term Loan B–1st Lien, 10.210% (6-month USLIBOR +5.000%), 9/30/2024 | &nbsp;&nbsp; 2237952 |
| &nbsp;&nbsp; 2149162 | Cumulus Media New Holdings, Inc., Term Loan B–1st Lien, 8.134% (1-month USLIBOR +3.750%), 3/31/2026 | &nbsp;&nbsp; 2021287 |
| &nbsp;&nbsp; 947500 | E.W. Scripps Co. (The), 2018 Term Loan B–1st Lien, 6.384% (1-month USLIBOR +2.000%), 10/2/2024 | &nbsp;&nbsp; 932302 |
| &nbsp;&nbsp; 3105490 | Emerald Expositions Holding, Inc., 2017 Term Loan B–1st Lien, 6.884% (1-month USLIBOR +2.500%), 5/22/2024 | &nbsp;&nbsp; 3043380 |
| &nbsp;&nbsp; 1504058 | Entercom Media Corp., 2019 Term Loan–1st Lien, 6.889% (1-month USLIBOR +2.500%), 11/18/2024 | &nbsp;&nbsp; 1085207 |
| &nbsp;&nbsp; 1972556 | Gray Television, Inc., 2021 Term Loan D–1st Lien, 7.120% (1-month USLIBOR +3.000%), 12/1/2028 | &nbsp;&nbsp; 1919751 |
| &nbsp;&nbsp; 2712611 | iHeartCommunications, Inc., 2020 Incremental Term Loan–1st Lien, 7.634% (1-month USLIBOR +3.250%), 5/1/2026 | &nbsp;&nbsp; 2506616 |
| &nbsp;&nbsp; 5744143 | Magnite, Inc., Term Loan–1st Lien, 8.570%–9.740% (1-month USLIBOR +5.000%, 3-month USLIBOR +5.000%, 6-month <br> USLIBOR +5.000%), 4/28/2028<br>| &nbsp;&nbsp; 5409087 |
| &nbsp;&nbsp; 1874641 | NEP Group, Inc., Incremental Term Loan B–1st Lien, 8.384% (1-month USLIBOR +4.000%), 10/20/2025 | &nbsp;&nbsp; 1641492 |
| &nbsp;&nbsp; 2750820 | NEP/NCP Holdco, Inc., 2018 Term Loan–1st Lien, 7.634% (1-month USLIBOR +3.250%), 10/20/2025 | &nbsp;&nbsp; 2385195 |
| &nbsp;&nbsp; 3500000 | NEP/NCP Holdco, Inc., 2018 Term Loan–2nd Lien, 11.384% (1-month USLIBOR +7.000%), 10/19/2026 | &nbsp;&nbsp; 2620625 |

---

Semi-Annual Shareholder Report

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| FLOATING RATE LOANS—continued |  |
|  | **Media Entertainment—continued** |  |
| $1528190 | Nexstar Broadcasting, Inc., 2019 Term Loan B4–1st Lien, 6.884% (1-month USLIBOR +2.500%), 9/18/2026 | $1518448 |
| &nbsp;&nbsp; 526866 | Outfront Media Capital, LLC, 2019 Term Loan B–1st Lien, 6.134% (1-month USLIBOR +1.750%), 11/18/2026 | &nbsp;&nbsp; 508921 |
| &nbsp;&nbsp; 4321070 | Recorded Books Inc., 2021 Term Loan–1st Lien, 8.323% (SOFR CME +4.000%), 8/29/2025 | &nbsp;&nbsp; 4236572 |
| &nbsp;&nbsp; 1490006 | Sinclair Television Group, Inc., 2022 Term Loan B4–1st Lien, 8.173% (SOFR CME +3.750%), 4/21/2029 | &nbsp;&nbsp; 1420348 |
| &nbsp;&nbsp; 2975013 | Univision Communications, Inc., 2022 Term Loan B–1st Lien, 7.634% (1-month USLIBOR +3.250%), 1/31/2029 | &nbsp;&nbsp; 2895996 |
| &nbsp;&nbsp; 1890500 | Univision Communications, Inc., 2022 Term Loan B–1st Lien, 8.830% (SOFR CME +4.250%), 6/24/2029 | &nbsp;&nbsp; 1872540 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 47258699 |
|  | **Metals & Mining—0.2%** |  |
| &nbsp;&nbsp; 1471275 | Grinding Media, Inc., 2021 Term Loan B–1st Lien, 7.702%–8.765% (3-month USLIBOR +4.000%), 10/12/2028 | &nbsp;&nbsp; 1375642 |
|  | **Oil Field Services—0.2%** |  |
| &nbsp;&nbsp; 1870313 | ChampionX Corp., 2022 Term Loan B1–1st Lien, 7.567% (SOFR CME +3.250%), 6/7/2029 | &nbsp;&nbsp; 1866806 |
|  | **Other—0.6%** |  |
| &nbsp;&nbsp; 2000000 | ABG Intermediate Holdings 2, LLC, 2021 Term Loan–2nd Lien, 10.423% (SOFR CME +6.000%), 12/20/2029 | &nbsp;&nbsp; 1837500 |
| &nbsp;&nbsp; 2982506 | ABG Intermediate Holdings 2, LLC, 2021 Term Loan B1–1st Lien, 7.923% (SOFR CME +3.500%), 12/21/2028 | &nbsp;&nbsp; 2894895 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4732395 |
|  | **Packaging—1.8%** |  |
| &nbsp;&nbsp; 166667<br><sup>3</sup> <br>| Anchor Glass Container Corp., 2016 Term Loan–2nd Lien, 11.534% (3-month USLIBOR +7.750%), 12/7/2024 | &nbsp;&nbsp; 33333 |
| &nbsp;&nbsp; 235200 | Anchor Glass Container Corp., 2020 Incremental Term Loan–1st Lien, 9.730% (3-month USLIBOR +5.000%), 12/7/2023 | &nbsp;&nbsp; 174048 |
| &nbsp;&nbsp; 5800336 | Charter NEX US, Inc., 2021 Term Loan–1st Lien, 8.134% (1-month USLIBOR +3.750%), 12/1/2027 | &nbsp;&nbsp; 5644916 |
| &nbsp;&nbsp; 2382140 | Clydesdale Acquisition Holdings, Inc., Term Loan B–1st Lien, 8.598% (SOFR CME +4.175%), 4/13/2029 | &nbsp;&nbsp; 2274646 |
| &nbsp;&nbsp; 2212510 | Trident TPI Holdings, Inc., 2017 USD Term Loan B1–1st Lien, 7.980% (3-month USLIBOR +3.250%), 10/17/2024 | &nbsp;&nbsp; 2190728 |
| &nbsp;&nbsp; 429458<br><sup>2</sup> <br>| Trident TPI Holdings, Inc., 2021 Delayed Draw Term Loan–1st Lien, 4.000%–8.726% (1-month USLIBOR +4.000%, 3-month <br> USLIBOR +4.000%) (partially unfunded), 9/15/2028<br>| &nbsp;&nbsp; 413431 |
| &nbsp;&nbsp; 3014506 | Trident TPI Holdings, Inc., 2021 Incremental Term Loan–1st Lien, 8.726% (3-month USLIBOR +4.000%), 9/15/2028 | &nbsp;&nbsp; 2902004 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 13633106 |
|  | **Pharmaceuticals—1.9%** |  |
| &nbsp;&nbsp; 1950000 | Bausch Health Cos., Inc., 2022 Term Loan B–1st Lien, 9.667% (SOFR CME +5.250%), 2/1/2027 | &nbsp;&nbsp; 1490132 |
| &nbsp;&nbsp; 2848274 | ICON Luxembourg S.a.r.l., LUX Term Loan–1st Lien, 7.000% (3-month USLIBOR +2.250%), 7/3/2028 | &nbsp;&nbsp; 2843304 |
| &nbsp;&nbsp; 1631664 | Jazz Financing Lux S.a.r.l., USD Term Loan–1st Lien, 7.884% (1-month USLIBOR +3.500%), 5/5/2028 | &nbsp;&nbsp; 1619810 |
| &nbsp;&nbsp; 1077110 | Mallinckrodt International Finance S.A., 2022 USD Exit Term Loan–1st Lien, 9.986% (3-month USLIBOR +5.250%), 9/30/2027 | &nbsp;&nbsp; 819874 |
| &nbsp;&nbsp; 3907136 | Mallinckrodt International Finance S.A., 2022 USD Exit Term Loan–1st Lien, 10.236% (3-month USLIBOR +5.500%), 9/30/2027 | &nbsp;&nbsp; 2974307 |
| &nbsp;&nbsp; 3654144 | Organon & Co., USD Term Loan–1st Lien, 7.750% (3-month USLIBOR +3.000%), 6/2/2028 | &nbsp;&nbsp; 3627725 |
| &nbsp;&nbsp; 709649 | PRA Health Sciences, Inc., US Term Loan–1st Lien, 7.000% (3-month USLIBOR +2.250%), 7/3/2028 | &nbsp;&nbsp; 708411 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 14083563 |
|  | **Restaurant—0.7%** |  |
| &nbsp;&nbsp; 2240607 | 1011778 B.C. Unlimited Liability Co., Term Loan B4–1st Lien, 6.134%–6.165% (1-month USLIBOR +1.750%, 3-month <br> USLIBOR +1.750%), 11/19/2026<br>| &nbsp;&nbsp; 2206393 |
| &nbsp;&nbsp; 3391434 | IRB Holding Corp., 2022 Term Loan B–1st Lien, 7.317% (SOFR CME +3.000%), 12/15/2027 | &nbsp;&nbsp; 3296474 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5502867 |
|  | **Retailers—0.4%** |  |
| &nbsp;&nbsp; 931087 | Academy Ltd., 2021 Term Loan–1st Lien, 7.870% (1-month USLIBOR +3.750%), 11/5/2027 | &nbsp;&nbsp; 927204 |
| &nbsp;&nbsp; 2421370 | Petco Health and Wellness Co., Inc., 2021 Term Loan B–1st Lien, 7.976% (3-month USLIBOR +3.250%), 3/3/2028 | &nbsp;&nbsp; 2354032 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3281236 |
|  | **Services—2.6%** |  |
| &nbsp;&nbsp; 3875000 | Covetrus, Inc., Term Loan–1st Lien, 9.580% (SOFR CME +5.000%), 10/13/2029 | &nbsp;&nbsp; 3640563 |
| &nbsp;&nbsp; 3945038 | RLG Holdings, LLC, 2021 Term Loan–1st Lien, 8.384% (1-month USLIBOR +4.000%), 7/7/2028 | &nbsp;&nbsp; 3724786 |
| &nbsp;&nbsp; 4000000 | RLG Holdings, LLC, 2021 Term Loan–2nd Lien, 11.884% (1-month USLIBOR +7.500%), 7/6/2029 | &nbsp;&nbsp; 3770000 |
| &nbsp;&nbsp; 3935808 | Service Logic Acquisition, Inc., Term Loan–1st Lien, 7.688%–8.415% (3-month USLIBOR +4.000%), 10/29/2027 | &nbsp;&nbsp; 3739017 |
| &nbsp;&nbsp; 3724688 | USIC Holdings, Inc., 2021 Term Loan–1st Lien, 7.884% (1-month USLIBOR +3.500%), 5/12/2028 | &nbsp;&nbsp; 3563391 |
| &nbsp;&nbsp; 1000000 | USIC Holdings, Inc., 2021 Term Loan–2nd Lien, 10.884% (1-month USLIBOR +6.500%), 5/14/2029 | &nbsp;&nbsp; 941670 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 19379427 |

---

Semi-Annual Shareholder Report

**6**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| FLOATING RATE LOANS—continued |  |
|  | **Technology—18.7%** |  |
| $3980000 | Altar Bidco, Inc., 2021 Term Loan–1st Lien, 5.500%–7.993% (SOFR CME +3.100%, SOFR CME +3.500%), 2/1/2029 | $3811686 |
| &nbsp;&nbsp; 2000000 | Altar Bidco, Inc., 2021 Term Loan–2nd Lien, 10.512% (SOFR CME +5.600%), 2/1/2030 | &nbsp;&nbsp; 1716250 |
| &nbsp;&nbsp; 2650189 | Applied Systems, Inc., 2017 Term Loan–1st Lien, 9.080% (3-month USLIBOR +3.000%), 9/19/2024 | &nbsp;&nbsp; 2645141 |
| &nbsp;&nbsp; 2968794 | AppLovin Corp., 2021 Term Loan B–1st Lien, 9.500% (PRIME +2.000%), 10/25/2028 | &nbsp;&nbsp; 2827776 |
| &nbsp;&nbsp; 1932595 | Atlas Purchaser, Inc., 2021 Term Loan–1st Lien, 9.807% (3-month USLIBOR +5.250%), 5/8/2028 | &nbsp;&nbsp; 1368519 |
| &nbsp;&nbsp; 1000000 | Atlas Purchaser, Inc., 2021 Term Loan–2nd Lien, 14.202% (3-month USLIBOR +9.000%), 5/7/2029 | &nbsp;&nbsp; 690000 |
| &nbsp;&nbsp; 1982250 | Banff Merger Sub, Inc., 2021 USD Term Loan–1st Lien, 8.134% (1-month USLIBOR +3.750%), 10/2/2025 | &nbsp;&nbsp; 1902514 |
| &nbsp;&nbsp; 3000000 | Banff Merger Sub, Inc., 2021 USD Term Loan–2nd Lien, 9.884% (1-month USLIBOR +5.500%), 2/27/2026 | &nbsp;&nbsp; 2774070 |
| &nbsp;&nbsp; 3750000 | Barracuda Networks, Inc., 2022 Term Loan–1st Lien, 8.594% (SOFR CME +4.500%), 8/15/2029 | &nbsp;&nbsp; 3622912 |
| &nbsp;&nbsp; 4000000 | Barracuda Networks, Inc., 2022 Term Loan–2nd Lien, 11.094% (SOFR CME +7.000%), 8/15/2030 | &nbsp;&nbsp; 3655000 |
| &nbsp;&nbsp; 1980000 | CCC Intelligent Solutions, Inc., Term Loan–1st Lien, 6.634% (1-month USLIBOR +2.250%), 9/21/2028 | &nbsp;&nbsp; 1968120 |
| &nbsp;&nbsp; 2850000 | CDK Global, Inc., 2022 USD Term Loan B–1st Lien, 9.080% (SOFR CME +4.500%), 7/6/2029 | &nbsp;&nbsp; 2829109 |
| &nbsp;&nbsp; 2970025 | Cloudera, Inc., 2021 Term Loan–1st Lien, 8.134% (1-month USLIBOR +3.750%), 10/8/2028 | &nbsp;&nbsp; 2809926 |
| &nbsp;&nbsp; 3000000 | Cloudera, Inc., 2021 Term Loan–2nd Lien, 10.384% (1-month USLIBOR +6.000%), 10/8/2029 | &nbsp;&nbsp; 2516250 |
| &nbsp;&nbsp; 1452620 | CoreLogic, Inc., Term Loan–1st Lien, 7.938% (1-month USLIBOR +3.500%), 6/2/2028 | &nbsp;&nbsp; 1217027 |
| &nbsp;&nbsp; 1959698 | DCert Buyer, Inc., 2019 Term Loan B–1st Lien, 8.696% (SOFR CME +4.000%), 10/16/2026 | &nbsp;&nbsp; 1897409 |
| &nbsp;&nbsp; 2000000 | DCert Buyer, Inc., 2021 Term Loan–2nd Lien, 11.696% (6-month USLIBOR +7.000%), 2/19/2029 | &nbsp;&nbsp; 1834000 |
| &nbsp;&nbsp; 1901936 | Diebold, Inc., 2017 USD Term Loan B–1st Lien, 7.000% (1-month USLIBOR +2.750%), 11/6/2023 | &nbsp;&nbsp; 1346514 |
| &nbsp;&nbsp; 4738211 | Digi International, Inc., Term Loan B–1st Lien, 9.384% (1-month USLIBOR +5.000%), 11/1/2028 | &nbsp;&nbsp; 4702674 |
| &nbsp;&nbsp; 1757451 | Dun & Bradstreet Corp. (The), Term Loan–1st Lien, 7.639% (1-month USLIBOR +3.250%), 2/6/2026 | &nbsp;&nbsp; 1744428 |
| &nbsp;&nbsp; 2900203 | Epicor Software Corp., 2020 Term Loan–1st Lien, 7.634% (1-month USLIBOR +3.250%), 7/30/2027 | &nbsp;&nbsp; 2791272 |
| &nbsp;&nbsp; 3205292 | Gainwell Acquisition Corp., Term Loan B–1st Lien, 8.730% (3-month USLIBOR +4.000%), 10/1/2027 | &nbsp;&nbsp; 3016981 |
| &nbsp;&nbsp; 922901 | Go Daddy Operating Co., LLC, 2021 Term Loan B4–1st Lien, 6.384% (1-month USLIBOR +2.000%), 8/10/2027 | &nbsp;&nbsp; 915550 |
| &nbsp;&nbsp; 1000000 | Go Daddy Operating Co., LLC, 2022 Term Loan B5–1st Lien, 7.573% (SOFR CME +3.250%), 10/21/2029 | &nbsp;&nbsp; 999650 |
| &nbsp;&nbsp; 2325653 | GoTo Group, Inc., Term Loan B–1st Lien, 9.139% (1-month USLIBOR +4.750%), 8/31/2027 | &nbsp;&nbsp; 1507023 |
| &nbsp;&nbsp; 1800974 | Greeneden U.S. Holdings II, LLC, 2020 USD Term Loan B4–1st Lien, 8.384% (1-month USLIBOR +4.000%), 12/1/2027 | &nbsp;&nbsp; 1733068 |
| &nbsp;&nbsp; 3313772 | Hyland Software, Inc., 2018 Term Loan–1st Lien, 7.884% (1-month USLIBOR +3.500%), 7/1/2024 | &nbsp;&nbsp; 3276078 |
| &nbsp;&nbsp; 3280000 | Hyland Software, Inc., 2021 Term Loan–2nd Lien, 10.634% (1-month USLIBOR +6.250%), 7/7/2025 | &nbsp;&nbsp; 3119280 |
| &nbsp;&nbsp; 1959286 | II-VI, Inc., 2022 Term Loan B–1st Lien, 7.134% (3-month USLIBOR +2.750%), 7/2/2029 | &nbsp;&nbsp; 1943611 |
| &nbsp;&nbsp; 223307 | Marcel LUX IV S.a.r.l., 2020 USD Term Loan B–1st Lien, 8.414% (SOFR CME +4.000%), 12/31/2027 | &nbsp;&nbsp; 220515 |
| &nbsp;&nbsp; 746134 | Marcel LUX IV S.a.r.l., USD Term Loan B1–1st Lien, 7.664% (SOFR CME +3.250%), 3/15/2026 | &nbsp;&nbsp; 735412 |
| &nbsp;&nbsp; 1000000 | Mitchell International, Inc., 2021 Term Loan–2nd Lien, 11.235% (3-month USLIBOR +6.500%), 10/15/2029 | &nbsp;&nbsp; 835625 |
| &nbsp;&nbsp; 1732317 | Mitchell International, Inc., 2021 Term Loan B–1st Lien, 8.415% (3-month USLIBOR +3.750%), 10/15/2028 | &nbsp;&nbsp; 1601501 |
| &nbsp;&nbsp; 4785223 | MLN US Holdco, LLC, 2018 Term Loan–1st Lien, 8.252% (3-month USLIBOR +4.500%), 11/30/2025 | &nbsp;&nbsp; 1686791 |
| &nbsp;&nbsp; 2879848 | NCR Corp., 2019 Term Loan–1st Lien, 6.920% (3-month USLIBOR +2.500%), 8/28/2026 | &nbsp;&nbsp; 2804252 |
| &nbsp;&nbsp; 3500000 | NEXUS Buyer, LLC, 2021 Term Loan–2nd Lien, 10.634% (1-month USLIBOR +6.250%), 11/5/2029 | &nbsp;&nbsp; 3252095 |
| &nbsp;&nbsp; 3664043 | NEXUS Buyer, LLC, Term Loan B–1st Lien, 8.134% (1-month USLIBOR +3.750%), 11/9/2026 | &nbsp;&nbsp; 3516822 |
| &nbsp;&nbsp; 3400000<br><sup>2</sup> <br>| Open Text Corp., 2022 Term Loan B–1st Lien, TBD, 11/16/2029 | &nbsp;&nbsp; 3329025 |
| &nbsp;&nbsp; 2278902 | Optiv Security, Inc., Term Loan–1st Lien, 7.150% (3-month USLIBOR +3.250%), 2/1/2024 | &nbsp;&nbsp; 2185376 |
| &nbsp;&nbsp; 2000000 | Optiv Security, Inc., Term Loan–2nd Lien, 11.420% (3-month USLIBOR +7.250%), 1/31/2025 | &nbsp;&nbsp; 1866250 |
| &nbsp;&nbsp; 3713950 | Planview Parent, Inc., Term Loan–1st Lien, 8.730% (3-month USLIBOR +4.000%), 12/17/2027 | &nbsp;&nbsp; 3468550 |
| &nbsp;&nbsp; 2895900 | Project Alpha Intermediate Holding, Inc., 2021 Term Loan B–1st Lien, 8.390% (1-month USLIBOR +4.000%), 4/26/2024 | &nbsp;&nbsp; 2832190 |
| &nbsp;&nbsp; 2100507 | Project Boost Purchaser, LLC, 2019 Term Loan B–1st Lien, 7.884% (1-month USLIBOR +3.500%), 6/1/2026 | &nbsp;&nbsp; 2030266 |
| &nbsp;&nbsp; 1465032 | Project Boost Purchaser, LLC, 2021 Incremental Term Loan–1st Lien, 7.884% (1-month USLIBOR +3.500%), 5/30/2026 | &nbsp;&nbsp; 1416510 |
| &nbsp;&nbsp; 2912690 | Rackspace Technology Global, Inc., 2021 Term Loan B–1st Lien, 7.380% (3-month USLIBOR +2.750%), 2/15/2028 | &nbsp;&nbsp; 1835155 |
| &nbsp;&nbsp; 1338852 | Renaissance Holding Corp., 2018 Term Loan–1st Lien, 7.634% (1-month USLIBOR +3.250%), 5/30/2025 | &nbsp;&nbsp; 1279943 |
| &nbsp;&nbsp; 1500000 | Renaissance Holding Corp., 2018 Term Loan–2nd Lien, 11.384% (1-month USLIBOR +7.000%), 5/29/2026 | &nbsp;&nbsp; 1403745 |
| &nbsp;&nbsp; 1888380 | Renaissance Holding Corp., 2022 Incremental Term Loan–1st Lien, 8.717% (SOFR CME +4.500%), 3/30/2029 | &nbsp;&nbsp; 1820399 |
| &nbsp;&nbsp; 2827964 | Rocket Software, Inc., 2018 Term Loan–1st Lien, 8.637% (1-month USLIBOR +4.250%), 11/28/2025 | &nbsp;&nbsp; 2725804 |
| &nbsp;&nbsp; 2902500 | S2P Acquisition Borrower, Inc., Term Loan–1st Lien, 8.323% (SOFR CME +4.000%), 8/14/2026 | &nbsp;&nbsp; 2827398 |

---

Semi-Annual Shareholder Report

**7**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| FLOATING RATE LOANS—continued |  |
|  | **Technology—continued** |  |
| $1085087 | Science Applications International Corp., 2020 Incremental Term Loan B–1st Lien, 6.298% (SOFR CME +1.875%), 3/12/2027 | $1086986 |
| &nbsp;&nbsp; 1920000 | Severin Acquisition, LLC, 2018 Term Loan B–1st Lien, 7.094% (SOFR CME +3.000%), 8/1/2025 | &nbsp;&nbsp; 1910400 |
| &nbsp;&nbsp; 2487500 | Sophia, L.P., 2022 Incremental Term Loan B–1st Lien, 8.573% (SOFR CME +4.250%), 10/7/2027 | &nbsp;&nbsp; 2427390 |
| &nbsp;&nbsp; 1470141 | Sophia, LP, 2021 Term Loan B–1st Lien, 8.230% (3-month USLIBOR +3.500%), 10/7/2027 | &nbsp;&nbsp; 1422368 |
| &nbsp;&nbsp; 1020882 | SS&C Technologies, Inc., 2022 Term Loan B6–1st Lien, 6.673% (SOFR CME +2.250%), 3/22/2029 | &nbsp;&nbsp; 1004615 |
| &nbsp;&nbsp; 1538235 | SS&C Technologies, Inc., 2022 Term Loan B7–1st Lien, 6.673% (SOFR CME +2.250%), 3/22/2029 | &nbsp;&nbsp; 1513723 |
| &nbsp;&nbsp; 3092937 | Tempo Acquisition, LLC, 2022 Term Loan B–1st Lien, 7.323% (SOFR CME +3.000%), 8/31/2028 | &nbsp;&nbsp; 3088297 |
| &nbsp;&nbsp; 2000000 | Tibco Software, Inc., 2022 USD Term Loan–1st Lien, 9.180% (SOFR CME +4.500%), 3/30/2029 | &nbsp;&nbsp; 1791070 |
| &nbsp;&nbsp; 209322 | Trans Union, LLC, 2021 Term Loan B6–1st Lien, 6.634% (1-month USLIBOR +2.250%), 12/1/2028 | &nbsp;&nbsp; 207622 |
| &nbsp;&nbsp; 3398196 | Ultimate Software Group, Inc. (The), 2021 Term Loan–1st Lien, 6.998% (3-month USLIBOR +3.250%), 5/4/2026 | &nbsp;&nbsp; 3241030 |
| &nbsp;&nbsp; 3250000 | Ultimate Software Group, Inc. (The), 2021 Term Loan–2nd Lien, 8.998% (1-month USLIBOR +5.250%), 5/3/2027 | &nbsp;&nbsp; 2998937 |
| &nbsp;&nbsp; 2404091 | Ultimate Software Group, Inc. (The), Term Loan B–1st Lien, 8.134% (1-month USLIBOR +3.750%), 5/4/2026 | &nbsp;&nbsp; 2322520 |
| &nbsp;&nbsp; 2335865 | Veritas US, Inc., 2021 USD Term Loan B–1st Lien, 9.730% (3-month USLIBOR +5.000%), 9/1/2025 | &nbsp;&nbsp; 1659714 |
| &nbsp;&nbsp; 3937493 | VS Buyer, LLC, Term Loan B–1st Lien, 7.384% (1-month USLIBOR +3.000%), 2/28/2027 | &nbsp;&nbsp; 3836595 |
| &nbsp;&nbsp; 2940000 | Weld North Education, LLC, 2021 Term Loan B–1st Lien, 8.134% (1-month USLIBOR +3.750%), 12/21/2027 | &nbsp;&nbsp; 2887815 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp; 142254544 |
|  | **Transportation Services—1.6%** |  |
| &nbsp;&nbsp; 2917950 | Buckeye Partners, LP, 2021 Term Loan B–1st Lien, 6.634% (1-month USLIBOR +2.250%), 11/1/2026 | &nbsp;&nbsp; 2905344 |
| &nbsp;&nbsp; 2393846 | Genesee & Wyoming, Inc. (New), Term Loan–1st Lien, 6.730% (3-month USLIBOR +2.000%), 12/30/2026 | &nbsp;&nbsp; 2384426 |
| &nbsp;&nbsp; 1750000 | SkyMiles IP Ltd., 2020 Skymiles Term Loan B–1st Lien, 7.993% (3-month USLIBOR +3.750%), 10/20/2027 | &nbsp;&nbsp; 1787083 |
| &nbsp;&nbsp; 4887626 | United Airlines, Inc., 2021 Term Loan B–1st Lien, 8.108% (3-month USLIBOR +3.750%), 4/21/2028 | &nbsp;&nbsp; 4839777 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 11916630 |
|  | **Utility - Electric—0.8%** |  |
| &nbsp;&nbsp; 2016050 | Calpine Construction Finance Co., LP, 2017 Term Loan B–1st Lien, 6.384% (1-month USLIBOR +2.000%), 1/15/2025 | &nbsp;&nbsp; 2014156 |
| &nbsp;&nbsp; 1415385 | Calpine Corp., 2020 Term Loan B5–1st Lien, 6.890% (1-month USLIBOR +2.500%), 12/16/2027 | &nbsp;&nbsp; 1403644 |
| &nbsp;&nbsp; 2736250 | TerraForm Power Operating, LLC, 2022 Term Loan B–1st Lien, 7.430% (SOFR CME +2.750%), 5/21/2029 | &nbsp;&nbsp; 2720434 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 6138234 |
|  | **Wireless Communications—0.3%** |  |
| &nbsp;&nbsp; 2664371 | Iridium Satellite, LLC, 2021 Term Loan B2–1st Lien, 6.923% (1-month USLIBOR +2.500%), 11/4/2026 | &nbsp;&nbsp; 2644148 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FLOATING RATE LOANS <br>(IDENTIFIED COST $662,682,145)<br>| &nbsp;&nbsp; 624674085 |
|  | CORPORATE BONDS—6.8% |  |
|  | **Aerospace/Defense—0.3%** |  |
| &nbsp;&nbsp; 63000 | Howmet Aerospace, Inc., Sr. Unsecd. Note, 6.875%, 5/1/2025 | &nbsp;&nbsp; 64751 |
| &nbsp;&nbsp; 2000000 | TransDigm, Inc., Sec. Fac. Bond, 144A, 8.000%, 12/15/2025 | &nbsp;&nbsp; 2033980 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2098731 |
|  | **Airlines—0.3%** |  |
| &nbsp;&nbsp; 2475000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.500%, 4/20/2026 | &nbsp;&nbsp; 2384419 |
|  | **Automotive—0.3%** |  |
| &nbsp;&nbsp; 2025000 | Dornoch Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2029 | &nbsp;&nbsp; 1423182 |
| &nbsp;&nbsp; 850000 | Mercedes-Benz Finance NA LLC, Sr. Unsecd. Note, 144A, 5.500%, 11/27/2024 | &nbsp;&nbsp; 855441 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2278623 |
|  | **Building Materials—0.4%** |  |
| &nbsp;&nbsp; 2125000 | Foundation Building Materials, Inc., Sr. Unsecd. Note, 144A, 6.000%, 3/1/2029 | &nbsp;&nbsp; 1600600 |
| &nbsp;&nbsp; 1000000 | White Cap Buyer LLC, Sr. Unsecd. Note, 144A, 6.875%, 10/15/2028 | &nbsp;&nbsp; 866644 |
| &nbsp;&nbsp; 1000000 | White Cap Parent LLC, Sr. Sub. Secd. Note, 144A, 8.250%, 3/15/2026 | &nbsp;&nbsp; 865740 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3332984 |
|  | **Cable Satellite—0.4%** |  |
| &nbsp;&nbsp; 1000000 | DIRECTV Holdings LLC, Sec. Fac. Bond, 144A, 5.875%, 8/15/2027 | &nbsp;&nbsp; 896560 |

---

Semi-Annual Shareholder Report

**8**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Cable Satellite—continued** |  |
| $2025000 | DISH Network Corp., Sec. Fac. Bond, 144A, 11.750%, 11/15/2027 | $2088079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2984639 |
|  | **Chemicals—0.3%** |  |
| &nbsp;&nbsp; 2000000 | Herens Holdco S.a.r.l., Sec. Fac. Bond, 144A, 4.750%, 5/15/2028 | &nbsp;&nbsp; 1497410 |
| &nbsp;&nbsp; 1125000 | Koppers, Inc., Sr. Unsecd. Note, 144A, 6.000%, 2/15/2025 | &nbsp;&nbsp; 1070528 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2567938 |
|  | **Consumer Products—0.1%** |  |
| &nbsp;&nbsp; 1000000 | BCPE Empire Holdings, Inc., Sr. Unsecd. Note, 144A, 7.625%, 5/1/2027 | &nbsp;&nbsp; 898030 |
|  | **Diversified Manufacturing—0.3%** |  |
| &nbsp;&nbsp; 900000 | Honeywell International, Inc., Sr. Unsecd. Note, 4.850%, 11/1/2024 | &nbsp;&nbsp; 903492 |
| &nbsp;&nbsp; 1075000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.125%, 6/15/2025 | &nbsp;&nbsp; 1090815 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1994307 |
|  | **Finance Companies—0.3%** |  |
| &nbsp;&nbsp; 2150000 | United Shore Financial Services, Sr. Unsecd. Note, 144A, 5.500%, 11/15/2025 | &nbsp;&nbsp; 1939472 |
|  | **Gaming—0.5%** |  |
| &nbsp;&nbsp; 1000000 | Affinity Gaming LLC, 144A, 6.875%, 12/15/2027 | &nbsp;&nbsp; 849089 |
| &nbsp;&nbsp; 1000000 | Mohegan Tribal Gaming Authority, 144A, 8.000%, 2/1/2026 | &nbsp;&nbsp; 937020 |
| &nbsp;&nbsp; 2000000 | Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 7.000%, 5/15/2028 | &nbsp;&nbsp; 1911410 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3697519 |
|  | **Health Care—0.7%** |  |
| &nbsp;&nbsp; 4000000 | Ardent Health Services, Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029 | &nbsp;&nbsp; 3141800 |
| &nbsp;&nbsp; 1375000 | Global Medical Response, Inc., Sec. Fac. Bond, 144A, 6.500%, 10/1/2025 | &nbsp;&nbsp; 986274 |
| &nbsp;&nbsp; 1025000 | MPH Acquisition Holdings LLC, Sr. Note, 144A, 5.500%, 9/1/2028 | &nbsp;&nbsp; 801693 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4929767 |
|  | **Independent Energy—0.4%** |  |
| &nbsp;&nbsp; 650000 | Chord Energy Corp., Sr. Unsecd. Note, 144A, 6.375%, 6/1/2026 | &nbsp;&nbsp; 633958 |
| &nbsp;&nbsp; 2000000 | EQT Corp., Sr. Unsecd. Note, 6.625%, 2/1/2025 | &nbsp;&nbsp; 2007960 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2641918 |
|  | **Insurance - P&C—0.5%** |  |
| &nbsp;&nbsp; 2000000 | AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 7.000%, 8/15/2025 | &nbsp;&nbsp; 1937326 |
| &nbsp;&nbsp; 2175000 | NFP Corp., Sec. Fac. Bond, 144A, 7.500%, 10/1/2030 | &nbsp;&nbsp; 2058798 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3996124 |
|  | **Media Entertainment—0.4%** |  |
| &nbsp;&nbsp; 1351000 | Cumulus Media News Holdings, Inc., 144A, 6.750%, 7/1/2026 | &nbsp;&nbsp; 1136974 |
| &nbsp;&nbsp; 1500000 | iHeartCommunications, Inc., 6.375%, 5/1/2026 | &nbsp;&nbsp; 1382370 |
| &nbsp;&nbsp; 1050000 | Midas Opco Holdings LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029 | &nbsp;&nbsp; 867778 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3387122 |
|  | **Midstream—0.5%** |  |
| &nbsp;&nbsp; 835000 | EQT Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.000%, 7/1/2025 | &nbsp;&nbsp; 807208 |
| &nbsp;&nbsp; 2150000 | EQT Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.500%, 6/1/2027 | &nbsp;&nbsp; 2108258 |
| &nbsp;&nbsp; 575000 | Solaris Midstream Holdings LLC, Sr. Unsecd. Note, 144A, 7.625%, 4/1/2026 | &nbsp;&nbsp; 572614 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3488080 |
|  | **Oil Field Services—0.1%** |  |
| &nbsp;&nbsp; 1000000 | Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/15/2027 | &nbsp;&nbsp; 969850 |
|  | **Packaging—0.1%** |  |
| &nbsp;&nbsp; 1000000 | Ardagh Packaging Finance PLC/Ardagh Holdings, Sec. Fac. Bond, 144A, 5.250%, 4/30/2025 | &nbsp;&nbsp; 953288 |
|  | **Technology—0.6%** |  |
| &nbsp;&nbsp; 1500000 | Boxer Parent Co., Inc., 144A, 7.125%, 10/2/2025 | &nbsp;&nbsp; 1461137 |
| &nbsp;&nbsp; 1854000<br><sup>3</sup> <br>| Diebold Nixdorf, Inc.,Sr. Secd. Note, 144A, 9.375%, 7/15/2025 | &nbsp;&nbsp; 1263826 |

---

Semi-Annual Shareholder Report

**9**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Technology—continued** |  |
| $2000000 | NCR Corp., 144A, 5.125%, 4/15/2029 | $1676216 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4401179 |
|  | **Transportation Services—0.3%** |  |
| &nbsp;&nbsp; 2700000 | Stena International S.A., Sec. Fac. Bond, 144A, 6.125%, 2/1/2025 | &nbsp;&nbsp; 2521652 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE BONDS <br>(IDENTIFIED COST $56,906,127)<br>| &nbsp;&nbsp;&nbsp; 51465642 |
|  | ASSET-BACKED SECURITIES—4.8% |  |
|  | **Automotive—0.1%** |  |
| &nbsp;&nbsp; 600000 | Toyota Auto Receivables Owner 2022-D, Class A2B, 5.026%, 1/15/2026 | &nbsp;&nbsp; 601586 |
| &nbsp;&nbsp; 500000 | Volkswagen Auto Lease Trust 2022-A, Class A3, 3.680%, 7/21/2025 | &nbsp;&nbsp; 487403 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1088989 |
|  | **Finance Companies—3.9%** |  |
| &nbsp;&nbsp; 1000000<br><sup>1</sup> <br>| Aimco 2020-12A, Class ER, 9.964% (SOFR CME +6.100), 1/17/2032 | &nbsp;&nbsp; 913379 |
| &nbsp;&nbsp; 2000000<br><sup>1</sup> <br>| Anchorage Capital CLO, LTD., 2020-15A, Class DR, 7.643% (3-month USLIBOR +3.400%), 7/20/2034 | &nbsp;&nbsp; 1875377 |
| &nbsp;&nbsp; 1600000<br><sup>1</sup> <br>| Ballyrock Ltd., 2020-14A, Class C, 7.843% (3-month USLIBOR +3.600%), 1/20/2034 | &nbsp;&nbsp; 1496353 |
| &nbsp;&nbsp; 750000<br><sup>1</sup> <br>| Dryden Senior Loan Fund 2021-87A, Class D, 7.625% (3-month USLIBOR +2.950%), 5/20/2034 | &nbsp;&nbsp; 664100 |
| &nbsp;&nbsp; 500000<br><sup>1</sup> <br>| Dryden Senior Loan Fund 2021-90A, Class D, 7.675% (3-month USLIBOR +3.000%), 2/20/2035 | &nbsp;&nbsp; 448862 |
| &nbsp;&nbsp; 500000<br><sup>1</sup> <br>| Elmwood CLO, XI, Ltd., 2021-4A, Class D, 7.193% (3-month USLIBOR +2.950%), 10/20/2034 | &nbsp;&nbsp; 466735 |
| &nbsp;&nbsp; 400000 | Enterprise Fleet Financing LLC 2022-4, Class A2, 5.760%, 10/22/2029 | &nbsp;&nbsp; 401338 |
| &nbsp;&nbsp; 750000 | Evergreen Credit Card Trust 2022-CRT2 C, Class C, 7.440%, 11/16/2026 | &nbsp;&nbsp; 742739 |
| &nbsp;&nbsp; 850000 | Evergreen Credit Card Trust 2022-CRT2, Class B, 6.560%, 11/16/2026 | &nbsp;&nbsp; 849089 |
| &nbsp;&nbsp; 750000<br><sup>1</sup> <br>| GoldenTree Loan Management US 2020-7A, Class CR, 6.293% (3-month USLIBOR +2.050%), 4/20/2034 | &nbsp;&nbsp; 709611 |
| &nbsp;&nbsp; 1500000<br><sup>1</sup> <br>| GoldenTree Loan Management US 2020-7A, Class DR, 7.393% (3-month USLIBOR +3.150%), 4/20/2034 | &nbsp;&nbsp; 1436305 |
| &nbsp;&nbsp; 1750000<br><sup>1</sup> <br>| Magnetite CLO, Ltd., 2020-28A, Class ER, 10.393% (3-month USLIBOR +6.150%), 1/20/2035 | &nbsp;&nbsp; 1559681 |
| &nbsp;&nbsp; 1250000 | MMAF Equipment Finance LLC 2022-B, Class A2, 5.570%, 9/9/2025 | &nbsp;&nbsp; 1252978 |
| &nbsp;&nbsp; 1250000<br><sup>1</sup> <br>| Neuberger Berman CLO, Ltd., 2020-39A, Class C, 6.493% (3-month USLIBOR +2.250%), 1/20/2032 | &nbsp;&nbsp; 1199420 |
| &nbsp;&nbsp; 1000000<br><sup>1</sup> <br>| Neuberger Berman CLO, Ltd., 2020-39A, Class D, 7.843% (3-month USLIBOR +3.600%), 1/20/2032 | &nbsp;&nbsp; 951194 |
| &nbsp;&nbsp; 1250000<br><sup>1</sup> <br>| OCP CLO, Ltd., 2019-16A, Class DR, 7.059% (3-month USLIBOR +3.150%), 4/10/2033 | &nbsp;&nbsp; 1148313 |
| &nbsp;&nbsp; 1000000<br><sup>1</sup> <br>| OCP CLO, Ltd., 2020-18A, Class CR, 6.193% (3-month USLIBOR +1.950%), 7/20/2032 | &nbsp;&nbsp; 942392 |
| &nbsp;&nbsp; 2250000<br><sup>1</sup> <br>| OCP CLO, Ltd., 2020-18A, Class DR, 7.443% (3-month USLIBOR +3.200%), 7/20/2032 | &nbsp;&nbsp; 2116661 |
| &nbsp;&nbsp; 2250000<br><sup>1</sup> <br>| OCP CLO, Ltd., 2020-8RA, Class C, 7.829% (3-month USLIBOR +3.750%), 1/17/2032 | &nbsp;&nbsp; 2081142 |
| &nbsp;&nbsp; 1000000<br><sup>1</sup> <br>| OSD CLO, Ltd., 2021-23A, Class D, 7.029% (3-month USLIBOR +2.950%), 4/17/2031 | &nbsp;&nbsp; 914027 |
| &nbsp;&nbsp; 1500000<br><sup>1</sup> <br>| OSD CLO, Ltd., 2021-23A, Class E, 10.079% (3-month USLIBOR +6.000%), 4/17/2031 | &nbsp;&nbsp; 1339938 |
| &nbsp;&nbsp; 1250000<br><sup>1</sup> <br>| Pikes Peak CLO, 2021-7A, Class D, 8.157% (3-month USLIBOR +3.400%), 2/25/2034 | &nbsp;&nbsp; 1172899 |
| &nbsp;&nbsp; 1000000<br><sup>1</sup> <br>| Rockland Park CLO, Ltd., 2021-1A, Class C, 6.143% (3-month USLIBOR +1.900%), 4/20/2034 | &nbsp;&nbsp; 931570 |
| &nbsp;&nbsp; 1000000<br><sup>1</sup> <br>| Rockland Park CLO, Ltd., 2021-1A, Class E, 10.493% (3-month USLIBOR +6.250%), 4/20/2034 | &nbsp;&nbsp; 880609 |
| &nbsp;&nbsp; 1000000<br><sup>1</sup> <br>| Stratus CLO 2021-2A, Class E, 9.993% (3-month USLIBOR +5.750%), 12/28/2029 | &nbsp;&nbsp; 901461 |
| &nbsp;&nbsp; 2000000<br><sup>1</sup> <br>| Symphony CLO, Ltd., 2016 - 18A, Class DR, 7.575% (3-month USLIBOR +3.250%), 7/23/2033 | &nbsp;&nbsp; 1862128 |
| &nbsp;&nbsp; 500000<br><sup>1</sup> <br>| Symphony CLO, Ltd., 2021-29A, Class D, 7.229% (3-month USLIBOR +3.150%), 1/15/2034 | &nbsp;&nbsp; 469441 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 29727742 |
| <sup>1</sup> <br>| **Financial Institutions—0.8%** |  |
| &nbsp;&nbsp; 750000 | Palmer Square Loan Funding Ltd., 2022-2A, Class C, 6.964% (SOFR CME +3.100%), 10/15/2030 | &nbsp;&nbsp; 704383 |
| &nbsp;&nbsp; 750000 | Palmer Square Loan Funding Ltd., 2022-2A, Class D, 10.064% (SOFR CME +6.200%), 10/15/2030 | &nbsp;&nbsp; 689131 |
| &nbsp;&nbsp; 1200000 | Palmer Square Loan Funding Ltd., 2022-5A, Class C, 7.294% (SOFR CME +3.910%), 1/15/2031 | &nbsp;&nbsp; 1158502 |
| &nbsp;&nbsp; 1500000 | Stratus CLO 2022-1A, Class D, 6.532% (SOFR CME +4.250%), 7/20/2030 | &nbsp;&nbsp; 1432838 |
| &nbsp;&nbsp; 2000000 | Stratus CLO 2022-1A, Class E, 9.782% (SOFR CME + 7.500%), 7/20/2030 | &nbsp;&nbsp; 1810071 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5794925 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSET-BACKED SECURITIES <br>(IDENTIFIED COST $39,089,597)<br>| &nbsp;&nbsp;&nbsp; 36611656 |

---

Semi-Annual Shareholder Report

**10**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | COMMON STOCKS—0.4% |  |
|  | **Consumer Cyclical Services—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46202<br><sup>4</sup> <br>| Constellis Holdings LLC | $17326 |
|  | **Health Care—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 180104<br><sup>4</sup> <br>| Carestream Health, Inc. | &nbsp;&nbsp; 3151820 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS <br>(IDENTIFIED COST $3,853,541)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3169146 |
|  | INVESTMENT COMPANY—1.4% |  |
| 11142285 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 4.36%<sup>5</sup> <br>(IDENTIFIED COST $11,140,056)<br>| &nbsp;&nbsp; 11140056 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—95.6% <br>(IDENTIFIED COST $773,671,466)<sup>6</sup> <br>| &nbsp;&nbsp; 727060585 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—4.4%<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp; 33065609 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $760126194 |

---

Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended December 31, 2022, were as follows:

---

| | |
|:---|:---|
|  | **Federated Hermes** <br>**Institutional** <br>**Prime Value Obligations Fund,** <br>**Institutional Shares**<br>|
| Value as of 6/30/2022 | $4959566 |
| Purchases at Cost | $272071329 |
| Proceeds from Sales | $(265894566) |
| Change in Unrealized Appreciation/Depreciation | $251 |
| Net Realized Gain/(Loss) | $3476 |
| Value as of 12/31/2022 | $11140056 |
| Shares Held as of 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 11142285 |
| Dividend Income | $149053 |

---

&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 December 31, 2022 where the rate will be determined at time of settlement.* |
| 3 | *Market quotations and price evaluation are not available. Fair value determined using significant unobservable inputs in accordance with procedures established* <br> *by and under the general supervision of the Fund's Adviser acting through its Valuation Committee.*<br>|
| 4 | *Non-income-producing security.* |
| 5 | *7-day net yield.* |
| 6 | *The cost of investments for federal tax purposes amounts to $770,869,364.* |
| 7 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.* |

---

Note: The categories of investments are shown as a percentage of total net assets at December 31, 2022.

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.

Semi-Annual Shareholder Report

**11**

------

&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 December 31, 2022, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| Floating Rate Loans | $— | $624640752 | $33,333\* | $624674085 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 50201816 | &nbsp;&nbsp; 1,263,826\* | &nbsp;&nbsp;&nbsp; 51465642 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 36611656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 36611656 |
| **Equity Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp; 3169146 | &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; 3169146 |
| **Investment Company** | &nbsp;&nbsp; 11140056 | &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; 11140056 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | $14309202 | $711454224 | $1297159 | $727060585 |

---

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

\* *Includes $1,369,769 in securities transferred from Level 2 to Level 3 because fair value was determined using valuation techniques utilizing unobservable market* *data due to observable market data being unavailable. Transfer shown represents the value of the security at the beginning of the period.* 

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**12**

------

Financial Highlights

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months** <br>**Ended** <br>(unaudited) <br>**12/31/2022** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended** <br>(unaudited) <br>**12/31/2022** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$8.82** | **$9.69** | **$9.14** | **$9.83** | **$10.02** | **$10.12** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FROM INVESTMENT OPERATIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp;&nbsp; (0.53) |
| **Net Asset Value, End of Period** | **$8.67** | **$8.82** | **$9.69** | **$9.14** | **$9.83** | **$10.02** |
| **Total Return**<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.39)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.15)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.46%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27% |
| Expense waiver/reimbursement<sup>4</sup> <br>| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $760126 | $1354326 | $1968305 | $1148240 | $1043884 | $927849 |
| Portfolio turnover<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31% |

---

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

---

| | |
|:---|:---|
| 1 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 2 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 3 | *Computed on an annualized basis.* |
| 4 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|
| 5 | *Securities that mature are considered sales for purposes of this calculation.* |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**13**

------

Statement of Assets and Liabilities <br>December 31, 2022 (unaudited)

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in securities, at value including $11,140,056 of investments in affiliated holdings\* (identified cost $773,671,466) | $727060585 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2481040 |
| Income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8159661 |
| Income receivable from affiliated holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23284 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp; 43140806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 780865376 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp; 10422355 |
| Payable for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4132100 |
| Accrued expenses (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 20739182 |
| Net assets for 87,699,006 shares outstanding | $760126194 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $981814345 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (221688151) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $760126194 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| $760,126,194 ÷ 87,699,006 shares outstanding, no par value, unlimited shares authorized | $8.67 |

---

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

\* *See information listed after the Fund's Portfolio of Investments.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**14**

------

Statement of Operations <br>Six Months Ended December 31, 2022 (unaudited)

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | $39273773 |
| Dividends (including $149,053 received from affiliated holdings\*) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247253 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INCOME | &nbsp;&nbsp; 39521026 |
| **Expenses:** |  |
| Administrative fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2061 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19620 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46095 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5652 |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18299 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4976 |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250934 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9353 |
| Miscellaneous (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11967 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368957 |
| Net investment income | &nbsp;&nbsp; 39152069 |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |
| Net realized loss on investments (including net realized gain of $3,476 on sales of investments in affiliated holdings\*) | &nbsp;&nbsp; (70619028) |
| Net change in unrealized depreciation of investments (including net change in unrealized depreciation of $251 on investments in affiliated <br> holdings\*)<br>| &nbsp;&nbsp; 53971173 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; (16647855) |
| Change in net assets resulting from operations | $22504214 |

---

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

\* *See information listed after the Fund's Portfolio of Investments.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**15**

------

Statement of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months** <br>**Ended** <br>(unaudited) <br>**12/31/2022**<br>| **Year Ended** <br>**6/30/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $39152069 | $86568359 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (70619028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32938553) |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53971173 | &nbsp;&nbsp;&nbsp;&nbsp; (125556841) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22504214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71927035) |
| **Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; (37802622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87744304) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13730001 | &nbsp;&nbsp;&nbsp;&nbsp; 640173450 |
| Net asset value of shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13388402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50490786 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (606019354) | &nbsp;&nbsp; (1144972116) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | &nbsp;&nbsp;&nbsp; (578900951) | &nbsp;&nbsp;&nbsp;&nbsp; (454307880) |
| Change in net assets | &nbsp;&nbsp;&nbsp; (594199359) | &nbsp;&nbsp;&nbsp;&nbsp; (613979219) |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1354325553 | &nbsp;&nbsp; 1968304772 |
| End of period | $760126194 | $1354325553 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**16**

------

Notes to Financial Statements

December 31, 2022 (unaudited)

**1. ORGANIZATION** 

Federated Hermes Core Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of four portfolios. The financial statements included herein are only those of Bank Loan Core Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund's investment objective is to provide current income. Currently, shares of the Fund are being offered for investment only to investment companies, insurance company separate accounts, common or commingled trust funds or similar organizations or entities that are "accredited investors" within the meaning of Regulation D of the Securities Act of 1933, as amended (the "1933 Act").

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

**Investment Valuation** 

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

◾ <br>

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

◾ <br>

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

◾ <br>

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

◾ <br>

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.

◾ <br>

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

◾ <br>

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

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

**Fair Valuation and Significant Events Procedures** 

Pursuant to Rule 2a-5 under the Act, the Fund's Board of Trustees (the "Trustees") have 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

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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:

◾ <br>

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;

◾ <br>

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

◾ <br>

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.

**Repurchase Agreements** 

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a "securities entitlement" and exercises "control" as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund's Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

**Investment Income, Gains and Losses, Expenses and Distributions** 

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Non-cash dividends included in dividend income, if any, are recorded at fair value. Amortization/accretion of premium and discount is included in investment income.

**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended December 31, 2022, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of December 31, 2022, tax years 2019 through 2022 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**When-Issued and Delayed-Delivery Transactions** 

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

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**Restricted Securities** 

The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the 1933 Act; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer's expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund's restricted securities, like other securities, are priced in accordance with procedures established by and under the general supervision of the Adviser.

**Other** 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

**3. SHARES OF BENEFICIAL INTEREST** 

The following table summarizes share activity:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**12/31/2022**<br>| **Year Ended** <br>**6/30/2022**<br>|
| Shares sold | &nbsp;&nbsp; 1545098 | &nbsp;&nbsp; 66442219 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 1523671 | &nbsp;&nbsp;&nbsp;&nbsp; 5315759 |
| Shares redeemed | (68905793) | (121385347) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | (65837024) | &nbsp;&nbsp; (49627369) |

---

**4. FEDERAL TAX INFORMATION** 

At December 31, 2022, the cost of investments for federal tax purposes was $770,869,364. The net unrealized depreciation of investments for federal tax purposes was $43,808,779. This consists of unrealized appreciation from investments for those securities having an excess of value over cost of $2,482,419 and unrealized depreciation from investments for those securities having an excess of cost over value of $46,291,198.

As of June 30, 2022, the Fund had a capital loss carryforward of $108,193,990 which will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code of 1986, thereby reducing the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net capital losses retain their character as either short-term or long-term and do not expire.

The following schedule summarizes the Fund's capital loss carryforwards:

---

| | | |
|:---|:---|:---|
| **Short-Term** | **Long-Term** | **Total** |
| $23115706 | $85078284 | $108193990 |

---

**5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Investment Adviser Fee** 

The Adviser, subject to the direction of the Trustees, provides investment adviser services at no fee, because all investors in the Fund are other Federated Hermes Funds, insurance company separate accounts, common or commingled trust funds or similar organizations or entities that are "accredited investors" within the meaning of Regulation D of the 1933 Act. The Adviser may voluntarily choose to reimburse certain operating expenses of the Fund. The Adviser can modify or terminate this voluntary reimbursement at any time at its sole discretion.

**Administrative Fee** 

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. FAS does not charge the Fund a fee but is entitled to reimbursement for certain out-of-pocket expenses.

**Directors'/Trustees' and Miscellaneous Fees** 

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

**Affiliated Shares of Beneficial Interest** 

As of December 31, 2022, a majority of the shares of beneficial interest outstanding are owned by other affiliated investment companies.

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

**6. INVESTMENT TRANSACTIONS** 

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the six months ended December 31, 2022, were as follows:

---

| | |
|:---|:---|
| Purchases | $76272705 |
| Sales | $627878974 |

---

**7. LINE OF CREDIT** 

The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 22, 2022. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund's ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on any day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of a commitment fee based on the amount of the lenders' commitment that has not been utilized, quarterly in arrears and at maturity. As of December 31, 2022, the Fund had no outstanding loans. During the six months ended December 31, 2022, the Fund did not utilize the LOC.

**8. INTERFUND LENDING** 

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of December 31, 2022, there were no outstanding loans. During the six months ended December 31, 2022, the program was not utilized.

**9. INDEMNIFICATIONS** 

Under the Fund's organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party's actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

**10. OTHER MATTERS** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund's investments) and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund's performance.

**11. Recent Accounting Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

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Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including to the extent applicable, management fees, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022.

**ACTUAL EXPENSES** 

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to *estimate* the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an *assumed* rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should *not* use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative *total* costs of owning different funds.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning** <br>**Account Value** <br>**7/1/2022**<br>| **Ending** <br>**Account Value** <br>**12/31/2022**<br>| **Expenses Paid** <br>**During Period**<sup>1</sup> <br>|
| **Actual** | $1000 | $1020.10 | $0.36 |
| **Hypothetical (assuming a 5% return before expenses)** | $1000 | $1024.85 | $0.36 |

---

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

---

| | |
|:---|:---|
| 1 | *Expenses are equal to the Fund's annualized net expense ratio of 0.07%, multiplied by the average account value over the period, multiplied by 184/365 (to* <br> *reflect the one-half-year period).*<br>|

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Evaluation and Approval of Advisory Contract–May 2022

**Bank Loan Core Fund (the "Fund")**

At its meetings in May 2022 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940 (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

The Board considered that the Fund is distinctive in that it is designed for the efficient management of a particular asset class and is made available for investment only to other funds (each, a "Federated Hermes Fund" and, collectively the "Federated Hermes Funds") advised by the Adviser or its affiliates (collectively, "Federated Hermes") and a limited number of other accredited investors.

In addition, the Board considered that the Adviser does not charge an investment advisory fee for its services, although Federated Hermes may receive compensation for managing assets invested in the Fund.

***<u>Information Received and Review Process</u>***

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO's independent written evaluation (the "CCO Fee Evaluation Report"), along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as "Senior Officer" prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by Federated Hermes in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Advisers and their affiliates; Federated Hermes' business and operations; the Adviser's investment philosophy, personnel and processes; the Fund's investment objectives and strategies; the Fund's short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund's particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund, with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser's profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund); (5) comparative fee and expense structures,

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including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise,(including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board noted that the Securities and Exchange Commission ("SEC") disclosure requirements regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other Federated Hermes Funds.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board's determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.

***<u>Nature, Extent and Quality of Services</u>***

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser's personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. The Board also considered the Adviser's ability to deliver competitive investment performance for the Fund when compared to the Fund's benchmark index, which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund's investment program.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization's investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance ("ESG") factors and issuer engagement on ESG matters. The Board considered Federated Hermes' oversight of the securities lending program for the Federated Hermes Funds that engage in securities lending and noted the income earned by the Federated Hermes Funds that participate in such program. In addition, the Board considered the quality of Federated Hermes' communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes' communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds' officers.

The Board received and evaluated information regarding Federated Hermes' regulatory and compliance environment. The Board considered Federated Hermes' compliance program and compliance history and reports from the CCO about Federated Hermes' compliance with applicable laws and regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes' support of the Federated Hermes Funds' compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund's obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes' commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes' approach to internal audits and risk management with respect to the Federated Hermes

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Funds and its day-to-day oversight of the Federated Hermes Funds' compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes' oversight in this regard, including in connection with the designation of the Federated Hermes Funds' investment advisers as the administrators of the Federated Hermes Funds' liquidity risk management program.

The Board also considered the implementation of Federated Hermes' business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.

The Board considered Federated Hermes' efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.

***<u>Fund Investment Performance</u>***

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were provided to the Board throughout the year and in connection with the May Meetings.

For the one-year, three-year and five-year periods ended December 31, 2021, the Fund underperformed its benchmark index. The Board discussed the Fund's performance with the Adviser and recognized the efforts being taken by the Adviser in the context of other factors considered relevant by the Board.

Based on these considerations, the Board concluded that it had continued confidence in the Adviser's overall capabilities to manage the Fund.

***<u>Fund Expenses</u>***

The Board considered that the Adviser does not charge an investment advisory fee to this Fund for its services. Because the Adviser does not charge the Fund an investment advisory fee, the Board noted that it did not consider fee comparisons to other registered funds or other types of clients of Federated Hermes to be relevant to its evaluation. The Board also considered the overall expense structure of the Fund, with due regard for contractual or voluntary expense limitations.

***<u>Profitability</u>***

The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. The Board considered that the Adviser does not charge an investment advisory fee to the Fund and noted, therefore, that the Adviser does not profit from providing advisory services to the Fund under the Contract.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO's conclusion that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive. The Board also considered the CCO's view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

***<u>Economies of Scale</u>***

Because of the distinctive nature of the Fund as primarily an internal product with an advisory fee of zero, the Board noted that it did not consider the assessment of whether economies of scale would be realized if the Fund were to grow to a sufficient size to be particularly relevant to its evaluation.

***<u>Other Benefits</u>***

The Board considered information regarding the compensation and other ancillary (or "fall-out") benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds.

The Board noted that an affiliate of the Adviser is entitled to reimbursement for certain out-of-pocket expense incurred in providing administrative services to the Fund.

Semi-Annual Shareholder Report

**24**

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In connection with the Board's governance of other Federated Hermes Funds, the Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds' investment advisory contracts, Federated Hermes' affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds' administrator and distributor). In this regard, the Board considered that certain of Federated Hermes' affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

***<u>Conclusions</u>***

The Board considered: (i) the CCO's conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund is reasonable; and (ii) the CCO's recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board's evaluation of the Federated Hermes Funds' advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board's determination to approve the continuation of the Contract reflects its view that Federated Hermes' performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.

Semi-Annual Shareholder Report

**25**

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Liquidity Risk Management Program– <br>Annual Evaluation of Adequacy and Effectiveness

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), Federated Hermes Core Trust (the Trust) has adopted and implemented a liquidity risk management program (the "Program") for Bank Loan Core Fund (the "Fund" and collectively with the other non-money market open-end funds advised by Federated Hermes, the "Federated Hermes Funds"). The Program seeks to assess and manage the Fund's liquidity risk. "Liquidity risk" is defined under the Liquidity Rule as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors' interests in the Fund. The Board of Trustees of the Trust (the "Board") has approved the designation of each Federated Hermes Fund's investment adviser as the administrator (the "Administrator") for the Program with respect to that Fund. The Administrator, in turn, has delegated day-to-day responsibility for the administration of the Program to multiple Liquidity Risk Management Committees, which are comprised of representatives from certain divisions within Federated Hermes.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund's liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund's investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of "illiquid investments" (as defined under the Liquidity Rule); (4) to the extent a Fund does not invest primarily in "highly liquid investments" (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund's assets that generally will be invested in highly liquid investments (an "HLIM"); (5) if a Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund's highly liquid investments below its HLIM; and (6) periodic reporting to the Board.

At its meetings in May 2022, the Board received and reviewed a written report (the "Report") from the Federated Hermes Funds' Chief Compliance Officer and Chief Risk Officer, on behalf of the Administrator, concerning the operation of the Program for the period from April 1, 2021 through March 31, 2022 (the "Period"). The Report addressed the operation of the Program and assessed its adequacy and effectiveness, including, where applicable, the operation of any HLIM established for a Federated Hermes Fund and each Federated Hermes Fund's access to other available funding sources such as the Federated Hermes Funds' interfund lending facility, redemptions in-kind, reverse repurchase agreement transactions, redemptions delayed beyond the normal T+1 settlement, but within seven days of the redemption request, and committed lines of credit. There were no material changes to the Program during the Period. The Report summarized the operation of the Program and the information and factors considered by the Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Federated Hermes Funds. Such information and factors included, among other things:

◾ confirmation that it was not necessary for the Fund to utilize, and the Fund did not utilize, alternative funding sources during the Period;

◾ the periodic classifications of the Fund's investments into one of four liquidity categories and the methodologies and inputs used to classify the investments, including the Fund's reasonably anticipated trade size;

◾ the analysis received from a third-party liquidity assessment vendor that is taken into account in the process of determining the liquidity classifications of the Fund's investments and the results of an evaluation of the services performed by the vendor in support of this process;

◾ the fact that the Fund has previously established an HLIM, information regarding the methodology in determining the HLIM and whether the HLIM continues to be appropriate, the fact that no shortfalls of the Fund's HLIM took place during the Period, , and the fact that based on this review the Administrator did not recommend any changes to the HLIM;

◾ the fact that the Fund invested no more than 15% of its assets in illiquid investments during the Period and the procedures for monitoring this limit;

◾ the fact that there were no liquidity events during the Period that materially affected the Fund's liquidity risk;

◾ the impact on liquidity and management of liquidity risk caused by extended non-U.S. market closures and confirmation that there were no issues for any of the affected Federated Hermes Funds in meeting shareholder redemptions at any time during these temporary non-U.S. market closures;

◾ circumstances during the Period under which the Administrator convened meetings of the Liquidity Risk Management Committees more frequently than normal to conduct enhanced liquidity risk monitoring, including prior to the Russian invasion of Ukraine.

Based on this review, the Administrator concluded that the Program is operating effectively to assess and manage the Fund's liquidity risk, and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund's liquidity developments.

Semi-Annual Shareholder Report

**26**

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Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio, as well as a report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30, are available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund at FederatedInvestors.com under the "Private Funds" section of the "Products" tab, where you will be directed to a statement of agreement that you are an "accredited investor" before proceeding. Click "I agree" to agree to the terms then you will be taken to the "Private Funds" home page where you can select the appropriate asset class or category. Select a Fund to access the "Documents" tab. Form N-PX filings are also available at the SEC's website at sec.gov.

Quarterly Portfolio Schedule

Each fiscal quarter, the Fund will file with the SEC a complete schedule of its monthly portfolio holdings on "Form N-PORT." The Fund's holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC's website at sec.gov within 60 days of the end of the fiscal quarter upon filing. You may also access this information at FederatedInvestors.com under the "Private Funds" section of the "Products" tab, where you will be directed to a statement of agreement that you are an "accredited investor" before proceeding. Click "I agree" to agree to the terms then you will be taken to the "Private Funds" home page where you can select the appropriate asset class or category. Select a Fund to access the "Characteristics" tab.

Semi-Annual Shareholder Report

**27**

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*Mutual funds are not bank deposits or obligations, are not guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.*

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's Private Offering Memorandum, which contains facts concerning its objective and policies, management fees, expenses and other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY** 

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the "householding" program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of "householding." Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of "householding" at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400, Option #4.

Semi-Annual Shareholder Report

**28**

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![](edelivery.jpg)

![](fhilogok11p.jpg)

Bank Loan Core Fund <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com** <br>or call 1-800-341-7400.

Federated Securities Corp., Placement Agent

*CUSIP 31409N804* <br>

*Q450803 (2/23)*© 2023 Federated Hermes, Inc.

![](fscbug_small.jpg)

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**Item 2.** **Code of Ethics**

Not Applicable

**Item 3.** **Audit Committee Financial Expert**

Not Applicable

**Item 4.** **Principal Accountant Fees and Services**

Not Applicable

**Item 5.** **Audit Committee of Listed Registrants**

Not Applicable

**Item 6.** **Schedule of Investments**

(a) The registrant's Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.

(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not Applicable

**Item 8.** **Portfolio Managers of Closed-End Management Investment Companies**

Not Applicable

**Item 9.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers**

Not Applicable

**Item 10.** **Submission of Matters to a Vote of Security Holders**

No Changes to Report

**Item 11.** **Controls and Procedures**

(a) The registrant's President and Treasurer have concluded that the

registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not Applicable

**Item 13.** **Exhibits**

(a)(1) Code of Ethics- Not Applicable to this Report.

[(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.](fct-789cert302.htm)

(a)(3) Not Applicable.

[(b) Certifications pursuant to 18 U.S.C. Section 1350](fct-789cert906.htm).

**SIGNATURES**

**Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.**

**Registrant <u>Federated Hermes Core Trust</u>**

**By <u>/S/ Lori A. Hensler</u>**

**Lori A. Hensler**

**Principal Financial Officer**

**Date <u>February 22, 2023</u>**

**Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.**

**By <u>/S/ John B. Fisher</u>**

**John B. Fisher**

**Principal Executive Officer**

**Date <u>February 22, 2023</u>**

**By <u>/S/ Lori A. Hensler</u>**

**Lori A. Hensler**

**Principal Financial Officer**

**Date <u>February 22, 2023</u>**

## Ex-99.Cert

N-CSR Item 13(a)(2) - Exhibits: Certifications

I, John B. Fisher, certify that:

* I have reviewed this report on Form N-CSR of Federated Hermes Core Trust
on behalf of: Bank Loan Core Fund ("registrant");

* Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

* Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report;

* The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

* designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

* designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

* evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and

* disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and

* The registrant's other certifying officers and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

* all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability
to record, process, summarize, and report financial information; and

* any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 22, 2023

/S/ John B. Fisher

John B. Fisher

President - Principal Executive Officer

N-CSR Item 13(a)(2) - Exhibits: Certifications

I, Lori A. Hensler, certify that:

* I have reviewed this report on Form N-CSR of Federated Hermes Core Trust
on behalf of: Bank Loan Core Fund ("registrant");

* Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

* Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report;

* The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

* designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

* designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

* evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and

* disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and

* The registrant's other certifying officers and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

* all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability
to record, process, summarize, and report financial information; and

* any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 22, 2023

/S/ Lori A. Hensler

Lori A. Hensler

Treasurer - Principal Financial Officer

## Ex-99.Cert906

N-CSR Item 13(b) - Exhibits: Certifications

 **SECTION 906 CERTIFICATION**

Pursuant to 18 U.S.C.§ 1350, the undersigned officers of **Federated Hermes Core Trust** on behalf of **Bank Loan Core Fund** (the "Registrant"), hereby certify, to the best of our knowledge, that the Registrant's Report on Form N-CSR for the period ended December 31, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: F<u>ebruary 22, 2023</u>

/s/ John B. Fisher

John B. Fisher

Title: President, Principal Executive Officer

Dated: F<u>ebruary 22, 2023</u>

/s/ Lori A. Hensler

Lori A. Hensler

Title: Treasurer, Principal Financial Officer

This certification is being furnished solely pursuant to 18 U.S.C.§ 1350 and is not being filed as part of the Report or as a separate disclosure document.