Annual Shareholder Report

October 31, 2020

Emerging Markets Core Fund

A Portfolio of Federated Hermes Core Trust

(formerly, Federated Core Trust)

IMPORTANT NOTICE REGARDING REPORT DELIVERY

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by contacting your financial intermediary (such as a broker-dealer or bank); other shareholders may call the Fund at 1-800-341-7400, Option 4.

You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by contacting your financial intermediary (such as a broker-dealer or bank); other shareholders may call the Fund at 1-800-341-7400, Option 4. Your election to receive reports in paper will apply to all funds held with the Fund complex or your financial intermediary.

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

Management’s Discussion of Fund Performance (unaudited)

The total return of Emerging Markets Core Fund (the “Fund”), based on net asset value for the 12-month reporting period ended October 31, 2020 was 3.48%. The total return of the Bloomberg Barclays Emerging Markets Seasoned ex Aggregate/Eurodollar Index (BBEMSAE),1 the Fund’s broad-based securities market index, was -0.92% during the same period. The Fund’s total return for the most recently completed fiscal year reflected actual cash flows, transaction costs and other expenses which were not reflected in the total return of the BBEMSAE.

The Fund’s investment strategy seeks to provide returns that are correlated with the BBEMSAE. The most influential components affecting the Fund’s performance relative to the BBEMSAE were: (1) asset allocation;2 (2) security selection; (3) duration management3,4 and (4) currency exposure.

MARKET OVERVIEW

Global markets during 2020 can largely be characterized by one term that has become common to our lexicon: Covid-19. The initial outbreak of the Covid-19 pandemic and associated worldwide containment efforts led to a deep global slowdown of consumer spending and industrial activity. Unlike previous economic shocks, the pandemic detrimentally impacted consumer spending segments and severely disturbed established supply chains. At the same time, oil prices plummeted due to the combination of dramatic demand reductions and an untimely price war between Saudi Arabia and Russia. In response, central banks unleashed unprecedented infusions of liquidity in parallel with massive fiscal stimulus programs by national governments. This resulted in a cushioning of asset prices, an overall enhanced risk sentiment and an incipient recovery in economic activity. As the year progressed, oil prices witnessed a significant rebound as a result of hints to a resumption in economic interests, as well as the coordination of supply cuts by reluctant global producers.

Hopes for a vaccine breakthrough, coupled with better medical treatments for the virus, served as positive drivers behind risk markets during the second half of the year. Stimulus plans instituted across global economies provided momentum to global spending and buffered commodity prices. In addition to government stimulus programs, corporate balance sheets and corporate sales activity were in focus during the year. Sales recovered as consumers adapted to the new environment of social distancing and increased the use of online sales channels. Corporations, for the most part, took significant actions to preserve liquidity and to strengthen their respective balance sheet positions. It should be noted that entering the crisis, companies benefited from far stronger balance sheets and funding sources compared to previous cycles. Furthermore, multinational organizations and development funds (e.g., International Monetary Fund (IMF)) were considerably proactive throughout the current situation.

Although not immune to the effects of the pandemic, Latin American countries took decisive remedial measures to help stimulate the region’s economies during the crisis. In Argentina and Ecuador, discussions with debtholders progressed, and agreements were achieved with bondholders. Despite deals being reached in both countries, the economic trajectory in Ecuador seems more favorable compared to Argentina. The agreement in Argentina occurred following the sound electoral defeat of business-friendly President Mauricio Macri by Kirchner party candidate Alberto Fernandez. Argentina’s environment is marred by high inflation, a large fiscal deficit and declining reserves. As a result, Argentina continues to discourage the prospects of foreign direct investments. Dialogues with the IMF continue for both countries. Additionally, countries including Brazil, Chile, Colombia and Peru have benefited from the tailwinds of a recovery in commodity prices following the rendering of stimulus in China. In particular, Chile has recently been aided by a robust resurgence in copper prices due to a combination of greater demand from China and well-founded concerns surrounding potential supply shortages. Furthermore, Mexico experienced a sharp contraction exacerbated by the lack of any substantial government support. Mexico, however, did benefit to some degree as a result of its corporate sector’s heavy U.S. sales-based presence.

In the Europe, Middle East and Africa regions, economic data improved as the year progressed following the easing of lockdown measures and a resolution concerning the Russia-Saudi oil price war. The focal point of the pandemic and associated containment measures have shifted away from China, with the country generally being considered as the largest contributor towards a global recovery. Across regions, high-frequency data such as retail sales, investment data and industrial output all continue to see improvement. These increases were largely expected and were the result of the large stimulus packages deployed by governments, as well as the presence of pent-up demand during the lockdowns. On the fiscal front, governments have taken stock of the extraordinary measures already undertaken. Various countries have implemented supplementary budgets that have re-prioritized expenditures, raised new revenues and increased borrowing plans. The IMF has also played a crucial role in stabilizing the external position of many countries, especially in the frontier space. The provision of Rapid Financing Instruments to several countries such as Ukraine, Egypt, Nigeria and South Africa have been key to stabilizing their reserves and external balance sheets.

Annual Shareholder Report

Asset Allocation

Fund management actively allocated the Fund’s assets between corporate, sovereign and quasi-sovereign debt. During the reporting period, corporate and quasi-sovereign debt outperformed sovereign debt. Management had more of the Fund’s assets allocated to corporate and quasi-sovereign debt relative to the BBEMSAE, which contributed positively to relative Fund performance.

Security Selection

The Fund changed its broad-based securities index during the reporting period. Security selection and trading during the migration to the BBEMSAE had a significant influence on performance. While the Fund incurred some trading costs during the transition, overall security selection had a positive effect on performance both relative to the BBEMSAE and on an absolute basis.

Duration

During the reporting period, Fund management actively managed the overall duration exposure of the Fund utilizing cash, bonds and various U.S. Treasury interest rate futures.5 The Fund’s interest rate exposure fluctuated between marginally underweight and marginally overweight positions relative to the BBEMSAE. The strategy worked well and contributed positively to Fund performance.

Currency

During the reporting period, the Fund had small exposure to several emerging and developed market currencies. Most emerging market currencies underperformed the U.S. dollar over the reporting period. Overall, non-dollar currency exposure had a negative contribution to Fund performance. Exposure to the Mexican peso, Brazilian real and the Russian ruble had the largest effect.

Please see the footnotes to the line graphs under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the Bloomberg Barclays Emerging Markets Seasoned ex Aggregate/Eurodollar Index. Effective May 26, 2020, the Fund’s investment adviser elected to change the broad-based securities market index from the Bloomberg Barclays Emerging Markets USD Aggregate Index (BBEMAI) to the Bloomberg Barclays Emerging Markets Seasoned ex Aggregate/Eurodollar Index. The BBEMSAE is more reflective of the Fund’s investment strategies. The BBEMAI had a total return for the 12-month reporting period of 3.38%.

International investing involves special risks including currency risk, increased volatility, political risks and differences in auditing and other financial standards. Prices of emerging market securities can be significantly more volatile than the prices of securities in developed countries, and currency risk and political risks are accentuated in emerging markets.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities with shorter durations.

Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.

The Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional instruments.

Annual Shareholder Report

FUND PERFORMANCE AND GROWTH OF A $10,000 INVESTMENT

The graph below illustrates the hypothetical investment of $10,0001 in the Emerging Markets Core Fund from November 30, 2009 to October 31, 2020, compared to the Bloomberg Barclays Emerging Markets Seasoned ex Aggregate/Eurodollar Index (BBEMSAE)2 and the Bloomberg Barclays Emerging Markets USD Aggregate Index (BBEMAI).3 The Average Annual Total Return table below shows returns averaged over the stated periods.

Growth of a $10,000 Investment

Growth of $10,000 as of October 31, 2020

Effective June 20, 2016, the Fund has changed its fiscal year end from November 30 to October 31.

Average Annual Total Return for the Period Ended 10/31/20

	1 Year	5 Years	10 Years
Fund	3.48%	5.69%	4.85%
BBEMSAE	-0.92%	4.95%	5.41%
BBEMAI	3.38%	5.59%	5.23%

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month-end performance and after-tax returns, call 1-800-341-7400. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

The Fund’s performance assumes the reinvestment of all dividends and distributions. The BBEMSAE and BBEMAI have been adjusted to reflect reinvestment of dividends on securities in the indexes.

The BBEMSAE is the emerging markets debt component of the Bloomberg Barclay U.S. Universal Bond Index and is generally at least 80% non-investment grade. Effective May 26, 2020, the Fund’s investment adviser elected to change the broad-based securities market index from the BBEMAI to the BBEMSAE. The BBEMSAE is more reflective of the Fund’s investment strategies. The BBEMSAE is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index.

The BBEMAI is a flagship hard currency emerging markets (EM) debt benchmark that included fixed- and floating-rate U.S. dollar-denominated debt issued from sovereign, quasi-sovereign and corporate EM issuers. The BBEMAI is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index.

Annual Shareholder Report

Portfolio of Investments Summary Table (unaudited)

At October 31, 2020, the Fund’s issuer country exposure composition was as follows:

Country	Exposure as a Percentage of Total Net Assets1
China	13.9%
Brazil	12.5%
Turkey	9.5%
Mexico	7.6%
Argentina	4.8%
South Africa	3.5%
Egypt	3.3%
Bahrain	3.1%
Ukraine	3.0%
Dominican Republic	2.8%
India	2.3%
Russia	2.3%
Oman	2.1%
Nigeria	1.6%
Ghana	1.5%
United Arab Emirates	1.5%
Colombia	1.4%
Ecuador	1.3%
Kenya	1.2%
Indonesia	1.1%
Saudi Arabia	1.1%
Sri Lanka	1.1%
Pakistan	1.0%
Other2	13.9%
Derivatives3	0.1%
Cash Equivalents4	0.2%
Other Assets and Liabilities—Net5	2.3%
TOTAL	100%

1	This table depicts the Fund’s exposure to various countries through its investment in foreign fixed-income securities along with the Fund’s holdings of cash equivalents and other assets and liabilities. With respect to foreign fixed-income securities, country allocations are based primarily on the country in which the issuing company (the “Issuer”) has registered the security. However, the Fund’s Adviser may allocate the Issuer to a country based on other factors such as the location of the Issuer’s head office, the jurisdiction of the Issuer’s incorporation, the location of the principal trading market for the Issuer’s securities or the country from which a majority of the Issuer’s revenue is derived.
2	For purposes of this table, issuer country exposure which constitutes less than 1.00% of the Fund’s total net assets have been aggregated under the designation “Other.”
3	Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund’s performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract’s significance to the portfolio. More complete information regarding the Fund’s direct investments in derivative contracts, including unrealized appreciation (depreciation), value and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report.
4	Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. This does not include cash held in the Fund that is denominated in foreign currencies. See the Statements of Assets and Liabilities for information regarding the Fund’s foreign cash position.
5	Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities.

Annual Shareholder Report

Portfolio of Investments

October 31, 2020

Principal Amount, Foreign Currency Par Amount or Shares			Value in U.S. Dollars
		CORPORATE BONDS—60.6%
		Aerospace & Defense—0.5%
$ 1,000,000		Embraer Netherlands Finance BV, Sr. Unsecd. Note, 144A, 6.950%, 1/17/2028	$1,008,500
3,000,000		Embraer Netherlands Finance BV, Sr. Unsecd. Note, 5.400%, 2/1/2027	2,857,560
163,000		Embraer Overseas Ltd., Sr. Unsecd. Note, 144A, 5.696%, 9/16/2023	166,146
		TOTAL	4,032,206
		Air Transportation—0.1%
600,000		Azul Investments LLP, Sr. Unsecd. Note, REGS, 5.875%, 10/26/2024	478,626
640,000		Gol Finance, Sr. Unsecd. Note, 144A, 7.000%, 1/31/2025	476,813
		TOTAL	955,439
		Airport—0.3%
995,579		Aeropuerto Internacional de Tocumen SA, 144A, 6.000%, 11/18/2048	1,113,262
450,467		Aeropuertos Argentina 2000 S.A., 144A, 9.375%, 2/1/2027	286,047
466,000		Mexico City Airport Trust, 144A, 3.875%, 4/30/2028	417,711
403,000		Mexico City Airport Trust, Sec. Fac. Bond, 144A, 5.500%, 10/31/2046	347,436
		TOTAL	2,164,456
		Automotive—0.2%
1,200,000		Kia Motors Corp., Sr. Unsecd. Note, REGS, 3.500%, 10/25/2027	1,281,257
1,000,000		PT Gajah Tunggal Tbk, Series EMTN, 8.375%, 8/10/2022	764,983
		TOTAL	2,046,240
		Banking—9.2%
3,800,000		Akbank TAS, 144A, 7.200%, 3/16/2027	3,481,750
1,500,000		Akbank TAS, Sr. Unsecd. Note, 144A, 6.800%, 2/6/2026	1,457,097
3,500,000		Akbank TAS, Sub. Note, REGS, 6.797%, 4/27/2028	3,115,938
2,000,000	1	Al Ahli Bank of Kuwait, Jr. Sub. Note, 7.250%, 9/26/2023	2,055,480
2,500,000	1	Alfa Bank (Alfa Bond), Jr. Sub. Note, 8.000%, 2/3/2022	2,547,625
300,000		Alfa Bank (Alfa Bond), Sub. Deb., 144A, 5.950%, 4/15/2030	296,892
750,000		Banco Btg Pactual/Cayman, Sr. Unsecd. Note, 144A, 4.500%, 1/10/2025	763,125
1,400,000		Banco De Bogota S.A., Sub., REGS, 6.250%, 5/12/2026	1,538,264
1,500,000		Banco Do Brasil S.A., Jr. Sub. Note, 144A, 9.000%, 12/18/2068	1,641,375
700,000	1	Banco Do Brasil S.A., Jr. Sub. Note, REGS, 6.250%, 4/15/2024	674,188
2,000,000		Banco Do Brasil S.A., Sr. Unsecd. Note, 144A, 4.625%, 1/15/2025	2,128,020
300,000		Banco do Estado do Rio Grande do Sul SA, Sub., 144A, 7.375%, 2/2/2022	311,546
500,000		Banco Reservas Rep Domin, 144A, 7.000%, 2/1/2023	517,500
250,000		Banco Reservas Rep Domin, REGS, 7.000%, 2/1/2023	258,750
750,000		Banco Votorantim, Sr. Unsecd. Note, 144A, 4.375%, 7/29/2025	780,937
700,000		Bancolombia S.A., Sub., 4.875%, 10/18/2027	689,332
800,000		Bangkok Bank Public Co. Ltd. (HK), Sub. Deb., 144A, 3.733%, 9/25/2034	784,943
750,000		Banistmo S.A., Sr. Unsecd. Note, 144A, 4.250%, 7/31/2027	781,650
2,630,000		Bank of China Ltd., 144A, 5.000%, 11/13/2024	2,921,838
2,600,000		Bank of China Ltd., Sub. Note, REGS, 5.000%, 11/13/2024	2,888,509
1,160,000		BBVA Bancomer SA Mexico, Jr. Sub. Note, 144A, 5.350%, 11/12/2029	1,164,350
700,000		BBVA Bancomer SA Mexico, Sub. Deb., 144A, 5.875%, 9/13/2034	727,692
231,428		Cielo USA, Inc., Sr. Unsecd. Note, 144A, 3.750%, 11/16/2022	234,801
680,000		Compania General de Combustibles SA, Sr. Unsecd. Note, 144A, 9.500%, 3/8/2025	428,407
1,000,000		Credit Bank of Moscow Via CBOM Finance PLC, Sr. Unsecd. Note, 144A, 4.700%, 1/29/2025	1,007,500
800,000		DBS Group Holdings Ltd., Sr. Sub., 144A, 4.520%, 12/11/2028	872,785

Annual Shareholder Report

Principal Amount, Foreign Currency Par Amount or Shares			Value in U.S. Dollars
		CORPORATE BONDS—continued
		Banking—continued
$ 500,000		Development Bank of Mongolia, Sr. Unsecd. Note, 144A, 7.250%, 10/23/2023	$522,500
500,000		Development Bank of the Republic of Belarus JSC, Sr. Unsecd. Note, 144A, 6.750%, 5/2/2024	476,640
900,000		Global Bank Corp., Sr. Unsecd. Note, 144A, 4.500%, 10/20/2021	922,257
500,000	1	Grupo Financiero Santander Mexico SAB de CV, Jr. Sub. Deb., 8.500%, 1/20/2022	523,750
732,625		Halyk Savings Bank of Kazakhstan JSC, Sr. Unsecd. Note, REGS, 5.500%, 12/21/2022	735,538
2,500,000		Industrial & Commercial Bank of China, Sr. Unsecd. Note, 3.538%, 11/8/2027	2,754,950
850,000		Industrial Senior Trust, Sr. Unsecd. Note, REGS, 5.500%, 11/1/2022	888,250
1,400,000	1	Itau Unibanco Holding SA, Jr. Sub. Note, REGS, 6.500%, 3/19/2023	1,368,514
1,000,000		Itau Unibanco Holding SA, Sr. Unsecd. Note, 144A, 3.250%, 1/24/2025	1,014,500
1,300,000		Itau Unibanco Holding SA, Sub., REGS, 5.500%, 8/6/2022	1,369,550
1,000,000		Kasikornbank Public Co. Ltd, Sr. Unsecd. Note, Series EMTN, 3.256%, 7/12/2023	1,052,069
1,500,000		MTN Mauritius Investment Ltd., Sr. Unsecd. Note, 144A, 5.373%, 2/13/2022	1,542,879
3,800,000		MTN Mauritius Investment Ltd., Sr. Unsecd. Note, REGS, 4.755%, 11/11/2024	3,914,950
1,000,000		Multibank, Inc., Sr. Unsecd. Note, 144A, 4.375%, 11/9/2022	1,022,275
1,300,000	1	NBK Tier 1 Financing 2 Ltd., Jr. Sub. Deb., 144A, 4.500%, 11/27/2025	1,294,130
1,850,000		Pampa Energia SA, Sr. Unsecd. Note, 144A, 7.500%, 1/24/2027	1,287,831
2,000,000		Sberbank of Russia, REGS, 5.125%, 10/29/2022	2,101,000
1,732,000		Shinhan Bank, Sub., REGS, 3.750%, 9/20/2027	1,876,648
300,000	1	Shinhan Financial Group Co. Ltd., Jr. Sub. Note, 5.875%, 8/13/2023	324,375
3,000,000		Shriram Transport Finance Co. Ltd., Sec. Fac. Bond, 144A, 5.100%, 7/16/2023	2,887,122
200,000		Sibur Securities DAC, Sr. Unsecd. Note, 144A, 3.450%, 9/23/2024	208,187
1,000,000		State Bank India/London, Sr. Unsecd. Note, 144A, 4.375%, 1/24/2024	1,074,263
1,500,000		Talent Yield Investments, Sr. Unsecd. Note, REGS, 4.500%, 4/25/2022	1,561,657
1,000,000		TBC Bank JSC, Sr. Unsecd. Note, 144A, 5.750%, 6/19/2024	1,013,750
3,000,000		Turkiye Garanti Bankasi AS, REGS, 5.250%, 9/13/2022	2,962,500
600,000		Turkiye Sinai Kalkinma Bankasi AS, Sr. Unsecd. Note, 144A, 6.000%, 1/23/2025	560,418
1,500,000		Turkiye Vakiflar Bankasi T.A.O., Sr. Unsecd. Note, 144A, 5.250%, 2/5/2025	1,355,550
1,700,000		Turkiye Vakiflar Bankasi T.A.O., Sr. Unsecd. Note, 144A, 8.125%, 3/28/2024	1,710,183
500,000		VTB Capital SA, Sub., REGS, 6.950%, 10/17/2022	529,398
3,000,000		Wanda Properties International Co., Sr. Unsecd. Note, 7.250%, 1/29/2024	2,951,700
1,600,000	1	Woori Bank, Jr. Sub. Deb., 144A, 5.250%, 5/6/2022	1,659,897
1,500,000		Yapi ve Kredi Bankasi A.S., Sr. Unsecd. Note, 144A, 8.250%, 10/15/2024	1,530,891
		TOTAL	79,068,416
		Beverage & Tobacco—0.5%
500,000		Ajecorp BV, REGS, 6.500%, 5/14/2022	500,758
1,000,000		Central American Bottling Corp., Sr. Unsecd. Note, REGS, 5.750%, 1/31/2027	1,050,000
2,000,000		Coca-Cola Icecek AS, Sr. Unsecd. Note, REGS, 4.215%, 9/19/2024	2,028,060
1,000,000		The Central American Bottling Corp., Sr. Unsecd. Note, 5.750%, 1/31/2027	1,050,000
		TOTAL	4,628,818
		Brewing—0.4%
3,700,000		Anadolu Efes Biracilik ve Malt Sanayii A.S., REGS, 3.375%, 11/1/2022	3,710,967
		Broadcast Radio & TV—0.1%
600,000		Globo Communicacoes Part, Sr. Unsecd. Note, 144A, 5.125%, 3/31/2027	616,500
430,000		Grupo Televisa S.A., Sr. Note, 8.500%, 3/11/2032	633,355
		TOTAL	1,249,855
		Building & Development—0.1%
1,000,000		Rutas 2 & 7 Finance Ltd., 144A, 0.001%, 9/30/2036	705,000

Annual Shareholder Report

Principal Amount, Foreign Currency Par Amount or Shares			Value in U.S. Dollars
		CORPORATE BONDS—continued
		Building Materials—0.3%
$ 300,000		Cemex SAB de CV, Sec. Fac. Bond, 144A, 5.200%, 9/17/2030	$317,292
1,800,000		Cemex SAB de CV, Sec. Fac. Bond, 144A, 7.375%, 6/5/2027	1,984,968
		TOTAL	2,302,260
		Chemicals & Plastics—3.4%
700,000		Alpek Sa De Cv, Sr. Unsecd. Note, 144A, 4.250%, 9/18/2029	719,243
500,000		Alpek Sa De Cv, Sr. Unsecd. Note, REGS, 5.375%, 8/8/2023	539,322
500,000		Braskem Idesa S.A.P.I., Sec. Fac. Bond, REGS, 7.450%, 11/15/2029	473,510
2,000,000		Braskem Netherlands Finance BV, Sr. Unsecd. Note, 144A, 4.500%, 1/31/2030	1,849,600
4,300,000		Braskem Netherlands Finance BV, Sr. Unsecd. Note, REGS, 4.500%, 1/10/2028	4,146,361
2,100,000		CNAC HK Finbridge Co. Ltd., Sr. Unsecd. Note, 3.500%, 7/19/2022	2,153,157
4,200,000		CNAC HK Finbridge Co. Ltd., Sr. Unsecd. Note, 4.125%, 7/19/2027	4,528,692
2,500,000		CNAC HK Finbridge Co. Ltd., Sr. Unsecd. Note, 4.875%, 3/14/2025	2,759,252
3,300,000		Groupe Office Cherifien des Phosphates SA, 144A, 6.875%, 4/25/2044	4,149,618
700,000		LG Chem Ltd., Sr. Unsecd. Note, 144A, 3.625%, 4/15/2029	770,169
1,500,000		Petkim Petrokimya Holding A.S., Sr. Unsecd. Note, REGS, 5.875%, 1/26/2023	1,476,298
4,000,000		Sasol Financing USA LLC, Sr. Unsecd. Note, 5.875%, 3/27/2024	3,879,000
500,000		Sasol Financing USA LLC, Sr. Unsecd. Note, 6.500%, 9/27/2028	482,250
1,000,000		UNIGEL Luxembourgh S.A., Sr. Unsecd. Note, REGS, 8.750%, 10/1/2026	968,750
		TOTAL	28,895,222
		Conglomerates—0.4%
1,000,000		Turkiye Sise ve Cam Fabrikalari AS, Sr. Unsecd. Note, 144A, 6.950%, 3/14/2026	1,014,789
2,600,000		Turkiye Sise ve Cam Fabrikalari AS, Sr. Unsecd. Note, REGS, 6.950%, 3/14/2026	2,638,453
		TOTAL	3,653,242
		Consumer Products—0.1%
600,000		Meituan, Sr. Unsecd. Note, 144A, 3.050%, 10/28/2030	601,516
		Finance—2.4%
2,500,000		China Overseas Finance Cayman VII Ltd., Sr. Unsecd. Note, 4.750%, 4/26/2028	2,877,212
2,000,000	1	CNRC Capitale Ltd., Sr. Unsecd. Note, 3.900%, 6/2/2022	2,026,964
1,900,000		Grupo Aval Ltd., Sr. Unsecd. Note, 144A, 4.375%, 2/4/2030	1,852,500
800,000		Grupo Aval Ltd., Sr. Unsecd. Note, 144A, 4.750%, 9/26/2022	833,000
4,300,000		Huarong Finance 2017 Co. Ltd., Sr. Unsecd. Note, Series EMTN, 4.250%, 11/7/2027	4,614,889
1,000,000		Latam Finance Ltd., Sr. Unsecd. Note, 144A, 6.875%, 4/11/2024	339,000
400,000		Manappuram Finance Ltd., Sec. Fac. Bond, Series EMTN, 5.900%, 1/13/2023	403,991
800,000		Muthoot Finance Ltd., Term Loan - 1st Lien, REGS, 4.400%, 9/2/2023	799,848
2,000,000		QNB Finansbank AS/Turkey, Sr. Unsecd. Note, REGS, 4.875%, 5/19/2022	1,990,360
3,000,000		QNB Finansbank AS/Turkey, Sr. Unsecd. Note, REGS, 6.875%, 9/7/2024	3,063,754
200,000		Unifin Finaciera, S.A.B. de C.V. S.O.F.O.M. E.N.R, Jr. Sub. Note, REGS, 8.875%, 7/29/2169	135,502
1,900,000		Unifin Finaciera, S.A.B. de C.V. S.O.F.O.M. E.N.R, Sr. Unsecd. Note, REGS, 8.375%, 1/27/2028	1,514,300
		TOTAL	20,451,320
		Financial Intermediaries—0.9%
1,600,000	1	ADIB Capital Invest 2 Ltd., Jr. Sub. Note, 7.125%, 9/20/2023	1,727,072
1,300,000		Cimpor Financial Operations, 144A, 5.750%, 7/17/2024	897,813
1,500,000		Huarong Finance II Co. Ltd., Sr. Unsecd. Note, Series EMTN, 3.250%, 6/3/2021	1,512,112
1,500,000		Huarong Finance II Co. Ltd., Sr. Unsecd. Note, Series EMTN, 3.625%, 11/22/2021	1,527,628
1,500,000		Huarong Finance II Co. Ltd., Sr. Unsecd. Note, Series EMTN, 5.000%, 11/19/2025	1,665,892
500,000		ICD Funding Ltd., Sr. Unsecd. Note, 4.625%, 5/21/2024	532,858
		TOTAL	7,863,375

Annual Shareholder Report

Principal Amount, Foreign Currency Par Amount or Shares			Value in U.S. Dollars
		CORPORATE BONDS—continued
		Food Products—0.7%
$ 1,000,000		BRF-Brasil Foods SA, Sr. Unsecd. Note, 144A, 4.875%, 1/24/2030	$1,004,020
800,000		BRF-Brasil Foods SA, Sr. Unsecd. Note, 144A, 5.750%, 9/21/2050	764,100
800,000		Cosan Luxembourg SA, Sr. Unsecd. Note, REGS, 7.000%, 1/20/2027	851,508
500,000		Marfrig Holding Europe BV, Sr. Unsecd. Note, 144A, 7.000%, 3/15/2024	513,505
1,400,000		Minerva Luxembourg SA, Sr. Unsecd. Note, 144A, 6.500%, 9/20/2026	1,457,764
1,000,000		NBM US Holdings, Inc., Sr. Unsecd. Note, 144A, 7.000%, 5/14/2026	1,062,500
500,000		Ulker Biskuvi Sanayi AS, Sr. Unsecd. Note, 144A, 6.950%, 10/30/2025	503,750
		TOTAL	6,157,147
		Food Services—0.3%
1,700,000		MARB BondCo PLC, Sr. Unsecd. Note, 144A, 6.875%, 1/19/2025	1,759,160
500,000		MARB BondCo PLC, Sr. Unsecd. Note, REGS, 7.000%, 3/15/2024	513,505
500,000		MHP Lux SA, Sr. Unsecd. Note, REGS, 6.950%, 4/3/2026	503,800
		TOTAL	2,776,465
		Government Agency—0.0%
180,000	2,3	Provincia de Entre Rios Argentina, Sr. Unsecd. Note, 144A, 8.750%, 2/8/2025	91,802
		Health Care—0.2%
1,630,000		Medco Bell Pte Ltd., Term Loan - 1st Lien, 144A, 6.375%, 1/30/2027	1,443,365
		Home Products & Furnishings—0.1%
1,200,000		Arcelik AS, Sr. Unsecd. Note, REGS, 5.000%, 4/3/2023	1,197,918
		Hotels, Motels, Inns & Casinos—0.2%
600,000		Grupo Posadas SA de C.V., Sr. Secd. Note, REGS, 7.875%, 6/30/2022	217,875
1,500,000		Studio City Finance Ltd., Sr. Unsecd. Note, 144A, 6.500%, 1/15/2028	1,485,300
		TOTAL	1,703,175
		Insurance—0.0%
400,000	1	Kyobo Life Insurance Co Ltd, Sub., REGS, 3.950%, 7/24/2022	409,440
		Metals & Mining—4.4%
1,000,000		Abja Investment Co., 5.950%, 7/31/2024	1,044,650
1,800,000		Abja Investment Co., Sr. Unsecd. Note, 5.450%, 1/24/2028	1,742,376
300,000		ABM Investama Tbk PT, Sr. Unsecd. Note, REGS, 7.125%, 8/1/2022	195,750
500,000		Anglogold Ashanti Holdings PLC, Sr. Unsecd. Note, 5.125%, 8/1/2022	528,685
1,000,000		Chinalco Capital Holdings Ltd., Sr. Unsecd. Note, 4.000%, 8/25/2021	1,012,045
1,000,000		Cia Brasileira de Alumin, Sr. Unsecd. Note, REGS, 6.750%, 4/5/2021	1,023,300
2,500,000		CSN Islands XI Corp., Sr. Unsecd. Note, 144A, 6.750%, 1/28/2028	2,464,975
800,000		CSN Resources SA, Sr. Unsecd. Note, 144A, 7.625%, 2/13/2023	831,200
500,000		CSN Resources SA, Sr. Unsecd. Note, REGS, 7.625%, 4/17/2026	514,250
403,729		Eterna Capital Pte Ltd., Term Loan - 1st Lien, Series A, 7.500%, 12/11/2022	171,827
2,000,000		Evraz PLC, Sr. Unsecd. Note, REGS, 5.375%, 3/20/2023	2,151,400
300,000		Gerdau Trade, Inc., Sr. Unsecd. Note, 144A, 4.875%, 10/24/2027	330,831
1,000,000		Gold Fields Orogen Holding BVI Ltd., Sr. Unsecd. Note, REGS, 5.125%, 5/15/2024	1,094,325
600,000		GTL Trade Finance, Inc., Sr. Unsecd. Note, 144A, 7.250%, 4/16/2044	787,200
500,000		GUSAP III L.P., Sr. Unsecd. Note, 144A, 4.250%, 1/21/2030	531,125
2,300,000		HudBay Minerals, Inc., Sr. Unsecd. Note, 144A, 7.625%, 1/15/2025	2,390,562
250,000		Indika Energy Capital II Pte. Ltd., REGS, 6.875%, 4/10/2022	258,563
1,920,000		JSW Steel Ltd., Sr. Unsecd. Note, 5.250%, 4/13/2022	1,954,774
1,800,000		Metinvest BV, Sr. Unsecd. Note, 144A, 7.650%, 10/1/2027	1,761,372
2,000,000		Metinvest BV, Sr. Unsecd. Note, 144A, 7.750%, 10/17/2029	1,922,300
720,000		Metinvest BV, Sr. Unsecd. Note, REGS, 7.750%, 4/23/2023	738,590
2,000,000		Metinvest BV, Sr. Unsecd. Note, REGS, 8.500%, 4/23/2026	2,027,700

Annual Shareholder Report

Principal Amount, Foreign Currency Par Amount or Shares			Value in U.S. Dollars
		CORPORATE BONDS—continued
		Metals & Mining—continued
$ 2,500,000		Minmetals Bounteous Finance BVI Ltd., Sr. Unsecd. Note, 4.200%, 7/27/2026	$2,792,712
2,000,000		MMK International Capital Designated Activity Co., Sr. Unsecd. Note, 144A, 4.375%, 6/13/2024	2,142,300
600,000		Nexa Resources SA, Sr. Unsecd. Note, 144A, 6.500%, 1/18/2028	669,375
1,000,000		OCP S.A., Sr. Unsecd. Note, REGS, 5.625%, 4/25/2024	1,089,391
500,000		Polyus Finance PLC, Sr. Unsecd. Note, REGS, 5.250%, 2/7/2023	534,450
1,000,000		PT Adaro Indonesia, REGS, 4.250%, 10/31/2024	996,250
400,000		Samarco Mineracao SA, Sr. Unsecd. Note, 144A, 5.375%, 9/26/2024	198,600
600,000		Severstal OAO Via Steel Capital SA, Sr. Unsecd. Note, REGS, 3.150%, 9/16/2024	618,789
800,000		Vedanta Resources Ltd., Sr. Unsecd. Note, REGS, 6.125%, 8/9/2024	470,223
2,800,000		Vedanta Resources Ltd., Sr. Unsecd. Note, REGS, 6.375%, 7/30/2022	1,982,400
800,000		VM Holding S.A., Sr. Unsecd. Note, 144A, 5.375%, 5/4/2027	843,800
		TOTAL	37,816,090
		Oil & Gas—16.3%
700,000		Abu Dhabi Crude Oil Pipeline, 144A, 4.600%, 11/2/2047	836,899
300,000		ADES International Holding PLC, Sec. Fac. Bond, REGS, 8.625%, 4/24/2024	286,200
500,000		AI Candelaria Spain SLU, Sr. Secd. Note, 144A, 7.500%, 12/15/2028	540,880
1,500,000		Canacol Energy Ltd., Sr. Unsecd. Note, 144A, 7.250%, 5/3/2025	1,540,312
1,400,000		CNOOC Finance 2013, Ltd., 3.300%, 9/30/2049	1,471,605
3,000,000		CNOOC Finance 2013, Ltd., 4.250%, 5/9/2043	3,650,566
1,250,000		CNOOC Finance 2015 U.S.A. LLC, Sr. Unsecd. Note, 4.375%, 5/2/2028	1,461,362
2,800,000	1	GAZPROM PJSC (GAZ FN), Sub., 144A, 4.598%, 10/26/2025	2,801,277
500,000		Geopark Ltd., Sr. Unsecd. Note, 144A, 5.500%, 1/17/2027	436,255
700,000		Geopark Ltd., Sr. Unsecd. Note, REGS, 6.500%, 9/21/2024	659,750
600,000		Gran Tierra Energy, Inc., Sr. Unsecd. Note, REGS, 6.250%, 2/15/2025	211,500
1,000,000		Indika Energy Capital III Pte Ltd., REGS, 5.875%, 11/9/2024	947,431
400,000		Koc Holding A.S., Sr. Unsecd. Note, 144A, 6.500%, 3/11/2025	404,640
2,000,000		Koc Holding A.S., Sr. Unsecd. Note, REGS, 6.500%, 3/11/2025	2,023,200
750,000		Medco Platinum Road Pte. Ltd., 144A, 6.750%, 1/30/2025	729,666
1,950,280		Mv24 Captial Bv, Term Loan - 1st Lien, REGS, 6.748%, 6/1/2034	1,964,927
92,510		Odebrecht Drill VIII/IX, 144A, 6.350%, 12/1/2021	86,035
2,300,000		Oil & Gas Holdings, Sr. Unsecd. Note, 144A, 7.625%, 11/7/2024	2,462,541
837,000		Oil & Gas Holdings, Sr. Unsecd. Note, REGS, 7.625%, 11/7/2024	896,151
1,000,000		Orazul Energy Egenor SCA, Sr. Unsecd. Note, REGS, 5.625%, 4/28/2027	1,038,570
2,500,000		Pemex Project Funding Master Trust, Company Guarantee, 6.625%, 6/15/2035	2,062,787
6,558,000		Petrobras Global Finance BV, Sr. Unsecd. Note, 5.093%, 1/15/2030	6,857,209
8,400,000		Petrobras Global Finance BV, Sr. Unsecd. Note, 5.600%, 1/3/2031	9,061,290
2,400,000		Petrobras Global Finance BV, Sr. Unsecd. Note, 6.750%, 6/3/2050	2,636,808
3,800,000		Petrobras Global Finance BV, Sr. Unsecd. Note, 6.850%, 6/5/2115	4,094,500
5,450,000		Petrobras Global Finance BV, Sr. Unsecd. Note, 6.900%, 3/19/2049	6,175,613
3,955,000		Petrobras Global Finance BV, Sr. Unsecd. Note, Series WI, 5.999%, 1/27/2028	4,443,581
3,000,000		Petroleos Mexicanos, Sr. Note, 6.840%, 1/23/2030	2,684,700
2,000,000		Petroleos Mexicanos, Sr. Unsecd. Note, 4.250%, 1/15/2025	1,865,250
4,900,000		Petroleos Mexicanos, Sr. Unsecd. Note, 5.625%, 1/23/2046	3,629,675
7,400,000		Petroleos Mexicanos, Sr. Unsecd. Note, 5.950%, 1/28/2031	6,203,050
4,150,000		Petroleos Mexicanos, Sr. Unsecd. Note, 6.375%, 1/23/2045	3,151,365
2,362,000		Petroleos Mexicanos, Sr. Unsecd. Note, 6.490%, 1/23/2027	2,200,203
3,900,000		Petroleos Mexicanos, Sr. Unsecd. Note, 6.500%, 3/13/2027	3,631,446
3,800,000		Petroleos Mexicanos, Sr. Unsecd. Note, 6.750%, 9/21/2047	2,956,001

Annual Shareholder Report

Principal Amount, Foreign Currency Par Amount or Shares		Value in U.S. Dollars
	CORPORATE BONDS—continued
	Oil & Gas—continued
$ 17,100,000	Petroleos Mexicanos, Sr. Unsecd. Note, 6.950%, 1/28/2060	$13,394,002
7,400,000	Petroleos Mexicanos, Sr. Unsecd. Note, Series WI, 5.350%, 2/12/2028	6,330,256
3,670,000	Petroleos Mexicanos, Sr. Unsecd. Note, Series WI, 6.350%, 2/12/2048	2,807,550
2,360,000	Petroleos Mexicanos, Sr. Unsecd. Note, Series WI, 6.500%, 1/23/2029	2,107,834
246,834	Petroleum Co. of Trinidad and Tobago Ltd., Sr. Unsecd. Note, REGS, 6.000%, 5/8/2022	249,764
200,000	Petronas Capital Ltd., Sr. Unsecd. Note, 144A, 4.550%, 4/21/2050	252,589
1,200,000	Promigas SA ESP / Gases del Pacifico SAC, Sr. Unsecd. Note, 144A, 3.750%, 10/16/2029	1,216,812
600,000	PTTEP Treasury Center Co. Ltd., Sr. Unsecd. Note, 144A, 3.903%, 12/6/2059	647,454
500,000	Puma International Financing SA, Sr. Unsecd. Note, 144A, 5.125%, 10/6/2024	425,525
500,000	Saudi Arabian Oil Co. (Aramco), Sr. Unsecd. Note, 144A, 4.375%, 4/16/2049	587,129
1,500,000	SEPLAT Petroleum Development Co. PLC, Sr. Sub., REGS, 9.250%, 4/1/2023	1,511,625
1,400,000	Sinopec Group Overseas Development 2015 Ltd., Sr. Unsecd. Note, 144A, 3.250%, 4/28/2025	1,510,425
1,500,000	Sinopec Group Overseas Development 2015 Ltd., Sr. Unsecd. Note, REGS, 4.100%, 4/28/2045	1,788,834
1,100,000	Sinopec Group Overseas Development 2017 Ltd., Sr. Unsecd. Note, 144A, 3.625%, 4/12/2027	1,212,381
2,000,000	Sinopec Group Overseas Development 2017 Ltd., Sr. Unsecd. Note, 144A, 4.250%, 4/12/2047	2,461,188
4,000,000	Southern Gas Corridor CJSC, Unsecd. Note, 144A, 6.875%, 3/24/2026	4,569,788
600,000	Tecpetrol S.A., Sr. Unsecd. Note, 144A, 4.875%, 12/12/2022	562,200
600,000	Transport de Gas Del Sur, Sr. Unsecd. Note, 144A, 6.750%, 5/2/2025	495,000
500,000	Tullow Oil PLC, Sr. Unsecd. Note, 144A, 6.250%, 4/15/2022	312,500
1,500,000	Tullow Oil PLC, Sr. Unsecd. Note, 144A, 7.000%, 3/1/2025	791,250
2,000,000	Tupras Turkiye Petrol Rafinerileri A.S., Sr. Unsecd. Note, REGS, 4.500%, 10/18/2024	1,838,060
215,000	Ultrapar International SA, Sr. Unsecd. Note, 144A, 5.250%, 10/6/2026	231,624
2,000,000	Ultrapar International SA, Sr. Unsecd. Note, 144A, 5.250%, 6/6/2029	2,100,500
700,000	Vivo Energy Investments, Sr. Unsecd. Note, 144A, 5.125%, 9/24/2027	729,183
2,000,000	YPF Sociedad Anonima, Sr. Unsecd. Note, 144A, 6.950%, 7/21/2027	1,077,500
920,000	YPF Sociedad Anonima, Sr. Unsecd. Note, 144A, 8.500%, 6/27/2029	516,580
8,454,000	YPF Sociedad Anonima, Sr. Unsecd. Note, REGS, 7.000%, 12/15/2047	4,295,985
300,000	YPF Sociedad Anonima, Sr. Unsecd. Note, REGS, 8.500%, 3/23/2021	257,028
	TOTAL	140,383,811
	Other—0.0%
213,000	TransJamaican Highway Ltd., Sec. Fac. Bond, REGS, 5.750%, 10/10/2036	211,536
	Paper Products—0.2%
1,800,000	Klabin Austria Gmbh, Sr. Unsecd. Note, 144A, 7.000%, 4/3/2049	2,059,650
	Pharmaceuticals—0.6%
1,000,000	Natura Cosmeticos S.A., Sr. Unsecd. Note, REGS, 5.375%, 2/1/2023	1,030,000
3,000,000	Teva Pharmaceutical Finance Netherlands III BV, Sr. Unsecd. Note, 2.800%, 7/21/2023	2,850,780
1,500,000	Teva Pharmaceutical Finance Netherlands III BV, Sr. Unsecd. Note, 3.150%, 10/1/2026	1,322,812
	TOTAL	5,203,592
	Rail Industry—0.1%
200,000	Georgian Railway JSC, Sr. Unsecd. Note, REGS, 7.750%, 7/11/2022	209,250
522,418	Panama Canal Railway Co., Sec. Fac. Bond, 144A, 7.000%, 11/1/2026	535,484
	TOTAL	744,734
	Real Estate—5.8%
1,000,000	ALdar Sukuk Ltd., Sr. Unsecd. Note, 4.750%, 9/29/2025	1,111,898
2,000,000	China Evergrande Group, Sec. Fac. Bond, 6.250%, 6/28/2021	1,867,000
4,000,000	China Evergrande Group, Sec. Fac. Bond, 7.500%, 6/28/2023	3,029,954
4,000,000	China Evergrande Group, Sec. Fac. Bond, 8.250%, 3/23/2022	3,370,000
1,500,000	China Evergrande Group, Sr. Unsecd. Note, 8.750%, 6/28/2025	1,110,000

Annual Shareholder Report

Principal Amount, Foreign Currency Par Amount or Shares			Value in U.S. Dollars
		CORPORATE BONDS—continued
		Real Estate—continued
$ 3,575,000		China Great Wall International Holdings III Ltd., Sr. Unsecd. Note, Series EMTN, 3.875%, 8/31/2027	$3,882,414
2,300,000		China Overseas Finance Cayman V Ltd., Sr. Unsecd. Note, Series A, 3.950%, 11/15/2022	2,414,711
4,300,000		Country Garden Holdings Co., 4.750%, 1/17/2023	4,418,108
700,000		Dar Al-Arkan Sukuk Co. Ltd., Sr. Unsecd. Note, 6.875%, 3/21/2023	689,206
3,093,000		Dar Al-Arkan Sukuk Co. Ltd., Sr. Unsecd. Note, Series EMTN, 6.875%, 4/10/2022	3,086,876
500,000		DIFC Sukuk Ltd., Sr. Unsecd. Note, 4.325%, 11/12/2024	522,250
2,000,000		Esic Sukuk Ltd, Sr. Unsecd. Note, Series EMTN, 3.939%, 7/30/2024	2,014,700
2,500,000		Franshion Brilliant Ltd., Sr. Unsecd. Note, 3.600%, 3/3/2022	2,546,865
2,500,000	1	Franshion Brilliant Ltd., Sub. Note, 5.750%, 1/17/2022	2,374,988
1,200,000		Longfor Properties, Sr. Unsecd. Note, 3.875%, 7/13/2022	1,242,336
5,000,000		Longfor Properties, Sr. Unsecd. Note, 4.500%, 1/16/2028	5,508,575
1,000,000		Scenery Journey Ltd., Sr. Unsecd. Note, 11.500%, 10/24/2022	850,176
2,100,000		Shimao Group Holdings Ltd., Sr. Unsecd. Note, 4.750%, 7/3/2022	2,151,979
2,000,000		Sunac China Holdings Ltd., Sec. Fac. Bond, 7.875%, 2/15/2022	2,034,983
2,000,000		Sunac China Holdings Ltd., Sr. Secd. Note, 8.350%, 4/19/2023	2,053,586
1,400,000		Theta Capital Pte ltd., Sr. Unsecd. Note, 8.125%, 1/22/2025	1,266,957
800,000		Trust Fibrauno, Sr. Unsecd. Note, 144A, 6.390%, 1/15/2050	832,400
1,511,000		Yanlord Land Group Ltd., Sr. Unsecd. Note, 5.875%, 1/23/2022	1,538,376
		TOTAL	49,918,338
		Retailers—0.8%
2,000,000		Eurotorg (Bonitron DAC), Sr. Unsecd. Note, 144A, 9.000%, 10/22/2025	2,030,400
1,900,000		Future Retail Ltd., Sec. Fac. Bond, 144A, 5.600%, 1/22/2025	1,311,000
1,100,000		Golden Eagle Retail Group Ltd., Sr. Unsecd. Note, REGS, 4.625%, 5/21/2023	1,108,250
1,700,000		JD.com, Inc., Sr. Unsecd. Note, 3.875%, 4/29/2026	1,887,647
800,000		JSM Global S.a r.l., 144A, 4.750%, 10/20/2030	809,200
		TOTAL	7,146,497
		State/Provincial—0.3%
624,000		Brazil Minas SPE, 144A, 5.333%, 2/15/2028	663,000
1,079,000		Buenos Aires, City of, Sr. Unsecd. Note, 144A, 7.500%, 6/1/2027	798,471
1,000,000	2,3	Provincia De Buenos Aires, Sr. Unsecd. Note, REGS, 7.875%, 6/15/2027	327,500
700,000		Provincia De Cordoba, Sr. Unsecd. Note, 144A, 7.450%, 9/1/2024	364,007
250,000		Provincia De Cordoba, Sr. Unsecd. Note, REGS, 7.450%, 9/1/2024	130,002
		TOTAL	2,282,980
		Steel—0.1%
500,000		Usiminas International Ltd., Sr. Unsecd. Note, 144A, 5.875%, 7/18/2026	521,100
		Technology Services—2.1%
800,000		Alibaba Group Holding Ltd., Sr. Unsecd. Note, 3.400%, 12/6/2027	891,897
2,000,000		Alibaba Group Holding Ltd., Sr. Unsecd. Note, 3.600%, 11/28/2024	2,190,414
3,000,000		Alibaba Group Holding Ltd., Sr. Unsecd. Note, 4.200%, 12/6/2047	3,702,693
2,000,000		Baidu, Inc., Sr. Unsecd. Note, 3.425%, 4/7/2030	2,204,250
2,600,000		Baidu, Inc., Sr. Unsecd. Note, 3.625%, 7/6/2027	2,850,120
1,500,000		Baidu, Inc., Sr. Unsecd. Note, 3.875%, 9/29/2023	1,613,267
2,000,000		Baidu, Inc., Sr. Unsecd. Note, 4.375%, 3/29/2028	2,289,320
500,000		Tencent Holdings Ltd., Sr. Unsecd. Note, 144A, 3.595%, 1/19/2028	546,823
1,300,000		Xiaomi Best Time International Ltd., Sr. Unsecd. Note, 144A, 3.375%, 4/29/2030	1,356,806
		TOTAL	17,645,590
		Telecommunications & Cellular—3.7%
500,000		America Movil S.A.B. de C.V., 3.125%, 7/16/2022	518,508

Annual Shareholder Report

Principal Amount, Foreign Currency Par Amount or Shares			Value in U.S. Dollars
		CORPORATE BONDS—continued
		Telecommunications & Cellular—continued
$ 500,000		Axtel SAB de CV, Sr. Unsecd. Note, REGS, 6.375%, 11/14/2024	$520,750
1,000,000		Bharti Airtel International Netherlands BV, Sr. Unsecd. Note, REGS, 5.350%, 5/20/2024	1,087,382
500,000		Colombia Telecomunicaciones SA ESP, Sr. Unsecd. Note, 144A, 4.950%, 7/17/2030	533,125
1,200,000		Comcel Trust, REGS, 6.875%, 2/6/2024	1,230,126
79,454		Digicel Group 0.5 Ltd., 144A, 8.000% PIK, 4/1/2025	27,014
13,124	1	Digicel Group 0.5 Ltd., Conv. Bond, 144A, 7.000% PIK, 12/24/2020	1,739
253,996		Digicel Group 0.5 Ltd., Term Loan - 1st Lien, 10.000% PIK, 4/1/2024	193,672
750,000		Digicel International Finance Ltd., 144A, 8.750%, 5/25/2024	751,875
1,000,000		Digicel International Finance Ltd., Sr. Unsecd. Note, REGS, 13.000%, 12/31/2025	936,250
1,000,000		Digicel International Finance Ltd., Sub., REGS, 8.000%, 12/31/2026	750,000
500,000		Digicel Ltd., Sr. Unsecd. Note, REGS, 6.750%, 3/1/2023	310,130
2,000,000		HTA Group Ltd., Sr. Unsecd. Note, 144A, 7.000%, 12/18/2025	2,099,640
2,500,000		IHS Netherlands Holdco BV, Sr. Unsecd. Note, 144A, 8.000%, 9/18/2027	2,556,250
1,500,000		Kenbourne Invest SA, Sr. Unsecd. Note, REGS, 6.875%, 11/26/2024	1,567,500
800,000		Liquid Telecommunications Financing PLC, Sec. Fac. Bond, 144A, 8.500%, 7/13/2022	816,991
650,000		Millicom International Cellular S. A., Sr. Unsecd. Note, 144A, 6.250%, 3/25/2029	720,080
500,000		Millicom International Cellular S. A., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2026	539,500
500,000		Millicom International Cellular S. A., Sr. Unsecd. Note, REGS, 6.250%, 3/25/2029	553,907
500,000	1	Network i2i Ltd., Sub. Deb., REGS, 5.650%, 1/15/2025	502,000
1,800,000		Oztel Holdings SPC Ltd., Sec. Fac. Bond, 144A, 6.625%, 4/24/2028	1,775,072
1,000,000		Oztel Holdings SPC Ltd., Sec. Fac. Bond, REGS, 6.625%, 4/24/2028	986,151
2,000,000		Proven Honour Capital, Sr. Unsecd. Note, 4.125%, 5/6/2026	2,084,440
1,100,000		Saudi Telecom Co., Sr. Unsecd. Note, 144A, 3.890%, 5/13/2029	1,250,441
900,000		Telfon Celuar Del Paraguay, Sr. Unsecd. Note, 144A, 5.875%, 4/15/2027	955,575
3,000,000		Turk Telekomunikasyon AS, Sr. Unsecd. Note, REGS, 4.875%, 6/19/2024	2,906,292
3,500,000		Turkcell Iletisim Hizmetleri A.S., Sr. Unsecd. Note, REGS, 5.750%, 10/15/2025	3,493,700
1,000,000		Veon Holdings BV, Sr. Unsecd. Note, REGS, 4.000%, 4/9/2025	1,044,615
1,000,000		Veon Holdings BV, Sr. Unsecd. Note, REGS, 7.250%, 4/26/2023	1,106,254
300,000		VTR Comunicaciones SpA, Sec. Fac. Bond, 144A, 5.125%, 1/15/2028	316,980
		TOTAL	32,135,959
		Transportation—1.3%
1,000,000		CAR, Inc., Sr. Unsecd. Note, 8.875%, 5/10/2022	863,738
500,000		DP World Crescent Ltd, Sr. Unsecd. Note, 144A, 4.848%, 9/26/2028	559,208
2,000,000		DP World Crescent Ltd, Sr. Unsecd. Note, Series EMTN, 3.875%, 7/18/2029	2,096,060
3,000,000		DP World Ltd., Sr. Unsecd. Note, 144A, 4.700%, 9/30/2049	3,070,650
1,800,000		JSL Europe SA, Sr. Unsecd. Note, REGS, 7.750%, 7/26/2024	1,849,050
800,000		Rumo Luxembourg Sarl, Sr. Unsecd. Note, 144A, 5.250%, 1/10/2028	839,200
2,000,000		Rumo Luxembourg Sarl, Sr. Unsecd. Note, 144A, 5.875%, 1/18/2025	2,097,730
		TOTAL	11,375,636
		Utilities—4.5%
1,000,000		ACWA Power Management and Investments One Ltd., Sec. Fac. Bond, REGS, 5.950%, 12/15/2039	1,157,500
400,000		Adani Green Energy UP Ltd., Sec. Fac. Bond, 144A, 6.250%, 12/10/2024	433,380
1,000,000	1	AES Gener S.A., Jr. Sub. Note, REGS, 6.350%, 4/7/2025	1,009,125
1,800,000		Azure Power Energy Ltd., 144A, 5.500%, 11/3/2022	1,846,170
2,000,000		Cemig Geracao E Transmissao SA, Sr. Unsecd. Note, REGS, 9.250%, 12/5/2024	2,252,500
750,000		Centrais Eletricas Brasileiras SA, Sr. Unsecd. Note, 144A, 3.625%, 2/4/2025	750,795
1,450,000		Centrais Eletricas Brasileiras SA, Sr. Unsecd. Note, 144A, 4.625%, 2/4/2030	1,469,937
1,245,140		Empresa Electrica Cochra, 144A, 5.500%, 5/14/2027	1,259,148

Annual Shareholder Report

Principal Amount, Foreign Currency Par Amount or Shares		Value in U.S. Dollars
	CORPORATE BONDS—continued
	Utilities—continued
$ 800,000	Empresas Public Medelllin, Sr. Unsecd. Note, REGS, 4.250%, 7/18/2029	$822,952
3,000,000	Eskom Holdings Ltd., REGS, 6.750%, 8/6/2023	2,854,551
4,200,000	Eskom Holdings Ltd., Sr. Unsecd. Note, 144A, 6.350%, 8/10/2028	4,351,511
4,000,000	Eskom Holdings Ltd., Unsecd. Note, REGS, 7.125%, 2/11/2025	3,757,184
400,000	Genneia SA, Sr. Unsecd. Note, 144A, 8.750%, 1/20/2022	307,000
1,500,000	Greenko Solar (Mauritius) Ltd., 144A, 5.950%, 7/29/2026	1,589,396
285,000	Indo Energy Finance II, REGS, 6.375%, 1/24/2023	286,085
1,800,000	Inkia Energy Ltd., Sr. Unsecd. Note, REGS, 5.875%, 11/9/2027	1,881,540
850,000	Instituto Costarricense de Electricidad, Sr. Unsecd. Note, REGS, 6.375%, 5/15/2043	584,375
900,000	Israel Electric Corp. Ltd., Sec. Fac. Bond, Series GMTN, 4.250%, 8/14/2028	1,035,121
500,000	Listrindo Capital BV, Sr. Unsecd. Note, REGS, 4.950%, 9/14/2026	515,000
234,750	LLPL Capital Pte. Ltd., 144A, 6.875%, 2/4/2039	269,879
1,050,000	Minejesa Capital BV, Sec. Fac. Bond, 144A, 5.625%, 8/10/2037	1,091,260
1,750,000	Mong Duong Finance Holdings B.V., 144A, 5.125%, 5/7/2029	1,784,865
650,000	Neerg Energy Ltd., Sr. Secd. Note, 144A, 6.000%, 2/13/2022	661,374
60,000	Pan American Energy LLC, Sr. Unsecd. Note, REGS, 7.875%, 5/7/2021	59,850
1,555,000	ReNew Power Ltd., Sec. Fac. Bond, REGS, 6.450%, 9/27/2022	1,599,706
200,000	Rio Energy SA / UGEN SA/ UENSA SA, 144A, 6.875%, 2/1/2025	109,000
1,000,000	Saudi Electricity Global, Sr. Unsecd. Note, REGS, 5.060%, 4/8/2043	1,202,942
2,400,000	State Grid Overseas Investment 2016 Ltd., Sr. Unsecd. Note, 144A, 4.250%, 5/2/2028	2,810,295
800,000	Yingde Gases Investment Ltd., 144A, 6.250%, 1/19/2023	825,938
	TOTAL	38,578,379
	TOTAL CORPORATE BONDS (IDENTIFIED COST $506,306,639)	522,131,536
	FOREIGN GOVERNMENTS/AGENCIES—36.7%
	Corporate—0.1%
1,000,000	1MDB Global Investments Ltd., Sr. Unsecd. Note, REGS, 4.400%, 3/9/2023	993,808
	Sovereign—36.6%
2,000,000	Angola, Government of, Sr. Unsecd. Note, 144A, 8.000%, 11/26/2029	1,537,484
1,500,000	Angola, Government of, Sr. Unsecd. Note, REGS, 8.250%, 5/9/2028	1,178,850
1,000,000	Angola, Government of, Sr. Unsecd. Note, REGS, 9.125%, 11/26/2049	759,408
2,100,000	Angola, Government of, Sr. Unsecd. Note, REGS, 9.375%, 5/8/2048	1,603,980
1,000,000	Angola, Government of, Sr. Unsecd. Note, REGS, 9.500%, 11/12/2025	855,104
9,400,000	Argentina, Government of, Sr. Unsecd. Note, 0.125%, 1/9/2038	3,506,200
13,435,876	Argentina, Government of, Sr. Unsecd. Note, 0.125%, 7/9/2030	4,904,095
33,142,671	Argentina, Government of, Sr. Unsecd. Note, 0.125%, 7/9/2035	10,837,654
11,700,000	Argentina, Government of, Sr. Unsecd. Note, 0.125%, 7/9/2041	3,954,717
1,200,000	Argentina, Government of, Sr. Unsecd. Note, 0.125%, 7/9/2041	366,000
5,000,000	Argentina, Government of, Sr. Unsecd. Note, 0.125%, 7/9/2046	1,637,500
2,000,000	Argentina, Government of, Sr. Unsecd. Note, 1.000%, 7/9/2029	822,000
4,000,000	Argentina, Government of, Unsecd. Note, 0.125%, 1/9/2038	1,260,040
4,398,291	Argentina, Government of, Unsecd. Note, 0.125%, 7/9/2030	1,561,393
2,000,000	Argentina, Government of, Unsecd. Note, 1.000%, 7/9/2029	770,000
2,500,000	Azerbaijan, Government of, Sr. Unsecd. Note, REGS, 3.500%, 9/1/2032	2,430,000
500,000	Bahamas, Government of, Sr. Unsecd. Note, 144A, 8.950%, 10/15/2032	483,750
2,000,000	Bahrain, Government of, REGS, 6.125%, 8/1/2023	2,129,509
1,000,000	Bahrain, Government of, Sr. Unsecd. Note, 144A, 7.000%, 10/12/2028	1,102,470
500,000	Bahrain, Government of, Sr. Unsecd. Note, REGS, 5.250%, 3/20/2025	523,047

Annual Shareholder Report

Principal Amount, Foreign Currency Par Amount or Shares			Value in U.S. Dollars
		FOREIGN GOVERNMENTS/AGENCIES—continued
		Sovereign—continued
$ 3,800,000		Bahrain, Government of, Sr. Unsecd. Note, REGS, 6.750%, 9/20/2029	$4,107,303
1,300,000		Bahrain, Government of, Sr. Unsecd. Note, REGS, 7.000%, 1/26/2026	1,466,420
2,500,000		Bahrain, Government of, Sr. Unsecd. Note, REGS, 7.000%, 10/12/2028	2,756,175
500,000		Belarus, Government of, Sr. Unsecd. Note, 144A, 5.875%, 2/24/2026	473,920
2,350,000		Brazil, Government of, Sr. Secd. Note, 5.625%, 2/21/2047	2,575,600
4,500,000		Brazil, Government of, Sr. Unsecd. Note, 3.875%, 6/12/2030	4,556,250
9,300,000		Brazil, Government of, Sr. Unsecd. Note, 4.750%, 1/14/2050	9,100,050
800,000		Cameroon, Government of, Sr. Unsecd. Note, 144A, 9.500%, 11/19/2025	837,798
3,000,000		CBB International Sukuk Programme Co SPC, Sr. Unsecd. Note, 144A, 6.250%, 11/14/2024	3,233,152
500,000		Costa Rica, Government of, 144A, 4.375%, 4/30/2025	428,750
2,400,000		Costa Rica, Government of, 144A, 5.625%, 4/30/2043	1,746,000
500,000		Costa Rica, Government of, Sr. Unsecd. Note, 144A, 7.000%, 4/4/2044	391,250
300,000		Costa Rica, Government of, Sr. Unsecd. Note, 144A, 7.158%, 3/12/2045	237,750
400,000		Costa Rica, Government of, Sr. Unsecd. Note, REGS, 7.158%, 3/12/2045	317,000
2,000,000		Dominican Republic, Government of, 144A, 5.875%, 4/18/2024	2,110,000
1,550,000		Dominican Republic, Government of, Sr. Unsecd. Note, 144A, 5.875%, 1/30/2060	1,480,250
5,400,000		Dominican Republic, Government of, Sr. Unsecd. Note, 144A, 5.950%, 1/25/2027	5,886,000
6,600,000		Dominican Republic, Government of, Sr. Unsecd. Note, 144A, 6.850%, 1/27/2045	7,070,580
500,000		Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 6.000%, 7/19/2028	550,000
4,000,000		Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 6.500%, 2/15/2048	4,110,000
500,000		Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 7.450%, 4/30/2044	570,750
766,666		Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 7.500%, 5/6/2021	785,833
500,000		Dubai, Government of, Series EMTN, 5.250%, 1/30/2043	569,571
3,653,500		Ecuador, Government of, Sr. Secd. Note, 144A, 0.500%, 7/31/2030	2,429,614
1,678,450		Ecuador, Government of, Sr. Unsecd. Note, 144A, 0.000%, 7/31/2030	763,712
9,539,550		Ecuador, Government of, Sr. Unsecd. Note, 144A, 0.500%, 7/31/2035	5,210,979
5,962,500		Ecuador, Government of, Sr. Unsecd. Note, 144A, 0.500%, 7/31/2040	2,951,497
EGP 38,000,000	4	Egypt Treasury Bill, Unsecd. Deb., Series 273D, 12.500%, 11/3/2020	2,420,382
$ 2,000,000		Egypt, Government of, Sr. Unsecd. Note, 144A, 5.250%, 10/6/2025	1,985,400
EUR 1,500,000		Egypt, Government of, Sr. Unsecd. Note, 144A, 6.375%, 4/11/2031	1,669,235
$ 800,000		Egypt, Government of, Sr. Unsecd. Note, 144A, 7.052%, 1/15/2032	780,566
1,500,000		Egypt, Government of, Sr. Unsecd. Note, 144A, 7.600%, 3/1/2029	1,558,950
4,000,000		Egypt, Government of, Sr. Unsecd. Note, 144A, 7.625%, 5/29/2032	4,046,400
2,800,000		Egypt, Government of, Sr. Unsecd. Note, 144A, 8.700%, 3/1/2049	2,818,200
1,200,000		Egypt, Government of, Sr. Unsecd. Note, 144A, 8.875%, 5/29/2050	1,211,160
1,000,000		Egypt, Government of, Sr. Unsecd. Note, REGS, 5.875%, 6/11/2025	1,024,000
4,500,000		Egypt, Government of, Sr. Unsecd. Note, REGS, 6.588%, 2/21/2028	4,523,400
4,500,000		Egypt, Government of, Sr. Unsecd. Note, REGS, 7.903%, 2/21/2048	4,259,025
1,000,000		Egypt, Government of, Sr. Unsecd. Note, REGS, 8.150%, 11/20/2059	945,024
EGP 34,400,000	4	Egypt, Government of, Unsecd. Deb., Series 364D, 13.650%, 2/2/2021	2,120,993
$ 600,000		El Salvador, Government of, Sr. Unsecd. Note, REGS, 5.875%, 1/30/2025	492,906
4,631,000		El Salvador, Government of, Sr. Unsecd. Note, REGS, 7.650%, 6/15/2035	3,663,167
1,000,000		El Salvador, Government of, Sr. Unsecd. Note, REGS, 7.750%, 1/24/2023	910,000
1,300,000		Ethiopia, Government of, Sr. Unsecd. Note, REGS, 6.625%, 12/11/2024	1,306,760
2,000,000		Gabon, Government of, REGS, 6.375%, 12/12/2024	1,902,900
300,000		Gabon, Government of, Sr. Secd. Note, 144A, 6.625%, 2/6/2031	267,466
2,300,000		Ghana, Government of, Sr. Unsecd. Note, 144A, 7.875%, 2/11/2035	2,038,375
3,000,000		Ghana, Government of, Sr. Unsecd. Note, REGS, 6.375%, 2/11/2027	2,787,600

Annual Shareholder Report

Principal Amount, Foreign Currency Par Amount or Shares			Value in U.S. Dollars
		FOREIGN GOVERNMENTS/AGENCIES—continued
		Sovereign—continued
$ 2,500,000		Ghana, Government of, Sr. Unsecd. Note, REGS, 7.625%, 5/16/2029	$2,312,500
2,500,000		Ghana, Government of, Sr. Unsecd. Note, REGS, 8.950%, 3/26/2051	2,241,500
1,500,000		Ghana, Government of, Unsecd. Note, REGS, 10.750%, 10/14/2030	1,836,642
250,000		Honduras, Government of, Sr. Unsecd. Note, 144A, 5.625%, 6/24/2030	275,625
500,000		Honduras, Government of, Sr. Unsecd. Note, REGS, 7.500%, 3/15/2024	550,000
102,000		Hungary, Government of, 6.375%, 3/29/2021	104,402
1,500,000		Iraq, Government of, Sr. Unsecd. Note, REGS, 6.752%, 3/9/2023	1,395,000
900,000		Israel, Government of, Sr. Unsecd. Note, 3.875%, 7/3/2050	1,041,750
EUR 738,000		Ivory Coast, Government of, Sr. Unsecd. Note, 144A, 5.875%, 10/17/2031	840,353
$ 1,000,000		Ivory Coast, Government of, Sr. Unsecd. Note, 144A, 6.125%, 6/15/2033	1,008,456
3,320,000		Ivory Coast, Government of, Sr. Unsecd. Note, REGS, 5.750%, 12/31/2032	3,241,482
2,500,000		Ivory Coast, Government of, Sr. Unsecd. Note, REGS, 6.375%, 3/3/2028	2,621,025
500,000		Jamaica, Government of, 7.875%, 7/28/2045	651,250
800,000		Jamaica, Government of, Sr. Unsecd. Note, 6.750%, 4/28/2028	920,000
2,000,000		Jordan, Government of, Sr. Unsecd. Note, 144A, 5.850%, 7/7/2030	2,012,667
1,950,000		Jordan, Government of, Sr. Unsecd. Note, 144A, 7.375%, 10/10/2047	2,013,144
6,500,000		Kenya, Government of, REGS, 6.875%, 6/24/2024	6,878,755
1,000,000		Kenya, Government of, Sr. Unsecd. Note, REGS, 7.000%, 5/22/2027	1,038,890
2,000,000		Kenya, Government of, Sr. Unsecd. Note, REGS, 8.250%, 2/28/2048	2,041,900
4,200,000		Kingdom of Bahrain, Government of, Sr. Unsecd. Note, 144A, 5.450%, 9/16/2032	4,099,910
2,000,000		Kingdom of Bahrain, Government of, Sr. Unsecd. Note, 144A, 7.375%, 5/14/2030	2,212,929
2,000,000		Kingdom of Bahrain, Government of, Sr. Unsecd. Note, REGS, 7.500%, 9/20/2047	2,110,302
1,700,000		Lebanon, Government of, Sr. Secd. Note, Series EMTN, 6.100%, 10/4/2022	243,814
1,000,000	2,3	Lebanon, Government of, Sr. Unsecd. Note, 6.000%, 1/27/2023	138,160
4,000,000		Nigeria, Government of, Sr. Unsecd. Note, REGS, 6.500%, 11/28/2027	3,879,248
1,000,000		Nigeria, Government of, Sr. Unsecd. Note, REGS, 7.143%, 2/23/2030	964,444
1,000,000		Nigeria, Government of, Sr. Unsecd. Note, REGS, 9.248%, 1/21/2049	1,015,000
3,500,000		Nigeria, Government of, Unsecd. Note, REGS, 7.875%, 2/16/2032	3,391,150
2,000,000		Oman, Government of, Sr. Unsecd. Note, 144A, 5.625%, 1/17/2028	1,824,880
2,000,000		Oman, Government of, Sr. Unsecd. Note, 144A, 6.000%, 8/1/2029	1,825,000
3,500,000		Oman, Government of, Sr. Unsecd. Note, 144A, 7.375%, 10/28/2032	3,346,875
3,000,000		Oman, Government of, Sr. Unsecd. Note, REGS, 3.875%, 3/8/2022	2,957,568
2,000,000		Oman, Government of, Sr. Unsecd. Note, REGS, 4.875%, 2/1/2025	1,922,400
1,000,000		Oman, Government of, Sr. Unsecd. Note, REGS, 5.375%, 3/8/2027	915,960
3,000,000		Oman, Government of, Sr. Unsecd. Note, REGS, 6.750%, 1/17/2048	2,450,064
700,000		Pakistan, Government of, Sr. Secd. Note, REGS, 6.875%, 12/5/2027	684,387
4,000,000		Pakistan, Government of, Sr. Unsecd. Note, REGS, 5.625%, 12/5/2022	3,992,640
3,500,000		Pakistan, Government of, Sr. Unsecd. Note, REGS, 8.250%, 9/30/2025	3,662,750
526,000		Papua New Guinea, Government of, Sr. Unsecd. Note, REGS, 8.375%, 10/4/2028	515,480
1,500,000		Qatar, Government of, Sr. Unsecd. Note, 144A, 4.817%, 3/14/2049	1,997,475
1,000,000		Romania, Government of, Sr. Unsecd. Note, 144A, 4.000%, 2/14/2051	1,018,764
RUB 141,000,000		Russia, Government of, Series 6212, 7.050%, 1/19/2028	1,906,214
$ 400,000		Russia, Government of, Sr. Unsecd. Note, REGS, 4.375%, 3/21/2029	456,726
1,000,000		Saudi Arabia, Government of, 144A, 5.250%, 1/16/2050	1,322,312
3,700,000		Senegal, Government of, Unsecd. Note, 144A, 6.250%, 5/23/2033	3,762,900
500,000		Senegal, Government of, Unsecd. Note, REGS, 6.250%, 7/30/2024	526,150
300,000		Serbia, Government of, REGS, 7.250%, 9/28/2021	316,860
3,000,000		South Africa, Government of, Sr. Unsecd. Note, 4.300%, 10/12/2028	2,913,600

Annual Shareholder Report

Principal Amount, Foreign Currency Par Amount or Shares			Value in U.S. Dollars
		FOREIGN GOVERNMENTS/AGENCIES—continued
		Sovereign—continued
$ 2,000,000		South Africa, Government of, Sr. Unsecd. Note, 4.850%, 9/30/2029	$1,983,100
2,000,000		South Africa, Government of, Sr. Unsecd. Note, 5.000%, 10/12/2046	1,686,480
2,075,000		South Africa, Government of, Sr. Unsecd. Note, 5.750%, 9/30/2049	1,868,704
700,000		Sri Lanka, Government of, REGS, 6.350%, 6/28/2024	392,000
3,500,000		Sri Lanka, Government of, Sr. Unsecd. Note, 144A, 5.750%, 4/18/2023	1,960,000
1,500,000		Sri Lanka, Government of, Sr. Unsecd. Note, 144A, 7.550%, 3/28/2030	794,867
2,500,000		Sri Lanka, Government of, Sr. Unsecd. Note, REGS, 5.875%, 7/25/2022	1,575,000
3,000,000		Sri Lanka, Government of, Sr. Unsecd. Note, REGS, 6.125%, 6/3/2025	1,664,823
4,800,000		Sri Lanka, Government of, Sr. Unsecd. Note, REGS, 6.750%, 4/18/2028	2,520,000
500,000		Trinidad and Tobago, Government of, Sr. Unsecd. Note, 144A, 4.500%, 6/26/2030	506,250
500,000		Tunisia, Government of, Sr. Unsecd. Note, REGS, 5.750%, 1/30/2025	421,052
3,900,000		Turkey, Government of, 3.250%, 3/23/2023	3,679,868
2,000,000		Turkey, Government of, 5.125%, 2/17/2028	1,776,240
3,000,000		Turkey, Government of, 5.750%, 3/22/2024	2,916,660
1,000,000		Turkey, Government of, Sr. Unsecd. Note, 4.250%, 4/14/2026	887,940
3,000,000		Turkey, Government of, Sr. Unsecd. Note, 4.875%, 10/9/2026	2,706,540
3,500,000		Turkey, Government of, Sr. Unsecd. Note, 4.875%, 4/16/2043	2,550,625
2,000,000		Turkey, Government of, Sr. Unsecd. Note, 5.125%, 3/25/2022	1,986,676
3,800,000		Turkey, Government of, Sr. Unsecd. Note, 5.250%, 3/13/2030	3,306,000
4,500,000		Turkey, Government of, Sr. Unsecd. Note, 5.600%, 11/14/2024	4,319,640
1,400,000		Turkey, Government of, Sr. Unsecd. Note, 5.625%, 3/30/2021	1,403,500
4,200,000		Turkey, Government of, Sr. Unsecd. Note, 5.750%, 5/11/2047	3,250,464
2,500,000		Turkey, Government of, Sr. Unsecd. Note, 6.000%, 3/25/2027	2,358,375
2,000,000		Turkey, Government of, Sr. Unsecd. Note, 6.125%, 10/24/2028	1,865,000
5,340,000		Turkey, Government of, Sr. Unsecd. Note, 6.350%, 8/10/2024	5,258,779
2,500,000		Ukraine, Government of, Sr. Unsecd. Note, REGS, 7.750%, 9/1/2022	2,603,850
5,000,000		Ukraine, Government of, Sr. Unsecd. Note, REGS, 7.750%, 9/1/2023	5,200,000
4,000,000		Ukraine, Government of, Sr. Unsecd. Note, REGS, 7.750%, 9/1/2024	4,135,000
3,800,000		Ukraine, Government of, Sr. Unsecd. Note, REGS, 7.750%, 9/1/2025	3,885,880
2,000,000		Ukraine, Government of, Sr. Unsecd. Note, REGS, 7.750%, 9/1/2027	2,019,570
1,505,000	3	Ukraine, Government of, Unsecd. Note, Series GDP, 144A, 0.000%, 5/31/2040	1,299,959
4,653,000	2,3	Venezuela, Government of, 7.000%, 3/31/2038	425,750
6,920,000	2,3	Venezuela, Government of, 8.250%, 10/13/2024	633,180
2,000,000	2,3	Venezuela, Government of, 9.250%, 5/7/2028	183,000
		TOTAL	315,095,389
		TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $325,791,281)	316,089,197
		COMMON STOCK—0.1%
		Oil & Gas—0.1%
113,696		Petroleo Brasileiro SA, ADR (IDENTIFIED COST $995,886)	753,804
		INVESTMENT COMPANY—0.2%
1,596,529		Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.10%5 (IDENTIFIED COST $1,597,168)	1,597,168
		TOTAL INVESTMENT IN SECURITIES—97.6% (IDENTIFIED COST $834,690,974)6	840,571,705
		OTHER ASSETS AND LIABILITIES - NET—2.4%7	20,484,026
		TOTAL NET ASSETS—100%	$861,055,731

Annual Shareholder Report

At October 31, 2020, the Fund had the following outstanding futures contracts:

Description	Number of Contracts	Notional Value	Expiration Date	Value and Unrealized Appreciation
Short Future:
3United States Treasury Long Bond Short Futures	130	$22,420,938	December 2020	$469,883

At October 31, 2020, the Fund had the following outstanding foreign exchange contracts:

Settlement Date	Counterparty	Foreign Currency Units to Deliver/Receive		In Exchange For	Unrealized Appreciation (Depreciation)
Contracts Purchased:
11/3/2020	Barclays Bank PLC Wholesale	36,630,000,000	IDR	$2,462,107	$42,509
11/3/2020	BNP Paribas SA	36,630,000,000	IDR	$2,493,533	$11,082
11/30/2020	Citibank N.A.	2,300,000	EUR	58,990,582 MXN	$(92,636)
12/2/2020	Barclays Bank PLC Wholesale	728,488	EUR	$850,000	$(1,024)
12/2/2020	Morgan Stanley	88,921,739	JPY	$850,000	$(387)
12/16/2020	BNP Paribas SA	1,190,000,000	CLP	$1,495,539	$43,150
12/16/2020	HSBC Bank USA	6,125,000	PEN	$1,694,372	$(169)
Contracts Sold:
11/3/2020	BNP Paribas SA	36,630,000,000	IDR	$2,489,474	$(15,141)
11/3/2020	Barclays Bank PLC Wholesale	36,630,000,000	IDR	$2,493,533	$(11,082)
11/30/2020	Citibank N.A.	2,300,000	EUR	59,872,917 MXN	$134,111
12/16/2020	Citibank N.A.	1,190,000,000	CLP	$1,525,406	$(13,282)
12/16/2020	Citibank N.A.	2,150,000	EUR	$2,547,183	$40,604
12/16/2020	Standard Chartered Bank	6,125,000	PEN	$1,699,265	$5,062
12/16/2020	Citibank N.A.	162,350,000	RUB	$2,137,638	$102,882
NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS					$245,679

At October 31, 2020, the Fund had the following open swap contracts:

Credit Default Swap
Counterparty	Reference Entity	Buy/ Sell	Pay/ Receive Fixed Rate	Expiration Date	Implied Credit Spread at 10/31/20208	Notional Amount	Market Value	Upfront Premiums Paid/ (Received)	Unrealized Appreciation (Depreciation)
OTC Swaps:
Goldman Sachs and Co. and Morgan Stanley	Republic of Brazil	Sell	1.000%	12/20/2025	2.19%	$23,300,000	$(1,307,470)	$(1,480,815)	$173,344
Goldman Sachs and Co.	Republic of Indonesia	Sell	1.000%	12/20/2025	0.99%	$4,000,000	$1,816	$(24,156)	$25,972
Barclays Capital, Inc.	Sultanate of Oman	Buy	1.000%	12/20/2025	4.92%	$9,800,000	$1,617,664	$1,520,622	$97,043
TOTAL CREDIT DEFAULT SWAPS							$312,010	$15,651	$296,359

Net Unrealized Appreciation on Futures, Foreign Exchange Contracts and the value of Swap Contracts is included in “Other Assets and Liabilities—Net.”

Annual Shareholder Report

Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with the affiliated fund holdings during the period ended October 31, 2020, were as follows:

	Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares
Value as of 10/31/2019	$15,986,951
Purchases at Cost	$560,001,529
Proceeds from Sales	$(574,391,501)
Change in Unrealized Appreciation/Depreciation	$(1,464)
Net Realized Gain/(Loss)	$1,653
Value as of 10/31/2020	$1,597,168
Shares Held as of 10/31/2020	1,596,529
Dividend Income	$121,197

1	Perpetual Bond Security. The maturity date reflects the next call date.
2	Issuer in default.
3	Non-income-producing security.
4	Discount rate at time of purchase.
5	7-day net yield.
6	The cost of investments for federal tax purposes amounts to $836,028,264.
7	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
8	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

Note: The categories of investments are shown as a percentage of total net assets at October 31, 2020.

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.

Annual Shareholder Report

The following is a summary of the inputs used, as of October 31, 2020, in valuing the Fund’s assets carried at fair value:

Valuation Inputs
	Level 1— Quoted Prices	Level 2— Other Significant Observable Inputs	Level 3— Significant Unobservable Inputs	Total
Debt Securities:
Corporate Bonds	$—	$522,131,536	$—	$522,131,536
Foreign Governments/Agencies	—	316,089,197	—	316,089,197
Equity Securities:
Common Stock
International	753,804	—	—	753,804
Investment Company	1,597,168	—	—	1,597,168
TOTAL SECURITIES	$2,350,972	$838,220,733	$—	$840,571,705
Other Financial Instruments:
Assets
Futures Contracts	$469,883	$—	$—	$469,883
Foreign Exchange Contracts	—	379,400	—	379,400
Swap Contracts	—	1,619,480	—	1,619,480
Liabilities
Foreign Exchange Contracts	—	(133,721)	—	(133,721)
Swap Contracts	—	(1,307,470)	—	(1,307,470)
TOTAL OTHER FINANCIAL INSTRUMENTS	$469,883	$557,689	$—	$1,027,572

The following acronym(s) are used throughout this portfolio:
ADR	—American Depositary Receipt
AUD	—Australian Dollar
CJSC	—Closed Joint Stock Company
EGP	—Egyptian Pound
EMTN	—Euro Medium Term Loan
EUR	—Euro Currency
GMTN	—Global Medium Term Note
IDR	—Indonesian Rupiah
JSC	—Joint Stock Company
LLP	—Limited Liability Partnership
MTN	—Medium Term Note
MXN	—Mexican Peso
NOK	—Norwegian Krone
PIK	—Payment in Kind
RUB	—Russian Ruble

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights

(For a Share Outstanding Throughout Each Period)1

	Year Ended October 31,				Period Ended 10/31/20162	Year Ended November 30, 2015
	2020	2019	2018	2017	Period Ended 10/31/20162	Year Ended November 30, 2015
Net Asset Value, Beginning of Period	$9.97	$9.28	$10.21	$10.24	$9.49	$9.77
Income From Investment Operations:
Net Investment Income	0.58	0.54	0.513	0.563	0.533	0.543
Net realized and unrealized gain (loss)	(0.25)	0.68	(0.89)	0.06	0.41	(0.82)
Total From Investment Operations	0.33	1.22	(0.38)	0.62	0.94	(0.28)
Less Distributions:
Distributions from net investment income	(0.52)	(0.53)	(0.54)	(0.57)	(0.19)	—
Distributions from net realized gain	—	—	(0.01)	(0.08)	—	—
Total Distributions	(0.52)	(0.53)	(0.55)	(0.65)	(0.19)	—
Net Asset Value, End of Period	$9.78	$9.97	$9.28	$10.21	$10.24	$9.49
Total Return4	3.48%	13.41%	(3.68)%	6.35%	9.95%	(2.86)%
Ratios to Average Net Assets:
Net Expenses5	0.05%	0.05%	0.05%	0.06%	0.07%6	0.06%
Net investment income	5.90%	5.54%	5.22%	5.54%	5.81%6	5.57%
Expense waiver/reimbursement7	—%	—%	—%	0.00%8	—%	—%
Supplemental Data:
Net assets, end of period (000 omitted)	$861,056	$842,908	$786,476	$761,780	$850,890	$908,905
Portfolio turnover	104%	87%	109%	67%	82%	133%

1	Emerging Markets Fixed Income Core Fund (the “Predecessor Fund”) was reorganized into Emerging Markets Core Fund (the “Fund”) as of the close of business on June 17, 2016. The Fund is the successor to the Predecessor Fund. The performance information and financial information presented incorporates the operations of the Predecessor Fund, which, as a result of the reorganization, are the Fund’s operations. As a result of reorganization, the Fund effected a 3.624 for 1 share split. As a result of the share split: (1) the number of outstanding shares increased by a factor of 3.624; and (2) since the Fund’s total number of shares outstanding increased, the net asset value per Fund Share (NAV/Share) decreased. The share split did not affect the value of the Fund’s net assets or each shareholders proportional ownership interest in those assets. Per share data has been restated for the periods prior to the reorganization.
2	The Fund has changed its fiscal year end from November 30 to October 31. This period represents the 11-month period from December 1, 2015 to October 31, 2016.
3	Per share numbers have been calculated using the average shares method.
4	Based on net asset value. Total returns for periods of less than one year are not annualized.
5	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
6	Computed on an annualized basis.
7	This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest.
8	Represents less than 0.01%.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Assets and LiabilitiesOctober 31, 2020

Assets:
Investment in securities, at value including $1,597,168 of investments in an affiliated holding* (identified cost $834,690,974)	$840,571,705
Cash	925,963
Cash denominated in foreign currencies (identified cost $170,282)	163,745
Due from broker (Note 2)	1,047,050
Income receivable	12,028,150
Income receivable from an affiliated holding	762
Swaps, at value (premium paid $1,496,466)	1,619,480
Receivable for investments sold	14,930,336
Unrealized appreciation on foreign exchange contracts	379,400
Receivable for variation margin on futures contracts	659,734
Receivable for periodic payments from swap contracts	31,117
Total Assets	872,357,442
Liabilities:
Payable for investments purchased	8,167,464
Payable for shares redeemed	1,000,000
Unrealized depreciation on foreign exchange contracts	133,721
Payable for periodic payments to swap contracts	11,161
Swaps, at value (premium received $1,480,815)	1,307,470
Income distribution payable	536,593
Accrued expenses (Note 5)	145,302
Total Liabilities	11,301,711
Net assets for 88,029,618 shares outstanding	$861,055,731
Net Assets Consist of:
Paid-in capital	$863,500,688
Total distributable earnings (loss)	(2,444,957)
Total Net Assets	$861,055,731
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$861,055,731 ÷ 88,029,618 shares outstanding, no par value, unlimited shares authorized	$9.78

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

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of OperationsYear Ended October 31, 2020

Investment Income:
Interest	$51,052,109
Dividends (including $121,197 received from an affiliated holding* and net of foreign taxes withheld of $130,761)	482
TOTAL INCOME	51,052,591
Expenses:
Custodian fees	114,648
Transfer agent fees	54,118
Directors’/Trustees’ fees (Note 5)	5,840
Auditing fees	36,700
Legal fees	9,100
Portfolio accounting fees	160,509
Share registration costs	2,380
Printing and postage	16,411
Commitment fee (Note 4)	16,326
Miscellaneous (Note 5)	16,985
TOTAL EXPENSES	433,017
Net investment income	50,619,574
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Foreign Exchange Contracts, Futures Contracts, Written Options and Swap Contracts:
Net realized gain on investments (including net realized gain of $1,653 on sales of investments in an affiliated holding*)	12,103,242
Net realized loss on foreign currency transactions	(511,427)
Net realized gain on foreign exchange contracts	122,671
Net realized loss on futures contracts	(2,039,118)
Net realized gain on written options	212,578
Net realized loss on swap contracts	(553,142)
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(1,464) on investments in an affiliated holding*)	(25,227,100)
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency	13,839
Net change in unrealized depreciation of foreign exchange contracts	442,040
Net change in unrealized appreciation of futures contracts	234,340
Net change in unrealized appreciation of written options	(3,191)
Net change in unrealized depreciation of swap contracts	439,555
Net realized and unrealized gain (loss) on investments, foreign currency transactions, foreign exchange contracts, futures contracts, written options and swap contracts	(14,765,713)
Change in net assets resulting from operations	$35,853,861

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

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

October 31, 2020

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 Emerging Markets Core Fund (the “Fund”), a non-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.

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 parties that are “accredited investors” within the meaning of Regulation D of the Securities Act of 1933, as amended (the “1933 Act”).

The primary investment objective of the Fund is to achieve total return on its assets. Its secondary investment objective is to achieve a high level of income.

Prior to April 24, 2020, the name of the Trust was Federated Core Trust.

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:

■

Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund’s Board of Trustees (the “Trustees”).

■

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

■

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

■

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

■

Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.

■

For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, 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 Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the 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

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

Annual Shareholder Report

the prices bid and asked 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 Trustees.

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

■

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

■

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

■

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

The Trustees have 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 Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.

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. Foreign dividends are recorded on the ex-dividend date or when the Fund is informed of 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. Prior to June 20, 2016, as a partnership, the Fund was not subject to U.S. federal income tax. Instead, each investor reports separately on its own federal income tax return its allocated portion of the Fund’s income, gain, losses, deductions and credits (including foreign tax credits for creditable foreign taxes imposed on the Fund). As of and during the year ended October 31, 2020, 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 October 31, 2020, tax years 2017 through 2020 remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth of Pennsylvania.

The Fund may be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or gains are earned.

Annual Shareholder Report

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.

Swap Contracts

Swap contracts involve two parties that agree to exchange the returns (or the differential in rates of return) earned or realized on particular predetermined investments, instruments, indices or other measures. The gross returns to be exchanged or “swapped” between parties are generally calculated with respect to a “notional amount” for a predetermined period of time. The Fund may enter into interest rate, total return, credit default, currency and other swap agreements. Risks may arise upon entering into swap agreements from the potential inability of the counterparties to meet the terms of their contract from unanticipated changes in the value of the swap agreement. In connection with these agreements, securities or a specified amount of cash, which is shown as due from broker in the Statement of Assets and Liabilities, may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default.

The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. The Fund enters into interest rate swap contracts to seek to manage country and currency risks. Interest rate swap agreements generally involve the agreement by the Fund to pay the counterparty a fixed or floating interest rate on a fixed notional amount and to receive a fixed or floating rate on a fixed notional amount, but may also involve the agreement to pay or receive payments derived from changes in interest rates. Periodic payments are generally made during the life of the swap agreement according to the terms and conditions of the agreement and at termination or maturity. The Fund’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent the amount is positive. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

The Fund uses credit default swaps to seek to manage country, security and market risks. The “buyer” in a credit default swap is obligated to pay the “seller” a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If an event of default occurs, the seller must pay the buyer the full notional value, or the “par value”, of the reference obligation in exchange for the reference obligation. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is typically determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specific valuation method, are used to calculate the settlement value. The maximum amount of the payment that may occur, as a result of a credit event payable by the protection seller, is equal to the notional amount of the underlying index or security. The Fund’s maximum exposure to loss of the notional value of credit default swaps outstanding at October 31, 2020, is $27,300,000. The Fund’s maximum risk of loss from counterparty credit risk, either as the protection buyer or as the protection seller, is the fair value of the contract. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

Upfront payments received or paid by the Fund will be reflected as an asset or liability on the Statement of Assets and Liabilities. Changes in the value of swap contracts are included in Swaps, at value on the Statement of Assets and Liabilities, and periodic payments are reported as “Net realized gain (loss) on swap contracts” in the Statement of Operations.

Certain swap contracts are subject to Master Netting Agreements (MNA) which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross.

Certain swap contracts may be centrally cleared (“centrally cleared swaps”), whereby all payments made or received by the Fund pursuant to the contract are with a central clearing party (CCP) rather than the counterparty. The CCP guarantees the performance of the parties to the contract. Upon entering into centrally cleared swaps, the Fund is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

Swap contracts outstanding, at period end, including net unrealized appreciation, are listed after the Fund’s Portfolio of Investments.

The average notional amount of credit default swap contracts held by the Fund throughout the period was $44,940,000. This is based on amounts held as of each month-end throughout the fiscal period.

Futures Contracts

The Fund purchases and sells financial futures contracts to seek to increase return and manage currency and duration risks. Upon entering into a financial futures contract with a broker, the Fund is required to deposit with a broker, either U.S. government securities or a specified amount of cash, which is shown as due from broker in the Statement of Assets and Liabilities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. The Fund receives from or pays to the broker a

Annual Shareholder Report

specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities. There is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures contracts, guarantees the futures contracts against default.

Futures contracts outstanding at period end are listed after the Fund’s Portfolio of Investments.

The average notional value of short futures contracts held by the Fund throughout the period was $28,335,819. This is based on amounts held as of each month-end throughout the fiscal period.

Foreign Exchange Contracts

The Fund enters into foreign exchange contracts to seek to increase yield, income and return, and to manage currency and market risks. Purchased contracts are used to acquire exposure to foreign currencies, whereas, contracts to sell are used to hedge the Fund’s securities against currency fluctuations. Risks may arise upon entering into these transactions from the potential inability of counterparties to meet the terms of their commitments and from unanticipated movements in security prices or foreign exchange rates. The foreign exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the settlement date.

Foreign exchange contracts are subject to MNA. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. Foreign exchange contracts outstanding at period end, including net unrealized appreciation/depreciation or net settlement amount, are listed after the Fund’s Portfolio of Investments.

The average value at settlement date payable and receivable of foreign exchange contracts purchased and sold by the Fund throughout the period was $442,087 and $712,488, respectively. This is based on the contracts held as of each month-end throughout the fiscal period.

Foreign Currency Translation

The accounting records of the Fund are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate.

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 Securities Act of 1933; 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 Trustees.

Option Contracts

The Fund buys or sells put and call options to seek to manage currency and duration risks. The seller (“writer”) of an option receives a payment or premium, from the buyer, which the writer keeps regardless of whether the buyer exercises the option. When the Fund writes a put or call option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the underlying reference instrument. When the Fund purchases a put or call option, an amount equal to the premium paid is recorded as an increase to the cost of the investment and subsequently marked to market to reflect the current value of the option purchased. Premiums paid for purchasing options which expire are treated as realized losses. Premiums received/paid for writing/purchasing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying reference instrument to determine the realized gain or loss. The risk associated with purchasing put and call options is limited to the premium paid. Options can trade on securities or commodities exchanges. In this case, the exchange sets all the terms of the contract except for the price. Most exchanges require investors to maintain margin accounts through their brokers to cover their potential obligations to the exchange. This protects investors against potential defaults by the counterparty.

The average market value of purchased put options held by the Fund throughout the period was $112. This is based on amounts held as of each month-end throughout the fiscal period.

The average market value of written put and call options held by the Fund throughout the period was $6,112 and $78,749, respectively. This is based on amounts held as of each month-end throughout the fiscal period.

At October 31, 2020, the Fund had no outstanding written option contracts.

Annual Shareholder Report

Additional Disclosure Related to Derivative Instruments

Fair Value of Derivative Instruments
	Assets		Liabilities
	Statement of Assets and Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair Value
Derivatives not accounted for as hedging instruments under ASC Topic 815
Interest rate contracts	Receivable for variation margin on futures contracts	$1469,883		$—
Foreign exchange contracts	Unrealized appreciation on foreign exchange contracts	$379,400	Unrealized depreciation on foreign exchange contracts	133,721
Credit contracts	Swaps, at value	1,619,480	Swaps, at fair value	1,307,470
Total derivatives not accounted for as hedging instruments under ASC Topic 815		$2,468,763		$1,441,191

1	Includes cumulative appreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended October 31, 2020

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
	Credit Default Swaps	Futures Contracts	Foreign Exchange Contracts	Purchased Options Contracts1	Written Options Contracts	Total
Interest rate contracts	$—	$(2,039,118)	$—	$—	$—	$(2,039,118)
Foreign exchange contracts	—	—	122,671	(7,065)	212,578	328,184
Credit contracts	(553,142)	—	—	—	—	(553,142)
TOTAL	$(553,142)	$(2,039,118)	$122,671	$(7,065)	$212,578	$(2,264,076)

1	The net realized loss on Purchased Option Contracts is found within the Net realized gain on investments on the Statement of Operations.

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Credit Default Swaps	Futures Contracts	Foreign Exchange Contracts	Written Options	Total
Interest rate contracts	$—	$234,340	$—	$—	$234,340
Foreign exchange contracts	—	—	442,040	(3,191)	438,849
Credit contracts	(439,555)	—	—	—	(439,555)
TOTAL	$(439,555)	$234,340	$442,040	$(3,191)	$233,634

Annual Shareholder Report

As indicated above, certain derivative investments are transacted subject to MNA. These agreements permit the Fund to offset with a counterparty certain derivative payables and/or receivables with collateral held and create one single net payment in the event of default or termination of the agreement by either the Fund or the counterparty. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. As of October 31, 2020, the impact of netting assets and liabilities and the collateral pledged or received based on MNA are detailed below:

Gross Amounts Not Offset In the Statement of Assets and Liabilities
Transaction	Gross Asset Derivatives Presented In Statement of Assets and Liabilities	Financial Instrument	Collateral Received	Net Amount
Swap Contracts	$1,619,480	$(1,816)	$—	$1,617,664
Foreign Exchange Contracts	379,400	(133,165)	—	246,235
TOTAL	$1,998,880	$(134,981)	$—	$1,863,899

Transaction	Gross Liability Derivatives Presented In Statement of Assets and Liabilities	Financial Instrument	Collateral Received	Net Amount
Swap Contracts	$1,307,470	$(1,816)	$—	$1,305,654
Foreign Exchange Contracts	133,721	(133,165)	—	556
TOTAL	$1,441,191	$(134,981)	$—	$1,306,210

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 capital stock activity:

	Year Ended 10/31/2020	Year Ended 10/31/2019
Shares sold	36,172,246	29,366,893
Shares issued to shareholders in payment of distributions declared	3,867,612	3,651,245
Shares redeemed	(36,591,662)	(33,201,814)
NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS	3,448,196	(183,676)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended October 31, 2020 and 2019, was as follows:

	2020	2019
Ordinary income1	$45,768,400	$45,412,522

1	For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

As of October 31, 2020, the components of distributable earnings on a tax-basis were as follows:

Undistributed ordinary income	$5,501,897
Net unrealized appreciation	$4,568,630
Capital loss carryforwards	$(12,515,484)

The difference between book-basis and tax-basis net unrealized appreciation is attributable to differing treatments for the deferral of losses on wash sales, marked to market of foreign exchange contracts, futures contracts and swap contracts, discount accretion/premium amortization on debt securities, defaulted bonds and security tax.

Annual Shareholder Report

At October 31, 2020, the cost of investments for federal tax purposes was $836,028,264. The net unrealized appreciation of investments for federal tax purposes was $4,575,701. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $35,189,855 and net unrealized depreciation from investments for those securities having an excess of cost over value of $30,614,154. The amounts presented are inclusive of derivative contracts.

As of October 31, 2020, the Fund had a capital loss carryforward of $12,515,484 which will reduce the Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, 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
$5,408,216	$7,107,268	$12,515,484

The Fund used capital loss carryforwards of $10,348,219 to offset capital gains realized during the year ended October 31, 2020.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The Adviser provides investment adviser services at no fee. The Fund pays operating expenses associated with the operation and maintenance of the Fund (excluding fees and expenses that may be charged by the Adviser and its affiliates). Although not contractually obligated to do so, the Adviser intends to initially voluntarily reimburse operating expenses (excluding extraordinary expenses, and proxy-related expenses paid by the Fund, if any) such that the Fund will only bear such expenses in an amount of up to 0.15% of the Fund’s average daily net assets. The Adviser can modify or terminate this voluntary reimbursement at any time at its sole discretion.

Certain of the Fund’s assets are managed by Federated Hermes (UK) LLP (formerly, Federated Investors (UK) LLP) (the “Sub-Adviser”) an affiliate of the Adviser. Under the terms of a sub-advisory agreement between the Adviser and the Sub-Adviser, the Sub-Adviser receives an annual fee equal to 0.49% of the portion managed by the Sub-Adviser of the daily net assets of the Fund. The fee is paid by the Adviser out of its resources and is not an incremental Fund expense. For the year ended October 31, 2020, the Sub-Adviser earned a fee of $1,268,607.

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 certain out-of-pocket expenses.

Interfund Transactions

During the year ended October 31, 2020, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase and sale transactions complied with Rule 17a-7 under the Act and amounted to $1,074,563 and $4,574,291, respectively. Net realized gain recognized on these transactions was $322,870.

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 October 31, 2020, a majority of the shares of beneficial interest outstanding are owned by an affiliate of the Adviser.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the year ended October 31, 2020, were as follows:

Purchases	$886,616,769
Sales	$853,360,144

7. CONCENTRATION OF RISK

Compared to diversified mutual funds, the Fund may invest a higher percentage of its assets among fewer issuers of portfolio securities. This increases the Fund’s risk by magnifying the impact (positively or negatively) that any one issuer has on the Fund’s share price and performance. The Fund invests in securities of non-U.S. issuers. Political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

Annual Shareholder Report

8. 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 24, 2020. 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 the highest, on any day, of (a) (i) the federal funds effective rate, (ii) the one month London Interbank Offered Rate (LIBOR), or a replacement rate as appropriate, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of an upfront fee, and 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 October 31, 2020, the Fund had no outstanding loans. During the year ended October 31, 2020, the Fund did not utilize the LOC.

9. 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 October 31, 2020, there were no outstanding loans. During the year ended October 31, 2020, the program was not utilized.

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 closing borders, enhanced health screenings, 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 may be short-term or may last for an extended period of time and has resulted in a substantial economic downturn. 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. Any such impact could adversely affect the Fund’s performance.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE board of trustees of federated Hermes core trust and SHAREHOLDERS OF Emerging Markets Core Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Emerging Markets Core Fund (the “Fund”) (one of the portfolios constituting Federated Hermes Core Trust (formerly, Federated Core Trust) (the “Trust”)), including the portfolio of investments, as of October 31, 2020 and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting Federated Hermes Core Trust) at October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Federated Hermes’ investment companies since 1979.

Boston, Massachusetts

December 23, 2020

Annual Shareholder Report

Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, 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 May 1, 2020 to October 31, 2020.

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 Account Value 5/1/2020	Ending Account Value 10/31/2020	Expenses Paid During Period1
Actual	$1,000.00	$1,108.00	$0.21
Hypothetical (assuming a 5% return before expenses)	$1,000.00	$1,024.94	$0.20

1	Expenses are equal to the Fund’s annualized net expense ratio of 0.04%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period).

Annual Shareholder Report

Board of Trustees and Trust Officers

The Board of Trustees is responsible for managing the Trust’s business affairs and for exercising all the Trust’s powers except those reserved for the shareholders. The following tables give information about each Trustee and the senior officers of the Fund. Where required, the tables separately list Trustees who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). Unless otherwise noted, the address of each person listed is 1001 Liberty Avenue, Pittsburgh, PA 15222. The address of all Independent Trustees listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2019, the Trust comprised four portfolio(s), and the Federated Hermes Fund Family consisted of 41 investment companies (comprising 135 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Trustee oversees all portfolios in the Federated Hermes Fund Family and serves for an indefinite term. The Fund’s Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400.

Interested Trustees Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
J. Christopher Donahue* Birth Date: April 11, 1949 Trustee Indefinite Term Began serving: February 2006	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd.
John B. Fisher* Birth Date: May 16, 1956 President and Trustee Indefinite Term Began serving: November 2004	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Hermes Fund Family and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Hermes, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company.

Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Hermes, Inc. and due to positions they hold with Federated Hermes, Inc. and its subsidiaries.

INDEPENDENT Trustees Background

Name

Birth Date

Positions Held with Trust

Date Service Began

Principal Occupation(s) for Past Five Years,

Other Directorships Held, Previous Position(s) and Qualifications

John T. Collins

Birth Date: January 24, 1947

Trustee

Indefinite Term

Began serving:

October 2013

Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins

Group, Inc. (a private equity firm) (Retired).

Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee,

KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace).

Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions

throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm)

and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as

Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth

Israel Deaconess Medical Center (Harvard University Affiliate Hospital).

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015	Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc.
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author.
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006	Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber).
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020	Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. Ms. Reilly also previously served as Chair of the Risk Management Committee for Holy Ghost Preparatory School, Philadelphia and Secretary and Chair of the Governance Committee, Oakland Catholic High School Board of Trustees, Pittsburgh.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013	Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999	Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors).

OFFICERS

Name Birth Date Address Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc.
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement.
Robert J. Ostrowski Birth Date: April 26, 1963 Chief Investment Officer Officer since: May 2004	Principal Occupations: Robert J. Ostrowski joined Federated Hermes, Inc. in 1987 as an Investment Analyst and became a Portfolio Manager in 1990. He was named Chief Investment Officer of Federated Hermes’ taxable fixed-income products in 2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund’s Adviser in 2009 and served as a Senior Vice President of the Fund’s Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2020

EMERGING MARKETS CORE FUND (the “Fund”)

At its meetings in May 2020 (the “May Meetings”), the Fund’s Board of Trustees (the “Board”), including a majority of 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”) and the investment subadvisory contract between the Adviser and Federated Hermes (UK) LLP with respect to the Fund (together, the “Contracts”) for an additional one-year term. The Board’s determination to approve the continuation of the Contracts reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to continue the existing arrangements. The information, factors and conclusions that formed the basis for the Board’s approval are summarized below.

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”) advised by the Adviser or its affiliates (collectively, “Federated Hermes”) and a limited number of other accredited investors.

Federated Investment Management Company (the “Adviser”) does not charge an investment advisory fee for its services, however, it or its affiliates (collectively, “Federated”) may receive compensation for managing assets invested in the Fund.

Information Received and Review Process

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 Contracts. 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, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, “Federated Hermes”) in response to requests posed to Federated Hermes on behalf of the Independent Trustees encompassing a wide variety of topics. The Board also considered such additional matters as the Independent Trustees deemed reasonably necessary to evaluate the Contracts, 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, as well as information specifically prepared in connection with the approval of the continuation of the Contracts that was presented at the May Meetings.

The Board’s consideration of the Contracts included review of materials and information covering the following matters, among others: the Adviser’s and sub-adviser’s investment philosophy, revenue, profitability, personnel and processes; investment and operating 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) and comments on the reasons for the Fund’s performance; the Fund’s investment objectives; the Fund’s expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the use and allocation of brokerage commissions derived from trading the Fund’s portfolio securities (if any); and the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates. The Board also considered the preferences and expectations of Fund shareholders; the entrepreneurial and other risks assumed by the Adviser in sponsoring and managing the Fund; the continuing state of competition in the mutual fund industry and market practices; the range of comparable fees for similar funds in the mutual fund industry; the Fund’s relationship to the other funds advised by Federated Hermes (each, a “Federated Hermes Fund”), which include a comprehensive array of funds with different investment objectives, policies and strategies which are generally available for exchange without the incurrence of additional sales charges; compliance and audit reports concerning the Federated Hermes Funds and the Federated Hermes’ affiliates that service them (including communications from regulatory agencies), as well as Federated Hermes’ responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated Hermes Funds and/or Federated Hermes may be responding to them. In addition, the Board received and considered information furnished by Federated Hermes on the impacts of the coronavirus (COVID-19) outbreak on

Annual Shareholder Report

Federated Hermes generally and the Fund in particular, including, among other information, the current and anticipated impacts on the management, operations and performance of the Fund. The Board noted that its evaluation process is evolutionary and that the criteria considered and the emphasis placed on relevant criteria may change in recognition of changing circumstances in the mutual fund marketplace.

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees in determining to approve the Contracts. 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 an adviser to a fund and its shareholders (including the performance of the fund, its benchmark, and comparable funds); (2) an adviser’s cost of providing the services (including the profitability to an adviser of providing advisory services to a fund); (3) the extent to which an adviser may realize “economies of scale” as a fund grows larger and, if such economies of scale exist, whether they have been shared with a fund and its shareholders or the family of funds; (4) any “fall-out” financial benefits that accrue to an adviser because of its relationship with a fund (including research services received from brokers that execute fund trades and any fees paid to affiliates of an adviser for services rendered to a fund); (5) comparative fee and expense structures (including a comparison of fees paid to an 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 an 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 contracts generally align with the factors listed above. The Board was aware of these factors and was guided by them in its review of the Contracts 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 Federated Hermes Funds. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Contracts 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 Contracts. 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 Contracts for the Fund as part of its consideration of agreements for funds across the Federated Hermes Funds family, but its approvals were made on a fund-by-fund basis.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of the Adviser and its affiliates dedicated to the Fund. In this regard, the Board evaluated, among other things, the Adviser’s personnel, experience and track record, as well as the financial resources and overall reputation of Federated Hermes and its willingness to invest in personnel and infrastructure that benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes in 2018, which has deepened the organization’s investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to incorporate environmental, social and governance (“ESG”) factors and issuer engagement on ESG matters.

In addition, 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 the Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board noted the compliance program of the Adviser and the compliance-related resources devoted by the Adviser and its affiliates in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including the Adviser’s commitment to respond to rulemaking and other regulatory initiatives of the SEC such as the liquidity risk management program rules. In addition, the Board considered the response by the Adviser to recent market conditions and considered the overall performance of the Adviser in this context. The Fund’s ability to deliver competitive performance when compared to its Performance Peer Group (as defined below) was also deemed to be relevant by the Board as a useful indicator of how the Adviser is executing the Fund’s investment program. The Adviser’s ability to execute this program was one of the Board’s considerations in reaching a conclusion that the nature, extent and quality of the Adviser’s investment management and related services warrant the continuation of the Contracts.

Annual Shareholder Report

Fund Investment Performance

In evaluating the Fund’s investment performance, the Board considered performance results in light of the Fund’s investment objective, strategies and risks, as disclosed in the Fund’s prospectus. The Board also considered the Fund’s performance in light of the overall recent market conditions. The Board considered detailed investment reports on the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the May Meetings and evaluated the Adviser’s analysis of the Fund’s performance for these time periods. The Board also reviewed comparative information regarding the performance of other mutual funds in the category of peer funds selected by Morningstar, Inc. (the “Morningstar”), an independent fund ranking organization (the “Performance Peer Group”), noting the CCO’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds’ objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.

The Board was informed by the Adviser that, for the periods covered by the CCO Fee Evaluation Report, the Fund outperformed its benchmark index for the three-year period and underperformed its benchmark index for the one-year and five-year periods. 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.

Following such evaluation, and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Contracts.

Profitability and Other Benefits

The Board also received financial information about Federated Hermes, including information regarding the compensation and ancillary (or “fall-out”) benefits Federated Hermes derived from its relationships with the Federated Hermes Funds. This information covered not only the fees under the Federated Hermes Funds’ investment advisory contracts, but also fees received by Federated Hermes’ affiliates 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 Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds. In addition, the Board considered the fact that, in order for the Federated Hermes Funds to be competitive in the marketplace, the Adviser and its affiliates frequently waived fees and/or reimbursed expenses and have disclosed to Federated Hermes Fund shareholders and/or reported to the Board their intention to do so in the future. Moreover, the Board received and considered regular reports from Federated Hermes throughout the year as to the institution, adjustment or elimination of these voluntary waivers and/or reimbursements. The Board considered Federated Hermes’ previous reductions in contractual management fees to certain Federated Hermes Funds during the prior year, including in response to the CCO’s recommendations in the prior year’s CCO Fee Evaluation Report.

The Board received and considered information furnished by Federated Hermes, as requested by the CCO, that reported revenues on a fund-by-fund basis and made estimates of the allocation of expenses on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO’s view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable, because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. The allocation information, including the CCO’s view that fund-by-fund estimations may be unreliable, was considered in the evaluation by the Board. In addition, the Board considered that, during the prior year, an independent consultant conducted a review of the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contracts. The Board noted the consultant’s view that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable.

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.

Annual Shareholder Report

Economies of Scale

The Board received and considered information about the notion of possible realization of “economies of scale” as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that the Adviser has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as personnel and processes for the portfolio management, trading operations, issuer engagement (including with respect to ESG matters), shareholder services, compliance, business continuity, internal audit and risk management functions, as well as systems technology (including technology relating to cybersecurity) and use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments (as well as the benefits of any economies of scale, should they exist) are likely to be shared with the Federated Hermes Fund family as a whole. In addition, the Board considered that the Adviser and its affiliates have frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and that such waivers and reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund’s assets decline. Federated Hermes, as it does throughout the year, and specifically in connection with the Board’s review of the Contracts, furnished information relative to adviser-paid fees (commonly referred to as revenue sharing). The Board considered the beliefs of Federated Hermes and the CCO that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to determine the appropriateness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any common industry practice or general pattern with respect to structuring fund advisory fees with “breakpoints” that serve to reduce the fee as a fund attains a certain size.

Conclusions

The Board considered the CCO’s conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund was reasonable and 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 Contracts by the CCO. The CCO also recognized that the Board’s evaluation of the Federated Hermes Funds’ advisory and subadvisory arrangements is a continuing and on-going 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 on-going oversight of the Federated Hermes Funds.

In its determination to continue an existing investment advisory contract, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew an investment advisory contract. In particular, the Board recognized that many shareholders have invested in the Fund on the strength of the Adviser’s industry standing and reputation and with the expectation that the Adviser will have a continuing role in providing advisory services to the Fund. Thus, the Board’s approval of the Contracts reflected the fact that it is the shareholders who have effectively selected the Adviser by virtue of having invested in the Fund. The Board concluded that, in light of the factors summarized above, including the nature, quality and scope of the services provided to the Fund by the Adviser and its affiliates, continuation of the Contracts was appropriate.

The Board based its determination to approve the Contracts on the totality of the circumstances and relevant factors and with a view to 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 Contracts reflects its view that Federated Hermes’ performance and actions provided a satisfactory basis to support the determination to continue the existing arrangements.

Annual Shareholder Report

Liquidity Risk Management Program– 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 Emerging Markets Core Fund (the “Fund” and, collectively with the Federated Hermes funds, 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 the Fund’s investment adviser as the administrator for the Program for the Fund. Each affiliated Federated Hermes advisory subsidiary (including the Fund’s investment adviser) that serves as investment adviser to a Federated Hermes Fund (including the Fund) has been approved as the administrator of the Program for each Federated Hermes Fund they manage (each an “Administrator”). The Administrator in turn has delegated daily responsibility for the administration of the Program to multiple Liquidity Risk Management Committees (the “Committees”). The Committees, which are comprised of representatives of Enterprise Risk Management, Compliance, Investment Management and Trading, must review and assess certain information related to the liquidity of the Federated Hermes Funds, including the Fund.

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 2020, 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 the Program’s inception on December 1, 2018 through March 31, 2020 (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 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 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 invested primarily in highly liquid investments during the Period and, therefore, was not required to establish, and has not established, an HLIM and the procedures for monitoring the status of the Fund as investing primarily in highly liquid investments;

■ 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; and

■ liquidity events during the Period, including the impact on liquidity caused by extended non-U.S. market closures and the market disruptions resulting from the novel coronavirus outbreak, and the fact that there were no specific liquidity events during the Period that materially affected the Fund’s liquidity risk.

Based on this review, the Fund’s investment adviser, in its role as Administrator, collectively with the other investment advisers to the Federated Hermes Funds, 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.

Annual Shareholder Report

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. 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.

Annual Shareholder Report

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.

(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.

(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.

(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: John T. Collins, G. Thomas Hough and Thomas M. O'Neill.

(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

(d) All Other Fees billed to the registrant for the two most recent fiscal years:

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $39,463 and $25,338 respectively. Fiscal year ended 2020- Service fee for analysis of potential Passive Foreign Investment Company holdings. Fiscal year ended 2019- Service fee for analysis of potential Passive Foreign Investment Company holdings.

The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.

The Audit Committee has delegated pre-approval authority to its Chairman for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.

The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.

In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.

The Audit Committee believes that the independent auditor can provide Tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.

With respect to the provision of permissible services other than audit, review or attest services the pre-approval requirement is waived if:

The Audit Committee may grant general pre-approval to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.

The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.

Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.

Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.

(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.

(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.

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 registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report)that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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.

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.

Year Ended October 31	2020	2019
Increase (Decrease) in Net Assets
Operations:
Net investment income	$50,619,574	$46,501,815
Net realized gain (loss)	9,334,804	1,865,088
Net change in unrealized appreciation/depreciation	(24,100,517)	56,594,070
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	35,853,861	104,960,973
Distributions to Shareholders	(45,768,400)	(45,412,522)
Share Transactions:
Proceeds from sale of shares	349,284,180	283,097,860
Net asset value of shares issued to shareholders in payment of distributions declared	37,787,473	35,398,643
Cost of shares redeemed	(359,009,034)	(321,613,281)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	28,062,619	(3,116,778)
Change in net assets	18,148,080	56,431,673
Net Assets:
Beginning of period	842,907,651	786,475,978
End of period	$861,055,731	$842,907,651

Management’s Discussion of Fund Performance	1
Portfolio of Investments Summary Table	4
Portfolio of Investments	5
Financial Highlights	20
Statement of Assets and Liabilities	21
Statement of Operations	22
Statement of Changes in Net Assets	23
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	32
Shareholder Expense Example	33
Board of Trustees and Trust Officers	34
Evaluation and Approval of Advisory Contract	37
Liquidity Risk Management Program – Annual Evaluation of Adequacy and Effectiveness	41
Voting Proxies on Fund Portfolio Securities	42
Quarterly Portfolio Schedule	42