# EDGAR Filing Document

**Accession Number:** 0001411674
**File Stem:** 0001193125-26-065610
**Filing Date:** 2026-2
**Character Count:** 117393
**Document Hash:** 3bc3fa498c74b4c5524a9ad787e9c530
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-065610.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001193125-26-065610

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Core Trust III
- **CENTRAL INDEX KEY:** 0001411674

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22217
- **FILM NUMBER:** 26667820

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Federated Core Trust III
- **DATE OF NAME CHANGE:** 20200617

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Federated Hermes Core Trust III
- **DATE OF NAME CHANGE:** 20200615

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Federated Core Trust III
- **DATE OF NAME CHANGE:** 20070906

## Series and Classes Contracts Data

### Project and Trade Finance Core Fund (Series ID: S000023593)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000069418 | Project and Trade Finance Core Fund |  |

## Nport-Ex

Project and Trade Finance Core Fund

Portfolio of Investments

December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign** <br>**Currency** <br>**Par Amount,** <br>**Principal** <br>**Amount** <br>**or Shares**<br>|  | **Acquisition** <br>**Date**<sup>1</sup> <br>| **Acquisition** <br>**Cost** <br>**in U.S. Dollars**<sup>1</sup> <br>| **Value** <br>**in** <br>**U.S. Dollars**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br><sup>1</sup> <br>| TRADE FINANCE AGREEMENTS—94.9% |  |  |  |
|  | **Air Transportation—2.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $9900000<br><sup>2,3</sup> <br>| Avolon TLB 2030, 5.484% (SOFR CME +1.750%), 6/24/2030 | &nbsp;&nbsp; 10/3/2024 | &nbsp;&nbsp; $9912594 | &nbsp;&nbsp; $9900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22942217<br><sup>2,3</sup> <br>| Yeco Leasing Ltd. (Cayman, Inc.), 5.735%–5.916% (SOFR CME <br> +1.750%), 12/15/2029<br>| &nbsp;&nbsp; 3/20/2025- <br>4/22/2025<br>| &nbsp;&nbsp; 22816095 | &nbsp;&nbsp; 22942217 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32842217 |
|  | **Automotive—0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2400000<br><sup>2,3</sup> <br>| JSC UzAuto Motors ("UzAuto Motors"), 8.509% (SOFR CME +4.250%), 8/24/2026 | &nbsp;&nbsp; 9/18/2023  | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2400000 |
|  | **Banking—13.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15600000<br><sup>2,3</sup> <br>| Joint Stock Commercial Bank Agrobank, 6.673% (SOFR CME <br> +3.050%), 11/12/2027<br>| &nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp; 15600000 | &nbsp;&nbsp; 15600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR 15,000,000<br><sup>2,3</sup> <br>| Joint-Stock Co. Asakabank, 4.932% (3-month EURIBOR +2.850%), 12/7/2027 | &nbsp;&nbsp; 12/9/2025 | &nbsp;&nbsp; 17610760 | &nbsp;&nbsp; 17628000 |
| &nbsp;&nbsp;&nbsp;&nbsp; $13600000<br><sup>2,3</sup> <br>| Joint-Stock Co. Asakabank, 6.185% (SOFR CME +2.500%), 4/29/2026 | &nbsp;&nbsp; 4/25/2025 | &nbsp;&nbsp; 13600000 | &nbsp;&nbsp; 13600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000<br><sup>2,3</sup> <br>| National Bank of Egypt, 5.064% (SOFR CME +1.500%), 7/31/2026 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 9699804 | &nbsp;&nbsp; 9718621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14500000<br><sup>2,3</sup> <br>| National Bank of Egypt, 5.772% (SOFR CME +1.991%), 6/3/2026 | &nbsp;&nbsp;&nbsp; 6/21/2024- <br>8/8/2024<br>| &nbsp;&nbsp; 14505333 | &nbsp;&nbsp; 14500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000<br><sup>2,3</sup> <br>| QNB Finansbank Anonim Sirketi, 4.433% (SOFR CME +0.800%), 5/18/2026 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR 15,000,000<br><sup>2,3</sup> <br>| T.C. Ziraat Bankasi AS, Istanbul ("Ziraat"), 2.890% (3-month EURIBOR <br> +0.850%), 5/25/2026<br>| &nbsp;&nbsp;&nbsp; 5/2/2025 | &nbsp;&nbsp; 16730104 | &nbsp;&nbsp; 17603415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16000000<br><sup>2,3</sup> <br>| TurkExim Bank (Turkiye Ihracat Kredi Bankasi A.S.) the Republic of Turkiye, state <br> owned bank and the official Export Credit Agency of Turkiye, 3.105% (6-month <br> EURIBOR +2.156%), 5/19/2026<br>| &nbsp;&nbsp; 10/15/2025 | &nbsp;&nbsp; 18544380 | &nbsp;&nbsp; 18744324 |
| &nbsp;&nbsp;&nbsp;&nbsp; $10000000<br><sup>2,3</sup> <br>| Turkiye Vakiflar Bankasi TAO, 5.100% (SOFR CME +1.100%), 6/8/2026 | &nbsp;&nbsp; 5/14/2025 | &nbsp;&nbsp; 9902500 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9400000<br><sup>2,3</sup> <br>| Turkiye Vakiflar Bankasi TAO, 5.948% (SOFR CME +1.750%), 2/17/2026 | &nbsp;&nbsp; 12/17/2024 | &nbsp;&nbsp; 8784603 | &nbsp;&nbsp; 9331513 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR 15,000,000<br><sup>2,3</sup> <br>| Yapi ve Kredi Bankasi A.S., 3.032% (3-month EURIBOR +0.950%), 6/15/2026 | &nbsp;&nbsp;&nbsp; 8/5/2025- <br>8/7/2025<br>| &nbsp;&nbsp; 17337123 | &nbsp;&nbsp; 17626557 |
| &nbsp;&nbsp;&nbsp;&nbsp; $10405817<br><sup>2</sup> <br>| Yapi ve Kredi Bankasi A.S., 5.212%, 7/20/2026 | &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; 9819813 | &nbsp;&nbsp; 10173378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000000<br><sup>2,3</sup> <br>| Ziraat Bank USD, 4.942% (SOFR CME +1.100%), 5/25/2026 | &nbsp;&nbsp; 4/25/2025 | &nbsp;&nbsp; 14853375 | &nbsp;&nbsp; 15031778 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 189557586 |
|  | **Basic Industry - Metals/Mining Excluding Steel—6.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR 14,000,000<br><sup>2,3</sup> <br>| Almalyk Mining Metallurgical Complex JSC, 5.199%–5.352% (3-month EURIBOR <br> +3.300%), 4/23/2030<br>| &nbsp;&nbsp; 8/5/2025- <br>10/15/2025<br>| &nbsp;&nbsp; 16321120 | &nbsp;&nbsp; 16452800 |
| &nbsp;&nbsp;&nbsp;&nbsp; $9500000<br><sup>2</sup> <br>| CSN, 5.700%, 2/10/2026 | &nbsp;&nbsp; 11/3/2025 | &nbsp;&nbsp; 9500000 | &nbsp;&nbsp; 9497302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12909067<br><sup>2,3</sup> <br>| CSN, 6.216% (SOFR CME +2.500%), 12/31/2027 | &nbsp;&nbsp;&nbsp; 3/26/2024- <br>3/4/2025<br>| &nbsp;&nbsp; 14104351 | &nbsp;&nbsp; 12564808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14315790<br><sup>2,3</sup> <br>| Glencore Eramet, 6.672% (SOFR CME +3.000%), 12/31/2029 | &nbsp;&nbsp; 5/15/2025 | &nbsp;&nbsp; 15210526 | &nbsp;&nbsp; 14390750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13000000<br><sup>2,3</sup> <br>| Harmony Gold Mining Co. Ltd., 6.810% (SOFR +2.800%), 5/31/2027 | &nbsp;&nbsp; 7/30/2018- <br>12/13/2024<br>| &nbsp;&nbsp; 13001918 | &nbsp;&nbsp; 13000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530697<br><sup>2,3</sup> <br>| Navoi Mining and Metallurgical Co., 8.630% (SOFR CME +4.760%), 4/20/2027 | &nbsp;&nbsp; 5/18/2022- <br>5/30/2024<br>| &nbsp;&nbsp; 525947 | &nbsp;&nbsp; 530697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18750000<br><sup>2,3</sup> <br>| Trafigura Pte., Ltd., 5.116% (SOFR CME +1.400%), 6/30/2026 | &nbsp;&nbsp; 6/26/2024- <br>8/22/2025<br>| &nbsp;&nbsp; 18750000 | &nbsp;&nbsp; 18854670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11031127<br><sup>2,3</sup> <br>| Trafigura Pte Ltd., 5.116% (SOFR CME +1.400%), 12/3/2026 | &nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp; 11031127 | &nbsp;&nbsp; 11025547 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96316574 |
|  | **Beverages—0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11487822<br><sup>2,3</sup> <br>| International Beverage Tashkent, 8.762% (SOFR CME +4.500%), 5/23/2029 | &nbsp;&nbsp; 12/23/2021- <br>3/26/2025 <br>| &nbsp;&nbsp; 11487822 | &nbsp;&nbsp; 11487822 |

---

**1**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Acquisition**<br> **Date**<sup>1</sup><br>| **Acquisition**<br> **Cost**<br> **in U.S. Dollars**<sup>1</sup><br>| **Value**<br> **in**<br> **U.S. Dollars**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br><sup>1</sup> <br>| TRADE FINANCE AGREEMENTS—continued |  |  |  |
|  | **Chemicals—3.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $2960000<br><sup>2,3</sup> <br>| Egyptian Ethylene & Derivatives Co. SAE, 7.723% (SOFR CME <br> +4.000%), 9/13/2028<br>| &nbsp;&nbsp; 9/22/2023- <br>10/17/2023<br>| &nbsp;&nbsp; $2960000 | &nbsp;&nbsp; $2953480 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR 12,000,000<br><sup>2,3</sup> <br>| Ineos Rafnes AS, 4.255% (3-month EURIBOR +2.019%), 4/30/2030 | &nbsp;&nbsp; 10/3/2025 | &nbsp;&nbsp; 14006728 | &nbsp;&nbsp; 13739513 |
| &nbsp;&nbsp;&nbsp;&nbsp; $960000<br><sup>2,3</sup> <br>| PJSC Acron, 6.659% (SOFR CME +1.700%), 5/18/2026 | &nbsp;&nbsp; 11/10/2021 | &nbsp;&nbsp; 960000 | &nbsp;&nbsp; 957929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000<br><sup>2,3</sup> <br>| Valentra LLC, 8.010% (SOFR CME +4.000%), 12/31/2030 | &nbsp;&nbsp; 11/26/2025 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp; 25000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42650922 |
|  | **Communications - Telecom Wirelines—6.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR 16,355,172<br><sup>2,3</sup> <br>| Antin Elephant Bidco B.V., 4.210%–4.424% (3-month EURIBOR <br> +2.200%), 6/29/2029<br>| &nbsp;&nbsp; 3/18/2025- <br>10/29/2025<br>| &nbsp;&nbsp; 17705495 | &nbsp;&nbsp; 19152023 |
| &nbsp;&nbsp;&nbsp;&nbsp; $17320625<br><sup>2,3</sup> <br>| Dobson Technologies, Inc., 7.440%–7.700% (SOFR CME +3.750%), 9/26/2029 | &nbsp;&nbsp; 12/16/2024- <br>12/31/2025<br>| &nbsp;&nbsp; 17320625 | &nbsp;&nbsp; 17270785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13895000<br><sup>2,3</sup> <br>| Gridiron Fiber Corp., 7.436% (SOFR CME +3.750%), 4/1/2032 | &nbsp;&nbsp; 11/22/2023- <br>3/26/2025<br>| &nbsp;&nbsp; 13808955 | &nbsp;&nbsp; 13895000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR 6,000,000<br><sup>2,3</sup> <br>| Srbija Telecom, 7.999% (6-month EURIBOR +5.850%), 7/3/2028 | &nbsp;&nbsp;&nbsp; 7/1/2025 | &nbsp;&nbsp; 7075497 | &nbsp;&nbsp; 7084125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14250000<br><sup>2,3</sup> <br>| TDC Net A/S, 4.509% (3-month EURIBOR +2.400%), 2/2/2027 | &nbsp;&nbsp; 3/28/2023- <br>11/5/2024<br>| &nbsp;&nbsp; 15469618 | &nbsp;&nbsp; 16746600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10400000<br><sup>2,3</sup> <br>| Telekom Srbija a.d. Beograd, 5.613% (6-month EURIBOR +3.500%), 12/5/2029 | &nbsp;&nbsp; 11/28/2024 | &nbsp;&nbsp; 10925915 | &nbsp;&nbsp; 12271782 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86420315 |
|  | **Consumer Goods - Food - Wholesale—1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $17000000<br><sup>2,3</sup> <br>| Marfrig Global Foods S.A., 5.492% (SOFR CME +1.800%), 4/27/2026 | &nbsp;&nbsp; 5/24/2024 | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp; 17024337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br><sup>3,4,5,6</sup> <br>| Vicentin SAIC II, 11.579% (SOFR CME +6.000%), 1/15/2024 | &nbsp;&nbsp;&nbsp; 10/26/2015- <br>2/8/2018<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17024337 |
|  | **Energy - Exploration & Production—8.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21069991<br><sup>2,3</sup> <br>| Azule Energy Holding Ltd., 8.620% (SOFR CME +4.500%), 7/29/2029 | &nbsp;&nbsp;&nbsp; 10/27/2022- <br>5/6/2025<br>| &nbsp;&nbsp; 20975057 | &nbsp;&nbsp; 21326278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10434782<br><sup>2,3</sup> <br>| BlueNord Energy Denmark A/S, 7.690% (SOFR CME +4.030%), 12/31/2029 | &nbsp;&nbsp; 6/7/2024- <br>7/17/2025<br>| &nbsp;&nbsp; 10434783 | &nbsp;&nbsp; 10434783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8565741<br><sup>2,3</sup> <br>| Borrower Prime Oil and Gas Cooperatief UA, parent holdco offshore in <br> Netherlands, 7.982% (SOFR CME +4.250%), 6/30/2029<br>| &nbsp;&nbsp; 3/28/2024- <br>12/19/2024<br>| &nbsp;&nbsp; 8545240 | &nbsp;&nbsp; 8479540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14500000<br><sup>2,3</sup> <br>| Carmo Energy S.A., 6.415% (SOFR CME +5.280%), 12/22/2029 | &nbsp;&nbsp; 6/30/2023- <br>12/16/2024<br>| &nbsp;&nbsp; 14500000 | &nbsp;&nbsp; 14500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14000000<br><sup>2,3</sup> <br>| CC Energy Development Ltd., 7.649% (SOFR CME +4.500%), 12/31/2030 | &nbsp;&nbsp; 8/31/2022 | &nbsp;&nbsp; 14000000 | &nbsp;&nbsp; 14000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14978092<br><sup>2,3</sup> <br>| Neo Energy Group Ltd., 7.712%–8.788% (SOFR CME +4.000%), 6/30/2031 | &nbsp;&nbsp; 7/24/2025- <br>12/30/2025<br>| &nbsp;&nbsp; 17845004 | &nbsp;&nbsp; 14978092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBP 417,343<br><sup>2,3</sup> <br>| Neo Energy Group Ltd., 7.986% (SONIA +4.000%), 6/30/2031 | &nbsp;&nbsp; 7/24/2025 | &nbsp;&nbsp; 557486 | &nbsp;&nbsp; 562557 |
| &nbsp;&nbsp;&nbsp;&nbsp; $11000000<br><sup>2,3</sup> <br>| OQ SAOC, 4.690% (SOFR CME +0.850%), 9/17/2026 | &nbsp;&nbsp; 1/28/2025 | &nbsp;&nbsp; 10987250 | &nbsp;&nbsp; 11017463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000<br><sup>2,3</sup> <br>| SOCAR Energy, 8.218% (SOFR CME +3.450%), 8/11/2026 | &nbsp;&nbsp; 8/11/2021 | &nbsp;&nbsp; 5949000 | &nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7650794<br><sup>2,3</sup> <br>| Sonangol Finance Ltd., 9.081%–9.277% (SOFR CME +5.250%), 8/31/2026 | &nbsp;&nbsp; 9/14/2021- <br>12/12/2025<br>| &nbsp;&nbsp; 7628011 | &nbsp;&nbsp; 7650794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9971569<br><sup>2,3</sup> <br>| Sonangol Finance Ltd. (SFL), Inc. in Cayman Islands, a wholly owned subsidiary of <br> Sonangol EP, 9.276% (SOFR CME +5.750%), 9/30/2027<br>| &nbsp;&nbsp; 4/25/2024- <br>12/4/2024<br>| &nbsp;&nbsp; 9881046 | &nbsp;&nbsp; 9971569 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 118921076 |
|  | **Energy - Gas Distribution—6.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22826624<br><sup>2,3</sup> <br>| BOTAS Ministry of Treasury and Finance of the Republic of Turkiye, <br> 6.101%–6.136% (SOFR CME +2.350%), 10/16/2028<br>| &nbsp;&nbsp; 10/13/2025- <br>11/13/2025<br>| &nbsp;&nbsp; 22826624 | &nbsp;&nbsp; 22826624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10035019<br><sup>2,3</sup> <br>| Caliche Development Partners III LLC, SPV, 6.370% (SOFR CME <br> +2.250%), 10/1/2029<br>| &nbsp;&nbsp; 12/4/2024- <br>12/23/2025<br>| &nbsp;&nbsp; 10035019 | &nbsp;&nbsp; 10035019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6800148<br><sup>2,3</sup> <br>| Energia Mayakan SA de CV, 6.541%–6.561% (SOFR CME +2.750%), 3/20/2031 | &nbsp;&nbsp; 10/8/2024- <br>11/4/2025<br>| &nbsp;&nbsp; 6763869 | &nbsp;&nbsp; 6800148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20804538<br><sup>2,3</sup> <br>| Matterhorn Express Pipeline LLC, 6.072% (SOFR CME +2.250%), 3/31/2031 | &nbsp;&nbsp; 11/4/2025 | &nbsp;&nbsp; 20778532 | &nbsp;&nbsp; 20804538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9769811<br><sup>2,3</sup> <br>| Nigeria LNG Ltd., 7.684% (SOFR CME +3.750%), 3/31/2029 | &nbsp;&nbsp;&nbsp; 2/5/2025 | &nbsp;&nbsp; 9410104 | &nbsp;&nbsp; 9690998 |

---

**2**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Acquisition**<br> **Date**<sup>1</sup><br>| **Acquisition**<br> **Cost**<br> **in U.S. Dollars**<sup>1</sup><br>| **Value**<br> **in**<br> **U.S. Dollars**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br><sup>1</sup> <br>| TRADE FINANCE AGREEMENTS—continued |  |  |  |
|  | **Energy - Gas Distribution—continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $17290962<br><sup>2,3</sup> <br>| Venture Global Calcasieu Pass LLC, 6.691% (SOFR CME +2.875%), 8/19/2026 | &nbsp;&nbsp; 1/28/2021- <br>5/22/2025<br>| &nbsp;&nbsp; $16928369 | &nbsp;&nbsp; $17290963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506854<br><sup>2,3</sup> <br>| Venture Global Plaquemines Cont Reserve, 5.941% (SOFR CME <br> +2.225%), 5/25/2029<br>| &nbsp;&nbsp; 8/27/2025 | &nbsp;&nbsp; 506854 | &nbsp;&nbsp; 505587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3985708<br><sup>2,3</sup> <br>| Venture Global Plaquemines LNG LLC, 5.941% (SOFR CME +2.225%), 5/25/2029 | &nbsp;&nbsp; 12/15/2022- <br>1/23/2025<br>| &nbsp;&nbsp; 3985708 | &nbsp;&nbsp; 3972435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4920000<br><sup>2,3</sup> <br>| VMOS S.A., 9.099%–9.705% (SOFR CME +5.500%), 7/8/2030 | &nbsp;&nbsp; 8/18/2025- <br>12/9/2025<br>| &nbsp;&nbsp; 4920000 | &nbsp;&nbsp; 4920000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96846312 |
|  | **Energy - Integrated Energy—7.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000000<br><sup>2,3</sup> <br>| BP Oil International Ltd., 4.504% (SOFR CME +0.400%), 2/2/2026 | &nbsp;&nbsp; 12/23/2025 | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp; 30000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13801559<br><sup>2,3</sup> <br>| Heritage Petrol Co. Ltd., 9.235% (SOFR CME +5.250%), 5/5/2029 | &nbsp;&nbsp; 11/9/2023- <br>5/22/2024<br>| &nbsp;&nbsp; 14156120 | &nbsp;&nbsp; 13801559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7540541<br><sup>2,3</sup> <br>| Leopard Funding Ltd., 9.973% (SOFR CME +6.250%), 9/17/2029 | &nbsp;&nbsp;&nbsp; 6/9/2025 | &nbsp;&nbsp; 7458642 | &nbsp;&nbsp; 7714174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17158819<br><sup>2,3</sup> <br>| Northern Hydrocarbon Funding Ltd., 9.214% (SOFR CME +5.500%), 9/30/2029 | &nbsp;&nbsp; 7/15/2025- <br>10/30/2025<br>| &nbsp;&nbsp; 17144416 | &nbsp;&nbsp; 17405548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17981818<br><sup>2,3</sup> <br>| Puma International Financing S.A. (Lux, Inc.), 5.935% (SOFR CME <br> +2.100%), 6/4/2028<br>| &nbsp;&nbsp; 5/30/2024- <br>5/27/2025<br>| &nbsp;&nbsp; 17951818 | &nbsp;&nbsp; 17940623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24332165<br><sup>2,3</sup> <br>| Staatsolie Maatschappij Suriname NV ("Staatsolie"), 9.358% (SOFR CME <br> +5.500%), 5/24/2032<br>| &nbsp;&nbsp; 5/15/2025- <br>11/21/2025<br>| &nbsp;&nbsp; 24332165 | &nbsp;&nbsp; 24332165 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 111194069 |
|  | **Energy - Oil Field Equipment & Services—6.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7789983<br><sup>2,3</sup> <br>| Alfa Lula Alto S.a.r.l., 6.502% (SOFR CME +2.100%), 1/15/2028 | &nbsp;&nbsp;&nbsp; 6/16/2023- <br>4/8/2024<br>| &nbsp;&nbsp; 7716084 | &nbsp;&nbsp; 7917055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2980849<br><sup>2,3</sup> <br>| Alfa Lula Alto S.a.r.l., 6.702% (SOFR CME +2.300%), 12/15/2029 | &nbsp;&nbsp;&nbsp; 6/16/2023- <br>4/8/2024<br>| &nbsp;&nbsp; 2937030 | &nbsp;&nbsp; 3045043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11704138<br><sup>2,3</sup> <br>| Beta Lula Central S.a.r.l. (Lux, Inc.), 6.512% (SOFR CME +2.300%), 6/15/2030 | &nbsp;&nbsp; 12/6/2023- <br>7/11/2024<br>| &nbsp;&nbsp; 11657960 | &nbsp;&nbsp; 11905559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3150000<br><sup>2,3</sup> <br>| EDRILL T15 Pte. Ltd, 7.570% (SOFR CME +3.500%), 2/29/2028 | &nbsp;&nbsp; 6/20/2025 | &nbsp;&nbsp; 3134250 | &nbsp;&nbsp; 3137564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3360000<br><sup>2,3</sup> <br>| EDRILL Vencedor PTE, 7.570% (SOFR CME +3.500%), 2/29/2028 | &nbsp;&nbsp; 6/20/2025 | &nbsp;&nbsp; 3343200 | &nbsp;&nbsp; 3346710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19886390<br><sup>2,3</sup> <br>| GY-DW-UK-IV Ltd., 5.912% (SOFR CME +2.100%), 8/14/2028 | &nbsp;&nbsp; 11/5/2024- <br>8/21/2025<br>| &nbsp;&nbsp; 19803921 | &nbsp;&nbsp; 19881551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5858953<br><sup>2,3</sup> <br>| Sonasing Xikomba Ltd. ("Xikomba"), Bermuda, Inc., 6.512% (SOFR CME <br> +2.300%), 5/29/2026<br>| &nbsp;&nbsp; 4/11/2022- <br>10/14/2024<br>| &nbsp;&nbsp; 5859552 | &nbsp;&nbsp; 5858953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21568403<br><sup>2,3</sup> <br>| Tartaruga MV29 B.V., 6.450% (SOFR CME +2.350%), 3/15/2032 | &nbsp;&nbsp; 7/16/2025 | &nbsp;&nbsp; 21464078 | &nbsp;&nbsp; 21495014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3144110<br><sup>2,3</sup> <br>| Ten FPSO, 7.741% (SOFR CME +3.125%), 3/15/2026 | &nbsp;&nbsp; 2/19/2024- <br>11/21/2024<br>| &nbsp;&nbsp; 2977477 | &nbsp;&nbsp; 3115509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13787480<br><sup>2,3</sup> <br>| Yinson Azalea Production Pte Ltd., 6.529% (SOFR CME +3.000%), 3/31/2032 | &nbsp;&nbsp; 8/5/2024- <br>12/15/2025<br>| &nbsp;&nbsp; 13764595 | &nbsp;&nbsp; 13787480 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93490438 |
|  | **Energy - Oil Refining and Marketing—3.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9500000<br><sup>2,3</sup> <br>| Dangote, 10.972% (SOFR CME +6.500%), 8/31/2029 | &nbsp;&nbsp; 12/9/2025 | &nbsp;&nbsp; 9490500 | &nbsp;&nbsp; 9487324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9984952<br><sup>2</sup> <br>| P.M.I. Trading, DAC, 5.676%, 4/14/2026 | &nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp; 9797223 | &nbsp;&nbsp; 9822703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4758729<br><sup>2</sup> <br>| P.M.I. Trading, DAC, 5.723%, 1/8/2026 | &nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp; 4741330 | &nbsp;&nbsp; 4752742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19000000<br><sup>2</sup> <br>| P.M.I. Trading, DAC, 5.844%, 3/20/2026 | &nbsp;&nbsp; 11/21/2025 | &nbsp;&nbsp; 18639559 | &nbsp;&nbsp; 18759895 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42822664 |
|  | **Foreign Sovereign—11.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR 6,214,286<br><sup>2,3</sup> <br>| Benin, Government of, 6.073% (6-month EURIBOR +3.950%), 4/30/2027 | &nbsp;&nbsp; 6/29/2023- <br>6/20/2024<br>| &nbsp;&nbsp; 6694982 | &nbsp;&nbsp; 7303028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12500000<br><sup>2,3</sup> <br>| Cote D'Ivoire, Government of, 5.153% (6-month EURIBOR +3.050%), 3/9/2026 | &nbsp;&nbsp; 5/21/2024 | &nbsp;&nbsp; 13569994 | &nbsp;&nbsp; 14690000 |
| &nbsp;&nbsp;&nbsp;&nbsp; $9981516<br><sup>2,3</sup> <br>| Egypt, Government of, 7.393%–7.555% (SOFR CME +4.000%), 12/7/2026 | &nbsp;&nbsp; 9/25/2025- <br>12/8/2025<br>| &nbsp;&nbsp; 9981516 | &nbsp;&nbsp; 9981516 |

---

**3**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Acquisition**<br> **Date**<sup>1</sup><br>| **Acquisition**<br> **Cost**<br> **in U.S. Dollars**<sup>1</sup><br>| **Value**<br> **in**<br> **U.S. Dollars**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br><sup>1</sup> <br>| TRADE FINANCE AGREEMENTS—continued |  |  |  |
|  | **Foreign Sovereign—continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $2483216<br><sup>2,3</sup> <br>| Egypt, Government of, 6.594%–7.056% (SOFR CME +3.150%), 1/4/2027 | &nbsp;&nbsp; 6/24/2025- <br>12/25/2025<br>| &nbsp;&nbsp; $2483216 | &nbsp;&nbsp; $2483216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377273<br><sup>2,3</sup> <br>| Egypt, Government of, 7.685%–8.192% (SOFR CME +4.000%), 6/1/2026 | &nbsp;&nbsp; 6/9/2024- <br>5/27/2025<br>| &nbsp;&nbsp; 377273 | &nbsp;&nbsp; 377273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9949145<br><sup>2,3</sup> <br>| GOV Pakistan 216, 7.437%–7.882% (SOFR CME +3.900%), 8/24/2026 | &nbsp;&nbsp; 6/14/2025- <br>11/4/2025<br>| &nbsp;&nbsp; 9949144 | &nbsp;&nbsp; 10150925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1426816<br><sup>2,3</sup> <br>| Islamic Republic of Pakistan represented by Ministry of Economic Affairs, 8.261% <br> (SOFR CME +4.150%), 1/20/2026<br>| &nbsp;&nbsp; 10/30/2024- <br>1/16/2025<br>| &nbsp;&nbsp; 1426816 | &nbsp;&nbsp; 1429785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1397727<br><sup>2,3</sup> <br>| Kenya, Government of, 10.920% (SOFR CME +6.450%), 3/4/2026 | &nbsp;&nbsp; 3/25/2019- <br>2/16/2024<br>| &nbsp;&nbsp; 1388293 | &nbsp;&nbsp; 1397728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR 5,000,000<br><sup>2,3</sup> <br>| Minister of Finance of Ukraine, 6.160% (3-month EURIBOR +4.100%), 9/1/2026 | &nbsp;&nbsp; 8/25/2021 | &nbsp;&nbsp; 5877250 | &nbsp;&nbsp; 5301972 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAR 25,493,461<br><sup>2,3</sup> <br>| MOF Saudi Arabia, 5.220% (6-month SAIBOR +5.475%), 1/31/2035 | &nbsp;&nbsp; 10/29/2024 | &nbsp;&nbsp; 6787939 | &nbsp;&nbsp; 5777285 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR 10,500,000<br><sup>2,3</sup> <br>| Republic of Senegal via Ministry of Finance and Budget, 7.944% (6-month <br> EURIBOR +5.800%), 12/22/2028<br>| &nbsp;&nbsp;&nbsp; 12/19/2023- <br>5/9/2024<br>| &nbsp;&nbsp; 11399416 | &nbsp;&nbsp; 10334670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000<br><sup>2,3</sup> <br>| Senegal, Government of, 6.872% (3-month EURIBOR +4.850%), 3/1/2026 | &nbsp;&nbsp;&nbsp; 6/9/2023 | &nbsp;&nbsp; 10745998 | &nbsp;&nbsp; 11556109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5625000<br><sup>2,3</sup> <br>| The Republic De Cote D'Ivoire Acting Through And Represented By The Ministre <br> Des Finances Et Du Budget (Minister Of Finance And Budget), 7.776% (6-month <br> EURIBOR +5.750%), 1/8/2028<br>| &nbsp;&nbsp;&nbsp; 6/3/2024 | &nbsp;&nbsp; 6132103 | &nbsp;&nbsp; 6610500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052239<br><sup>2,3</sup> <br>| The Republic of Angola Acting By and Through the Ministry of Finance of the <br> Republic of Angola, 6.336% (6-month EURIBOR +4.250%), 3/3/2027<br>| &nbsp;&nbsp;&nbsp; 9/8/2025 | &nbsp;&nbsp; 1217858 | &nbsp;&nbsp; 1224107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3030067<br><sup>2,3</sup> <br>| The Republic of Angola Acting By and Through the Ministry of Finance of the <br> Republic of Angola, 6.353% (3-month EURIBOR +4.250%), 3/8/2029<br>| &nbsp;&nbsp;&nbsp; 9/8/2025 | &nbsp;&nbsp; 3430165 | &nbsp;&nbsp; 3458875 |
| &nbsp;&nbsp;&nbsp;&nbsp; $12000000<br><sup>2</sup> <br>| The Republic of Angola Acting By and Through the Ministry of Finance of the <br> Republic of Angola, 9.526%, 10/23/2026<br>| &nbsp;&nbsp; 10/26/2025 | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp; 12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR 18,000,000<br><sup>2,3</sup> <br>| The Republic of Côte d'Ivoire, acting through the Minister of Finance and Budget, <br> 4.920% (3-month EURIBOR +2.850%), 7/14/2026<br>| &nbsp;&nbsp; 8/15/2025 | &nbsp;&nbsp; 20940295 | &nbsp;&nbsp; 21153600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000<br><sup>2,3</sup> <br>| The Republic of Côte d'Ivoire, acting through the Minister of Finance and Budget, <br> 4.916% (6-month EURIBOR +2.850%), 3/18/2026<br>| &nbsp;&nbsp; 4/23/2025 | &nbsp;&nbsp; 28313757 | &nbsp;&nbsp; 29380000 |
| &nbsp;&nbsp;&nbsp;&nbsp; $2000000<br><sup>2,3</sup> <br>| United Republic of Tanzania Ministry of Finance & Economic Affairs, 9.883% <br> (SOFR CME +5.850%), 8/9/2026<br>| &nbsp;&nbsp; 5/20/2024 | &nbsp;&nbsp; 2000250 | &nbsp;&nbsp; 2000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 156610589 |
|  | **Supranational—3.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR 13,000,000<br><sup>2,3</sup> <br>| Afrexim TL 2025, 2.869% (3-month EURIBOR +2.022%), 2/27/2026 | &nbsp;&nbsp; 8/19/2025 | &nbsp;&nbsp; 15326405 | &nbsp;&nbsp; 15260223 |
| &nbsp;&nbsp;&nbsp;&nbsp; $6000000<br><sup>2,3</sup> <br>| Afreximbank 209, 4.639%–4.943% (SOFR CME +0.379%), 5/18/2026 | &nbsp;&nbsp; 4/30/2025- <br>5/15/2025<br>| &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR 6,125,000<br><sup>2,3</sup> <br>| Bank of Industry Ltd., 4.254% (3-month EURIBOR +2.200%), 9/30/2027 | &nbsp;&nbsp; 11/29/2024 | &nbsp;&nbsp; 6425434 | &nbsp;&nbsp; 7194101 |
| &nbsp;&nbsp;&nbsp;&nbsp; $8750000<br><sup>2,3</sup> <br>| Bank of Industry Ltd. (BOI) Guarantor - Africa Finance Corp., 6.077% (SOFR CME <br> +2.200%), 9/30/2027<br>| &nbsp;&nbsp; 12/3/2024 | &nbsp;&nbsp; 8750000 | &nbsp;&nbsp; 8750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000<br><sup>2,3</sup> <br>| Eastern and Southern African Trade and Development Bank, 5.467% (SOFR CME <br> +1.750%), 12/16/2026<br>| &nbsp;&nbsp; 11/22/2024 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 5998992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000<br><sup>2,3</sup> <br>| Eastern and Southern African Trade and Development Bank, 5.645%–5.688% <br> (SOFR CME +1.950%), 11/23/2026<br>| &nbsp;&nbsp; 11/21/2023- <br>11/30/2023<br>| &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000<br><sup>2,3</sup> <br>| Eastern and Southern African Trade and Development Bank, 5.655% (SOFR CME <br> +1.950%), 12/16/2027<br>| &nbsp;&nbsp; 12/11/2024 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 5995739 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54199055 |
|  | **Telecommunications - Wireless—6.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8200000<br><sup>2,3</sup> <br>| HTA Group Ltd., Inc. in Mauritius, 8.061% (SOFR CME +4.311%), 9/13/2028 | &nbsp;&nbsp; 5/20/2024 | &nbsp;&nbsp; 8004200 | &nbsp;&nbsp; 8170323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000<br><sup>2,3</sup> <br>| IHS Holding Ltd., Cayman Islands, Inc., 8.405% (SOFR CME +4.500%), 10/9/2029 | &nbsp;&nbsp; 10/8/2024 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7788462<br><sup>2,3</sup> <br>| IHS Zambia Ltd., 9.166% (SOFR CME +5.262%), 12/15/2027 | &nbsp;&nbsp; 11/11/2021- <br>10/17/2024<br>| &nbsp;&nbsp; 7784237 | &nbsp;&nbsp; 7958140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR 9,800,000<br><sup>2,3</sup> <br>| Phoenix Tower International (PTI) Iberica V, NewCo created and Inc. in Spain, <br> 4.813% (6-month EURIBOR +3.250%), 10/25/2030<br>| &nbsp;&nbsp; 10/19/2023- <br>4/23/2025<br>| &nbsp;&nbsp; 10474874 | &nbsp;&nbsp; 12021183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9700000<br><sup>2,3</sup> <br>| Phoenix Tower International (PTI) Iberica V, NewCo created and, Inc. in Spain, <br> 4.813% (6-month EURIBOR +3.250%), 10/25/2030<br>| &nbsp;&nbsp; 10/19/2023- <br>2/25/2025<br>| &nbsp;&nbsp; 10743842 | &nbsp;&nbsp; 11898518 |

---

**4**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Acquisition**<br> **Date**<sup>1</sup><br>| **Acquisition**<br> **Cost**<br> **in U.S. Dollars**<sup>1</sup><br>| **Value**<br> **in**<br> **U.S. Dollars**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br><sup>1</sup> <br>| TRADE FINANCE AGREEMENTS—continued |  |  |  |
|  | **Telecommunications - Wireless—continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $21000000<br><sup>2,3</sup> <br>| Phoenix Tower International Spain ETVE, SL, 7.672% (SOFR +4.000%), 8/10/2027 | &nbsp;&nbsp; 11/21/2022- <br>10/27/2025<br>| &nbsp;&nbsp; $20934583 | &nbsp;&nbsp; $21249547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11000000<br><sup>2,3</sup> <br>| Tillman Infrastructure ABS SUB 1, LLC, 7.100% (SOFR CME +3.000%), 4/23/2029 | &nbsp;&nbsp; 6/25/2024 | &nbsp;&nbsp; 10945000 | &nbsp;&nbsp; 11082311 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR 10,500,000<br><sup>2,3</sup> <br>| Vantage Towers AG, 4.268% (3-month EURIBOR +4.000%), 3/21/2030 | &nbsp;&nbsp;&nbsp; 7/2/2024 | &nbsp;&nbsp; 11284910 | &nbsp;&nbsp; 12339600 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94719622 |
|  | **Transportation - Transport Infrastructure/Services—3.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $30000000<br><sup>2,3</sup> <br>| Impala Terminals Switzerland S.a.r.l., 6.148% (SOFR CME +4.250%), 7/21/2028 | &nbsp;&nbsp;&nbsp; 8/4/2025 | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp; 30000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5217143<br><sup>2,3</sup> <br>| Maher Terminals LLC, 6.466% (SOFR CME +2.750%), 11/17/2027 | &nbsp;&nbsp;&nbsp; 3/7/2024 | &nbsp;&nbsp; 5178014 | &nbsp;&nbsp; 5217143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11575000<br><sup>2,3</sup> <br>| Transnet SOC Ltd., 8.401% (SOFR CME +4.250%), 6/21/2027 | &nbsp;&nbsp; 11/14/2024- <br>12/4/2025<br>| &nbsp;&nbsp; 11545678 | &nbsp;&nbsp; 11575000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46792143 |
|  | **Utility - Electric Distribution/Transmission—0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6500000<br><sup>2,3</sup> <br>| Oman Electricity Transmission Co. S.A.O.C., 4.793% (SOFR CME <br> +4.280%), 3/26/2026<br>| &nbsp;&nbsp; 6/30/2025- <br>11/4/2025 <br>| &nbsp;&nbsp; 6492250 | &nbsp;&nbsp; 6498675 |
|  | **Utility - Electric-Generation—2.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR 6,285,680<br><sup>2,3</sup> <br>| Eesti Energia AS, 6.600% (6-month EURIBOR +4.500%), 5/11/2028 | &nbsp;&nbsp;&nbsp; 5/5/2023 | &nbsp;&nbsp; 6925247 | &nbsp;&nbsp; 7386931 |
| &nbsp;&nbsp;&nbsp;&nbsp; $15000000<br><sup>2,3</sup> <br>| Karadeniz WAF, 8.722% (SOFR CME +4.950%), 11/7/2030 | &nbsp;&nbsp; 8/26/2025 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; 14974539 |
| IDR 32,618,297,350<br><sup>2,7</sup> <br>| PT MaxPower, 0.000%, 6/10/2039 | &nbsp;&nbsp; 6/13/2019 | &nbsp;&nbsp; 2172697 | &nbsp;&nbsp; 1956119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 81703238400<br><sup>2,3</sup> <br>| PT MaxPower, 7.750%, 6/10/2039 | &nbsp;&nbsp; 6/13/2019 | &nbsp;&nbsp; 4723345 | &nbsp;&nbsp; 4899744 |
| &nbsp;&nbsp;&nbsp;&nbsp; $5483780<br><sup>2,3</sup> <br>| Qatar Electricity and Water Co. (QEWC) Q.P.S.C, 4.893% (SOFR CME <br> +5.320%), 6/30/2027<br>| &nbsp;&nbsp;&nbsp; 2/8/2024 | &nbsp;&nbsp; 5391353 | &nbsp;&nbsp; 5435391 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34652724 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRADE FINANCE AGREEMENTS <br>(IDENTIFIED COST $1,321,066,981)<br>|  |  | &nbsp;&nbsp; 1335447140 |
|  | INVESTMENT COMPANY—1.0% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14246990 | Federated Hermes Government Obligations Fund, Premier Shares, 3.68%<sup>8</sup> <br>(IDENTIFIED COST $14,246,990)<br>|  |  | &nbsp;&nbsp; 14246990 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—95.9% <br>(IDENTIFIED COST $1,335,313,971)<br>|  |  | &nbsp;&nbsp; 1349694130 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—4.1%<sup>9</sup> <br>|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57819428 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% |  |  | &nbsp;&nbsp; $1407513558 |

---

At December 31, 2025, the Fund had the following outstanding foreign exchange contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Settlement** <br>**Date**<br>| **Counterparty** | **Foreign** <br>**Currency** <br>**Units to** <br>**Deliver/Receive** | **Foreign** <br>**Currency** <br>**Units to** <br>**Deliver/Receive** | &nbsp;&nbsp; **In** <br>**Exchange** <br>**For**<br>| **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| **Contracts Sold:** |  |  |  |  |  |
| 1/26/2026 | State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000 | EUR | $11734038 | &nbsp;&nbsp; $(29657) |
| 1/26/2026 | Toronto Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54000000 | EUR | $64139780 | &nbsp;&nbsp; $615825 |
| 1/26/2026 | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | GBP | $559794 | &nbsp;&nbsp; $(6331) |
| 2/27/2026 | State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56360000 | EUR | $65862640 | &nbsp;&nbsp; $(537275) |
| 2/27/2026 | Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | EUR | $584038 | &nbsp;&nbsp; $(5031) |
| 3/25/2026 | Toronto Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99950000 | EUR | $116709516 | &nbsp;&nbsp; $(1185110) |
| 3/30/2026 | Morgan Stanley & Co. | &nbsp;&nbsp; 113390000000 | IDR | $6785391 | &nbsp;&nbsp; $(7400) |
| 4/20/2026 | Credit Agricole | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71450000 | EUR | $84814730 | &nbsp;&nbsp; $440503 |
| &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | &nbsp;&nbsp; $(714476) |

---

Net Unrealized Depreciation on Foreign Exchange Contracts is included in "Other Assets and Liabilities—Net."

**5**

------

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended December 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Federated Hermes** <br>**Government** <br>**Obligations Fund,** <br>**Premier Shares**<br>|
| Value as of 3/31/2025 | &nbsp;&nbsp; $174031420 |
| Purchases at Cost | &nbsp;&nbsp; $601732497 |
| Proceeds from Sales | &nbsp;&nbsp; $(761516927) |
| Change in Unrealized Appreciation/Depreciation | &nbsp;&nbsp; $— |
| Net Realized Gain/(Loss) | &nbsp;&nbsp; $— |
| Value as of 12/31/2025 | &nbsp;&nbsp; $14246990 |
| Shares Held as of 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14246990 |
| Dividend Income | &nbsp;&nbsp; $4379000 |

---

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

---

| | |
|:---|:---|
| 1 | *Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under* <br> *the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At December 31, 2025, these restricted securities amounted to* <br> *$1,335,447,140, which represented 94.9% of net assets.*<br>|
| 2 | *Trade finance agreements' fair values are primarily derived from discounted cash flow methodologies utilizing unobservable inputs due to the lack of market* <br> *transactions. The discount rate used within the methodologies to discount the future anticipated cash flows is considered a significant unobservable input.* <br> *Increases/(decreases) in the discount rate would result in a (decrease)/increase to an investment's fair value.*<br>|
| 3 | *Floating/variable note with current rate and current maturity or next reset date shown.* |
| 4 | *Issuer in default.* |
| 5 | *Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established* <br> *by and under the general supervision of the Fund's Adviser acting through its Valuation Committee("Valuation Committee").*<br>|
| 6 | *Non-income-producing security.* |
| 7 | *Zero coupon bond.* |
| 8 | *7-day net yield.* |
| 9 | *Assets, other than investments in securities, less liabilities* |

---

Note: The categories of investments are shown as a percentage of net assets at December 31, 2025.

**Investment Valuation** 

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

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

■ 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.

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

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

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

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

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

**6**

------

**Fair Valuation and Significant Events Procedures** 

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

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

The Fund's investments in trade finance agreements are primarily determined by applying discounted cash flow methodologies utilizing various inputs such as available or implied credit ratings, loan characteristics, seniority, collateral, comparable debt instruments, yield curves or indices, broader loan data, bond data and bond sector curves. When appropriate, other considerations may include asset liquidation analyses, internal credit assessments and general market conditions. The Fund utilizes third-party pricing specialists in determining its valuations. Typically, there are no other sources of evaluations for these investments and the inputs utilized are less observable. Additionally, trade finance agreements are typically held to maturity by investors and therefore do not trade on a consistent basis. Accordingly, executed trade prices are usually unavailable and thus, generally cannot be relied upon to support valuations of these investments. Therefore, inputs unobservable in active markets must be relied upon more heavily and as such, the Fund's management has determined these to be Level 3 investments. The prices realized for these investments upon sale may be different than prices used by the Fund to value them and the differences could be material.

Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with the Adviser's procedures.

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

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

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

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

The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

**7**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>The following is a summary of the inputs used, as of December 31, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| Trade Finance Agreements | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1335447140 | &nbsp;&nbsp; $1335447140 |
| **Investment Company** | &nbsp;&nbsp; 14246990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14246990 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | &nbsp;&nbsp; $14246990 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1335447140 | &nbsp;&nbsp; $1349694130 |
| **Other Financial Instruments**<sup>1</sup> <br>|  |  |  |  |
| Assets | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1056328 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1056328 |
| Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1770804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1770804) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER <br>FINANCIAL INSTRUMENTS<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(714476) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(714476) |

---

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

1 *Other financial instruments are foreign exchange contracts.*

Trade finance agreements' fair values are primarily derived from discounted cash flow methodologies utilizing unobservable inputs due to the lack of market transactions. The discount rate used within the methodologies to discount the future anticipated cash flows is considered a significant unobservable input. Increases/(decreases) in the discount rate would result in a (decrease)/increase to an investment's fair value.

Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | |
|:---|:---|
|  | **Investments in Trade** <br>**Finance Agreements**<br>|
| Balance as of 3/31/2025 | &nbsp;&nbsp; $1093178680 |
| Accreted/amortized discount/premiums | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2414260 |
| Realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3808196) |
| Change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23856235 |
| Purchases | &nbsp;&nbsp; 1051173757 |
| (Sales) | &nbsp;&nbsp;&nbsp; (831367596) |
| Balance as of 12/31/2025 | &nbsp;&nbsp; $1335447140 |
| Total change in unrealized appreciation/depreciation attributable to <br>investments still held at 12/31/2025<br>| &nbsp;&nbsp; $17278744 |

---

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

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| EUR | —Euro |
| EURIBOR | —Euro Interbank Offered Rate |
| GBP | —British Pound |
| IDR | —Indonesian Rupiah |
| JSC | —Joint Stock Company |
| PRIME | —Prime Rate |
| SAIBOR | —Saudi Arabian Interbank Offered Rate |
| SAR | —Saudi Arabian Riyal |
| SOFR | —Secured Overnight Financing Rate |
| SONIA | —Sterling Overnight Index Average |
| USD | —United States Dollar |

---

**8**

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Federated Hermes Core Trust III

- **b. Investment Company Act file number:** 811-22217

- **c. CIK number of Registrant:** 0001411674

- **d. LEI of Registrant:** 254900X6T65G9IXDZR26

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** Federated Hermes Funds

  - **City:** Warrendale

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 15086-7561

  - **Telephone number:** 8003417400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Project and Trade Finance Core Fund

- **b. EDGAR series identifier (if any):** S000023593

- **c. LEI of Series:** 549300HEVNTSTCP23713

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1410842305.51

**Total Liabilities:** $10808294.54

**Net Assets:** $1400034010.97

**Cash Not Reported:** $13462495.79

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -10.978967000000 | **1-Year:** -675.311462000000 | **5-Year:** -3293.533691000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** -12921.018310000000 | **1-Year:** -91414.910008000000 | **5-Year:** -173487.177110000000 | **10-Year:** -10508.913621000000 | **30-Year:** -0.001638000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000069418 | 0.57%                | 0.52%                | 0.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $219816.40               | $-6766294.16                               |
| Month 2  | $-308041.28              | $409981.75                                 |
| Month 3  | $894715.59               | $4214914.41                                |

**Designated Index Information**

- **Index Name:** Securities Portfolio VaR

- **Index Identifier:** Designated Reference Portfolio is the Fund's Securities Portfolio

### Schedule of Portfolio Investments

| Name                                                                     | Title                                                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |     Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Avolon TLB Borrower 1 US LLC                                             | Avolon TLB Borrower 1 US LLC2023 Term Loan B6                                                               | CUSIP: 05400KAJ9<br>LEI: 635400O84AGITYFZQB55 | Long             | LON              | CORP              | US        |     9925000 | PA      | $9925000.00   | 0.71%             | 2030-06-24      | Floating      | 5.48%                 | Yes           |                  3 | On Loan: No      |
| UBS AG                                                                   | PURCHASED USD / SOLD GBP                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-6330.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PT Maxpower Indonesia                                                    | PT MAXPOWER INDONESIA 2019 IDR RESTRUCTURED PIK TL                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | ID        | 32618297350 | PA      | $1956119.78   | 0.14%             | 2039-06-10      | Variable      | 6.33%                 | Yes           |                  3 | On Loan: No      |
| Navoi Mining and Metallurgical Company                                   | Navoi Mining and Metallurgical Company Unsecured Term Loan                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |      530697 | PA      | $530697.15    | 0.04%             | 2027-04-20      | Floating      | 8.63%                 | Yes           |                  3 | On Loan: No      |
| Eastern and Southern African Trade and Development Bank                  | Eastern and Southern African Trade and Development Bank 2023 Tranche B 1 Term Loan                          | CUSIP: 000000000<br>LEI: 2138004HC83AB2ENIZ64 | Long             | LON              | CORP              | ZA        |     5000000 | PA      | $5000000.00   | 0.36%             | 2026-11-23      | Floating      | 5.69%                 | Yes           |                  3 | On Loan: No      |
| Egyptian Ethylene & Derivatives Company SAE                              | Egyptian Ethylene & Derivatives Company SAE Term Loan                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | EG        |     2960000 | PA      | $2953479.76   | 0.21%             | 2028-09-13      | Floating      | 7.72%                 | Yes           |                  3 | On Loan: No      |
| The Republic of Benin MOF 2                                              | The Republic of Benin MOF 2 EUR Term Loan                                                                   | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | LON              | NUSS              | XX        |     6214286 | PA      | $7303028.50   | 0.52%             | 2027-04-30      | Floating      | 6.07%                 | Yes           |                  3 | On Loan: No      |
| Republic of Senegal Ministry of Finance and Budget                       | Republic of Senegal Ministry of Finance and Budget 2023 EUR 1st Lien Term Loan                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | NUSS              | XX        |    10500000 | PA      | $10334669.85  | 0.74%             | 2028-12-22      | Floating      | 7.94%                 | Yes           |                  3 | On Loan: No      |
| Ten Ghana MV25 B.V.                                                      | Ten Ghana MV25 BV Term Loan                                                                                 | CUSIP: 000000000<br>LEI: 5493006FDLBIFXFO2L56 | Long             | LON              | CORP              | GH        |     3144110 | PA      | $3115508.85   | 0.22%             | 2026-03-15      | Floating      | 7.74%                 | Yes           |                  3 | On Loan: No      |
| Marfrig Global Foods SA                                                  | Marfrig Global Foods SA Advance on Foreign Exchange Contracts Term Loan                                     | CUSIP: 000000000<br>LEI: 391200219USWMOBN3F92 | Long             | LON              | CORP              | BR        |    17000000 | PA      | $17024337.03  | 1.22%             | 2026-04-27      | Floating      | 5.49%                 | Yes           |                  3 | On Loan: No      |
| Puma International Financing S.A.                                        | Puma International Financing S.A. 2024 Sustainability Linked Term Loan                                      | CUSIP: 000000000<br>LEI: 222100YFBPO7IDRUBR17 | Long             | LON              | CORP              | LU        |    17981818 | PA      | $17940622.55  | 1.28%             | 2028-06-04      | Floating      | 5.93%                 | Yes           |                  3 | On Loan: No      |
| BlueNord Energy Denmark AS                                               | BLUENORD ENERGY DENMARK AS TERM LOAN                                                                        | CUSIP: 000000000<br>LEI: 213800GRFGOYKMAT8217 | Long             | LON              | CORP              | DK        |    10434783 | PA      | $10434782.61  | 0.75%             | 2029-12-31      | Floating      | 7.69%                 | Yes           |                  3 | On Loan: No      |
| Government of Arab Republic of Egypt EGY-228 (GASC)                      | Government of Arab Republic of Egypt EGY-228 (GASC) Syndicated ITFC Murabaha facility (EGY/0228)            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | NUSS              | EG        |      377273 | PA      | $377272.90    | 0.03%             | 2026-06-01      | Floating      | 8.19%                 | Yes           |                  3 | On Loan: No      |
| HTA Group Ltd                                                            | HTA GROUP LTD 2024 TRANCHE C TERM LOAN                                                                      | CUSIP: 000000000<br>LEI: 213800WEFU8O8X6EPU13 | Long             | LON              | CORP              | US        |     8200000 | PA      | $8170322.48   | 0.58%             | 2028-09-13      | Floating      | 8.06%                 | Yes           |                  3 | On Loan: No      |
| NATIONAL BANK OF EGYPT                                                   | National Bank of Egypt 2024 1st Lien Deferred Payment LC                                                    | CUSIP: 000000000<br>LEI: 2138001QZGOK42KGQM03 | Long             | LON              | CORP              | EG        |    14500000 | PA      | $14500000.00  | 1.04%             | 2026-06-03      | Floating      | 5.77%                 | Yes           |                  3 | On Loan: No      |
| VANTAGE TOWERS AG                                                        | Vantage Towers AGEUR Term Loan                                                                              | CUSIP: 000000000<br>LEI: 213800BBQO965UPQ7J59 | Long             | LON              | CORP              | DE        |    10500000 | PA      | $12339599.89  | 0.88%             | 2030-03-21      | Floating      | 4.27%                 | Yes           |                  3 | On Loan: No      |
| ISLAMIC REPUBLIC OF PAKISTAN                                             | Islamic Republic of Pakistan2024 Term Loan (PAK-212)                                                        | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | LON              | NUSS              | PK        |     1426816 | PA      | $1429784.60   | 0.10%             | 2025-12-01      | Floating      | 8.26%                 | Yes           |                  3 | On Loan: No      |
| Eastern and Southern African Trade and Development Bank                  | Eastern and Southern African Trade and Development Bank2024 USD Tranche B Term Loan                         | CUSIP: 000000000<br>LEI: 2138004HC83AB2ENIZ64 | Long             | LON              | CORP              | ZA        |     6000000 | PA      | $5995738.98   | 0.43%             | 2027-12-16      | Floating      | 5.65%                 | Yes           |                  3 | On Loan: No      |
| GLENCORE INTERNATIONAL AG                                                | Glencore International AG2023 Term Loan                                                                     | CUSIP: 000000000<br>LEI: 213800PSSU2QXF1WLR89 | Long             | LON              | CORP              | CH        |    15210526 | PA      | $15290171.22  | 1.09%             | 2029-12-31      | Floating      | 6.67%                 | Yes           |                  3 | On Loan: No      |
| Oman Electricity Transmission Company S.A.O.C.                           | Oman Electricity Transmission Company S.A.O.C.Term Loan                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | OM        |     6500000 | PA      | $6498674.78   | 0.46%             | 2026-03-26      | Floating      | 4.79%                 | Yes           |                  3 | On Loan: No      |
| NEO ENERGY GROUP LIMITED                                                 | NEO Energy Group Limited2025 Term Loan                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    17845004 | PA      | $17845003.72  | 1.27%             | 2031-06-30      | Floating      | 8.79%                 | Yes           |                  3 | On Loan: No      |
| Tartaruga MV29 B.V.                                                      | Tartaruga MV29 B.V.Term Loan                                                                                | CUSIP: 000000000<br>LEI: 724500Z80MK53W5EQU19 | Long             | LON              | CORP              | NL        |    21568403 | PA      | $21495013.48  | 1.54%             | 2032-03-15      | Floating      | 6.45%                 | Yes           |                  3 | On Loan: No      |
| Edrill T15 PTE.LTD                                                       | Edrill T15 PTE.LTDTranche B Term Loan                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | TH        |     3150000 | PA      | $3137564.27   | 0.22%             | 2028-02-29      | Floating      | 7.57%                 | Yes           |                  3 | On Loan: No      |
| Government of Arab Republic of Egypt EGY/0236                            | GOV OF AR REP OF EGYPT EGY0236 SYNDICA ITFC MURA Facilities EGY0236                                         | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | LON              | CORP              | EG        |     9981516 | PA      | $9981515.70   | 0.71%             | 2026-12-07      | Floating      | 7.55%                 | Yes           |                  3 | On Loan: No      |
| REPUBLIC OF TURKEY                                                       | Republic Of Turkey2025 EUR Term Loan                                                                        | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | LON              | CORP              | TR        |    16000000 | PA      | $18744324.20  | 1.34%             | 2026-05-19      | Floating      | 3.11%                 | Yes           |                  3 | On Loan: No      |
| P.M.I. Trading, DAC                                                      | P.M.I. Trading, DACFixed Single Receivable discounting Term Loan                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | MX        |    19000000 | PA      | $18759894.53  | 1.34%             | 2026-03-20      | Fixed         | 5.84%                 | Yes           |                  3 | On Loan: No      |
| P.M.I. Trading, DAC                                                      | P.M.I. Trading, DACFixed Single Receivable Discounting Term Loan 7                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | MX        |     9984952 | PA      | $9822703.14   | 0.70%             | 2026-04-14      | Fixed         | 5.68%                 | Yes           |                  3 | On Loan: No      |
| Joint Stock Commercial Bank Agrobank                                     | Joint Stock Commercial Bank Agrobank2025 Term Loan                                                          | CUSIP: 000000000<br>LEI: 254900JPMU0LFCP18673 | Long             | LON              | CORP              | XX        |    15600000 | PA      | $15600000.00  | 1.11%             | 2027-11-12      | Floating      | 6.67%                 | Yes           |                  3 | On Loan: No      |
| NATIONAL BANK OF EGYPT                                                   | National Bank of Egypt2022 Deferred Payment LC                                                              | CUSIP: 000000000<br>LEI: 2138001QZGOK42KGQM03 | Long             | LON              | CORP              | EG        |    10000000 | PA      | $9718620.80   | 0.69%             | 2026-07-31      | Floating      | 5.06%                 | Yes           |                  3 | On Loan: No      |
| BANK OF INDUSTRY LIMITED                                                 | Bank of Industry Limited2024 EUR 3 Year Syndicated AFC Term Loan                                            | CUSIP: 000000000<br>LEI: 5493006N5JD4B34R6G14 | Long             | LON              | CORP              | NG        |     6125000 | PA      | $7194101.61   | 0.51%             | 2027-09-30      | Floating      | 4.25%                 | Yes           |                  3 | On Loan: No      |
| YAPI VE KREDI BANKASI AS                                                 | Yapi ve Kredi Bankasi AS2025 EUR Term Loan                                                                  | CUSIP: 000000000<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | LON              | CORP              | TR        |    15000000 | PA      | $17626556.82  | 1.26%             | 2026-06-15      | Floating      | 3.03%                 | Yes           |                  3 | On Loan: No      |
| Morgan Stanley Capital Services LLC                                      | PURCHASED USD / SOLD IDR                                                                                    | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-7400.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| YECO LEASING LIMITED                                                     | Yeco Leasing LimitedSenior Secured Portfolio Aircraft Financing                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    22942217 | PA      | $22942217.24  | 1.64%             | 2029-12-15      | Floating      | 5.92%                 | Yes           |                  3 | On Loan: No      |
| Republic of Cote d'Ivoire The                                            | Republic of Cote d'Ivoire The2025 EUR 12 M Short Unsecured Syndicated Term Loan                             | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | LON              | NUSS              | CI        |    18000000 | PA      | $21153599.81  | 1.51%             | 2026-07-14      | Floating      | 4.92%                 | Yes           |                  3 | On Loan: No      |
| Toronto-Dominion Bank                                                    | PURCHASED USD / SOLD EUR                                                                                    | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | US        |           1 | NC      | $615824.82    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Eesti Energia AS                                                         | Eesti Energia AS EUR Term Loan                                                                              | CUSIP: 000000000<br>LEI: 5493005044RTLQ5RZU70 | Long             | LON              | CORP              | EE        |     6285680 | PA      | $7386931.07   | 0.53%             | 2028-05-11      | Floating      | 6.60%                 | Yes           |                  3 | On Loan: No      |
| Beta Lula Central SARL (Lux Incorporated)                                | Beta Lula Central SARL (Lux Inc) Term Loan                                                                  | CUSIP: 000000000<br>LEI: 549300RHAL8DJFKKRG68 | Long             | LON              | CORP              | BR        |    11704138 | PA      | $11905559.42  | 0.85%             | 2030-06-15      | Floating      | 6.51%                 | Yes           |                  3 | On Loan: No      |
| Antin Elephant Bidco B.V                                                 | Antin Elephant Bidco B.VEUR Term Loan B                                                                     | CUSIP: 000000000<br>LEI: 213800G9QN7P1DCM3137 | Long             | LON              | CORP              | NL        |    16355172 | PA      | $19152022.64  | 1.37%             | 2029-06-29      | Floating      | 4.42%                 | Yes           |                  3 | On Loan: No      |
| LEOPARD FUNDING LIMITED                                                  | LEOPARD FUNDING LIMITEDPre Export Finance Facility                                                          | CUSIP: 000000000<br>LEI: 254900V8VSBF43LD7986 | Long             | LON              | CORP              | NG        |     7540541 | PA      | $7714173.93   | 0.55%             | 2029-09-17      | Floating      | 9.97%                 | Yes           |                  3 | On Loan: No      |
| YAPI VE KREDI BANKASI AS                                                 | YAPI VE KREDI BANKASI AS2022 Fixed Term Loan                                                                | CUSIP: 000000000<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | LON              | CORP              | TR        |    10405817 | PA      | $10173378.06  | 0.73%             | 2026-07-20      | Fixed         | 5.21%                 | Yes           |                  3 | On Loan: No      |
| Telekom Srbija a. d. Beograd                                             | Telekom Srbija a. d. Beograd2025 EUR Term Loan                                                              | CUSIP: 000000000<br>LEI: 254900OVY0XI1DFYC092 | Long             | LON              | CORP              | RS        |     6000000 | PA      | $7084124.88   | 0.51%             | 2028-07-03      | Floating      | 8.00%                 | Yes           |                  3 | On Loan: No      |
| International Beverage Tashkent                                          | International Beverage Tashkent Term Loan                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    11487822 | PA      | $11487821.69  | 0.82%             | 2029-05-23      | Floating      | 8.76%                 | Yes           |                  3 | On Loan: No      |
| Alfa Lula Alto SARL                                                      | Alfa Lula Alto SARL Term Loan Tranche A                                                                     | CUSIP: 000000000<br>LEI: 549300EXUOF3G2SCPA35 | Long             | LON              | CORP              | BR        |     7789984 | PA      | $7917054.67   | 0.57%             | 2028-01-15      | Floating      | 6.50%                 | Yes           |                  3 | On Loan: No      |
| Caliche Development Partners III LLC, SPV                                | Caliche Development Partners III LLC, SPV Senior Secured Term Loan                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    10035019 | PA      | $10035019.22  | 0.72%             | 2029-10-01      | Floating      | 6.37%                 | Yes           |                  3 | On Loan: No      |
| JOINT STOCK COMPANY ASAKABANK                                            | Joint Stock Company Asakabank2025 Syndicated Term Loan                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    13600000 | PA      | $13600000.00  | 0.97%             | 2026-04-29      | Floating      | 6.18%                 | Yes           |                  3 | On Loan: No      |
| NEO ENERGY GROUP LIMITED                                                 | NEO Energy Group Limited2025 GBP Term Loan                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |      417343 | PA      | $562557.41    | 0.04%             | 2031-06-30      | Floating      | 7.99%                 | Yes           |                  3 | On Loan: No      |
| EDRILL VENCEDOR PTE LTD                                                  | Edrill Vencedor Pte LtdTranche A Term Loan                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | TH        |     3360000 | PA      | $3346709.92   | 0.24%             | 2028-02-29      | Floating      | 7.57%                 | Yes           |                  3 | On Loan: No      |
| INEOS RAFNES AS                                                          | INEOS Rafnes ASEUR Fixed Term Loan                                                                          | CUSIP: 000000000<br>LEI: 894500C2CSCZVREKC660 | Long             | LON              | CORP              | NO        |    12000000 | PA      | $13739513.26  | 0.98%             | 2030-04-30      | Floating      | 4.26%                 | Yes           |                  3 | On Loan: No      |
| Sonangol Finance Ltd.                                                    | Sonangol Finance Ltd.2021 Term Loan                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     7650794 | PA      | $7650793.66   | 0.55%             | 2026-08-31      | Floating      | 9.28%                 | Yes           |                  3 | On Loan: No      |
| Toronto-Dominion Bank                                                    | PURCHASED USD / SOLD EUR                                                                                    | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | US        |           1 | NC      | $-1185110.04  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                                      | PURCHASED USD / SOLD EUR                                                                                    | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-5030.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government of The Republic of Kenya Acting through The National Treasury | Government of The Republic of Kenya Acting through The National Treasury 2019 Syndicated Term Loan facility | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | NUSS              | KE        |     1397727 | PA      | $1397727.29   | 0.10%             | 2026-03-04      | Floating      | 10.92%                | Yes           |                  3 | On Loan: No      |
| State Oil Company of Azerbaijan Republic                                 | State Oil Company of Azerbaijan Republic 2021 Term Loan                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     6000000 | PA      | $6000000.00   | 0.43%             | 2026-08-11      | Floating      | 8.22%                 | Yes           |                  3 | On Loan: No      |
| Minister of Finance of Ukraine                                           | Minister of Finance of Ukraine EUR Senior Unsecured Term Loan                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | UA        |     5000000 | PA      | $5301972.16   | 0.38%             | 2026-09-01      | Floating      | 6.16%                 | Yes           |                  3 | On Loan: No      |
| CC Energy Development Limited - BVI Incorporated                         | CC Energy Development Limited - BVI Incorporated Borrowing Base Facility                                    | CUSIP: 000000000<br>LEI: 3003002B8IFJYQS02Y36 | Long             | LON              | CORP              | OM        |    14000000 | PA      | $14000000.00  | 1.00%             | 2030-12-31      | Floating      | 7.65%                 | Yes           |                  3 | On Loan: No      |
| Maher Terminal LLC                                                       | Maher Terminal LLC Senior Secured Term Loan                                                                 | CUSIP: 000000000<br>LEI: 5493003O33D623BOS892 | Long             | LON              | CORP              | US        |     5217143 | PA      | $5217142.86   | 0.37%             | 2025-11-17      | Floating      | 6.47%                 | Yes           |                  3 | On Loan: No      |
| Republic of Cote d'Ivoire The                                            | Republic of Cote d'Ivoire The 2020 EUR 7-Year Syndicated Term Loan                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | NUSS              | CI        |     5625000 | PA      | $6610499.94   | 0.47%             | 2028-01-08      | Floating      | 7.78%                 | Yes           |                  3 | On Loan: No      |
| BANK OF INDUSTRY LIMITED                                                 | Bank of Industry Limited2024 3 Year Syndicated AFC Term Loan                                                | CUSIP: 000000000<br>LEI: 5493006N5JD4B34R6G14 | Long             | LON              | CORP              | NG        |     8750000 | PA      | $8750000.00   | 0.62%             | 2027-09-30      | Floating      | 6.08%                 | Yes           |                  3 | On Loan: No      |
| Dobson Technologies, Inc                                                 | Dobson Technologies, IncTerm Loan                                                                           | CUSIP: 000000000<br>LEI: 549300I3VRNSI6JUXB69 | Long             | LON              | CORP              | US        |    17320625 | PA      | $17270785.25  | 1.23%             | 2029-09-26      | Floating      | 7.70%                 | Yes           |                  3 | On Loan: No      |
| Staatsolie Maatschappij Suriname NV                                      | Staatsolie Maatschappij Suriname NV2025 Term Loan                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | SR        |    24332165 | PA      | $24332165.38  | 1.74%             | 2032-04-26      | Floating      | 9.36%                 | Yes           |                  3 | On Loan: No      |
| Government of Arab Republic of Egypt EGY/0231                            | Government of Arab Republic of Egypt EGY/0231Syndicated ITFC Murabaha facility (EGY/0231)                   | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | LON              | NUSS              | EG        |     2483216 | PA      | $2483216.06   | 0.18%             | 2027-01-04      | Floating      | 7.06%                 | Yes           |                  3 | On Loan: No      |
| Ministry of Treasury and Finance of the Republic of Turkiye              | Ministry of Treasury and Finance of the Republic of TurkiyeUnsecured Term Loan                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | TR        |    22826624 | PA      | $22826624.14  | 1.63%             | 2028-10-16      | Floating      | 6.14%                 | Yes           |                  3 | On Loan: No      |
| The Republic of Angola                                                   | The Republic of Angola2025 Fixed Term Loan                                                                  | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | LON              | CORP              | AO        |    12000000 | PA      | $12000000.00  | 0.86%             | 2026-10-23      | Fixed         | 9.53%                 | Yes           |                  3 | On Loan: No      |
| P.M.I. Trading, DAC                                                      | P.M.I. Trading, DACFixed Single Receivable discounting Term Loan 6                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | MX        |     4758728 | PA      | $4752742.47   | 0.34%             | 2026-01-08      | Fixed         | 5.72%                 | Yes           |                  3 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                                       | Venture Global Plaquemines LNG LLC2024 Contingency Reserve Delayed Draw Term Loan                           | CUSIP: 000000000<br>LEI: 549300TKP4I6OJ02BF90 | Long             | LON              | CORP              | US        |      506854 | PA      | $505586.67    | 0.04%             | 2029-05-25      | Floating      | 5.94%                 | Yes           |                  2 | On Loan: No      |
| YINSON AZALEA PRODUCTION                                                 | Yinson Azalea Production Term Loan A                                                                        | CUSIP: 000000000<br>LEI: 254900G6K1J3N945GS77 | Long             | LON              | CORP              | SG        |    13787480 | PA      | $13787479.88  | 0.98%             | 2032-03-31      | Floating      | 6.53%                 | Yes           |                  3 | On Loan: No      |
| State Street Bank & Trust Co.                                            | PURCHASED USD / SOLD EUR                                                                                    | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-29657.37    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Federated Hermes Government Obligations Fund                             | Federated Hermes Government Obligations Fund                                                                | CUSIP: 608919718<br>LEI: 254900VAJ9169N7JRF45 | Long             | STIV             | RF                | US        |    14246990 | NS      | $14246989.62  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Hydrocarbon Funding Limited (NH)                                | Northern Hydrocarbon Funding Limited (NH)Pre Export Finance debt Facility                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | NG        |    17158819 | PA      | $17405548.23  | 1.24%             | 2029-09-30      | Floating      | 9.21%                 | Yes           |                  3 | On Loan: No      |
| The Republic of Angola                                                   | THE REPUBLIC OF ANGOLA 2024 EUR TERM LOAN                                                                   | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | LON              | NUSS              | XX        |     3030067 | PA      | $3458875.43   | 0.25%             | 2029-03-08      | Floating      | 6.35%                 | Yes           |                  3 | On Loan: No      |
| JOINT STOCK COMPANY ASAKABANK                                            | Joint Stock Company Asakabank2025 EUR Syndicated Term Loan                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    15000000 | PA      | $17627999.84  | 1.26%             | 2027-12-07      | Floating      | 4.93%                 | Yes           |                  3 | On Loan: No      |
| Republic of Cote d'Ivoire The                                            | Republic of Cote d'Ivoire The2025 EUR 12 M Short Syndicated Term Loan                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | NUSS              | CI        |    25000000 | PA      | $29379999.74  | 2.10%             | 2026-03-18      | Floating      | 4.92%                 | Yes           |                  3 | On Loan: No      |
| State Street Bank & Trust Co.                                            | PURCHASED USD / SOLD EUR                                                                                    | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-537274.60   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Credit Agricole CIB                                                      | PURCHASED USD / SOLD EUR                                                                                    | CUSIP: 000000000<br>LEI: 1VUV7VQFKUOQSJ21A208 | N/A              | DFE              |  | US        |           1 | NC      | $440502.95    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| PT Maxpower Indonesia                                                    | PT MAXPOWER INDONESIA 2019 IDR RESTRUCTURED TL                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | ID        | 81703238400 | PA      | $4899744.43   | 0.35%             | 2039-06-10      | Fixed         | 7.75%                 | Yes           |                  3 | On Loan: No      |
| Sonasing Xikomba Limited                                                 | Sonasing Xikomba Limited Term Loan                                                                          | CUSIP: 000000000<br>LEI: 5493002VK80U0VQRT352 | Long             | LON              | CORP              | XX        |     5858953 | PA      | $5858953.17   | 0.42%             | 2026-05-29      | Floating      | 6.51%                 | Yes           |                  3 | On Loan: No      |
| TDC Net A/S                                                              | TDC Net A/S EUR Sustainability Linked Senior Term Loan                                                      | CUSIP: 000000000<br>LEI: 549300SH2G3R15Y3FX20 | Long             | LON              | CORP              | DE        |    14250000 | PA      | $16746599.85  | 1.20%             | 2027-02-02      | Floating      | 4.51%                 | Yes           |                  3 | On Loan: No      |
| Republic of Senegal Ministry of Finance and Budget                       | Republic of Senegal Ministry of Finance and Budget 2023 EUR Term Loan                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | NUSS              | XX        |    10000000 | PA      | $11556109.10  | 0.83%             | 2026-03-01      | Floating      | 6.87%                 | Yes           |                  3 | On Loan: No      |
| Alfa Lula Alto SARL                                                      | Alfa Lula Alto SARL Term Loan Tranche B                                                                     | CUSIP: 000000000<br>LEI: 549300EXUOF3G2SCPA35 | Long             | LON              | CORP              | BR        |     2980849 | PA      | $3045042.87   | 0.22%             | 2029-12-15      | Floating      | 6.70%                 | Yes           |                  3 | On Loan: No      |
| Qatar Electricity and Water Company Q.P.S.C                              | Qatar Electricity and Water Company QPSC Term Loan                                                          | CUSIP: 000000000<br>LEI: 25490013GYOH69GNID36 | Long             | LON              | CORP              | QA        |     5483780 | PA      | $5435391.49   | 0.39%             | 2027-06-30      | Floating      | 4.89%                 | Yes           |                  3 | On Loan: No      |
| Glencore International AG                                                | Glencore International AG 2022 Term Loan                                                                    | CUSIP: 000000000<br>LEI: 213800PSSU2QXF1WLR89 | Long             | LON              | CORP              | CH        |    14104351 | PA      | $13728216.38  | 0.98%             | 2027-12-31      | Floating      | 6.22%                 | Yes           |                  3 | On Loan: No      |
| Republic of Cote d'Ivoire The                                            | Republic of Cote d'Ivoire The 2024 EUR Upsize Term Loan                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | NUSS              | CI        |    12500000 | PA      | $14689999.87  | 1.05%             | 2026-03-09      | Floating      | 5.15%                 | Yes           |                  3 | On Loan: No      |
| Ministry of Finance of Tanzania                                          | Ministry of Finance of Tanzania 2019 Term Loan                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | TZ        |     2000000 | PA      | $2000000.00   | 0.14%             | 2026-08-09      | Floating      | 9.88%                 | Yes           |                  3 | On Loan: No      |
| Telekom Srbija a. d. Beograd                                             | Telekom Srbija a. d. Beograd2024 EUR Term Loan                                                              | CUSIP: 000000000<br>LEI: 254900OVY0XI1DFYC092 | Long             | LON              | CORP              | RS        |    10400000 | PA      | $12271782.09  | 0.88%             | 2029-12-05      | Floating      | 5.61%                 | Yes           |                  3 | On Loan: No      |
| Turkiye Vakiflar Bankasi TAO, Istanbul                                   | Turkiye Vakiflar Bankasi TAO, Istanbul2025 Dual Currency Term Loan                                          | CUSIP: 000000000<br>LEI: 789000KAIHOLSQKQ9858 | Long             | LON              | CORP              | TR        |    10000000 | PA      | $10000000.00  | 0.71%             | 2026-06-08      | Floating      | 5.10%                 | Yes           |                  3 | On Loan: No      |
| African Export-Import Bank                                               | AFRICAN EXPORT IMPORT BANK 2025 EUR SYNDICATED COM Facilities                                               | CUSIP: 000000000<br>LEI: 21380068LJCDYA42GJ76 | Long             | LON              | CORP              | EG        |    13000000 | PA      | $15260222.67  | 1.09%             | 2026-02-27      | Floating      | 2.87%                 | Yes           |                  3 | On Loan: No      |
| Sea World Energy Holdings Ltd                                            | Sea World Energy Holdings LtdTerm Loan                                                                      | CUSIP: 000000000<br>LEI: 254900LG388ZPIASZ873 | Long             | LON              | CORP              | XX        |    15000000 | PA      | $14974538.70  | 1.07%             | 2030-11-07      | Floating      | 8.72%                 | Yes           |                  3 | On Loan: No      |
| Companhia Siderurgica Nacional S.A.                                      | Companhia Siderurgica Nacional S.A.2022 Fixed Term Loan                                                     | CUSIP: 000000000<br>LEI: 529900K40TEND42S0T46 | Long             | LON              | CORP              | BR        |     9500000 | PA      | $9497301.91   | 0.68%             | 2026-02-10      | Fixed         | 5.70%                 | Yes           |                  3 | On Loan: No      |
| TRAFIGURA PTE LTD                                                        | Trafigura PTE LTD2025 Syndicated Finance Facility                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | SG        |    11031127 | PA      | $11025547.38  | 0.79%             | 2026-12-03      | Floating      | 5.12%                 | Yes           |                  3 | On Loan: No      |
| QNB FINANSBANK ANONIM SIRKETI                                            | QNB Finansbank Anonim Sirketi2025 Trade Loan                                                                | CUSIP: 000000000<br>LEI: 789000Q21SW842S9IJ58 | Long             | LON              | CORP              | TR        |    20000000 | PA      | $20000000.00  | 1.43%             | 2026-05-18      | Floating      | 4.43%                 | Yes           |                  3 | On Loan: No      |
| IHS Holding Limited, Cayman Island Incorporation                         | IHS Holding Limited, Cayman Island Incorporation 2024 Unsecured Term Loan                                   | CUSIP: 000000000<br>LEI: 213800CLGMKL63VKTD94 | Long             | LON              | CORP              | NG        |    10000000 | PA      | $10000000.00  | 0.71%             | 2029-10-09      | Floating      | 8.40%                 | Yes           |                  3 | On Loan: No      |
| Harmony Gold Mining Company Limited                                      | HARMONY GOLD MINING COMP LTD TERM LOAN                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | ZA        |    13000000 | PA      | $13000000.00  | 0.93%             | 2027-05-31      | Floating      | 6.81%                 | Yes           |                  3 | On Loan: No      |
| PJSC Acron                                                               | PJSC Acron Syndicated Committed Pre-Export Finance Facility                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      960000 | PA      | $957929.20    | 0.07%             | 2026-05-18      | Floating      | 6.66%                 | Yes           |                  3 | On Loan: No      |
| Azule Energy Holding Ltd                                                 | Azule Energy Holding Ltd Pre Export Term Loan                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    21069991 | PA      | $21326278.53  | 1.52%             | 2029-07-29      | Floating      | 8.62%                 | Yes           |                  3 | On Loan: No      |
| Phoenix Tower International Chile SPA                                    | Phoenix Tower International Chile SPA PTI Americas Syndicated Term Loan                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CL        |    21000000 | PA      | $21249546.99  | 1.52%             | 2027-08-10      | Floating      | 7.67%                 | Yes           |                  3 | On Loan: No      |
| Carmo Energy SA (Carmo) Brazil                                           | Carmo Energy SA (Carmo) Brazil Term Loan                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | BR        |    14500000 | PA      | $14500000.01  | 1.04%             | 2029-12-22      | Floating      | 6.42%                 | Yes           |                  3 | On Loan: No      |
| JSC UzAuto Motors                                                        | JSC UzAuto Motors 2023 Unsecured Syndicated Term Loan                                                       | CUSIP: 000000000<br>LEI: 25490082QA3E2MKBZI88 | Long             | LON              | CORP              | XX        |     2400000 | PA      | $2400000.00   | 0.17%             | 2026-08-24      | Floating      | 8.51%                 | Yes           |                  3 | On Loan: No      |
| Gridiron Fiber Corp.                                                     | Gridiron Fiber Corp. 2023 Term Loan                                                                         | CUSIP: 000000000<br>LEI: 254900FRDJ7U5ZYHHW28 | Long             | LON              | CORP              | US        |    13895000 | PA      | $13895000.00  | 0.99%             | 2032-04-01      | Floating      | 7.44%                 | Yes           |                  3 | On Loan: No      |
| Tillman Infrastructure ABS SUB 1, LLC                                    | Tillman Infrastructure ABS SUB 1, LLC Term Loan Tranche A                                                   | CUSIP: 000000000<br>LEI: 549300QY0CJBJHW55V24 | Long             | LON              | CORP              | US        |    11000000 | PA      | $11082311.24  | 0.79%             | 2029-04-23      | Floating      | 7.10%                 | Yes           |                  3 | On Loan: No      |
| Ministry of Finance of the Kingdom of Saudi Arabia                       | Ministry of Finance of the Kingdom of Saudi ArabiaSAR Tawarruq Facility                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | SA        |    25493461 | PA      | $5777285.30   | 0.41%             | 2035-01-31      | Floating      | 5.22%                 | Yes           |                  3 | On Loan: No      |
| GY-DW-UK-IV Limited                                                      | GY-DW-UK-IV LimitedSenior Secured Project Financing                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    19886390 | PA      | $19881551.22  | 1.42%             | 2028-08-14      | Floating      | 5.91%                 | Yes           |                  3 | On Loan: No      |
| Turkiye Vakiflar Bankasi TAO, Istanbul                                   | Turkiye Vakiflar Bankasi TAO, Istanbul2024 Term Loan                                                        | CUSIP: 000000000<br>LEI: 789000KAIHOLSQKQ9858 | Long             | LON              | CORP              | TR        |     9400000 | PA      | $9331513.48   | 0.67%             | 2026-02-17      | Floating      | 5.95%                 | Yes           |                  3 | On Loan: No      |
| African Export-Import Bank                                               | African Export-Import Bank2025 Syndicated ITFC Murabaha facility (REG-209)                                  | CUSIP: 000000000<br>LEI: 21380068LJCDYA42GJ76 | Long             | LON              | CORP              | EG        |     6000000 | PA      | $6000000.00   | 0.43%             | 2026-05-18      | Floating      | 4.94%                 | Yes           |                  3 | On Loan: No      |
| Valentra, LLC.                                                           | Valentra, LLC.Term Loan                                                                                     | CUSIP: 000000000<br>LEI: 2549007T9962MC86VQ05 | Long             | LON              | CORP              | US        |    25000000 | PA      | $25000000.00  | 1.79%             | 2030-12-31      | Floating      | 8.01%                 | Yes           |                  3 | On Loan: No      |
| Matterhorn Express Pipeline, LLC                                         | Matterhorn Express Pipeline, LLCMatterhorn Express Financing Term Loan                                      | CUSIP: 000000000<br>LEI: 549300TS1DFMZF3OJ751 | Long             | LON              | CORP              | US        |    20804538 | PA      | $20804537.89  | 1.49%             | 2031-03-31      | Floating      | 6.07%                 | Yes           |                  3 | On Loan: No      |
| Sonangol Finance Ltd.                                                    | Sonangol Finance Ltd. 2023 Term Loan                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     9971569 | PA      | $9971568.63   | 0.71%             | 2027-09-30      | Floating      | 9.28%                 | Yes           |                  3 | On Loan: No      |
| TRANSNET SOC LTD                                                         | Transnet SOC LtdTerm Loan                                                                                   | CUSIP: 000000000<br>LEI: 378900B07CD6F01EA796 | Long             | LON              | CORP              | ZA        |    11575000 | PA      | $11575000.01  | 0.83%             | 2027-06-21      | Floating      | 8.40%                 | Yes           |                  3 | On Loan: No      |
| Vicentin S.A.I.C.                                                        | VICENTIN S.A.I.C. PRE EXPORT TERM LOAN                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | AR        |           1 | PA      | $0.00         | 0.00%             | 2099-12-31      | Floating      | 10.85%                | Yes           |                  3 | On Loan: No      |
| IHS Zambia                                                               | IHS Zambia 2021 Term Loan                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | ZM        |     7788462 | PA      | $7958139.99   | 0.57%             | 2027-12-15      | Floating      | 9.17%                 | Yes           |                  3 | On Loan: No      |
| Phoenix Tower International (PTI) Iberica V, NewCo                       | Phoenix Tower International (PTI) Iberica V, NewCo EUR Refinancing Term Loan                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | IT        |     9800000 | PA      | $12021183.46  | 0.86%             | 2030-10-25      | Floating      | 4.81%                 | Yes           |                  3 | On Loan: No      |
| Phoenix Tower International (PTI) Iberica V, NewCo                       | Phoenix Tower International (PTI) Iberica V, NewCo EUR Acquisition/Capex Term Loan                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | IT        |     9700000 | PA      | $11898518.32  | 0.85%             | 2030-10-25      | Floating      | 4.81%                 | Yes           |                  3 | On Loan: No      |
| Heritage Petroleum Company Limited                                       | Heritage Petroleum Company Limited Term Loan                                                                | CUSIP: 000000000<br>LEI: 25490055MYPABN06OA04 | Long             | LON              | CORP              | TT        |    13801559 | PA      | $13801559.40  | 0.99%             | 2029-05-05      | Floating      | 9.23%                 | Yes           |                  3 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                                       | Venture Global Plaquemines LNG LLCBase Term Loan                                                            | CUSIP: 000000000<br>LEI: 549300TKP4I6OJ02BF90 | Long             | LON              | CORP              | US        |     3985708 | PA      | $3972435.43   | 0.28%             | 2029-05-25      | Floating      | 5.94%                 | Yes           |                  2 | On Loan: No      |
| ENERGIA MAYAKAN S DE RL DE CV                                            | Energia Mayakan S de RL de CVTerm Loan (2125M)                                                              | CUSIP: 000000000<br>LEI: 2549004A4T5DABRBMJ37 | Long             | LON              | CORP              | MX        |     6800148 | PA      | $6800147.66   | 0.49%             | 2031-03-20      | Floating      | 6.56%                 | Yes           |                  3 | On Loan: No      |
| VMOS SA                                                                  | VMOS SA 1st Lien Term Loan                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | AR        |     4920000 | PA      | $4920000.00   | 0.35%             | 2030-07-08      | Floating      | 9.70%                 | Yes           |                  3 | On Loan: No      |
| Prime Oil and Gas Cooperatief UA                                         | Prime Oil and Gas Cooperatief UA Revolver                                                                   | CUSIP: 000000000<br>LEI: 549300TOUWS8F4NPOG76 | Long             | LON              | CORP              | NG        |     8565741 | PA      | $8479539.58   | 0.61%             | 2029-06-30      | Floating      | 7.98%                 | Yes           |                  3 | On Loan: No      |
| TRAFIGURA PTE LTD                                                        | Trafigura PTE LTD2023 Uncommitted Trade Finance Facility                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | SG        |    18750000 | PA      | $18854669.68  | 1.35%             | 2026-06-30      | Floating      | 5.12%                 | Yes           |                  3 | On Loan: No      |
| Eastern and Southern African Trade and Development Bank                  | Eastern and Southern African Trade and Development Bank2024 USD Tranche A Term Loan                         | CUSIP: 000000000<br>LEI: 2138004HC83AB2ENIZ64 | Long             | LON              | CORP              | ZA        |     6000000 | PA      | $5998992.00   | 0.43%             | 2026-12-16      | Floating      | 5.47%                 | Yes           |                  3 | On Loan: No      |
| OQ Exploration and Production SAOC                                       | OQ Exploration and Production SAOCTerm Loan                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | OM        |    11000000 | PA      | $11017463.16  | 0.79%             | 2026-09-17      | Floating      | 4.69%                 | Yes           |                  3 | On Loan: No      |
| NIGERIA LNG LIMITED                                                      | Nigeria LNG LimitedCommercial Term Loan                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | NG        |     9769811 | PA      | $9690998.31   | 0.69%             | 2029-03-31      | Floating      | 7.68%                 | Yes           |                  3 | On Loan: No      |
| ISLAMIC REPUBLIC OF PAKISTAN                                             | ISLAMIC REPUBLIC OF PAKISTAN2025 Term Loan (PAK-216)                                                        | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | LON              | NUSS              | PK        |     9949144 | PA      | $10150924.77  | 0.73%             | 2026-08-24      | Floating      | 7.88%                 | Yes           |                  3 | On Loan: No      |
| Impala Terminals Switzerland SAR                                         | Impala Terminals Switzerland SAR2024 Term Loan                                                              | CUSIP: 000000000<br>LEI: 549300JKGMD4GU0YOP29 | Long             | LON              | CORP              | CH        |    30000000 | PA      | $30000000.00  | 2.14%             | 2028-07-21      | Floating      | 6.15%                 | Yes           |                  3 | On Loan: No      |
| JSC ALMALYK MMC                                                          | JSC Almalyk MMCEUR 5 Years Senior Unsecured Term Loan                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    14000000 | PA      | $16452799.86  | 1.18%             | 2030-04-23      | Floating      | 5.35%                 | Yes           |                  3 | On Loan: No      |
| The Republic of Angola                                                   | THE REPUBLIC OF ANGOLA 2022 EUR TERM LOAN 1                                                                 | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | LON              | NUSS              | XX        |     1052239 | PA      | $1224107.14   | 0.09%             | 2027-03-03      | Floating      | 6.34%                 | Yes           |                  3 | On Loan: No      |
| Dangote Industries Limited                                               | Dangote Industries LimitedTerm Loan A                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | NG        |     9500000 | PA      | $9487323.58   | 0.68%             | 2029-08-31      | Floating      | 10.97%                | Yes           |                  3 | On Loan: No      |
| BP OIL INTERNATIONAL LTD                                                 | BP Oil International Ltd2025 Term Loan                                                                      | CUSIP: 000000000<br>LEI: 549300YG7WG1HR9KGW98 | Long             | LON              | CORP              | GB        |    30000000 | PA      | $30000000.00  | 2.14%             | 2026-02-02      | Floating      | 4.50%                 | Yes           |                  3 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                        | Venture Global Calcasieu Pass, LLC Term Loan                                                                | CUSIP: 000000000<br>LEI: 549300GKHS6RS20NLH85 | Long             | LON              | CORP              | US        |    17290963 | PA      | $17290962.66  | 1.24%             | 2026-08-19      | Floating      | 6.69%                 | Yes           |                  3 | On Loan: No      |
| T.C. Ziraat Bankasi A.S.                                                 | T.C. Ziraat Bankasi A.S.2025 USD Dual Currency Term Loan                                                    | CUSIP: 000000000<br>LEI: 213800K5KTZFSUS8MR51 | Long             | LON              | CORP              | TR        |    15000000 | PA      | $15031777.80  | 1.07%             | 2026-05-25      | Floating      | 4.94%                 | Yes           |                  3 | On Loan: No      |
| T.C. Ziraat Bankasi A.S.                                                 | T.C. Ziraat Bankasi A.S.2025 EUR Dual Currency Term Loan                                                    | CUSIP: 000000000<br>LEI: 213800K5KTZFSUS8MR51 | Long             | LON              | CORP              | TR        |    15000000 | PA      | $17603414.60  | 1.26%             | 2026-05-25      | Floating      | 2.89%                 | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-24

**Name of Applicant:** Federated Hermes Core Trust III

**Signature:** Stephen Van Meter

**Name of Signer:** Federated Hermes Core Trust III

**Title:** Chief Compliance Officer