# EDGAR Filing Document

**Accession Number:** 0001411674
**File Stem:** 0001145549-25-038326
**Filing Date:** 2025-6
**Character Count:** 52474
**Document Hash:** 5c630a7f420b1485314236e319f563c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-038326.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0001145549-25-038326

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250602

**EFFECTIVENESS DATE**: 20250602

**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:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22217
- **FILM NUMBER:** 251014069

**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 |  |

## Exempt

SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 28806; File No. 812-13421] Federated Core Trust III, <u>et</u> <u>al</u>.; Notice of Application

June 30, 2009

<u>Agency</u>: Securities and Exchange Commission ("Commission")

<u>Action</u>: Notice of application under section 6(c) of the Investment Company Act of 1940 ("Act") for an exemption from section 22(e) of the Act and rule 22c-1 under the Act.

<u>Summary of Application</u>: Applicants request an order to permit a series of a registered open-end management investment company whose outstanding securities are owned exclusively by persons who are qualified purchasers, as defined in the Act, to operate as an extended payment fund.

<u>Applicants</u>: Federated Core Trust III ("Trust") and Federated Investment Management Company ("Adviser").

<u>Filing Dates</u>: The application was filed on August 31, 2007 and amended on November 15, 2007, July 21, 2008, September 8, 2008, November 21, 2008, and June 29, 2009.

<u>Hearing or Notification of Hearing</u>: An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing to the Commission's Secretary and serving applicants with a copy of the request, personally or by mail. Hearing requests should be received by the Commission by 5:30

p.m. on July 24, 2009, and should be accompanied by proof of service on applicants, in the form of an affidavit or, for lawyers, a certificate of service. Hearing requests should state the nature of the writer's interest, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by writing to the Commission's Secretary.

<u>Addresses</u>: Secretary, U.S. Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. Applicants: 5800 Corporate Drive, Pittsburgh, Pennsylvania 15237-7000.

<u>For Further Information Contact</u>: Courtney S. Thornton, Senior Counsel, at (202) 551- 6812, or Mary Kay Frech, Branch Chief, at (202) 551-6821 (Division of Investment Management, Office of Investment Company Regulation).

<u>Supplementary Information</u>: The following is a summary of the application. The complete application may be obtained via the Commission's Web site by searching for the file number, or for an applicant using the Company name box, at <u>http://www.sec.gov/search/search.htm</u>, or by calling (202) 551-8090.

<u>Applicants'</u> <u>Representations</u>:

The Trust was organized as a Delaware statutory trust on August 29, 2007, and filed Form N-8A on July 21, 2008. On July 22, 2008, the Trust filed Form N-1A to register its non-diversified series, Federated Project and Finance Core Fund (the "Fund"), under the Act.

The Adviser, a wholly-owned subsidiary of Federated Investors, Inc., is an investment adviser registered under the Investment Advisers Act of 1940. The Adviser will serve as investment adviser to the Fund.

The investment objective of the Fund will be to provide total return comprised primarily from income arising out of investment in trade-finance and related securities and instruments. The Fund will invest primarily in trade, structured-trade, export and project finance or related assets of companies or other entities (including sovereign entities) located in developed markets as well as emerging markets. Applicants expect that a substantial portion of the Fund's assets will consist of a variety of trade finance securities and instruments that may not be readily sold and converted to cash within seven days. The Fund's investments, however, although less liquid than permissible for an open-end investment company in the absence of exemptive relief, will not be illiquid on a relative basis.[<sup>1</sup>](#_bookmark0)The board of trustees ("Board") of the Fund will approve written procedures reasonably designed to ensure that the Fund's portfolio assets are sufficiently liquid so that the Fund can comply with its fundamental policy on redemptions, taking into account current market conditions and the Fund's investmen[t](#_bookmark0) objectives. The Board will review the procedures and the overall composition of the portfolio at least annually.

Shares of the Fund will not be registered under the Securities Act of 1933 (the "1933 Act"); they will be offered and sold only in private placement transactions to "accredited investors," as defined in Regulation D of the 1933 Act, that are also "qualified purchasers," as defined in section 2(a)(51) of the Act and the rules thereunder ("Qualified Purchasers"). Applicants anticipate that the Fund will serve initially as a "core fund" that would provide access to this asset class to other registered investment companies both within and outside the Federated group of investment companies. The Fund will adopt a policy to permit the transfer of its shares only to other Qualified Purchasers.

Applicants have determined to register the Fund under the Act, rather than rely on section 3(c)(7) of the Act, in order to offer the Act's protections to the registered funds and other investors that will invest in the Fund. Applicants will register the Fund under the Act as an open-end, rather than as a closed-end, investment company, because the Fund's portfolio will be liquid enough to accept redemption requests daily and pay redemption proceeds within 31 days thereafter. Applicants state that a closed-end fund would not be able to offer redeemable securities and could tend to trade in the aftermarket at a discount to NAV.

The Fund seeks exemptions from section 22(e) of the Act and rule 22c-1 under the Act to the extent necessary to permit the Fund to operate as an extended payment fund. As such, the Fund will accept redemption requests daily, price shares tendered for redemption 24 days after receipt of the tender (the "Redemption Pricing Date"), and pay redemption proceeds within thirty-one days after a redemption request (the "Redemption Payment Date").[<sup>2</sup>](#_bookmark1)Shares tendered for redemption will participate proportionately in the Fund's gains and losses during the period of time between the notice of tender for redemption and the Redemption Pricing Date.

The Fund will adopt a fundamental policy specifying its redemption procedures, including the timing of key redemption dates. This policy will be disclosed in the Fund's offering memorandum. Modification of this policy will require authorization by the vote of a majority of the Fund's outstanding voting securities and approval by the Commission or its staff.

<u>Applicants'</u> <u>Legal</u> <u>Analysis</u>:

Rule 22c-1 under the Act generally requires a registered open-end investment company to sell, redeem, or repurchase its securities at the price based on the current NAV of such security next computed after receipt of a tender of such security for redemption.[<sup>3</sup>](#_bookmark2)Applicants state that rule 22c-1 was designed primarily to address the practice of "backward pricing" of fund shares. That practice involved pricing fund shares for purchase or redemption based on the NAV determined <u>prior</u> to the purchase or redemption request. This pricing mechanism enabled a fund's insiders to en[gage in](#_bookmark2) "riskless trading" by buying shares at an NAV that they knew was likely to increase because of market action after the shares were priced. Applicants assert that, in effect, backward pricing created the possibility that some investors could trade f[und shares at the](#_bookmark2) expense of non-redeeming shareholders. Rule 22c-1 eliminates this problem by requiring "forward pricing," or pricing fund shares at the close of the market <u>after</u> a purchase or redemption request is received. Under rule 22c-1, an open-end [equity fund typically](#_bookmark2) computes the value of shares tendered for redemption on any given day at 4:00 pm on that day.

Applicants propose that the Fund redeem shares at the NAV per share calculated 24 days after the shares are tendered. Applicants assert that their proposal does not raise the concern of "backward pricing" because shares will be priced only after a tender for redemption is received. Applicants state that the Fund's pricing timeline will be clearly disclosed and is consistent with the Act because it will treat all investors equally and not dilute non-redeeming shareholders' interests. In addition, all investors in the Fund will be Qualified Purchasers, who are capable of understanding the risks presented by the Fund's redemption policy.

Section 22(e) of the Act provides that a registered investment company may not suspend the right of redemption or postpone the date of payment or satisfaction upon redemption of any redeemable security in accordance with its terms for more than seven days after the tender of the security to the company. Applicants request an exemption from section 22(e) to permit the Fund to pay redemption proceeds within 7 days after the Redemption Pricing Date (or 31 days after the tender of shares for redemption).

Applicants state that the primary purpose of section 22(e) is to address the abusive practices of early open-end companies that claimed that their securities were redeemable, only to then institute barriers to redemption. Applicants represent that the Fund's policies will not raise the possibility of such abuses. The Fund's redemption policy will be a fundamental policy changeable only by a majority vote of its shareholders and the approval of the Commission or its staff. Applicants undertake to disclose the Fund's redemption policy on the cover page of its offering memorandum and in any marketing materials, and to refrain from holding itself out as a "mutual fund." Most importantly, the Fund will limit its investors to Qualified Purchasers, who are highly sophisticated investors capable of understanding the Fund's redemption policy and its associated risks.

In 1992, the Commission proposed rule 22e-3 under the Act that set forth an "extended payment fund" structure identical to that proposed for the Fund. The Commission's proposal was designed to permit a registered investment company that could both offer redeemable securities and invest in assets, including less liquid foreign securities, that did not meet the seven-day liquidity standard for traditional open-end funds.

Under proposed rule 22e-3, an open-end fund could make payment upon redemption of its securities up to 31 days after tender of the securities to the fund at NAV determined on the next redemption pricing date following the tender, provided that: (a) the fund did so pursuant to a fundamental policy, setting forth the number of days between a tender and the next redemption pricing and payment dates, changeable only with approval of a majority of the fund's outstanding voting securities; (b) at least 85% of the fund's assets consisted of assets that either (i) may be sold in the ordinary course of business at approximately the price used to compute the fund's NAV, within the period between the tender and the next redemption payment date, or (ii) mature by the next redemption payment date; and (c) the fund does not hold itself out to investors as a mutual fund. The Fund will comply with these requirements.

Section 6(c) of the Act permits the Commission to exempt any person or transaction from any provision of the Act if the exemption is necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policies of the Act. Applicants believe that the relief is appropriate because the Fund can provide a convenient and cost-effective means of accessing certain asset classes that provide potentially favorable returns and can produce administrative and other efficiencies and diversify risk across a number of investments. Applicants also believe that the requested relief is consistent with the protection of investors because shares of the Fund will be available only to Qualified Purchasers. Finally, applicants state that the relief is consistent with the purposes intended by the policies of the Act because, as discussed above, it does not raise the concerns addressed by section 22(e) of the Act and rule 22c-1 thereunder.

<u>Applicants'</u> <u>Conditions</u>:

Applicants agree that any order granting the requested relief will be subject to the following conditions:

The Fund's outstanding securities will be owned exclusively by persons who are Qualified Purchasers, as defined in section 2(a)(51) of the Act and the rules thereunder.

The Fund will adopt a fundamental policy, which may be changed only by a majority vote of the outstanding voting securities of the Fund and only upon approval by the Commission or its staff, that will specify the circumstances in which the Fund will redeem its shares, such that (a) the Fund will have a 31 day rolling deadline to pay redemptions after a shareholder has requested redemption, and (b) will calculate its NAV applicable to a redemption request on the next Redemption Pricing Date following a redemption request, which will be 24 days after a shareholder has requested redemption**.**

At least 85% of the assets of the Fund will consist of assets:

that the Fund reasonably believes may be sold or disposed of in the ordinary course of business, at approximately the price used in computing the Fund's NAV, within the period between a tender of shares and the next Redemption Payment Date, or that mature by the next Redemption Payment Date.

The Board of the Fund, including a majority of the disinterested trustees, will adopt written procedures designed to ensure that the Fund will comply with the terms and conditions of the requested order. The Board will review these procedures at least annually and approve such changes as it deems necessary.

The Fund will not hold itself out as a "mutual fund." The Fund will disclose its redemption policy on the cover page of its offering memorandum and in any marketing materials.

By the Commission.

/s/ Elizabeth M. Murphy

Elizabeth M. Murphy

Secretary

1&nbsp;&nbsp;&nbsp;&nbsp;At least 85% of the Fund's assets will be invested such that (a) the Fund reasonably believes that an asset can be sold or disposed of in the ordinary course of business at approximately the price used in computing the Fund's net asset value ("NAV"), in a period equal to the Fund's period for paying redemption proceeds (the period between tender and the Redemption Payment Date, as defined herein), or

(b) an asset must mature before the next Redemption Payment Date.

<sup>2</sup> If the Redemption Pricing Date falls on a weekend or a holiday, the price of the redeemed shares will be determined as of the closing NAV of the Fund on the preceding business day.

<sup>3</sup> The Fund will value its securities consistent with the requirements of section 2(a)(41) of the Act. Section 2(a)(41) defines value with respect to assets of a registered investment company (a) with respect to securities for which market quotations are readily available as the market value of such securities, and (b) with respect to other securities and assets as fair value determined in good faith by the board of directors of the investment company. The Fund will calculate its NAV daily and will sell its shares at the NAV per share next calculated after a purchase request is received.

## Exempt

UNITED STATES OF AMERICA BEFORE THE

SECURITIES AND EXCHANGE COMMISSION

INVESTMENT COMPANY ACT OF 1940

Release No. 28837 / July 27, 2009

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the Matter of <br>FEDERATED CORE TRUST III <br> FEDERATED INVESTMENT MANAGEMENT COMPANY <br> 5800 Corporate Drive <br> Pittsburgh, PA 15237-7000 <br><u>(812-13421)</u> <br>

ORDER UNDER SECTION 6(c) OF THE INVESTMENT COMPANY ACT OF 1940 GRANTING AN EXEMPTION FROM SECTION 22(e) OF THE INVESTMENT COMPANY ACT OF 1940 AND RULE 22c-1 THEREUNDER

Federated Core Trust III and Federated Investment Management Company filed an application on August 31, 2007, and amendments to the application on November 15, 2007, July 21, 2008, September 8, 2008, November 21, 2008, and June 29, 2009 requesting an order under section 6(c) of the Investment Company Act of 1940 ("Act") for an exemption from section 22(e) of the Act and rule 22c-1 under the Act.

The order permits the series of a registered open-end management investment company whose outstanding securities are owned exclusively by persons who are qualified purchasers, as defined in section 2(a)(51) of the Act, to operate as an extended payment fund.

On June 30, 2009, a notice of the filing of the application was issued (Investment Company Act Release No. 28806). The notice gave interested persons an opportunity to request a hearing and stated that an order disposing of the application would be issued unless a hearing was ordered. No request for a hearing has been filed, and the Commission has not ordered a hearing.

The matter has been considered and it is found, on the basis of the information set forth in the application, as amended, that granting the requested exemption is appropriate in the public interest, and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of the Act.

Accordingly, in the matter of Federated Core Trust III, *et al*. (File No. 812-13421),

IT IS ORDERED, under section 6(c) of the Act, that the requested exemption from section 22(e) of the Act and rule 22c-1 under the Act is granted, effective immediately, subject to the conditions contained in the application, as amended.

By the Commission.

/s/ Elizabeth Murphy

Elizabeth Murphy

Secretary

## Internal

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Federated Hermes Core Trust III and Shareholders of Project and Trade Finance Core Fund:

In planning and performing our audit of the financial statements of Project and Trade Finance Core Fund (the Fund), a portfolio of the Federated Hermes Core Trust III, as of and for the year ended March 31, 2025, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of March 31, 2025.

This report is intended solely for the information and use of the management and the Board of Trustees of Federated Hermes Core Trust III and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ KPMG LLP

Boston, Massachusetts<br> May 23, 2025

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001411674

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-03-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Federated Hermes Core Trust III

- **Item B.1.b - Investment Company Act file number:** 811-22217

- **Item B.1.c - CIK:** 0001411674

- **Item B.1.d - LEI:** 254900X6T65G9IXDZR26

- **Item B.2.a - Street 1:** Federated Hermes Funds

- **Item B.2.a - Street 2:** 4000 Ericsson Drive

- **Item B.2.b - City:** Warrendale

- **Item B.2.c - State:** PA

- **Item B.2.e - Zip Code:** 15086-7561

- **Item B.2.f - Telephone:** 8003417400

- **Item B.2.g - Public Website:** federatedhermes.com/us

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** Federated Hermes Core Trust III

- **b. Street 1:** Federated Hermes Funds

- **Street 2:** 4000 Ericsson Drive

- **c. City:** Warrendale

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 15086-7561

- **g. Telephone number:** 8003417400

- **h. Briefly describe the books and records kept at this location:** Registrant - All records required to be maintained that are not maintained by other service providers.

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** Federated Administrative Services

- **b. Street 1:** 1001 Liberty Avenue

- **c. City:** Pittsburgh

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 15222-3779

- **g. Telephone number:** 4122881900

- **h. Briefly describe the books and records kept at this location:** Administrator - Records include but are not limited to those related to calculation of NAV, income and expense accruals, securities pricing, preparation of regulatory documents, financial books and records, performance calculations and tax related documents.

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Federated Securities Corp.

- **b. Street 1:** 1001 Liberty Avenue

- **c. City:** Pittsburgh

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 15222-3779

- **g. Telephone number:** 4122881900

- **h. Briefly describe the books and records kept at this location:** Placement Agent - Records include but are not limited to trade blotters, asset and liability ledgers, income and expense ledgers, capital account ledgers, customer account ledgers, securities records, order tickets and trade confirmations.

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Federated Advisory Services Company

- **b. Street 1:** 1001 Liberty Avenue

- **c. City:** Pittsburgh

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 15222-3779

- **g. Telephone number:** 4122881900

- **h. Briefly describe the books and records kept at this location:** Advisor - All investment advisor records required to be maintained that are not maintained by other service providers.

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** State Street Bank and Trust Company

- **b. Street 1:** 1 Iron Street

- **c. City:** Boston

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02110

- **g. Telephone number:** 6177863000

- **h. Briefly describe the books and records kept at this location:** Custodian - Fund securities and cash records

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** SS&C GIDS, Inc.

- **b. Street 1:** P.O. Box 219318

- **c. City:** Kansas City

- **d. State, if applicable:** MO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 64121-9318

- **g. Telephone number:** 8168714100

- **h. Briefly describe the books and records kept at this location:** Transfer Agent and Dividend Disbursing Agent - Fund shareholder records

**Location books Record: 7**

- **a. Name of person (e.g., a custodian of records):** Federated Investment Management Company

- **b. Street 1:** 1001 Liberty Avenue

- **c. City:** Pittsburgh

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 15222-3779

- **g. Telephone number:** 4122881900

- **h. Briefly describe the books and records kept at this location:** Advisor - All investment advisor records required to be maintained that are not maintained by other service providers.

**Location books Record: 8**

- **a. Name of person (e.g., a custodian of records):** Federated Hermes (UK) LLP

- **b. Street 1:** 150 Cheapside

- **c. City:** London

- **f. Zip code and zip code extension, or foreign postal code:** EC2V 6ET

- **g. Telephone number:** 4122881900

- **h. Briefly describe the books and records kept at this location:** Sub Advisor - All investment advisor records required to be maintained that are not maintained by other service providers.

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** Federated Hermes Funds

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 1

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                   | Is Interested Person?   | Other Investment Company File Numbers                                                                                                                                                                                                                                                                                                               |
|:---|:---|:---|
| J. Christopher Donahue | Yes                     | 811-04539, 811-23259, 811-08519, 811-04017, 811-04743, 811-23730, 811-06447, 811-00001, 811-03352, 811-04018, 811-04577, 811-06061, 811-07193, 811-08042, 811-04314, 811-03984, 811-58429, 811-21822, 811-21904, 811-05950, 811-02677, 811-06165, 811-21235, 811-23174, 811-03181, 811-03387, 811-03947, 811-02782, 811-07309, 811-07115, 811-07141 |
| G. Thomas Hough        | No                      | 811-04539, 811-23259, 811-08519, 811-04017, 811-04743, 811-23730, 811-06447, 811-00001, 811-03352, 811-04018, 811-04577, 811-06061, 811-07193, 811-08042, 811-04314, 811-03984, 811-58429, 811-21822, 811-21904, 811-05950, 811-02677, 811-06165, 811-21235, 811-23174, 811-03181, 811-03387, 811-03947, 811-02782, 811-07309, 811-07115, 811-07141 |
| Maureen Lally-Green    | No                      | 811-04539, 811-23259, 811-08519, 811-04017, 811-04743, 811-23730, 811-06447, 811-00001, 811-03352, 811-04018, 811-04577, 811-06061, 811-07193, 811-08042, 811-04314, 811-03984, 811-58429, 811-21822, 811-21904, 811-05950, 811-02677, 811-06165, 811-21235, 811-23174, 811-03181, 811-03387, 811-03947, 811-02782, 811-07309, 811-07115, 811-07141 |
| Thomas M. O'Neill      | No                      | 811-04539, 811-23259, 811-08519, 811-04017, 811-04743, 811-23730, 811-06447, 811-00001, 811-03352, 811-04018, 811-04577, 811-06061, 811-07193, 811-08042, 811-04314, 811-03984, 811-58429, 811-21822, 811-21904, 811-05950, 811-02677, 811-06165, 811-21235, 811-23174, 811-03181, 811-03387, 811-03947, 811-02782, 811-07309, 811-07115, 811-07141 |
| P. Jerome Richey       | No                      | 811-04539, 811-23259, 811-08519, 811-04017, 811-04743, 811-23730, 811-06447, 811-00001, 811-03352, 811-04018, 811-04577, 811-06061, 811-07193, 811-08042, 811-04314, 811-03984, 811-58429, 811-21822, 811-21904, 811-05950, 811-02677, 811-06165, 811-21235, 811-23174, 811-03181, 811-03387, 811-03947, 811-02782, 811-07309, 811-07115, 811-07141 |
| John S. Walsh          | No                      | 811-04539, 811-23259, 811-08519, 811-04017, 811-04743, 811-23730, 811-06447, 811-00001, 811-03352, 811-04018, 811-04577, 811-06061, 811-07193, 811-08042, 811-04314, 811-03984, 811-58429, 811-21822, 811-21904, 811-05950, 811-02677, 811-06165, 811-21235, 811-23174, 811-03181, 811-03387, 811-03947, 811-02782, 811-07309, 811-07115, 811-07141 |
| Madelyn A. Reilly      | No                      | 811-04539, 811-23259, 811-08519, 811-04017, 811-04743, 811-23730, 811-06447, 811-00001, 811-03352, 811-04018, 811-04577, 811-06061, 811-07193, 811-08042, 811-04314, 811-03984, 811-58429, 811-21822, 811-21904, 811-05950, 811-02677, 811-06165, 811-21235, 811-23174, 811-03181, 811-03387, 811-03947, 811-02782, 811-07309, 811-07115, 811-07141 |
| John G. Carson         | No                      | 811-04539, 811-23259, 811-08519, 811-04017, 811-04743, 811-23730, 811-06447, 811-00001, 811-03352, 811-04018, 811-04577, 811-06061, 811-07193, 811-08042, 811-04314, 811-03984, 811-58429, 811-21822, 811-21904, 811-05950, 811-02677, 811-06165, 811-21235, 811-23174, 811-03181, 811-03387, 811-03947, 811-02782, 811-07309, 811-07115, 811-07141 |
| Karen L. Larrimer      | No                      | 811-04539, 811-23259, 811-08519, 811-04017, 811-04743, 811-23730, 811-06447, 811-00001, 811-03352, 811-04018, 811-04577, 811-06061, 811-07193, 811-08042, 811-04314, 811-03984, 811-58429, 811-21822, 811-21904, 811-05950, 811-02677, 811-06165, 811-21235, 811-23174, 811-03181, 811-03387, 811-03947, 811-02782, 811-07309, 811-07115, 811-07141 |
| Max F. Miller          | No                      | 811-04539, 811-23259, 811-08519, 811-04017, 811-04743, 811-23730, 811-06447, 811-00001, 811-03352, 811-04018, 811-04577, 811-06061, 811-07193, 811-08042, 811-04314, 811-03984, 811-58429, 811-21822, 811-21904, 811-05950, 811-02677, 811-06165, 811-21235, 811-23174, 811-03181, 811-03387, 811-03947, 811-02782, 811-07309, 811-07115, 811-07141 |
| Frank J. Nasta         | No                      | 811-04539, 811-23259, 811-08519, 811-04017, 811-04743, 811-23730, 811-06447, 811-00001, 811-03352, 811-04018, 811-04577, 811-06061, 811-07193, 811-08042, 811-04314, 811-03984, 811-58429, 811-21822, 811-21904, 811-05950, 811-02677, 811-06165, 811-21235, 811-23174, 811-03181, 811-03387, 811-03947, 811-02782, 811-07309, 811-07115, 811-07141 |
| John B. Fisher         | Yes                     | 811-04539, 811-23259, 811-08519, 811-04017, 811-04743, 811-06447, 811-00001, 811-03352, 811-04018, 811-04577, 811-06061, 811-07193, 811-04314, 811-03984, 811-58429, 811-21822, 811-21904, 811-06165, 811-21235, 811-03387, 811-03947, 811-02782, 811-07309, 811-07115                                                                              |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Stephen Van Meter

- **b. CRD Number, if any:** 006020413

- **c. Street Address 1:** 1001 Liberty Avenue

- **d. City:** Pittsburgh

- **e. State, if applicable:** PA

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 15222-3779

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** —

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-28837
  - IC-28806

### Item B.16. Principal underwriters.

No Principal Underwriters reported.

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** KPMG LLP

- **b. PCAOB Number:** 00185

- **c. LEI, if any:** N/A

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Project and Trade Finance Core Fund

**Item C.1. Background information.**

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

- **b. Series identification number, if any:** S000023593

- **c. LEI:** 549300HEVNTSTCP23713

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class               | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Project and Trade Finance Core Fund | C000069418                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Citibank N.A.

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** Federated Investment Management Company

- **ii. LEI, if any:** 549300SP92SGS5AXSV67

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Federated Advisory Services Company

- **ii. SEC file number:** 801-62500

- **iii. CRD number:** 000128611

- **iv. LEI, if any:** 2549006YWZSXL9PUIY05

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Investment Advisers Record: 2**

- **i. Full name:** Federated Investment Management Company

- **ii. SEC file number:** 801-34612

- **iii. CRD number:** 000105138

- **iv. LEI, if any:** 549300SP92SGS5AXSV67

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Federated Hermes (UK) LLP

- **ii. SEC file number:** 801-78591

- **iii. CRD number:** 000169087

- **iv. LEI, if any:** 549300P26ZSW59JDOM79

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** SS&C GIDS, Inc.

- **ii. SEC file number:** 084-00896

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MO

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** S&P Global Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** Y6X4K52KMJMZE7I7MY94

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** Clearstream Banking S.A.

- **ii. LEI, if any:** 549300OL514RA0SXJJ44

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 3**

- **i. Full name:** Deutsche Bank Aktiengesellschaft (Jakarta, Jakarta, ID, Branch)

- **ii. LEI, if any:** 7LTWFZYICNSX8D621K86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** First Abu Dhabi Bank P.J.S.C.

- **ii. LEI, if any:** 2138002Y3WMK6RZS8H90

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** State Street Bank and Trust Company (Edinburgh, GB, Branch)

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** SS&C GIDS, Inc.

- **ii. LEI, if any:** 084-00896

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Federated Administrative Services

- **ii. LEI, if any, or other identifying number:** 801-48206

- **iii. State, if applicable:** PA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Federated Securities Corp.

- **b. SEC file number:** 8-15561-1

- **c. CRD number:** 000005009

- **d. LEI, if any:** 254900FMT7XR4QROXG14

- **e. State, if applicable:** PA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                            | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Citigroup Global Markets Inc.                   | 8-08177-1         | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $28,418,500.00            |
| Credit Agricole Securities (USA) Inc.           | 8-13753-1         | 000000190    | 549300WO2DKF0Q3YMV43 | NY      | US        | $22,461,454.84            |
| Federated Securities Corp.                      | 8-15561-1         | 000005009    | 254900FMT7XR4QROXG14 | PA      | US        | $1,525,387,531.07         |
| HSBC Securities (USA) Inc.                      | 8-41562-1         | 000019585    | CYYGQCGNHMHPSMRL3R97 | NY      | US        | $292,597,561.35           |
| ING Financial Markets LLC                       | 8-43978-1         | 000028872    | KBVRJ5K57JZ3E2AVWX40 | NY      | US        | $31,266,547.03            |
| KKR Capital Markets LLC                         | 8-67578-1         | 000143571    | 549300SJPHKSFBWMOZ04 | DE      | US        | $454,153,460.25           |
| Morgan Stanley & Co. LLC                        | 8-15869-1         | 000008209    | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $56,573,943.77            |
| MUFG Securities Americas Inc.                   | 8-43026-1         | 000019685    | K5HU16E3LMSVCCJJJ255 | NY      | US        | $26,496,358.27            |
| Standard Chartered Securities North America LLC | 8-66397-1         | 000130847    | 5493003GCX71N8988W38 | NY      | US        | $29,043,572.69            |
| State Street Bank and Trust Company             | N/A               | N/A          | 571474TGEMMWANRLN572 | MA      | US        | $310,450,814.83           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $2,847,661,805.06

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $1,015,180,326.30

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## Part E: Additional Questions for ETFs and ETMFs

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Federated Hermes Core Trust III

**Date:** 2025-06-02

**Signature:** Stephen Van Meter

**Title:** Chief Compliance Officer