# EDGAR Filing Document

**Accession Number:** 0001411674
**File Stem:** 0001145549-23-008151
**Filing Date:** 2023-2
**Character Count:** 92989
**Document Hash:** 0788e9ab04b87ea80d99713ec9f35288
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-008151.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001145549-23-008151

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Core Trust III
- **CENTRAL INDEX KEY:** 0001411674
- **IRS NUMBER:** 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:** 23652415

**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, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign** <br>**Currency** <br>**Par Amount,** <br>**Principal** <br>**Amount**<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; <br><sup>1</sup> <br>| TRADE FINANCE AGREEMENTS—93.9% |  |  |  |
|  | **Air Transportation—1.9%** |  |  |  |
| $12000000 | Monroe Energy LLC, 6.530%, 1/18/2023 | 12/27/2022 | $11954290 | $11954290 |
|  | **Automotive—1.5%** |  |  |  |
| &nbsp;&nbsp; 9278937<br><sup>2</sup> <br>| VINFAST Trading and Production LLC, 7.827% (3-month USLIBOR <br> +3.500%), 4/30/2023<br>| &nbsp;&nbsp;&nbsp; 2/16/2021- <br>2/7/2021<br>| &nbsp;&nbsp; 9240599 | &nbsp;&nbsp; 9270212 |
|  | **Banking—4.0%** |  |  |  |
| &nbsp;&nbsp; 5000000<br><sup>2</sup> <br>| Access Bank PLC, 8.996% (SOFR +4.500%), 6/13/2023 | 12/20/2022 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; 1941176<br><sup>2</sup> <br>| Banco del Pacifico, 10.399% (3-month USLIBOR +5.750%), 5/15/2024 | &nbsp;&nbsp; 5/21/2019 | &nbsp;&nbsp; 1941176 | &nbsp;&nbsp; 1940617 |
| &nbsp;&nbsp; 7000000<br><sup>2</sup> <br>| Joint Stock Commercial Bank Agrobank, 8.455% (SOFR +4.500%), 10/13/2023 | 10/17/2022 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 7033157 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR 4,500,000<br><sup>2</sup> <br>| The National Bank for Foreign Economic Activity of the Republic of Uzbekistan <br> ("NBU"), 3.649% (6-month EURIBOR +3.400%), 6/18/2024<br>| &nbsp;&nbsp; 6/25/2021 | &nbsp;&nbsp; 5374717 | &nbsp;&nbsp; 4755922 |
| $5600000 | Uzbek Industrial and Construction Bank ATB, 4.750%, 7/13/2023 | &nbsp;&nbsp; 7/13/2021 | &nbsp;&nbsp; 5600000 | &nbsp;&nbsp; 5531658 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp; 24261354 |
|  | **Basic Industry - Forestry/Paper—0.1%** |  |  |  |
| &nbsp;&nbsp; 900000<br><sup>2</sup> <br>| Bahia Cellulose, 6.911% (1-month USLIBOR +3.000%), 7/18/2023 | 11/20/2017 | &nbsp;&nbsp; 900337 | &nbsp;&nbsp; 900000 |
|  | **Basic Industry - Metals/Mining Excluding Steel—8.5%** |  |  |  |
| &nbsp;&nbsp; 9875000<br><sup>2</sup> <br>| China Hongqiao Group Ltd., 8.529% (1-month USLIBOR +3.800%), 3/30/2024 | &nbsp;&nbsp;&nbsp; 6/3/2021 | &nbsp;&nbsp; 9875000 | &nbsp;&nbsp; 9875000 |
| &nbsp;&nbsp; 2299362<br><sup>2,3,4,5,6</sup> <br>| Discovery Copper, 5.134% (3-month USLIBOR +3.750%), 3/31/2020 | &nbsp;&nbsp; 9/29/2011- <br>9/22/2015<br>| &nbsp;&nbsp; 2294479 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; 7500000<br><sup>2</sup> <br>| Harmony Gold Mining Co. Ltd., 4.012% (3-month USLIBOR +3.050%), 6/8/2025 | &nbsp;&nbsp; 7/31/2018- <br>10/2/2019<br>| &nbsp;&nbsp; 7501918 | &nbsp;&nbsp; 7501469 |
| &nbsp;&nbsp; 4000000<br><sup>2</sup> <br>| PJSC Acron, 5.820% (1-month USLIBOR +1.700%), 5/18/2026 | 11/26/2021 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3867513 |
| &nbsp;&nbsp; 14000000<br><sup>2</sup> <br>| PJSC MMC Norilsk Nickel, 5.416% (SOFR +1.400%), 2/20/2025 | 11/30/2020 | &nbsp;&nbsp; 13826750 | &nbsp;&nbsp; 12999577 |
| &nbsp;&nbsp; 7200000 | Tasiast Mauritanie Ltd. SA, 9.455%, 12/15/2027 | 10/15/2020 | &nbsp;&nbsp; 7200000 | &nbsp;&nbsp; 7200000 |
| &nbsp;&nbsp; 14500000<br><sup>2</sup> <br>| Uralkali PJSC, 4.655% (1-month USLIBOR +2.200%), 5/20/2025 | &nbsp;&nbsp;&nbsp; 9/9/2020 | &nbsp;&nbsp; 14427500 | &nbsp;&nbsp; 10631005 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp; 52074564 |
|  | **Building & Development—1.1%** |  |  |  |
| &nbsp;&nbsp; 5000000<br><sup>2</sup> <br>| IHS Zambia Ltd., 9.079% (3-month USLIBOR +5.000%), 12/15/2027 | 11/26/2021 | &nbsp;&nbsp; 4993500 | &nbsp;&nbsp; 4876216 |
| &nbsp;&nbsp; 4444967<br><sup>2,3,4,5,6</sup> <br>| SBG Ltd., 6.381% (3-month USLIBOR +4.000%), 06/30/2020 | &nbsp;&nbsp; 4/16/2018 | &nbsp;&nbsp; 4370885 | &nbsp;&nbsp; 1777987 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6654203 |
|  | **Building Materials—1.6%** |  |  |  |
| &nbsp;&nbsp; 10000000 | Cemex S.A.B de C.V., 5.670%, 5/5/2023 | &nbsp;&nbsp; 12/10/2022- <br>11/4/2022<br>| &nbsp;&nbsp; 9717378 | &nbsp;&nbsp; 9876115 |
|  | **Capital Goods - Aerospace & Defense—0.0%** |  |  |  |
| &nbsp;&nbsp; 43206<br><sup>2</sup> <br>| Gulf Air BSC, 7.161% (1-month USLIBOR +3.250%), 1/19/2023 | &nbsp;&nbsp; 3/27/2017 | &nbsp;&nbsp; 43222 | &nbsp;&nbsp; 43206 |
|  | **Consumer Goods - Food - Wholesale—3.1%** |  |  |  |
| &nbsp;&nbsp; 198518<br><sup>3,4,5,6</sup> <br>| Banacol, 1.750%, 5/31/2019 | &nbsp;&nbsp; 1/2/2013- <br>6/28/2017<br>| &nbsp;&nbsp; 194509 | &nbsp;&nbsp; 118555 |
| &nbsp;&nbsp; 2475000<br><sup>2</sup> <br>| Ghana Cocoa Board, 6.332% (6-month USLIBOR +4.400%), 11/12/2024 | &nbsp;&nbsp; 5/13/2020- <br>8/11/2021<br>| &nbsp;&nbsp; 2475000 | &nbsp;&nbsp; 2313757 |
| &nbsp;&nbsp; 1100864<br><sup>2,3,4,5,6</sup> <br>| GVO, 5.334% (3-month USLIBOR +10.000%), 4/29/2020 | &nbsp;&nbsp; 4/13/2011 | &nbsp;&nbsp; 1105045 | &nbsp;&nbsp; 210045 |
| &nbsp;&nbsp; 7058823<br><sup>2</sup> <br>| International Beverage Tashkent, 8.018% (3-month USLIBOR <br> +4.500%), 12/29/2026<br>| &nbsp;&nbsp;&nbsp; 12/28/2021- <br>8/3/2022<br>| &nbsp;&nbsp; 7058823 | &nbsp;&nbsp; 7013801 |
| &nbsp;&nbsp; 5000000<br><sup>2,3,4,5,6</sup> <br>| Molino Canuelas, 9.900% (6-month USLIBOR +5.000%), 8/19/2021 | 12/29/2016 | &nbsp;&nbsp; 4950000 | &nbsp;&nbsp; 1082000 |
| &nbsp;&nbsp; 2571429<br><sup>2,3,4,5,6</sup> <br>| REI Agro Ltd., 8.342% (3-month USLIBOR +6.000%), 12/16/2020 | &nbsp;&nbsp; 10/31/2012- <br>11/3/2014<br>| &nbsp;&nbsp; 2571429 | &nbsp;&nbsp; 128571 |
| &nbsp;&nbsp; 7000000<br><sup>2</sup> <br>| Ulker Biskuvi Sanayi AS, 8.065% (6-month USLIBOR +3.250%), 4/20/2023 | &nbsp;&nbsp; 2/18/2021 | &nbsp;&nbsp; 6981250 | &nbsp;&nbsp; 6900725 |

---

**1**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<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; <br><sup>1</sup> <br>| TRADE FINANCE AGREEMENTS—continued |  |  |  |
|  | **Consumer Goods - Food - Wholesale—continued** |  |  |  |
| $4921053<br><sup>2,3,4,5,6</sup> <br>| Vicentin SAIC II, 10.079% (3-month USLIBOR +6.000%), 12/22/2021 | &nbsp;&nbsp; 11/5/2015- <br>2/21/2018<br>| $4904088 | $738158 |
| &nbsp;&nbsp; 2500000<br><sup>2,3,4,5,6</sup> <br>| Vicentin SAIC, 6.409% (3-month USLIBOR +4.500%), 12/22/2021 | &nbsp;&nbsp; 5/21/2019 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 375000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp; 18880612 |
|  | **Energy - Exploration & Production—14.9%** |  |  |  |
| &nbsp;&nbsp; 13000000<br><sup>2</sup> <br>| Azule Energy Holding Ltd., 8.300% (SOFR +4.500%), 7/29/2029 | &nbsp;&nbsp; 10/27/2022- <br>12/19/2022<br>| &nbsp;&nbsp; 13000000 | &nbsp;&nbsp; 13003667 |
| &nbsp;&nbsp; 14000000<br><sup>2</sup> <br>| CC Energy Development Ltd., 8.164% (SOFR +3.750%), 7/1/2028 | &nbsp;&nbsp; 8/31/2022 | &nbsp;&nbsp; 14000000 | &nbsp;&nbsp; 14000000 |
| &nbsp;&nbsp; 14000000<br><sup>2</sup> <br>| Chrysaor E&P Finance Ltd., 6.225% (1-month USLIBOR +3.110%), 11/23/2027 | &nbsp;&nbsp;&nbsp; 8/2/2021 | &nbsp;&nbsp; 13958000 | &nbsp;&nbsp; 13944857 |
| &nbsp;&nbsp; 15999879<br><sup>2</sup> <br>| FPF005 PTE Ltd. Singapore, Inc., 7.329% (3-month USLIBOR <br> +2.600%), 8/13/2024<br>| &nbsp;&nbsp; 12/19/2019- <br>6/16/2022<br>| &nbsp;&nbsp; 11389381 | &nbsp;&nbsp; 15999879 |
| &nbsp;&nbsp; 4758840<br><sup>2</sup> <br>| Prime Oil and Gas BV, 6.865% (12-month USLIBOR +3.750%), 12/5/2024 | &nbsp;&nbsp; 9/17/2019 | &nbsp;&nbsp; 4723148 | &nbsp;&nbsp; 4727694 |
| &nbsp;&nbsp; 1524404<br><sup>2</sup> <br>| SHT, 4.729% (1-month USLIBOR +3.600%), 9/30/2025 | &nbsp;&nbsp; 8/26/2014 | &nbsp;&nbsp; 1493603 | &nbsp;&nbsp; 1524404 |
| &nbsp;&nbsp; 3128711<br><sup>2,3,4,5,6</sup> <br>| SNPC, 6.566% (1-month USLIBOR +4.900%), 7/21/2022 | &nbsp;&nbsp;&nbsp; 4/1/2022 | &nbsp;&nbsp; 3093560 | &nbsp;&nbsp; 2033662 |
| &nbsp;&nbsp; 2769231<br><sup>2</sup> <br>| SOCAR Energy '18, 6.750% (12-month USLIBOR +2.200%), 11/8/2023 | 11/26/2019 | &nbsp;&nbsp; 2753077 | &nbsp;&nbsp; 2769231 |
| &nbsp;&nbsp; 6000000<br><sup>2</sup> <br>| SOCAR Energy, 6.939% (6-month USLIBOR +3.450%), 8/11/2026 | &nbsp;&nbsp; 8/11/2021 | &nbsp;&nbsp; 5949000 | &nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp; 7792426<br><sup>2</sup> <br>| Sonangol Finance Ltd., 6.916% (1-month USLIBOR +5.250%), 9/30/2026 | &nbsp;&nbsp; 5/14/2021- <br>12/16/2022<br>| &nbsp;&nbsp; 7693135 | &nbsp;&nbsp; 7792427 |
| &nbsp;&nbsp; 7333333<br><sup>2</sup> <br>| Sonangol Finance Ltd., 8.633% (2-month USLIBOR +4.250%), 12/20/2023 | &nbsp;&nbsp; 9/15/2021 | &nbsp;&nbsp; 7260000 | &nbsp;&nbsp; 7333333 |
| &nbsp;&nbsp; 2500000 | State Oil Co Of The Azer, 6.208%, 2/22/2024 | &nbsp;&nbsp; 1/22/2021 | &nbsp;&nbsp; 2497125 | &nbsp;&nbsp; 2494009 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp; 91623163 |
|  | **Energy - Gas Distribution—2.2%** |  |  |  |
| &nbsp;&nbsp; 11889507 | Venture Global Calcasieu Pass LLC, 7.008%, 8/19/2026 | &nbsp;&nbsp; 1/28/2021- <br>5/23/2022<br>| &nbsp;&nbsp; 11541717 | &nbsp;&nbsp; 11889507 |
| &nbsp;&nbsp; 1390074<br><sup>2</sup> <br>| Venture Global Plaquemines LNG LLC, 6.275% (SOFR +1.975%), 5/25/2029 | 12/15/2022 | &nbsp;&nbsp; 1390074 | &nbsp;&nbsp; 1390074 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp; 13279581 |
|  | **Energy - Integrated Energy—1.5%** |  |  |  |
| &nbsp;&nbsp; 6040733<br><sup>2</sup> <br>| Staatsolie Maatschappij Suriname NV, 5.630% (SOFR +3.030%), 1/25/2028 | &nbsp;&nbsp; 6/30/2021 | &nbsp;&nbsp; 6040733 | &nbsp;&nbsp; 5894827 |
| &nbsp;&nbsp; 3708697<br><sup>2</sup> <br>| Staatsolie Maatschappij Suriname NV, 6.858% (3-month USLIBOR <br> +4.358%), 1/25/2028<br>| &nbsp;&nbsp; 6/30/2021 | &nbsp;&nbsp; 3708697 | &nbsp;&nbsp; 3619119 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9513946 |
|  | **Energy - Oil Refining and Marketing—10.6%** |  |  |  |
| &nbsp;&nbsp; 2520834<br><sup>2</sup> <br>| Dangote, 10.060% (6-month USLIBOR +6.500%), 8/31/2023 | &nbsp;&nbsp; 6/20/2014 | &nbsp;&nbsp; 2505708 | &nbsp;&nbsp; 2507035 |
| &nbsp;&nbsp; 4266410 | Pakistan, Government of, 3.693%, 2/24/2023 | &nbsp;&nbsp; 12/28/2021- <br>2/28/2022<br>| &nbsp;&nbsp; 5788967 | &nbsp;&nbsp; 4266410 |
| &nbsp;&nbsp; 3020134<br><sup>2</sup> <br>| Preem AB, 7.650% (1-month USLIBOR +3.850%), 6/21/2025 | &nbsp;&nbsp; 10/21/2022- <br>12/23/2022<br>| &nbsp;&nbsp; 4723148 | &nbsp;&nbsp; 3020134 |
| &nbsp;&nbsp; 2065252<br><sup>2,3,4,5,6</sup> <br>| Samir Energy II, 5.541% (1-month USLIBOR +3.460%), 8/26/2022 | &nbsp;&nbsp; 5/30/2014 | &nbsp;&nbsp; 2057289 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR 6,416,071 | Societe Natio D Electr Du Sen 2021 Eur Term Loan, 3.916%, 2/23/2023 | &nbsp;&nbsp; 12/9/2022- <br>10/20/2022<br>| &nbsp;&nbsp; 6380306 | &nbsp;&nbsp; 6834040 |
| $7860152<br><sup>2</sup> <br>| Trafigura Pte Ltd., 5.080% (1-month USLIBOR +2.000%), 9/30/2023 | &nbsp;&nbsp; 9/23/2022 | &nbsp;&nbsp; 7987614 | &nbsp;&nbsp; 7860152 |
| &nbsp;&nbsp; 3750000<br><sup>2</sup> <br>| Trafigura Pte Ltd., 6.172% (1-month USLIBOR +2.000%), 6/30/2023 | 12/20/2022 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp; 3750000 |
| &nbsp;&nbsp; 4150000<br><sup>2</sup> <br>| Trafigura Pte Ltd., 6.229% (1-month USLIBOR +2.000%), 5/5/2023 | 12/20/2022 | &nbsp;&nbsp; 4150000 | &nbsp;&nbsp; 4150000 |
| &nbsp;&nbsp; 12209369<br><sup>2</sup> <br>| Trafigura Pte Ltd., 7.664% (1-month USLIBOR +3.750%), 3/31/2025 | &nbsp;&nbsp; 2/28/2022- <br>3/16/2022<br>| &nbsp;&nbsp; 12438432 | &nbsp;&nbsp; 12209369 |
| &nbsp;&nbsp; 5164471<br><sup>2</sup> <br>| Tupi Nordeste SARL, 6.769% (3-month USLIBOR +1.900%), 6/15/2023 | &nbsp;&nbsp; 12/28/2021- <br>7/21/2022<br>| &nbsp;&nbsp; 5082685 | &nbsp;&nbsp; 5164471 |
| &nbsp;&nbsp; 15000000<br><sup>2</sup> <br>| Yinson Bornia Production, 5.970% (3-month USLIBOR +3.250%), 8/11/2026 | &nbsp;&nbsp; 12/17/2021- <br>8/19/2022<br>| &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; 15000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp; 64761611 |

---

**2**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<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; <br><sup>1</sup> <br>| TRADE FINANCE AGREEMENTS—continued |  |  |  |
|  | **Farming & Agriculture—1.9%** |  |  |  |
| $11389381<br><sup>2</sup> <br>| Cocobod PXF 2023 Facility Drawdown, 4.770% (SOFR +1.750%), 8/31/2023 | &nbsp;&nbsp; 10/24/2022- <br>11/30/2022<br>| $11389380 | $11375132 |
|  | **Foreign Sovereign—11.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR 4,766,400<br><sup>2</sup> <br>| Bank of Industry Ltd. - Central Bank of Nigeria, 6.302% (3-month EURIBOR <br> +4.500%), 2/14/2025<br>| &nbsp;&nbsp; 3/10/2020- <br>3/17/2020<br>| &nbsp;&nbsp; 5239617 | &nbsp;&nbsp; 5102191 |
| $1111250<br><sup>2</sup> <br>| Bank of Industry Ltd. - Central Bank of Nigeria, 10.752% (3-month USLIBOR <br> +6.000%), 12/11/2023<br>| &nbsp;&nbsp; 4/21/2021 | &nbsp;&nbsp; 1122363 | &nbsp;&nbsp; 1111250 |
| &nbsp;&nbsp; 7593407 | Bangladesh, Government of, 5.808%, 6/12/2023 | &nbsp;&nbsp; 11/20/2022- <br>12/7/2022<br>| &nbsp;&nbsp; 4371625 | &nbsp;&nbsp; 7573025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR 733,332 | Burkina Faso, Government of, 3.300%, 1/22/2023 | &nbsp;&nbsp; 4/19/2022 | &nbsp;&nbsp; 791008 | &nbsp;&nbsp; 784320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8555800 | Cote D'Ivoire, Government of, 5.175%, 12/31/2025 | &nbsp;&nbsp; 9/4/2019- <br>8/25/2021<br>| &nbsp;&nbsp; 9479103 | &nbsp;&nbsp; 8758949 |
| $2944385 | Egypt, Government of, 2.475%, 3/13/2023 | &nbsp;&nbsp; 12/28/2021- <br>3/15/2022<br>| &nbsp;&nbsp; 3755940 | &nbsp;&nbsp; 2940916 |
| &nbsp;&nbsp; 14204091 | Egypt, Government of, 3.680%, 11/24/2023 | &nbsp;&nbsp; 12/28/2021- <br>11/24/2022<br>| &nbsp;&nbsp; 14351958 | &nbsp;&nbsp; 13957317 |
| &nbsp;&nbsp; 4000000<br><sup>2</sup> <br>| Energy Development Oman, 7.338% (3-month USLIBOR +2.950%), 8/14/2028 | &nbsp;&nbsp; 11/2/2021- <br>11/5/2021<br>| &nbsp;&nbsp; 3974000 | &nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp; 2784091<br><sup>2</sup> <br>| Kenya, Government of, 10.016% (6-month USLIBOR +6.450%), 3/4/2026 | &nbsp;&nbsp; 4/16/2019 | &nbsp;&nbsp; 2771894 | &nbsp;&nbsp; 2720386 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR 5,000,000<br><sup>2</sup> <br>| Minister of Finance of Ukraine, 5.113% (3-month EURIBOR +4.100%), 9/15/2023 | &nbsp;&nbsp; 8/26/2021 | &nbsp;&nbsp; 5877250 | &nbsp;&nbsp; 4829482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Senegal, Government of, 2.800%, 4/15/2023 | &nbsp;&nbsp; 5/10/2022 | &nbsp;&nbsp; 1050816 | &nbsp;&nbsp; 1068642 |
| $9062500<br><sup>2</sup> <br>| Sharjah Govt., 4.344% (3-month USLIBOR +1.200%), 3/4/2024 | &nbsp;&nbsp; 9/21/2020 | &nbsp;&nbsp; 9017188 | &nbsp;&nbsp; 9062500 |
| &nbsp;&nbsp; 8666531<br><sup>2</sup> <br>| Nigeria, Republic of, 10.503% (90-DAY AVERAGE SOFR +5.950%), 12/30/2023 | &nbsp;&nbsp; 9/1/2022- <br>12/19/2022<br>| &nbsp;&nbsp; 8666531 | &nbsp;&nbsp; 8666531 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp; 70575509 |
|  | **Gas Distributor—1.9%** |  |  |  |
| &nbsp;&nbsp; 11797941<br><sup>2</sup> <br>| Fermaca Pipeline la Laguna, S. de R.L. de C.V., 7.229% (3-month USLIBOR <br> +2.500%), 12/31/2024<br>| &nbsp;&nbsp;&nbsp; 6/3/2022 | &nbsp;&nbsp; 11561982 | &nbsp;&nbsp; 11794223 |
|  | **Lease—2.0%** |  |  |  |
| &nbsp;&nbsp; 13000000<br><sup>2</sup> <br>| Far East Horizon Ltd., 6.136% (3-month USLIBOR +1.400%), 9/10/2024 | &nbsp;&nbsp; 9/15/2021 | &nbsp;&nbsp; 13000000 | &nbsp;&nbsp; 12445497 |
|  | **Metals & Mining—2.4%** |  |  |  |
| &nbsp;&nbsp; 15000000<br><sup>2</sup> <br>| Navoi Mining and Metallurgical Company, 5.855% (90-DAY AVERAGE SOFR <br> +4.760%), 4/20/2027<br>| &nbsp;&nbsp; 5/18/2022 | &nbsp;&nbsp; 14887500 | &nbsp;&nbsp; 14772159 |
|  | **Oil Field Services—1.5%** |  |  |  |
| &nbsp;&nbsp; 9229162<br><sup>2</sup> <br>| Sonasing Xikomba Ltd. ("Xikomfa"), Bermuda, Inc., 6.950% (3-month USLIBOR <br> +2.300%), 5/29/2026<br>| &nbsp;&nbsp; 5/17/2022 | &nbsp;&nbsp; 9229162 | &nbsp;&nbsp; 9229162 |
|  | **Services - Support-Services—0.2%** |  |  |  |
| &nbsp;&nbsp; 1382791<br><sup>2</sup> <br>| Airport International Group, 6.834% (6-month USLIBOR +1.750%), 11/15/2023 | &nbsp;&nbsp; 7/20/2016 | &nbsp;&nbsp; 1293278 | &nbsp;&nbsp; 1371756 |
|  | **Supranational—1.6%** |  |  |  |
| &nbsp;&nbsp; 10000000 | African Export-Import Bank (Afreximbank), 2.947%, 9/5/2023 | &nbsp;&nbsp;&nbsp; 3/10/2022- <br>9/6/2022<br>| &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 9862975 |
|  | **Technology Hardware & Equipment—1.2%** |  |  |  |
| &nbsp;&nbsp; 7160312 | Datatec PLC, 5.650%, 2/24/2023 | &nbsp;&nbsp; 10/24/2022- <br>12/23/2022<br>| &nbsp;&nbsp; 7054344 | &nbsp;&nbsp; 7160312 |
|  | **Telecommunications - Wireless—4.2%** |  |  |  |
| &nbsp;&nbsp; 10000000<br><sup>2</sup> <br>| IHS Holding Ltd., Cayman Island, Inc., 8.134% (SOFR +3.750%), 10/28/2025 | 12/13/2022 | &nbsp;&nbsp; 9795000 | &nbsp;&nbsp; 9929635 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR 7,166,667<br><sup>2</sup> <br>| PTI Iberica IV, Spanish, Inc., 3.745% (3-month EURIBOR +3.250%), 6/26/2028 | &nbsp;&nbsp; 9/28/2021- <br>12/22/2022<br>| &nbsp;&nbsp; 8353696 | &nbsp;&nbsp; 7609123 |
| $8000000<br><sup>2</sup> <br>| PTI, Spain ETVE, S.L.U., 8.300% (SOFR +4.000%), 8/10/2027 | 11/21/2022 | &nbsp;&nbsp; 7944000 | &nbsp;&nbsp; 7959080 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp; 25497838 |
|  | **Transportation - Airlines—1.8%** |  |  |  |
| &nbsp;&nbsp; 11988858<br><sup>2</sup> <br>| Avolon Aerospace, 3.026% (1-month USLIBOR +1.600%), 3/31/2025 | 11/27/2019 | &nbsp;&nbsp; 12045805 | &nbsp;&nbsp; 11353403 |

---

**3**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<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; <br><sup>1</sup> <br>| TRADE FINANCE AGREEMENTS—continued |  |  |  |
|  | **Transportation - Transport Infrastructure/Services—3.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $1470000<br><sup>2</sup> <br>| Asyaport, 7.456% (6-month USLIBOR +4.400%), 1/10/2024 | &nbsp;&nbsp; 7/28/2016 | $1470000 | $1470000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13500000 | Engie Energia Chile SA, 5.822%, 1/3/2023 | &nbsp;&nbsp; 10/6/2022 | &nbsp;&nbsp; 13307877 | &nbsp;&nbsp; 13491578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR 7,500,000<br><sup>2</sup> <br>| Fraport TAV Antalya Yatirim Yapim ve Isletme (SPV, Turkey), 6.770% (6-month <br> EURIBOR +5.500%), 3/25/2024<br>| &nbsp;&nbsp;&nbsp; 9/1/2022 | &nbsp;&nbsp; 7461001 | &nbsp;&nbsp; 8076985 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp; 23038563 |
|  | **Utility - Electric-Generation—8.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $7010861 | AES Andes SA, 5.456%, 3/10/2023 | 11/14/2022 | &nbsp;&nbsp; 6891793 | &nbsp;&nbsp; 6898029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 499500<br><sup>2</sup> <br>| Egypt Electric, 5.188% (3-month USLIBOR +4.900%), 6/12/2023 | 12/11/2015 | &nbsp;&nbsp; 494505 | &nbsp;&nbsp; 499500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7200000<br><sup>2</sup> <br>| Karadeniz Powership Osman Khan Co., Ltd., 9.337% (6-month USLIBOR <br> +5.500%), 9/15/2026<br>| 10/14/2021 | &nbsp;&nbsp; 7128000 | &nbsp;&nbsp; 7171036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7000000<br><sup>2</sup> <br>| Karpower International B.V., 11.310% (SOFR +6.000%), 3/22/2023 | &nbsp;&nbsp; 4/27/2022 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 6996964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7793856<br><sup>2</sup> <br>| Karpowership, 8.027% (6-month USLIBOR +4.500%), 2/28/2025 | &nbsp;&nbsp; 7/30/2020 | &nbsp;&nbsp; 7599831 | &nbsp;&nbsp; 7799334 |
| IDR 102,619,088,205<br><sup>2</sup> <br>| PT MaxPower, 5.750% (3-month USLIBOR +2.000%), 6/10/2039 | &nbsp;&nbsp; 7/12/2019- <br>12/20/2021<br>| &nbsp;&nbsp; 943142 | &nbsp;&nbsp; 6430213 |
| &nbsp;&nbsp;&nbsp;&nbsp; $6177065<br><sup>2</sup> <br>| SMN Barka Power Company S.A.O.C., 5.308% (6-month USLIBOR <br> +1.100%), 3/28/2024<br>| &nbsp;&nbsp; 12/2/2020 | &nbsp;&nbsp; 5682900 | &nbsp;&nbsp; 5975950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12923077<br><sup>2</sup> <br>| The Sharjah Electricity and Water Authority, 5.592% (1-month USLIBOR <br> +1.950%), 12/23/2025<br>| &nbsp;&nbsp; 12/21/2020- <br>1/12/2021<br>| &nbsp;&nbsp; 12901027 | &nbsp;&nbsp; 12923077 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL |  |  | &nbsp;&nbsp;&nbsp; 54694103 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRADE FINANCE AGREEMENTS <br>(IDENTIFIED COST $606,276,369)<br>|  |  | &nbsp;&nbsp; 576263489 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—93.9% <br>(IDENTIFIED COST $606,276,369)<br>|  |  | &nbsp;&nbsp; 576263489 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—6.1%<sup>7</sup> <br>|  |  | &nbsp;&nbsp;&nbsp; 37457055 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% |  |  | $613720544 |

---

At December 31, 2022, the Fund had the following outstanding foreign exchange contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Settlement** <br>**Date**<br>| **Counterparty** | &nbsp;&nbsp; **Foreign** <br>**Currency** <br>**Units to** <br>**Deliver/Receive** | &nbsp;&nbsp; **Foreign** <br>**Currency** <br>**Units to** <br>**Deliver/Receive** | &nbsp;&nbsp; **In** <br>**Exchange** <br>**For**<br>| **Net Unrealized** <br>**(Depreciation)**<br>|
| **Contracts Sold:** |  |  |  |  |  |
| 2/6/2023 | State Street Bank & Trust Company | 2200000 | EUR | $2223548 | $(136580) |
| 2/6/2023 | State Street Bank & Trust Company | 57510497 | EUR | $56296157 | $(5400270) |
| 3/15/2023 | Bank of America, N.A. | 103925535000 | IDR | $6666979 | $(2735) |
| &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 | $(5539585) |

---

The average value at settlement date payable and receivable of foreign exchange contracts purchased and sold by the Fund throughout the period was $1,292,569 and $976,960, respectively. This is based on the contracts held as of each month-end throughout the nine-month fiscal period.

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

**4**

------

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

---

| | |
|:---|:---|
|  | **Federated Hermes** <br>**Institutional Prime Value** <br>**Obligations Fund,** <br>**Institutional Shares**<br>|
| Value as of 3/31/2022 | $59327627 |
| Purchases at Cost | $487183526 |
| Proceeds from Sales | $(546525615) |
| Change in Unrealized Appreciation/Depreciation | $(6582) |
| Net Realized Gain/(Loss) | $21044 |
| Value as of 12/31/2022 | $— |
| Shares Held as of 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Dividend Income | $605429 |

---

&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, 2022, these restricted securities amounted to* <br> *$576,263,489, which represented 93.9% of total net assets.*<br>|
| 2 | *Floating/variable note with current rate and current maturity or next reset date shown.* |
| 3 | *Issuer in default.* |
| 4 | *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.*<br>|
| 5 | *Non-income-producing security.* |
| 6 | *Principal amount and interest were not paid upon final maturity.* |
| 7 | *Assets, other than investments in securities, less liabilities.* |

---

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

**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 other factors including but not limited to industry changes and relevant government actions.

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

**Fair Valuation and Significant Events Procedures** 

Pursuant to Rule 2a-5 under the Investment Company Act, 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

**5**

------

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 procedures adopted by the Adviser.

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

◾ 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.

**6**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| Trade Finance Agreements | $— | $— | $576263489 | $576263489 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | $— | $— | $576263489 | $576263489 |
| **Other Financial Instruments**<sup>1</sup> <br>|  |  |  |  |
| Liabilities | $— | $(5539585) | $— | $(5539585) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER <br>FINANCIAL INSTRUMENTS<br>| $— | $(5539585) | $— | $(5539585) |

---

&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 3/31/2022 | $723734897 |
| Accreted/amortized discount/premiums | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1648523 |
| Realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (4954157) |
| Change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7628669 |
| Purchases | &nbsp;&nbsp; 380648376 |
| (Sales) | &nbsp;&nbsp; (532442819) |
| Balance as of 12/31/2022 | $576263489 |
| Total change in unrealized appreciation/depreciation attributable to <br>investments still held at 12/31/2022<br>| $7628669 |

---

&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 Currency |
| EURIBOR | —Euro Interbank Offered Rate |
| IDR | —Indonesian Rupiah |
| LIBOR | —London Interbank Offered Rate |
| PLC | —Public Limited Company |
| SOFR | —Secured Overnight Financing Rate |

---

**7**

------

## 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:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $626255546.26

**Total Liabilities:** $15723017.44

**Net Assets:** $610532528.82

**Cash Not Reported:** $18441986.84

**Currency Risk Metrics (dv01):**

- 

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

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

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

- **3-Month:** -4826.741857000000 | **1-Year:** -46000.168165000000 | **5-Year:** -61653.503788000000 | **10-Year:** -4877.921497000000 | **30-Year:** -370.742930000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000069418 | 0.50%                | 1.09%                | 1.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2415552.76             | $3183987.59                                |
| Month 2  | $91613.49                | $5843114.48                                |
| Month 3  | $-1029620.16             | $5763231.46                                |

**Designated Index Information**

- **Index Name:** ICE BofA U.S. Dollar 1-Month Deposit Offered Rate Constant Maturity Index

- **Index Identifier:** LUS1

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| State Street Bank & Trust Co.                                                                    | PURCHASED USD / SOLD EUR                                                                                                                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-136580.16   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                                                             | PURCHASED USD / SOLD IDR                                                                                                                      | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-2735.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMMALAY COMMODITIES JLT                                                                          | AMMALAY COMMODITIES JLT TERM LOAN                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | AE        |     2571429 | PA      | $128571.43    | 0.02%             | 2099-12-31      | None          | 8.34%                 | Yes           |                  3 | On Loan: No      |
| Banacol International Corporation (BIC)                                                          | BANACOL INTERNATIONAL CORPORAT NEW TERM LOAN                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      198518 | PA      | $118554.95    | 0.02%             | 2025-06-28      | None          | 1.75%                 | Yes           |                  3 | On Loan: No      |
| SAMIR (Societe Anonyme Marocaine de IL'Industrie du Raffinage )                                  | SAMIR (SO AN MA DE IL IN DU R) TERM LOAN                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | MA        |     2065252 | PA      | $0.00         | 0.00%             | 2099-12-31      | None          | 5.54%                 | Yes           |                  3 | On Loan: No      |
| Dangote Industries Limited                                                                       | DANGOTE INDUSTRIES LIMITED TERM LOAN                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | NG        |     2520833 | PA      | $2507035.15   | 0.41%             | 2023-08-31      | Floating      | 10.07%                | 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        |     4921053 | PA      | $738157.90    | 0.12%             | 2099-12-31      | None          | 10.08%                | Yes           |                  3 | On Loan: No      |
| Egyptian Electricity Holding Company                                                             | EGYPTIAN ELECTRICITY HOLD COMP SYNDICATED TERM LOAN                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | EG        |      499500 | PA      | $499500.01    | 0.08%             | 2023-06-12      | Floating      | 10.06%                | Yes           |                  3 | On Loan: No      |
| Asyaport Liman A.S.                                                                              | ASYAPORT LIMAN AS TERM LOAN                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | TR        |     1470000 | PA      | $1470000.01   | 0.24%             | 2024-01-10      | Floating      | 7.46%                 | Yes           |                  3 | On Loan: No      |
| SC International Macao Commercial Offshore Ltd.                                                  | SC INT MACAO COMMERCIAL LTD. GLOBAL DUAL TRANCHE FACILITY                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CN        |      900000 | PA      | $900000.00    | 0.15%             | 2023-07-18      | Floating      | 7.33%                 | Yes           |                  3 | 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        |     2784091 | PA      | $2720386.16   | 0.45%             | 2026-03-04      | Floating      | 10.02%                | Yes           |                  3 | On Loan: No      |
| Banco del Pacifico                                                                               | BANCO DEL PACIFICO TERM LOAN                                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     1941176 | PA      | $1940617.08   | 0.32%             | 2024-05-15      | Floating      | 10.36%                | Yes           |                  3 | On Loan: No      |
| Staatsolie Maatschappij Suriname NV                                                              | STAATSOLIE MAATS SURINAME NV TERM LOAN                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     9749430 | PA      | $9513945.94   | 1.56%             | 2028-01-25      | Floating      | 6.86%                 | Yes           |                  3 | On Loan: No      |
| Prime Oil & Gas B.V.                                                                             | PETROBRAS OIL AND GAS BV REVOLVER                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | NG        |     4758840 | PA      | $4727693.61   | 0.77%             | 2024-12-05      | Floating      | 8.13%                 | Yes           |                  3 | On Loan: No      |
| Phoenix Towers International                                                                     | Phoenix Towers International Senior Secured Acquisition Term Loan                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CY        |     7166667 | PA      | $7609123.21   | 1.25%             | 2028-06-26      | Floating      | 6.00%                 | Yes           |                  3 | On Loan: No      |
| Sonangol Finance Ltd.                                                                            | Sonangol Finance Ltd. 2018 1st Lien Term Loan                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     7792427 | PA      | $7792426.60   | 1.28%             | 2023-12-20      | Floating      | 8.64%                 | Yes           |                  3 | On Loan: No      |
| China Hongqiao Limited                                                                           | China Hongqiao Limited 2021 Term Loan                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CN        |     9875000 | PA      | $9875000.00   | 1.62%             | 2024-03-30      | Floating      | 8.53%                 | Yes           |                  3 | On Loan: No      |
| National Bank for Foreign Economic Activity of the Republic of Uzbekistan                        | National Bank for Foreign Economic Activity of the Republic of Uzbekistan EUR Term Loan                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | NUSS              | XX        |     4500000 | PA      | $4755921.96   | 0.78%             | 2024-06-18      | Floating      | 5.89%                 | Yes           |                  3 | On Loan: No      |
| State Oil Company of Azerbaijan Republic                                                         | State Oil Company of Azerbaijan Republic 2019 Term Loan                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     2500000 | PA      | $2494009.50   | 0.41%             | 2024-02-22      | Floating      | 6.21%                 | Yes           |                  3 | On Loan: No      |
| Vinfast Trading and Production LLC                                                               | Vinfast Trading and Production LLC Term Loan                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | VN        |     9278937 | PA      | $9270212.39   | 1.52%             | 2023-04-30      | Floating      | 7.83%                 | Yes           |                  3 | On Loan: No      |
| Ulker Biskuvi Sanayi AS                                                                          | Ulker Biskuvi Sanayi AS Term Loan                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | TR        |     7000000 | PA      | $6900724.74   | 1.13%             | 2023-04-20      | Floating      | 7.82%                 | Yes           |                  3 | On Loan: No      |
| State Oil Company of Azerbaijan Republic                                                         | State Oil Company of Azerbaijan Republic 2018 Term Loan                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     2769231 | PA      | $2769230.74   | 0.45%             | 2023-11-08      | Floating      | 6.75%                 | Yes           |                  3 | On Loan: No      |
| The Sharjah Electricity and Water Authority                                                      | The Sharjah Electricity and Water Authority 2020 Term Loan                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | AE        |    12923077 | PA      | $12923076.92  | 2.12%             | 2025-12-23      | Floating      | 6.66%                 | Yes           |                  3 | On Loan: No      |
| UZPROMSTROYBANK                                                                                  | Uzpromstroybank Fixed Rate Term Loan                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     5600000 | PA      | $5531658.05   | 0.91%             | 2023-07-13      | Fixed         | 4.75%                 | 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   | 0.98%             | 2026-08-11      | Floating      | 6.94%                 | Yes           |                  3 | On Loan: No      |
| Chrysaor E&P Finance Limited                                                                     | Chrysaor E&P Finance Limited Revolving Base Loan                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    14000000 | PA      | $13944857.50  | 2.28%             | 2027-11-23      | Floating      | 7.39%                 | Yes           |                  3 | On Loan: No      |
| Bank of Industry Limited                                                                         | Bank of Industry Limited EUR Syndicated Term Loan                                                                                             | CUSIP: 000000000<br>LEI: 5493006N5JD4B34R6G14 | Long             | LON              | CORP              | NG        |     4766400 | PA      | $5102190.46   | 0.84%             | 2025-02-14      | Floating      | 6.30%                 | Yes           |                  3 | On Loan: No      |
| PT MAXPOWER INDONESIA                                                                            | PT MAXPOWER INDONESIA 2019 IDR RESTRUCTURED PIK TL                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | ID        | 13508619530 | PA      | $846463.35    | 0.14%             | 2039-06-10      | None          | 5.75%                 | Yes           |                  3 | On Loan: No      |
| Uralkali PJSC                                                                                    | Uralkali PJSC Term Loan                                                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | RU        |    14500000 | PA      | $10631004.59  | 1.74%             | 2025-05-20      | Floating      | 1.63%                 | Yes           |                  3 | On Loan: No      |
| Government of Sharjah                                                                            | Government of Sharjah Term Loan                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | NUSS              | AE        |     9062500 | PA      | $9062500.00   | 1.48%             | 2024-03-04      | Floating      | 5.93%                 | Yes           |                  3 | On Loan: No      |
| YINSON BORNIA PRODUCTION                                                                         | Yinson Bornia Production Term Loan                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | BR        |    15000000 | PA      | $15000000.00  | 2.46%             | 2026-08-11      | Floating      | 7.62%                 | Yes           |                  3 | On Loan: No      |
| The Government of the Arab Republic of Egypt                                                     | The Government of the Arab Republic of Egypt Syndicated ITFC Murabaha facility (EGY-212)                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | NUSS              | EG        |    14351958 | PA      | $14102614.80  | 2.31%             | 2023-09-25      | Floating      | 3.68%                 | Yes           |                  3 | On Loan: No      |
| IHS ZAMBIA                                                                                       | IHS Zambia 2021 Term Loan                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | ZM        |     5000000 | PA      | $4876215.70   | 0.80%             | 2027-12-15      | Floating      | 9.08%                 | Yes           |                  3 | On Loan: No      |
| Karadeniz KPS12                                                                                  | Karadeniz KPS12 2021 Term Loan                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | TR        |     7200000 | PA      | $7171036.27   | 1.17%             | 2026-09-15      | Floating      | 9.34%                 | Yes           |                  3 | On Loan: No      |
| Far East Horizon Limited                                                                         | Far East Horizon Limited Term Loan                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CN        |    13000000 | PA      | $12445497.09  | 2.04%             | 2024-09-10      | Floating      | 6.14%                 | Yes           |                  3 | On Loan: No      |
| International Beverage Tashkent                                                                  | International Beverage Tashkent Term Loan                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     7058824 | PA      | $7013801.29   | 1.15%             | 2026-12-29      | Floating      | 9.27%                 | 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        |    15000000 | PA      | $14772158.55  | 2.42%             | 2027-04-20      | Variable      | 8.75%                 | Yes           |                  3 | On Loan: No      |
| ENERGY DEVELOPMENT OMAN                                                                          | Energy Development Oman Term Loan                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | OM        |     4000000 | PA      | $4000000.00   | 0.66%             | 2028-08-11      | Floating      | 7.64%                 | Yes           |                  3 | On Loan: No      |
| ISLAMIC REPUBLIC OF PAKISTAN                                                                     | Islamic Republic of Pakistan 2021 Term Loan (PAK-205)                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | NUSS              | PK        |     5788967 | PA      | $5788967.07   | 0.95%             | 2023-02-24      | Floating      | 3.05%                 | Yes           |                  3 | On Loan: No      |
| TUPI NORDESTE SARL                                                                               | Tupi Nordeste SARL Term Loan                                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | BR        |     5164471 | PA      | $5164471.30   | 0.85%             | 2023-06-15      | Floating      | 6.77%                 | Yes           |                  3 | On Loan: No      |
| Trafigura PTE LTD                                                                                | Trafigura PTE LTD Syndicated Refinancing Facility 2                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | SG        |    12438432 | PA      | $12438431.65  | 2.04%             | 2025-03-31      | Floating      | 6.55%                 | Yes           |                  3 | On Loan: No      |
| Societe Nationale d Electricite du Senegal                                                       | Societe Nationale d'Electricite du Senegal 2021 EUR Fixed Term Loan                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     6416071 | PA      | $6834039.46   | 1.12%             | 2023-02-23      | Fixed         | 3.92%                 | Yes           |                  3 | On Loan: No      |
| Sonasing Xikomba Limited                                                                         | Sonasing Xikomba Limited Term Loan                                                                                                            | CUSIP: 000000000<br>LEI: 5493002VK80U0VQRT352 | Long             | LON              | CORP              | XX        |     9229162 | PA      | $9229162.43   | 1.51%             | 2026-05-29      | Floating      | 6.95%                 | 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  | 2.29%             | 2028-07-01      | Variable      | 8.07%                 | Yes           |                  3 | On Loan: No      |
| Fraport TAV Antalya Yatirim Yapim ve Isletme                                                     | Fraport TAV Antalya Yatirim Yapim ve Isletme EUR Term Loan                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | TR        |     7500000 | PA      | $8076985.15   | 1.32%             | 2024-03-25      | Floating      | 7.47%                 | Yes           |                  3 | On Loan: No      |
| TRAFIGURA PTE LTD                                                                                | Trafigura PTE LTD 2019 Revolver                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | SG        |     7987614 | PA      | $7987614.02   | 1.31%             | 2023-09-30      | Variable      | 6.53%                 | Yes           |                  3 | On Loan: No      |
| Preem AB, Sweden                                                                                 | Preem AB, Sweden Revolver                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | SE        |     3020134 | PA      | $3020134.23   | 0.49%             | 2025-06-21      | Floating      | 8.60%                 | Yes           |                  3 | On Loan: No      |
| JOINT STCK COMMRCL ALOQABANK                                                                     | JOINT STCK COMMRCL ALOQABANK                                                                                                                  | CUSIP: 000000000<br>LEI: 5493007XE88E8JRNTJ93 | Long             | LON              | CORP              | XX        |     7000000 | PA      | $7033156.83   | 1.15%             | 2023-10-13      | None          | 8.46%                 | Yes           |                  3 | On Loan: No      |
| AES ANDES SA                                                                                     | AES Andes SA Fixed Term Loan Receivable Discounting                                                                                           | CUSIP: 000000000<br>LEI: 549300IF4IFG0FS0RM26 | Long             | LON              | CORP              | CL        |     7010861 | PA      | $6898028.45   | 1.13%             | 2023-03-10      | None          | 5.46%                 | Yes           |                  3 | On Loan: No      |
| IHS Holding Limited, Cayman Island Incorporation                                                 | IHS Holding Limited, Cayman Island Incorporation Unsecured Term Loan                                                                          | CUSIP: 000000000<br>LEI: 213800CLGMKL63VKTD94 | Long             | LON              | CORP              | NG        |    10000000 | PA      | $9929635.30   | 1.63%             | 2025-10-28      | Variable      | 8.24%                 | 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        |    13000000 | PA      | $13003666.65  | 2.13%             | 2029-07-29      | Variable      | 8.99%                 | Yes           |                  3 | On Loan: No      |
| Access Bank Plc, Nigeria                                                                         | Access Bank Plc, Nigeria Term Loan - 1-year bullet                                                                                            | CUSIP: 000000000<br>LEI: 029200328C3N9YI2D660 | Long             | LON              | CORP              | NG        |     5000000 | PA      | $5000000.00   | 0.82%             | 2023-06-13      | Variable      | 9.01%                 | Yes           |                  3 | On Loan: No      |
| Venture Global Plaquemines LNG, LLC (VGPL)                                                       | Venture Global Plaquemines LNG, LLC (VGPL) Senior Secured Debt                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1390074 | PA      | $1390074.08   | 0.23%             | 2029-05-25      | Variable      | 10.59%                | Yes           |                  3 | On Loan: No      |
| The Federal Republic of Nigeria                                                                  | The Federal Republic of Nigeria Term Loan                                                                                                     | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | LON              | NUSS              | NG        |     8666531 | PA      | $8666531.05   | 1.42%             | 2023-12-30      | Variable      | 10.68%                | Yes           |                  3 | On Loan: No      |
| Cemex S.A.B. de C.V.                                                                             | Cemex S.A.B. de C.V. Term Loan Receivable Discounting                                                                                         | CUSIP: 000000000<br>LEI: 549300RIG2CXWN6IV731 | Long             | LON              | CORP              | MX        |    10000000 | PA      | $9876115.40   | 1.62%             | 2023-05-05      | None          | 5.67%                 | Yes           |                  3 | On Loan: No      |
| DISCOVERY COPPER BOTSWANA LTD.                                                                   | DISCOVERY COPPER BOTSWANA LTD. TERM LOAN                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | AU        |     2299362 | PA      | $0.00         | 0.00%             | 2099-12-31      | None          | 5.13%                 | Yes           |                  3 | On Loan: No      |
| SMN Barka Power Company SAOC                                                                     | SMN Barka Power Company SAOC Term Loan                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | OM        |     6177065 | PA      | $5975950.11   | 0.98%             | 2024-03-28      | Floating      | 5.31%                 | Yes           |                  3 | On Loan: No      |
| Bank of Industry Limited                                                                         | Bank of Industry Limited 3 Year Term Loan                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | NG        |     1111250 | PA      | $1111250.00   | 0.18%             | 2023-12-14      | Floating      | 10.75%                | 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      | $-5400269.78  | -0.88%            |  |  |  | No            |                  2 | On Loan: No      |
| Societe des Hydrocarbures du Tchad                                                               | SOCIETE HYDROCARBURES TCHAD PARTICIPATION CRUDE OIL SUPPLY                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | TD        |     1524404 | PA      | $1524404.14   | 0.25%             | 2025-09-30      | Floating      | 6.73%                 | Yes           |                  3 | On Loan: No      |
| Airport International Group PSC                                                                  | AIRPORT INTERNATIONAL GRP PSC TERM LOAN                                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | JO        |     1382791 | PA      | $1371755.63   | 0.22%             | 2023-11-15      | Floating      | 6.83%                 | Yes           |                  3 | On Loan: No      |
| Molino Canuelas SACIFIA, Argentina                                                               | MOLINO CANUELAS SACIFIA TERM LOAN PRE EXPORT FINANCING                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | AR        |     5000000 | PA      | $1082000.00   | 0.18%             | 2099-12-31      | None          | 7.43%                 | Yes           |                  3 | On Loan: No      |
| Gulf Air BSC                                                                                     | GULF AIR BSC SYNDICATED TERM LOAN FACILITY                                                                                                    | CUSIP: 000000000<br>LEI: 254900STJK9A5BBKSQ11 | Long             | LON              | CORP              | BH        |       43206 | PA      | $43205.72     | 0.01%             | 2023-01-19      | Floating      | 7.59%                 | Yes           |                  3 | On Loan: No      |
| SAUDI BIN LADEN GROUP LIMITED                                                                    | SAUDI BIN LADEN GROUP LIMITED TERM LOAN                                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | SA        |     4444967 | PA      | $1777986.98   | 0.29%             | 2099-12-31      | None          | 6.38%                 | 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        |     7500000 | PA      | $7501469.25   | 1.23%             | 2025-06-08      | Floating      | 6.65%                 | Yes           |                  3 | On Loan: No      |
| Vicentin S.A.I.C.                                                                                | Vicentin S.A.I.C. Pre-Export Term Loan Tranche B                                                                                              | CUSIP: 000000000<br>LEI: 5493001CQIPQS54GIP50 | Long             | LON              | CORP              | AR        |     2500000 | PA      | $375000.00    | 0.06%             | 2099-12-31      | None          | 6.41%                 | Yes           |                  3 | On Loan: No      |
| PT Maxpower Indonesia                                                                            | PT MAXPOWER INDONESIA 2019 IDR RESTRUCTURED TL                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | ID        | 90018333992 | PA      | $5640637.11   | 0.92%             | 2039-06-10      | Fixed         | 7.75%                 | Yes           |                  3 | On Loan: No      |
| Republic of Cote d'Ivoire The                                                                    | Republic of Cote d'Ivoire The EUR Fixed Rate Term Loan                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | NUSS              | CI        |     8555800 | PA      | $8758948.77   | 1.43%             | 2025-12-31      | Fixed         | 5.18%                 | Yes           |                  3 | On Loan: No      |
| Avolon Aerospace AOE 161 Limited                                                                 | Avolon Aerospace AOE 161 Limited Term Loan                                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | IE        |    11988858 | PA      | $11353403.12  | 1.86%             | 2025-03-31      | Floating      | 5.95%                 | Yes           |                  3 | On Loan: No      |
| FPF005 PTE Limited, Malaysia Incorporated                                                        | FPF005 PTE Limited, Malaysia Incorporated Term Loan                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    16952734 | PA      | $16952734.22  | 2.78%             | 2024-08-13      | Floating      | 7.33%                 | Yes           |                  3 | On Loan: No      |
| Ghana Cocoa Board                                                                                | GHANA COCOA BOARD 2020 TERM LOAN                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | GH        |     2475000 | PA      | $2313756.94   | 0.38%             | 2024-11-12      | Floating      | 9.53%                 | Yes           |                  3 | On Loan: No      |
| Karpowership 15 DMCC                                                                             | KARPOWERSHIP 15 DMCC TERM LOAN                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     7793856 | PA      | $7799334.04   | 1.28%             | 2025-02-28      | Floating      | 8.03%                 | Yes           |                  3 | On Loan: No      |
| PJSC MMC Norilsk Nickel                                                                          | PJSC MMC Norilsk Nickel Term Loan B                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | RU        |    14000000 | PA      | $12999576.52  | 2.13%             | 2025-02-20      | Floating      | 5.79%                 | Yes           |                  3 | On Loan: No      |
| Guarantor Aercap Holdings N.V                                                                    | Guarantor Aercap Holdings N.V Term Loan                                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | IE        |    12698612 | PA      | $12573049.07  | 2.06%             | 2025-12-31      | None          | 6.29%                 | 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      | $4829481.89   | 0.79%             | 2023-09-15      | Floating      | 5.11%                 | Yes           |                  3 | On Loan: No      |
| The Government of the Arab Republic of Egypt                                                     | The Government of the Arab Republic of Egypt Syndicated ITFC Murabaha facility (EGY-210)                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | NUSS              | EG        |     3755940 | PA      | $3751514.53   | 0.61%             | 2023-03-13      | Floating      | 7.45%                 | Yes           |                  3 | On Loan: No      |
| Sonangol Finance Ltd.                                                                            | Sonangol Finance Ltd. 2021 Term Loan                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     7333333 | PA      | $7333333.33   | 1.20%             | 2026-09-30      | Floating      | 10.14%                | 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        |     4000000 | PA      | $3867513.48   | 0.63%             | 2026-05-18      | Floating      | 6.07%                 | Yes           |                  3 | On Loan: No      |
| Glencore SNPC                                                                                    | Glencore SNPC Term Loan                                                                                                                       | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | LON              | CORP              | ZA        |     3128711 | PA      | $2033661.90   | 0.33%             | 2033-12-31      | Floating      | 6.91%                 | Yes           |                  3 | On Loan: No      |
| Republic of Senegal, Ministry of Economy, Planning and Cooperation (MEPC)                        | Republic of Senegal, Ministry of Economy, Planning and Cooperation (MEPC) 2022 EUR Term Loan                                                  | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | LON              | NUSS              | XX        |     1000000 | PA      | $1068641.69   | 0.18%             | 2023-04-15      | Floating      | 4.36%                 | Yes           |                  3 | On Loan: No      |
| Fermaca Pipeline la Laguna, S. de R.L. de C.V.                                                   | Fermaca Pipeline la Laguna, S. de R.L. de C.V. Term Loan                                                                                      | CUSIP: 000000000<br>LEI: 549300HCPNSUTO4GPV91 | Long             | LON              | CORP              | US        |    11797941 | PA      | $11794223.26  | 1.93%             | 2024-12-31      | Floating      | 7.23%                 | Yes           |                  3 | On Loan: No      |
| Government of Burkina Faso                                                                       | Government of Burkina Faso 2021 EUR Fixed Term Loan BFA-206                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |      733332 | PA      | $784320.19    | 0.13%             | 2023-01-22      | Fixed         | 3.30%                 | Yes           |                  3 | On Loan: No      |
| African Export-Import Bank                                                                       | African Export-Import Bank 2021 Syndicated ITFC Murabaha Facility (REG-203)                                                                   | CUSIP: 000000000<br>LEI: 21380068LJCDYA42GJ76 | Long             | LON              | CORP              | EG        |    10000000 | PA      | $9862974.50   | 1.62%             | 2023-09-05      | Fixed         | 2.46%                 | Yes           |                  3 | On Loan: No      |
| Karpower International B.V.                                                                      | Karpower International B.V. 2022 Term Loan                                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LB        |     7000000 | PA      | $6996964.03   | 1.15%             | 2023-03-22      | Variable      | 11.31%                | Yes           |                  3 | On Loan: No      |
| GHANA COCOA BOARD                                                                                | Ghana Cocoa Board 2022 Term Loan                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | GH        |    11389381 | PA      | $11375131.97  | 1.86%             | 2023-08-31      | Variable      | 6.07%                 | Yes           |                  3 | On Loan: No      |
| People's Republic of Bangladesh represented by the Ministry of Power, Energy & Mineral Resources | People's Republic of Bangladesh represented by the Ministry of Power, Energy & Mineral Resources Syndicated ITFC Murabaha facility (BGD/0223) | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | BD        |     4371625 | PA      | $4359891.73   | 0.71%             | 2023-05-30      | Variable      | 6.18%                 | Yes           |                  3 | On Loan: No      |
| Trafigura PTE LTD AUS                                                                            | Trafigura PTE LTD AUS Secured RCF Term Loan - Uncommitted Trade Finance Facility                                                              | CUSIP: 000000000<br>LEI: 549300Z2X1L1L3MID765 | Long             | LON              | CORP              | SG        |     3750000 | PA      | $3750000.00   | 0.61%             | 2023-06-30      | Floating      | 6.75%                 | Yes           |                  3 | On Loan: No      |
| Trafigura PTE LTD NZ                                                                             | Trafigura PTE LTD NZ Secured RCF Term Loan - Uncommitted Trade Finance Facility                                                               | CUSIP: 000000000<br>LEI: 549300Z2X1L1L3MID765 | Long             | LON              | CORP              | NZ        |     4150000 | PA      | $4150000.00   | 0.68%             | 2023-05-05      | Floating      | 6.75%                 | 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        |     8000000 | PA      | $7959080.00   | 1.30%             | 2027-08-10      | Variable      | 8.58%                 | Yes           |                  3 | On Loan: No      |
| Monroe Energy, LLC                                                                               | Monroe Energy, LLC 2020 Term Loan 2                                                                                                           | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | Long             | LON              | CORP              | US        |    12000000 | PA      | $11954289.96  | 1.96%             | 2023-01-18      | None          | 6.53%                 | Yes           |                  3 | On Loan: No      |
| DATATEC PLC                                                                                      | Datatec Plc Revolver                                                                                                                          | CUSIP: 000000000<br>LEI: 213800LEK2IG52TPIQ46 | Long             | LON              | CORP              | GB        |     7160312 | PA      | $7160311.87   | 1.17%             | 2023-01-27      | Floating      | 3.15%                 | Yes           |                  3 | On Loan: No      |
| Engie Energia Chile S.A.                                                                         | Engie Energia Chile S.A. Term Loan Single Receivable Financing Facility                                                                       | CUSIP: 000000000<br>LEI: 5493000FIKCC3ZDWTO77 | Long             | LON              | CORP              | CL        |    13500000 | PA      | $13491578.30  | 2.21%             | 2023-01-03      | None          | 5.82%                 | Yes           |                  3 | On Loan: No      |
| Tasiast Mauritanie Limited S.A.                                                                  | Tasiast Mauritanie Limited S.A. Term Loan                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     7200000 | PA      | $7200000.00   | 1.18%             | 2027-12-15      | Floating      | 8.06%                 | Yes           |                  3 | On Loan: No      |
| Virgolino De Oliveira S.A.                                                                       | VIRGOLINO DE OLIVEIRA S/A TERM LOAN                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | BR        |     1100864 | PA      | $210044.85    | 0.03%             | 2099-12-31      | None          | 5.33%                 | 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        |    11889507 | PA      | $11889507.18  | 1.95%             | 2026-08-19      | Floating      | 7.01%                 | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer