# EDGAR Filing Document

**Accession Number:** 0001411674
**File Stem:** 0001623632-25-001673
**Filing Date:** 2025-11
**Character Count:** 113486
**Document Hash:** afc4d07af29f9ddba0e62cd03c7b3ce9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001623632-25-001673.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001623632-25-001673

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**EFFECTIVENESS DATE**: 20251125

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22217
- **FILM NUMBER:** 251522361

**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 |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**United States Securities and Exchange Commission Washington, D.C. 20549**

**Form N-CSR Certified Shareholder Report of Registered Management Investment Companies**

<u>811-22217</u> (Investment Company Act File Number)

**<u>Federated Hermes Core Trust III</u>** (Exact Name of Registrant as Specified in Charter)

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

(412) 288-1900

(Registrant's Telephone Number)

Peter J. Germain, Esquire

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

Date of Fiscal Year End: <u>2026-03-31</u>

Date of Reporting Period: <u>Six months ended 2025-09-30</u>

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

# Project and Trade Finance Core Fund
![Image](i7edce571c9e35d9350109012.jpg)

#### Semi-Annual Shareholder Report - September 30, 2025

## A Portfolio of Federated Hermes Core Trust III
This semi-annual shareholder report contains important information about the Project and Trade Finance Core Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Project and Trade Finance Core Fund | $3 | 0.06% |

---

## Key Fund Statistics
* Net Assets$1,376,656,388

* Number of Investments134

* Portfolio Turnover22%

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](ib685b0afb9a7369eb21d8279.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash Equivalents | 4.7% |
| Trade Finance Agreements | 92.9% |

---

#### Semi-Annual Shareholder Report
Project and Trade Finance Core Fund

## Additional Information about the Fund
Additional information is available on the Fund's website at FederatedHermes.com/us/FundInformation, including its:

• prospectus • financial information • holdings • proxy voting information

CUSIP 31415N103

41216-A (11/25)

Federated Securities Corp., Distributor

<u>FederatedHermes.com/us</u>

&nbsp;&nbsp;&nbsp;&nbsp;© 2025 Federated Hermes, Inc.

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

Not Applicable

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

Not Applicable

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

Not Applicable

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

Not Applicable

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statements filed under Item 7 of this form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Companies**

**Semi-Annual Financial Statements**

**and Additional Information**

**September 30, 2025**

![](img0e0d417b1.gif)

------

Project and Trade Finance Core Fund

------

A Portfolio of Federated Hermes Core Trust III

------

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

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_47b74fc6-6ea2-4823-834e-eb4a9fa19566_1) | [1](#xx_47b74fc6-6ea2-4823-834e-eb4a9fa19566_1)  |
| [Financial Highlights](#xx_20ff01f0-c764-4b4b-b7b5-d1db620e5829_1) | [8](#xx_20ff01f0-c764-4b4b-b7b5-d1db620e5829_1)  |
| [Statement of Assets and Liabilities](#xx_d86f4ce1-8522-45bd-b118-f410e8baac19_1) | [9](#xx_d86f4ce1-8522-45bd-b118-f410e8baac19_1)  |
| [Statement of Operations](#xx_d86f4ce1-8522-45bd-b118-f410e8baac19_2) | [10](#xx_d86f4ce1-8522-45bd-b118-f410e8baac19_2)  |
| [Statement of Changes in Net Assets](#xx_d86f4ce1-8522-45bd-b118-f410e8baac19_3) | [11](#xx_d86f4ce1-8522-45bd-b118-f410e8baac19_3)  |
| [Statement of Cash Flows](#xx_d86f4ce1-8522-45bd-b118-f410e8baac19_4) | [12](#xx_d86f4ce1-8522-45bd-b118-f410e8baac19_4)  |
| [Notes to Financial Statements](#xx_cbf159da-e32c-4ce5-9c17-4eda2b70215b_1) | [13](#xx_cbf159da-e32c-4ce5-9c17-4eda2b70215b_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_e47df97b-d5a0-49f7-9696-a470a3e94eab_1) | [19](#xx_e47df97b-d5a0-49f7-9696-a470a3e94eab_1) |

---

------

Portfolio of Investments

September 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign** <br>**Currency** <br>**Par Amount,** <br>**Principal** <br>**Amount** <br>**or Shares**<br>|  | **Acquisition** <br>**Date**<sup>1</sup> <br>| **Acquisition** <br>**Cost** <br>**in U.S. Dollars**<sup>1</sup> <br>| **Value** <br>**in** <br>**U.S. Dollars**<br>|
| <sup>1</sup> <br>| TRADE FINANCE AGREEMENTS—92.9% |  |  |  |
|  | **Air Transportation—3.4%** |  |  |  |
| $9925000<br><sup>2,3</sup> <br>| Avolon TLB 2030, 5.885% (30-DAY AVERAGE SOFR +1.750%), 6/24/2030 | 10/3/2024 | $9912594 | $9925000 |
| 13454545<br><sup>2,3</sup> <br>| Cuanza Ltd. TAAG Linhas Aereas do Angola S.A. Ministry of Finance Angola, <br> 9.314% (SOFR CME +5.000%), 12/31/2025<br>| 1/24/2025 | 18500000 | 13454545 |
| 24098898<br><sup>2,3</sup> <br>| Yeco Leasing Ltd. (Cayman, Inc.), 6.070%–6.332% (SOFR CME <br> +1.750%), 12/15/2029<br>| 3/20/2025- <br>4/22/2025<br>| 23972776 | 24098898 |
|  | TOTAL |  |  | 47478443 |
|  | **Automotive—0.2%** |  |  |  |
| 2400000<br><sup>2,3</sup> <br>| JSC UzAuto Motors ("UzAuto Motors"), 8.509% (SOFR CME +4.250%), 8/24/2026 | 9/18/2023  | 2400000 | 2400000 |
|  | **Banking—10.5%** |  |  |  |
| 11000000<br><sup>2,3</sup> <br>| Agrobank, 7.392% (SOFR CME +3.000%), 11/25/2025 | 11/25/2024- <br>1/10/2025<br>| 10987250 | 11000000 |
| 13600000<br><sup>2,3</sup> <br>| Joint-Stock Co. Asakabank, 6.634% (SOFR CME +2.500%), 4/29/2026 | 4/25/2025 | 13600000 | 13600000 |
| 14500000<br><sup>2,3</sup> <br>| National Bank of Egypt, 6.171% (SOFR CME +1.991%), 6/3/2026 | 6/21/2024- <br>8/8/2024<br>| 14505333 | 14500000 |
| EUR 15,000,000<br><sup>2,3</sup> <br>| T.C. Ziraat Bankasi AS, Istanbul ("Ziraat"), 2.858% (3-month EURIBOR <br> +0.850%), 5/25/2026<br>| 5/2/2025 | 16730104 | 17511267 |
| $15000000<br><sup>2,3</sup> <br>| Turk Eximbank (Turkiye Ihracat Kredi Bankasi A.S.) The Republic of Turkiye, a <br> State-owned bank and the official export credit agency of Turkiye, 5.463% (SOFR <br> CME +1.250%), 12/29/2025<br>| 12/17/2024 | 15000000 | 15000000 |
| EUR 10,000,000<br><sup>2,3</sup> <br>| TurkExim Bank (Turkiye Ihracat Kredi Bankasi A.S.) the Republic of Turkiye, state <br> owned bank and the official Export Credit Agency of Turkiye, 3.151% (1-month <br> EURIBOR +1.030%), 11/13/2025<br>| 4/4/2025 | 11201693 | 11735422 |
| $10000000<br><sup>2,3</sup> <br>| Turkiye Vakiflar Bankasi TAO, 5.430% (SOFR CME +1.100%), 6/8/2026 | 5/14/2025 | 9902500 | 9973911 |
| 9400000<br><sup>2,3</sup> <br>| Turkiye Vakiflar Bankasi TAO, 5.948% (SOFR CME +1.750%), 2/17/2026 | 12/17/2024 | 8784603 | 9184783 |
| EUR 15,000,000<br><sup>2,3</sup> <br>| Yapi ve Kredi Bankasi A.S., 2.979% (3-month EURIBOR +0.950%), 6/15/2026 | 8/5/2025- <br>8/7/2025<br>| 17337123 | 17547590 |
| $10405817<br><sup>2</sup> <br>| Yapi ve Kredi Bankasi A.S., 5.212%, 7/20/2026 | 6/18/2025 | 9819813 | 10028148 |
| 15000000<br><sup>2,3</sup> <br>| Ziraat Bank USD, 5.422% (SOFR CME +1.100%), 5/25/2026 | 4/25/2025 | 14853375 | 14968703 |
|  | TOTAL |  |  | 145049824 |
|  | **Basic Industry - Metals/Mining Excluding Steel—4.9%** |  |  |  |
| EUR 9,400,000<br><sup>2,3</sup> <br>| Almalyk Mining Metallurgical Complex JSC, 5.239%–5.328% (3-month EURIBOR <br> +3.300%), 2/23/2030<br>| 8/5/2025- <br>9/24/2025<br>| 10966060 | 11036076 |
| $15210526<br><sup>2,3</sup> <br>| Glencore Eramet, 7.002% (SOFR CME +3.000%), 12/31/2029 | 5/15/2025 | 15934123 | 15278239 |
| 13000000<br><sup>2,3</sup> <br>| Harmony Gold Mining Co. Ltd., 7.210% (SOFR +2.810%), 5/31/2027 | 7/30/2018- <br>12/13/2024<br>| 13001918 | 13000000 |
| 4666667<br><sup>2,3</sup> <br>| Mercuria Energy Trading S.A. / Kazakhmys Corp. LLC, 6.650% (SOFR CME <br> +2.500%), 12/15/2025<br>| 3/6/2025- <br>3/26/2025<br>| 4652667 | 4666667 |
| 2718197<br><sup>2,3</sup> <br>| Navoi Mining and Metallurgical Co., 9.085% (SOFR CME +4.760%), 4/20/2027 | 5/18/2022- <br>5/30/2024<br>| 2694211 | 2718197 |
| 20625000<br><sup>2,3</sup> <br>| Trafigura Pte., Ltd., 5.663% (SOFR CME +1.500%), 6/30/2026 | 6/26/2024- <br>8/22/2025<br>| 20625000 | 20676800 |
|  | TOTAL |  |  | 67375979 |
|  | **Basic Industry - Steel Producers/Products—1.1%** |  |  |  |
| 14821522<br><sup>2,3</sup> <br>| CSN, 6.663% (SOFR CME +2.500%), 12/31/2027 | 3/26/2024- <br>3/4/2025 <br>| 16016806 | 14665996 |
|  | **Beverages—0.9%** |  |  |  |
| 12114430<br><sup>2,3</sup> <br>| International Beverage Tashkent, 9.092% (SOFR CME +4.500%), 5/23/2029 | 12/23/2021- <br>3/26/2025 <br>| 12114430 | 12114431 |
|  | **Chemicals—0.4%** |  |  |  |
| 3227500<br><sup>2,3</sup> <br>| Egyptian Ethylene & Derivatives Co. SAE, 8.038% (SOFR CME <br> +4.000%), 9/13/2028<br>| 9/22/2023- <br>10/17/2023<br>| 3227500 | 3227500 |

---

Semi-Annual Financial Statements and Additional Information

**1**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Acquisition**<br> **Date**<sup>1</sup><br>| **Acquisition**<br> **Cost**<br> **in U.S. Dollars**<sup>1</sup><br>| **Value**<br> **in**<br> **U.S. Dollars**<br>|
| <sup>1</sup> <br>| TRADE FINANCE AGREEMENTS—continued |  |  |  |
|  | **Chemicals—continued** |  |  |  |
| $2108096<br><sup>2,3</sup> <br>| PJSC Acron, 5.980% (SOFR CME +1.700%), 5/18/2026 | 11/10/2021 | $2108096 | $2101782 |
|  | TOTAL |  |  | 5329282 |
|  | **Communications - Telecom Wirelines—6.2%** |  |  |  |
| EUR 16,003,448<br><sup>2,3</sup> <br>| Antin Elephant Bidco B.V., 4.144%–4.372% (3-month EURIBOR <br> +2.200%), 6/29/2029<br>| 3/18/2025- <br>8/26/2025<br>| 17297513 | 18671224 |
| $17045625<br><sup>2,3</sup> <br>| Dobson Technologies, Inc., 7.870%–8.090% (SOFR CME +3.750%), 9/26/2029 | 12/16/2024- <br>8/21/2025<br>| 17045625 | 16905808 |
| 13930000<br><sup>2,3</sup> <br>| Gridiron Fiber Corp., 7.752% (SOFR CME +3.750%), 4/1/2032 | 11/22/2023- <br>3/26/2025<br>| 13878955 | 13930000 |
| EUR 6,000,000<br><sup>2,3</sup> <br>| Srbija Telecom, 7.850% (3-month EURIBOR +5.850%), 7/3/2028 | 7/1/2025 | 7075497 | 7083045 |
| 14250000<br><sup>2,3</sup> <br>| TDC Net A/S, 4.467% (3-month EURIBOR +2.400%), 2/2/2027 | 3/28/2023- <br>11/5/2024<br>| 15469618 | 16730222 |
| 10400000<br><sup>2,3</sup> <br>| Telekom Srbija a.d. Beograd, 5.574% (6-month EURIBOR +3.500%), 12/5/2029 | 11/28/2024 | 10925915 | 12279514 |
|  | TOTAL |  |  | 85599813 |
|  | **Consumer Goods - Food - Wholesale—1.2%** |  |  |  |
| $17000000<br><sup>2,3</sup> <br>| Marfrig Global Foods S.A., 5.943% (SOFR CME +1.800%), 4/27/2026 | 5/24/2024 | 17000000 | 17063293 |
| 1<br><sup>3,4,5,6,7</sup> <br>| Vicentin SAIC, 11.590% (SOFR CME +6.400%), 5/21/2022 | 5/22/2019 | 1 | 0 |
| 1<br><sup>3,4,5,6</sup> <br>| Vicentin SAIC II, 11.579% (SOFR CME +6.000%), 1/15/2024 | 10/26/2015- <br>2/8/2018<br>| 1 | 0 |
|  | TOTAL |  |  | 17063293 |
|  | **Energy - Exploration & Production—9.1%** |  |  |  |
| 23047684<br><sup>2,3</sup> <br>| Azule Energy Holding Ltd., 8.666% (SOFR CME +4.500%), 7/29/2029 | 10/27/2022- <br>5/6/2025<br>| 24908750 | 23270691 |
| 11739130<br><sup>2,3</sup> <br>| BlueNord Energy Denmark A/S, 8.170% (SOFR CME +4.030%), 12/31/2029 | 6/7/2024- <br>7/17/2025<br>| 11739130 | 11739130 |
| 9344444<br><sup>2,3</sup> <br>| Borrower Prime Oil and Gas Cooperatief UA, parent holdco offshore in <br> Netherlands, 8.408% (SOFR CME +4.250%), 6/30/2029<br>| 3/28/2024- <br>12/19/2024<br>| 9322080 | 9310295 |
| 14500000<br><sup>2,3</sup> <br>| Carmo Energy S.A., 7.085% (SOFR CME +5.280%), 12/22/2029 | 6/30/2023- <br>12/16/2024<br>| 14500000 | 14500000 |
| 14000000<br><sup>2,3</sup> <br>| CC Energy Development Ltd., 8.389% (SOFR CME +4.500%), 12/31/2030 | 8/31/2022 | 14000000 | 14000000 |
| 3675000<br><sup>2,3</sup> <br>| Ithaca Energy UK Ltd., 0.500%–8.208% (SOFR CME +0.500%, SOFR CME <br> +4.000%), 12/31/2029<br>| 11/4/2024- <br>7/23/2025<br>| 3675000 | 3675000 |
| GBP 417,343<br><sup>2,3</sup> <br>| Neo Energy Group Ltd., 8.244% (SONIA +4.000%), 6/30/2031 | 7/24/2025 | 557487 | 561284 |
| $16161158<br><sup>2,3</sup> <br>| Neo Energy Group Ltd., 8.631% (SOFR CME +4.000%), 6/30/2031 | 7/24/2025 | 16161158 | 16161158 |
| 11000000<br><sup>2,3</sup> <br>| OQ SAOC, 4.690% (SOFR CME +0.850%), 9/17/2026 | 1/28/2025 | 10987250 | 11033515 |
| 6000000<br><sup>2,3</sup> <br>| SOCAR Energy, 8.218% (SOFR CME +3.450%), 8/11/2026 | 8/11/2021 | 5949000 | 6000000 |
| 3797619<br><sup>2,3</sup> <br>| Sonangol Finance Ltd., 9.523% (SOFR CME +5.250%), 9/30/2026 | 9/14/2021- <br>4/25/2024<br>| 3771036 | 3797619 |
| 11396079<br><sup>2,3</sup> <br>| Sonangol Finance Ltd. (SFL), Inc. in Cayman Islands, a wholly owned subsidiary of <br> Sonangol EP, 9.676% (SOFR CME +5.750%), 9/30/2027<br>| 4/25/2024- <br>12/4/2024<br>| 11293857 | 11396079 |
|  | TOTAL |  |  | 125444771 |
|  | **Energy - Gas Distribution—4.7%** |  |  |  |
| 9499162<br><sup>2,3</sup> <br>| Caliche Development Partners III LLC, SPV, 6.370% (SOFR CME <br> +2.250%), 10/1/2029<br>| 12/4/2024- <br>8/20/2025<br>| 9584696 | 9491492 |
| 6051426<br><sup>2,3</sup> <br>| Energia Mayakan SA de CV, 6.913% (SOFR CME +2.750%), 3/20/2031 | 10/8/2024- <br>6/26/2025<br>| 6015147 | 6051426 |
| EUR 5,832,182<br><sup>2,3</sup> <br>| Medina, 5.026% (3-month EURIBOR +3.000%), 4/30/2029 | 8/31/2023 | 6262865 | 6837583 |
| $10208658<br><sup>2,3</sup> <br>| Nigeria LNG Ltd., 8.013% (SOFR CME +3.750%), 3/31/2029 | 2/5/2025 | 9832794 | 10054007 |
| 410619<br><sup>2,3</sup> <br>| Papua New Guinea Liquefied Natural Gas Global Co., 8.440% (SOFR CME <br> +3.750%), 6/15/2026<br>| 4/14/2023 | 406512 | 410619 |
| 18337351<br><sup>2,3</sup> <br>| Venture Global Calcasieu Pass LLC, 7.138% (SOFR CME +2.875%), 8/19/2026 | 1/28/2021- <br>5/22/2025<br>| 17974757 | 18337351 |
| 1142539<br><sup>2,3</sup> <br>| Venture Global Plaquemines Cont Reserve, 6.382%–6.383% (SOFR CME <br> +2.225%), 5/25/2029<br>| 8/27/2025 | 1142539 | 1143967 |

---

Semi-Annual Financial Statements and Additional Information

**2**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Acquisition**<br> **Date**<sup>1</sup><br>| **Acquisition**<br> **Cost**<br> **in U.S. Dollars**<sup>1</sup><br>| **Value**<br> **in**<br> **U.S. Dollars**<br>|
| <sup>1</sup> <br>| TRADE FINANCE AGREEMENTS—continued |  |  |  |
|  | **Energy - Gas Distribution—continued** |  |  |  |
| $8984497<br><sup>2,3</sup> <br>| Venture Global Plaquemines LNG LLC, 6.382% (SOFR CME +2.225%), 5/25/2029 | 12/15/2022- <br>1/23/2025<br>| $8984498 | $8995728 |
| 3240000<br><sup>2,3</sup> <br>| VMOS S.A., 9.477%–9.705% (SOFR CME +5.500%), 7/8/2030 | 8/18/2025 | 3240000 | 3240000 |
|  | TOTAL |  |  | 64562173 |
|  | **Energy - Integrated Energy—9.8%** |  |  |  |
| 29000000<br><sup>2,3</sup> <br>| BP Oil International Ltd., 4.529% (SOFR CME +4.197%), 10/8/2025 | 9/9/2025 | 29000000 | 28999986 |
| 22000000<br><sup>2</sup> <br>| Eni Trade & Biofuels Spa, 4.520%, 10/22/2025 | 9/24/2025 | 21928175 | 21939738 |
| 14539047<br><sup>2,3</sup> <br>| Heritage Petrol Co. Ltd., 9.549% (SOFR CME +5.250%), 5/5/2029 | 11/9/2023- <br>5/22/2024<br>| 14914346 | 14539047 |
| 8270270<br><sup>2,3</sup> <br>| Leopard Funding Ltd., 10.288% (SOFR CME +6.250%), 9/17/2029 | 6/9/2025 | 8180446 | 8305826 |
| 18882682<br><sup>2,3</sup> <br>| Northern Hydrocarbon Funding Ltd., 9.538% (SOFR CME +5.500%), 9/30/2029 | 7/15/2025 | 18865215 | 18949222 |
| 17981818<br><sup>2,3</sup> <br>| Puma International Financing S.A. (Lux, Inc.), 6.355% (SOFR CME <br> +2.100%), 6/4/2028<br>| 5/30/2024- <br>5/27/2025<br>| 17951818 | 17960218 |
| 24000000<br><sup>2,3</sup> <br>| Staatsolie Maatschappij Suriname NV ("Staatsolie"), 9.818% (SOFR CME <br> +5.500%), 5/24/2032<br>| 5/15/2025 | 24000000 | 24000000 |
|  | TOTAL |  |  | 134694037 |
|  | **Energy - Oil Field Equipment & Services—7.2%** |  |  |  |
| 8648089<br><sup>2,3</sup> <br>| Alfa Lula Alto S.a.r.l., 6.702% (SOFR CME +2.100%), 1/15/2028 | 6/16/2023- <br>4/8/2024<br>| 8567821 | 8821501 |
| 3135961<br><sup>2,3</sup> <br>| Alfa Lula Alto S.a.r.l., 6.873% (SOFR CME +2.300%), 12/15/2029 | 6/16/2023- <br>4/8/2024<br>| 3090203 | 3215280 |
| 12164672<br><sup>2,3</sup> <br>| Beta Lula Central S.a.r.l. (Lux, Inc.), 6.962% (SOFR CME +2.300%), 6/15/2030 | 12/6/2023- <br>7/11/2024<br>| 12117449 | 12355688 |
| 3325000<br><sup>2,3</sup> <br>| EDRILL T15 PTE Ltd., 7.880% (SOFR CME +3.500%), 2/29/2028 | 6/20/2025 | 3308375 | 3309692 |
| 3680000<br><sup>2,3</sup> <br>| EDRILL Vencedor PTE Ltd, 7.880% (SOFR CME +3.500%), 2/29/2028 | 6/20/2025 | 3661600 | 3663011 |
| 19691776<br><sup>2,3</sup> <br>| GY-DW-UK-IV Ltd., 6.102% (SOFR CME +2.100%), 8/14/2028 | 11/5/2024- <br>8/21/2025<br>| 19609307 | 19654694 |
| 8738862<br><sup>2,3</sup> <br>| Sonasing Xikomba Ltd. ("Xikomba"), Bermuda, Inc., 6.912% (SOFR CME <br> +2.300%), 5/29/2026<br>| 4/11/2022- <br>10/14/2024<br>| 8739756 | 8738862 |
| 22289027<br><sup>2,3</sup> <br>| Tartaruga MV29 B.V., 6.764% (SOFR CME +2.350%), 3/15/2032 | 7/16/2025 | 22181216 | 22273445 |
| 6235535<br><sup>2,3</sup> <br>| Ten FPSO, 7.741% (SOFR CME +3.125%), 3/15/2026 | 2/19/2024- <br>11/21/2024<br>| 5905060 | 5842534 |
| 11968885<br><sup>2,3</sup> <br>| Yinson Azalea Production PTE Ltd., 7.117%–7.308% (SOFR CME <br> +3.000%), 3/31/2032<br>| 8/5/2024- <br>9/12/2025<br>| 11947292 | 11968885 |
|  | TOTAL |  |  | 99843592 |
|  | **Energy - Oil Refining and Marketing—2.6%** |  |  |  |
| 17000001<br><sup>2,3</sup> <br>| Petroleos del Peru S.A., 9.594% (SOFR CME +5.500%), 11/13/2025 | 5/22/2024- <br>6/13/2025<br>| 17000000 | 17045154 |
| 19223900<br><sup>2</sup> <br>| PMI Trading DAC, 6.168%, 11/12/2025 | 9/24/2025 | 19065803 | 19083425 |
|  | TOTAL |  |  | 36128579 |
|  | **Foreign Sovereign—11.6%** |  |  |  |
| 1901500<br><sup>2,3</sup> <br>| Arab Republic of Egypt represented by the Egyptian General Petroleum Corp. <br> (EGPC), 8.096% (SOFR CME +4.000%), 10/23/2025<br>| 9/25/2024- <br>10/24/2024<br>| 1901500 | 1901500 |
| EUR 8,285,714<br><sup>2,3</sup> <br>| Benin, Government of, 6.074% (6-month EURIBOR +3.950%), 4/30/2027 | 6/29/2023- <br>6/20/2024<br>| 8942196 | 9727848 |
| 12500000<br><sup>2,3</sup> <br>| Cote D'Ivoire, Government of, 5.153% (6-month EURIBOR +3.050%), 3/9/2026 | 5/21/2024 | 13569994 | 14675633 |
| $2587800<br><sup>2,3</sup> <br>| Egypt, Government of, 7.898% (SOFR CME +4.000%), 9/24/2026 | 9/25/2025 | 2587800 | 2587800 |
| 1316049<br><sup>2,3</sup> <br>| Egypt, Government of, 6.903%–7.056% (SOFR CME +3.150%), 9/21/2026 | 6/24/2025- <br>9/22/2025<br>| 1316049 | 1316049 |
| 811227<br><sup>2,3</sup> <br>| Egypt, Government of, 7.685%–8.243% (SOFR CME +4.000%), 6/1/2026 | 6/9/2024- <br>5/27/2025<br>| 811227 | 811227 |
| 9513507<br><sup>2,3</sup> <br>| GOV Pakistan 216, 7.608%–7.882% (SOFR CME +3.900%), 8/24/2026 | 6/14/2025- <br>8/27/2025<br>| 9513507 | 9702547 |
| 9057267<br><sup>2,3</sup> <br>| Islamic Republic of Pakistan represented by Ministry of Economic Affairs, <br> 8.189%–8.327% (SOFR CME +3.695% - 4.150%), 1/20/2026<br>| 10/30/2024- <br>1/16/2025<br>| 9057267 | 9174795 |

---

Semi-Annual Financial Statements and Additional Information

**3**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Acquisition**<br> **Date**<sup>1</sup><br>| **Acquisition**<br> **Cost**<br> **in U.S. Dollars**<sup>1</sup><br>| **Value**<br> **in**<br> **U.S. Dollars**<br>|
| <sup>1</sup> <br>| TRADE FINANCE AGREEMENTS—continued |  |  |  |
|  | **Foreign Sovereign—continued** |  |  |  |
| $1397727<br><sup>2,3</sup> <br>| Kenya, Government of, 10.920% (SOFR CME +6.450%), 3/4/2026 | 3/25/2019- <br>2/16/2024<br>| $1388293 | $1397726 |
| EUR 5,000,000<br><sup>2,3</sup> <br>| Minister of Finance of Ukraine, 6.175% (3-month EURIBOR +4.100%), 9/1/2026 | 8/25/2021 | 5877250 | 5034842 |
| SAR 25,493,461<br><sup>2,3</sup> <br>| MOF Saudi Arabia, 5.325% (6-month SAIBOR +5.475%), 1/31/2035 | 10/29/2024 | 6787939 | 5778210 |
| EUR 12,250,000<br><sup>2,3</sup> <br>| Republic of Senegal via Ministry of Finance and Budget, 7.871% (6-month <br> EURIBOR +5.800%), 12/22/2028<br>| 12/19/2023- <br>5/9/2024<br>| 13320654 | 13718412 |
| 10000000<br><sup>2,3</sup> <br>| Senegal, Government of, 6.854% (3-month EURIBOR +4.850%), 3/1/2026 | 6/9/2023 | 10745998 | 11676362 |
| 5625000<br><sup>2,3</sup> <br>| The Republic De Cote D'Ivoire Acting Through And Represented By The Ministre <br> Des Finances Et Du Budget (Minister Of Finance And Budget), 7.776% (6-month <br> EURIBOR +5.750%), 1/8/2028<br>| 6/3/2024 | 6132103 | 6604035 |
| 1052239<br><sup>2,3</sup> <br>| The Republic of Angola Acting By and Through the Ministry of Finance of the <br> Republic of Angola, 6.336% (6-month EURIBOR +4.250%), 3/3/2027<br>| 9/8/2025 | 1217858 | 1219261 |
| 3030068<br><sup>2,3</sup> <br>| The Republic of Angola Acting By and Through the Ministry of Finance of the <br> Republic of Angola, 6.353% (3-month EURIBOR +4.250%), 3/8/2029<br>| 9/8/2025 | 3430165 | 3434116 |
| $6750000<br><sup>2,3</sup> <br>| The Republic of Angola Acting By and Through the Ministry of Finance of the <br> Republic of Angola, 10.056% (SOFR CME +6.000%), 12/11/2025<br>| 12/18/2024 | 6750000 | 6750000 |
| EUR 18,000,000<br><sup>2,3</sup> <br>| The Republic of Côte d'Ivoire, acting through the Minister of Finance and Budget, <br> 4.920% (3-month EURIBOR +2.850%), 7/14/2026<br>| 8/15/2025 | 20940295 | 21132912 |
| 25000000<br><sup>2,3</sup> <br>| The Republic of Côte d'Ivoire, acting through the Minister of Finance and Budget, <br> 5.028%–5.159% (3-month EURIBOR +2.850%), 3/18/2026<br>| 4/23/2025 | 28313757 | 29351267 |
| $4000000<br><sup>2,3</sup> <br>| United Republic of Tanzania Ministry of Finance & Economic Affairs, 10.444% <br> (SOFR CME +5.850%), 8/9/2026<br>| 5/20/2024 | 4000500 | 4000000 |
|  | TOTAL |  |  | 159994542 |
|  | **Supranational—5.5%** |  |  |  |
| EUR 13,000,000<br><sup>2,3</sup> <br>| Afrexim TL 2025, 2.822% (3-month EURIBOR +0.800%), 2/27/2026 | 8/19/2025 | 15326405 | 15215302 |
| $17000000<br><sup>2,3</sup> <br>| Afreximbank 209, 5.593% (SOFR CME +1.300%), 12/13/2025 | 7/29/2025 | 16998100 | 17000000 |
| 6000000<br><sup>2,3</sup> <br>| Afreximbank 209, 4.639%–4.943% (SOFR CME +0.379%), 5/18/2026 | 4/30/2025- <br>5/15/2025<br>| 6000000 | 6000000 |
| EUR 7,000,000<br><sup>2,3</sup> <br>| Bank of Industry Ltd., 4.245% (3-month EURIBOR +2.200%), 9/30/2027 | 11/29/2024 | 7343353 | 8215456 |
| $10000000<br><sup>2,3</sup> <br>| Bank of Industry Ltd. (BOI) Guarantor - Africa Finance Corp., 6.386% (SOFR CME <br> +2.200%), 9/30/2027<br>| 12/3/2024 | 10000000 | 10000000 |
| 6000000<br><sup>2,3</sup> <br>| Eastern and Southern African Trade and Development Bank, 5.773% (SOFR CME <br> +1.750%), 12/16/2026<br>| 11/22/2024 | 6000000 | 5994751 |
| 2000000<br><sup>2,3</sup> <br>| Eastern and Southern African Trade and Development Bank, 5.908% (SOFR CME <br> +1.800%), 11/23/2025<br>| 6/5/2024 | 1989000 | 1998675 |
| 5000000<br><sup>2,3</sup> <br>| Eastern and Southern African Trade and Development Bank, 5.967%–6.020% <br> (SOFR CME +1.950%), 11/23/2026<br>| 11/21/2023- <br>11/30/2023<br>| 5000000 | 5000000 |
| 6000000<br><sup>2,3</sup> <br>| Eastern and Southern African Trade and Development Bank, 5.773% (SOFR CME <br> +1.950%), 12/16/2027<br>| 12/11/2024 | 6000000 | 5983794 |
|  | TOTAL |  |  | 75407978 |
|  | **Telecommunications - Wireless—6.4%** |  |  |  |
| 8200000<br><sup>2,3</sup> <br>| HTA Group Ltd., Inc. in Mauritius, 8.821% (SOFR CME +4.311%), 9/13/2028 | 5/20/2024 | 8004200 | 8196255 |
| 10000000<br><sup>2,3</sup> <br>| IHS Holding Ltd., Cayman Islands, Inc., 8.818% (SOFR CME +4.500%), 10/7/2029 | 10/8/2024 | 10000000 | 10000000 |
| 8653846<br><sup>2,3</sup> <br>| IHS Zambia Ltd., 9.579% (SOFR CME +5.000%), 12/15/2027 | 11/11/2021- <br>10/17/2024<br>| 8649621 | 8890066 |
| EUR 9,700,000<br><sup>2,3</sup> <br>| Phoenix Tower International (PTI) Iberica V, NewCo created and, Inc. in Spain, <br> 4.813% (6-month EURIBOR +3.250%), 10/25/2030<br>| 10/19/2023- <br>2/25/2025<br>| 10743842 | 11849004 |
| 9800000<br><sup>2,3</sup> <br>| Phoenix Tower International (PTI) Iberica V, NewCo created and, Inc. in Spain, <br> 4.813% (6-month EURIBOR +3.250%), 10/25/2030<br>| 10/19/2023- <br>4/23/2025<br>| 10474874 | 11971158 |
| $13000000<br><sup>2,3</sup> <br>| Phoenix Tower International Spain ETVE, SL, 8.002% (SOFR CME <br> +4.000%), 8/10/2027<br>| 11/21/2022- <br>3/5/2025<br>| 12934000 | 13175084 |
| 11000000<br><sup>2,3</sup> <br>| Tillman Infrastructure ABS SUB 1, LLC, 7.320% (SOFR CME +3.000%), 4/23/2029 | 6/25/2024 | 10945000 | 11066576 |
| EUR 10,500,000<br><sup>2,3</sup> <br>| Vantage Towers AG, 5.996% (3-month EURIBOR +4.000%), 3/21/2030 | 7/2/2024 | 11284910 | 12327532 |
|  | TOTAL |  |  | 87475675 |
|  | **Transportation - Transport Infrastructure/Services—4.0%** |  |  |  |
| $30000000<br><sup>2,3</sup> <br>| Impala Terminals Switzerland S.a.r.l., 6.516% (SOFR CME +4.250%), 7/21/2028 | 8/4/2025 | 30000000 | 30000000 |

---

Semi-Annual Financial Statements and Additional Information

**4**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Acquisition**<br> **Date**<sup>1</sup><br>| **Acquisition**<br> **Cost**<br> **in U.S. Dollars**<sup>1</sup><br>| **Value**<br> **in**<br> **U.S. Dollars**<br>|
| <sup>1</sup> <br>| TRADE FINANCE AGREEMENTS—continued |  |  |  |
|  | **Transportation - Transport Infrastructure/Services—continued** |  |  |  |
| $11000000<br><sup>2,3</sup> <br>| Maher Terminals LLC, 6.913% (SOFR CME +2.750%), 11/17/2027 | 3/7/2024 | $10917500 | $11000000 |
| 13433334<br><sup>2,3</sup> <br>| Transnet SOC Ltd., 8.975% (SOFR CME +4.250%), 6/21/2027 | 11/14/2024- <br>5/15/2025<br>| 13402733 | 13433333 |
|  | TOTAL |  |  | 54433333 |
|  | **Utility - Electric Distribution/Transmission—1.6%** |  |  |  |
| 22000000<br><sup>2,3</sup> <br>| Oman Electricity Transmission Co. S.A.O.C., 8.596% (SOFR CME <br> +4.280%), 3/26/2026<br>| 6/30/2025  | 21989000 | 22006600 |
|  | **Utility - Electric-Generation—1.6%** |  |  |  |
| EUR 6,285,680<br><sup>2,3</sup> <br>| Eesti Energia AS, 6.600% (6-month EURIBOR +4.500%), 5/11/2028 | 5/5/2023 | 6925247 | 7379707 |
| IDR 31,624,365,534<br><sup>2,8</sup> <br>| PT MaxPower, 0.000%, 6/10/2039 | 6/13/2019 | 2113073 | 1897652 |
| 82779746312<br><sup>2</sup> <br>| PT MaxPower, 7.750%, 6/10/2039 | 6/13/2019 | 4785579 | 4967281 |
| $7355715<br><sup>2,3</sup> <br>| Qatar Electricity and Water Co. (QEWC) Q.P.S.C, 5.326% (SOFR CME <br> +5.320%), 6/30/2027<br>| 2/8/2024 | 7231737 | 7297579 |
| 1076923<br><sup>2,3</sup> <br>| The Sharjah Electricity and Water Authority, 6.612% (SOFR CME <br> +1.950%), 12/23/2025<br>| 12/21/2020- <br>1/11/2021<br>| 1075039 | 1076923 |
|  | TOTAL |  |  | 22619142 |
|  | TOTAL TRADE FINANCE AGREEMENTS <br>(IDENTIFIED COST $1,263,199,141)<br>|  |  | 1279687483 |
|  | INVESTMENT COMPANY—4.7% |  |  |  |
| 64221089 | Federated Hermes Government Obligations Fund, Premier Shares, 4.06%<sup>9</sup> <br>(IDENTIFIED COST $64,221,089)<br>|  |  | 64221089 |
|  | TOTAL INVESTMENT IN SECURITIES—97.6% <br>(IDENTIFIED COST $1,327,420,230)<sup>10</sup> <br>|  |  | 1343908572 |
|  | OTHER ASSETS AND LIABILITIES - NET—2.4%<sup>11</sup> <br>|  |  | 32747816 |
|  | NET ASSETS—100% |  |  | $1376656388 |

---

At September 30, 2025, the Fund had the following outstanding foreign exchange contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Settlement** <br>**Date**<br>| **Counterparty** | **Foreign** <br>**Currency** <br>**Units to** <br>**Deliver/Receive** | **Foreign** <br>**Currency** <br>**Units to** <br>**Deliver/Receive** | &nbsp;&nbsp; **In** <br>**Exchange** <br>**For**<br>| **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| **Contracts Sold:** |  |  |  |  |  |
| 10/28/2025 | State Street Bank & Trust Co. | &nbsp;&nbsp; 4300000 | EUR | $5004120 | &nbsp;&nbsp; $(52285) |
| 10/28/2025 | State Street Bank & Trust Co. | &nbsp;&nbsp; 51180000 | EUR | $60356303 | &nbsp;&nbsp; $173333 |
| 10/28/2025 | State Street Bank & Trust Co. | &nbsp;&nbsp; 420000 | GBP | $568530 | &nbsp;&nbsp; $3591 |
| 11/19/2025 | Standard Chartered Bank | &nbsp;&nbsp; 18000000 | EUR | $21121927 | &nbsp;&nbsp; $(70722) |
| 11/19/2025 | State Street Bank & Trust Co. | &nbsp;&nbsp; 13000000 | EUR | $15343741 | &nbsp;&nbsp; $37939 |
| 11/19/2025 | Toronto Dominion Bank | &nbsp;&nbsp; 15000000 | EUR | $17587005 | &nbsp;&nbsp; $(73536) |
| 11/19/2025 | State Street Bank & Trust Co. | &nbsp;&nbsp; 1300000 | EUR | $1531236 | &nbsp;&nbsp; $656 |
| 11/19/2025 | State Street Bank & Trust Co. | &nbsp;&nbsp; 3500000 | EUR | $4134407 | &nbsp;&nbsp; $13614 |
| 11/19/2025 | Credit Agricole CIB | &nbsp;&nbsp; 49150000 | EUR | $57785291 | &nbsp;&nbsp; $(82415) |
| 12/19/2025 | Credit Agricole CIB | &nbsp;&nbsp; 1000000 | EUR | $1174725 | &nbsp;&nbsp; $(4606) |
| 12/19/2025 | Standard Chartered Bank | &nbsp;&nbsp; 50650000 | EUR | $59655454 | &nbsp;&nbsp; $(77646) |
| 12/24/2025 | Barclays Bank PLC | &nbsp;&nbsp; 115300000000 | IDR | $6927629 | &nbsp;&nbsp; $14732 |
| 1/26/2026 | Toronto Dominion Bank | &nbsp;&nbsp; 54000000 | EUR | $64139780 | &nbsp;&nbsp; $332076 |
| NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS | NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS | NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS | NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS | NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS | &nbsp;&nbsp; $214731 |

---

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

Semi-Annual Financial Statements and Additional Information

**5**

------

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended September 30, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Federated Hermes** <br>**Government** <br>**Obligations Fund,** <br>**Premier Shares**<br>|
| Value as of 3/31/2025 | &nbsp;&nbsp; $174031420 |
| Purchases at Cost | &nbsp;&nbsp; $372397133 |
| Proceeds from Sales | &nbsp;&nbsp; $(482207464) |
| Change in Unrealized Appreciation/Depreciation | &nbsp;&nbsp; $— |
| Net Realized Gain/(Loss) | &nbsp;&nbsp; $— |
| Value as of 9/30/2025 | &nbsp;&nbsp; $64221089 |
| Shares Held as of 9/30/2025 | &nbsp;&nbsp; 64221089 |
| Dividend Income | &nbsp;&nbsp; $3458149 |

---

&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 September 30, 2025, these restricted securities amounted to <br> $1,279,687,483, which represented 92.9% of net assets.<br>|
| 2 | Trade finance agreements' fair values are primarily derived from discounted cash flow methodologies utilizing unobservable inputs due to the lack of market <br> transactions. The discount rate used within the methodologies to discount the future anticipated cash flows is considered a significant unobservable input. <br> Increases/(decreases) in the discount rate would result in a (decrease)/increase to an investment's fair value.<br>|
| 3 | Floating/variable note with current rate and current maturity or next reset date shown. |
| 4 | Issuer in default. |
| 5 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established <br> by and under the general supervision of the Fund's Adviser acting through its Valuation Committee.<br>|
| 6 | Non-income-producing security. |
| 7 | Principal amount and interest were not paid upon final maturity. |
| 8 | Zero coupon bond. |
| 9 | 7-day net yield. |
| 10 | Also represents cost of investments for federal tax purposes. |
| 11 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |

---

Note: The categories of investments are shown as a percentage of net assets at September 30, 2025.

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.

The following is a summary of the inputs used, as of September 30, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| Trade Finance Agreements | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1279687483 | &nbsp;&nbsp; $1279687483 |
| **Investment Company** | &nbsp;&nbsp; 64221089 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 64221089 |
| TOTAL SECURITIES | &nbsp;&nbsp; $64221089 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1279687483 | &nbsp;&nbsp; $1343908572 |
| **Other Financial Instruments**<sup>1</sup> <br>|  |  |  |  |
| Assets | &nbsp;&nbsp; $— | &nbsp;&nbsp; $575941 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $575941 |
| Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp; (361210) | &nbsp;&nbsp; — | &nbsp;&nbsp; (361210) |
| TOTAL OTHER <br>FINANCIAL INSTRUMENTS<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $214731 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $214731 |

---

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

1 Other financial instruments are foreign exchange contracts.

Semi-Annual Financial Statements and Additional Information

**6**

------

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

---

| | |
|:---|:---|
|  | **Investments in Trade** <br>**Finance Agreements**<br>|
| Balance as of 3/31/2025 | &nbsp;&nbsp; $1093178680 |
| Accreted/amortized discount/premiums | &nbsp;&nbsp; 1329084 |
| Realized gain (loss) | &nbsp;&nbsp; (4947896) |
| Change in unrealized appreciation/depreciation | &nbsp;&nbsp; 25964418 |
| Purchases | &nbsp;&nbsp; 694619546 |
| (Sales) | &nbsp;&nbsp; (530456349) |
| Balance as of 9/30/2025 | &nbsp;&nbsp; $1279687483 |
| Total change in unrealized appreciation/depreciation attributable to <br>investments still held at 9/30/2025<br>| &nbsp;&nbsp; $19552477 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**7**

------

Financial Highlights

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**9/30/2025** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**9/30/2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$8.89** | &nbsp;&nbsp; **$8.84** | &nbsp;&nbsp; **$8.74** | &nbsp;&nbsp; **$8.66** | &nbsp;&nbsp; **$8.84** | &nbsp;&nbsp; **$8.68** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.31 | 0.72 | 0.72 | 0.48 | 0.27 | 0.27 |
| Net realized and unrealized gain (loss) | 0.05 | 0.03 | 0.02 | 0.17 | &nbsp;&nbsp; (0.13) | 0.14 |
| TOTAL FROM INVESTMENT OPERATIONS | 0.36 | 0.75 | 0.74 | 0.65 | 0.14 | 0.41 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.25) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$8.94** | &nbsp;&nbsp; **$8.89** | &nbsp;&nbsp; **$8.84** | &nbsp;&nbsp; **$8.74** | &nbsp;&nbsp; **$8.66** | &nbsp;&nbsp; **$8.84** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp; 4.06% | &nbsp;&nbsp; 8.78% | &nbsp;&nbsp; 8.73% | &nbsp;&nbsp; 7.81% | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 4.63% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp; 0.06%<sup>4</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.10% |
| Net investment income | &nbsp;&nbsp; 6.99%<sup>4</sup> <br>| &nbsp;&nbsp; 8.07% | &nbsp;&nbsp; 8.16% | &nbsp;&nbsp; 5.52% | &nbsp;&nbsp; 3.06% | &nbsp;&nbsp; 3.04% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp; 0.10%<sup>4</sup> <br>| &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.10% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1376656 | &nbsp;&nbsp; $1291486 | &nbsp;&nbsp; $887513 | &nbsp;&nbsp; $740095 | &nbsp;&nbsp; $795858 | &nbsp;&nbsp; $680580 |
| Portfolio turnover<sup>6</sup> <br>| &nbsp;&nbsp; 22% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 61% |

---

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

---

| | |
|:---|:---|
| 1 | Per share numbers have been calculated using the average shares method. |
| 2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
| 3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 4 | Computed on an annualized basis. |
| 5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|
| 6 | Securities that mature are considered sales for purposes of this calculation. |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**8**

------

Statement of Assets and Liabilities

September 30, 2025 (unaudited)

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in securities, at value including $64,221,089 of investments in affiliated holdings\* (identified cost $1,327,420,230, including <br> $64,221,089 of identified cost in affiliated holdings)<br>| &nbsp;&nbsp; $1343908572 |
| Cash | &nbsp;&nbsp; 5501148 |
| Income receivable | &nbsp;&nbsp; 15239405 |
| Income receivable from affiliated holdings | &nbsp;&nbsp; 335569 |
| Receivable for investments sold | &nbsp;&nbsp; 13880530 |
| Unrealized appreciation on foreign exchange contracts | &nbsp;&nbsp; 575941 |
| Total Assets | &nbsp;&nbsp; 1379441165 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp; 1626617 |
| Unrealized depreciation on foreign exchange contracts | &nbsp;&nbsp; 361210 |
| Foreign currency payable to bank (identified cost $128,864) | &nbsp;&nbsp; 133853 |
| Income distribution payable | &nbsp;&nbsp; 534155 |
| Payable for auditing fees | &nbsp;&nbsp; 9512 |
| Accrued expenses (Note 5) | &nbsp;&nbsp; 119430 |
| Total Liabilities | &nbsp;&nbsp; 2784777 |
| Net assets for 153,997,979 shares outstanding | &nbsp;&nbsp; $1376656388 |
| **Net Assets Consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $1422443711 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (45787323) |
| Net Assets | &nbsp;&nbsp; $1376656388 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| $1,376,656,388 ÷ 153,997,979 shares outstanding, no par value, unlimited shares authorized | $8.94 |

---

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

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

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**9**

------

Statement of Operations

Six Months Ended September 30, 2025 (unaudited)

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $42756619 |
| Dividends received from affiliated holdings\* | &nbsp;&nbsp; 3458149 |
| TOTAL INCOME | &nbsp;&nbsp; 46214768 |
| **Expenses:** |  |
| Investment adviser fee (Note 5) | &nbsp;&nbsp; 655418 |
| Administrative fee (Note 5) | &nbsp;&nbsp; 969 |
| Custodian fees | &nbsp;&nbsp; 21805 |
| Transfer agent fees | &nbsp;&nbsp; 36892 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp; 7589 |
| Auditing fees | &nbsp;&nbsp; 47944 |
| Legal fees | &nbsp;&nbsp; 31182 |
| Portfolio accounting fees | &nbsp;&nbsp; 253509 |
| Share registration costs | &nbsp;&nbsp; 651 |
| Printing and postage | &nbsp;&nbsp; 9301 |
| Miscellaneous (Note 5) | &nbsp;&nbsp; 7785 |
| TOTAL EXPENSES | &nbsp;&nbsp; 1073045 |
| Waiver/reimbursement of investment adviser fee (Note 5) | &nbsp;&nbsp; (655418) |
| Net expenses | &nbsp;&nbsp; 417627 |
| Net investment income | &nbsp;&nbsp; 45797141 |
| **Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Foreign Exchange Contracts:** |  |
| Net realized loss on investments | &nbsp;&nbsp; (4947896) |
| Net realized gain on foreign currency transactions | &nbsp;&nbsp; 1762374 |
| Net realized loss on foreign exchange contracts | &nbsp;&nbsp; (16046700) |
| Net change in unrealized depreciation of investments | &nbsp;&nbsp; 25964418 |
| Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | &nbsp;&nbsp; (275560) |
| Net change in unrealized depreciation of foreign exchange contracts | &nbsp;&nbsp; 399822 |
| Net realized and unrealized gain (loss) on investments, foreign currency transactions and foreign exchange contracts | &nbsp;&nbsp; 6856458 |
| Change in net assets resulting from operations | &nbsp;&nbsp; $52653599 |

---

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

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

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**10**

------

Statement of Changes in Net Assets

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

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**9/30/2025**<br>| **Year Ended** <br>**3/31/2025**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $45797141 | &nbsp;&nbsp; $81634724 |
| Net realized gain (loss) | &nbsp;&nbsp; (19232222) | &nbsp;&nbsp; (4501481) |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp; 26088680 | &nbsp;&nbsp; 7542291 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; 52653599 | &nbsp;&nbsp; 84675534 |
| **Distributions to Shareholders** | &nbsp;&nbsp; (44837629) | &nbsp;&nbsp; (78892664) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 72458999 | &nbsp;&nbsp; 348626000 |
| Net asset value of shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 41718998 | &nbsp;&nbsp; 72514014 |
| Cost of shares redeemed | &nbsp;&nbsp; (36823187) | &nbsp;&nbsp; (22950048) |
| CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | &nbsp;&nbsp; 77354810 | &nbsp;&nbsp; 398189966 |
| Change in net assets | &nbsp;&nbsp; 85170780 | &nbsp;&nbsp; 403972836 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1291485608 | &nbsp;&nbsp; 887512772 |
| End of period | &nbsp;&nbsp; $1376656388 | &nbsp;&nbsp; $1291485608 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**11**

------

Statement of Cash Flows

Six Months Ended September 30, 2025 (unaudited)

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

---

| | |
|:---|:---|
| **Operating Activities:** |  |
| Change in net assets resulting from operations | &nbsp;&nbsp; $52653599 |
| **Adjustments to Reconcile Change in Net Assets Resulting from Operations to Net Cash Used by Operating Activities:** |  |
| Purchase of investment securities | &nbsp;&nbsp; (694619546) |
| Proceeds from disposition of investment securities | &nbsp;&nbsp; 530456349 |
| Proceeds of short-term investments, net | &nbsp;&nbsp; 109810331 |
| Amortization/accretion of premium/discount, net | &nbsp;&nbsp; (1329084) |
| Increase in income receivable | &nbsp;&nbsp; (3178724) |
| Increase in receivable for investments sold | &nbsp;&nbsp; (12568926) |
| Decrease in payable for investments purchased | &nbsp;&nbsp; (10874039) |
| Decrease in accrued expenses | &nbsp;&nbsp; (112716) |
| Net realized loss on investments | &nbsp;&nbsp; 4947896 |
| Net change in unrealized appreciation/depreciation of investments | &nbsp;&nbsp; (25964418) |
| Net change in unrealized appreciation/depreciation of foreign exchange contracts | &nbsp;&nbsp; (399822) |
| Net Cash Used By Operating Activities | &nbsp;&nbsp; (51179100) |
| **Financing Activities:** |  |
| Increase in cash overdraft | &nbsp;&nbsp; 133853 |
| Proceeds from sale of units | &nbsp;&nbsp; 72458999 |
| Income distributions to participants | &nbsp;&nbsp; (2747403) |
| Payments for units redeemed | &nbsp;&nbsp; (36823187) |
| Net Cash Provided By Financing Activities | &nbsp;&nbsp; 33022262 |
| Decrease in cash | &nbsp;&nbsp; (18156838) |
| Cash at beginning of year | &nbsp;&nbsp; 23657986 |
| Cash at end of year | &nbsp;&nbsp; $5501148 |

---

Non-cash financing activities not included herein consist of reinvestment of dividends and distributions to participants of $41,718,998.See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**12**

------

Notes to Financial Statements

September 30, 2025 (unaudited)

**1. ORGANIZATION** 

Project and Trade Finance Core Fund (the "Fund") is a diversified portfolio of Federated Hermes Core Trust III (the "Trust"). The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Fund operates as an open-end extended payment fund. The Fund's investment objective is to provide total return. Currently, the Fund is only available for purchase by organizations or entities that are "accredited investors" within the meaning of Regulation D of the Securities Act of 1933, as amended (the "1933 Act") and "qualified purchasers" as defined in Section 2(a)(51) of the Act. The Fund is not a mutual fund, and its shares are offered pursuant to an exemption from registration under the 1933 Act.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Investment Valuation** 

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

■

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, expected recovery rate on distressed securities, opinion of legal counsel regarding the outcome of any relevant legal matters or other factors including but not limited to industry changes and relevant government actions.

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

**Fair Valuation and Significant Events Procedures** 

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

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

The Fund's investments in trade finance agreements are primarily determined by applying discounted cash flow methodologies utilizing various inputs such as available or implied credit ratings, loan characteristics, seniority, collateral, comparable debt instruments, yield curves or indices, broader loan data, bond data and bond sector curves. When appropriate, other considerations may include asset liquidation analyses, internal credit assessments and general market conditions. The Fund utilizes third-party pricing specialists in determining its valuations. Typically, there are no other sources of evaluations for these investments and the inputs utilized are less observable. Additionally, trade finance agreements are typically held to maturity by investors and therefore do not trade on a consistent

Semi-Annual Financial Statements and Additional Information

**13**

------

basis. Accordingly, executed trade prices are usually unavailable and thus, generally cannot be relied upon to support valuations of these investments. Therefore, inputs unobservable in active markets must be relied upon more heavily and as such, the Fund's management has determined these to be Level 3 investments. The prices realized for these investments upon sale may be different than prices used by the Fund to value them and the differences could be material.

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

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

■

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

■

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

■

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

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

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

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Foreign dividends are recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. In addition, distributions of capital gains, if any, are declared and paid at least annually. Non-cash dividends included in dividend income, if any, are recorded at fair value. Amortization/accretion of premium and discount is included in investment income. The detail of the total fund expense waiver and reimbursement of $655,418 is disclosed in Note 5.

**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended September 30, 2025, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of September 30, 2025, tax years 2022 through 2025 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the State of Delaware.

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

**Foreign Exchange Contracts** 

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

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

Foreign exchange contracts outstanding at period end, including net unrealized appreciation/depreciation or net settlement amount, are listed after the Fund's Portfolio of Investments.

The average value at settlement date payable and receivable of foreign exchange contracts purchased and sold by the Fund throughout the period was $4,290,629 and $735,321, respectively. This is based on the contracts held as of each month-end throughout the six-month period.

Semi-Annual Financial Statements and Additional Information

**14**

------

**Foreign Currency Translation** 

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

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

**Restricted Securities** 

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

**Additional Disclosure Related to Derivative Instruments** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments** | **Fair Value of Derivative Instruments** | **Fair Value of Derivative Instruments** | **Fair Value of Derivative Instruments** | **Fair Value of Derivative Instruments** |
|  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
|  | &nbsp;&nbsp; **Statement of** <br>**Assets and** <br>**Liabilities** <br>**Location**<br>| **Fair** <br>**Value**<br>| &nbsp;&nbsp; **Statement of** <br>**Assets and** <br>**Liabilities** <br>**Location**<br>| **Fair** <br>**Value**<br>|
| Derivatives not accounted for as hedging <br>instruments under ASC Topic 815<br>|  |  |  |  |
| Foreign exchange contracts | &nbsp;&nbsp; Unrealized appreciation on <br>foreign exchange contracts<br>| &nbsp;&nbsp; $575941 | &nbsp;&nbsp; Unrealized depreciation on <br>foreign exchange contracts<br>| &nbsp;&nbsp; $361210 |

---

**The Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended September 30, 2025** 

---

| | |
|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
|  | **Foreign** <br>**Exchange** <br>**Contracts**<br>|
| Foreign exchange contracts | &nbsp;&nbsp; $(16046700) |

---

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

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
|  | **Foreign** <br>**Exchange** <br>**Contracts**<br>|
| Foreign exchange contracts | &nbsp;&nbsp; $399822 |

---

**Other** 

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

Semi-Annual Financial Statements and Additional Information

**15**

------

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

**3. SHARES OF BENEFICIAL INTEREST** 

The following table summarizes share activity:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**9/30/2025**<br>| **Year Ended** <br>**3/31/2025**<br>|
| Shares sold | &nbsp;&nbsp; 8129226 | &nbsp;&nbsp; 39336928 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 4686417 | &nbsp;&nbsp; 8181898 |
| Shares redeemed | &nbsp;&nbsp; (4153102) | &nbsp;&nbsp; (2595179) |
| NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | &nbsp;&nbsp; 8662541 | &nbsp;&nbsp; 44923647 |

---

**4. FEDERAL TAX INFORMATION** 

At September 30, 2025, the cost of investments for federal tax purposes was $1,327,420,230. The net unrealized appreciation of investments for federal tax purposes was $16,703,073. This consists of unrealized appreciation from investments for those securities having an excess of value over cost of $20,194,294 and unrealized depreciation from investments for those securities having an excess of cost over value of $3,491,221. The amounts presented are inclusive of derivative contracts.

As of March 31, 2025, the Fund had a capital loss carryforward of $51,059,959 which will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net capital losses retain their character as either short-term or long-term and do not expire.

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

---

| | | |
|:---|:---|:---|
| **Short-Term** | **Long-Term** | **Total** |
| $2483743 | &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; $48576216 | &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; $51059959 |

---

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

**Investment Adviser Fee** 

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.10% of the Fund's average daily net assets. The Adviser and certain of its affiliates on their own initiative have agreed to waive their respective fees (if any), and/or reimburse expenses of the Fund for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. Total annual fund operating expenses (as shown in the financial highlights excluding fees and expenses that may be charged by the Adviser and its affiliates, operating expenses associated with premiums for risk insurance policies on portfolio securities and certain legal fees related to specific investments, if any) paid by the Fund's shares (after the voluntarily waivers and reimbursements) will not exceed 0.15% of the Fund's average daily net assets. The Adviser and its affiliates can modify or terminate this voluntary reimbursement at any time at its sole discretion. For the six months ended September 30, 2025, the Adviser voluntarily waived $597,867 of its fee.

The Adviser has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other affiliated investment companies. For the six months ended September 30, 2025, the Adviser reimbursed $57,551.

Certain of the Fund's assets are managed by Federated Hermes (UK) LLP (the "Sub-Adviser"). Under the terms of a sub-advisory agreement between the Adviser and the Sub-Adviser, the Sub-Adviser receives an annual fee equal to 0.39% of the daily net assets of the Fund paid by Adviser out of its resources and is not an incremental Fund expense. For the six months ended September 30, 2025, the Sub-Adviser earned a fee of $2,556,131.

**Administrative Services** 

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

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

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

**6. INVESTMENT TRANSACTIONS** 

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the six months ended September 30, 2025, were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $375965723 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $210546255 |

---

Semi-Annual Financial Statements and Additional Information

**16**

------

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

**7. CONCENTRATION OF RISK** 

A substantial part of the Fund's portfolio may be comprised of entities in the Energy sector. As a result, the Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.

The Fund invests in securities of non-U.S. issuers. Political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings. At September 30, 2025, the diversification of countries was as follows:

---

| | |
|:---|:---|
| **Country** | **Percentage of** <br>**Net Assets**<br>|
| United States | &nbsp;&nbsp; 8.2% |
| Turkey | &nbsp;&nbsp; 7.7% |
| Brazil | &nbsp;&nbsp; 6.8% |
| Angola | &nbsp;&nbsp; 6.1% |
| Nigeria | &nbsp;&nbsp; 5.4% |
| Ivory Coast | &nbsp;&nbsp; 5.2% |
| Egypt | &nbsp;&nbsp; 4.6% |
| Uzbekistan | &nbsp;&nbsp; 3.8% |
| United Kingdom | &nbsp;&nbsp; 3.6% |
| Oman | &nbsp;&nbsp; 3.4% |
| Singapore | &nbsp;&nbsp; 2.8% |
| Chile | &nbsp;&nbsp; 2.7% |
| Switzerland | &nbsp;&nbsp; 2.2% |
| Denmark | &nbsp;&nbsp; 2.1% |
| South Africa | &nbsp;&nbsp; 1.9% |
| Senegal | &nbsp;&nbsp; 1.8% |
| Mexico | &nbsp;&nbsp; 1.8% |
| Suriname | &nbsp;&nbsp; 1.8% |
| Italy | &nbsp;&nbsp; 1.7% |
| Guyana | &nbsp;&nbsp; 1.4% |
| Serbia | &nbsp;&nbsp; 1.4% |
| Mauritius | &nbsp;&nbsp; 1.4% |
| Pakistan | &nbsp;&nbsp; 1.4% |
| Netherlands | &nbsp;&nbsp; 1.4% |
| Argentina | &nbsp;&nbsp; 1.3% |
| Peru | &nbsp;&nbsp; 1.2% |
| Trinidad And Tobago | &nbsp;&nbsp; 1.1% |
| Germany | &nbsp;&nbsp; 0.9% |
| Tanzania | &nbsp;&nbsp; 0.9% |
| Ireland | &nbsp;&nbsp; 0.7% |
| Benin | &nbsp;&nbsp; 0.7% |
| Zambia | &nbsp;&nbsp; 0.7% |
| Estonia | &nbsp;&nbsp; 0.5% |
| Qatar | &nbsp;&nbsp; 0.5% |
| Thailand | &nbsp;&nbsp; 0.5% |
| Indonesia | &nbsp;&nbsp; 0.5% |
| Spain | &nbsp;&nbsp; 0.5% |
| Azerbaijan | &nbsp;&nbsp; 0.4% |
| Ghana | &nbsp;&nbsp; 0.4% |
| Saudi Arabia | &nbsp;&nbsp; 0.4% |
| Ukraine | &nbsp;&nbsp; 0.4% |
| Kazakhstan | &nbsp;&nbsp; 0.3% |
| Russia | &nbsp;&nbsp; 0.2% |
| Kenya | &nbsp;&nbsp; 0.1% |
| United Arab Emirates | &nbsp;&nbsp; 0.1% |
| Papua New Guinea | &nbsp;&nbsp; 0.0%<sup>1</sup> <br>|

---

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

---

| | |
|:---|:---|
| 1 | Represents less than 0.1%. |

---

Semi-Annual Financial Statements and Additional Information

**17**

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**Cash** 

The Fund may place its cash on deposit with financial institutions in the United States, which is insured by the Federal Deposit Insurance Company (FDIC) up to $250,000. The Fund's credit risk in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. The Fund from time to time may have amounts on deposit in excess of the insured limits.

**8. Operating Segments** 

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. A management committee of the Adviser acts as the CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the strategic asset allocation is determined based on the investment objective of the Fund and executed by the Fund's portfolio management team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) which is reviewed by the CODM to assess the Fund's performance in comparison to the Fund's benchmarks and to make resource allocation decisions for the Fund's single segment is consistent with the information presented in these financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

**9. INDEMNIFICATIONS** 

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

Semi-Annual Financial Statements and Additional Information

**18**

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Evaluation and Approval of Advisory Contract–May 2025

**Project and Trade Finance Core Fund (the "Fund")**

At its meetings in May 2025 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees") , reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") and the investment sub-advisory contract between the Adviser and Federated Hermes (UK) LLP (the "Sub-Adviser" and together with the Adviser, the "Advisers") with respect to the Fund (together, the "Contracts") for an additional one-year term. The Board's determination to approve the continuation of the Contracts reflects the exercise of its business judgment after considering such information deemed necessary to evaluate the terms of the Contracts and to approve the continuation of the existing arrangements. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

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

In addition, the Board considered that, although the Adviser charges the Fund an investment advisory fee for its services, the Adviser has agreed to waive its fee and/or reimburse the Fund's expenses so that the investment advisory fee is waived in its entirety and the total operating expenses are minimal. The Board noted that Federated Hermes may, however, receive compensation for managing assets invested in the Fund.

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

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written report regarding data related to the Fund's management fee (the "CCO Management Fee Report"). The Board considered the CCO Management Fee Report, along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contracts.

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

The Board's consideration of the Contracts included review of materials and information covering the following matters, among others: (1) copies of the Contracts; (2) the nature, quality and extent of the advisory and other services provided to the Fund by Federated Hermes; (3) Federated Hermes' business and operations; (4) the Advisers' investment philosophy, personnel and processes; (5) the Fund's investment objective and strategies; (6) the Fund's short-term and long-term performance - in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds and its benchmark; (7) the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund, with due regard for contractual or voluntary expense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser's profitability with respect to managing the Fund; (10) distribution and sales activity for the Fund; and (11) the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

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

Semi-Annual Financial Statements and Additional Information

**19**

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

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

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

The Board considered the nature, extent and quality of the services provided to the Fund by the Advisers and the resources of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contracts and the full range of services provided to the Fund by Federated Hermes. The Board considered the Advisers' personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and evaluated Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered the trading operations by the Advisers, including the execution of portfolio transactions and the selection of brokers for those transactions. The Board also considered the Advisers' ability to deliver competitive investment performance for the Fund when compared to the Fund's benchmark.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board considered the quality of Federated Hermes' communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Federated Hermes Funds. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds' officers.

The Board received and evaluated information regarding Federated Hermes' regulatory and compliance environment. The Board considered Federated Hermes' compliance program and compliance history and reports from the CCO about Federated Hermes' compliance with applicable laws and regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes' support of the Federated Hermes Funds' compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund's obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended, including Federated Hermes' commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes' approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds' compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led, and continue to lead, to an increase in the scope of Federated Hermes' oversight in this regard.

In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate.

Semi-Annual Financial Statements and Additional Information

**20**

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

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

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

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Advisers' analysis of, the Fund's performance over different time periods that were provided to the Board throughout the year and in connection with the May Meetings. The Board noted that it evaluated investment performance at meetings throughout the year and received reports from Federated Hermes regarding the performance of certain Federated Hermes Funds as well as Federated Hermes' explanations for less favorable performance and any specific actions Federated Hermes had taken, or had determined to take, to seek to enhance Fund investment performance and the results of those actions.

The Board considered that for the one-year and three-year periods ended December 31, 2024, the Fund outperformed its benchmark.

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

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

The Board considered that the Adviser charges the Fund an investment advisory fee for its services but has agreed to waive its fee and/or reimburse the Fund's expenses so that the investment advisory fee is waived in its entirety and the total operating expenses are minimal. Because the Fund's total operating expenses will remain minimal due to waiver of the entirety of the investment advisory fee and waiver and/or reimbursement of a portion of other expenses, the Board noted that it did not consider fee comparisons to other registered funds or other types of clients of Federated Hermes to be relevant to its evaluation.

In the case of the Fund, the Board noted that Federated Hermes does not manage any other types of clients that are comparable to the Fund.

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

The Board received and considered profitability information furnished by Federated Hermes. The Board considered that the Fund's investment advisory fee is waived in its entirety and noted, therefore, that the Advisers do not profit from providing advisory services to the Fund under the Contracts.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly-held fund management companies, including information regarding profitability trends over time. The Board recognized that profitability comparisons among fund management companies are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund management company is affected by numerous factors. The Board considered the CCO's statement that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive and that Federated Hermes appeared financially sound, with the resources available to fulfill its contractual obligations.

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

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

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

The Board considered information regarding the compensation and other ancillary (or "fall-out") benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board considered that Federated Hermes may derive a benefit to its reputation as an adviser to the Fund, which may help in attracting other clients and investment personnel. The Board noted that an affiliate of the Adviser is entitled to reimbursement for certain out-of-pocket expenses incurred in providing administrative services to the Fund. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds' investment advisory contracts, Federated Hermes' affiliates also receive fees for providing other services to the Federated Hermes Funds under separate service contracts, including for serving as the

Semi-Annual Financial Statements and Additional Information

**21**

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Federated Hermes Funds' administrator and distributor. In this regard, the Board considered that Federated Hermes' affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing the benefits, if any, that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

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

The Board considered the CCO's presentation and statements and the information accompanying the CCO Management Fee Report. The Board recognized that its evaluation of the Federated Hermes Funds' advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contracts. The Board based its determination to approve the Contracts on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative.

Semi-Annual Financial Statements and Additional Information

**22**

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The Fund is not a bank deposit or obligation, is not guaranteed by any bank and is not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in the Fund involves investment risk, including the possible loss of principal.

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

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

**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY**

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

![](fhilogok11p.jpg)

Project and Trade Finance Core Fund

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

Contact us at **FederatedHermes.com/us**

or call 1-800-341-7400.

Federated Securities Corp., Placement Agent

CUSIP 31415N103

41216 (11/25)© 2025 Federated Hermes, Inc.

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

[Project and Trade Finance Core Fund](#a_ptcore): Not Applicable.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

[Project and Trade Finance Core Fund](#a_ptcore): Not Applicable.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

[Project and Trade Finance Core Fund](#a_ptcore): The Fund's disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

[Project and Trade Finance Core Fund](#a_ptcore): The Fund's Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not Applicable

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not Applicable

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not Applicable

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

No Changes to Report

**Item 16.** **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

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

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not Applicable

**Item 18.** **Recovery of Erroneously Awarded Compensation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable

**Item 19.** **Exhibits**

(a)(1) Not Applicable.

(a)(2) Not Applicable.

(a)(3) [Certifications of Principal Executive Officer and Principal Financial Officer](fctiii1975-cert302.htm).

(a)(4) Not Applicable.

(a)(5) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; [Certifications pursuant to 18 U.S.C. Section 1350](fctiii1975-cert906.htm).

**SIGNATURES**

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

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

By: <u>/s/ Jeremy D. Boughton</u>

Jeremy D. Boughton, Principal Financial Officer

Date: <u>November 21, 2025</u>

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

By: <u>/s/ J. Christopher Donahue</u>

J. Christopher Donahue, Principal Executive Officer

Date: <u>November 21, 2025</u>

By: <u>/s/ Jeremy D. Boughton</u>

Jeremy D. Boughton, Principal Financial Officer

Date: <u>November 21, 2025</u>

## Ex-99.Cert

**N-CSR Item 19(a)(3) - Exhibits: Certifications**

I, J. Christopher Donahue, certify that:

* I have reviewed this report on Form N-CSR of Federated Hermes Core Trust
III on behalf of: Project and Trade Finance Core Fund ("registrant");

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

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

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

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

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

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

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

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

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

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

Date: November 21, 2025

/S/ J. Christopher Donahue

J. Christopher Donahue, President - Principal Executive Officer

**N-CSR Item 19(a)(3) - Exhibits: Certifications**

I, Jeremy D. Boughton, certify that:

* I have reviewed this report on Form N-CSR of Federated Hermes Core Trust
III on behalf of: Project and Trade Finance Core Fund("registrant");

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

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

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

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

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

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

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

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

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

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

Date: November 21, 2025

/S/ Jeremy D. Boughton

Jeremy D. Boughton, Treasurer - Principal Financial Officer

## Exhibit 99.906

**N-CSR Item 19(b) - Exhibits: Certifications**

**SECTION 906 CERTIFICATION**

Pursuant to 18 U.S.C.§ 1350, the undersigned officers of **Federated Hermes Core Trust III** on behalf of **Project and Trade Finance Core Fund**(the "Registrant"), hereby certify, to the best of our knowledge, that the Registrant's Report on Form N-CSR for the period ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: <u>November 21, 2025</u>

/s/ J. Christopher Donahue

J. Christopher Donahue

Title: President, Principal Executive Officer

Dated: <u>November 21, 2025</u>

/s/ Jeremy D. Boughton

Jeremy D. Boughton

Title: Treasurer, Principal Financial Officer

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