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Federated Hermes Core Trust

Emerging Markets Core Fund

Federated Hermes Core Trust III

Project and Trade Finance Core Fund

SUPPLEMENT TO CURRENT PRIVATE OFFERING MEMORANDUMS AND STATEMENTS OF ADDITIONAL INFORMATION

On February 14, 2023, the Boards of Trustees (the “Boards”) of Federated Hermes Core Trust and Federated Hermes Core Trust III, on behalf of their respective underlying portfolios Emerging Markets Core Fund and Project and Trade Finance Core Fund (each a “Fund” and collectively the “Funds”), approved the transfer of the sub-advisory agreements of each of the Funds from Federated Hermes (UK) LLP to Hermes Investment Management Limited. The sub-advisory services transfer is effective July 1, 2023. Accordingly, the following changes will be effective on July 1, 2023.

Private Offering Memorandum

1. On the Cover Page of the Emerging Markets Core Fund, please change the reference to the sub-adviser from Federated Hermes (UK) LLP to Hermes Investment Management Limited. On the Cover Page of the Project and Trade Finance Core Fund Private Offering Memorandum, please add a reference to the sub-adviser Hermes Investment Management Limited.

2. Under “Fund Summary Information” “Fund Management,” please replace the first paragraph in its entirety with the following:

“The Fund’s Investment Adviser is Federated Investment Management Company (the “Adviser”). The Fund’s Sub-Adviser is Hermes Investment Management Limited, a limited liability partnership incorporated in England and Wales (the “Sub-Adviser”) and an affiliate of the Adviser. For purposes of this Private Offering Memorandum, the Adviser and Sub-Adviser are sometimes referred to together, as applicable, as the “Fund’s Adviser” or the “Adviser”.”

3. Under “Management Organization and Capital Structure,” please replace the final paragraph under “Investment Adviser” in its entirety with the following:

“The Adviser has delegated daily management of some or all of the Fund assets to the Sub-Adviser, Hermes Investment Management Limited. The Sub-Adviser is paid by the Adviser and not by the Fund, based on the portion of securities the Sub-Adviser manages. The Sub-Adviser’s address is Sixth Floor,150 Cheapside, London EC2V 6ET, England. The Sub-Adviser is a wholly owned subsidiary of Federated Hermes Limited (formerly, Hermes Fund Managers Limited (FHL)), which is a 100% indirect, wholly owned subsidiary of Federated Hermes, Inc.”

4. Under “Management Organization and Capital Structure,” please replace the section “The Sub-Adviser” in its entirety with the following:

“Under the supervision of the Adviser and oversight by the Board and pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser (the “Sub-Advisory Agreement”), Hermes Investment Management Limited will act as sub-investment adviser to the Fund. The Sub-Adviser will have day-to-day portfolio management responsibilities of the Fund. Hermes Investment Management Limited, a limited liability partnership incorporated in England and Wales, is authorized and regulated by the U.K. Financial Conduct Authority to provide investment management services. The Sub-Adviser advises approximately five registered investment companies and also manages differentiated strategies in high-active share equities, credit and private markets, including real estate, infrastructure, private debt and private equity (including non-U.S. funds). The Sub-Adviser’s assets under management totaled approximately $48.2 billion (£39.9 billion) as of December 31, 2022. All asset information is reported as of December 31, 2022 and converted using December 31, 2022 exchange rates.”

Statement of Additional Information

5. In the “Fund History” section, please replace the substantially similar language in this section in its entirety with the following:

“The Trust is governed by a Board of Trustees (“Board”). The Fund’s investment adviser is Federated Investment Management Company (“Adviser”). Until June 30, 2023, the Fund’s sub-adviser was Federated Hermes (UK) LLP (“Sub-Adviser”). Effective July 1, 2023, the Sub-Adviser changed to Hermes Investment Management Limited.”

6. In the “Sub-Adviser” sub-section under “Investment Advisory and Other Services,” please replace the first paragraph in its entirety and replace it with the following:

“Under the terms of a sub-advisory agreement between the Adviser and Hermes Investment Management Limited (“the Sub-Adviser”), the Sub-Adviser is paid for the portion managed by the Sub-Adviser of the daily net assets of the Fund. The fee is paid by the Adviser out of its resources and is not an incremental Fund expense.”

7. In the “Portfolio Manager Information” section under “Investment Advisory and Other Services,” please replace the first paragraph in its entirety and replace it with the following:

“As a general matter, certain conflicts of interest may arise in connection with portfolio manager’s management of a fund’s investments, on the one hand, and the investments of other funds/pooled investment vehicles or accounts (collectively, including the Fund, as applicable, “accounts”) for which the portfolio manager is responsible, on the other. For example, it is possible that the various accounts managed could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Fund. Alternatively, to the extent that the same investment opportunities might be desirable for more than one account, possible conflicts could arise in determining how to allocate them. Other potential conflicts can include, for example, conflicts created by specific portfolio manager compensation arrangements (including, for example, the allocation or weighting given to the performance of the Fund or other accounts or activities for which the portfolio manager is responsible in calculating the portfolio manager’s compensation), and conflicts relating to selection of brokers or dealers to execute Fund portfolio trades and/or specific uses of commissions from Fund portfolio trades them (for example, research or “soft dollars”). The Adviser has adopted policies and procedures and has structured the portfolio managers’ compensation in a manner reasonably designed to safeguard the Fund from being negatively affected as a result of any such potential conflicts.

HIML and its affiliates, which are wholly owned subsidiaries of Federated Hermes Limited (“FHL”), which is a wholly owned subsidiary of Federated Hermes, Inc., (“FHL Advisory Companies”), have trading desks that are separate from those of Federated Investment Management Company and other wholly owned advisory companies of Federated Hermes (“Federated Advisory Companies”) (collectively, the “Advisory Companies”). Therefore, actual or potential conflicts could arise to the extent the Advisory Companies may share material non-public information (“MNPI”). In order to address such potential conflicts and protect client interests, information barriers have been established between the Federated Advisory Companies and the FHL Advisory Companies such that personnel of the FHL Advisory Companies and of the Federated Advisory Companies are generally precluded from sharing investment-related information, including MNPI, across the barriers. In addition, there will be no integration or allocation of trades between the Advisory Companies. To the extent that applicable U.S. and U.K. law, and the laws of certain other jurisdictions, require the Advisory Companies to make regulatory filings that may require sharing of MNPI, the Advisory Companies have implemented internal controls which require that such information will be shared only among such limited personnel as is necessary to make accurate and timely regulatory filings and to maintain proper trading limitations. The Advisory Companies will generally operate subject to their own internal personal dealing, trade allocation, and side by side management policies. In any limited situation in which the Federated Advisory Companies may “need to know” certain investment-related information from FHL Advisory Companies, or vice versa, approval requiring certain conditions must be granted by the Chief Compliance Officer of the Federated Advisory Companies. Such conditions may include certain personnel being subject to the Code of Ethics of both Federated and FHL Advisory Companies, or in the case of a fund advised by a Federated Advisory Company and sub-advised by an FHL Advisory Company, or vice-versa, the holdings and transactions of those funds are included in the personal trade monitoring for both entities.”

8. On the “Addresses” page, under “Investment Sub-Adviser,” please change the name of the Sub-Adviser from Federated Hermes (UK) LLP to Hermes Investment Management Limited.

April 20, 2023

Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

Q455963 (4/23)