EDGAR HTML

United States

Securities and Exchange Commission

Washington, D.C. 20549

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

811-7115

(Investment Company Act File Number)

Federated Hermes Total Return Series, Inc.

______________________________________________________________

(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: 09/30/22

Date of Reporting Period: Six months ended 03/31/22

Item 1.

Reports to Stockholders

Semi-Annual Shareholder Report

March 31, 2022

Share Class | Ticker

A* | FGFSX

Institutional | FGFIX

R6 | FGFMX

*formerly Service Shares

Federated Hermes Core Bond Fund

Fund Established 1997

A Portfolio of Federated Hermes Total Return Series, Inc.

Dear Valued Shareholder,

We are pleased to present the Semi-Annual Shareholder Report for your fund covering the period from October 1, 2021 through March 31, 2022. This report includes a complete listing of your fund’s holdings, performance information and financial statements along with other important fund information.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely,

J. Christopher Donahue, President

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

Portfolio of Investments Summary Table (unaudited)

At March 31, 2022, the Fund’s portfolio composition1 was as follows:

Security Type	Percentage of Total Net Assets2
Corporate Debt Securities	34.0%
U.S. Government Agency Mortgage-Backed Securities	23.0%
Agency Risk Transfer Securities	11.2%
U.S. Treasury Securities	9.3%
Non-Agency Commercial Mortgage-Backed Security	7.3%
U.S. Government Agency Security	6.8%
Asset-Backed Securities	1.8%
Collateralized Mortgage Obligations	0.8%
Non-Agency Mortgage-Backed Securities	0.7%
Foreign Governments/Agencies	0.7%
U.S. Government Agency Adjustable Rate Mortgages	0.6%
U.S. Government Agency Commercial Mortgage-Backed Security	0.2%
Cash Equivalents3	4.6%
Derivative Contracts4	(2.6)%
Repurchase Agreement	0.5%
Other Assets and Liabilities—Net5	1.1%
TOTAL	100%

1	See the Fund’s Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.
2	As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, affiliated investment companies (other than an affiliated money market mutual fund), in which the Fund invested greater than 10% of its net assets are not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments.
3	Cash Equivalents include any investments in money market mutual funds.
4	Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund’s performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract’s significance to the portfolio. More complete information regarding the Fund’s direct investments in derivative contracts, including unrealized appreciation (depreciation), value and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report.
5	Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities.

Semi-Annual Shareholder Report

Portfolio of Investments

March 31, 2022 (unaudited)

Principal Amount or Shares			Value
		AGENCY RISK TRANSFER SECURITIES— 11.2%
$ 111,505	1	FHLMC - STACR, Series 2015-DNA, Class M3, 4.357% (1-month USLIBOR +3.900%), 12/25/2027	$ 111,885
881,089	1	FHLMC - STACR, Series 2017-DNA3, Class M2, 2.957% (1-month USLIBOR +2.500%), 3/25/2030	886,607
491,426	1	FNMA - CAS 2016-C04, Class 1M2, 4.707% (1-month USLIBOR +4.250%), 1/25/2029	502,953
		TOTAL AGENCY RISK TRANSFER SECURITIES (IDENTIFIED COST $1,547,489)	1,501,445
		U.S. TREASURIES— 9.3%
		U.S. Treasury Bonds— 6.6%
415,000		1.750%, 8/15/2041	360,285
540,000		2.375%, 11/15/2049	529,151
		TOTAL	889,436
		U.S. Treasury Notes— 2.7%
400,000		1.250%, 8/15/2031	363,641
		TOTAL U.S. TREASURIES (IDENTIFIED COST $1,351,268)	1,253,077
		COMMERCIAL MORTGAGE-BACKED SECURITY— 7.3%
		Non-Agency Commercial Mortgage-Backed Security— 7.3%
1,000,000		Fontainebleau Miami Beach Trust, Class B, 3.447%, 12/10/2036 (IDENTIFIED COST $1,029,990)	976,067
		GOVERNMENT AGENCY— 6.8%
		Federal Farm Credit System— 6.8%
1,000,000		0.700%, 1/27/2027 (IDENTIFIED COST $1,000,000)	910,816
		MORTGAGE-BACKED SECURITIES— 3.0%
		Federal Home Loan Mortgage Corporation— 0.7%
14,888		7.500%, 1/1/2027	16,030
1,832		7.500%, 1/1/2031	2,043
708		7.500%, 1/1/2031	775
1,309		7.500%, 1/1/2031	1,455
12,636		7.500%, 2/1/2031	14,098
58,850		7.500%, 2/1/2031	65,952
		TOTAL	100,353
		Federal National Mortgage Association— 1.7%
16,966		5.000%, 4/1/2036	18,084
124,495		5.500%, 11/1/2035	134,885
28,099		6.000%, 2/1/2026	30,168
1,906		6.000%, 5/1/2036	2,105

Semi-Annual Shareholder Report

Principal Amount or Shares			Value
		MORTGAGE-BACKED SECURITIES— continued
		Federal National Mortgage Association— continued
$ 402		6.500%, 7/1/2029	$ 436
725		6.500%, 5/1/2030	784
3,405		6.500%, 2/1/2031	3,722
2,890		6.500%, 4/1/2031	3,163
198		6.500%, 4/1/2031	218
3,756		6.500%, 5/1/2031	4,109
3,688		6.500%, 6/1/2031	4,036
6,392		6.500%, 7/1/2031	7,033
795		6.500%, 8/1/2031	860
2,514		7.000%, 4/1/2029	2,771
774		7.000%, 4/1/2029	853
4,019		7.000%, 5/1/2029	4,398
1,914		7.000%, 2/1/2030	2,117
1,958		8.000%, 12/1/2026	2,109
		TOTAL	221,851
		Government National Mortgage Association— 0.6%
10,486		5.000%, 7/15/2023	10,658
5,132		7.000%, 10/15/2028	5,542
1,012		7.000%, 12/15/2028	1,094
2,842		7.000%, 2/15/2029	3,025
1,185		7.000%, 6/15/2029	1,288
3,975		8.000%, 10/15/2030	4,388
55,384		8.000%, 11/15/2030	61,504
		TOTAL	87,499
		TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $376,528)	409,703
		ASSET-BACKED SECURITIES— 1.1%
		Auto Receivables— 0.4%
50,000		CarMax Auto Owner Trust 2021-1, Class D, 1.280%, 7/15/2027	47,261
		Single Family Rental Security— 0.7%
100,000		Progress Residential Trust 2022-SFR1, Class E1, 3.930%, 2/17/2041	96,459
		TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $148,946)	143,720
	1	ADJUSTABLE RATE MORTGAGES— 0.6%
		Federal Home Loan Mortgage Corporation ARM— 0.1%
14,475		1.965%, 7/1/2035	14,912
		Federal National Mortgage Association ARM— 0.5%
19,702		1.995%, 7/1/2034	20,345

Semi-Annual Shareholder Report

Principal Amount or Shares			Value
	1	ADJUSTABLE RATE MORTGAGES— continued
		Federal National Mortgage Association ARM— continued
$ 45,678		2.550%, 2/1/2036	$ 47,509
		TOTAL	67,854
		TOTAL ADJUSTABLE RATE MORTGAGES (IDENTIFIED COST $79,854)	82,766
		COLLATERALIZED MORTGAGE OBLIGATIONS— 0.3%
		Federal National Mortgage Association— 0.1%
19,794		REMIC, Series 1999-13, Class PH, 6.000%, 4/25/2029	20,938
		Non-Agency Mortgage-Backed Securities— 0.2%
73,939		Credit Suisse Mortgage Trust 2007-4, Class 4A2, 5.500%, 6/25/2037	25,526
3,796	2	Lehman Structured Securities Corp. Mortgage 2002-GE1, Class A, 0.000%, 7/26/2024	1,172
		TOTAL	26,698
		TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $96,045)	47,636
		INVESTMENT COMPANIES— 61.0%
437,214		Federated Hermes Corporate Bond Strategy Portfolio	4,761,263
270,175		Federated Hermes Government Obligations Fund, Premier Shares, 0.19%3	270,175
341,666		Mortgage Core Fund	3,156,993
		TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $8,785,448)	8,188,431
		TOTAL INVESTMENT IN SECURITIES—100.6% (IDENTIFIED COST $14,415,568)4	13,513,661
		OTHER ASSETS AND LIABILITIES - NET—(0.6)%5	(85,787)
		TOTAL NET ASSETS—100%	$13,427,874

At March 31, 2022, the Fund had the following outstanding futures contracts:

Description	Number of Contracts	Notional Value	Expiration Date	Value and Unrealized Appreciation (Depreciation)
Long Futures:
2United States Treasury Notes 2-Year Long Futures	5	$1,059,609	June 2022	$(13,721)
2United States Treasury Notes 10-Year Long Futures	5	$614,375	June 2022	$238
Short Futures:
2United States Treasury Notes 10-Year Ultra Short Futures	2	$270,937	June 2022	$8,152
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS				$(5,331)

Semi-Annual Shareholder Report

At March 31, 2022, the Fund had the following open swap contracts:

Credit Default Swap
Counterparty	Reference Entity	Buy/ Sell	Pay/ Receive Fixed Rate	Expiration Date	Implied Credit Spread at 03/31/20226	Notional Amount	Market Value	Upfront Premiums Paid/ (Received)	Unrealized Appreciation (Depreciation)
OTC Swap:
GOLDMAN SACHS AND CO.	CMBX.NA. BBB-.11	Sell	3.000%	11/18/2054	1.50%	$1,000,000	$(79,945)	$(54,097)	$(25,848)
TOTAL CREDIT DEFAULT SWAPS							$(79,945)	$(54,097)	$(25,848)

Net Unrealized Appreciation/Depreciation on Futures and Swap Contracts is included in “Other Assets and Liabilities—Net.”

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

	Federated Hermes Corporate Bond Strategy Portfolio	Federated Hermes Government Obligations Fund, Premier Shares	Mortgage Core Fund	Total of Affiliated Transactions
Value as of 9/30/2021	$6,228,970	$1,155,308	$0	$7,384,278
Purchases at Cost	$750,000	$5,676,927	$3,510,148	$9,937,075
Proceeds from Sales	$(1,600,000)	$(6,562,060)	$(250,000)	$(8,412,060)
Change in Unrealized Appreciation/Depreciation	$(500,474)	N/A	$(98,790)	$(599,264)
Net Realized Gain/(Loss)	$(117,233)	N/A	$(4,365)	$(121,598)
Value as of 3/31/2022	$4,761,263	$270,175	$3,156,993	$8,188,431
Shares Held as of 3/31/2022	437,214	270,175	341,666	1,049,055
Dividend Income	$101,137	$176	$10,153	$111,466
Gain Distributions Received	$40,548	$—	$—	$40,548

The Fund invests in Federated Hermes Corporate Bond Strategy Portfolio (FCP), a diversified portfolio of Federated Hermes Managed Pool Series (the “Trust”) which is also managed by the Adviser. The investment objective of FCP is to provide total return. Income distributions from FCP are declared daily and paid monthly. All income distributions are recorded by the Fund as dividend income. Capital gain distributions of FCP, if any, are declared and paid annually, and are recorded by the Fund as capital gains received. At March 31, 2022, FCP represents 35.5% of the Fund’s net assets. Therefore, the performance of the Fund is directly affected by the performance of FCP. A copy of FCP’s financial statements is available on the EDGAR Database on the SEC’s website or upon request from the Fund.

1	Floating/adjustable note with current rate and current maturity or next reset date shown. Adjustable rate mortgage security coupons are based on the weighted average note rates of the underlying mortgages less the guarantee and servicing fees. These securities do not indicate an index and spread in their description above.
2	Non-income-producing security.
3	7-day net yield.
4	Also represents cost of investments for federal tax purposes.

Semi-Annual Shareholder Report

Assets, other than investments in securities, less liabilities. See Statement of Assets and

Liabilities.

Implied credit spreads, represented in absolute terms, utilized in determining the market value

of credit default swap agreements serve as an indicator of the current status of the payment/

performance risk and represent the likelihood or risk of default for the credit derivative. The

implied credit spread of a particular referenced entity reflects the cost of buying/selling

protection and may include upfront payments required to be made to enter into the agreement.

Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a

greater likelihood or risk of default or other credit event occurring as defined under the terms of

the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred

for the referenced entity or obligation.

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

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.

Semi-Annual Shareholder Report

The following is a summary of the inputs used, as of March 31, 2022, in valuing the Fund’s assets carried at fair value:

Valuation Inputs
	Level 1— Quoted Prices	Level 2— Other Significant Observable Inputs	Level 3— Significant Unobservable Inputs	Total
Debt Securities:
Agency Risk Transfer Securities	$—	$1,501,445	$—	$1,501,445
U.S. Treasury Securities	—	1,253,077	—	1,253,077
Commercial Mortgage-Backed Security	—	976,067	—	976,067
Government Agency	—	910,816	—	910,816
Mortgage-Backed Securities	—	409,703	—	409,703
Asset-Backed Securities	—	143,720	—	143,720
Adjustable Rate Mortgages	—	82,766	—	82,766
Collateralized Mortgage Obligations	—	47,636	—	47,636
Investment Companies	8,188,431	—	—	8,188,431
TOTAL SECURITIES	$8,188,431	$5,325,230	$—	$13,513,661
Other Financial Instruments:
Assets
Futures Contracts	$8,390	$—	$—	$8,390
Liabilities
Futures Contracts	(13,721)	—	—	(13,721)
Swap Contracts	—	(79,945)	—	(79,945)
TOTAL OTHER FINANCIAL INSTRUMENTS	$(5,331)	$(79,945)	$—	$(85,276)

The following acronym(s) are used throughout this portfolio:
ARM	—Adjustable Rate Mortgage
CAS	—Connecticut Avenue Securities
FHLMC	—Federal Home Loan Mortgage Corporation
FNMA	—Federal National Mortgage Association
LIBOR	—London Interbank Offered Rate
REMIC	—Real Estate Mortgage Investment Conduit
STACR	—Structured Agency Credit Risk

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Class A Shares

(For a Share Outstanding Throughout Each Period)1

	Six Months Ended (unaudited) 3/31/2022	Year Ended September 30,
	Six Months Ended (unaudited) 3/31/2022	2021	2020	2019	2018	2017
Net Asset Value, Beginning of Period	$9.87	$9.77	$9.63	$9.25	$9.59	$9.81
Income From Investment Operations:
Net investment income (loss)	0.062	0.122	0.172	0.23	0.22	0.18
Net realized and unrealized gain (loss)	(0.66)	0.17	0.20	0.39	(0.33)	(0.18)
Total From Investment Operations	(0.60)	0.29	0.37	0.62	(0.11)	—
Less Distributions:
Distributions from net investment income	(0.15)	(0.19)	(0.23)	(0.24)	(0.23)	(0.22)
Net Asset Value, End of Period	$9.12	$9.87	$9.77	$9.63	$9.25	$9.59
Total Return3	(6.18)%	2.94%	3.89%	6.82%	(1.19)%	0.00%4
Ratios to Average Net Assets:
Net expenses5	0.58%6	0.62%	0.66%	0.80%	0.81%	0.81%
Net investment income	1.49%6	1.24%	1.75%	2.46%	2.33%	1.91%
Expense waiver/reimbursement7	1.69%6	1.47%	1.11%	0.69%	0.44%	0.40%
Supplemental Data:
Net assets, end of period (000 omitted)	$2,056	$2,521	$4,534	$4,540	$7,143	$11,269
Portfolio turnover8	84%	216%	333%	391%9	72%	277%
Portfolio turnover (excluding purchases and sales from dollar-roll transactions)	35%	82%	203%	186%	18%	63%

1	The Fund’s former Service Shares have been re-designated as Class A Shares, effective May 27, 2021.
2	Per share number has been calculated using the average shares method.
3	Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized.
4	Represents less than 0.01%.
5	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
6	Computed on an annualized basis.
7	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.
8	Securities that mature are considered sales for purposes of this calculation.
9	The portfolio turnover rate was higher from the prior year as a result of significant client activity and asset reduction.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 3/31/2022	Year Ended September 30,
	Six Months Ended (unaudited) 3/31/2022	2021	2020	2019	2018	2017
Net Asset Value, Beginning of Period	$9.88	$9.78	$9.63	$9.25	$9.59	$9.82
Income From Investment Operations:
Net investment income (loss)	0.041	0.151	0.211	0.26	0.25	0.21
Net realized and unrealized gain (loss)	(0.63)	0.16	0.20	0.39	(0.33)	(0.19)
Total From Investment Operations	(0.59)	0.31	0.41	0.65	(0.08)	0.02
Less Distributions:
Distributions from net investment income	(0.16)	(0.21)	(0.26)	(0.27)	(0.26)	(0.25)
Net Asset Value, End of Period	$9.13	$9.88	$9.78	$9.63	$9.25	$9.59
Total Return2	(6.05)%	3.23%	4.30%	7.14%	(0.89)%	0.20%
Ratios to Average Net Assets:
Net expenses3	0.33%4	0.33%	0.37%	0.50%	0.51%	0.50%
Net investment income	1.75%4	1.53%	2.15%	2.75%	2.63%	2.21%
Expense waiver/reimbursement5	1.67%4	1.34%	0.84%	0.48%	0.24%	0.20%
Supplemental Data:
Net assets, end of period (000 omitted)	$11,372	$17,173	$22,347	$44,841	$90,789	$121,240
Portfolio turnover6	84%	216%	333%	391%7	72%	277%
Portfolio turnover (excluding purchases and sales from dollar-roll transactions)	35%	82%	203%	186%	18%	63%

1	Per share number has 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/reimbursement recorded by investment companies in which the Fund may invest.
6	Securities that mature are considered sales for purposes of this calculation.
7	The portfolio turnover rate was higher from the prior year as a result of significant client activity and asset reduction.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Class R6 Shares

(For a Share Outstanding Throughout the Period)

	Period Ended (unaudited) 3/31/20221
Net Asset Value, Beginning of Period	$9.85
Income From Investment Operations:
Net investment income (loss)	0.16
Net realized and unrealized (loss)	(0.73)
Total From Investment Operations	(0.57)
Less Distributions:
Distributions from net investment income	(0.16)
Net Asset Value, End of Period	$9.12
Total Return2	(6.16)%
Ratios to Average Net Assets:
Net expenses3	0.30%
Net investment income	0.30%
Expense waiver/reimbursement4	0.54%
Supplemental Data:
Net assets, end of period (000 omitted)	$05
Portfolio turnover6	84%
Portfolio turnover (excluding purchases and sales from dollar-roll transactions)	35%

1	Reflects operations for the period from November 26, 2021 (date of initial investment) to March 31, 2022.
2	Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. 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	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.
5	Represents less than $1,000.
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 Shareholder Report

Statement of Assets and Liabilities
March 31, 2022 (unaudited)

Assets:
Investment in securities, at value including $8,188,431 of investment in affiliated holdings* (identified cost $14,415,568)	$13,513,661
Cash	2,335
Income receivable	36,749
Receivable for investments sold	76
Receivable for variation margin on futures contracts	1,264
Receivable for periodic payments from swap contracts	582
Prepaid expenses	37,241
Total Assets	13,591,908
Liabilities:
Payable for investments purchased	5,662
Payable for shares redeemed	11,091
Swaps, at value (premium received $54,097)	79,945
Income distribution payable	11,916
Payable to adviser (Note 5)	2,509
Payable for administrative fee (Note 5)	29
Payable for custodian fees	4,073
Payable for portfolio accounting fees	43,147
Payable for other service fees (Notes 2 and 5)	452
Accrued expenses (Note 5)	5,210
Total Liabilities	164,034
Net assets for 1,470,617 shares outstanding	$13,427,874
Net Assets Consist of:
Paid-in capital	$16,433,906
Total distributable earnings (loss)	(3,006,032)
Total Net Assets	$13,427,874

Semi-Annual Shareholder Report

Statement of Assets and Liabilities–continued

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Class A Shares:1
Net asset value per share ($2,055,736 ÷ 225,299 shares outstanding), $0.001 par value, 500,000,000 shares authorized	$9.12
Offering price per share (100/95.50 of $9.12)	$9.55
Redemption proceeds per share	$9.12
Institutional Shares:
Net asset value per share ($11,372,045 ÷ 1,245,308 shares outstanding), $0.001 par value, 1,000,000,000 shares authorized	$9.13
Offering price per share	$9.13
Redemption proceeds per share	$9.13
Class R6 Shares:2
Net asset value per share ($93 ÷ 10 shares outstanding), $0.001 par value, 500,000,000 shares authorized	$9.12
Offering price per share	$9.12
Redemption proceeds per share	$9.12

*	See information listed after the Fund’s Portfolio of Investments.
1	The Fund’s former Service Shares have been re-designated as Class A Shares, effective May 27, 2021.
2	Actual net asset value per share presented differs from calculated net asset value per share due to rounding.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations–continued

Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Swap Contracts:
Net realized loss on investments (including net realized loss of $(121,598) on sales of investments in affiliated holdings*)	$(440,400)
Net realized gain on futures contracts	26,742
Net realized gain on swap contracts	10,613
Realized gain distribution from affiliated investment company shares	40,548
Net change in unrealized depreciation of investments (including net change in unrealized appreciation of $(599,264) on investments in affiliated holdings*)	(795,976)
Net change in unrealized depreciation of futures contracts	3,952
Net change in unrealized appreciation of swap contracts	(25,848)
Net realized and unrealized gain (loss) on investments, futures contracts and swap contracts	(1,180,369)
Change in net assets resulting from operations	$(1,028,810)

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

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 3/31/2022	Year Ended 9/30/2021
Increase (Decrease) in Net Assets
Operations:
Net investment income	$151,559	$350,315
Net realized gain (loss)	(362,497)	1,226,935
Net change in unrealized appreciation/depreciation	(817,872)	(760,438)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	(1,028,810)	816,812
Distributions to Shareholders:
Class A Shares	(33,858)	(69,841)1
Institutional Shares	(252,933)	(433,386)
Class R6 Shares2	(1)	—
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(286,792)	(503,227)
Share Transactions:
Proceeds from sale of shares	433,468	2,410,257
Net asset value of shares issued to shareholders in payment of distributions declared	205,975	374,062
Cost of shares redeemed	(5,589,023)	(10,285,290)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(4,949,580)	(7,500,971)
Change in net assets	(6,265,182)	(7,187,386)
Net Assets:
Beginning of period	19,693,056	26,880,442
End of period	$13,427,874	$19,693,056

1	The Fund’s former Service Shares have been re-designated as Class A Shares, effective May 27, 2021.
2	The Fund’s R6 Class commenced operations on November 26, 2021.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

March 31, 2022 (unaudited)

1. ORGANIZATION

Federated Hermes Total Return Series, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Corporation consists of three portfolios. The financial statements included herein are only those of Federated Hermes Core Bond Fund (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Class A Shares, Institutional Shares and Class R6 Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide total return.

Prior to May 27, 2021, the name of the Fund was Federated Hermes Select Total Return Bond Fund.

The Fund’s Class R6 Shares commenced operations on November 26, 2021.

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 the Fund’s Board of Directors (the “Directors”).

◾

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 asked quotations.

◾

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

◾

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.

◾

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

Semi-Annual Shareholder Report

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 Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the 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 Procedures

The Directors have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Directors have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser’s affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Directors have also authorized the use of pricing services recommended by the Valuation Committee 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 Directors. The Directors periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. 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 asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Directors.

Repurchase Agreements

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund’s custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the

Semi-Annual Shareholder Report

repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a “securities entitlement” and exercises “control” as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund’s Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

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. Distributions of net investment income are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waivers and reimbursements of $146,324 is disclosed in this Note 2 and in Note 5.

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Transfer Agent Fees

For the six months ended March 31, 2022, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed
Class A Shares	$1,169	$(350)
Institutional Shares	7,871	(2,376)
Class R6 Shares	—	—
TOTAL	$9,040	$(2,726)

Semi-Annual Shareholder Report

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s Class A and Institutional Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. For the six months ended March 31, 2022, other service fees for the Fund were as follows:

	Other Service Fees Incurred
Class A Shares	$2,793

For the six months ended March 31, 2022, the Fund’s Institutional Shares did not incur other service fees.

Federal Taxes

It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code (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 March 31, 2022, 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 March 31, 2022, tax years 2018 through 2021 remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America, the State of Maryland and the Commonwealth of Pennsylvania.

When-Issued and Delayed-Delivery Transactions

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

The Fund may transact in To Be Announced Securities (TBAs). As with other delayed-delivery transactions, a seller agrees to issue TBAs at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms such as issuer, interest rate and terms of underlying mortgages. The Fund records TBAs on the trade date utilizing information associated with the specified terms of the transaction as opposed to the specific mortgages. TBAs are marked to market daily and begin earning interest on the settlement date. Losses may occur due to the fact that the actual underlying mortgages received may be less favorable than those anticipated by the Fund.

Dollar-Roll Transactions

The Fund engages in dollar-roll transactions in which the Fund sells mortgage-backed securities with a commitment to buy similar (same type, coupon and maturity), but not identical mortgage-backed securities on a future date. Both securities involved are TBA mortgage-backed securities. The Fund treats dollar-roll transactions as purchases and sales. Dollar-rolls are subject to interest rate risks and credit risks.

Semi-Annual Shareholder Report

Swap Contracts

Swap contracts involve two parties that agree to exchange the returns (or the differential in rates of return) earned or realized on particular predetermined investments, instruments, indices or other measures. The gross returns to be exchanged or “swapped” between parties are generally calculated with respect to a “notional amount” for a predetermined period of time. The Fund may enter into interest rate, total return, credit default, currency and other swap agreements. Risks may arise upon entering into swap agreements from the potential inability of the counterparties to meet the terms of their contract from unanticipated changes in the value of the swap agreement. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default.

The Fund uses credit default swaps to manage market and sector/asset class risks by either selling protection to increase exposure, or buying protection to reduce exposure. The “buyer” in a credit default swap is obligated to pay the “seller” a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If an event of default occurs, the seller must pay the buyer the full notional value, or the “par value”, of the reference obligation in exchange for the reference obligation. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is typically determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specific valuation method, are used to calculate the settlement value. The maximum amount of the payment that may occur, as a result of a credit event payable by the protection seller, is equal to the notional amount of the underlying index or security. The Fund’s maximum exposure to loss of the notional value of credit default swaps outstanding at March 31, 2022, is $1,000,000. The Fund’s maximum risk of loss from counterparty credit risk, either as the protection buyer or as the protection seller, is the fair value of the contract. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

Upfront payments received or paid by the Fund will be reflected as an asset or liability on the Statement of Assets and Liabilities. Changes in the value of swap contracts are included in “Swaps, at value” on the Statement of Assets and Liabilities, and periodic payments are reported as “Net realized gain (loss) on swap contracts” in the Statement of Operations.

Swap contracts are subject to Master Netting Agreements (MNA) 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. The cash or securities deposited in a segregated account, offsets the amount due to the broker reducing the net settlement amount to zero.

Semi-Annual Shareholder Report

Swap contracts outstanding, at period end, including net unrealized appreciation/depreciation, are listed after the Fund’s Portfolio of Investments.

The average notional amount of swap contracts held by the Fund throughout the period was $714,286. This is based on amounts held as of each month-end throughout the six-month period.

Futures Contracts

The Fund purchases and sells financial futures contracts to manage duration and yield curve risks. Upon entering into a financial futures contract with a broker, the Fund is required to deposit with a broker, either U.S. government securities or a specified amount of cash, which is shown as due from broker in the Statement of Assets and Liabilities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. The Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities. There is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures contracts, guarantees the futures contracts against default.

Futures contracts outstanding at period end are listed after the Fund’s Portfolio of Investments.

The average notional value of long and short futures contracts held by the Fund throughout the period was $1,633,703 and $335,819, respectively. This is based on amounts held as of each month-end throughout the six-month period.

Option Contracts

The Fund buys or sells put and call options to manage duration and yield curve risks. The seller (“writer”) of an option receives a payment or premium, from the buyer, which the writer keeps regardless of whether the buyer exercises the option. When the Fund writes a put or call option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the underlying reference instrument. When the Fund purchases a put or call option, an amount equal to the premium paid is recorded as an increase to the cost of the investment and subsequently marked to market to reflect the current value of the option purchased. Premiums paid for purchasing options which expire are treated as realized losses. Premiums received/paid for writing/purchasing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying reference instrument to determine the realized gain or loss. The risk associated with purchasing put and call options is limited to the premium paid. Options can trade on securities or commodities exchanges. In this case, the exchange sets all the terms of the contract except for the price. Most exchanges require investors to maintain margin accounts through their brokers to cover their potential obligations to the exchange. This protects investors against potential defaults by the counterparty.

For the six months ended March 31, 2022, the Fund had no written option contracts.

Semi-Annual Shareholder Report

Investment Income:
Dividends received from affiliated holdings*	$111,466
Interest	69,816
TOTAL INCOME	181,282
Expenses:
Investment adviser fee (Note 5)	30,550
Administrative fee (Note 5)	7,287
Custodian fees	4,342
Transfer agent fees (Note 2)	9,040
Directors’/Trustees’ fees (Note 5)	1,218
Auditing fees	16,969
Legal fees	4,643
Portfolio accounting fees	52,704
Other service fees (Notes 2 and 5)	2,793
Share registration costs	35,432
Printing and postage	9,957
Miscellaneous (Note 5)	1,112
TOTAL EXPENSES	176,047
Waivers and Reimbursements:
Waiver/reimbursement of investment adviser fee (Note 5)	(30,550)
Waivers/reimbursements of other operating expenses (Notes 2 and 5)	(115,774)
TOTAL WAIVERS AND REIMBURSEMENTS	(146,324)
Net expenses	29,723
Net investment income	151,559

Portfolio of Investments Summary Table	1
Portfolio of Investments	2
Financial Highlights	8
Statement of Assets and Liabilities	11
Statement of Operations	13
Statement of Changes in Net Assets	15
Notes to Financial Statements	16
Shareholder Expense Example	28
Evaluation and Approval of Advisory Contract	30
Liquidity Risk Management Program – Annual Evaluation of Adequacy and Effectiveness	40
Voting Proxies on Fund Portfolio Securities	42
Quarterly Portfolio Schedule	42