Mutual funds are not bank deposits or obligations, are not guaranteed by any bank and are 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 mutual funds involves investment risk, including the possible loss of principal.
This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.
Federated Hermes Opportunistic High Yield Bond 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., Distributor
CUSIP 314197302
CUSIP 314197401
CUSIP 314197203
CUSIP 314197104
CUSIP 314197807
© 2024 Federated Hermes, Inc.
(a) As of the end of the period covered by this report, the
registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive
and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's
Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code
of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit,
from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person,
without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400,
and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each
of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent,"
for purposes of this Item: Thomas M. O'Neill and John S. Walsh.
| Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed
to the registrant for the two most recent fiscal years:
Fiscal year ended 2024 – $33,450
Fiscal year ended 2023 - $32,163
(b) Audit-Related
Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2024 - $0
Fiscal year ended 2023 - $0
Amount requiring approval of the registrant’s
Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) Tax Fees billed
to the registrant for the two most recent fiscal years:
Fiscal year ended 2024 - $0
Fiscal year ended 2023 - $0
Amount requiring approval of the registrant’s
Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees
billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2024 - $0
Fiscal year ended 2023 - $0
Amount requiring approval of the registrant’s
Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $29,956 and $65,633 respectively. Fiscal year ended 2024-
Service fees for analysis of potential Passive Foreign Investment Company holdings. Fiscal year ended 2023- Service fees for analysis
of potential Passive Foreign Investment Company holdings.
(e)(1) Audit Committee Policies regarding Pre-approval
of Services.
The Audit Committee is required to pre-approve
audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair
the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval,
it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific
pre-approval by the Audit Committee.
Certain services have the general pre-approval
of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically
provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor
without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee
will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will
not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval
authority to its chairman (the “Chairman”) for services that do not exceed a specified dollar threshold. The Chairman or Chief
Audit Executive will report any such pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate
another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual audit services engagement
terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any
changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual audit services
engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services,
which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit
services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance
and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or
that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services
does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services
must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the
independent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s
independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially
recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported
in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain tax services; with limited exception,
all tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible
services other than audit, review or attest services the pre-approval requirement is waived if:
| (1) | With respect to such services rendered to the Funds, the
aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit
client to its accountant during the fiscal year in which the services are provided; and, |
| (2) | With respect to such services rendered to the Fund’s
investment adviser ( the “Adviser”)and any entity controlling, controlled by to under common control with the Adviser such
as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service
which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the
aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s
auditor by the RIC, its Adviser and any entity controlling, controlled by, or under common control with the Adviser during the fiscal
year in which the services are provided; and |
| (3) | Such services were not recognized by the issuer or RIC
at the time of the engagement to be non-audit services; and |
| (4) | Such services are promptly brought to the attention of
the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee
who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general
pre-approval to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services,
and would not impair the independence of the auditor.
The Securities and Exchange Commission’s
(the “SEC”) rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability
of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services
to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels
will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services
that require specific approval by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting
Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application
is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b)
through 4(d) that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation
S-X:
4(b)
Fiscal year ended 2024 – 0%
Fiscal year ended 2023 - 0%
Percentage of services provided to the registrant’s
Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant
that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and
0% respectively.
4(c)
Fiscal year ended 2024 –
0%
Fiscal year ended 2023 – 0%
Percentage of services provided to the registrant’s
Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant
that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and
0% respectively.
4(d)
Fiscal year ended 2024 –
0%
Fiscal year ended 2023 – 0%
Percentage of services provided to the registrant’s
Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant
that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and
0% respectively.
| (g) | Non-Audit Fees billed to the registrant, the registrant’s
Adviser, and certain entities controlling, controlled by or under common control with the Adviser: |
Fiscal year ended 2024 - $248,548
Fiscal year ended 2023 - $206,786
| (h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s
Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant’s independence. |
| Item 5. | Audit Committee of Listed Registrants |
Not Applicable
| Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part
of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period
covered since the previous Form N-CSR filing.
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
| Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
| Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
| Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
| Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer 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 within 90 days of the filing date
of this report on Form N-CSR.
(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 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
| Item 18. | Recovery of Erroneously Awarded Compensation |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
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 Federated Hermes High Yield Trust
By /S/ Jeremy D. Boughton
Jeremy D. Boughton, Principal Financial Officer
Date April 23, 2024
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 /S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date April 23, 2024
By /S/ Jeremy D. Boughton
Jeremy D. Boughton, Principal Financial Officer
Date April 23, 2024
