EDGAR HTML

Federated Hermes Short-Intermediate Total Return Bond Fund

Portfolio of Investments

May 31, 2025 (unaudited)

Principal Amount or Shares			Value
		U.S. TREASURIES—51.6%
		U.S. Treasury Notes—51.6%
$15,000,000		United States Treasury Note, 3.125%, 8/31/2027	$ 14,756,875
28,000,000		United States Treasury Note, 3.500%, 1/31/2028	27,738,995
24,500,000		United States Treasury Note, 3.750%, 4/15/2028	24,426,059
30,000,000	1	United States Treasury Note, 3.750%, 12/31/2028	29,849,988
16,000,000		United States Treasury Note, 3.875%, 3/31/2027	15,983,038
10,000,000		United States Treasury Note, 4.000%, 6/30/2028	10,038,469
5,000,000		United States Treasury Note, 4.000%, 7/31/2029	5,013,197
32,500,000		United States Treasury Note, 4.000%, 2/28/2030	32,570,479
53,500,000		United States Treasury Note, 4.000%, 3/31/2030	53,595,861
32,000,000		United States Treasury Note, 4.125%, 9/30/2027	32,176,915
6,500,000		United States Treasury Note, 4.125%, 10/31/2029	6,547,080
7,500,000		United States Treasury Note, 4.250%, 1/31/2030	7,592,444
20,000,000		United States Treasury Note, 4.375%, 8/31/2028	20,295,834
30,000,000		United States Treasury Note, 5.000%, 8/31/2025	30,037,659
		TOTAL U.S. TREASURIES (IDENTIFIED COST $310,045,465)	310,622,893
		CORPORATE BONDS—29.2%
		Basic Industry - Paper—0.3%
1,500,000		Smurfit Kappa Treasury Unlimited Co., Sr. Unsecd. Note, 5.200%, 1/15/2030	1,517,294
		Capital Goods - Aerospace & Defense—1.3%
2,000,000		Boeing Co., Sr. Unsecd. Note, 2.196%, 2/4/2026	1,964,955
1,500,000		Boeing Co., Sr. Unsecd. Note, 6.298%, 5/1/2029	1,578,132
2,750,000		HEICO Corp., Sr. Unsecd. Note, 5.250%, 8/1/2028	2,809,614
1,500,000		Teledyne Technologies, Inc., Sr. Unsecd. Note, 1.600%, 4/1/2026	1,463,103
40,000	2	Textron Financial Corp., Jr. Sub. Note, 144A, 6.322% (CME Term SOFR 3 Month +1.996%), 2/15/2042	36,032
		TOTAL	7,851,836
		Capital Goods - Construction Machinery—1.2%
2,000,000		CNH Industrial Capital America LLC, Sr. Unsecd. Note, 1.450%, 7/15/2026	1,927,142
5,385,000		Weir Group PLC/The, Sr. Unsecd. Note, 144A, 2.200%, 5/13/2026	5,241,243
		TOTAL	7,168,385
		Capital Goods - Diversified Manufacturing—1.1%
2,500,000		Ingersoll-Rand, Inc., Sr. Unsecd. Note, 5.176%, 6/15/2029	2,549,651
3,335,000		Vontier Corp., Sr. Unsecd. Note, Series WI, 1.800%, 4/1/2026	3,254,171
790,000		Wabtec Corp., Sr. Unsecd. Note, 3.200%, 6/15/2025	789,104
		TOTAL	6,592,926
		Capital Goods - Environmental—0.2%
1,075,000		Republic Services, Inc., Sr. Unsecd. Note, 4.750%, 7/15/2030	1,086,086
		Communications - Cable & Satellite—0.1%
590,000		Comcast Corp., Sr. Unsecd. Note, 5.350%, 11/15/2027	604,491
		Communications - Media & Entertainment—0.8%
1,485,000		AppLovin Corp., Sr. Unsecd. Note, 5.125%, 12/1/2029	1,495,438
2,500,000		Netflix, Inc., Sr. Unsecd. Note, 4.375%, 11/15/2026	2,505,276
750,000		Walt Disney Co., Sr. Unsecd. Note, Series MTN, 1.850%, 7/30/2026	730,070
		TOTAL	4,730,784

Principal Amount or Shares		Value
	CORPORATE BONDS—continued
	Communications - Telecom Wirelines—0.9%
$ 690,000	NBN Co. Ltd., Sr. Unsecd. Note, 144A, 4.000%, 10/1/2027	$ 682,622
5,100,000	Rogers Communications, Inc., Sr. Unsecd. Note, 3.200%, 3/15/2027	4,991,135
	TOTAL	5,673,757
	Consumer Cyclical - Automotive—2.2%
2,510,000	Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.000%, 12/14/2026	2,414,757
3,000,000	Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.950%, 3/6/2026	3,019,350
344,000	General Motors Co., Sr. Unsecd. Note, 6.125%, 10/1/2025	345,051
5,000,000	Hyundai Capital America, Sr. Unsecd. Note, 144A, 6.000%, 7/11/2025	5,005,944
2,500,000	Mercedes-Benz Finance NA LLC, Sr. Unsecd. Note, 144A, 4.800%, 8/1/2029	2,502,308
	TOTAL	13,287,410
	Consumer Cyclical - Services—0.3%
1,730,000	Sodexo, Inc., Sr. Unsecd. Note, 144A, 5.150%, 8/15/2030	1,744,365
	Consumer Non-Cyclical - Food/Beverage—1.4%
2,100,000	Bacardi Ltd., Sr. Unsecd. Note, 144A, 5.250%, 1/15/2029	2,113,727
4,725,000	International Flavors & Fragrances, Inc., Sr. Unsecd. Note, 144A, 1.230%, 10/1/2025	4,666,684
1,885,000	Mars, Inc., Sr. Unsecd. Note, 144A, 4.800%, 3/1/2030	1,897,438
	TOTAL	8,677,849
	Consumer Non-Cyclical - Health Care—1.2%
2,750,000	Becton Dickinson & Co., Sr. Unsecd. Note, 4.874%, 2/8/2029	2,767,901
1,040,000	CVS Health Corp., Sr. Unsecd. Note, 5.000%, 1/30/2029	1,047,244
2,000,000	GE HealthCare Technologies, Inc., Unsecd. Note, 5.650%, 11/15/2027	2,053,551
1,350,000	Solventum Corp., Sr. Unsecd. Note, Series WI, 5.400%, 3/1/2029	1,377,935
	TOTAL	7,246,631
	Consumer Non-Cyclical - Pharmaceuticals—1.0%
3,250,000	Amgen, Inc., Sr. Unsecd. Note, 5.150%, 3/2/2028	3,310,119
2,500,000	Pfizer Investment Enterprises Pte Ltd., Sr. Unsecd. Note, 4.450%, 5/19/2028	2,513,259
	TOTAL	5,823,378
	Consumer Non-Cyclical - Tobacco—0.6%
1,250,000	BAT International Finance PLC, Sr. Unsecd. Note, 5.931%, 2/2/2029	1,305,934
2,000,000	Philip Morris International, Inc., Sr. Unsecd. Note, 5.125%, 11/17/2027	2,036,036
	TOTAL	3,341,970
	Energy - Independent—0.4%
1,000,000	Diamondback Energy, Inc., Sr. Unsecd. Note, 3.500%, 12/1/2029	946,091
1,490,000	Ovintiv, Inc., Sr. Unsecd. Note, 5.650%, 5/15/2028	1,519,266
	TOTAL	2,465,357
	Energy - Integrated—0.4%
2,500,000	BP Capital Markets America, Inc., Sr. Unsecd. Note, 4.699%, 4/10/2029	2,526,102
	Energy - Midstream—1.7%
2,070,000	Columbia Pipeline Holding Co. LLC, Sr. Unsecd. Note, 144A, 6.042%, 8/15/2028	2,133,944
910,000	Energy Transfer LP, Sr. Unsecd. Note, 5.550%, 2/15/2028	932,440
1,165,000	MPLX LP, Sr. Unsecd. Note, 1.750%, 3/1/2026	1,138,982
2,000,000	Sunoco Logistics Partners LP, Sr. Unsecd. Note, 3.900%, 7/15/2026	1,983,733
1,250,000	Targa Resources, Inc., Sr. Unsecd. Note, 6.150%, 3/1/2029	1,305,153
2,490,000	Williams Cos., Inc., Sr. Unsecd. Note, 4.900%, 3/15/2029	2,511,803
	TOTAL	10,006,055
	Financial Institution - Banking—5.2%
910,000	American Express Co., Sr. Unsecd. Note, 5.850%, 11/5/2027	941,861
2,000,000	Bank of America Corp., Sr. Unsecd. Note, 5.080%, 1/20/2027	2,004,516
2,500,000	Citigroup, Inc., Sr. Unsecd. Note, 5.174%, 2/13/2030	2,532,826
1,530,000	Comerica, Inc., Sr. Unsecd. Note, 5.982%, 1/30/2030	1,555,457

Principal Amount or Shares		Value
	CORPORATE BONDS—continued
	Financial Institution - Banking—continued
$ 570,000	Fifth Third Bancorp, Sr. Unsecd. Note, 6.339%, 7/27/2029	$ 596,352
2,000,000	Fifth Third Bancorp, Sr. Unsecd. Note, 6.361%, 10/27/2028	2,073,781
1,990,000	FNB Corp. (PA), Sr. Unsecd. Note, 5.150%, 8/25/2025	1,988,491
1,575,000	Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.727%, 4/25/2030	1,628,232
775,000	Goldman Sachs Group, Inc., Sr. Unsecd. Note, Series VAR, 1.093%, 12/9/2026	760,396
735,000	JPMorgan Chase & Co., Sr. Unsecd. Note, 5.140%, 1/24/2031	746,635
1,275,000	M&T Bank Corp., Sr. Unsecd. Note, 7.413%, 10/30/2029	1,376,479
3,000,000	Manufacturers & Traders Trust Co., Sr. Unsecd. Note, 4.700%, 1/27/2028	3,014,753
1,000,000	Morgan Stanley, 4.654%, 10/18/2030	993,697
640,000	Morgan Stanley, Sr. Unsecd. Note, 5.050%, 1/28/2027	641,457
1,500,000	Morgan Stanley, Sr. Unsecd. Note, 5.656%, 4/18/2030	1,548,885
1,805,000	PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.582%, 6/12/2029	1,857,629
1,195,000	Synovus Financial Corp., Sr. Unsecd. Note, 6.168%, 11/1/2030	1,211,055
1,500,000	Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 6.047%, 6/8/2027	1,519,754
2,000,000	U.S. Bancorp, Sr. Unsecd. Note, 5.775%, 6/12/2029	2,065,089
2,275,000	Wells Fargo & Co., Sr. Unsecd. Note, 5.198%, 1/23/2030	2,312,661
	TOTAL	31,370,006
	Financial Institution - Broker/Asset Mgr/Exchange—0.2%
1,460,000	Jefferies Financial Group, Inc., Sr. Unsecd. Note, 5.875%, 7/21/2028	1,499,244
	Financial Institution - Finance Companies—0.5%
1,665,000	AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 2.450%, 10/29/2026	1,614,257
1,290,000	Ally Financial, Inc., Sr. Unsecd. Note, 6.992%, 6/13/2029	1,348,155
	TOTAL	2,962,412
	Financial Institution - Insurance - Health—0.3%
1,400,000	Centene Corp., Sr. Unsecd. Note, 2.450%, 7/15/2028	1,290,262
300,000	Elevance Health, Inc., Sr. Unsecd. Note, 5.350%, 10/15/2025	300,487
	TOTAL	1,590,749
	Financial Institution - Insurance - Life—0.9%
3,000,000	AIA Group Ltd., Sr. Unsecd. Note, 144A, 5.625%, 10/25/2027	3,085,485
2,500,000	Metropolitan Life Global Funding I, Sr. Secd. Note, 144A, 4.850%, 1/8/2029	2,529,883
	TOTAL	5,615,368
	Financial Institution - Insurance - P&C—0.5%
3,000,000	Aon North America, Inc., Sr. Unsecd. Note, 5.150%, 3/1/2029	3,061,174
	Technology—2.2%
2,500,000	Broadcom, Inc., Sr. Unsecd. Note, 4.350%, 2/15/2030	2,472,064
2,520,000	CDW LLC/ CDW Finance Corp., Sr. Unsecd. Note, 2.670%, 12/1/2026	2,442,485
2,000,000	Cisco Systems, Inc., Sr. Unsecd. Note, 4.850%, 2/26/2029	2,040,445
2,130,000	Fortinet, Inc., Sr. Unsecd. Note, 1.000%, 3/15/2026	2,070,894
1,315,000	Microchip Technology, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2029	1,323,675
535,000	Skyworks Solutions, Inc., Sr. Unsecd. Note, 1.800%, 6/1/2026	516,373
2,660,000	VMware, Inc., Sr. Unsecd. Note, 1.400%, 8/15/2026	2,561,855
	TOTAL	13,427,791
	Transportation - Services—1.0%
1,850,000	Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 4.600%, 5/1/2028	1,861,494
2,500,000	GXO Logistics, Inc., Sr. Unsecd. Note, 6.250%, 5/6/2029	2,560,812
1,800,000	Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.550%, 5/1/2028	1,840,111
	TOTAL	6,262,417
	Utility - Electric—3.1%
1,135,000	American Electric Power Co., Inc., Jr. Sub. Note, 5.699%, 8/15/2025	1,136,693
430,000	American Electric Power Co., Inc., Sr. Unsecd. Note, 5.750%, 11/1/2027	442,634

Principal Amount or Shares		Value
	CORPORATE BONDS—continued
	Utility - Electric—continued
$ 790,000	American Electric Power Co., Inc., Sr. Unsecd. Note, Series N, 1.000%, 11/1/2025	$ 777,715
860,000	Duke Energy Corp., Sr. Unsecd. Note, 5.000%, 12/8/2027	870,573
1,005,000	Electricite de France S.A., Sr. Unsecd. Note, 144A, 5.700%, 5/23/2028	1,032,649
2,665,000	Enel Finance International NV, Sr. Unsecd. Note, 144A, 1.625%, 7/12/2026	2,576,783
1,670,000	Enel Finance International NV, Sr. Unsecd. Note, 144A, 7.050%, 10/14/2025	1,681,721
5,000,000	Fells Point Funding Trust, Sr. Unsecd. Note, 144A, 3.046%, 1/31/2027	4,864,558
245,000	FirstEnergy, Corp., Sr. Unsecd. Note, Series A, 1.600%, 1/15/2026	240,306
2,500,000	National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, 5.450%, 10/30/2025	2,508,961
2,305,000	NiSource, Inc., Sr. Unsecd. Note, 5.250%, 3/30/2028	2,350,135
	TOTAL	18,482,728
	Utility - Other—0.2%
1,135,000	National Grid-SP PLC, Sr. Unsecd. Note, 5.602%, 6/12/2028	1,168,024
	TOTAL CORPORATE BONDS (IDENTIFIED COST $175,294,921)	175,784,589
	ASSET-BACKED SECURITIES—7.5%
	Auto Receivables—6.5%
4,250,000	Bank of America Auto Trust 2023-2, Class A3, 144A, 5.740%, 6/15/2028	4,289,824
3,275,000	BMW Vehicle Lease Trust 2024-1, Class A3, 4.980%, 3/25/2027	3,287,315
3,700,000	BMW Vehicle Owner Trust 2024-A, Class A3, 5.180%, 2/26/2029	3,735,617
3,200,000	CNH Equipment Trust 2024-A, Class A3, 4.770%, 6/15/2029	3,208,482
3,281,211	Enterprise Fleet Financing, LLC 2023-3, Class A2, 144A, 6.400%, 3/20/2030	3,329,618
2,650,000	Enterprise Fleet Financing, LLC 2024-2, Class A3, 144A, 5.610%, 4/20/2028	2,691,910
1,471,066	Honda Auto Receivables Owner Trust 2023-2, Class A3, 4.930%, 11/15/2027	1,473,886
2,275,000	Honda Auto Receivables Owner Trust 2023-4, Class A3, 5.670%, 6/21/2028	2,301,734
2,750,000	Honda Auto Receivables Owner Trust 2025-1, Class A3, 4.570%, 9/21/2029	2,766,926
1,600,000	Hyundai Auto Lease Securitization Trust 2024 - C, Class A3, 144A, 4.620%, 4/17/2028	1,605,292
2,500,000	Mercedes-Benz Auto Lease Trust 2024-A, Class A3, 5.320%, 1/18/2028	2,517,123
1,350,000	Mercedes-Benz Auto Lease Trust 2024-B, Class A3, 4.230%, 2/15/2028	1,345,205
1,750,000	Porsche Innovative Lease Owner Trust 2024-2A, Class A3, 144A, 4.350%, 10/20/2027	1,743,902
4,500,000	Toyota Auto Receivables Owner Trust 2024-B, Class A3, 5.330%, 1/16/2029	4,549,575
	TOTAL	38,846,409
	Equipment Lease—0.8%
1,750,000	DLLST LLC 2024-1A, Class A3, 144A, 5.050%, 8/20/2027	1,755,012
597,481	MMAF Equipment Finance LLC 2020-A, Class A3, 144A, 0.970%, 4/9/2027	586,786
2,500,000	MMAF Equipment Finance LLC 2023-A, Class A3, 144A, 5.540%, 12/13/2029	2,543,528
	TOTAL	4,885,326
	Student Loans—0.2%
621,772	Navient Student Loan Trust 2020-GA, Class A, 144A, 1.170%, 9/16/2069	571,434
637,396	Navient Student Loan Trust 2020-HA, Class A, 144A, 1.310%, 1/15/2069	595,623
	TOTAL	1,167,057
	TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $44,654,443)	44,898,792
	COMMERCIAL MORTGAGE-BACKED SECURITIES—0.6%
	Commercial Mortgage—0.6%
1,146,756	Benchmark Mortgage Trust 2019-B12, Class A2, 3.000%, 8/15/2052	1,142,813
2,885,000	Benchmark Mortgage Trust 2021-B26, Class A2, 1.957%, 6/15/2054	2,770,208
	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $4,152,675)	3,913,021
	MORTGAGE-BACKED SECURITIES—0.1%
	Federal National Mortgage Association—0.1%
519,674	Federal National Mortgage Association, Pool AS2976, 4.000%, 8/1/2044	490,792

Principal Amount or Shares			Value
		MORTGAGE-BACKED SECURITIES—continued
		Federal National Mortgage Association—continued
$ 278,828		Federal National Mortgage Association, Pool AW0029, 3.500%, 7/1/2044	$ 255,296
		TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $833,584)	746,088
		COLLATERALIZED MORTGAGE OBLIGATION—0.0%
		Federal Home Loan Mortgage Corporation—0.0%
9,696	2	Federal Home Loan Mortgage Corp. REMIC, Series 3397, Class FC, 5.046% (30-DAY AVERAGE SOFR +0.714%), 12/15/2037 (IDENTIFIED COST $9,714)	9,618
		INVESTMENT COMPANIES—10.3%
360,650		Bank Loan Core Fund	3,097,980
435,848		Emerging Markets Core Fund	3,774,444
1,457,497		Federated Hermes Government Obligations Fund, Premier Shares, 4.23%3	1,457,497
1,011,675		Mortgage Core Fund	8,305,852
5,134,262		Project and Trade Finance Core Fund	45,592,250
		TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $61,085,485)	62,228,023
		TOTAL INVESTMENT IN SECURITIES—99.3% (IDENTIFIED COST $596,076,287)	598,203,024
		OTHER ASSETS AND LIABILITIES - NET—0.7%4	4,089,131
		NET ASSETS—100%	$602,292,155

At May 31, 2025, the Fund had the following outstanding futures contracts:

Description	Number of Contracts	Notional Value	Expiration Date	Value and Unrealized Appreciation
Long Futures:
United States Treasury Notes 5-Year Long Futures	315	$34,079,063	September 2025	$97,199

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

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended May 31, 2025, were as follows:

Affiliates	Value as of 8/31/2024	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation/ Depreciation	Net Realized Gain/ (Loss)	Value as of 5/31/2025	Shares Held as of 5/31/2025	Dividend Income
Bank Loan Core Fund	$2,962,433	$174,172	$—	$(38,625)	$—	$3,097,980	360,650	$174,172
Emerging Markets Core Fund	$13,142,199	$8,510,103	$(17,500,000)	$(981,658)	$603,800	$3,774,444	435,848	$1,010,121
Federated Hermes Government Obligations Fund, Premier Shares*	$7,526,549	$163,312,287	$(169,381,339)	$—	$—	$1,457,497	1,457,497	$197,754
Mortgage Core Fund	$43,700,043	$979,873	$(35,000,000)	$(993,473)	$(380,591)	$8,305,852	1,011,675	$979,873
Project and Trade Finance Core Fund	$42,908,528	$2,487,831	$—	$195,891	$—	$45,592,250	5,134,262	$2,487,831
TOTAL OF AFFILIATED TRANSACTIONS	$110,239,752	$175,464,266	$(221,881,339)	$(1,817,865)	$223,209	$62,228,023	8,399,932	$4,849,751

*	All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions.

1	All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts.
2	Floating/variable note with current rate and current maturity or next reset date shown.
3	7-day net yield.
4	Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of net assets at May 31, 2025.

Investment Valuation

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

■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the “Adviser”).

■ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.

■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.

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

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

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

Fair Valuation and Significant Events Procedures

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, 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.

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 ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

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

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

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

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

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

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of May 31, 2025, 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:
U.S. Treasuries	$—	$310,622,893	$—	$310,622,893
Corporate Bonds	—	175,784,589	—	175,784,589
Asset-Backed Securities	—	44,898,792	—	44,898,792
Commercial Mortgage-Backed Securities	—	3,913,021	—	3,913,021
Mortgage-Backed Securities	—	746,088	—	746,088
Collateralized Mortgage Obligation	—	9,618	—	9,618
Investment Companies	16,635,773	—	—	16,635,773
Other Investments1	—	—	—	45,592,250
TOTAL SECURITIES	$16,635,773	$535,975,001	$—	$598,203,024
Other Financial Instruments:2
Assets	$97,199	$—	$—	$97,199

As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $45,592,250 is measured at fair value using the net

asset value (NAV) per share practical expedient and has not been categorized in the fair value hierarchy chart above. The price of shares redeemed of Project and

Trade Finance Core Fund (PTCORE), a portfolio of Federated Hermes Core Trust III, may be determined as of the closing NAV of the fund up to twenty-four days

after receipt of a shareholder redemption request. The investment objective of PTCORE is to provide total return. Copies of the PTCORE financial statements are

available on the EDGAR database on the SEC’s website or upon request from the Fund.

Other financial instruments are futures contracts.

The following acronym(s) are used throughout this portfolio:
MTN	—Medium Term Note
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Financing Rate