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

Form N-CSRS
Certified Shareholder Report of Registered Management Investment Companies

811-7193
(Investment Company Act File Number)

Federated Hermes Institutional Trust
(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: 2026-10-31

Date of Reporting Period: Six months ended 2026-04-30

Item 1.

Reports to Stockholders

Federated Hermes Institutional High Yield Bond Fund

Class A Shares | FIHAX

Semi-Annual Shareholder Report - April 30, 2026

A Portfolio of Federated Hermes Institutional Trust

This semi-annual shareholder report contains important information about the Federated Hermes Institutional High Yield Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as an annualized percentage of a $10,000 investment
Class A Shares	$38	0.75%

Key Fund Statistics

Net Assets$4,835,838,533
Number of Investments457
Portfolio Turnover10%

Fund Holdings

Top Index Classifications (% of Net Assets)

Table Summary
Value	Value
Independent Energy	3.1%
Chemicals	3.8%
Building Materials	4.0%
Automotive	4.2%
Gaming	4.2%
Health Care	4.9%
Cable Satellite	5.4%
Midstream	5.9%
Insurance - P&C	9.0%
Technology	16.3%

Semi-Annual Shareholder Report

Federated Hermes Institutional High Yield Bond Fund

Additional Information about the Fund

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 31420B839

28539-A (06/26)

Federated Securities Corp., Distributor

FederatedHermes.com/us

Federated Hermes Institutional High Yield Bond Fund

Class C Shares | FIHCX

Semi-Annual Shareholder Report - April 30, 2026

A Portfolio of Federated Hermes Institutional Trust

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as an annualized percentage of a $10,000 investment
Class C Shares	$76	1.52%

Key Fund Statistics

Net Assets$4,835,838,533
Number of Investments457
Portfolio Turnover10%

Fund Holdings

Top Index Classifications (% of Net Assets)

Table Summary
Value	Value
Independent Energy	3.1%
Chemicals	3.8%
Building Materials	4.0%
Automotive	4.2%
Gaming	4.2%
Health Care	4.9%
Cable Satellite	5.4%
Midstream	5.9%
Insurance - P&C	9.0%
Technology	16.3%

Semi-Annual Shareholder Report

Federated Hermes Institutional High Yield Bond Fund

Additional Information about the Fund

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 31420B821

28539-B (06/26)

Federated Securities Corp., Distributor

FederatedHermes.com/us

Federated Hermes Institutional High Yield Bond Fund

Institutional Shares | FIHBX

Semi-Annual Shareholder Report - April 30, 2026

A Portfolio of Federated Hermes Institutional Trust

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as an annualized percentage of a $10,000 investment
Institutional Shares	$25	0.50%

Key Fund Statistics

Net Assets$4,835,838,533
Number of Investments457
Portfolio Turnover10%

Fund Holdings

Top Index Classifications (% of Net Assets)

Table Summary
Value	Value
Independent Energy	3.1%
Chemicals	3.8%
Building Materials	4.0%
Automotive	4.2%
Gaming	4.2%
Health Care	4.9%
Cable Satellite	5.4%
Midstream	5.9%
Insurance - P&C	9.0%
Technology	16.3%

Semi-Annual Shareholder Report

Federated Hermes Institutional High Yield Bond Fund

Additional Information about the Fund

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 31420B300

28539-C (06/26)

Federated Securities Corp., Distributor

FederatedHermes.com/us

Federated Hermes Institutional High Yield Bond Fund

Class R6 Shares | FIHLX

Semi-Annual Shareholder Report - April 30, 2026

A Portfolio of Federated Hermes Institutional Trust

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as an annualized percentage of a $10,000 investment
Class R6 Shares	$25	0.49%

Key Fund Statistics

Net Assets$4,835,838,533
Number of Investments457
Portfolio Turnover10%

Fund Holdings

Top Index Classifications (% of Net Assets)

Table Summary
Value	Value
Independent Energy	3.1%
Chemicals	3.8%
Building Materials	4.0%
Automotive	4.2%
Gaming	4.2%
Health Care	4.9%
Cable Satellite	5.4%
Midstream	5.9%
Insurance - P&C	9.0%
Technology	16.3%

Semi-Annual Shareholder Report

Federated Hermes Institutional High Yield Bond Fund

Additional Information about the Fund

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 31420B847

28539-D (06/26)

Federated Securities Corp., Distributor

FederatedHermes.com/us

Item 2.

Code of Ethics

Not Applicable

Item 3.

Audit Committee Financial Expert

Not Applicable

Item 4.

Principal Accountant Fees and Services

Not Applicable

Item 5.

Audit Committee of Listed Registrants

Not Applicable

Item 6.

Schedule of Investments

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

(b) Not Applicable

Item 7.

Financial Statements and Financial Highlights for Open-End Management Companies

Semi-Annual Financial Statements
and Additional Information

April 30, 2026

Share Class | Ticker

A | FIHAX

C | FIHCX

Institutional | FIHBX

R6 | FIHLX

Federated Hermes Institutional High Yield Bond Fund

A Portfolio of Federated Hermes Institutional Trust

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

CONTENTS

Portfolio of Investments	1
Financial Highlights	13
Statement of Assets and Liabilities	17
Statement of Operations	18
Statement of Changes in Net Assets	19
Notes to Financial Statements	20
Evaluation and Approval of Advisory Contract	26

Portfolio of Investments

April 30, 2026 (unaudited)

Principal Amount or Shares		Value
	CORPORATE BONDS—96.9%
	Aerospace/Defense—1.6%
$ 6,750,000	TransDigm, Inc., 144A, 6.375%, 3/1/2029	$ 6,893,134
18,850,000	TransDigm, Inc., 1st Priority Sr. Secd. Note, 144A, 6.625%, 3/1/2032	19,395,575
13,925,000	TransDigm, Inc., Sr. Secd. Note, 144A, 6.750%, 8/15/2028	14,130,505
25,375,000	TransDigm, Inc., Sr. Secd. Note, 144A, 6.875%, 12/15/2030	26,172,663
5,400,000	TransDigm, Inc., Sr. Sub. 144A, 6.125%, 7/31/2034	5,412,690
7,000,000	TransDigm, Inc., Sr. Sub. Note, 144A, 6.375%, 5/31/2033	7,058,968
	TOTAL	79,063,535
	Automotive—4.2%
4,100,000	Adient Global Holdings Ltd., 144A, 7.000%, 4/15/2028	4,173,739
14,175,000	Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 7.500%, 2/15/2033	14,507,531
5,225,000	Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 8.250%, 4/15/2031	5,468,830
10,075,000	Clarios Global LP, Sr. Secd. Note, 144A, 6.750%, 2/15/2030	10,413,621
32,000,000	Clarios Global LP, Sr. Unsecd. Note, 144A, 6.750%, 9/15/2032	32,752,640
4,475,000	Cyprium Corp. / Cyprium Holdings, Sr. Unsecd. Note, 144A, 6.125%, 4/15/2031	4,517,083
7,325,000	Cyprium Corp. / Cyprium Holdings, Sr. Unsecd. Note, 144A, 6.375%, 4/15/2034	7,334,014
25,621,250	Dexko Global, Inc., Sr. Unsecd. Note, 144A, 7.500%, 4/15/2032	23,070,911
9,150,000	Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 2.700%, 8/10/2026	9,103,273
18,600,000	Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.000%, 11/13/2030	17,476,598
4,375,000	Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.271%, 1/9/2027	4,358,680
7,800,000	Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 7.350%, 11/4/2027	8,040,070
7,000,000	Forvia SE, Sr. Unsecd. Note, 144A, 6.750%, 9/15/2033	7,023,779
24,850,000	IHO Verwaltungs GmbH, 144A, 8.000%, 11/15/2032	25,799,021
4,125,000	IHO Verwaltungs GmbH, Secured Note, 144A, 7.375%, 5/15/2033	4,197,367
10,775,000	IHO Verwaltungs GmbH, Sr. Secd. Note, 144A, 6.375%, 5/15/2029	10,829,618
8,000,000	J.B. Poindexter & Co., Inc., Sr. Unsecd. Note, 144A, 8.750%, 12/15/2031	8,299,944
3,000,000	ZF North America Capital, Inc., Sr. Unsecd. Note, 144A, 6.750%, 4/23/2030	2,981,619
4,250,000	ZF North America Capital, Inc., Sr. Unsecd. Note, 144A, 7.125%, 4/14/2030	4,263,859
	TOTAL	204,612,197
	Building Materials—4.0%
7,000,000	American Builders & Contractors Supply Co., Inc., 144A, 4.000%, 1/15/2028	6,919,006
9,725,000	CP Atlas Buyer, Inc., 144A, 9.750%, 7/15/2030	9,049,078
13,103,451	CP Atlas Buyer, Inc., 144A, 12.750%, 1/15/2031	9,708,672
2,425,000	Installed Building Products, Inc., Sr. Unsecd. Note, 144A, 5.625%, 2/1/2034	2,419,032
6,975,000	Masterbrand, Inc., 144A, 7.000%, 7/15/2032	6,942,676
12,525,000	Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, Sr. Secd. Note, 144A, 6.750%, 4/1/2032	12,388,033
8,600,000	MIWD Holdco II LLC/ MIWD Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 2/1/2030	7,940,637
16,000,000	Patrick Industries, Inc., Co. Guarantee, 144A, 6.375%, 11/1/2032	16,137,008
20,100,000	Queen MergerCo Inc., Sr. Secd. Note, 144A, 6.750%, 4/30/2032	20,515,577
13,300,000	Quikrete Holdings, Inc., Sr. Secd. Note, 144A, 6.375%, 3/1/2032	13,518,227
13,750,000	Quikrete Holdings, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2033	13,951,778
7,475,000	Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.375%, 7/15/2030	7,141,241
5,950,000	Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2028	5,920,086
17,100,000	Standard Industries, Inc., Sr. Unsecd. Note, 144A, 6.250%, 8/1/2033	17,108,193
4,000,000	Standard Industries, Inc., Sr. Unsecd. Note, 144A, 6.500%, 8/15/2032	4,042,700
16,625,000	TopBuild Corp., Sr. Unsecd. Note, 144A, 5.625%, 1/31/2034	16,850,618
21,400,000	White Cap Supply Holdings LLC, Sr. Unsecd. Note, 144A, 7.375%, 11/15/2030	21,654,403
	TOTAL	192,206,965

Semi-Annual Financial Statements and Additional Information

Principal Amount or Shares		Value
	CORPORATE BONDS—continued
	Cable Satellite—5.4%
$ 14,850,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 4.500%, 5/1/2032	$ 13,049,699
29,375,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2031	26,700,031
8,100,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2034	6,802,627
16,500,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 8/15/2030	15,399,369
3,450,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 6/1/2033	2,967,382
6,800,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 3/1/2030	6,449,422
6,225,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/1/2032	5,578,534
7,350,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028	7,267,662
3,200,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2027	3,198,021
7,750,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 7.000%, 2/1/2033	7,645,555
4,000,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 7.375%, 3/1/2031	4,051,508
6,350,000	CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.125%, 12/1/2030	3,785,316
17,725,000	CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.500%, 11/15/2031	10,351,985
8,650,000	Sirius XM Radio LLC, Sr. Unsecd. Note, 144A, 3.875%, 9/1/2031	7,835,323
3,000,000	Sirius XM Radio LLC, Sr. Unsecd. Note, 144A, 4.000%, 7/15/2028	2,914,972
3,000,000	Sirius XM Radio LLC, Sr. Unsecd. Note, 144A, 5.000%, 8/1/2027	2,992,779
14,875,000	Sirius XM Radio LLC, Sr. Unsecd. Note, 144A, 5.500%, 7/1/2029	14,775,149
5,725,000	Sirius XM Radio LLC, Sr. Unsecd. Note, 144A, 5.875%, 4/15/2032	5,632,754
25,675,000	Sunrise FinCo I B.V., Sr. Note, 144A, 4.875%, 7/15/2031	24,684,972
33,400,000	Telenet Finance Luxembourg, Sr. Secd. Note, 144A, 5.500%, 3/1/2028	33,134,164
11,875,000	Virgin Media Finance PLC, Sr. Unsecd. Note, 144A, 5.000%, 7/15/2030	10,019,960
7,400,000	Virgin Media Secured Finance PLC, Sr. Secd. Note, 144A, 4.500%, 8/15/2030	6,555,203
7,550,000	Virgin Media Secured Finance PLC, Sr. Secd. Note, 144A, 5.500%, 5/15/2029	7,289,302
13,450,000	Vmed O2 UK Financing I PLC, Sr. Note, 144A, 4.750%, 7/15/2031	11,644,565
2,000,000	Vmed O2 UK Financing I PLC, Sr. Secd. Note, 144A, 4.250%, 1/31/2031	1,723,467
15,350,000	VZ Secured Financing B.V., Sr. Secd. Note, 144A, 5.000%, 1/15/2032	13,462,440
7,925,000	Ziggo Bond Co. B.V., Sr. Unsecd. Note, 144A, 5.125%, 2/28/2030	6,958,619
	TOTAL	262,870,780
	Chemicals—3.8%
7,350,000	Ashland, Inc., Sr. Unsecd. Note, 144A, 3.375%, 9/1/2031	6,561,668
5,275,000	Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V., Sr. Unsecd. Note, 144A, 7.250%, 2/15/2031	5,484,096
20,525,000	Celanese US Holdings LLC, Sr. Unsecd. Note, 6.750%, 4/15/2033	21,154,255
12,850,000	Celanese US Holdings LLC, Sr. Unsecd. Note, 7.375%, 2/15/2034	13,463,125
5,525,000	Element Solutions, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028	5,390,171
8,850,000	H.B. Fuller Co., Sr. Unsecd. Note, 4.250%, 10/15/2028	8,685,367
4,126,000	Illuminate Buyer LLC/Illuminate Holdings IV, Inc., Sr. Unsecd. Note, 144A, 9.000%, 7/1/2028	4,135,914
14,425,000	Inversion Escrow Issuer LLC, Secured Note, 144A, 6.750%, 8/1/2032	13,993,128
21,175,000	Maxam Prill S.a.r.l., Sr. Secd. Note, 144A, 7.750%, 7/15/2030	21,976,537
20,625,000	Olympus Water US Holding Corp., Secured Note, 144A, 7.250%, 2/15/2033	20,178,011
11,000,000	Olympus Water US Holding Corp., Sr. Secd. Note, 144A, 4.250%, 10/1/2028	10,707,409
4,750,000	Olympus Water US Holding Corp., Sr. Secd. Note, 144A, 7.250%, 6/15/2031	4,781,844
3,925,000	Qnity Electronics, Inc., Sr. Secd. Note, 144A, 5.750%, 8/15/2032	3,967,669
6,600,000	Qnity Electronics, Inc., Sr. Unsecd. Note, 144A, 6.250%, 8/15/2033	6,760,882
5,125,000	SNF Group SACA, Sr. Unsecd. Note, 144A, 3.375%, 3/15/2030	4,781,439
9,950,000	Solstice Advanced Materials, Inc., Sr. Unsecd. Note, 144A, 5.625%, 9/30/2033	9,901,279
1,425,000	WR Grace Holdings LLC, Secured Note, 144A, 7.000%, 8/1/2033	1,416,307
5,725,000	WR Grace Holdings LLC, Sr. Secd. Note, 144A, 6.625%, 8/15/2032	5,686,358
4,050,000	WR Grace Holdings LLC, Sr. Secd. Note, 144A, 7.375%, 3/1/2031	4,095,000
10,775,000	WR Grace Holdings LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029	10,289,999
	TOTAL	183,410,458

Semi-Annual Financial Statements and Additional Information

Principal Amount or Shares		Value
	CORPORATE BONDS—continued
	Construction Machinery—0.8%
$ 1,675,000	Herc Holdings, Inc., Sr. Unsecd. Note, 144A, 6.000%, 3/15/2034	$ 1,662,614
8,450,000	Herc Holdings, Inc., Sr. Unsecd. Note, 144A, 7.000%, 6/15/2030	8,796,264
6,750,000	Herc Holdings, Inc., Sr. Unsecd. Note, 144A, 7.250%, 6/15/2033	7,072,846
6,475,000	United Rentals North America, Inc., Sr. Unsecd. Note, 4.000%, 7/15/2030	6,212,002
10,600,000	United Rentals North America, Inc., Sr. Unsecd. Note, 4.875%, 1/15/2028	10,587,626
5,650,000	United Rentals North America, Inc., Sr. Unsecd. Note, 144A, 6.125%, 3/15/2034	5,812,844
	TOTAL	40,144,196
	Consumer Cyclical Services—2.6%
10,675,000	Allied Universal Holdco LLC, Sr. Secd. Note, 144A, 6.875%, 6/15/2030	10,990,568
19,025,000	Allied Universal Holdco LLC, Sr. Secd. Note, 144A, 7.875%, 2/15/2031	19,969,344
8,600,000	Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029	8,540,604
9,850,000	Cars.com, Inc., Sr. Unsecd. Note, 144A, 6.375%, 11/1/2028	9,689,691
5,800,000	Garda World Security Corp., 144A, 8.250%, 8/1/2032	5,939,635
4,325,000	Garda World Security Corp., Sr. Secd. Note, 144A, 7.750%, 2/15/2028	4,406,180
9,475,000	Garda World Security Corp., Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029	9,292,338
22,700,000	Garda World Security Corp., Sr. Unsecd. Note, 144A, 8.375%, 11/15/2032	23,439,180
4,850,000	Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 4.125%, 8/1/2030	4,557,988
9,000,000	Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 4.625%, 6/1/2028	8,890,192
8,175,000	Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027	8,153,633
3,650,000	Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 6.125%, 9/15/2033	3,609,876
3,000,000	The Brink’s Co., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2029	3,071,673
5,400,000	The Brink’s Co., Sr. Unsecd. Note, 144A, 6.750%, 6/15/2032	5,544,121
	TOTAL	126,095,023
	Consumer Products—2.0%
32,491,048	Beach Acquisition Bidco, Sr. Unsecd. Note, 144A, 10.750%, 7/15/2033	35,757,990
8,175,000	Champ Acquisition Corp., Sr. Secd. Note, 144A, 8.375%, 12/1/2031	8,632,628
15,000,000	Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/31/2029	14,439,545
5,900,000	Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2028	5,823,690
16,475,000	Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 6.000%, 9/15/2033	15,775,684
17,500,000	Whirlpool Corp., Sr. Unsecd. Note, 6.500%, 6/15/2033	16,780,009
	TOTAL	97,209,546
	Diversified Manufacturing—1.6%
30,000,000	EMRLD Borrower LP / Emerald Co-Issuer, Inc., Sr. Secd. Note, 144A, 6.625%, 12/15/2030	30,750,870
10,475,000	Gates Corp., Sr. Unsecd. Note, 144A, 6.875%, 7/1/2029	10,789,120
2,325,000	WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 5.500%, 4/15/2034	2,324,833
6,450,000	WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 6.375%, 3/15/2029	6,585,031
6,900,000	WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 6.625%, 3/15/2032	7,154,713
18,100,000	WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.250%, 6/15/2028	18,155,187
	TOTAL	75,759,754
	Environmental—0.2%
8,650,000	Clean Harbors, Inc., Sr. Unsecd. Note, 144A, 5.750%, 10/15/2033	8,737,408
	Finance Companies—1.8%
17,250,000	CrossCountry Intermediate HoldCo LLC, Sr. Unsecd. Note, 144A, 6.500%, 10/1/2030	16,968,921
12,325,000	CrossCountry Intermediate HoldCo LLC, Sr. Unsecd. Note, 144A, 6.750%, 12/1/2032	11,957,133
2,300,000	Navient Corp., Sr. Unsecd. Note, 6.750%, 6/15/2026	2,304,950
2,875,000	Rocket Cos., Inc., Sr. Unsecd. Note, 144A, 6.125%, 8/1/2030	2,919,131
10,500,000	Rocket Cos., Inc., Sr. Unsecd. Note, 144A, 6.375%, 8/1/2033	10,641,173
17,150,000	Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 2.875%, 10/15/2026	17,044,170
3,425,000	Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.625%, 3/1/2029	3,289,175
15,975,000	Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.875%, 3/1/2031	14,840,356

Semi-Annual Financial Statements and Additional Information

Principal Amount or Shares		Value
	CORPORATE BONDS—continued
	Finance Companies—continued
$ 8,300,000	Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 4.000%, 10/15/2033	$ 7,484,542
	TOTAL	87,449,551
	Food & Beverage—2.4%
20,175,000	Bellring Brands, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2030	20,501,939
32,050,000	Froneri Lux Finco S.a.r.l., Sr. Secd. Note, 144A, 6.000%, 8/1/2032	31,717,340
21,300,000	Industrial F&B Investments III, Inc., 144A, 7.750%, 2/11/2033	21,541,460
16,025,000	Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 4.250%, 8/1/2029	15,547,761
4,175,000	Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 5.625%, 3/1/2034	4,090,756
1,950,000	Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 6.125%, 9/15/2032	1,979,094
14,300,000	US Foods, Inc., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2029	14,153,977
8,225,000	US Foods, Inc., Sr. Unsecd. Note, 144A, 6.875%, 9/15/2028	8,408,993
	TOTAL	117,941,320
	Gaming—4.2%
10,375,000	Affinity Gaming LLC, 144A, 6.875%, 12/15/2027	6,467,672
8,775,000	Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027	8,739,981
8,675,000	Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2031	8,367,697
9,775,000	Caesars Entertainment, Inc., 144A, 6.000%, 10/15/2032	8,770,644
8,200,000	Caesars Entertainment, Inc., Sr. Secd. Note, 144A, 6.500%, 2/15/2032	7,975,155
13,725,000	Caesars Entertainment, Inc., Sr. Secd. Note, 144A, 7.000%, 2/15/2030	13,942,179
2,975,000	Churchill Downs, Inc., Sr. Secd. Note, 144A, 5.750%, 4/1/2030	2,967,027
2,425,000	Churchill Downs, Inc., Sr. Unsecd. Note, 144A, 5.500%, 4/1/2027	2,424,096
21,100,000	Churchill Downs, Inc., Sr. Unsecd. Note, 144A, 6.750%, 5/1/2031	21,607,814
4,975,000	Light & Wonder International, Inc., Sr. Unsecd. Note, 144A, 6.250%, 10/1/2033	4,936,431
15,425,000	Light & Wonder International, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/15/2029	15,784,233
8,250,000	Light & Wonder International, Inc., Sr. Unsecd. Note, 144A, 7.500%, 9/1/2031	8,602,333
5,500,000	MGM Resorts International, Sr. Unsecd. Note, 6.125%, 9/15/2029	5,575,163
19,825,000	MGM Resorts International, Sr. Unsecd. Note, 6.500%, 4/15/2032	20,086,591
14,150,000	Midwest Gaming Borrower LLC, Sr. Note, 144A, 4.875%, 5/1/2029	13,862,100
10,975,000	Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., Secured Note, 144A, 6.250%, 10/15/2030	11,169,773
4,075,000	Station Casinos, LLC, 144A, 6.625%, 3/15/2032	4,128,162
19,825,000	Station Casinos, LLC, Sr. Unsecd. Note, 144A, 4.500%, 2/15/2028	19,527,612
7,500,000	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp, 144A, 7.125%, 2/15/2031	7,941,840
12,025,000	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp, Sr. Unsecd. Note, 144A, 6.250%, 3/15/2033	12,091,017
	TOTAL	204,967,520
	Health Care—4.9%
14,100,000	AHP Health Partners, Inc., Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029	13,982,957
19,000,000	Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 4.625%, 7/15/2028	18,738,102
8,050,000	CHS/Community Health Systems, Inc., 144A, 6.125%, 4/1/2030	7,143,085
15,700,000	CHS/Community Health Systems, Inc., Sr. Note, 144A, 5.250%, 5/15/2030	14,832,668
7,050,000	CHS/Community Health Systems, Inc., Sr. Secd. Note, 144A, 9.750%, 1/15/2034	7,280,255
7,500,000	Concentra Escrow Issuer Corp., Sr. Unsecd. Note, 144A, 6.875%, 7/15/2032	7,781,557
2,875,000	Insulet Corp., Sr. Unsecd. Note, 144A, 6.500%, 4/1/2033	2,936,663
8,350,000	Iqvia, Inc., Sr. Unsecd. Note, 144A, 5.000%, 10/15/2026	8,353,527
4,000,000	Iqvia, Inc., Sr. Unsecd. Note, 144A, 5.000%, 5/15/2027	3,998,665
15,675,000	Iqvia, Inc., Sr. Unsecd. Note, 144A, 6.250%, 6/1/2032	15,982,951
44,000,000	Medline Borrower LP, Sr. Unsecd. Note, 144A, 5.250%, 10/1/2029	43,813,031
22,900,000	Raven Acquisition Holdings LLC, Sr. Secd. Note, 144A, 6.875%, 11/15/2031	22,681,914
19,700,000	Select Medical Corp., 144A, 6.250%, 12/1/2032	19,141,852
4,600,000	Teleflex, Inc., Sr. Unsecd. Note, 4.625%, 11/15/2027	4,578,787
16,400,000	Tenet Healthcare Corp., 5.125%, 11/1/2027	16,393,693

Semi-Annual Financial Statements and Additional Information

Principal Amount or Shares			Value
		CORPORATE BONDS—continued
		Health Care—continued
$ 7,475,000		Tenet Healthcare Corp., 144A, 5.500%, 11/15/2032	$ 7,459,747
5,675,000		Tenet Healthcare Corp., Sr. Secd. Note, 6.750%, 5/15/2031	5,835,069
15,103,000		Tenet Healthcare Corp., Sr. Unsecd. Note, 6.125%, 10/1/2028	15,149,200
		TOTAL	236,083,723
		Health Insurance—0.1%
6,125,000		Molina Healthcare, Inc., Sr. Unsecd. Note, 144A, 6.250%, 1/15/2033	6,122,110
		Independent Energy—3.1%
15,800,000		Aethon United BR LP/Aethon United Finance Corp., 144A, 7.500%, 10/1/2029	16,512,849
8,625,000		Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029	8,645,545
2,925,000		Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2032	3,005,443
5,075,000		Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 6.625%, 7/15/2033	5,216,704
1,271,000		Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 9.000%, 11/1/2027	1,462,756
8,600,000		Chord Energy Corp., Sr. Unsecd. Note, 144A, 6.000%, 10/1/2030	8,769,454
1,600,000		CNX Resources Corp., Sr. Unsecd. Note, 144A, 5.875%, 3/1/2034	1,588,113
3,150,000		CNX Resources Corp., Sr. Unsecd. Note, 144A, 7.250%, 3/1/2032	3,294,452
9,475,000		Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 5.875%, 1/15/2030	9,183,199
5,200,000		Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029	5,200,737
1,900,000	1	Expand Energy Corp., Sr. Unsecd. Note, 5.750%, 3/15/2099	285
10,175,000	1	Expand Energy Corp., Sr. Unsecd. Note, 7.000%, 10/1/2099	1,526
1,450,000		Matador Resources Co., Sr. Unsecd. Note, 144A, 6.000%, 4/15/2034	1,456,192
8,000,000		Matador Resources Co., Sr. Unsecd. Note, 144A, 6.250%, 4/15/2033	8,140,243
7,000,000		Matador Resources Co., Sr. Unsecd. Note, 144A, 6.500%, 4/15/2032	7,151,333
5,725,000		Permian Resources Operating LLC, Sr. Sub. Secd. Note, 144A, 6.250%, 2/1/2033	5,864,591
2,875,000		Range Resources Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030	2,822,385
20,525,000		Rockcliff Energy II LLC, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2029	20,257,713
3,000,000		SM Energy Co., Sr. Secd. Note, 144A, 9.625%, 6/15/2033	3,344,310
3,000,000		SM Energy Co., Sr. Unsecd. Note, 6.625%, 1/15/2027	3,001,860
4,325,000		SM Energy Co., Sr. Unsecd. Note, 6.750%, 9/15/2026	4,328,616
9,350,000		SM Energy Co., Sr. Unsecd. Note, 144A, 6.625%, 4/15/2034	9,483,284
3,000,000		SM Energy Co., Sr. Unsecd. Note, 144A, 7.000%, 8/1/2032	3,081,222
10,000,000		SM Energy Co., Sr. Unsecd. Note, 144A, 8.375%, 7/1/2028	10,263,190
5,675,000		SM Energy Co., Sr. Unsecd. Note, 144A, 8.625%, 11/1/2030	6,005,569
3,250,000		SM Energy Co., Sr. Unsecd. Note, 144A, 8.750%, 7/1/2031	3,410,661
		TOTAL	151,492,232
		Industrial - Other—1.0%
7,375,000		LSF12 Helix Parent LLC, Secured Note, 144A, 7.125%, 2/1/2033	7,217,454
40,825,000		Madison IAQ LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029	40,747,583
1,656,000		TK Elevator U.S. Newco, Inc., Sr. Unsecd. Note, 144A, 5.250%, 7/15/2027	1,657,414
		TOTAL	49,622,451
		Insurance - P&C—9.0%
10,675,000		Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A, 7.375%, 10/1/2032	10,502,481
22,125,000		Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, Sr. Secd. Note, 144A, 7.000%, 1/15/2031	22,595,997
5,775,000		Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, Sr. Unsecd. Note, 144A, 6.750%, 10/15/2027	5,774,359
7,500,000		AmWINS Group, Inc., Sr. Secd. Note, 144A, 6.375%, 2/15/2029	7,592,077
29,875,000		AmWINS Group, Inc., Sr. Unsecd. Note, 144A, 4.875%, 6/30/2029	28,912,721
20,075,000		Amynta Agency/Warranty Borrower, Inc., Sr. Unsecd. Note, 144A, 7.500%, 7/15/2033	19,595,450
59,350,000		Ardonagh Group Finance Ltd., Sr. Unsecd. Note, 144A, 8.875%, 2/15/2032	59,123,301
8,325,000		Asurion LLC and Asurion Co-Issuer, Inc., Secured Note, 144A, 8.000%, 12/31/2032	8,701,282
27,525,000		Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 144A, 7.125%, 5/15/2031	27,886,596
30,675,000		Broadstreet Partners, Inc., Sr. Unsecd. Note, 144A, 5.875%, 4/15/2029	30,226,719

Semi-Annual Financial Statements and Additional Information

Principal Amount or Shares		Value
	CORPORATE BONDS—continued
	Insurance - P&C—continued
$ 26,200,000	Hub International Ltd., Sr. Secd. Note, 144A, 7.250%, 6/15/2030	$ 27,117,812
49,800,000	Hub International Ltd., Sr. Unsecd. Note, 144A, 7.375%, 1/31/2032	51,044,801
17,625,000	Jones Deslauriers Insurance Management, Inc., Sr. Secd. Note, 144A, 8.500%, 3/15/2030	18,177,632
22,450,000	Jones Deslauriers Insurance Management, Inc., Sr. Unsecd. Note, 144A, 6.875%, 10/1/2033	21,040,921
36,375,000	Panther Escrow Issuer, Sr. Secd. Note, 144A, 7.125%, 6/1/2031	36,565,885
6,250,000	Ryan Specialty LLC, Sr. Secd. Note, 144A, 4.375%, 2/1/2030	6,073,062
13,325,000	Ryan Specialty LLC, Sr. Secd. Note, 144A, 5.875%, 8/1/2032	13,330,151
39,250,000	USI, Inc./NY, Sr. Unsecd. Note, 144A, 7.500%, 1/15/2032	40,422,030
	TOTAL	434,683,277
	Leisure—1.7%
3,825,000	Carnival Corp., Sr. Secd. Note, 144A, 7.000%, 8/15/2029	3,972,959
4,825,000	Carnival Corp., Sr. Unsecd. Note, 144A, 5.750%, 8/1/2032	4,855,291
6,925,000	Carnival Corp., Sr. Unsecd. Note, 144A, 5.875%, 6/15/2031	7,027,310
7,800,000	Carnival Corp., Sr. Unsecd. Note, 144A, 6.125%, 2/15/2033	7,918,635
2,600,000	NCL Corp. Ltd., Sr. Secd. Note, 144A, 5.875%, 1/15/2031	2,532,076
3,675,000	NCL Corp. Ltd., Sr. Secd. Note, 144A, 6.250%, 9/15/2033	3,559,352
8,600,000	NCL Corp. Ltd., Sr. Unsecd. Note, 144A, 6.750%, 2/1/2032	8,565,073
2,250,000	NCL Corp. Ltd., Sr. Unsecd. Note, 144A, 7.750%, 2/15/2029	2,349,837
6,900,000	NCL Finance Ltd., Sr. Unsecd. Note, 144A, 6.125%, 3/15/2028	7,004,569
9,000,000	Royal Caribbean Cruises Ltd., 144A, 6.000%, 2/1/2033	9,140,318
5,650,000	Royal Caribbean Cruises Ltd., Sr. Unsecd. Note, 144A, 6.250%, 3/15/2032	5,776,655
18,475,000	United Parks & Resorts, Inc., Sr. Unsecd. Note, 144A, 5.250%, 8/15/2029	17,872,750
	TOTAL	80,574,825
	Lodging—1.3%
3,525,000	Hilton Domestic Operating Co., Inc., Sr. Unsecd. Note, 144A, 5.500%, 3/31/2034	3,501,117
1,650,000	Hilton Domestic Operating Co., Inc., Sr. Unsecd. Note, 144A, 5.750%, 9/15/2033	1,661,987
10,950,000	Hilton Domestic Operating Co., Inc., Sr. Unsecd. Note, 144A, 5.875%, 3/15/2033	11,094,080
1,700,000	RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 5.750%, 3/15/2034	1,690,893
12,925,000	RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 4/1/2032	13,270,576
3,100,000	RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2033	3,194,916
5,900,000	RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 7.250%, 7/15/2028	6,041,092
11,000,000	Wyndham Hotels & Resorts, Inc., Sr. Unsecd. Note, 144A, 4.375%, 8/15/2028	10,827,342
2,425,000	Wyndham Hotels & Resorts, Inc., Sr. Unsecd. Note, 144A, 5.625%, 3/1/2033	2,401,621
6,800,000	XHR LP, Sr. Unsecd. Note, 144A, 6.625%, 5/15/2030	6,966,294
	TOTAL	60,649,918
	Media Entertainment—2.8%
8,200,000	Gray Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 11/15/2031	6,412,031
2,000,000	Lamar Media Corp., Sr. Unsecd. Note, 4.000%, 2/15/2030	1,918,953
8,850,000	Lamar Media Corp., Sr. Unsecd. Note, 4.875%, 1/15/2029	8,799,529
1,650,000	Lamar Media Corp., Sr. Unsecd. Note, Series WI, 3.625%, 1/15/2031	1,549,326
7,025,000	Oak-Eagle AcquireCo, Inc., 144A, 7.250%, 7/1/2033	7,241,869
20,525,000	Oak-Eagle AcquireCo, Inc., Sr. Unsecd. Note, 144A, 8.750%, 7/1/2034	21,371,387
3,200,000	Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 7.375%, 2/15/2031	3,348,848
3,475,000	Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2030	3,383,383
6,575,000	Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 5.000%, 8/15/2027	6,569,366
12,975,000	Paramount Global, Sr. Unsecd. Note, 4.375%, 3/15/2043	8,280,314
6,850,000	Paramount Global, Sr. Unsecd. Note, 5.850%, 9/1/2043	5,032,623
6,075,000	Paramount Global, Sr. Unsecd. Note, 6.875%, 4/30/2036	5,654,765
2,775,000	Sinclair Television Group, Inc., 144A, 4.375%, 12/31/2032	2,152,679
4,000,000	Sinclair Television Group, Inc., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030	3,540,000

Semi-Annual Financial Statements and Additional Information

Principal Amount or Shares		Value
	CORPORATE BONDS—continued
	Media Entertainment—continued
$ 4,750,000	Univision Communications, Inc., 144A, 9.375%, 8/1/2032	$ 4,919,114
4,075,000	Univision Communications, Inc., Secured Note, 144A, 8.875%, 4/15/2033	4,100,247
6,350,000	Univision Communications, Inc., Sr. Secd. Note, 144A, 4.500%, 5/1/2029	6,062,953
11,525,000	Univision Communications, Inc., Sr. Secd. Note, 144A, 7.375%, 6/30/2030	11,521,352
2,400,000	Warnermedia Holdings, Inc., Sr. Unsecd. Note, 4.279%, 3/15/2032	2,176,752
26,150,000	Warnermedia Holdings, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2042	18,724,185
	TOTAL	132,759,676
	Metals & Mining—1.0%
4,175,000	Carpenter Technology Corp., Sr. Unsecd. Note, 144A, 5.625%, 3/1/2034	4,182,732
6,425,000	Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/1/2029	6,211,678
2,000,000	Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.875%, 3/1/2031	1,844,614
10,000,000	Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2032	10,006,266
7,175,000	Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/1/2033	7,256,537
2,925,000	Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 7.625%, 1/15/2034	2,956,821
16,350,000	Coeur Mining, Inc., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2029	16,339,273
	TOTAL	48,797,921
	Midstream—5.9%
30,175,000	Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028	30,187,227
13,650,000	Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 10/15/2033	13,630,857
3,925,000	Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 7/1/2034	3,917,142
4,575,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unsecd. Note, 144A, 7.000%, 7/15/2029	4,746,494
6,325,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unsecd. Note, 144A, 7.250%, 7/15/2032	6,620,162
20,725,000	CNX Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 4/15/2030	20,066,654
11,575,000	Crestwood Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.375%, 2/1/2031	11,991,027
5,425,000	DBR Land Holdings LLC, Sr. Unsecd. Note, 144A, 6.250%, 12/1/2030	5,556,855
4,975,000	DT Midstream, Inc., Sr. Unsecd. Note, 144A, 4.375%, 6/15/2031	4,810,363
2,750,000	Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.875%, 3/1/2028	2,778,523
4,500,000	Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 6.500%, 6/1/2029	4,613,040
8,000,000	HF Sinclair Corp., Sr. Unsecd. Note, 5.000%, 2/1/2028	7,983,953
19,800,000	Northriver Midstream Fin, 144A, 6.750%, 7/15/2032	20,333,115
7,450,000	Rockies Express Pipeline, Sr. Unsecd. Note, 144A, 6.750%, 3/15/2033	7,771,470
10,500,000	Suburban Propane Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 6/1/2031	10,088,216
6,200,000	Suburban Propane Partners LP, Sr. Unsecd. Note, 144A, 6.500%, 12/15/2035	6,154,490
37,175,000	Tallgrass Energy Partners LP, Sr. Unsecd. Note, 144A, 6.750%, 3/15/2034	38,004,965
7,525,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.000%, 1/15/2028	7,515,352
6,450,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.500%, 3/1/2030	6,529,202
12,350,000	Venture Global Plaquemines LNG LLC, Sr. Secd. Note, 144A, 6.500%, 1/15/2034	12,953,804
13,850,000	Venture Global Plaquemines LNG LLC, Sr. Secd. Note, 144A, 6.750%, 1/15/2036	14,729,683
14,000,000	Venture Global Plaquemines LNG LLC, Sr. Secd. Note, 144A, 7.500%, 5/1/2033	15,531,572
10,875,000	Venture Global Plaquemines LNG LLC, Sr. Secd. Note, 144A, 7.750%, 5/1/2035	12,236,213
3,075,000	Venture Global Plaquemines LNG LLC, Sr. Unsecd. Note, 144A, 6.500%, 6/15/2034	3,219,088
5,650,000	WBI Operating LLC, Sr. Unsecd. Note, 144A, 6.250%, 10/15/2030	5,731,671
4,875,000	WBI Operating LLC, Sr. Unsecd. Note, 144A, 6.500%, 10/15/2033	4,930,112
	TOTAL	282,631,250
	Oil Field Services—1.7%
8,625,000	Archrock Services LP/Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.000%, 2/1/2034	8,685,038
7,650,000	Kodiak Gas Services LLC, Sr. Unsecd. Note, 144A, 5.875%, 4/1/2031	7,708,912
4,575,000	Kodiak Gas Services LLC, Sr. Unsecd. Note, 144A, 6.500%, 10/1/2033	4,682,224
6,575,000	Kodiak Gas Services LLC, Sr. Unsecd. Note, 144A, 6.750%, 10/1/2035	6,833,235
5,925,000	Nabors Industries, Inc., Co. Guarantee, 144A, 9.125%, 1/31/2030	6,225,617

Semi-Annual Financial Statements and Additional Information

Principal Amount or Shares			Value
		CORPORATE BONDS—continued
		Oil Field Services—continued
$ 5,100,000		Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 7.625%, 11/15/2032	$ 5,324,160
6,000,000		Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 8.875%, 8/15/2031	6,338,352
8,525,000		Precision Drilling Corp., Sr. Unsecd. Note, 144A, 6.875%, 1/15/2029	8,606,567
8,475,000		USA Compression Partners LP, Sr. Unsecd. Note, 144A, 6.250%, 10/1/2033	8,556,877
18,225,000		USA Compression Partners LP, Sr. Unsecd. Note, 144A, 7.125%, 3/15/2029	18,841,534
		TOTAL	81,802,516
		Packaging—2.3%
1	1,2,3	ARD Finance S.A., Secured Note, 144A, 7.250% PIK, 6/30/2027	0
9,723,000		Ardagh Group S.A., Secured Note, 144A, 9.500%, 12/1/2030	10,319,146
24,650,000		Ardagh Metal Packaging, Sr. Unsecd. Note, 144A, 4.000%, 9/1/2029	23,087,910
1,975,000		Ball Corp., Sr. Unsecd. Note, 6.000%, 6/15/2029	2,011,723
2,025,000		Canpack Group, Inc., Sr. Unsecd. Note, 144A, 6.000%, 5/15/2031	2,027,020
1,950,000		Clydesdale Acquisition Holdings, Inc., Sr. Secd. Note, 144A, 6.750%, 4/15/2032	1,836,212
2,625,000		Clydesdale Acquisition Holdings, Inc., Sr. Secd. Note, 144A, 6.875%, 1/15/2030	2,569,749
3,500,000		Clydesdale Acquisition Holdings, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/15/2030	3,177,689
9,525,000		Crown Americas LLC, Sr. Unsecd. Note, 5.875%, 6/1/2033	9,600,933
12,700,000		Mauser Packaging Solutions Holding Co., 144A, 7.875%, 4/15/2030	12,850,813
2,000,000		Mauser Packaging Solutions Holding Co., 144A, 9.250%, 4/15/2030	1,907,492
11,475,000		Sword Purchaser LLC, Secured Note, 144A, 8.250%, 4/15/2033	11,750,436
12,025,000		Sword Purchaser LLC, Secured Note, 144A, 10.500%, 4/15/2034	12,244,219
6,475,000		Trivium Packaging Finance B.V., 144A, 8.250%, 7/15/2030	6,755,199
8,700,000		Trivium Packaging Finance B.V., 144A, 12.250%, 1/15/2031	9,492,083
		TOTAL	109,630,624
		Paper—0.4%
16,225,000		Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 4.750%, 8/15/2028	14,295,100
2,225,000		Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2028	2,153,709
4,050,000		Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.500%, 3/1/2029	3,845,839
		TOTAL	20,294,648
		Pharmaceuticals—3.1%
6,950,000		Amneal Pharmaceuticals, Inc., Sr. Secd. Note, 144A, 6.875%, 8/1/2032	7,226,527
13,275,000		Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 4.875%, 6/1/2028	12,478,500
6,950,000		Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2029	5,057,806
3,850,000		Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 5.250%, 1/30/2030	2,509,257
6,000,000		Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/15/2029	4,421,250
27,000,000		Bausch Health, Sr. Secd. Note, 144A, 10.000%, 4/15/2032	27,902,961
2,500,000		Genmab A/S/Genmab Finance LLC, Sr. Unsecd. Note, 144A, 6.250%, 12/15/2032	2,567,062
9,400,000		Genmab A/S/Genmab Finance LLC, Sr. Unsecd. Note, 144A, 7.250%, 12/15/2033	9,805,774
28,300,000		Grifols Escrow Issuer S.A., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2028	27,921,754
11,150,000		Opal Bidco SAS, Sr. Secd. Note, 144A, 6.500%, 3/31/2032	11,358,249
8,675,000		Organon & Co./Organon Foreign Debt Co-Issuer B.V., Sr. Secd. Note, 144A, 6.750%, 5/15/2034	9,157,269
23,025,000		Organon & Co./Organon Foreign Debt Co-Issuer B.V., Sr. Unsecd. Note, 144A, 7.875%, 5/15/2034	24,696,529
5,725,000		Organon Finance 1 LLC, Sr. Unsecd. Note, 144A, 5.125%, 4/30/2031	5,692,809
		TOTAL	150,795,747
		Restaurant—1.1%
1,500,000		1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 3.875%, 1/15/2028	1,472,915
36,625,000		1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.000%, 10/15/2030	34,863,278
4,400,000		1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 5.625%, 9/15/2029	4,444,981
6,100,000		1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 6.125%, 6/15/2029	6,211,320
3,300,000		KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, Sr. Unsecd. Note, 144A, 4.750%, 6/1/2027	3,296,114

Semi-Annual Financial Statements and Additional Information

Principal Amount or Shares		Value
	CORPORATE BONDS—continued
	Restaurant—continued
$ 2,000,000	Yum! Brands, Inc., Sr. Unsecd. Note, 5.375%, 4/1/2032	$ 2,002,728
	TOTAL	52,291,336
	Retailers—2.3%
16,225,000	Academy Ltd., Sr. Secd. Note, 144A, 6.000%, 11/15/2027	16,236,747
225,000	Asbury Automotive Group, Inc., Sr. Unsecd. Note, 4.750%, 3/1/2030	219,241
9,775,000	Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 11/15/2029	9,518,447
8,325,000	Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2032	7,987,546
3,125,000	BELRON UK Finance PLC, 144A, 5.750%, 10/15/2029	3,158,348
5,325,000	Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.625%, 10/1/2029	5,027,471
6,400,000	Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.875%, 10/1/2031	5,859,299
3,875,000	Group 1 Automotive, Inc., Sr. Unsecd. Note, 144A, 6.375%, 1/15/2030	3,940,170
5,525,000	Kontoor Brands, Inc., Sr. Unsecd. Note, 144A, 4.125%, 11/15/2029	5,283,030
14,000,000	LCM Investments Holdings II, LLC, Sr. Unsecd. Note, 144A, 8.250%, 8/1/2031	14,673,050
12,075,000	Lithia Motors, Inc., Sr. Unsecd. Note, 144A, 5.500%, 10/1/2030	12,017,282
4,675,000	Mens Wearhouse, Inc., Secured Note, 144A, 9.000%, 2/1/2031	4,950,273
6,225,000	Sally Hldgs. LLC/Sally Capital, Inc., Sr. Unsecd. Note, 6.750%, 4/1/2032	6,420,173
15,775,000	William Carter Co., Sr. Unsecd. Note, 144A, 7.375%, 2/15/2031	16,235,791
	TOTAL	111,526,868
	Supermarkets—0.7%
3,375,000	Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2029	3,220,153
2,150,000	Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.625%, 3/31/2032	2,121,967
19,950,000	Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.750%, 3/31/2034	19,446,612
2,475,000	Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 6.250%, 3/15/2033	2,498,678
6,100,000	Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 6.500%, 2/15/2028	6,176,494
	TOTAL	33,463,904
	Technology—16.3%
4,750,000	Ahead DB Holdings LLC, Sec. Fac. Bond, 144A, 6.625%, 5/1/2028	4,716,706
23,050,000	Amentum Holdings, Inc., Sr. Unsecd. Note, 144A, 7.250%, 8/1/2032	23,873,110
7,000,000	APLD Computeco LLC, 144A, 6.750%, 3/15/2031	6,934,867
20,800,000	APLD Computeco LLC, Sr. Secd. Note, 144A, 9.250%, 12/15/2030	22,368,525
27,050,000	AthenaHealth Group, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2030	25,802,787
4,725,000	Black Pearl Compute LLC, Secured Note, 144A, 6.125%, 2/15/2031	4,799,833
8,725,000	CACI International, Inc., Sr. Unsecd. Note, 144A, 6.375%, 6/15/2033	8,931,811
10,975,000	Capstone Borrower, Inc., Sr. Secd. Note, 144A, 8.000%, 6/15/2030	10,595,523
9,075,000	Cipher Compute LLC, 144A, 7.125%, 11/15/2030	9,417,664
35,500,000	Clarivate Science Holdings Corp., Sr. Unsecd. Note, 144A, 4.875%, 7/1/2029	32,230,549
28,625,000	Cloud Software Group, Inc., Secured Note, 144A, 9.000%, 9/30/2029	28,130,221
17,750,000	Cloud Software Group, Inc., Sr. Secd. Note, 144A, 6.500%, 3/31/2029	17,296,683
3,125,000	Cloud Software Group, Inc., Sr. Secd. Note, 144A, 6.625%, 8/15/2033	2,801,618
12,025,000	Cloud Software Group, Inc., Sr. Secd. Note, 144A, 8.250%, 6/30/2032	11,432,682
15,500,000	Coherent Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029	15,343,467
20,675,000	Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.500%, 10/15/2028	20,511,854
10,575,000	Core Scientific Finance I LLC, Secured Note, 144A, 7.750%, 5/15/2031	10,554,159
7,500,000	CoreWeave, Inc., Sr. Unsecd. Note, 144A, 9.000%, 2/1/2031	7,461,822
16,325,000	CoreWeave, Inc., Sr. Unsecd. Note, 144A, 9.250%, 6/1/2030	16,542,341
5,675,000	CoreWeave, Inc., Sr. Unsecd. Note, 144A, 9.750%, 10/1/2031	5,712,288
8,825,000	Edged Compute LLC, Sr. Secd. Note, 144A, 7.500%, 4/30/2031	8,657,716
16,000,000	Elastic N.V., Sr. Unsecd. Note, 144A, 4.125%, 7/15/2029	15,198,355
6,000,000	Entegris, Inc., Sr. Secd. Note, 144A, 4.750%, 4/15/2029	5,958,263
2,025,000	Entegris, Inc., Sr. Unsecd. Note, 144A, 3.625%, 5/1/2029	1,932,949

Semi-Annual Financial Statements and Additional Information

Principal Amount or Shares		Value
	CORPORATE BONDS—continued
	Technology—continued
$ 21,475,000	Entegris, Inc., Sr. Unsecd. Note, 144A, 5.950%, 6/15/2030	$ 21,755,786
8,500,000	Fair Isaac & Co., Inc., Sr. Unsecd. Note, 144A, 6.000%, 5/15/2033	8,389,620
7,075,000	Fair Isaac & Co., Inc., Sr. Unsecd. Note, 144A, 6.250%, 9/15/2034	6,969,741
17,300,000	Fortress Intermediate 3, Inc., Sr. Secd. Note, 144A, 7.500%, 6/1/2031	17,494,331
11,025,000	Gen Digital, Inc., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2033	10,750,317
6,900,000	Go Daddy Operating Co. LLC / GD Finance Co., Inc., Sr. Unsecd. Note, 144A, 5.250%, 12/1/2027	6,894,833
19,000,000	HealthEquity, Inc., Sr. Unsecd. Note, 144A, 4.500%, 10/1/2029	18,465,509
9,200,000	Insight Enterprises, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/15/2032	9,130,292
10,875,000	Iron Mountain, Inc., 144A, 6.250%, 1/15/2033	11,049,130
25,650,000	Iron Mountain, Inc., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2029	26,228,177
14,100,000	KIOXIA Holdings Corp., Sr. Unsecd. Note, 144A, 6.625%, 7/24/2033	14,752,289
53,050,000	McAfee Corp., Sr. Unsecd. Note, 144A, 7.375%, 2/15/2030	43,040,759
11,200,000	Meridian Arc Holdco LLC, Secured Note, 144A, 6.250%, 4/30/2031	11,202,659
13,000,000	Open Text, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2028	12,587,080
2,000,000	Open Text, Inc., Sr. Unsecd. Note, 144A, 3.875%, 12/1/2029	1,804,217
2,050,000	Open Text, Inc., Sr. Unsecd. Note, 144A, 4.125%, 2/15/2030	1,846,812
3,700,000	Open Text, Inc., Sr. Unsecd. Note, 144A, 4.125%, 12/1/2031	3,161,703
14,825,000	PR RNO Property Owner 1, Secured Note, 144A, 6.500%, 5/1/2031	14,702,677
11,275,000	Rocket Software, Inc., Sr. Secd. Note, 144A, 9.000%, 11/28/2028	11,228,503
29,000,000	Rocket Software, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2029	25,918,454
4,350,000	Science Applications International Corp., Sr. Unsecd. Note, 144A, 4.875%, 4/1/2028	4,323,452
6,000,000	Science Applications International Corp., Sr. Unsecd. Note, 144A, 5.875%, 11/1/2033	5,924,455
15,675,000	SE Cosmos LLC, Sr. Secd. Note, 144A, 8.875%, 5/1/2031	15,596,625
750,000	Seagate Data Storage Technology Pte. Ltd., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2030	766,820
1,150,000	Seagate Data Storage Technology Pte. Ltd., Sr. Unsecd. Note, 144A, 8.250%, 12/15/2029	1,202,583
7,300,000	Seagate Data Storage Technology Pte. Ltd., Sr. Unsecd. Note, 144A, 8.500%, 7/15/2031	7,651,626
15,509,000	Seagate Data Storage Technology Pte. Ltd., Sr. Unsecd. Note, 144A, 9.625%, 12/1/2032	17,257,981
8,700,000	Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 5.875%, 9/1/2030	8,773,054
2,000,000	Sensata Technologies, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2031	1,859,035
5,500,000	Sensata Technologies, Inc., Sr. Unsecd. Note, 144A, 6.625%, 7/15/2032	5,679,085
8,300,000	Shift4 Payments, Inc., Sr. Unsecd. Note, 144A, 6.750%, 8/15/2032	8,290,032
27,000,000	SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027	26,991,846
8,000,000	SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 6.500%, 6/1/2032	8,100,701
11,125,000	SV RNO Property Owner 1 LLC, Secured Note, 144A, 5.875%, 3/1/2031	10,922,510
5,000,000	Synaptics, Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2029	4,758,252
38,500,000	UKG, Inc., Sr. Secd. Note, 144A, 6.875%, 2/1/2031	37,503,559
10,000,000	Viavi Solutions, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2029	9,562,339
9,525,000	WULF Compute LLC, Secured Note, 144A, 7.750%, 10/15/2030	10,016,587
5,625,000	Zebra Technologies Corp., Sr. Unsecd. Note, 144A, 6.500%, 6/1/2032	5,737,910
7,000,000	ZipRecruiter, Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/15/2030	4,584,772
	TOTAL	790,081,906
	Transportation Services—0.5%
2,050,000	GB AIT Buyer, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/30/2034	2,064,694
13,350,000	Stena International S.A., Sr. Secd. Note, 144A, 7.250%, 1/15/2031	13,582,797
8,650,000	Watco Cos. LLC/Finance Co., Sr. Unsecd. Note, 144A, 7.125%, 8/1/2032	8,996,009
	TOTAL	24,643,500
	Utility - Electric—3.1%
7,375,000	NRG Energy, Inc., Sr. Unsecd. Note, 144A, 5.250%, 6/15/2029	7,351,018
775,000	NRG Energy, Inc., Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029	775,061
6,725,000	NRG Energy, Inc., Sr. Unsecd. Note, 144A, 5.875%, 5/15/2034	6,703,866

Semi-Annual Financial Statements and Additional Information

Principal Amount or Shares			Value
		CORPORATE BONDS—continued
		Utility - Electric—continued
$ 4,100,000		NRG Energy, Inc., Sr. Unsecd. Note, 144A, 6.000%, 2/1/2033	$ 4,133,977
16,675,000		NRG Energy, Inc., Sr. Unsecd. Note, 144A, 6.000%, 1/15/2036	16,569,059
5,550,000		NRG Energy, Inc., Sr. Unsecd. Note, 144A, 6.125%, 5/15/2036	5,531,444
4,850,000		NRG Energy, Inc., Sr. Unsecd. Note, 144A, 6.250%, 11/1/2034	4,909,558
4,325,000		NRG Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 1/15/2028	4,331,872
5,000,000		TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030	4,846,635
20,000,000		TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028	19,814,614
9,275,000		TransAlta Corp., Sr. Unsecd. Note, 5.875%, 2/1/2034	9,275,819
7,250,000		Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.000%, 7/31/2027	7,251,421
2,425,000		Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 6.875%, 4/15/2032	2,532,617
5,225,000		Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 7.750%, 10/15/2031	5,482,044
10,950,000		VoltaGrid LLC, 144A, 7.375%, 11/1/2030	11,370,338
6,625,000		XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 4.500%, 9/15/2027	6,579,704
15,500,000		XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 7.250%, 1/15/2029	16,126,634
1,725,000		XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 7.750%, 4/15/2034	1,808,957
13,125,000		XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 8.625%, 3/15/2033	14,070,927
		TOTAL	149,465,565
		TOTAL CORPORATE BONDS (IDENTIFIED COST $4,735,010,904)	4,687,882,250
		COMMON STOCKS—0.2%
		Media Entertainment—0.0%
67,353	1,3	Audacy Capital Corp.	614,932
		Packaging—0.2%
1,152,943	1,3	Yeoman Capital S.A.	8,118,907
		TOTAL COMMON STOCKS (IDENTIFIED COST $101,282,446)	8,733,839
		WARRANTS—0.0%
		Media Entertainment—0.0%
81,640	1,3	Audacy Capital Corp., Warrants 9/30/2028	817
13,607	1,3	Audacy Capital Corp., Warrants 9/30/2028	136
		TOTAL WARRANTS (IDENTIFIED COST $27,014)	953
		INVESTMENT COMPANY—2.3%
109,153,225		Federated Hermes Government Obligations Fund, Premier Shares, 3.58%4 (IDENTIFIED COST $109,153,225)	109,153,225
		TOTAL INVESTMENT IN SECURITIES—99.4% (IDENTIFIED COST $4,945,473,589)5	4,805,770,267
		OTHER ASSETS AND LIABILITIES - NET—0.6%6	30,068,266
		NET ASSETS—100%	$4,835,838,533

Semi-Annual Financial Statements and Additional Information

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended April 30, 2026, were as follows:

	Federated Hermes Government Obligations Fund, Premier Shares
Value as of 10/31/2025	$281,289,081
Purchases at Cost	$1,350,840,638
Proceeds from Sales	$(1,522,976,494)
Change in Unrealized Appreciation/Depreciation	$—
Net Realized Gain/(Loss)	$—
Value as of 4/30/2026	$109,153,225
Shares Held as of 4/30/2026	109,153,225
Dividend Income	$3,035,961

1	Non-income-producing security.
2	Issuer in default.
3	Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund’s Adviser acting through its Valuation Committee.
4	7-day net yield.
5	The cost of investments for federal tax purposes amounts to $4,948,165,299.
6	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of net assets at April 30, 2026.

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 April 30, 2026, 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:
Corporate Bonds	$—	$4,687,882,250	$0	$4,687,882,250
Equity Securities:
Common Stocks
International	—	—	8,118,907	8,118,907
Domestic	—	—	614,932	614,932
Warrants	—	—	953	953
Investment Company	109,153,225	—	—	109,153,225
TOTAL SECURITIES	$109,153,225	$4,687,882,250	$8,734,792	$4,805,770,267

The following acronym(s) are used throughout this portfolio:
PIK	—Payment in Kind

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

Financial Highlights–Class A Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2026	Year Ended October 31,		Period Ended 10/31/20231
	Six Months Ended (unaudited) 4/30/2026	2025	2024	Period Ended 10/31/20231
Net Asset Value, Beginning of Period	$9.04	$8.92	$8.26	$8.57
Income From Investment Operations:
Net investment income (loss)2	0.24	0.49	0.48	0.35
Net realized and unrealized gain (loss)	(0.05)	0.13	0.69	(0.31)
Total From Investment Operations	0.19	0.62	1.17	0.04
Less Distributions:
Distributions from net investment income	(0.30)	(0.50)	(0.51)	(0.35)
Net Asset Value, End of Period	$8.93	$9.04	$8.92	$8.26
Total Return3	2.12%	7.19%	14.36%	0.50%
Ratios to Average Net Assets:
Net expenses4	0.75%5	0.74%	0.74%	0.74%5
Net investment income	5.49%5	5.44%	5.44%	5.74%5
Expense waiver/reimbursement6	0.06%5	0.06%	0.06%	0.06%5
Supplemental Data:
Net assets, end of period (000 omitted)	$11,678	$15,406	$14,325	$12,066
Portfolio turnover7	10%	21%	24%	14%8

1	Reflects operations for the period from February 9, 2023 (commencement of operations) to October 31, 2023.
2	Per share numbers have 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	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
5	Computed on an annualized basis.
6	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.
7	Securities that mature are considered sales for purposes of this calculation.
8	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended October 31, 2023.

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

Financial Highlights–Class C Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2026	Year Ended October 31,		Period Ended 10/31/20231
	Six Months Ended (unaudited) 4/30/2026	2025	2024	Period Ended 10/31/20231
Net Asset Value, Beginning of Period	$9.00	$8.89	$8.22	$8.57
Income From Investment Operations:
Net investment income (loss)2	0.21	0.42	0.41	0.30
Net realized and unrealized gain (loss)	(0.06)	0.12	0.70	(0.34)
Total From Investment Operations	0.15	0.54	1.11	(0.04)
Less Distributions:
Distributions from net investment income	(0.26)	(0.43)	(0.44)	(0.31)
Net Asset Value, End of Period	$8.89	$9.00	$8.89	$8.22
Total Return3	1.73%	6.28%	13.68%	(0.52)%
Ratios to Average Net Assets:
Net expenses4	1.52%5	1.53%	1.53%	1.49%5
Net investment income	4.69%5	4.65%	4.63%	4.87%5
Expense waiver/reimbursement6	0.02%5	0.06%	0.02%	0.05%5
Supplemental Data:
Net assets, end of period (000 omitted)	$5,309	$5,160	$2,584	$901
Portfolio turnover7	10%	21%	24%	14%8

1	Reflects operations for the period from February 9, 2023 (commencement of operations) to October 31, 2023.
2	Per share numbers have 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	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
5	Computed on an annualized basis.
6	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.
7	Securities that mature are considered sales for purposes of this calculation.
8	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended October 31, 2023.

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2026	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2026	2025	2024	2023	2022	2021
Net Asset Value, Beginning of Period	$9.03	$8.91	$8.25	$8.32	$9.91	$9.57
Income From Investment Operations:
Net investment income (loss)1	0.26	0.51	0.50	0.51	0.48	0.48
Net realized and unrealized gain (loss)	(0.06)	0.14	0.69	(0.06)	(1.57)	0.37
Total From Investment Operations	0.20	0.65	1.19	0.45	(1.09)	0.85
Less Distributions:
Distributions from net investment income	(0.31)	(0.53)	(0.53)	(0.52)	(0.50)	(0.51)
Net Asset Value, End of Period	$8.92	$9.03	$8.91	$8.25	$8.32	$9.91
Total Return2	2.24%	7.46%	14.66%	5.42%	(11.30)%	8.94%
Ratios to Average Net Assets:
Net expenses3	0.50%4	0.49%	0.49%	0.49%	0.49%	0.49%
Net investment income	5.77%4	5.68%	5.70%	6.03%	5.30%	4.76%
Expense waiver/reimbursement5	0.06%4	0.05%	0.04%	0.05%	0.05%	0.05%
Supplemental Data:
Net assets, end of period (000 omitted)	$3,277,650	$4,723,172	$5,736,376	$5,202,252	$5,542,801	$7,425,236
Portfolio turnover6	10%	21%	24%	14%	12%	32%

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

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

Financial Highlights–Class R6 Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2026	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2026	2025	2024	2023	2022	2021
Net Asset Value, Beginning of Period	$9.04	$8.92	$8.25	$8.32	$9.92	$9.57
Income From Investment Operations:
Net investment income (loss)1	0.26	0.51	0.50	0.51	0.48	0.47
Net realized and unrealized gain (loss)	(0.07)	0.14	0.70	(0.06)	(1.58)	0.39
Total From Investment Operations	0.19	0.65	1.20	0.45	(1.10)	0.86
Less Distributions:
Distributions from net investment income	(0.31)	(0.53)	(0.53)	(0.52)	(0.50)	(0.51)
Net Asset Value, End of Period	$8.92	$9.04	$8.92	$8.25	$8.32	$9.92
Total Return2	2.14%	7.47%	14.80%	5.43%	(11.38)%	9.06%
Ratios to Average Net Assets:
Net expenses3	0.49%4	0.48%	0.48%	0.48%	0.48%	0.48%
Net investment income	5.74%4	5.70%	5.71%	6.03%	5.29%	4.78%
Expense waiver/reimbursement5	0.02%4	0.02%	0.02%	0.02%	0.02%	0.01%
Supplemental Data:
Net assets, end of period (000 omitted)	$1,541,201	$1,655,840	$1,963,801	$1,958,657	$1,669,728	$2,679,769
Portfolio turnover6	10%	21%	24%	14%	12%	32%

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

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

Statement of Assets and Liabilities

April 30, 2026 (unaudited)

Assets:
Investment in securities, at value including $109,153,225 of investments in affiliated holdings* (identified cost $4,945,473,589, including $109,153,225 of identified cost in affiliated holdings)	$4,805,770,267
Cash	1,978,087
Cash denominated in foreign currencies (identified cost $242,763)	243,422
Income receivable	76,256,877
Income receivable from affiliated holdings	291,687
Receivable for investments sold	2,790,267
Receivable for shares sold	3,056,172
Total Assets	4,890,386,779
Liabilities:
Payable for investments purchased	42,713,290
Payable for shares redeemed	7,825,119
Income distribution payable	3,507,633
Payable for investment adviser fee (Note 5)	50,336
Payable for administrative fee (Note 5)	10,184
Payable for distribution services fee (Note 5)	3,261
Payable for other service fees (Notes 2 and 5)	5,744
Accrued expenses (Note 5)	432,679
Total Liabilities	54,548,246
Net assets for 542,099,194 shares outstanding	$4,835,838,533
Net Assets Consist of:
Paid-in capital	$5,721,015,934
Total distributable earnings (loss)	(885,177,401)
Net Assets	$4,835,838,533
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Class A Shares:
$11,678,470 ÷ 1,308,002 shares outstanding, no par value, unlimited shares authorized	$8.93
Offering price per share (100/95.50 of $8.93)	$9.35
Redemption proceeds per share	$8.93
Class C Shares:
$5,309,296 ÷ 597,384 shares outstanding, no par value, unlimited shares authorized	$8.89
Offering price per share	$8.89
Redemption proceeds per share (99.00/100 of $8.89)	$8.80
Institutional Shares:
$3,277,649,876 ÷ 367,471,034 shares outstanding, no par value, unlimited shares authorized	$8.92
Offering price per share	$8.92
Redemption proceeds per share	$8.92
Class R6 Shares:
$1,541,200,891 ÷ 172,722,774 shares outstanding, no par value, unlimited shares authorized	$8.92
Offering price per share	$8.92
Redemption proceeds per share	$8.92

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

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

Statement of Operations

Six Months Ended April 30, 2026 (unaudited)

Investment Income:
Interest	$159,995,962
Dividends received from affiliated holdings*	3,035,961
TOTAL INCOME	163,031,923
Expenses:
Investment adviser fee (Note 5)	10,427,333
Administrative fee (Note 5)	2,016,823
Custodian fees	100,937
Transfer agent fees (Note 2)	1,242,062
Directors’/Trustees’ fees (Note 5)	17,101
Auditing fees	22,743
Legal fees	7,911
Portfolio accounting fees	120,220
Distribution services fee (Note 5)	19,354
Other service fees (Notes 2 and 5)	22,748
Share registration costs	54,865
Printing and postage	151,579
Miscellaneous (Note 5)	29,064
TOTAL EXPENSES	14,232,740
Waiver and Reimbursements:
Waiver/reimbursement of investment adviser fee (Note 5)	(492,676)
Reimbursement of other operating expenses (Notes 2 and 5)	(783,474)
TOTAL WAIVER AND REIMBURSEMENTS	(1,276,150)
Net expenses	12,956,590
Net investment income	150,075,333
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions:
Net realized loss on investments	(40,908,749)
Net realized loss on foreign currency transactions	(24,890)
Net change in unrealized depreciation of investments	5,684,719
Net change in unrealized appreciation of translation of assets and liabilities in foreign currency	(444)
Net realized and unrealized gain (loss) on investments and foreign currency transactions	(35,249,364)
Change in net assets resulting from operations	$114,825,969

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

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2026	Year Ended 10/31/2025
Increase (Decrease) in Net Assets
Operations:
Net investment income	$150,075,333	$415,148,387
Net realized gain (loss)	(40,933,639)	(90,775,533)
Net change in unrealized appreciation/depreciation	5,684,275	196,251,951
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	114,825,969	520,624,805
Distributions to Shareholders:
Class A Shares	(455,632)	(791,250)
Class C Shares	(153,269)	(182,991)
Institutional Shares	(128,622,963)	(317,923,982)
Class R6 Shares	(53,650,769)	(110,659,445)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(182,882,633)	(429,557,668)
Share Transactions:
Proceeds from sale of shares	495,103,363	1,182,466,816
Net asset value of shares issued to shareholders in payment of distributions declared	156,629,813	380,642,279
Cost of shares redeemed	(2,147,416,390)	(2,971,683,611)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(1,495,683,214)	(1,408,574,516)
Change in net assets	(1,563,739,878)	(1,317,507,379)
Net Assets:
Beginning of period	6,399,578,411	7,717,085,790
End of period	$4,835,838,533	$6,399,578,411

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

Notes to Financial Statements

April 30, 2026 (unaudited)

1. ORGANIZATION

Federated Hermes Institutional Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of three portfolios. The financial statements included herein are only those of Federated Hermes Institutional High Yield 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 four classes of shares: Class A Shares, Class C 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 seek high current income.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Valuation

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

■

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

■

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 Act, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.

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

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.

Semi-Annual Financial Statements and Additional Information

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.

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 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. Certain repurchase agreements may be structured as loans secured by a security interest or lien on the eligible securities. 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. Foreign dividends are recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. In addition, distributions of capital gains, if any, are declared and paid at least annually. Non-cash dividends included in dividend income, if any, are recorded at fair value. Amortization/accretion of premium and discount is included in investment income. 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. 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. The detail of the total fund expense waiver and reimbursements of $1,276,150 is disclosed in various locations in this Note 2 and Note 5.

Transfer Agent Fees

For the six months ended April 30, 2026, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed
Class A Shares	$4,310	$(2,938)
Class C Shares	1,619	—
Institutional Shares	1,155,352	(780,536)
Class R6 Shares	80,781	—
TOTAL	$1,242,062	$(783,474)

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 Shares and Class C Shares to 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.

Semi-Annual Financial Statements and Additional Information

For the six months ended April 30, 2026, other service fees for the Fund were as follows:

	Other Service Fees Incurred
Class A Shares	$16,722
Class C Shares	6,026
TOTAL	$22,748

Federal Taxes

It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the “Code”) and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended April 30, 2026, 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 April 30, 2026, tax years 2022 through 2025 remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

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.

Foreign Currency Translation

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

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

Restricted Securities

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

Other

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

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2026		Year Ended 10/31/2025
Class A Shares:	Shares	Amount	Shares	Amount
Shares sold	469,390	$4,206,411	430,694	$3,855,335
Shares issued to shareholders in payment of distributions declared	50,771	455,874	88,269	791,332
Shares redeemed	(915,912)	(8,209,456)	(421,174)	(3,766,804)
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	(395,751)	$(3,547,171)	97,789	$879,863

Semi-Annual Financial Statements and Additional Information

	Six Months Ended 4/30/2026		Year Ended 10/31/2025
Class C Shares:	Shares	Amount	Shares	Amount
Shares sold	54,192	$484,765	271,864	$2,435,226
Shares issued to shareholders in payment of distributions declared	17,182	153,527	20,486	182,918
Shares redeemed	(47,197)	(422,440)	(9,943)	(89,048)
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS	24,177	$215,852	282,407	$2,529,096
	Six Months Ended 4/30/2026		Year Ended 10/31/2025
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	36,891,528	$330,981,172	93,478,837	$835,954,823
Shares issued to shareholders in payment of distributions declared	12,114,241	108,726,139	31,493,715	281,891,591
Shares redeemed	(204,330,868)	(1,837,248,099)	(245,864,317)	(2,198,213,655)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(155,325,099)	$(1,397,540,788)	(120,891,765)	$(1,080,367,241)
	Six Months Ended 4/30/2026		Year Ended 10/31/2025
Class R6 Shares:	Shares	Amount	Shares	Amount
Shares sold	17,760,972	$159,431,015	38,028,713	$340,221,432
Shares issued to shareholders in payment of distributions declared	5,271,257	47,294,273	10,916,643	97,776,438
Shares redeemed	(33,520,488)	(301,536,395)	(85,994,373)	(769,614,104)
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS	(10,488,259)	$(94,811,107)	(37,049,017)	$(331,616,234)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(166,184,932)	$(1,495,683,214)	(157,560,586)	$(1,408,574,516)

4. FEDERAL TAX INFORMATION

At April 30, 2026, the cost of investments for federal tax purposes was $4,948,165,299. The net unrealized depreciation of investments for federal tax purposes was $142,395,032. This consists of unrealized appreciation from investments for those securities having an excess of value over cost of $68,963,999 and unrealized depreciation from investments for those securities having an excess of cost over value of $211,359,031.

As of October 31, 2025, the Fund had a capital loss carryforward of $690,306,729 which will reduce the Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net capital losses retain their character as either short-term or long-term and do not expire.

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

Short-Term	Long-Term	Total
$781,473	$689,525,256	$690,306,729

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund’s average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended April 30, 2026, the Adviser voluntarily waived $432,548 of its fee and voluntarily reimbursed $783,474 of transfer agent fees.

The Adviser has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other affiliated investment companies. For the six months ended April 30, 2026, the Adviser reimbursed $60,128.

Semi-Annual Financial Statements and Additional Information

Administrative Fee

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, “Investment Complex” is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2026, the annualized fee paid to FAS was 0.077% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

Distribution Services Fee

The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund’s Class C Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.75% of average daily net assets, annually, to compensate FSC. Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee.

For the six months ended April 30, 2026, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred
Class C Shares	$19,354

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended April 30, 2026, FSC retained $7,985 of fees paid by the Fund.

Sales Charges

Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. For the six months ended April 30, 2026, FSC retained $5,295 in sales charges from the sale of Class A Shares. For the six months ended April 30, 2026, FSC did not retain any CDSC relating to redemptions of Class A Shares.

Other Service Fees

For the six months ended April 30, 2026, FSSC received $457 of the other service fees disclosed in Note 2.

Expense Limitation

The Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Effective January 1, 2026, total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses, if any) paid by the Fund’s Class A Shares, Class C Shares, Institutional Shares and Class R6 Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.75%, 1.55%, 0.50% and 0.49% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) January 1, 2027; or (b) the date of the Fund’s next effective Prospectus. Prior to January 1, 2026, the Fee Limit for the Fund’s Class A Shares, Class C Shares, Institutional Shares and Class R6 Shares was 0.74%, 1.53%, 0.49% and 0.48%, respectively. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the approval of the Trustees.

Directors’/Trustees’ and Miscellaneous Fees

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

6. CREDIT RISK

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

Semi-Annual Financial Statements and Additional Information

7. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the six months ended April 30, 2026, were as follows:

Purchases	$513,647,548
Sales	$1,856,014,566

8. LINE OF CREDIT

The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 17, 2025, which was renewed on June 16, 2026 for an amount up to $400,000,000. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund’s ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on any day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of a commitment fee based on the amount of the lenders’ commitment that has not been utilized, quarterly in arrears and at maturity. As of April 30, 2026, the Fund had no outstanding loans. During the six months ended April 30, 2026, the Fund did not utilize the LOC.

9. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of April 30, 2026, there were no outstanding loans. During the six months ended April 30, 2026, the program was not utilized.

10. OPERATING SEGMENTS

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

11. INDEMNIFICATIONS

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

Semi-Annual Financial Statements and Additional Information

Evaluation and Approval of Advisory Contract–May 2025

FEDERATED HERMES INSTITUTIONAL HIGH YIELD BOND FUND (the “Fund”)

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

Information Received and Review Process

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

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

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

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors it deemed relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund, including: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser’s cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize “economies of scale” as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any “fall-out” benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fees and expenses, including a comparison of management fees paid to the adviser with those paid by similar funds managed by the same adviser or other advisers as well as management fees charged to institutional and other advisory clients of the same adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser’s services and fees. The Board considered that the Securities and Exchange Commission (“SEC”) disclosure requirements regarding the basis for a fund board’s approval of the fund’s investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its evaluation of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a “Federated Hermes Fund” and, collectively, the “Federated Hermes Funds”).

Semi-Annual Financial Statements and Additional Information

In addition, the Board considered the preferences and expectations of Fund shareholders and the potential disruptions of the Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund based on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that there are a range of investment options available to the Fund’s shareholders in the marketplace, and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

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

Nature, Extent and Quality of Services

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

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

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

Semi-Annual Financial Statements and Additional Information

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

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

Fund Investment Performance

The Board considered the investment performance of the Fund. In evaluating the Fund’s investment performance, the Board considered performance results in light of the Fund’s investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser’s analysis of, the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the May Meetings. These reports included, among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared to one or more relevant categories or groups of peer funds and the Fund’s benchmark, performance attribution information and commentary on the effect of market conditions. The Board noted that it evaluated investment performance at meetings throughout the year and received reports from Federated Hermes regarding the performance of certain Federated Hermes Funds as well as Federated Hermes’ explanations for less favorable performance and any specific actions Federated Hermes had taken, or had determined to take, to seek to enhance Fund investment performance and the results of those actions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by Morningstar, Inc. (“Morningstar”), an independent fund ranking organization (the “Performance Peer Group”). The Board noted the CCO’s statement that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund.

The Board also considered comparative performance data from Lipper, Inc. that was included in reports provided to the Board throughout the year. The Board noted that differences may exist between the Performance Peer Group and Lipper peers and that the results of these performance comparisons may vary.

The Board considered that the Fund’s performance fell below the median of the Performance Peer Group for the one-year, three-year and five-year periods ended December 31, 2024. The Board discussed the Fund’s performance with the Adviser and recognized the efforts being taken by the Adviser in the context of other factors considered relevant by the Board.

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

Fund Expenses

The Board considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund’s total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the overall category of peer funds selected by Morningstar (the “Expense Peer Group”). The Board received a description of the methodology used to select the Expense Peer Group from the overall Morningstar category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall Morningstar category.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged to funds by other advisers, the use of comparisons between the Fund and its Expense Peer Group assisted the Board in its evaluation of the Fund’s fees and expenses. The Board focused on comparisons with other registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund’s shareholders. The Board noted that the range of such other registered funds’ fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

Semi-Annual Financial Statements and Additional Information

The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was below the median of the Expense Peer Group, and the Board was satisfied that the overall expense structure of the Fund remained competitive.

The Board also received and considered information about the nature and extent of services offered and fees charged by Federated Hermes to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s statement that non-registered fund clients are inherently different products due to the following differences, among others: (i) types of targeted investors; (ii) applicable laws and regulations; (iii) legal structures; (iv) average account sizes; (v) portfolio management techniques made necessary by different cash flows and different associated costs; (vi) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing; (vii) SEC mandated risk management programs with respect to fund liquidity and use of derivatives; (viii) questions on regulatory reporting; (ix) a variety of different administrative responsibilities; and (x) degrees of risk associated with management. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution’s registered fund, noting the CCO’s statement that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO emphasized that differences in fees for providing advisory services to other types of clients may not be appropriate when judging the appropriateness of the Federated Hermes Funds’ advisory fees because of the different services provided.

Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.

Profitability

The Board received and considered profitability information furnished by Federated Hermes. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO’s statement that, while the cost allocation report applies consistent allocation processes for purposes of general comparison of funds, the inherent difficulties in arbitrarily allocating costs lacks precision and can cause the report to be unreliable because a single change in an allocation estimate can dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO’s statement that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported to the Board that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board considered the CCO’s statement that the estimated profitability to the Adviser from its relationship with the Fund was not unreasonable in relation to the services provided.

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

Economies of Scale

The Board received and considered information about the notion of possible realization of “economies of scale” as a fund grows larger, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: portfolio management, investment research and trading operations; shareholder services; compliance; business continuity, cybersecurity and information security programs; internal audit and risk management functions; and technology, systems capabilities and use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed to provide enhanced or expanded services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential

Semi-Annual Financial Statements and Additional Information

economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund’s assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered that Federated Hermes has been active in managing expenses of the Federated Hermes Funds in recent years, which has resulted in benefits being realized by shareholders.

The Board also received and considered information on adviser-paid fees (commonly referred to as “revenue sharing” payments) that was provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes believes that this information is relevant to consider whether Federated Hermes had an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, but should not be considered when evaluating the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on economies of scale, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

Other Benefits

The Board considered information regarding the compensation and other ancillary (or “fall-out”) benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board considered that Federated Hermes may derive a benefit to its reputation as an adviser to the Fund, which may help in attracting other clients and investment personnel. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds’ investment advisory contracts, Federated Hermes’ affiliates also receive fees for providing other services to the Federated Hermes Funds under separate service contracts, including for serving as the Federated Hermes Funds’ administrator and distributor. In this regard, the Board considered that Federated Hermes’ affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing the benefits, if any, that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

Conclusions

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

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

Semi-Annual Financial Statements and Additional Information

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 information 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.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Federated Hermes Institutional High Yield Bond Fund

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

Federated Securities Corp., Distributor

CUSIP 31420B839
CUSIP 31420B821
CUSIP 31420B300
CUSIP 31420B847

28539 (6/26)

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Federated Hermes Institutional High Yield Bond Fund: Not Applicable.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Federated Hermes Institutional High Yield Bond Fund: Not Applicable.

Item 10.

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

Federated Hermes Institutional High Yield Bond Fund: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Federated Hermes Institutional High Yield Bond Fund: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not Applicable

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable

Item 14.

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

Not Applicable

Item 15.

Submission of Matters to a Vote of Security Holders.

No Changes to Report

Item 16.

Controls and Procedures.

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

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

Item 17.

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

Not Applicable

Item 18.

Recovery of Erroneously Awarded Compensation

(a) Not Applicable

(b) Not Applicable

Item 19.

Exhibits

(a)(1) Not Applicable.

(a)(2) Not Applicable.

(a)(3) Certifications of Principal Executive Officer and Principal Financial Officer.

(a)(4) Not Applicable.

(a)(5) 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 Institutional Trust

By: /s/ Jeremy D. Boughton
Jeremy D. Boughton, Principal Financial Officer

Date: June 23, 2026

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: June 23, 2026

By: /s/ Jeremy D. Boughton
Jeremy D. Boughton, Principal Financial Officer

Date: June 23, 2026