Federated Hermes Project and Trade Finance Tender Fund
Portfolio of Investments
June 30, 2026 (unaudited)  
Foreign
Currency
Par Amount,
Principal
Amount
or Shares
 
 
Acquisition
Date1
Acquisition
Cost
in U.S. Dollars1
Value
in
U.S. Dollars
           
1
TRADE FINANCE AGREEMENTS—84.1%
 
Air Transportation—3.8%
$  2,879,651
2,3
AerCap Holdings NV, 5.232% (SOFR CME +1.500%), 12/31/2028
9/22/2021
$ 2,881,635
$    2,879,651
  9,850,000
2,3
Avolon TLB 2030, 5.389% (SOFR CME +1.750%), 6/24/2030
10/3/2024
 9,837,687
    9,850,000
 15,000,000
2,3
Viva Aerobus, 6.625% (SOFR CME +3.000%), 12/16/2030
1/6/2026
14,925,000
   14,986,338
 12,704,258
2,3
Yeco Leasing Ltd. (Cayman, Inc.), 5.658%–5.709% (SOFR CME +1.750%), 12/15/2029
3/20/2025-
4/22/2025
12,602,624
   12,704,258
 
TOTAL
40,420,247
 
Automotive—0.4%
  2,625,269
2,3
JSC UzAuto Motors, 5.722% (SOFR +5.722%), 10/26/2026
6/12/2026
 2,625,269
    2,625,068
  1,600,000
2,3
JSC UzAuto Motors (“UzAuto Motors”), 7.854% (SOFR CME +4.250%), 8/24/2026
9/18/2023
 1,600,000
    1,600,000
 
TOTAL
4,225,068
 
Banking—6.9%
  4,000,000
2,3
Banco Do Brasil S.A., London Branch, 4.696% (SOFR CME +1.000%), 3/19/2027
3/19/2026
 4,000,000
    4,003,064
  7,105,847
2,3
Itau Unibanco S.A. Nassau Branch, 4.169% (SOFR CME +3.649%), 9/3/2026
6/3/2026
 7,105,847
    7,104,526
 10,800,000
2,3
Joint Stock Commercial Bank Agrobank, 6.793% (SOFR CME +3.050%), 11/12/2027
12/15/2025-
1/15/2026
10,795,000
   10,800,000
EUR 9,000,000
2,3
Joint-Stock Co. Asakabank, 5.247% (3-month EURIBOR +2.850%), 12/7/2027
12/9/2025
10,566,456
   10,283,399
$  8,000,000
2,3
National Bank of Egypt, 5.064% (SOFR CME +1.500%), 7/31/2026
12/19/2025
 7,759,843
    7,964,381
  2,500,000
2,3
National Bank of Egypt, 5.462% (SOFR CME +1.700%), 11/4/2026
3/24/2026
 2,500,000
    2,511,099
  9,500,000
2,3
National Bank of Egypt, 5.508% (SOFR CME +1.500%), 5/21/2027
6/22/2026
 9,500,000
    9,496,306
EUR 10,000,000
2,3
T.C. Ziraat Bankasi A.S., 2.984% (3-month EURIBOR +0.750%), 11/16/2026
4/22/2026
11,696,186
   11,386,294
$ 10,000,000
2
TurkExim Bank (Turkiye Ihracat Kredi Bankasi A.S.) the Republic of Turkiye, state
owned bank and the official Export Credit Agency of Turkiye, 4.531%, 2/10/2027
1/26/2026
10,000,000
    9,961,329
 
TOTAL
73,510,398
 
Basic Industry - Metals/Mining Excluding Steel—5.6%
EUR 10,500,000
2,3
Almalyk Mining Metallurgical Complex JSC, 5.468% (3-month EURIBOR
+3.300%), 4/23/2030
8/5/2025-
10/15/2025
12,240,840
   11,997,299
$ 13,185,306
2,3
CSN, 6.144% (SOFR CME +2.500%), 12/31/2027
3/26/2024-
2/5/2026
13,185,306
   12,470,826
  9,578,947
2,3
Glencore Eramet, 6.732% (SOFR CME +3.000%), 12/31/2029
5/15/2025
 9,578,947
    9,640,728
  5,500,000
2,3
Harmony Gold Mining Co. Ltd., 6.420% (SOFR CME +2.800%), 5/31/2027
7/30/2018-
4/30/2021
 5,507,949
    5,500,000
 12,000,000
2,3
Mercuria Energy Trading S.A., 6.914% (SOFR CME +3.250%), 6/15/2031
6/22/2026
12,000,000
   11,986,785
  8,562,413
2,3
Trafigura Pte., Ltd., 5.044% (SOFR CME +1.400%), 12/3/2026
12/4/2025
 8,575,965
    8,562,413
 
TOTAL
60,158,051
 
Beverages—0.7%
  8,039,062
2,3
International Beverage Tashkent, 8.292% (SOFR CME +4.500%), 5/23/2029
12/23/2021-
3/26/2025 
 8,039,062
    8,039,063
 
Chemicals—2.5%
  2,425,000
2,3
Egyptian Ethylene & Derivatives Co. SAE, 7.665% (SOFR CME +4.000%), 9/13/2028
9/22/2023-
10/17/2023
 2,425,000
    2,425,000
EUR 8,000,000
2,3
Ineos Rafnes AS, 4.215% (3-month EURIBOR +1.981%), 4/30/2030
10/3/2025
 9,320,415
    9,140,799
$    400,000
2,3
PJSC Acron, 6.555% (SOFR CME +1.700%), 7/30/2026
11/10/2021
   400,000
      400,000
 15,000,000
2,3
Valentra LLC, 7.576% (SOFR CME +4.000%), 12/31/2030
11/26/2025
15,000,000
   15,000,000
 
TOTAL
26,965,799
1
Foreign
Currency
Par Amount,
Principal
Amount
or Shares
 
 
Acquisition
Date1
Acquisition
Cost
in U.S. Dollars1
Value
in
U.S. Dollars
           
1
TRADE FINANCE AGREEMENTS—continued
 
Communications - Telecom Wirelines—4.7%
EUR 13,000,000
2,3
Antin Elephant Bidco B.V., 4.349%–4.649% (3-month EURIBOR +2.200%), 6/29/2029
3/18/2025-
3/3/2026
$14,102,092
$   14,811,766
$ 14,205,000
2,3
Dobson Technologies, Inc., 7.380%–7.440% (SOFR CME +3.750%), 9/26/2029
12/16/2024-
6/18/2026
14,205,000
   14,216,623
 10,862,500
2,3
Gridiron Fiber Corp., 7.482% (SOFR CME +3.750%), 4/1/2032
11/22/2023-
3/26/2025
10,796,266
   10,862,500
EUR 9,200,000
2,3
Telekom Srbija a.d. Beograd, 6.049% (6-month EURIBOR +3.500%), 12/5/2029
11/28/2024
 9,665,588
   10,563,721
 
TOTAL
50,454,610
 
Consumer Goods - Food - Wholesale—0.0%
$          1
3,4,5,6
Vicentin SAIC II, 10.853% (SOFR CME +6.000%), 1/15/2024
12/28/2017-
2/8/2018 
         1
            0
 
Consumer Products—0.5%
  5,100,000
2,3
Amaggi Exportacao E Importacao (Brazil), 5.545% (SOFR CME +1.900%), 9/3/2027
4/29/2026 
 5,100,000
    5,088,260
 
Energy - Exploration & Production—7.5%
 14,884,390
2,3
Azule Energy Holding Ltd., 8.130% (SOFR CME +4.500%), 7/29/2029
10/27/2022-
1/23/2026
14,938,678
   15,041,296
  8,195,652
2,3
BlueNord Energy Denmark A/S, 7.610% (SOFR CME +4.000%), 12/31/2029
6/7/2024-
7/17/2025
 8,195,652
    8,195,652
  4,229,167
2,3
Borrower Prime Oil and Gas Cooperatief UA, parent holdco offshore in Netherlands,
7.653% (SOFR CME +4.250%), 3/31/2032
3/28/2024-
3/25/2026
 4,213,516
    4,229,167
  9,479,278
2,3
Carmo Energy S.A., 6.646% (SOFR CME +5.280%), 12/22/2029
6/30/2023-
12/16/2024
 9,479,278
    9,479,277
 11,000,000
2,3
CC Energy Development Ltd., 7.499% (SOFR CME +3.875%), 12/31/2030
8/31/2022
11,000,000
   11,000,000
  7,772,381
2,3
Eagle Export Funding Ltd., 9.664% (SOFR CME +5.500%), 3/15/2028
6/24/2026
 7,764,609
    7,767,628
  8,983,103
2,3
Neo Energy Group Ltd., 7.620% (SOFR CME +4.000%), 6/30/2031
7/24/2025-
3/30/2026
 8,983,103
    8,983,103
  9,000,000
2,3
OQ SAOC, 4.577% (SOFR CME +0.850%), 9/17/2027
1/28/2025
 8,990,250
    9,055,580
  5,000,000
2,3
SOCAR Energy, 7.518% (SOFR CME +3.450%), 8/11/2026
8/11/2021
 4,957,500
    5,000,000
  1,518,427
2,3
Sonangol Finance Ltd. (SFL), Inc. in Cayman Islands, a wholly owned subsidiary of
Sonangol EP, 9.004% (SOFR CME +5.360%), 9/30/2027
4/25/2024-
12/4/2024
 1,618,640
    1,518,427
 
TOTAL
80,270,130
 
Energy - Gas Distribution—8.4%
 11,413,312
2,3
BOTAS Ministry of Treasury and Finance of the Republic of Turkiye, 6.046% (SOFR
CME +2.350%), 10/16/2028
10/13/2025-
11/13/2025
11,413,312
   11,413,312
 10,645,699
2,3
Caliche Development Partners III LLC, SPV, 5.870% (SOFR CME +2.250%), 10/1/2029
12/4/2024-
3/27/2026
10,645,699
   10,645,699
 10,017,235
2,3
Energia Mayakan S.A. de CV, 6.370% (SOFR CME +2.750%), 3/20/2031
10/8/2024-
2/6/2026
 9,972,037
   10,017,235
 18,977,176
2,3
Matterhorn Express Pipeline LLC, 6.132% (SOFR CME +2.250%), 3/31/2031
11/4/2025-
2/5/2026
18,959,688
   18,977,176
EUR 9,354,007
2,3
Medina, 4.900% (3-month EURIBOR +2.750%), 4/30/2031
2/20/2026
10,972,735
   10,676,387
$  7,187,693
2,3
Nigeria LNG Ltd., 7.980% (SOFR CME +3.750%), 3/31/2029
2/5/2025
 6,923,346
    7,136,223
  7,000,000
2,3
Uztransgaz JSC, 6.832% (SOFR CME +3.100%), 6/9/2027
5/14/2026
 7,000,000
    7,000,000
    931,102
3
Venture Global Plaquemines Cont Reserve, 5.869% (SOFR CME +2.225%), 5/25/2029
8/27/2025-
2/2/2026
   931,102
      931,102
  7,389,487
3
Venture Global Plaquemines LNG LLC, 5.869% (SOFR CME +2.225%), 5/25/2029
12/15/2022-
2/2/2026
 7,389,487
    7,391,002
  5,544,000
2,3
VMOS S.A., 9.075%–9.194% (SOFR CME +5.500%), 7/8/2030
8/18/2025-
6/4/2026
 5,544,000
    5,544,000
 
TOTAL
89,732,136
 
Energy - Integrated Energy—8.1%
 19,500,000
2,3
BP Oil International Ltd., 4.158% (SOFR CME +0.400%), 10/7/2026
6/23/2026
19,500,000
   19,500,000
2
Foreign
Currency
Par Amount,
Principal
Amount
or Shares
 
 
Acquisition
Date1
Acquisition
Cost
in U.S. Dollars1
Value
in
U.S. Dollars
           
1
TRADE FINANCE AGREEMENTS—continued
 
Energy - Integrated Energy—continued
$  9,547,268
2,3
Heritage Petrol Co. Ltd., 9.176% (SOFR CME +5.250%), 5/5/2029
11/9/2023-
5/22/2024
$ 9,778,558
$    9,547,268
  4,088,053
2,3
Leopard Funding Ltd., 9.914% (SOFR CME +6.250%), 9/17/2029
6/9/2025
 4,043,936
    4,168,323
 10,000,000
2,3
Leopard Funding Ltd., 9.914% (SOFR CME +6.250%), 12/15/2030
3/4/2026
10,001,250
   10,066,044
 14,552,097
2,3
Northern Hydrocarbon Funding Ltd., 9.232% (SOFR CME +5.500%), 9/30/2029
7/15/2025-
5/15/2026
14,537,160
   14,735,405
 12,018,182
2,3
Puma International Financing S.A. (Lux, Inc.), 5.769% (SOFR CME +2.150%), 6/4/2028
5/30/2024-
5/27/2025
12,003,182
   12,018,182
 16,380,098
2,3
Staatsolie Maatschappij Suriname NV (“Staatsolie”), 9.167% (SOFR CME
+5.500%), 5/24/2032
5/15/2025-
2/20/2026
16,380,098
   16,380,098
 
TOTAL
86,415,320
 
Energy - Oil Field Equipment & Services—5.2%
  5,545,976
2,3
Alfa Lula Alto S.a.r.l., 5.952% (SOFR CME +2.100%), 1/15/2028
6/16/2023-
4/8/2024
 5,490,823
    5,637,640
  6,116,303
2,3
Alfa Lula Alto S.a.r.l., 6.152% (SOFR CME +2.300%), 12/15/2029
6/16/2023-
2/10/2026
 6,089,724
    6,285,127
  9,807,312
2,3
Beta Lula Central S.a.r.l. (Lux, Inc.), 6.192% (SOFR CME +2.300%), 6/15/2030
12/6/2023-
7/11/2024
 9,767,433
    9,998,717
  2,807,047
2,3
EDRILL T15 Pte. Ltd., 7.322% (SOFR CME +3.500%), 2/29/2028
6/20/2025
 2,793,012
    2,801,017
  2,889,086
2,3
EDRILL Vencedor Pte., 7.322% (SOFR CME +3.500%), 2/29/2028
6/20/2025
 2,874,641
    2,883,207
 15,401,998
2,3
Tartaruga MV29 B.V., 6.276% (SOFR CME +2.350%), 3/15/2032
7/16/2025
15,328,386
   15,401,998
 13,282,515
2,3
Yinson Azalea Production Pte Ltd., 6.463% (SOFR CME +2.800%), 11/12/2031
8/5/2024-
12/15/2025
13,262,205
   13,282,515
 
TOTAL
56,290,221
 
Energy - Oil Refining and Marketing—4.9%
 11,055,193
2,3
Acelen America Inc., 6.236% (SOFR CME +2.600%), 7/17/2026
6/16/2026
10,997,739
   11,022,117
 19,500,000
2
Tupras Trading Ltd., key trading entity under Turkiye Petrol Rafinerileri A.S.,
4.856%, 8/27/2026
5/26/2026
19,297,458
   19,345,785
  5,000,000
2
Turkiye Petrol Rafinerileri A.S. (“Tupras”, the “Co.”) - Old, 4.915%, 7/1/2026
3/23/2026
 4,946,069
    4,999,268
 17,000,000
2,3
Vibra Trading B.V. (VTBV), offshore trading entity wholly owned by Vibra Energies
(Vibra), 4.950% (SOFR CME +1.300%), 8/12/2026
5/6/2026
16,866,765
   16,896,967
 
TOTAL
52,264,137
 
Foreign Sovereign—11.4%
EUR 1,035,715
2,3
Benin, Government of, 6.393% (6-month EURIBOR +3.950%), 4/30/2027
6/29/2023-
6/20/2024
 1,113,821
    1,183,407
 685,714
2,3
Benin, Government of, 6.906% (6-month EURIBOR +4.300%), 12/21/2026
12/21/2021
   773,691
      774,363
 742,857
2
Benin, Government of, 6.906%, 12/21/2026
12/22/2021
   841,992
      848,789
 5,000,000
2,3
Cote D’Ivoire, Government of, 4.623% (3-month EURIBOR +2.500%), 1/2/2027
2/23/2026
 5,708,538
    5,712,999
 12,500,000
2,3
Cote D’Ivoire, Government of, 5.185% (6-month EURIBOR +3.050%), 3/5/2027
5/21/2024
13,569,994
   14,282,499
$ 10,894,797
2,3
Egypt, Government of, 6.497%–7.056% (SOFR CME +3.150%), 6/28/2027
6/24/2025-
6/28/2026
10,894,797
   10,894,797
 12,411,315
2,3
Egypt, Government of, 7.373%–7.740% (SOFR CME +4.000%), 6/21/2027
9/25/2025-
6/23/2026
12,411,315
   12,411,315
  4,083,737
2,3
GOV Pakistan 216, 7.437%–7.882% (SOFR CME +3.900%), 8/24/2026
6/14/2025-
11/4/2025
 4,083,737
    4,104,367
  4,953,011
2,3
Islamic Republic of Pakistan represented by Ministry of Economic Affairs,
7.294%–7.333% (SOFR CME +3.300%), 6/28/2027
6/21/2026-
6/25/2026
 4,953,011
    4,953,011
EUR 3,500,000
2
Minister of Finance of Ukraine, 7.819%, 9/1/2026
8/25/2021
 4,114,075
    3,912,377
 7,812,500
2,3
Republic of Senegal via Ministry of Finance and Budget, 8.407% (6-month EURIBOR
+5.800%), 12/22/2028
12/19/2023-
5/9/2024
 8,470,751
    7,699,006
 4,969,733
2,3
Senegal, Government of, 7.092% (1-month EURIBOR +4.850%), 8/1/2026
6/9/2023
 5,340,474
    5,674,881
3
Foreign
Currency
Par Amount,
Principal
Amount
or Shares
 
 
Acquisition
Date1
Acquisition
Cost
in U.S. Dollars1
Value
in
U.S. Dollars
           
1
TRADE FINANCE AGREEMENTS—continued
 
Foreign Sovereign—continued
EUR 4,388,889
2,3
The Republic De Cote D’Ivoire Acting Through And Represented By The Ministre Des
Finances Et Du Budget (Minister Of Finance And Budget), 7.853% (6-month EURIBOR
+5.750%), 1/8/2028
6/3/2024
$ 4,784,571
$    5,014,743
 666,667
2,3
The Republic of Angola Acting By and Through the Ministry of Finance of the
Republic of Angola, 6.378% (6-month EURIBOR +4.250%), 3/3/2027
9/8/2025
   771,637
      763,093
 1,713,179
2,3
The Republic of Angola Acting By and Through the Ministry of Finance of the
Republic of Angola, 6.386% (6-month EURIBOR +4.250%), 3/8/2029
9/8/2025
 1,939,734
    1,948,432
$  8,500,000
2,3
The Republic of Angola Acting By and Through the Ministry of Finance of the
Republic of Angola, 9.388% (SOFR CME +5.750%), 2/23/2027
2/23/2026
 8,500,000
    8,500,000
  8,400,000
2,3
The Republic of Angola Acting By and Through the Ministry of Finance of the
Republic of Angola, 9.410% (SOFR CME +5.750%), 10/23/2026
10/26/2025
 8,400,000
    8,400,000
EUR 9,200,000
2,3
The Republic of Côte d’Ivoire, acting through the Minister of Finance and Budget,
4.912% (6-month EURIBOR +2.850%), 3/9/2027
4/23/2025
10,419,463
   10,511,919
 11,500,000
2,3
The Republic of Côte d’Ivoire, acting through the Minister of Finance and Budget,
4.991% (6-month EURIBOR +2.850%), 7/14/2026
8/15/2025
13,378,521
   13,139,258
$  2,000,000
2,3
United Republic of Tanzania Ministry of Finance & Economic Affairs, 9.883% (SOFR
CME +5.850%), 8/9/2026
5/20/2024
 2,000,250
    2,000,000
 
TOTAL
122,729,256
 
Supranational—3.1%
  5,000,000
2,3
Africa Finance Corp., 4.897% (SOFR CME +1.150%), 12/12/2028
5/28/2026
 4,976,250
    4,968,158
EUR 7,000,000
2,3
African Export-Import Bank (“Afrexim Bank”), 3.304% (3-month EURIBOR
+1.100%), 2/26/2027
5/6/2026
 8,104,371
    7,983,048
$ 10,000,000
2,3
African Export-Import Bank (“Afrexim Bank”), 4.944% (SOFR CME
+1.200%), 12/30/2026
2/26/2026
 9,985,000
   10,000,000
  6,250,000
2,3
Bank of Industry Ltd. (BOI) Guarantor - Africa Finance Corp., 5.836% (SOFR CME
+2.200%), 9/30/2027
12/3/2024
 6,250,000
    6,250,000
  4,000,000
2,3
Eastern and Southern African Trade and Development Bank, 5.617% (SOFR CME
+1.950%), 12/16/2027
12/11/2024
 4,000,000
    4,000,000
 
TOTAL
33,201,206
 
Telecommunications - Wireless—6.2%
  9,500,000
2,3
IHS Holding Ltd., Cayman Islands, Inc., 8.173% (SOFR CME +4.500%), 10/9/2029
10/8/2024
 9,500,000
    9,500,000
  5,344,231
2,3
IHS Zambia Ltd., 8.935% (SOFR CME +5.262%), 12/15/2027
11/11/2021-
10/17/2024
 5,340,493
    5,458,436
EUR 7,800,000
2,3
Phoenix Tower International (PTI) Iberica V, NewCo created and Inc. in Spain, 4.944%
(6-month EURIBOR +3.250%), 10/25/2030
10/19/2023-
4/23/2025
 8,318,474
    9,287,755
 7,700,000
2,3
Phoenix Tower International (PTI) Iberica V, NewCo created and, Inc. in Spain, 5.779%
(6-month EURIBOR +3.250%), 10/25/2030
10/19/2023-
2/25/2025
 8,494,246
    9,168,682
$ 23,000,000
2,3
Phoenix Tower International Spain ETVE, SL, 7.732% (SOFR CME
+4.000%), 8/10/2027
11/21/2022-
1/28/2026
22,941,583
   23,234,961
EUR 9,000,000
2,3
Vantage Towers AG, 4.791% (3-month EURIBOR +4.000%), 3/21/2030
7/2/2024
 9,673,010
   10,283,399
 
TOTAL
66,933,233
 
Transportation - Transport Infrastructure/Services—2.7%
$ 19,256,250
2,3
Impala Terminals Switzerland S.a.r.l., 5.915% (SOFR CME +2.000%), 7/21/2028
8/4/2025
19,256,250
   19,256,250
  4,268,571
2,3
Maher Terminals LLC, 6.394% (SOFR CME +2.750%), 11/17/2027
3/7/2024
 4,236,557
    4,268,571
  5,450,000
2,3
Transnet SOC Ltd., 8.301% (SOFR CME +4.250%), 6/21/2027
11/14/2024-
12/4/2025
 5,431,444
    5,450,000
 
TOTAL
28,974,821
 
Utility - Electric-Generation—1.5%
  4,806,136
2,3
AES Andes S.A., 4.692% (SOFR CME +1.000%), 9/18/2026
6/18/2026
 4,752,260
    4,768,187
  9,450,000
2,3
Karadeniz WAF, 8.634% (SOFR CME +4.950%), 11/7/2030
8/26/2025
 9,450,000
    9,406,324
4
Foreign
Currency
Par Amount,
Principal
Amount
or Shares
 
 
Acquisition
Date1
Acquisition
Cost
in U.S. Dollars1
Value
in
U.S. Dollars
           
1
TRADE FINANCE AGREEMENTS—continued
 
Utility - Electric-Generation—continued
$  1,465,484
2,3
Qatar Electricity and Water Co. (QEWC) Q.P.S.C, 4.811% (SOFR CME
+5.320%), 6/30/2027
2/8/2024
$ 1,441,104
$    1,456,143
 
TOTAL
15,630,654
 
TOTAL TRADE FINANCE AGREEMENTS
(IDENTIFIED COST $897,579,573)
901,302,610
 
INVESTMENT COMPANY—12.3%
131,107,238
 
Federated Hermes Government Obligations Fund, Premier Shares, 3.55%7
(IDENTIFIED COST $131,107,238)
 
 
  131,107,238
 
TOTAL INVESTMENT IN SECURITIES—96.4%
(IDENTIFIED COST $1,028,686,811)
1,032,409,848
 
OTHER ASSETS AND LIABILITIES - NET—3.6%8
38,918,935
 
NET ASSETS—100%
$1,071,328,783
At June 30, 2026, the Fund had the following outstanding foreign exchange contracts:  
Settlement
Date
Counterparty
Foreign
Currency
Units to
Deliver/Receive
In
Exchange
For
Net Unrealized
Appreciation/
(Depreciation)
Contracts Sold:
 
 
 
7/24/2026
Barclays Bank
63,913,971
EUR
$55,000,000
$1,014,936
8/28/2026
State Street Bank & Trust Co.
71,047,038
EUR
$60,000,000
$2,329,420
8/28/2026
Morgan Stanley & Co.
2,281,847
EUR
$2,000,000
$(8,740)
9/25/2026
State Street Bank & Trust Co.
60,481,021
EUR
$51,900,000
$969,871
9/25/2026
State Street Bank & Trust Co.
375,289
GBP
$280,000
$3,881
NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS
$4,309,368
Net Unrealized Appreciation on Foreign Exchange Contracts is included in “Other Assets and Liabilities—Net.”
Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended June 30, 2026, were as follows:  
 
Federated Hermes
Government
Obligations Fund,
Premier Shares
Value as of 3/31/2026
$2,027,447
Purchases at Cost
$240,380,040
Proceeds from Sales
$(111,300,249)
Change in Unrealized Appreciation/Depreciation
$—
Net Realized Gain/(Loss)
$—
Value as of 6/30/2026
$131,107,238
Shares Held as of 6/30/2026
131,107,238
Dividend Income
$996,559
5
 
1
Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under
the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At June 30, 2026, these restricted securities amounted to $901,302,610,
which represented 84.1% of net assets.
2
Trade finance agreements’ fair values are primarily derived from discounted cash flow methodologies utilizing unobservable inputs due to the lack of market
transactions. The discount rate used within the methodologies to discount the future anticipated cash flows is considered a significant unobservable input.
Increases/(decreases) in the discount rate would result in a (decrease)/increase to an investment’s fair value.
3
Floating/variable note with current rate and current maturity or next reset date shown.
4
Issuer in default.
5
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.
6
Non-income-producing security.
7
7-day net yield.
8
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of net assets at June 30, 2026.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the “Adviser”).
■ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, expected recovery rate on distressed securities, opinion of legal counsel regarding the outcome of any relevant legal matters 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.
The Fund’s investments in trade finance agreements are primarily determined by applying discounted cash flow methodologies utilizing various inputs such as available or implied credit ratings, loan characteristics, seniority, collateral, comparable debt instruments, yield curves or indices, broader loan data, bond data and bond sector curves. When appropriate, other considerations may include asset liquidation analyses, internal credit assessments and general market conditions. The Fund utilizes third-party pricing specialists in determining its valuations. Typically, there are no other sources of evaluations for these investments and the inputs utilized are less observable. Additionally, trade finance agreements are typically held to maturity by investors and therefore do not trade on a consistent
6
basis. Accordingly, executed trade prices are usually unavailable and thus, generally cannot be relied upon to support valuations of these investments. Therefore, inputs unobservable in active markets must be relied upon more heavily and as such, the Fund’s management has determined these to be Level 3 investments. The prices realized for these investments upon sale may be different than prices used by the Fund to value them and the differences could be material.
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 the Adviser’s procedures.
The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of June 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:
Trade Finance Agreements
$—
$8,322,104
$892,980,506
$901,302,610
Investment Company
131,107,238
—
—
131,107,238
TOTAL SECURITIES
$131,107,238
$8,322,104
$892,980,506
$1,032,409,848
Other Financial Instruments1
Assets
$—
$4,318,108
$—
$4,318,108
Liabilities
—
(8,740)
—
(8,740)
TOTAL OTHER
FINANCIAL INSTRUMENTS
$—
$4,309,368
$—
$4,309,368
 
 
1
Other financial instruments are foreign exchange contracts.
7
Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:  
 
Investments in Trade
Finance Agreements
Balance as of 3/31/2026
$957,031,109
Accreted/amortized discount/premiums
599,555
Realized gain (loss)
1,640,420
Change in unrealized appreciation/depreciation
(453,459)
Purchases
169,494,067
(Sales)
(235,331,186)
Balance as of 6/30/2026
$892,980,506
Total change in unrealized appreciation/depreciation attributable to
investments still held at 6/30/2026
$369,423
 
The following acronym(s) are used throughout this portfolio:
 
EUR
—Euro
EURIBOR
—Euro Interbank Offered Rate
GBP
—British Pound
JSC
—Joint Stock Company
SOFR
—Secured Overnight Financing Rate
8