0001707560 fhas:BloombergGlobalAggregateIndexMember 2019-09-26 2019-09-26 0001707560 fhas:C000214506Member 2019-09-26 2019-09-26 0001707560 fhas:C000214509Member 2019-09-26 2019-09-26 0001707560 fhas:ICEBofAGlobalHighYieldConstrainedUSDHedgedIndexMember 2019-09-26 2019-09-26 0001707560 fhas:LipperGlobalHighYieldFundsAverageMember 2019-09-26 2019-09-26 0001707560 fhas:BloombergGlobalAggregateIndexMember 2019-09-26 2026-08-31 0001707560 fhas:C000214506Member 2019-09-26 2026-08-31 0001707560 fhas:ICEBofAGlobalHighYieldConstrainedUSDHedgedIndexMember 2019-09-26 2026-08-31 0001707560 fhas:LipperGlobalHighYieldFundsAverageMember 2019-09-26 2026-08-31 0001707560 fhas:BloombergGlobalAggregateIndexMember 2019-09-27 2020-08-31 0001707560 fhas:C000214506Member 2019-09-27 2020-08-31 0001707560 fhas:C000214509Member 2019-09-27 2020-08-31 0001707560 fhas:ICEBofAGlobalHighYieldConstrainedUSDHedgedIndexMember 2019-09-27 2020-08-31 0001707560 fhas:LipperGlobalHighYieldFundsAverageMember 2019-09-27 2020-08-31 0001707560 fhas:BloombergGlobalAggregateIndexMember 2019-09-27 2021-08-31 0001707560 fhas:C000214506Member 2019-09-27 2021-08-31 0001707560 fhas:C000214509Member 2019-09-27 2021-08-31 0001707560 fhas:ICEBofAGlobalHighYieldConstrainedUSDHedgedIndexMember 2019-09-27 2021-08-31 0001707560 fhas:LipperGlobalHighYieldFundsAverageMember 2019-09-27 2021-08-31 0001707560 fhas:BloombergGlobalAggregateIndexMember 2019-09-27 2022-08-31 0001707560 fhas:C000214506Member 2019-09-27 2022-08-31 0001707560 fhas:C000214509Member 2019-09-27 2022-08-31 0001707560 fhas:ICEBofAGlobalHighYieldConstrainedUSDHedgedIndexMember 2019-09-27 2022-08-31 0001707560 fhas:LipperGlobalHighYieldFundsAverageMember 2019-09-27 2022-08-31 0001707560 fhas:BloombergGlobalAggregateIndexMember 2019-09-27 2023-08-31 0001707560 fhas:C000214506Member 2019-09-27 2023-08-31 0001707560 fhas:C000214509Member 2019-09-27 2023-08-31 0001707560 fhas:ICEBofAGlobalHighYieldConstrainedUSDHedgedIndexMember 2019-09-27 2023-08-31 0001707560 fhas:LipperGlobalHighYieldFundsAverageMember 2019-09-27 2023-08-31 0001707560 fhas:BloombergGlobalAggregateIndexMember 2019-09-27 2024-08-31 0001707560 fhas:C000214506Member 2019-09-27 2024-08-31 0001707560 fhas:C000214509Member 2019-09-27 2024-08-31 0001707560 fhas:ICEBofAGlobalHighYieldConstrainedUSDHedgedIndexMember 2019-09-27 2024-08-31 0001707560 fhas:LipperGlobalHighYieldFundsAverageMember 2019-09-27 2024-08-31 0001707560 fhas:BloombergGlobalAggregateIndexMember 2019-09-27 2025-08-31 0001707560 fhas:C000214506Member 2019-09-27 2025-08-31 0001707560 fhas:C000214509Member 2019-09-27 2025-08-31 0001707560 fhas:ICEBofAGlobalHighYieldConstrainedUSDHedgedIndexMember 2019-09-27 2025-08-31 0001707560 fhas:LipperGlobalHighYieldFundsAverageMember 2019-09-27 2025-08-31 0001707560 fhas:BloombergGlobalAggregateIndexMember 2019-09-27 2026-08-31 0001707560 fhas:C000214506Member 2019-09-27 2026-08-31 0001707560 fhas:C000214509Member 2019-09-27 2026-08-31 0001707560 fhas:ICEBofAGlobalHighYieldConstrainedUSDHedgedIndexMember 2019-09-27 2026-08-31 0001707560 fhas:LipperGlobalHighYieldFundsAverageMember 2019-09-27 2026-08-31 0001707560 fhas:BloombergGlobalAggregateIndexMember 2021-06-11 2026-08-31 0001707560 fhas:C000214509Member 2021-06-11 2026-08-31 0001707560 fhas:ICEBofAGlobalHighYieldConstrainedUSDHedgedIndexMember 2021-06-11 2026-08-31 0001707560 fhas:LipperGlobalHighYieldFundsAverageMember 2021-06-11 2026-08-31 0001707560 2025-09-01 2026-08-31 0001707560 fhas:BloombergGlobalAggregateIndexMember 2021-09-01 2026-08-31 0001707560 fhas:C000214506Member 2021-09-01 2026-08-31 0001707560 fhas:C000214509Member 2021-09-01 2026-08-31 0001707560 fhas:ICEBofAGlobalHighYieldConstrainedUSDHedgedIndexMember 2021-09-01 2026-08-31 0001707560 fhas:LipperGlobalHighYieldFundsAverageMember 2021-09-01 2026-08-31 0001707560 fhas:BloombergGlobalAggregateIndexMember 2025-09-01 2026-08-31 0001707560 fhas:C000214506Member 2025-09-01 2026-08-31 0001707560 fhas:C000214509Member 2025-09-01 2026-08-31 0001707560 fhas:ICEBofAGlobalHighYieldConstrainedUSDHedgedIndexMember 2025-09-01 2026-08-31 0001707560 fhas:LipperGlobalHighYieldFundsAverageMember 2025-09-01 2026-08-31 0001707560 fhas:C000214506Member 2026-08-31 0001707560 fhas:C000214506Member us-gaap:BankingMember 2026-08-31 0001707560 fhas:C000214506Member fhas:BasicIndustriesMember 2026-08-31 0001707560 fhas:C000214506Member fhas:CapitalGoodsMember 2026-08-31 0001707560 fhas:C000214506Member fhas:ConsumerCyclicalsMember 2026-08-31 0001707560 fhas:C000214506Member fhas:ConsumerNonCyclicalMember 2026-08-31 0001707560 fhas:C000214506Member us-gaap:HealthcareSectorMember 2026-08-31 0001707560 fhas:C000214506Member fhas:MediaMember 2026-08-31 0001707560 fhas:C000214506Member fhas:PackagingMember 2026-08-31 0001707560 fhas:C000214506Member fhas:TelecommunicationsMember 2026-08-31 0001707560 fhas:USTreasuriesMember fhas:C000214506Member 2026-08-31 0001707560 fhas:C000214506Member oef:UtilitiesSectorMember 2026-08-31 0001707560 fhas:C000214509Member 2026-08-31 0001707560 fhas:C000214509Member us-gaap:BankingMember 2026-08-31 0001707560 fhas:C000214509Member fhas:BasicIndustriesMember 2026-08-31 0001707560 fhas:C000214509Member fhas:CapitalGoodsMember 2026-08-31 0001707560 fhas:C000214509Member fhas:ConsumerCyclicalsMember 2026-08-31 0001707560 fhas:C000214509Member fhas:ConsumerNonCyclicalMember 2026-08-31 0001707560 fhas:C000214509Member us-gaap:HealthcareSectorMember 2026-08-31 0001707560 fhas:C000214509Member fhas:MediaMember 2026-08-31 0001707560 fhas:C000214509Member fhas:PackagingMember 2026-08-31 0001707560 fhas:C000214509Member fhas:TelecommunicationsMember 2026-08-31 0001707560 fhas:USTreasuriesMember fhas:C000214509Member 2026-08-31 0001707560 fhas:C000214509Member oef:UtilitiesSectorMember 2026-08-31 iso4217:USD pure fhas:Holding 10000 10000 10000 10000 10000 11496 12044 13500 10629 10492.57862 12066 11370.01514 12917 9422.714545 11134.06013 12084.39548 13162.3377 8814.626929 13793.09942 10671 10708.84317 9924.466659 9930 10629 10381.757 9818.582059 9807.813111 11497 12945 9932 10686 10171.77 13117.43728 10657.06399 11732.46566 10653.547 12633.74193 9749.722315 13535 8822.859539 0.189 0.059 0.070 0.133 0.048 0.031 0.048 0.029 0.035 0.035 0.092 0.029 0.189 0.070 0.040 0.093 0.059 0.092 0.133 0.040 0.093 0.031 0001707560 false N-1A N-CSR Federated Hermes Adviser Series 2026-08-31 Federated Hermes SDG Engagement High Yield Credit Fund Institutional Shares FHHIX This annual shareholder report contains important information about the Federated Hermes SDG Engagement High Yield Credit Fund (the “Fund”) for the period of September 1, 2025 to August 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/FundInformation</span>. You can also request this information by contacting us at 1‑800‑341‑7400, Option 4, or your financial advisor. FederatedHermes.com/FundInformation 1‑800‑341‑7400 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>Class Name</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong><span style="white-space: nowrap;">Costs of a $10,000 investment</span></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 180pt; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>62</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.61<span>%</span></td> </tr> </table> 62 0.0061 <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">The following discussion compares the performance of the Fund to the ICE BofA Global High Yield Constrained USD Hedged Index (the “Index”) to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the Bloomberg Global Aggregate Index, a required broad-based index which represents the overall global investment-grade debt market. The Fund seeks to provide current income and long-term capital appreciation alongside positive societal impact.</div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold; page-break-after: avoid;"><b>Top Contributors to Performance</b></div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">From a sector perspective, the Fund’s overweight positioning in the Basic Industry, Banking and Utility sectors were top contributors to its performance relative to the Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">From an issuer perspective, the Fund’s lack of exposure to Optimum Comms (Media), along with an overweight allocation to Solenis (Basic Industry) and Orsted (Utilities) contributed the most to relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">From a regional perspective, the Fund’s overweight allocations to Western Europe, the UK and the Pacific were primary contributors to relative Fund performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">From a ratings perspective, the Fund’s overweight positioning in BBB-rated securities contributed the most to relative returns.</div> </li> </ul> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold; page-break-after: avoid;"><b>Top Detractors from Performance</b></div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">From a sector perspective, the Fund’s underweight positioning in Energy, Financial Services and Leisure detracted the most from relative Fund performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">From an issuer perspective, the Fund’s lack of exposure to Pemex (Energy) and EchoStar Corp (Telecommunications), along with an overweight allocation to Virgin Media (Telecoms) detracted the most from performance relative to the Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">From a regional perspective, the Fund’s underweight allocation to North America, Latin America and Asia detracted the most from relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">From a ratings perspective, the Fund’s underweight positioning in B-rated securities detracted the most from relative returns.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund’s past performance is not a predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: September 26, 2019 through August 31, 2026</div> <div style="text-transform: none; font-family: 'times new roman'; color: rgb(0, 0, 0); letter-spacing: normal; font-size: 10pt; margin-bottom: 3pt; font-weight: normal; margin-top: 11.5pt;">Initial Investment of $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_12394500.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> Keep in mind that the Fund’s past performance is not a predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; font-family: 'times new roman'; font-weight: bold; font-size: 12pt; color: rgb(0, 0, 0); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 3px;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Times New Roman'; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0); padding: 6pt 3pt 3pt 3px;">Average Annual Total Returns</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> </tr> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Times New Roman'; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0); padding: 6pt 3pt 3pt 3px;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 14%; padding: 6pt 3pt 3pt 3pt;"><strong>Since Inception</strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Institutional Shares¹</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.42<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Bloomberg Global Aggregate Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">-1.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">-0.28<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">ICE BofA Global High Yield Constrained USD Hedged Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.75<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Lipper Global High Yield Funds Average</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.04<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; vertical-align: top; color: rgb(0, 0, 0); text-align: left; font-size: 7.5pt; width: 14pt; padding: 10pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; margin-bottom: 0px;">¹</div> </td> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; vertical-align: top; color: rgb(0, 0, 0); text-align: left; font-size: 7.5pt; padding: 10pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; margin-bottom: 0px;">Commenced operations on September 26, 2019.</div> </td> </tr> </table> Institutional Shares 0.0451 0.0326 0.0442 Bloomberg Global Aggregate Index 0.0060 -0.0174 -0.0028 ICE BofA Global High Yield Constrained USD Hedged Index 0.0515 0.0394 0.0475 Lipper Global High Yield Funds Average 0.0418 0.0338 0.0404 2019-09-26 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Visit <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/FundInformation.</span> and click on the link to your fund and share class for more recent performance information.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt; break-after: avoid;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;"><span style="float: none;">$</span>192,273,962</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Number of Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;">303</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Portfolio Turnover</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;">23<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Total Advisory Fees Paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;"><span style="float: none;">$</span>443,929</td> </tr> </table> 192273962 303 0.23 443929 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Holdings</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 5pt 0px 5pt 0px;"><b>Top Sectors</b> <br/><b>(% of Net Assets)</b></div> <div style="padding-left: 0px; padding-right: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_12394505.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt; clear: both;">Material Fund Changes</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">The following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/FundInformation</span> or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Effective June 30, 2026, the Fund’s non-fundamental 80% investment policy changed to the following: Under normal circumstances, the Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in fixed-income investments rated below investment grade which, in the Adviser’s view, also provide the potential for contributing to positive societal impact aligned to the United Nations Sustainable Development Goals.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">The following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/FundInformation</span> or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div> FederatedHermes.com/FundInformation 1-800-341-7400 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Effective June 30, 2026, the Fund’s non-fundamental 80% investment policy changed to the following: Under normal circumstances, the Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in fixed-income investments rated below investment grade which, in the Adviser’s view, also provide the potential for contributing to positive societal impact aligned to the United Nations Sustainable Development Goals.</div> 2026-06-30 Federated Hermes SDG Engagement High Yield Credit Fund Class R6 Shares FHHRX This annual shareholder report contains important information about the Federated Hermes SDG Engagement High Yield Credit Fund (the “Fund”) for the period of September 1, 2025 to August 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/FundInformation</span>. You can also request this information by contacting us at 1‑800‑341‑7400, Option 4, or your financial advisor. FederatedHermes.com/FundInformation 1‑800‑341‑7400 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>Class Name</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong><span style="white-space: nowrap;">Costs of a $10,000 investment</span></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 180pt; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>57</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.56<span>%</span></td> </tr> </table> 57 0.0056 <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">The following discussion compares the performance of the Fund to the ICE BofA Global High Yield Constrained USD Hedged Index (the “Index”) to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the Bloomberg Global Aggregate Index, a required broad-based index which represents the overall global investment-grade debt market. The Fund seeks to provide current income and long-term capital appreciation alongside positive societal impact.</div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold; page-break-after: avoid;"><b>Top Contributors to Performance</b></div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">From a sector perspective, the Fund’s overweight positioning in the Basic Industry, Banking and Utility sectors were top contributors to its performance relative to the Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">From an issuer perspective, the Fund’s lack of exposure to Optimum Comms (Media), along with an overweight allocation to Solenis (Basic Industry) and Orsted (Utilities) contributed the most to relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">From a regional perspective, the Fund’s overweight allocations to Western Europe, the UK and the Pacific were primary contributors to relative Fund performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">From a ratings perspective, the Fund’s overweight positioning in BBB-rated securities contributed the most to relative returns.</div> </li> </ul> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold; page-break-after: avoid;"><b>Top Detractors from Performance</b></div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">From a sector perspective, the Fund’s underweight positioning in Energy, Financial Services and Leisure detracted the most from relative Fund performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">From an issuer perspective, the Fund’s lack of exposure to Pemex (Energy) and EchoStar Corp (Telecommunications), along with an overweight allocation to Virgin Media (Telecoms) detracted the most from performance relative to the Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">From a regional perspective, the Fund’s underweight allocation to North America, Latin America and Asia detracted the most from relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">From a ratings perspective, the Fund’s underweight positioning in B-rated securities detracted the most from relative returns.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund’s past performance is not a predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Cumulative<span style="white-space: nowrap;"> </span>Performance:<span style="white-space: nowrap;"> </span>September 26, 2019<span style="white-space: nowrap;"> </span>through<span style="white-space: nowrap;"> </span>August 31, 2026</div> <div style="text-transform: none; font-family: 'times new roman'; color: rgb(0, 0, 0); letter-spacing: normal; font-size: 10pt; margin-bottom: 3pt; font-weight: normal; margin-top: 11.5pt;">Initial Investment of $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_12394540.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> Keep in mind that the Fund’s past performance is not a predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; font-family: 'times new roman'; font-weight: bold; font-size: 12pt; color: rgb(0, 0, 0); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 3px;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Times New Roman'; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0); padding: 6pt 3pt 3pt 3px;">Average Annual Total Returns</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> </tr> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Times New Roman'; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0); padding: 6pt 3pt 3pt 3px;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 14%; padding: 6pt 3pt 3pt 3pt;"><strong>Since Inception</strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Class R6 Shares¹</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.46<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Bloomberg Global Aggregate Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">-1.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">-0.28<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">ICE BofA Global High Yield Constrained USD Hedged Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.75<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Lipper Global High Yield Funds Average</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.04<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; vertical-align: top; color: rgb(0, 0, 0); text-align: left; font-size: 7.5pt; width: 14pt; padding: 10pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; margin-bottom: 0px;">¹</div> </td> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; vertical-align: top; color: rgb(0, 0, 0); text-align: left; font-size: 7.5pt; padding: 10pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; margin-bottom: 0px;">The Fund’s Class R6 Shares commenced operations on June 11, 2021. For the periods prior to the commencement of operations of the Fund’s Class R6 Shares, the performance information shown is for the Fund’s Institutional Shares, which commenced operations on September 26, 2019. The performance of the Institutional Shares has not been adjusted to reflect the expenses of the Class R6 Shares, since the Class R6 Shares have a lower expense ratio than the Institutional Shares.</div> </td> </tr> </table> Class R6 Shares 0.0456 0.0332 0.0446 Bloomberg Global Aggregate Index 0.0060 -0.0174 -0.0028 ICE BofA Global High Yield Constrained USD Hedged Index 0.0515 0.0394 0.0475 Lipper Global High Yield Funds Average 0.0418 0.0338 0.0404 2021-06-11 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Visit <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/FundInformation.</span> and click on the link to your fund and share class for more recent performance information.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt; break-after: avoid;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;"><span style="float: none;">$</span>192,273,962</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Number of Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;">303</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Portfolio Turnover</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;">23<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Total Advisory Fees Paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;"><span style="float: none;">$</span>443,929</td> </tr> </table> 192273962 303 0.23 443929 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Holdings</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 5pt 0px 5pt 0px;"><b>Top Sectors</b> <br/><b>(% of Net Assets)</b></div> <div style="padding-left: 0px; padding-right: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_12394545.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt; clear: both;">Material Fund Changes</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">The following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/FundInformation</span> or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Effective June 30, 2026, the Fund’s non-fundamental 80% investment policy changed to the following: Under normal circumstances, the Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in fixed-income investments rated below investment grade which, in the Adviser’s view, also provide the potential for contributing to positive societal impact aligned to the United Nations Sustainable Development Goals.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">The following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/FundInformation</span> or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div> FederatedHermes.com/FundInformation 1-800-341-7400 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Effective June 30, 2026, the Fund’s non-fundamental 80% investment policy changed to the following: Under normal circumstances, the Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in fixed-income investments rated below investment grade which, in the Adviser’s view, also provide the potential for contributing to positive societal impact aligned to the United Nations Sustainable Development Goals.</div> 2026-06-30 The Fund’s Class R6 Shares commenced operations on June 11, 2021. For the periods prior to the commencement of operations of the Fund’s Class R6 Shares, the performance information shown is for the Fund’s Institutional Shares, which commenced operations on September 26, 2019. The performance of the Institutional Shares has not been adjusted to reflect the expenses of the Class R6 Shares, since the Class R6 Shares have a lower expense ratio than the Institutional Shares. Commenced operations on September 26, 2019.