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Federated Hermes High Yield Trust

04/24/2026 | Press release | Distributed by Public on 04/24/2026 08:31

Annual Report by Investment Company (Form N-CSR)

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

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

811-4018
(Investment Company Act File Number)

Federated Hermes High Yield 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: 2026-02-28

Date of Reporting Period: 2026-02-28

Item 1.

Reports to Stockholders

Federated Hermes Opportunistic High Yield Bond Fund

Class A Shares | FHYAX

Annual Shareholder Report - February 28, 2026

A Portfolio of Federated Hermes High Yield Trust

This annual shareholder report contains important information about the Federated Hermes Opportunistic High Yield Bond Fund (the "Fund") for the period of March 1, 2025 to February 28, 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.

This report describes changes made to the Fund during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Shares	$100	0.97%

Management's Discussion of Fund Performance

The following discussion compares the performance of the Fund to the Bloomberg US Corporate High Yield 2% Issuer Capped 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 US Aggregate Bond Index, which represents the overall U.S. fixed-income market. The Fund seeks high current income by investing primarily in a professionally managed, diversified portfolio of fixed-income securities rated below investment grade.

Top Contributors to Performance

The Fund's relative performance was positively impacted by security selection in the Building Materials, Packaging, Midstream, Chemicals and Retailers industry sectors.
The Fund was positively impacted by its underweight allocations to the underperforming Retailers and Midstream industry sectors. The Fund's opportunistic equity allocation also contributed to relative performance.
Specific Fund holdings that positively impacted performance relative to the Index included CSC Holdings, Foundation Building Materials, Dornoch Debt Merger Sub and Trivium Packaging.

Top Detractors from Performance

The Fund's relative performance was negatively impacted by security selection in the Property & Casualty and Cable & Satellite industry sectors.
The Fund was negatively impacted by its underweight allocations to the strong performing Media & Entertainment and Wirelines industry sectors. Relative performance was also negatively impacted by its overweight allocation to the underperforming Technology and Packaging industry sectors. The Fund's cash position also detracted from performance given the strong absolute performance of high yield bonds during the period.
Specific Fund holdings that negatively impacted performance relative to the Index included McAfee Corp, Rocket Software, Warner Bros Discovery and Cvent.

Annual Shareholder Report

Federated Hermes Opportunistic High Yield Bond Fund

Fund Performance

Keep in mind that the Fund's past performance is not a good 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.

Cumulative Performance: 2/29/2016 to 2/28/2026

Total Return Based on $10,000 Investment

Table Summary

	Class A Shares with sales load	Bloomberg US Aggregate Bond Index	Bloomberg US Corporate High Yield 2% Issuer Capped Index	Lipper High Yield Funds Average
2/29/2016	$9,557	$10,000	$10,000	$10,000
2/28/2017	$11,465	$10,142	$12,183	$11,880
2/28/2018	$11,832	$10,193	$12,692	$12,316
2/28/2019	$12,214	$10,516	$13,239	$12,722
2/29/2020	$12,700	$11,744	$14,046	$13,422
2/28/2021	$14,265	$11,907	$15,354	$14,543
2/28/2022	$14,576	$11,592	$15,452	$14,671
2/28/2023	$13,590	$10,465	$14,609	$13,865
2/29/2024	$14,927	$10,813	$16,218	$15,265
2/28/2025	$16,162	$11,441	$17,854	$16,663
2/28/2026	$17,276	$12,158	$19,137	$17,798

Average Annual Total Returns

Table Summary

Fund/Index	1 Year	5 Years	10 Years
Class A Shares with sales load	2.12%	2.95%	5.62%
Class A Shares without sales load	6.89%	3.90%	6.10%
Bloomberg US Aggregate Bond Index	6.26%	0.42%	1.97%
Bloomberg US Corporate High Yield 2% Issuer Capped Index	7.18%	4.50%	6.71%
Lipper High Yield Funds Average	6.81%	4.10%	5.87%

Visit FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.

Key Fund Statistics

Net Assets$418,250,976
Number of Investments485
Portfolio Turnover28%
Total Advisory Fees Paid$2,226,592

Annual Shareholder Report

Federated Hermes Opportunistic High Yield Bond Fund

Fund Holdings

Top Index Classifications (% of Net Assets)

Table Summary

Value	Value
Utility - Electric	3.4%
Independent Energy	3.6%
Building Materials	3.9%
Gaming	4.6%
Health Care	4.6%
Chemicals	4.9%
Midstream	5.0%
Cable Satellite	5.5%
Insurance - P&C	9.1%
Technology	13.7%

Material Fund Changes

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 FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.

Effective November 1, 2025, Mark E. Durbiano no longer serves as a portfolio manager of the 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 314197302

30221-A (04/26)

Federated Securities Corp., Distributor

FederatedHermes.com/us

Federated Hermes Opportunistic High Yield Bond Fund

Class C Shares | FHYCX

Annual Shareholder Report - February 28, 2026

A Portfolio of Federated Hermes High Yield Trust

This report describes changes made to the Fund during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C Shares	$186	1.81%

Management's Discussion of Fund Performance

Top Contributors to Performance

The Fund's relative performance was positively impacted by security selection in the Building Materials, Packaging, Midstream, Chemicals and Retailers industry sectors.
The Fund was positively impacted by its underweight allocations to the underperforming Retailers and Midstream industry sectors. The Fund's opportunistic equity allocation also contributed to relative performance.
Specific Fund holdings that positively impacted performance relative to the Index included CSC Holdings, Foundation Building Materials, Dornoch Debt Merger Sub and Trivium Packaging.

Top Detractors from Performance

The Fund's relative performance was negatively impacted by security selection in the Property & Casualty and Cable & Satellite industry sectors.
The Fund was negatively impacted by its underweight allocations to the strong performing Media & Entertainment and Wirelines industry sectors. Relative performance was also negatively impacted by its overweight allocation to the underperforming Technology and Packaging industry sectors. The Fund's cash position also detracted from performance given the strong absolute performance of high yield bonds during the period.
Specific Fund holdings that negatively impacted performance relative to the Index included McAfee Corp, Rocket Software, Warner Bros Discovery and Cvent.

Annual Shareholder Report

Federated Hermes Opportunistic High Yield Bond Fund

Fund Performance

Cumulative Performance: 2/29/2016 to 2/28/2026

Total Return Based on $10,000 Investment

Table Summary

	Class C Shares with sales load	Bloomberg US Aggregate Bond Index	Bloomberg US Corporate High Yield 2% Issuer Capped Index	Lipper High Yield Funds Average
2/29/2016	$10,000	$10,000	$10,000	$10,000
2/28/2017	$11,911	$10,142	$12,183	$11,880
2/28/2018	$12,218	$10,193	$12,692	$12,316
2/28/2019	$12,519	$10,516	$13,239	$12,722
2/29/2020	$12,912	$11,744	$14,046	$13,422
2/28/2021	$14,387	$11,907	$15,354	$14,543
2/28/2022	$14,581	$11,592	$15,452	$14,671
2/28/2023	$13,462	$10,465	$14,609	$13,865
2/29/2024	$14,691	$10,813	$16,218	$15,265
2/28/2025	$15,907	$11,441	$17,854	$16,663
2/28/2026	$17,003	$12,158	$19,137	$17,798

Average Annual Total Returns

Table Summary

Fund/Index	1 Year	5 Years	10 Years
Class C Shares with sales load	5.01%	3.06%	5.45%
Class C Shares without sales load	6.01%	3.06%	5.45%
Bloomberg US Aggregate Bond Index	6.26%	0.42%	1.97%
Bloomberg US Corporate High Yield 2% Issuer Capped Index	7.18%	4.50%	6.71%
Lipper High Yield Funds Average	6.81%	4.10%	5.87%

Visit FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.

Key Fund Statistics

Net Assets$418,250,976
Number of Investments485
Portfolio Turnover28%
Total Advisory Fees Paid$2,226,592

Annual Shareholder Report

Federated Hermes Opportunistic High Yield Bond Fund

Fund Holdings

Top Index Classifications (% of Net Assets)

Table Summary

Value	Value
Utility - Electric	3.4%
Independent Energy	3.6%
Building Materials	3.9%
Gaming	4.6%
Health Care	4.6%
Chemicals	4.9%
Midstream	5.0%
Cable Satellite	5.5%
Insurance - P&C	9.1%
Technology	13.7%

Material Fund Changes

Effective November 1, 2025, Mark E. Durbiano no longer serves as a portfolio manager of the 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 314197401

30221-B (04/26)

Federated Securities Corp., Distributor

FederatedHermes.com/us

Federated Hermes Opportunistic High Yield Bond Fund

Institutional Shares | FHTIX

Annual Shareholder Report - February 28, 2026

A Portfolio of Federated Hermes High Yield Trust

This report describes changes made to the Fund during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$75	0.72%

Management's Discussion of Fund Performance

Top Contributors to Performance

The Fund's relative performance was positively impacted by security selection in the Building Materials, Packaging, Midstream, Chemicals and Retailers industry sectors.
The Fund was positively impacted by its underweight allocations to the underperforming Retailers and Midstream industry sectors. The Fund's opportunistic equity allocation also contributed to relative performance.
Specific Fund holdings that positively impacted performance relative to the Index included CSC Holdings, Foundation Building Materials, Dornoch Debt Merger Sub and Trivium Packaging.

Top Detractors from Performance

The Fund's relative performance was negatively impacted by security selection in the Property & Casualty and Cable & Satellite industry sectors.
The Fund was negatively impacted by its underweight allocations to the strong performing Media & Entertainment and Wirelines industry sectors. Relative performance was also negatively impacted by its overweight allocation to the underperforming Technology and Packaging industry sectors. The Fund's cash position also detracted from performance given the strong absolute performance of high yield bonds during the period.
Specific Fund holdings that negatively impacted performance relative to the Index included McAfee Corp, Rocket Software, Warner Bros Discovery and Cvent.

Annual Shareholder Report

Federated Hermes Opportunistic High Yield Bond Fund

Fund Performance

Cumulative Performance: 2/29/2016 to 2/28/2026

Total Return Based on $10,000 Investment

Table Summary

	Institutional Shares	Bloomberg US Aggregate Bond Index	Bloomberg US Corporate High Yield 2% Issuer Capped Index	Lipper High Yield Funds Average
2/29/2016	$10,000	$10,000	$10,000	$10,000
2/28/2017	$12,033	$10,142	$12,183	$11,880
2/28/2018	$12,467	$10,193	$12,692	$12,316
2/28/2019	$12,881	$10,516	$13,239	$12,722
2/29/2020	$13,426	$11,744	$14,046	$13,422
2/28/2021	$15,145	$11,907	$15,354	$14,543
2/28/2022	$15,512	$11,592	$15,452	$14,671
2/28/2023	$14,470	$10,465	$14,609	$13,865
2/29/2024	$15,961	$10,813	$16,218	$15,265
2/28/2025	$17,327	$11,441	$17,854	$16,663
2/28/2026	$18,567	$12,158	$19,137	$17,798

Average Annual Total Returns

Table Summary

Fund/Index	1 Year	5 Years	10 Years
Institutional Shares	7.16%	4.16%	6.38%
Bloomberg US Aggregate Bond Index	6.26%	0.42%	1.97%
Bloomberg US Corporate High Yield 2% Issuer Capped Index	7.18%	4.50%	6.71%
Lipper High Yield Funds Average	6.81%	4.10%	5.87%

Visit FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.

Key Fund Statistics

Net Assets$418,250,976
Number of Investments485
Portfolio Turnover28%
Total Advisory Fees Paid$2,226,592

Annual Shareholder Report

Federated Hermes Opportunistic High Yield Bond Fund

Fund Holdings

Top Index Classifications (% of Net Assets)

Table Summary

Value	Value
Utility - Electric	3.4%
Independent Energy	3.6%
Building Materials	3.9%
Gaming	4.6%
Health Care	4.6%
Chemicals	4.9%
Midstream	5.0%
Cable Satellite	5.5%
Insurance - P&C	9.1%
Technology	13.7%

Material Fund Changes

Effective November 1, 2025, Mark E. Durbiano no longer serves as a portfolio manager of the 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 314197203

30221-C (04/26)

Federated Securities Corp., Distributor

FederatedHermes.com/us

Federated Hermes Opportunistic High Yield Bond Fund

Class R6 Shares | FHYLX

Annual Shareholder Report - February 28, 2026

A Portfolio of Federated Hermes High Yield Trust

This report describes changes made to the Fund during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6 Shares	$74	0.71%

Management's Discussion of Fund Performance

Top Contributors to Performance

The Fund's relative performance was positively impacted by security selection in the Building Materials, Packaging, Midstream, Chemicals and Retailers industry sectors.
The Fund was positively impacted by its underweight allocations to the underperforming Retailers and Midstream industry sectors. The Fund's opportunistic equity allocation also contributed to relative performance.
Specific Fund holdings that positively impacted performance relative to the Index included CSC Holdings, Foundation Building Materials, Dornoch Debt Merger Sub and Trivium Packaging.

Top Detractors from Performance

The Fund's relative performance was negatively impacted by security selection in the Property & Casualty and Cable & Satellite industry sectors.
The Fund was negatively impacted by its underweight allocations to the strong performing Media & Entertainment and Wirelines industry sectors. Relative performance was also negatively impacted by its overweight allocation to the underperforming Technology and Packaging industry sectors. The Fund's cash position also detracted from performance given the strong absolute performance of high yield bonds during the period.
Specific Fund holdings that negatively impacted performance relative to the Index included McAfee Corp, Rocket Software, Warner Bros Discovery and Cvent.

Annual Shareholder Report

Federated Hermes Opportunistic High Yield Bond Fund

Fund Performance

Cumulative Performance: 2/29/2016 to 2/28/2026

Total Return Based on $10,000 Investment

Table Summary

	Class R6 Shares	Bloomberg US Aggregate Bond Index	Bloomberg US Corporate High Yield 2% Issuer Capped Index	Lipper High Yield Funds Average
2/29/2016	$10,000	$10,000	$10,000	$10,000
2/28/2017	$12,002	$10,142	$12,183	$11,880
2/28/2018	$12,412	$10,193	$12,692	$12,316
2/28/2019	$12,845	$10,516	$13,239	$12,722
2/29/2020	$13,390	$11,744	$14,046	$13,422
2/28/2021	$15,104	$11,907	$15,354	$14,543
2/28/2022	$15,473	$11,592	$15,452	$14,671
2/28/2023	$14,437	$10,465	$14,609	$13,865
2/29/2024	$15,926	$10,813	$16,218	$15,265
2/28/2025	$17,289	$11,441	$17,854	$16,663
2/28/2026	$18,528	$12,158	$19,137	$17,798

Average Annual Total Returns

Table Summary

Fund/Index	1 Year	5 Years	10 Years
Class R6 Shares	7.17%	4.17%	6.36%
Bloomberg US Aggregate Bond Index	6.26%	0.42%	1.97%
Bloomberg US Corporate High Yield 2% Issuer Capped Index	7.18%	4.50%	6.71%
Lipper High Yield Funds Average	6.81%	4.10%	5.87%

Visit FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.

Key Fund Statistics

Net Assets$418,250,976
Number of Investments485
Portfolio Turnover28%
Total Advisory Fees Paid$2,226,592

Annual Shareholder Report

Federated Hermes Opportunistic High Yield Bond Fund

Fund Holdings

Top Index Classifications (% of Net Assets)

Table Summary

Value	Value
Utility - Electric	3.4%
Independent Energy	3.6%
Building Materials	3.9%
Gaming	4.6%
Health Care	4.6%
Chemicals	4.9%
Midstream	5.0%
Cable Satellite	5.5%
Insurance - P&C	9.1%
Technology	13.7%

Material Fund Changes

Effective November 1, 2025, Mark E. Durbiano no longer serves as a portfolio manager of the 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 314197807

30221-E (04/26)

Federated Securities Corp., Distributor

FederatedHermes.com/us

Federated Hermes Opportunistic High Yield Bond Fund

Service Shares | FHYTX

Annual Shareholder Report - February 28, 2026

A Portfolio of Federated Hermes High Yield Trust

This report describes changes made to the Fund during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Shares	$100	0.97%

Management's Discussion of Fund Performance

Top Contributors to Performance

The Fund's relative performance was positively impacted by security selection in the Building Materials, Packaging, Midstream, Chemicals and Retailers industry sectors.
The Fund was positively impacted by its underweight allocations to the underperforming Retailers and Midstream industry sectors. The Fund's opportunistic equity allocation also contributed to relative performance.
Specific Fund holdings that positively impacted performance relative to the Index included CSC Holdings, Foundation Building Materials, Dornoch Debt Merger Sub and Trivium Packaging.

Top Detractors from Performance

The Fund's relative performance was negatively impacted by security selection in the Property & Casualty and Cable & Satellite industry sectors.
The Fund was negatively impacted by its underweight allocations to the strong performing Media & Entertainment and Wirelines industry sectors. Relative performance was also negatively impacted by its overweight allocation to the underperforming Technology and Packaging industry sectors. The Fund's cash position also detracted from performance given the strong absolute performance of high yield bonds during the period.
Specific Fund holdings that negatively impacted performance relative to the Index included McAfee Corp, Rocket Software, Warner Bros Discovery and Cvent.

Annual Shareholder Report

Federated Hermes Opportunistic High Yield Bond Fund

Fund Performance

Cumulative Performance: 2/29/2016 to 2/28/2026

Total Return Based on $10,000 Investment

Table Summary

	Service Shares	Bloomberg US Aggregate Bond Index	Bloomberg US Corporate High Yield 2% Issuer Capped Index	Lipper High Yield Funds Average
2/29/2016	$10,000	$10,000	$10,000	$10,000
2/28/2017	$12,002	$10,142	$12,183	$11,880
2/28/2018	$12,385	$10,193	$12,692	$12,316
2/28/2019	$12,784	$10,516	$13,239	$12,722
2/29/2020	$13,292	$11,744	$14,046	$13,422
2/28/2021	$14,955	$11,907	$15,354	$14,543
2/28/2022	$15,258	$11,592	$15,452	$14,671
2/28/2023	$14,220	$10,465	$14,609	$13,865
2/29/2024	$15,646	$10,813	$16,218	$15,265
2/28/2025	$16,941	$11,441	$17,854	$16,663
2/28/2026	$18,109	$12,158	$19,137	$17,798

Average Annual Total Returns

Table Summary

Fund/Index	1 Year	5 Years	10 Years
Service Shares	6.89%	3.90%	6.12%
Bloomberg US Aggregate Bond Index	6.26%	0.42%	1.97%
Bloomberg US Corporate High Yield 2% Issuer Capped Index	7.18%	4.50%	6.71%
Lipper High Yield Funds Average	6.81%	4.10%	5.87%

Visit FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.

Key Fund Statistics

Net Assets$418,250,976
Number of Investments485
Portfolio Turnover28%
Total Advisory Fees Paid$2,226,592

Annual Shareholder Report

Federated Hermes Opportunistic High Yield Bond Fund

Fund Holdings

Top Index Classifications (% of Net Assets)

Table Summary

Value	Value
Utility - Electric	3.4%
Independent Energy	3.6%
Building Materials	3.9%
Gaming	4.6%
Health Care	4.6%
Chemicals	4.9%
Midstream	5.0%
Cable Satellite	5.5%
Insurance - P&C	9.1%
Technology	13.7%

Material Fund Changes

Effective November 1, 2025, Mark E. Durbiano no longer serves as a portfolio manager of the 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 314197104

30221-D (04/26)

Federated Securities Corp., Distributor

FederatedHermes.com/us

Item 2.

Code of Ethics

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.

(c) There was no amendment to the registrant's code of ethics described in Item 2(a) above during the period covered by the report.

(d) There was no waiver granted, either actual or implicit, from a provision to the registrant's code of ethics described in Item 2(a) above during the period covered by the report.

(e) Not Applicable

(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3.

Audit Committee Financial Expert

The registrant's Board has determined that each of the following members of the Board's Audit Committee is an "audit committee financial expert," and is "independent," for purposes of this Item 3: John G. Carson, Thomas M. O'Neill and John S. Walsh.

Item 4.

Principal Accountant Fees and Services

(a) Audit Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2026 - $37,220

Fiscal year ended 2025 - $35,788

(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2026 - $0

Fiscal year ended 2025 - $0

Amount requiring approval of the registrant's Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $1,683 respectively. Fiscal year ended 2025- Travel expenses for attendance at Board meeting.

Fiscal year ended 2026 - $0

Fiscal year ended 2025 - $0

Amount requiring approval of the registrant's Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

(d) All Other Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2026 - $0

Fiscal year ended 2025 - $0

Amount requiring approval of the registrant's Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

(e)(1) Audit Committee Policies regarding Pre-approval of Services.

The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor's independence. The Audit Committee is required to pre-concur with independence conclusions made by the independent auditor regarding non-audit services to be provided by the independent auditor to the Funds, the Funds Board of Directors, or any entity that is controlled directly or indirectly by the Funds. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval (and pre-concurrence for non-audit services) by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.

The Audit Committee has delegated pre-approval/pre-concurrence authority to its chairman (the "Chairman") for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval/pre-concurrence decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval/pre-concurrence authority when the Chairman is unavailable.

AUDIT SERVICES

The annual audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.

In addition to the annual audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.

AUDIT-RELATED SERVICES

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC's financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.

TAX SERVICES

The Audit Committee believes that the independent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor's independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved/pre-concurred certain tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved/pre-concurred by the Audit Committee.

ALL OTHER SERVICES

With respect to the provision of permissible services other than audit, review or attest services the pre-approval/pre-concurrence requirement is waived if:

(1) With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and,

(2) With respect to such services rendered to the Fund's investment adviser ( the "Adviser")and any entity controlling, controlled by to under common control with the Adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee's purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC's auditor by the RIC, its Adviser and any entity controlling, controlled by, or under common control with the Adviser during the fiscal year in which the services are provided; and

(3) Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and

(4) Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee.

The Audit Committee may grant general pre-approval/pre-concurrence to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.

The Securities and Exchange Commission's (the "SEC") rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.

PRE-APPROVAL FEE LEVELS

Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.

PROCEDURES

Requests or applications to provide services that require specific approval/concurrence by the Audit Committee will be submitted to the Audit Committee by the Fund's Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC's rules on auditor independence.

(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant's Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

4(b)

Fiscal year ended 2026 - 0%

Fiscal year ended 2025 - 0%

Percentage of services provided to the registrant's Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant's Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.

4(c)

Fiscal year ended 2026 - 0%

Fiscal year ended 2025 - 0%

4(d)

Fiscal year ended 2026 - 0%

Fiscal year ended 2025 - 0%

(f) NA

(g) Non-Audit Fees billed to the registrant, the registrant's Adviser, and certain entities controlling, controlled by or under common control with the Adviser:

Fiscal year ended 2026 - $145,111

Fiscal year ended 2025 - $126,051

(h) The registrant's Audit Committee has considered that the provision of non-audit services that were rendered to the registrant's Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not Applicable

(j) 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

Annual Financial Statements
and Additional Information

February 28, 2026

Share Class | Ticker

A | FHYAX

C | FHYCX

Institutional | FHTIX

Service | FHYTX

R6 | FHYLX

Federated Hermes Opportunistic High Yield Bond Fund

A Portfolio of Federated Hermes High Yield Trust

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

CONTENTS

Portfolio of Investments	1
Financial Highlights	14
Statement of Assets and Liabilities	19
Statement of Operations	20
Statement of Changes in Net Assets	21
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	29
Evaluation and Approval of Advisory Contract	30

Portfolio of Investments

February 28, 2026

Principal Amount or Shares		Value
	CORPORATE BONDS-90.2%
	Aerospace/Defense-2.0%
$ 350,000	Goat Holdco, LLC, 144A, 6.750%, 2/1/2032	$ 361,955
950,000	TransDigm, Inc., 144A, 6.375%, 3/1/2029	977,010
2,125,000	TransDigm, Inc., 1st Priority Sr. Secd. Note, 144A, 6.625%, 3/1/2032	2,204,139
950,000	TransDigm, Inc., Sr. Secd. Note, 144A, 6.750%, 8/15/2028	968,102
1,350,000	TransDigm, Inc., Sr. Secd. Note, 144A, 6.875%, 12/15/2030	1,405,820
1,100,000	TransDigm, Inc., Sr. Sub. Note, 144A, 6.375%, 5/31/2033	1,123,604
350,000	TransDigm, Inc., Sr. Sub. Note, 144A, 6.750%, 1/31/2034	363,523
675,000	TransDigm, Inc., Sr. Sub. Note, Series WI, 4.875%, 5/1/2029	674,243
325,000	TransDigm, Inc., Sr. Sub., 144A, 6.125%, 7/31/2034	330,520
	TOTAL	8,408,916
	Airlines-0.1%
58,333	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.500%, 4/20/2026	58,450
375,000	United Airlines Holdings, Inc., Sr. Unsecd. Note, 5.375%, 3/1/2031	382,803
	TOTAL	441,253
	Automotive-2.6%
250,000	Adient Global Holdings Ltd., 144A, 7.000%, 4/15/2028	255,073
1,125,000	Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 7.500%, 2/15/2033	1,181,551
550,000	Clarios Global LP, Sr. Secd. Note, 144A, 6.750%, 2/15/2030	576,378
2,050,000	Clarios Global LP, Sr. Unsecd. Note, 144A, 6.750%, 9/15/2032	2,129,130
1,975,000	Dornoch Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2029	1,785,824
200,000	Forvia SE, Sr. Unsecd. Note, 144A, 6.750%, 9/15/2033	206,133
1,950,000	IHO Verwaltungs GmbH, 144A, 8.000%, 11/15/2032	2,081,502
1,325,000	IHO Verwaltungs GmbH, Sr. Secd. Note, 144A, 6.375%, 5/15/2029	1,342,980
1,200,000	J.B. Poindexter & Co., Inc., Sr. Unsecd. Note, 144A, 8.750%, 12/15/2031	1,243,932
	TOTAL	10,802,503
	Building Materials-3.5%
750,000	American Builders & Contractors Supply Co., Inc., 144A, 4.000%, 1/15/2028	739,705
200,000	American Builders & Contractors Supply Co., Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/15/2029	193,795
800,000	CP Atlas Buyer, Inc., 144A, 9.750%, 7/15/2030	801,555
1,386,009	CP Atlas Buyer, Inc., 144A, 12.750%, 1/15/2031	1,245,864
175,000	Installed Building Products, Inc., Sr. Unsecd. Note, 144A, 5.625%, 2/1/2034	177,760
850,000	Masterbrand, Inc., 144A, 7.000%, 7/15/2032	856,157
475,000	Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, Sr. Secd. Note, 144A, 6.750%, 4/1/2032	479,240
800,000	MIWD Holdco II LLC/ MIWD Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 2/1/2030	750,357
975,000	Patrick Industries, Inc., Co. Guarantee, 144A, 6.375%, 11/1/2032	1,002,136
1,375,000	Queen MergerCo, Inc., Sr. Secd. Note, 144A, 6.750%, 4/30/2032	1,425,333
675,000	Quikrete Holdings, Inc., Sr. Secd. Note, 144A, 6.375%, 3/1/2032	701,965
350,000	Quikrete Holdings, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2033	364,053
1,475,000	Standard Industries, Inc., Sr. Unsecd. Note, 144A, 3.375%, 1/15/2031	1,362,785
275,000	Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.375%, 7/15/2030	265,497
275,000	Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2028	274,327
1,350,000	Standard Industries, Inc., Sr. Unsecd. Note, 144A, 6.250%, 8/1/2033	1,376,132
250,000	Standard Industries, Inc., Sr. Unsecd. Note, 144A, 6.500%, 8/15/2032	257,704
975,000	TopBuild Corp., Sr. Unsecd. Note, 144A, 5.625%, 1/31/2034	983,972
1,175,000	White Cap Supply Holdings LLC, Sr. Unsecd. Note, 144A, 7.375%, 11/15/2030	1,194,055
	TOTAL	14,452,392

Annual Financial Statements and Additional Information

Principal Amount or Shares		Value
	CORPORATE BONDS-continued
	Cable Satellite-5.5%
$1,150,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2031	$ 1,072,738
1,775,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 8/15/2030	1,694,171
775,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 6/1/2033	692,751
1,200,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 3/1/2030	1,160,932
450,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/1/2032	418,795
1,425,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028	1,422,797
569,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2027	569,780
1,125,000	CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 7.000%, 2/1/2033	1,151,101
1,250,000	CSC Holdings LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2031	746,269
700,000	CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.125%, 12/1/2030	427,711
1,400,000	CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.500%, 11/15/2031	841,430
675,000	Sirius XM Radio LLC, Sr. Unsecd. Note, 144A, 3.125%, 9/1/2026	671,738
1,650,000	Sirius XM Radio LLC, Sr. Unsecd. Note, 144A, 3.875%, 9/1/2031	1,514,362
725,000	Sirius XM Radio LLC, Sr. Unsecd. Note, 144A, 4.125%, 7/1/2030	683,867
900,000	Sirius XM Radio LLC, Sr. Unsecd. Note, 144A, 5.875%, 4/15/2032	898,427
2,325,000	Sunrise FinCo I B.V., Sr. Note, 144A, 4.875%, 7/15/2031	2,218,245
2,200,000	Telenet Finance Luxembourg, Sr. Secd. Note, 144A, 5.500%, 3/1/2028	2,187,667
1,100,000	Virgin Media Finance PLC, Sr. Unsecd. Note, 144A, 5.000%, 7/15/2030	922,644
275,000	Virgin Media Secured Finance PLC, Sr. Secd. Note, 144A, 4.500%, 8/15/2030	250,904
1,775,000	Vmed O2 UK Financing I PLC, Sr. Note, 144A, 4.750%, 7/15/2031	1,582,112
250,000	Vmed O2 UK Financing I PLC, Sr. Secd. Note, 144A, 4.250%, 1/31/2031	220,630
1,725,000	VZ Secured Financing B.V., Sr. Secd. Note, 144A, 5.000%, 1/15/2032	1,534,749
	TOTAL	22,883,820
	Chemicals-4.1%
425,000	Axalta Coating Systems LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029	410,260
350,000	Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2027	350,078
350,000	Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V., Sr. Unsecd. Note, 144A, 7.250%, 2/15/2031	368,382
850,000	Celanese US Holdings LLC, Sr. Unsecd. Note, 6.500%, 4/15/2030	871,551
1,925,000	Celanese US Holdings LLC, Sr. Unsecd. Note, 6.750%, 4/15/2033	1,974,992
750,000	Celanese US Holdings LLC, Sr. Unsecd. Note, 7.375%, 2/15/2034	770,981
975,000	Element Solutions, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028	959,194
975,000	H.B. Fuller Co., Sr. Unsecd. Note, 4.250%, 10/15/2028	959,192
217,000	Illuminate Buyer LLC/Illuminate Holdings IV, Inc., Sr. Unsecd. Note, 144A, 9.000%, 7/1/2028	217,881
450,000	Inversion Escrow Issuer LLC, Secured Note, 144A, 6.750%, 8/1/2032	443,374
1,775,000	Maxam Prill S.a.r.l., Sr. Secd. Note, 144A, 7.750%, 7/15/2030	1,861,398
1,475,000	Olympus Water US Holding Corp., Secured Note, 144A, 7.250%, 2/15/2033	1,469,598
975,000	Olympus Water US Holding Corp., Sr. Secd. Note, 144A, 4.250%, 10/1/2028	948,719
375,000	Olympus Water US Holding Corp., Sr. Secd. Note, 144A, 7.250%, 6/15/2031	383,976
1,700,000	Olympus Water US Holding Corp., Sr. Unsecd. Note, 144A, 6.250%, 10/1/2029	1,663,309
225,000	Qnity Electronics, Inc., Sr. Secd. Note, 144A, 5.750%, 8/15/2032	230,494
250,000	Qnity Electronics, Inc., Sr. Unsecd. Note, 144A, 6.250%, 8/15/2033	259,887
475,000	Solstice Advanced Materials, Inc., Sr. Unsecd. Note, 144A, 5.625%, 9/30/2033	480,427
475,000	WR Grace Holdings LLC, Secured Note, 144A, 7.000%, 8/1/2033	483,932
625,000	WR Grace Holdings LLC, Sr. Secd. Note, 144A, 6.625%, 8/15/2032	632,776
375,000	WR Grace Holdings LLC, Sr. Secd. Note, 144A, 7.375%, 3/1/2031	385,232
875,000	WR Grace Holdings LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029	838,956
	TOTAL	16,964,589
	Construction Machinery-0.9%
850,000	Herc Holdings, Inc., Sr. Unsecd. Note, 144A, 6.000%, 3/15/2034	855,341
475,000	Herc Holdings, Inc., Sr. Unsecd. Note, 144A, 7.000%, 6/15/2030	498,057

Annual Financial Statements and Additional Information

Principal Amount or Shares		Value
	CORPORATE BONDS-continued
	Construction Machinery-continued
$ 325,000	Herc Holdings, Inc., Sr. Unsecd. Note, 144A, 7.250%, 6/15/2033	$ 343,758
325,000	United Rentals North America, Inc., Sr. Unsecd. Note, 3.875%, 2/15/2031	313,327
925,000	United Rentals North America, Inc., Sr. Unsecd. Note, 4.000%, 7/15/2030	900,641
575,000	United Rentals North America, Inc., Sr. Unsecd. Note, 4.875%, 1/15/2028	575,036
300,000	United Rentals North America, Inc., Sr. Unsecd. Note, 144A, 5.375%, 11/15/2033	302,658
	TOTAL	3,788,818
	Consumer Cyclical Services-2.8%
150,000	Allied Universal Holdco LLC, Sr. Secd. Note, 144A, 6.875%, 6/15/2030	156,219
325,000	Allied Universal Holdco LLC, Sr. Secd. Note, 144A, 7.875%, 2/15/2031	343,549
3,150,000	Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029	3,119,458
275,000	Garda World Security Corp., Sr. Secd. Note, 144A, 6.500%, 1/15/2031	282,678
1,300,000	Garda World Security Corp., Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029	1,271,609
1,650,000	Garda World Security Corp., Sr. Unsecd. Note, 144A, 8.375%, 11/15/2032	1,691,540
800,000	Go Daddy Operating Co. LLC / GD Finance Co., Inc., Sr. Unsecd. Note, 144A, 5.250%, 12/1/2027	796,370
700,000	Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 3.625%, 10/1/2031	635,671
1,625,000	Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 4.125%, 8/1/2030	1,545,481
175,000	Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 6.125%, 9/15/2033	174,625
750,000	The Brink's Co., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2029	772,930
750,000	The Brink's Co., Sr. Unsecd. Note, 144A, 6.750%, 6/15/2032	776,839
	TOTAL	11,566,969
	Consumer Products-2.0%
275,000	Acushnet Co., Sr. Unsecd. Note, 144A, 5.625%, 12/1/2033	280,573
1,581,072	Beach Acquisition Bidco, Sr. Unsecd. Note, 144A, 10.750%, 7/15/2033	1,748,235
550,000	Champ Acquisition Corp., Sr. Secd. Note, 144A, 8.375%, 12/1/2031	586,259
1,075,000	Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 4.125%, 4/1/2029	1,038,144
1,450,000	Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/31/2029	1,409,733
1,475,000	Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2028	1,462,042
575,000	Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 6.000%, 9/15/2033	562,082
225,000	Whirlpool Corp., Sr. Unsecd. Note, 6.125%, 6/15/2030	226,181
925,000	Whirlpool Corp., Sr. Unsecd. Note, 6.500%, 6/15/2033	923,780
	TOTAL	8,237,029
	Diversified Manufacturing-1.6%
2,625,000	EMRLD Borrower LP / Emerald Co-Issuer, Inc., Sr. Secd. Note, 144A, 6.625%, 12/15/2030	2,720,143
175,000	EMRLD Borrower LP, Sr. Secd. Note, 144A, 6.750%, 7/15/2031	182,645
225,000	EnPro, Inc., Sr. Unsecd. Note, 144A, 6.125%, 6/1/2033	232,774
1,175,000	Gates Corp., Sr. Unsecd. Note, 144A, 6.875%, 7/1/2029	1,220,575
250,000	WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 5.500%, 4/15/2034	252,565
875,000	WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 6.375%, 3/15/2029	900,619
275,000	WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 6.375%, 3/15/2033	286,905
1,050,000	WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 6.625%, 3/15/2032	1,093,595
	TOTAL	6,889,821
	Environmental-0.1%
500,000	Clean Harbors, Inc., Sr. Unsecd. Note, 144A, 5.750%, 10/15/2033	513,106
	Finance Companies-2.0%
1,525,000	Crosscountry Intermediate HoldCo LLC, Sr. Unsecd. Note, 144A, 6.500%, 10/1/2030	1,520,855
1,175,000	Crosscountry Intermediate HoldCo LLC, Sr. Unsecd. Note, 144A, 6.750%, 12/1/2032	1,163,819
825,000	Navient Corp., Sr. Unsecd. Note, 5.500%, 3/15/2029	771,198
475,000	Navient Corp., Sr. Unsecd. Note, 6.750%, 6/15/2026	477,167
100,000	Rocket Cos., Inc., Sr. Unsecd. Note, 144A, 6.125%, 8/1/2030	102,652
525,000	Rocket Cos., Inc., Sr. Unsecd. Note, 144A, 6.375%, 8/1/2033	543,254

Annual Financial Statements and Additional Information

Principal Amount or Shares		Value
	CORPORATE BONDS-continued
	Finance Companies-continued
$ 875,000	Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 2.875%, 10/15/2026	$ 864,944
425,000	Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.625%, 3/1/2029	409,796
1,375,000	Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.875%, 3/1/2031	1,293,368
425,000	Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 4.000%, 10/15/2033	391,607
450,000	United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.750%, 6/15/2027	448,368
550,000	UWM Holdings LLC, Sr. Unsecd. Note, 144A, 6.250%, 3/15/2031	531,777
	TOTAL	8,518,805
	Food & Beverage-2.1%
1,525,000	Bellring Brands, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2030	1,557,114
2,075,000	Froneri Lux Finco S.a.r.l., Sr. Secd. Note, 144A, 6.000%, 8/1/2032	2,088,006
775,000	Industrial F&B Investments III, Inc., 144A, 7.750%, 2/11/2033	796,021
1,100,000	Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 4.250%, 8/1/2029	1,080,118
300,000	Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 5.625%, 3/1/2034	301,191
300,000	Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 6.125%, 9/15/2032	308,324
200,000	Post Holdings, Inc., Sr. Secd. Note, 144A, 6.250%, 2/15/2032	205,989
300,000	Post Holdings, Inc., Sr. Unsecd. Note, 144A, 6.250%, 10/15/2034	306,615
1,625,000	US Foods, Inc., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2029	1,619,724
125,000	US Foods, Inc., Sr. Unsecd. Note, 144A, 5.750%, 4/15/2033	127,626
425,000	US Foods, Inc., Sr. Unsecd. Note, 144A, 6.875%, 9/15/2028	438,724
	TOTAL	8,829,452
	Gaming-3.9%
400,000	Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027	399,673
925,000	Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2031	905,535
1,225,000	Caesars Entertainment, Inc., 144A, 6.000%, 10/15/2032	1,198,499
900,000	Caesars Entertainment, Inc., Sr. Secd. Note, 144A, 6.500%, 2/15/2032	915,216
225,000	Caesars Entertainment, Inc., Sr. Secd. Note, 144A, 7.000%, 2/15/2030	230,795
600,000	Caesars Entertainment, Inc., Sr. Unsecd. Note, 144A, 4.625%, 10/15/2029	587,407
700,000	Churchill Downs, Inc., Sr. Secd. Note, 144A, 5.750%, 4/1/2030	705,984
1,175,000	Churchill Downs, Inc., Sr. Unsecd. Note, 144A, 6.750%, 5/1/2031	1,211,843
400,000	Light & Wonder International, Inc., Sr. Unsecd. Note, 144A, 6.250%, 10/1/2033	401,978
550,000	Light & Wonder International, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/15/2029	564,382
1,175,000	Light & Wonder International, Inc., Sr. Unsecd. Note, 144A, 7.500%, 9/1/2031	1,229,449
650,000	MGM Resorts International, Sr. Unsecd. Note, 6.125%, 9/15/2029	668,407
1,375,000	MGM Resorts International, Sr. Unsecd. Note, 6.500%, 4/15/2032	1,412,157
1,900,000	Midwest Gaming Borrower LLC, Sr. Note, 144A, 4.875%, 5/1/2029	1,868,028
650,000	Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., Secured Note, 144A, 6.250%, 10/15/2030	664,463
525,000	Station Casinos, LLC, 144A, 6.625%, 3/15/2032	537,837
325,000	Station Casinos, LLC, Sr. Unsecd. Note, 144A, 4.500%, 2/15/2028	323,857
950,000	Station Casinos, LLC, Sr. Unsecd. Note, 144A, 4.625%, 12/1/2031	917,349
550,000	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 144A, 7.125%, 2/15/2031	594,234
875,000	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., Sr. Unsecd. Note, 144A, 6.250%, 3/15/2033	894,073
	TOTAL	16,231,166
	Health Care-4.6%
1,600,000	AHP Health Partners, Inc., Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029	1,569,064
950,000	Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/1/2029	907,715
675,000	Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 4.625%, 7/15/2028	669,258
525,000	CHS/Community Health Systems, Inc., 144A, 6.125%, 4/1/2030	464,699
650,000	CHS/Community Health Systems, Inc., 144A, 6.875%, 4/15/2029	628,542
550,000	CHS/Community Health Systems, Inc., Sr. Note, 144A, 5.250%, 5/15/2030	528,865
225,000	CHS/Community Health Systems, Inc., Sr. Secd. Note, 144A, 6.000%, 1/15/2029	224,324

Annual Financial Statements and Additional Information

Principal Amount or Shares			Value
		CORPORATE BONDS-continued
		Health Care-continued
$ 425,000		CHS/Community Health Systems, Inc., Sr. Secd. Note, 144A, 9.750%, 1/15/2034	$ 448,404
300,000		Concentra Escrow Issuer Corp., Sr. Unsecd. Note, 144A, 6.875%, 7/15/2032	313,618
175,000		Insulet Corp., Sr. Unsecd. Note, 144A, 6.500%, 4/1/2033	182,117
625,000		Iqvia, Inc., Sr. Unsecd. Note, 144A, 5.000%, 10/15/2026	625,555
575,000		Iqvia, Inc., Sr. Unsecd. Note, 144A, 5.000%, 5/15/2027	574,085
550,000		Iqvia, Inc., Sr. Unsecd. Note, 144A, 6.250%, 6/1/2032	566,459
200,000		Iqvia, Inc., Sr. Unsecd. Note, 144A, 6.500%, 5/15/2030	205,799
1,325,000		Medline Borrower LP, Sr. Secd. Note, 144A, 3.875%, 4/1/2029	1,304,007
3,550,000		Medline Borrower LP, Sr. Unsecd. Note, 144A, 5.250%, 10/1/2029	3,552,026
1,350,000		Raven Acquisition Holdings LLC, Sr. Secd. Note, 144A, 6.875%, 11/15/2031	1,300,833
1,225,000		Select Medical Corp., 144A, 6.250%, 12/1/2032	1,195,977
1,150,000		Tenet Healthcare Corp., 4.250%, 6/1/2029	1,134,799
775,000		Tenet Healthcare Corp., 5.125%, 11/1/2027	775,885
1,100,000		Tenet Healthcare Corp., 144A, 5.500%, 11/15/2032	1,114,390
350,000		Tenet Healthcare Corp., Sr. Secd. Note, 6.125%, 6/15/2030	357,418
315,000		Tenet Healthcare Corp., Sr. Unsecd. Note, 6.125%, 10/1/2028	315,911
425,000		Tenet Healthcare Corp., Sr. Unsecd. Note, 144A, 6.000%, 11/15/2033	439,469
		TOTAL	19,399,219
		Health Insurance-0.2%
750,000		Molina Healthcare, Inc., Sr. Unsecd. Note, 144A, 6.250%, 1/15/2033	738,361
		Independent Energy-3.3%
1,075,000		Aethon United BR LP/Aethon United Finance Corp., 144A, 7.500%, 10/1/2029	1,131,397
425,000		Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029	426,512
550,000		Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2032	571,778
275,000		Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 6.625%, 7/15/2033	285,547
525,000		Chord Energy Corp., Sr. Unsecd. Note, 144A, 6.000%, 10/1/2030	536,534
275,000		CNX Resources Corp., Sr. Unsecd. Note, 144A, 5.875%, 3/1/2034	275,643
750,000		CNX Resources Corp., Sr. Unsecd. Note, 144A, 7.250%, 3/1/2032	786,930
225,000		Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 5.875%, 1/15/2030	217,001
2,000,000		Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029	1,993,768
409,000		EQT Corp., Sr. Unsecd. Note, 4.500%, 1/15/2029	412,621
1,275,000	1,2	Expand Energy Corp., Sr. Unsecd. Note, 7.000%, 10/1/2099	191
275,000		Matador Resources Co., Sr. Unsecd. Note, 144A, 6.000%, 4/15/2034	275,012
125,000		Matador Resources Co., Sr. Unsecd. Note, 144A, 6.250%, 4/15/2033	127,306
1,200,000		Matador Resources Co., Sr. Unsecd. Note, 144A, 6.500%, 4/15/2032	1,226,155
350,000		Permian Resources Operating LLC, Sr. Sub. Secd. Note, 144A, 6.250%, 2/1/2033	362,601
350,000		Range Resources Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030	346,706
1,225,000		Rockcliff Energy II LLC, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2029	1,212,731
325,000		SM Energy Co., Sr. Secd. Note, 144A, 9.625%, 6/15/2033	359,593
1,000,000		SM Energy Co., Sr. Unsecd. Note, 6.750%, 9/15/2026	1,001,541
300,000		SM Energy Co., Sr. Unsecd. Note, 144A, 7.000%, 8/1/2032	305,725
525,000		SM Energy Co., Sr. Unsecd. Note, 144A, 8.375%, 7/1/2028	542,868
325,000		SM Energy Co., Sr. Unsecd. Note, 144A, 8.625%, 11/1/2030	344,178
900,000		SM Energy Co., Sr. Unsecd. Note, 144A, 8.750%, 7/1/2031	945,449
		TOTAL	13,687,787
		Industrial - Other-1.5%
550,000		LSF12 Helix Parent LLC, Secured Note, 144A, 7.125%, 2/1/2033	553,511
3,750,000		Madison IAQ LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029	3,744,018
1,975,000		SPX Flow, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/1/2030	2,023,927
		TOTAL	6,321,456

Annual Financial Statements and Additional Information

Principal Amount or Shares		Value
	CORPORATE BONDS-continued
	Insurance - P&C-8.9%
$ 175,000	Acrisure LLC, Sr. Secd. Note, 144A, 6.750%, 7/1/2032	$ 171,772
1,050,000	Acrisure LLC, Sr. Secd. Note, 144A, 7.500%, 11/6/2030	1,069,169
400,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A, 5.875%, 11/1/2029	390,602
975,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A, 7.375%, 10/1/2032	965,276
400,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, Sr. Secd. Note, 144A, 6.500%, 10/1/2031	402,695
1,500,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, Sr. Secd. Note, 144A, 7.000%, 1/15/2031	1,528,267
850,000	AmWINS Group, Inc., Sr. Secd. Note, 144A, 6.375%, 2/15/2029	865,502
1,950,000	AmWINS Group, Inc., Sr. Unsecd. Note, 144A, 4.875%, 6/30/2029	1,899,985
1,275,000	Amynta Agency/Warranty Borrower, Inc., Sr. Unsecd. Note, 144A, 7.500%, 7/15/2033	1,250,413
1,050,000	Ardonagh Finco Ltd., Sr. Secd. Note, 144A, 7.750%, 2/15/2031	1,075,809
4,475,000	Ardonagh Group Finance Ltd., Sr. Unsecd. Note, 144A, 8.875%, 2/15/2032	4,420,721
950,000	Asurion LLC and Asurion Co-Issuer, Inc., Secured Note, 144A, 8.000%, 12/31/2032	998,610
2,025,000	Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 144A, 7.125%, 5/15/2031	2,033,100
4,475,000	Broadstreet Partners, Inc., Sr. Unsecd. Note, 144A, 5.875%, 4/15/2029	4,337,738
1,650,000	Hub International Ltd., Sr. Secd. Note, 144A, 7.250%, 6/15/2030	1,702,848
3,375,000	Hub International Ltd., Sr. Unsecd. Note, 144A, 5.625%, 12/1/2029	3,325,257
1,600,000	Hub International Ltd., Sr. Unsecd. Note, 144A, 7.375%, 1/31/2032	1,629,520
1,100,000	Jones Deslauriers Insurance Management, Inc., Sr. Secd. Note, 144A, 8.500%, 3/15/2030	1,142,134
1,975,000	Jones Deslauriers Insurance Management, Inc., Sr. Unsecd. Note, 144A, 6.875%, 10/1/2033	1,815,658
2,700,000	Panther Escrow Issuer, Sr. Secd. Note, 144A, 7.125%, 6/1/2031	2,748,792
1,000,000	Ryan Specialty LLC, Sr. Secd. Note, 144A, 5.875%, 8/1/2032	1,008,190
2,600,000	USI, Inc./NY, Sr. Unsecd. Note, 144A, 7.500%, 1/15/2032	2,664,360
	TOTAL	37,446,418
	Leisure-1.9%
250,000	Carnival Corp., Sr. Secd. Note, 144A, 7.000%, 8/15/2029	261,760
650,000	Carnival Corp., Sr. Unsecd. Note, 144A, 5.750%, 3/15/2030	672,710
425,000	Carnival Corp., Sr. Unsecd. Note, 144A, 5.750%, 8/1/2032	441,596
925,000	Carnival Corp., Sr. Unsecd. Note, 144A, 5.875%, 6/15/2031	967,274
250,000	NCL Corp. Ltd., Sr. Secd. Note, 144A, 5.875%, 1/15/2031	252,753
325,000	NCL Corp. Ltd., Sr. Secd. Note, 144A, 6.250%, 9/15/2033	328,240
725,000	NCL Corp. Ltd., Sr. Unsecd. Note, 144A, 6.750%, 2/1/2032	747,127
150,000	NCL Corp. Ltd., Sr. Unsecd. Note, 144A, 7.750%, 2/15/2029	160,377
275,000	NCL Finance Ltd., Sr. Unsecd. Note, 144A, 6.125%, 3/15/2028	282,486
525,000	Royal Caribbean Cruises, Ltd., 144A, 6.000%, 2/1/2033	543,975
300,000	Royal Caribbean Cruises, Ltd., Sr. Unsecd. Note, 144A, 4.250%, 7/1/2026	299,937
250,000	Royal Caribbean Cruises, Ltd., Sr. Unsecd. Note, 144A, 5.500%, 8/31/2026	250,030
400,000	Royal Caribbean Cruises, Ltd., Sr. Unsecd. Note, 144A, 5.625%, 9/30/2031	412,421
700,000	Royal Caribbean Cruises, Ltd., Sr. Unsecd. Note, 144A, 6.250%, 3/15/2032	730,169
900,000	Six Flags Entertainment Corp., Sr. Unsecd. Note, 144A, 7.250%, 5/15/2031	884,192
950,000	United Parks & Resorts, Inc., Sr. Unsecd. Note, 144A, 5.250%, 8/15/2029	922,288
	TOTAL	8,157,335
	Lodging-1.5%
950,000	Hilton Domestic Operating Co., Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2032	885,839
425,000	Hilton Domestic Operating Co., Inc., Sr. Unsecd. Note, 144A, 5.500%, 3/31/2034	429,765
400,000	Hilton Domestic Operating Co., Inc., Sr. Unsecd. Note, 144A, 5.750%, 9/15/2033	409,680
525,000	Hilton Domestic Operating Co., Inc., Sr. Unsecd. Note, Series WI, 4.875%, 1/15/2030	525,687
825,000	RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 5.750%, 3/15/2034	831,675
775,000	RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 4/1/2032	802,437
200,000	RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2033	207,876
275,000	RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 7.250%, 7/15/2028	282,586

Annual Financial Statements and Additional Information

Principal Amount or Shares		Value
	CORPORATE BONDS-continued
	Lodging-continued
$ 500,000	Wyndham Hotels & Resorts, Inc., Sr. Unsecd. Note, 144A, 4.375%, 8/15/2028	$ 496,799
625,000	Wyndham Hotels & Resorts, Inc., Sr. Unsecd. Note, 144A, 5.625%, 3/1/2033	629,343
850,000	XHR LP, Sr. Unsecd. Note, 144A, 6.625%, 5/15/2030	882,462
	TOTAL	6,384,149
	Media Entertainment-1.9%
175,000	Gray Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 11/15/2031	137,938
750,000	Gray Media, Inc., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2030	609,488
350,000	Lamar Media Corp., Sr. Unsecd. Note, 4.875%, 1/15/2029	349,987
400,000	Lamar Media Corp., Sr. Unsecd. Note, 144A, 5.375%, 11/1/2033	401,265
350,000	Lamar Media Corp., Sr. Unsecd. Note, Series WI, 3.625%, 1/15/2031	331,654
1,000,000	Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 7.375%, 2/15/2031	1,051,982
675,000	Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 5.000%, 8/15/2027	676,447
1,000,000	Sinclair Television Group, Inc., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030	892,200
1,350,000	Univision Communications, Inc., Sr. Secd. Note, 144A, 4.500%, 5/1/2029	1,281,750
600,000	Univision Communications, Inc., Sr. Secd. Note, 144A, 7.375%, 6/30/2030	600,507
200,000	Univision Communications, Inc., Sr. Secd. Note, 144A, 8.000%, 8/15/2028	205,572
525,000	Univision Communications, Inc., Sr. Secd. Note, 144A, 8.500%, 7/31/2031	537,761
1,250,000	Warnermedia Holdings, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2042	881,250
	TOTAL	7,957,801
	Metals & Mining-1.3%
275,000	Carpenter Technology Corp., Sr. Unsecd. Note, 144A, 5.625%, 3/1/2034	280,756
900,000	Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/1/2029	881,473
725,000	Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 6.750%, 4/15/2030	736,662
925,000	Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2032	940,610
300,000	Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/1/2033	308,120
250,000	Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 7.500%, 9/15/2031	261,132
400,000	Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 7.625%, 1/15/2034	410,776
1,675,000	Coeur Mining, Inc., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2029	1,673,034
	TOTAL	5,492,563
	Midstream-4.8%
1,525,000	Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.375%, 6/15/2029	1,526,135
1,350,000	Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028	1,350,316
750,000	Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 10/15/2033	761,716
350,000	Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 7/1/2034	355,636
275,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unsecd. Note, 144A, 7.000%, 7/15/2029	287,233
400,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unsecd. Note, 144A, 7.250%, 7/15/2032	423,342
1,550,000	CNX Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 4/15/2030	1,512,645
375,000	DBR Land Holdings LLC, Sr. Unsecd. Note, 144A, 6.250%, 12/1/2030	386,998
725,000	DT Midstream, Inc., Sr. Unsecd. Note, 144A, 4.375%, 6/15/2031	714,958
500,000	Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 4.250%, 2/15/2030	490,464
750,000	Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.125%, 6/15/2028	751,092
400,000	Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2030	403,261
725,000	HF Sinclair Corp., Sr. Unsecd. Note, 5.000%, 2/1/2028	724,325
900,000	Northriver Midstream Fin, 144A, 6.750%, 7/15/2032	926,033
325,000	Rockies Express Pipeline, Sr. Unsecd. Note, 144A, 6.750%, 3/15/2033	343,752
650,000	Suburban Propane Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 6/1/2031	626,403
875,000	Suburban Propane Partners LP, Sr. Unsecd. Note, 144A, 6.500%, 12/15/2035	866,621
2,225,000	Tallgrass Energy Partners LP, Sr. Unsecd. Note, 144A, 6.750%, 3/15/2034	2,287,987
800,000	Venture Global Plaquemines LNG LLC, Sr. Secd. Note, 144A, 6.500%, 1/15/2034	842,359
1,000,000	Venture Global Plaquemines LNG LLC, Sr. Secd. Note, 144A, 7.500%, 5/1/2033	1,109,809

Annual Financial Statements and Additional Information

Principal Amount or Shares			Value
		CORPORATE BONDS-continued
		Midstream-continued
$1,000,000		Venture Global Plaquemines LNG LLC, Sr. Secd. Note, 144A, 7.750%, 5/1/2035	$ 1,134,772
1,225,000		Venture Global Plaquemines LNG LLC, Sr. Unsecd. Note, 144A, 6.500%, 6/15/2034	1,286,821
525,000		WBI Operating LLC, Sr. Unsecd. Note, 144A, 6.250%, 10/15/2030	535,361
350,000		WBI Operating LLC, Sr. Unsecd. Note, 144A, 6.500%, 10/15/2033	355,889
		TOTAL	20,003,928
		Oil Field Services-1.8%
1,450,000		Archrock Partners LP/Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2028	1,451,870
250,000		Archrock Services LP/Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.000%, 2/1/2034	253,247
875,000		Kodiak Gas Services LLC, Sr. Unsecd. Note, 144A, 6.500%, 10/1/2033	902,769
750,000		Kodiak Gas Services LLC, Sr. Unsecd. Note, 144A, 6.750%, 10/1/2035	784,052
325,000		Kodiak Gas Services LLC, Sr. Unsecd. Note, 144A, 7.250%, 2/15/2029	337,209
175,000		Nabors Industries, Inc., Co. Guarantee, 144A, 9.125%, 1/31/2030	184,135
675,000		Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 7.625%, 11/15/2032	695,817
525,000		Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 8.875%, 8/15/2031	544,176
625,000		Precision Drilling Corp., Sr. Unsecd. Note, 144A, 6.875%, 1/15/2029	634,822
1,275,000		USA Compression Partners LP, Sr. Unsecd. Note, 144A, 6.250%, 10/1/2033	1,297,348
550,000		USA Compression Partners LP, Sr. Unsecd. Note, 144A, 7.125%, 3/15/2029	568,591
		TOTAL	7,654,036
		Packaging-2.7%
1	1,2,3	ARD Finance S.A., Secured Note, 144A, 7.250% PIK, 6/30/2027	0
351,000		Ardagh Group S.A., Secured Note, 144A, 9.500%, 12/1/2030	380,388
250,000		Ardagh Metal Packaging, Secured Note, 144A, 6.250%, 1/30/2031	256,004
1,550,000		Ardagh Metal Packaging, Sr. Unsecd. Note, 144A, 4.000%, 9/1/2029	1,480,701
875,000		Ball Corp., Sr. Unsecd. Note, 2.875%, 8/15/2030	814,355
1,075,000		Clydesdale Acquisition Holdings, Inc., Sr. Secd. Note, 144A, 6.750%, 4/15/2032	1,083,961
150,000		Clydesdale Acquisition Holdings, Inc., Sr. Secd. Note, 144A, 6.875%, 1/15/2030	152,487
900,000		Clydesdale Acquisition Holdings, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/15/2030	896,793
525,000		Crown Americas LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/1/2033	539,709
800,000		Mauser Packaging Solutions Holding Co., 144A, 7.875%, 4/15/2030	819,420
475,000		Mauser Packaging Solutions Holding Co., 144A, 9.250%, 4/15/2030	468,478
375,000		OI European Group B.V., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030	361,523
619,000		Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/13/2027	619,943
625,000		Sealed Air Corp., 144A, 6.500%, 7/15/2032	644,215
725,000		Sealed Air Corp., Sr. Unsecd. Note, 144A, 5.000%, 4/15/2029	731,299
300,000		Sealed Air Corp., Sr. Unsecd. Note, 144A, 6.125%, 2/1/2028	304,333
359,000		Trivium Packaging Finance B.V., 144A, 8.250%, 7/15/2030	384,807
1,350,000		Trivium Packaging Finance B.V., 144A, 12.250%, 1/15/2031	1,487,551
		TOTAL	11,425,967
		Paper-0.3%
1,100,000		Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 4.750%, 8/15/2028	985,006
125,000		Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.750%, 2/1/2030	118,349
		TOTAL	1,103,355
		Pharmaceuticals-2.1%
375,000		Amneal Pharmaceuticals, Inc., Sr. Secd. Note, 144A, 6.875%, 8/1/2032	394,717
500,000		Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 4.875%, 6/1/2028	465,783
875,000		Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2029	661,342
1,075,000		Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 5.250%, 1/30/2030	753,591
2,150,000		Bausch Health, Sr. Secd. Note, 144A, 10.000%, 4/15/2032	2,225,266
200,000		Genmab A/S/Genmab Finance LLC, Sr. Unsecd. Note, 144A, 6.250%, 12/15/2032	207,699
325,000		Genmab A/S/Genmab Finance LLC, Sr. Unsecd. Note, 144A, 7.250%, 12/15/2033	345,056

Annual Financial Statements and Additional Information

Principal Amount or Shares		Value
	CORPORATE BONDS-continued
	Pharmaceuticals-continued
$2,575,000	Grifols Escrow Issuer S.A., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2028	$ 2,544,550
325,000	Organon & Co./Organon Foreign Debt Co-Issuer B.V., Sr. Secd. Note, 144A, 6.750%, 5/15/2034	315,656
375,000	Organon & Co./Organon Foreign Debt Co-Issuer B.V., Sr. Unsecd. Note, 144A, 7.875%, 5/15/2034	349,955
375,000	Organon Finance 1 LLC, Sr. Unsecd. Note, 144A, 5.125%, 4/30/2031	333,559
	TOTAL	8,597,174
	Restaurant-1.2%
4,125,000	1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.000%, 10/15/2030	3,963,885
925,000	Yum! Brands, Inc., Sr. Unsecd. Note, 4.625%, 1/31/2032	910,026
350,000	Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030	350,516
	TOTAL	5,224,427
	Retailers-2.1%
600,000	Academy Ltd., Sr. Secd. Note, 144A, 6.000%, 11/15/2027	603,568
1,175,000	Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 11/15/2029	1,157,361
1,425,000	Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2032	1,386,662
325,000	BELRON UK Finance PLC, 144A, 5.750%, 10/15/2029	332,401
675,000	Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.625%, 10/1/2029	642,675
225,000	Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.875%, 10/1/2031	209,542
250,000	Group 1 Automotive, Inc., Sr. Unsecd. Note, 144A, 6.375%, 1/15/2030	256,403
375,000	Kontoor Brands, Inc., Sr. Unsecd. Note, 144A, 4.125%, 11/15/2029	358,668
500,000	LCM Investments Holdings II, LLC, Sr. Unsecd. Note, 144A, 4.875%, 5/1/2029	493,954
900,000	LCM Investments Holdings II, LLC, Sr. Unsecd. Note, 144A, 8.250%, 8/1/2031	946,512
800,000	Lithia Motors, Inc., Sr. Unsecd. Note, 144A, 5.500%, 10/1/2030	805,548
500,000	Mens Wearhouse, Inc., Secured Note, 144A, 9.000%, 2/1/2031	515,115
875,000	William Carter Co., Sr. Unsecd. Note, 144A, 7.375%, 2/15/2031	902,284
	TOTAL	8,610,693
	Supermarkets-0.6%
575,000	Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2029	554,810
175,000	Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.500%, 3/31/2031	176,397
750,000	Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.625%, 3/31/2032	753,410
775,000	Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.750%, 3/31/2034	772,115
175,000	Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 6.250%, 3/15/2033	180,612
	TOTAL	2,437,344
	Technology-12.9%
175,000	Amentum Holdings, Inc., Sr. Unsecd. Note, 144A, 7.250%, 8/1/2032	183,483
1,575,000	APLD ComputerCo LLC, Sr. Secd. Note, 144A, 9.250%, 12/15/2030	1,654,352
3,000,000	AthenaHealth Group, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2030	2,823,630
375,000	Black Pearl Compute LLC, Secured Note, 144A, 6.125%, 2/15/2031	384,263
325,000	CACI International, Inc., Sr. Unsecd. Note, 144A, 6.375%, 6/15/2033	334,842
275,000	CACI International, Inc., Sr. Unsecd. Note, Series MAR, 6.375%, 6/15/2033	283,328
1,950,000	Capstone Borrower, Inc., Sr. Secd. Note, 144A, 8.000%, 6/15/2030	1,697,735
450,000	Centerfield Media Parent, Sr. Note, 144A, 6.625%, 8/1/2026	429,764
275,000	Ciena Corp., Sr. Unsecd. Note, 144A, 4.000%, 1/31/2030	265,851
1,400,000	Cipher Compute LLC, 144A, 7.125%, 11/15/2030	1,461,032
1,750,000	Clarivate Science Holdings Corp., Sr. Unsecd. Note, 144A, 4.875%, 7/1/2029	1,437,465
1,400,000	Cloud Software Group, Inc., Secured Note, 144A, 9.000%, 9/30/2029	1,372,482
2,725,000	Cloud Software Group, Inc., Sr. Secd. Note, 144A, 6.500%, 3/31/2029	2,674,716
500,000	Cloud Software Group, Inc., Sr. Secd. Note, 144A, 6.625%, 8/15/2033	472,136
350,000	Cloud Software Group, Inc., Sr. Secd. Note, 144A, 8.250%, 6/30/2032	350,592
1,650,000	Coherent Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029	1,652,383
1,350,000	Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.500%, 10/15/2028	1,346,329

Annual Financial Statements and Additional Information

Principal Amount or Shares		Value
	CORPORATE BONDS-continued
	Technology-continued
$1,225,000	CoreWeave, Inc., Sr. Unsecd. Note, 144A, 9.000%, 2/1/2031	$ 1,183,492
475,000	CoreWeave, Inc., Sr. Unsecd. Note, 144A, 9.250%, 6/1/2030	465,733
1,850,000	Elastic N.V., Sr. Unsecd. Note, 144A, 4.125%, 7/15/2029	1,749,643
150,000	Ellucian Holdings, Inc., Sr. Secd. Note, 144A, 6.500%, 12/1/2029	147,468
250,000	Entegris, Inc., Sr. Unsecd. Note, 144A, 3.625%, 5/1/2029	240,200
1,700,000	Entegris, Inc., Sr. Unsecd. Note, 144A, 5.950%, 6/15/2030	1,735,173
500,000	Fair Isaac & Co., Inc., Sr. Unsecd. Note, 144A, 6.000%, 5/15/2033	505,803
450,000	Fortress Intermediate 3, Inc., Sr. Secd. Note, 144A, 7.500%, 6/1/2031	440,511
500,000	Gen Digital, Inc., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2033	497,888
1,450,000	HealthEquity, Inc., Sr. Unsecd. Note, 144A, 4.500%, 10/1/2029	1,414,138
775,000	Insight Enterprises, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/15/2032	777,700
1,450,000	Iron Mountain, Inc., 144A, 6.250%, 1/15/2033	1,482,586
575,000	Iron Mountain, Inc., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2029	590,458
925,000	KIOXIA Holdings Corp., Sr. Unsecd. Note, 144A, 6.625%, 7/24/2033	975,653
4,125,000	McAfee Corp., Sr. Unsecd. Note, 144A, 7.375%, 2/15/2030	3,380,002
880,000	NCR Voyix Corp., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2028	865,511
575,000	Open Text, Inc., 144A, 6.900%, 12/1/2027	590,954
350,000	Open Text, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2028	333,939
250,000	Open Text, Inc., Sr. Unsecd. Note, 144A, 4.125%, 2/15/2030	225,536
1,025,000	Open Text, Inc., Sr. Unsecd. Note, 144A, 4.125%, 12/1/2031	896,102
375,000	Rocket Software, Inc., Sr. Secd. Note, 144A, 9.000%, 11/28/2028	365,990
2,675,000	Rocket Software, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2029	2,242,249
500,000	Science Applications International Corp., Sr. Unsecd. Note, 144A, 4.875%, 4/1/2028	498,251
275,000	Science Applications International Corp., Sr. Unsecd. Note, 144A, 5.875%, 11/1/2033	273,490
450,000	Seagate Data Storage Technology Pte. Ltd., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2030	463,529
75,000	Seagate Data Storage Technology Pte. Ltd., Sr. Unsecd. Note, 144A, 8.250%, 12/15/2029	79,189
400,000	Seagate Data Storage Technology Pte. Ltd., Sr. Unsecd. Note, 144A, 8.500%, 7/15/2031	421,575
708,000	Seagate Data Storage Technology Pte. Ltd., Sr. Unsecd. Note, 144A, 9.625%, 12/1/2032	794,575
475,000	Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.375%, 2/15/2030	466,390
450,000	Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 5.875%, 9/1/2030	456,033
325,000	Sensata Technologies, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2031	306,622
250,000	Shift4 Payments, Inc., Sr. Unsecd. Note, 144A, 6.750%, 8/15/2032	244,907
2,000,000	SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027	1,998,522
700,000	SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 6.500%, 6/1/2032	714,096
725,000	SV RNO Property Owner 1 LLC, Secured Note, 144A, 5.875%, 3/1/2031	728,759
425,000	Synaptics, Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2029	410,399
1,300,000	TTM Technologies, Inc., Sr. Unsecd. Note, 144A, 4.000%, 3/1/2029	1,262,719
1,300,000	UKG, Inc., Sr. Secd. Note, 144A, 6.875%, 2/1/2031	1,262,103
850,000	Viavi Solutions, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2029	808,382
875,000	VOLTAGRID LLC, 144A, 7.375%, 11/1/2030	914,079
925,000	WULF Compute LLC, Secured Note, 144A, 7.750%, 10/15/2030	980,291
375,000	Zebra Technologies Corp., Sr. Unsecd. Note, 144A, 6.500%, 6/1/2032	384,659
625,000	ZipRecruiter, Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/15/2030	399,471
	TOTAL	53,799,153
	Transportation Services-0.5%
1,050,000	Stena International S.A., Sr. Secd. Note, 144A, 7.250%, 1/15/2031	1,083,102
950,000	Watco Cos. LLC/Finance Co., Sr. Unsecd. Note, 144A, 7.125%, 8/1/2032	1,000,215
	TOTAL	2,083,317
	Utility - Electric-2.9%
700,000	Calpine Corp., Sr. Unsecd. Note, 144A, 5.125%, 3/15/2028	700,178

Annual Financial Statements and Additional Information

Principal Amount or Shares			Value
		CORPORATE BONDS-continued
		Utility - Electric-continued
$ 300,000		Constellation Energy Generation LLC, Sr. Unsecd. Note, 144A, 3.750%, 3/1/2031	$ 291,832
450,000		Constellation Energy Generation LLC, Sr. Unsecd. Note, 144A, 4.625%, 2/1/2029	450,088
450,000		Constellation Energy Generation LLC, Sr. Unsecd. Note, 144A, 5.000%, 2/1/2031	456,888
110,000		NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2032	103,060
250,000		NRG Energy, Inc., Sr. Unsecd. Note, 144A, 5.750%, 1/15/2034	253,710
350,000		NRG Energy, Inc., Sr. Unsecd. Note, 144A, 6.000%, 2/1/2033	358,653
1,425,000		NRG Energy, Inc., Sr. Unsecd. Note, 144A, 6.000%, 1/15/2036	1,451,052
450,000		NRG Energy, Inc., Sr. Unsecd. Note, 144A, 6.250%, 11/1/2034	465,612
1,125,000		TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030	1,102,552
1,325,000		TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028	1,329,440
575,000		TransAlta Corp., Sr. Unsecd. Note, 5.875%, 2/1/2034	578,930
1,375,000		Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2027	1,375,189
375,000		Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 7.750%, 10/15/2031	396,461
875,000		XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 7.250%, 1/15/2029	908,632
375,000		XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 7.750%, 4/15/2034	389,042
675,000		XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 8.375%, 1/15/2031	715,075
900,000		XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 8.625%, 3/15/2033	953,122
		TOTAL	12,279,516
		TOTAL CORPORATE BONDS (IDENTIFIED COST $379,570,527)	377,332,638
		COMMON STOCKS-6.0%
		Automotive-0.2%
7,075		Lear Corp.	928,594
		Building Materials-0.4%
31,480		Interface, Inc.	991,305
62,960	2	Masterbrand, Inc.	637,155
		TOTAL	1,628,460
		Chemicals-0.8%
13,685		Ashland, Inc.	853,396
17,280	2	Axalta Coating Systems Ltd.	577,325
66,225	2	Ecovyst, Inc.	746,356
29,415		Koppers Holdings, Inc.	1,111,887
		TOTAL	3,288,964
		Construction Machinery-0.4%
5,935		Herc Holdings, Inc.	829,654
785		United Rentals North America, Inc.	659,400
		TOTAL	1,489,054
		Consumer Cyclical Services-0.2%
6,410		The Brink's Co.	748,496
		Consumer Products-0.2%
28,615		Energizer Holdings, Inc.	617,798
		Diversified Manufacturing-0.3%
4,125		WESCO International, Inc.	1,194,187
		Food & Beverage-0.2%
9,565	2	US Foods Holding Corp.	924,075
		Gaming-0.7%
10,280		Boyd Gaming Corp.	855,604
46,305	2	Caesars Entertainment, Inc.	1,159,940
14,730		Red Rock Resorts, Inc.	891,902
		TOTAL	2,907,446

Annual Financial Statements and Additional Information

Principal Amount or Shares			Value
		COMMON STOCKS-continued
		Independent Energy-0.3%
25,493		Devon Energy Corp.	$ 1,109,710
		Insurance - P&C-0.2%
22,505		Ryan Specialty Group Holdings, Inc.	885,572
		Media Entertainment-0.0%
5,058	2,3	Audacy Capital Corp.	87,301
		Midstream-0.2%
49,141		Suburban Propane Partners LP	997,562
		Packaging-0.2%
76,961	2,3	Yeoman Capital S.A.	710,446
		Paper-0.2%
75,561		Graphic Packaging Holding Co.	924,111
		Pharmaceuticals-0.1%
92,680	2	Bausch Health Cos., Inc.	549,592
		Supermarkets-0.1%
25,975		Albertsons Cos., Inc.	464,953
		Technology-0.8%
6,760		CDW Corp.	829,046
7,330		Dell Technologies, Inc.	1,085,426
5,650		Science Applications International Corp.	521,269
28,625		Sensata Technologies Holdings PLC	1,068,858
		TOTAL	3,504,599
		Utility - Electric-0.5%
6,510		NRG Energy, Inc.	1,165,030
4,690		Vistra Corp.	815,544
		TOTAL	1,980,574
		TOTAL COMMON STOCKS (IDENTIFIED COST $28,263,610)	24,941,494
		WARRANTS-0.0%
		Media Entertainment-0.0%
6,131	2,3	Audacy Capital Corp., Warrants, 9/30/2028	62
1,021	2,3	Audacy Capital Corp., Warrants, 9/30/2028	10
		TOTAL WARRANTS (IDENTIFIED COST $2,041)	72
		INVESTMENT COMPANIES-2.4%
972,189		Bank Loan Core Fund	8,108,059
2,084,730		Federated Hermes Government Obligations Fund, Premier Shares, 3.59%4	2,084,730
		TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $11,566,372)	10,192,789
		TOTAL INVESTMENT IN SECURITIES-98.6% (IDENTIFIED COST $419,402,550)5	412,466,993
		OTHER ASSETS AND LIABILITIES - NET-1.4%6	5,783,983
		NET ASSETS-100%	$418,250,976

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 February 28, 2026, were as follows:

	Bank Loan Core Fund	Federated Hermes Government Obligations Fund, Premier Shares	Total of Affiliated Transactions
Value as of 2/28/2025	$7,839,249	$2,302,986	$10,142,235
Purchases at Cost	$563,699	$111,613,294	$112,176,993
Proceeds from Sales	$-	$(111,831,550)	$(111,831,550)
Change in Unrealized Appreciation/Depreciation	$(294,889)	$-	$(294,889)
Net Realized Gain/(Loss)	$-	$-	$-
Value as of 2/28/2026	$8,108,059	$2,084,730	$10,192,789
Shares Held as of 2/28/2026	972,189	2,084,730	3,056,919
Dividend Income	$563,531	$281,624	$845,155

1	Issuer in default.
2	Non-income-producing security.
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 $417,764,975.
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 February 28, 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 February 28, 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	$-	$377,332,638	$0	$377,332,638
Equity Securities:
Common Stocks
Domestic	24,143,747	-	87,301	24,231,048
International	-	-	710,446	710,446
Warrants	-	-	72	72
Investment Companies	10,192,789	-	-	10,192,789
TOTAL SECURITIES	$34,336,536	$377,332,638	$797,819	$412,466,993

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

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

Financial Highlights-Class A Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended February 28 or 29,
	2026	2025	2024	2023	2022
Net Asset Value, Beginning of Period	$6.42	$6.24	$6.01	$6.83	$6.98
Income From Investment Operations:
Net investment income (loss)1	0.34	0.31	0.33	0.32	0.28
Net realized and unrealized gain (loss)	0.09	0.20	0.24	(0.78)	(0.12)
Total From Investment Operations	0.43	0.51	0.57	(0.46)	0.16
Less Distributions:
Distributions from net investment income	(0.34)	(0.33)	(0.34)	(0.33)	(0.29)
Distributions from net realized gain	-	-	-	(0.03)	(0.02)
Total Distributions	(0.34)	(0.33)	(0.34)	(0.36)	(0.31)
Net Asset Value, End of Period	$6.51	$6.42	$6.24	$6.01	$6.83
Total Return2	6.89%	8.28%	9.84%	(6.77)%	2.18%
Ratios to Average Net Assets:
Net expenses3	0.97%	0.97%	0.97%	0.97%	0.97%
Net investment income	5.23%	4.90%	5.52%	5.18%	4.01%
Expense waiver/reimbursement4	0.16%	0.15%	0.14%	0.13%	0.11%
Supplemental Data:
Net assets, end of period (000 omitted)	$28,003	$30,591	$27,750	$24,153	$25,842
Portfolio turnover5	28%	20%	15%	14%	34%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	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.
5	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

Financial Highlights-Class C Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended February 28 or 29,
	2026	2025	2024	2023	2022
Net Asset Value, Beginning of Period	$6.42	$6.24	$6.00	$6.83	$6.98
Income From Investment Operations:
Net investment income (loss)1	0.28	0.26	0.28	0.27	0.23
Net realized and unrealized gain (loss)	0.10	0.19	0.25	(0.79)	(0.13)
Total From Investment Operations	0.38	0.45	0.53	(0.52)	0.10
Less Distributions:
Distributions from net investment income	(0.29)	(0.27)	(0.29)	(0.28)	(0.23)
Distributions from net realized gain	-	-	-	(0.03)	(0.02)
Total Distributions	(0.29)	(0.27)	(0.29)	(0.31)	(0.25)
Net Asset Value, End of Period	$6.51	$6.42	$6.24	$6.00	$6.83
Total Return2	6.01%	7.39%	9.13%	(7.68)%	1.36%
Ratios to Average Net Assets:
Net expenses3	1.81%	1.80%	1.80%	1.79%	1.78%
Net investment income	4.39%	4.07%	4.70%	4.30%	3.19%
Expense waiver/reimbursement4	0.08%	0.08%	0.07%	0.06%	0.05%
Supplemental Data:
Net assets, end of period (000 omitted)	$6,286	$8,586	$13,280	$18,121	$28,570
Portfolio turnover5	28%	20%	15%	14%	34%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	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.
5	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

Financial Highlights-Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended February 28 or 29,
	2026	2025	2024	2023	2022
Net Asset Value, Beginning of Period	$6.40	$6.22	$5.98	$6.81	$6.96
Income From Investment Operations:
Net investment income (loss)1	0.35	0.33	0.35	0.33	0.30
Net realized and unrealized gain (loss)	0.10	0.19	0.25	(0.79)	(0.12)
Total From Investment Operations	0.45	0.52	0.60	(0.46)	0.18
Less Distributions:
Distributions from net investment income	(0.36)	(0.34)	(0.36)	(0.34)	(0.31)
Distributions from net realized gain	-	-	-	(0.03)	(0.02)
Total Distributions	(0.36)	(0.34)	(0.36)	(0.37)	(0.33)
Net Asset Value, End of Period	$6.49	$6.40	$6.22	$5.98	$6.81
Total Return2	7.16%	8.56%	10.31%	(6.72)%	2.43%
Ratios to Average Net Assets:
Net expenses3	0.72%	0.72%	0.72%	0.72%	0.72%
Net investment income	5.48%	5.15%	5.77%	5.38%	4.26%
Expense waiver/reimbursement4	0.17%	0.17%	0.14%	0.15%	0.13%
Supplemental Data:
Net assets, end of period (000 omitted)	$204,134	$214,227	$233,603	$259,980	$351,491
Portfolio turnover5	28%	20%	15%	14%	34%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	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.
5	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

Financial Highlights-Service Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended February 28 or 29,
	2026	2025	2024	2023	2022
Net Asset Value, Beginning of Period	$6.41	$6.23	$5.99	$6.81	$6.97
Income From Investment Operations:
Net investment income (loss)1	0.34	0.31	0.33	0.32	0.28
Net realized and unrealized gain (loss)	0.09	0.19	0.25	(0.78)	(0.13)
Total From Investment Operations	0.43	0.50	0.58	(0.46)	0.15
Less Distributions:
Distributions from net investment income	(0.34)	(0.32)	(0.34)	(0.33)	(0.29)
Distributions from net realized gain	-	-	-	(0.03)	(0.02)
Total Distributions	(0.34)	(0.32)	(0.34)	(0.36)	(0.31)
Net Asset Value, End of Period	$6.50	$6.41	$6.23	$5.99	$6.81
Total Return2	6.89%	8.28%	10.03%	(6.80)%	2.03%
Ratios to Average Net Assets:
Net expenses3	0.97%	0.97%	0.97%	0.97%	0.97%
Net investment income	5.23%	4.90%	5.52%	5.14%	4.00%
Expense waiver/reimbursement4	0.16%	0.16%	0.14%	0.14%	0.13%
Supplemental Data:
Net assets, end of period (000 omitted)	$168,742	$184,696	$208,908	$217,072	$292,433
Portfolio turnover5	28%	20%	15%	14%	34%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	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.
5	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

Financial Highlights-Class R6 Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended February 28 or 29,
	2026	2025	2024	2023	2022
Net Asset Value, Beginning of Period	$6.41	$6.23	$5.99	$6.82	$6.97
Income From Investment Operations:
Net investment income (loss)1	0.35	0.33	0.35	0.33	0.30
Net realized and unrealized gain (loss)	0.10	0.19	0.25	(0.79)	(0.12)
Total From Investment Operations	0.45	0.52	0.60	(0.46)	0.18
Less Distributions:
Distributions from net investment income	(0.36)	(0.34)	(0.36)	(0.34)	(0.31)
Distributions from net realized gain	-	-	-	(0.03)	(0.02)
Total Distributions	(0.36)	(0.34)	(0.36)	(0.37)	(0.33)
Net Asset Value, End of Period	$6.50	$6.41	$6.23	$5.99	$6.82
Total Return2	7.17%	8.56%	10.31%	(6.69)%	2.44%
Ratios to Average Net Assets:
Net expenses3	0.71%	0.71%	0.71%	0.71%	0.71%
Net investment income	5.50%	5.16%	5.79%	5.43%	4.33%
Expense waiver/reimbursement4	0.08%	0.08%	0.06%	0.06%	0.05%
Supplemental Data:
Net assets, end of period (000 omitted)	$11,085	$11,369	$11,112	$11,074	$12,111
Portfolio turnover5	28%	20%	15%	14%	34%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	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.
5	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

Statement of Assets and Liabilities

February 28, 2026

Assets:
Investment in securities, at value including $10,192,789 of investments in affiliated holdings* (identified cost $419,402,550, including $11,566,372 of identified cost in affiliated holdings)	$412,466,993
Income receivable	6,104,571
Income receivable from affiliated holdings	13,028
Receivable for investments sold	2,257,593
Receivable for shares sold	452,142
Total Assets	421,294,327
Liabilities:
Payable for investments purchased	2,326,145
Payable for shares redeemed	475,501
Income distribution payable	27,086
Payable for investment adviser fee (Note 5)	11,828
Payable for administrative fee (Note 5)	1,766
Payable for portfolio accounting fees	45,190
Payable for distribution services fee (Note 5)	3,676
Payable for other service fees (Notes 2 and 5)	37,938
Accrued expenses (Note 5)	114,221
Total Liabilities	3,043,351
Net assets for 64,387,656 shares outstanding	$418,250,976
Net Assets Consist of:
Paid-in capital	$475,143,179
Total distributable earnings (loss)	(56,892,203)
Net Assets	$418,250,976
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Class A Shares:
Net asset value per share ($28,003,299 ÷ 4,298,517 shares outstanding), no par value, unlimited shares authorized	$6.51
Offering price per share (100/95.50 of $6.51)	$6.82
Redemption proceeds per share	$6.51
Class C Shares:
Net asset value per share ($6,286,392 ÷ 965,205 shares outstanding), no par value, unlimited shares authorized	$6.51
Offering price per share	$6.51
Redemption proceeds per share (99.00/100 of $6.51)	$6.44
Institutional Shares:
Net asset value per share ($204,134,428 ÷ 31,446,894 shares outstanding), no par value, unlimited shares authorized	$6.49
Offering price per share	$6.49
Redemption proceeds per share	$6.49
Service Shares:
Net asset value per share ($168,741,956 ÷ 25,971,430 shares outstanding), no par value, unlimited shares authorized	$6.50
Offering price per share	$6.50
Redemption proceeds per share	$6.50
Class R6 Shares:
Net asset value per share ($11,084,901 ÷ 1,705,610 shares outstanding), no par value, unlimited shares authorized	$6.50
Offering price per share	$6.50
Redemption proceeds per share	$6.50

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

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

Statement of Operations

Year Ended February 28, 2026

Investment Income:
Interest	$25,290,515
Dividends (including $845,155 received from affiliated holdings* and net of foreign taxes withheld of $7,289)	1,303,878
TOTAL INCOME	26,594,393
Expenses:
Investment adviser fee (Note 5)	2,570,306
Administrative fee (Note 5)	340,919
Custodian fees	26,431
Transfer agent fees (Note 2)	464,523
Directors'/Trustees' fees (Note 5)	11,576
Auditing fees	35,788
Legal fees	13,426
Portfolio accounting fees	169,300
Distribution services fee (Note 5)	54,681
Other service fees (Notes 2 and 5)	529,307
Share registration costs	87,309
Printing and postage	39,124
Miscellaneous (Note 5)	41,752
TOTAL EXPENSES	4,384,442
Waiver and Reimbursements:
Waiver/reimbursement of investment adviser fee (Note 5)	(343,714)
Reimbursement of other operating expenses (Notes 2 and 5)	(343,540)
TOTAL WAIVER AND REIMBURSEMENTS	(687,254)
Net expenses	3,697,188
Net investment income	22,897,205
Realized and Unrealized Gain (Loss) on Investments:
Net realized loss on investments	(5,246,115)
Net change in unrealized depreciation of investments (including net change in unrealized depreciation of $(294,889) on investments in affiliated holdings*)	11,358,558
Net realized and unrealized gain (loss) on investments	6,112,443
Change in net assets resulting from operations	$29,009,648

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

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

Statement of Changes in Net Assets

Year Ended February 28	2026	2025
Increase (Decrease) in Net Assets
Operations:
Net investment income	$22,897,205	$23,619,105
Net realized gain (loss)	(5,246,115)	(10,938,644)
Net change in unrealized appreciation/depreciation	11,358,558	25,438,614
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	29,009,648	38,119,075
Distributions to Shareholders:
Class A Shares	(1,556,546)	(1,532,594)
Class C Shares	(324,907)	(445,982)
Institutional Shares	(11,334,338)	(12,081,336)
Service Shares	(9,312,373)	(10,036,779)
Class R6 Shares	(611,339)	(597,490)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(23,139,503)	(24,694,181)
Share Transactions:
Proceeds from sale of shares	56,840,628	67,689,734
Net asset value of shares issued to shareholders in payment of distributions declared	22,765,294	24,133,657
Cost of shares redeemed	(116,694,404)	(150,432,073)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(37,088,482)	(58,608,682)
Change in net assets	(31,218,337)	(45,183,788)
Net Assets:
Beginning of period	449,469,313	494,653,101
End of period	$418,250,976	$449,469,313

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

Notes to Financial Statements

February 28, 2026

1. ORGANIZATION

Federated Hermes High Yield 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 one diversified portfolio, Federated Hermes Opportunistic High Yield Bond Fund (the "Fund"). The Fund offers five classes of shares: Class A Shares, Class C Shares, Institutional Shares, Service 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 by investing primarily in a professionally managed, diversified portfolio of fixed-income securities.

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").

■

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

■

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

■

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

■

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

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

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

Fair Valuation and Significant Events Procedures

Pursuant to Rule 2a-5 under the 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-partypricing 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

Annual Financial Statements and Additional Information

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-incomesecurities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

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

■

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

■

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

■

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

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

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/accretionof 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. The detail of the total fund expense waiver and reimbursements of $687,254 is disclosed in this Note 2 and Note 5. 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.

Transfer Agent Fees

For the year ended February 28, 2026, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed
Class A Shares	$31,919	$(24,161)
Class C Shares	8,542	-
Institutional Shares	233,363	(179,419)
Service Shares	188,897	(139,960)
Class R6 Shares	1,802	-
TOTAL	$464,523	$(343,540)

Annual Financial Statements and Additional Information

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, Class C Shares and Service 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. For the year ended February 28, 2026, other service fees for the Fund were as follows:

	Other Service Fees Incurred
Class A Shares	$73,544
Class C Shares	18,175
Service Shares	437,588
TOTAL	$529,307

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 year ended February 28, 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 February 28, 2026, tax years 2023 through 2026 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

The Fund may be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or gains are earned.

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 period 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.

Annual Financial Statements and Additional Information

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Year Ended 2/28/2026		Year Ended 2/28/2025
Class A Shares:	Shares	Amount	Shares	Amount
Shares sold	374,503	$2,420,460	1,354,155	$8,532,974
Shares issued to shareholders in payment of distributions declared	240,240	1,554,587	240,370	1,529,013
Shares redeemed	(1,078,704)	(6,994,497)	(1,277,059)	(8,091,516)
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	(463,961)	$(3,019,450)	317,466	$1,970,471
	Year Ended 2/28/2026		Year Ended 2/28/2025
Class C Shares:	Shares	Amount	Shares	Amount
Shares sold	30,690	$197,812	95,272	$605,788
Shares issued to shareholders in payment of distributions declared	50,251	324,907	70,245	445,965
Shares redeemed	(452,735)	(2,918,710)	(955,991)	(6,046,787)
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS	(371,794)	$(2,395,991)	(790,474)	$(4,995,034)
	Year Ended 2/28/2026		Year Ended 2/28/2025
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	5,247,591	$33,794,607	6,226,349	$39,404,787
Shares issued to shareholders in payment of distributions declared	1,738,164	11,209,101	1,888,983	11,965,361
Shares redeemed	(9,010,187)	(57,814,950)	(12,195,361)	(77,075,597)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(2,024,432)	$(12,811,242)	(4,080,029)	$(25,705,449)
	Year Ended 2/28/2026		Year Ended 2/28/2025
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	2,701,782	$17,399,241	2,492,260	$15,781,885
Shares issued to shareholders in payment of distributions declared	1,405,633	9,073,828	1,514,805	9,602,951
Shares redeemed	(6,968,037)	(44,915,440)	(8,725,730)	(55,210,029)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(2,860,622)	$(18,442,371)	(4,718,665)	$(29,825,193)
	Year Ended 2/28/2026		Year Ended 2/28/2025
Class R6 Shares:	Shares	Amount	Shares	Amount
Shares sold	467,411	$3,028,508	529,950	$3,364,300
Shares issued to shareholders in payment of distributions declared	93,363	602,871	93,042	590,367
Shares redeemed	(629,395)	(4,050,807)	(632,788)	(4,008,144)
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS	(68,621)	$(419,428)	(9,796)	$(53,477)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(5,789,430)	$(37,088,482)	(9,281,498)	$(58,608,682)

4. FEDERAL TAX INFORMATION

The accounting treatment of certain items in accordance with income tax regulations may differ from the accounting treatment in accordance with GAAP which may result in permanent differences. In the case of the Fund, such differences primarily result from non-deductibleexpenses from partnerships.

For the year ended February 28, 2026, permanent differences identified and reclassified among the components of net assets were as follows:

Increase (Decrease)
Paid-In Capital	Total Distributable Earnings (Loss)
$(442)	$442

Annual Financial Statements and Additional Information

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended February 28, 2026 and February 28, 2025, were as follows:

	2026	2025
Ordinary income	$23,139,503	$24,694,181

As of February 28, 2026, the components of distributable earnings on a tax-basis were as follows:

Undistributed ordinary income	$809,696
Net unrealized depreciation	$(5,297,982)
Capital loss carryforwards and deferrals	$(52,403,917)
TOTAL	$(56,892,203)

At February 28, 2026, the cost of investments for federal tax purposes was $417,764,975. The net unrealized depreciation of investments for federal tax purposes was $5,297,982. This consists of unrealized appreciation from investments for those securities having an excess of value over cost of $12,343,935 and unrealized depreciation from investments for those securities having an excess of cost over value of $17,641,917. The difference between book-basis and tax-basis net unrealized depreciation is attributable to differing treatments for partnership adjustments, discount accretion/premium amortization on debt securities, defaulted bonds and deferral of losses on wash sales.

As of February 28, 2026, the Fund had a capital loss carryforward of $52,403,917 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
$2,070,784	$50,333,133	$52,403,917

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 0.60% 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 year ended February 28, 2026, the Adviser voluntarily waived $338,661 of its fee and voluntarily reimbursed $343,540 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 year ended February 28, 2026, the Adviser reimbursed $5,053.

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 year ended February 28, 2026, the annualized fee paid to FAS was 0.080% of average daily net assets of the Fund.

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

Annual Financial Statements and Additional Information

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 A Shares and 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 the following percentages of average daily net assets annually, to compensate FSC:

	Percentage of Average Daily Net Assets of Class
Class A Shares	0.05%
Class C Shares	0.75%

Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the year ended February 28, 2026, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred
Class C Shares	$54,681

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

For the year ended February 28, 2026, FSC retained $3,168 of fees paid by the Fund. For the year ended February 28, 2026, the Fund's Class A Shares did not incur a distribution services fee; however, it may begin to incur this fee upon approval of the Trustees.

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 year ended February 28, 2026, FSC retained $1,976 in sales charges from the sale of Class A Shares. FSC retained $12,713 of CDSC relating to redemptions of Class A Shares.

Other Service Fees

For the year ended February 28, 2026, FSSC received $19,084 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 May 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, Service Shares and Class R6 Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.98%, 1.84%, 0.73%, 0.98% and 0.72% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) May 1, 2027; or (b) the date of the Fund's next effective Prospectus. Prior to May 1, 2026, the Fee Limit for the Fund's Class A Shares, Class C Shares, Institutional Shares, Service Shares and Class R6 Shares was 0.97%, 1.83%, 0.72%, 0.97% and 0.71%, 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. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the year ended February 28, 2026, were as follows:

Purchases	$117,765,982
Sales	$157,099,194

7. 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. 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,

Annual Financial Statements and Additional Information

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 February 28, 2026, the Fund had no outstanding loans. During the year ended February 28, 2026, the Fund did not utilize the LOC.

8. 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 February 28, 2026, there were no outstanding loans. During the year ended February 28, 2026, the program was not utilized.

9. 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.

10. 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.

11. FEDERAL TAX INFORMATION (UNAUDITED)

For the fiscal year ended February 28, 2026, 97.4% of total ordinary income distributions qualified as business interest income for purposes of 163(j) of the Code and the regulations thereunder.

Annual Financial Statements and Additional Information

Report of Independent Registered Public Accounting Firm

TO THE SHAREHOLDERS AND THE BOARD OF TRUSTEES OF FEDERATED HERMES HIGH YIELD TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Federated Hermes High Yield Trust (the "Trust") (comprising Federated Hermes Opportunistic High Yield Bond Fund (the "Fund")), including the portfolio of investments, as of February 28, 2026, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund comprising Federated Hermes High Yield Trust at February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026, by correspondence with the custodian, brokers, and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Federated Hermes investment companies since 1979.

Boston, Massachusetts
April 23, 2026

Annual Financial Statements and Additional Information

Evaluation and Approval of Advisory Contract-May 2025

Federated Hermes Opportunistic 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").

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.

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.

For the periods ended December 31, 2024, the Fund's performance fell below the Performance Peer Group median for the one-year and three-year periods, and was above the Performance Peer Group median for the five-year period. 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.

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 above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board.

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

Annual Financial Statements and Additional Information

whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential 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.

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.

Federated Hermes Opportunistic High Yield Bond Fund

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

Federated Securities Corp., Distributor

CUSIP 314197302
CUSIP 314197401
CUSIP 314197203
CUSIP 314197104
CUSIP 314197807

30221 (4/26)

Item 8.

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

Federated Hermes Opportunistic High Yield Bond Fund: Not Applicable.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Federated Hermes Opportunistic High Yield Bond Fund: Not Applicable.

Item 10.

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

Federated Hermes Opportunistic 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 Opportunistic 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 the filing date of this report on Form N-CSR.

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

Item 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) .

(a)(4) Not Applicable.

(a)(5) Not Applicable.

(b) .

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: Federated Hermes High Yield Trust

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

Date: April 23, 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: April 23, 2026

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

Date: April 23, 2026

Federated Hermes High Yield Trust published this content on April 24, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 24, 2026 at 14:32 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]

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