# EDGAR Filing Document

**Accession Number:** 0000925723
**File Stem:** 0001623632-23-000283
**Filing Date:** 2023-2
**Character Count:** 23377
**Document Hash:** 4a50cdcac1cc7e52b616cd77725c8b05
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001623632-23-000283.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001623632-23-000283

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230213

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Institutional Trust
- **CENTRAL INDEX KEY:** 0000925723
- **IRS NUMBER:** 251737663
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-54445
- **FILM NUMBER:** 23620383

**BUSINESS ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561
- **BUSINESS PHONE:** 8003417400

**MAIL ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED INSTITUTIONAL TRUST
- **DATE OF NAME CHANGE:** 19940621

## Series and Classes Contracts Data

### Federated Hermes Institutional High Yield Bond Fund (Series ID: S000010934)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000240309 | Class A Shares | FIHAX           |
| C000240310 | Class C Shares | FIHCX           |

**Summary Prospectus**

***December 29, 2022 (Revised February 14, 2023)***

![](imgb35dbf3f1.jpg)

*Disclosure contained herein relates to all classes of the Fund, as listed below, unless otherwise noted.* <br>

---

| | | |
|:---|:---|:---|
| **Share Class** \| Ticker | **A** \| FIHAX | **C** \| FIHCX |

---

------

Federated Hermes Institutional High Yield

Bond Fund

------

A Portfolio of Federated Hermes Institutional Trust

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus and other information about the Fund, including the Statement of Additional Information and most recent reports to shareholders, online at FederatedInvestors.com/FundInformation. You can also get this information at no cost by calling 1-800-341-7400, by sending an email request via Contact Us on FederatedInvestors.com, or from a financial intermediary through which Shares of the Fund may be bought or sold. The Fund's Prospectus and Statement of Additional Information, both dated December 29, 2022 (Revised February 14, 2023), are incorporated by reference into this Summary Prospectus.

------

A mutual fund seeking high current income by investing primarily in lower-rated corporate fixed-income securities, including debt securities issued by U.S. or foreign businesses.

As with all mutual funds, the Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

------

**Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee**

------

Fund Summary Information

**Federated Hermes Institutional High Yield Bond Fund (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund's investment objective is to seek high current income.

**RISK/RETURN SUMMARY: FEES AND EXPENSES**

This table describes the fees and expenses that you may pay if you buy, hold and sell Class A Shares (A) and Class C Shares (C) of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in certain classes of Federated Hermes Funds. More information about these and other discounts is available from your financial professional, in the "What Do Shares Cost?" section of the Prospectus on page 15 and in "Appendix B" to this Prospectus.

**Shareholder Fees (fees paid directly from your investment)** 

---

| | | |
|:---|:---|:---|
|  | **A** | **C** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 4.50% |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or <br> redemption proceeds, as applicable)<br>| 0.00% | 1.00% |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other <br> Distributions) (as a percentage of offering price)<br>|  |  |
| Redemption Fee (as a percentage of amount redeemed, if applicable) |  |  |
| Exchange Fee |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

---

| | | |
|:---|:---|:---|
|  | **A** | **C** |
| Management Fee | 0.40% | 0.40% |
| Distribution (12b-1) Fee |  | 0.75% |
| Other Expenses<sup>1</sup> | 0.41% | 0.41% |
| Total Annual Fund Operating Expenses | 0.81% | 1.56% |
| Fee Waivers and/or Expense Reimbursements<sup>2</sup> | (0.06)% | (0.06)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or <br> Expense Reimbursements<br>| 0.75% | 1.50% |

---

Other Expenses are based on estimated amounts for the current fiscal year.

**1**

------

The Adviser and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding acquired fund fees and expenses, interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's A shares and C shares (after the voluntary waivers and/or reimbursements) will not exceed 0.74% and 1.49% (the ''Fee Limit"), respectively, up to but not including the later of (the ''Termination Date"): (a) January 1, 2024; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its 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 agreement of the Fund's Board of Trustees.

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. Expenses assuming no redemption are also shown. The Example also assumes that your investment has a 5% return each year and that operating expenses remain the same. The Example does not reflect sales charges (loads) on reinvested dividends. If these sales charges (loads) were included, your costs would be higher. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **A:** |  |  |  |  |
| Expenses assuming redemption | $529 | $697 | $879 | $1407 |
| Expenses assuming no redemption | $529 | $697 | $879 | $1407 |
| **C:** |  |  |  |  |
| Expenses assuming redemption | $259 | $493 | $850 | $1655 |
| Expenses assuming no redemption | $159 | $493 | $850 | $1655 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 12% of the average value of its portfolio.

**2**

------

**RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE** 

**What are the Fund's Main Investment Strategies?**

The Fund pursues its investment objective by investing primarily in a diversified portfolio of high yield corporate bonds (also known as "junk bonds"), which include debt securities issued by U.S. or foreign businesses (including emerging market debt securities). The Fund's investment adviser (the "Adviser") selects securities that it believes have attractive risk-return characteristics. The Adviser's securities selection process includes an analysis of the issuer's financial condition, business and product strength, competitive position and management expertise. The Adviser does not limit the Fund's investments to securities of a particular maturity range.

The Fund may invest in derivative contracts (for example, futures contracts, option contracts and swap contracts) to implement its investment strategies as more fully described in the Fund's Prospectus. There can be no assurance that the Fund's use of derivative contracts or hybrid instruments will work as intended. Derivative investments made by the Fund are included within the Fund's 80% policy (as described below) and are calculated at market value.

The Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in investments rated below investment-grade. The Fund will notify shareholders 60 days in advance of any change in its investment policy that would enable the Fund to invest, under normal circumstances, less than 80% of its net assets (plus any borrowings for investment purposes) in investments rated below investment-grade. For purposes of this limitation, investments rated below investment-grade are defined as high yield debt instruments (also known as "junk bonds").

**What are the Main Risks of Investing in the Fund?**

All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund's returns include:

◾ **Risk Associated with Noninvestment-Grade Securities.** Securities rated below investment grade may be subject to greater interest rate, credit and liquidity risks than investment-grade securities. These securities are considered speculative with respect to the issuer's ability to pay interest and repay principal.

◾ **Issuer Credit Risk.** It is possible that interest or principal on securities will not be paid when due. Noninvestment-grade securities generally have a higher default risk than investment-grade securities. Such non-payment or default may reduce the value of the Fund's portfolio holdings, its share price and its performance.

◾ **Counterparty Credit Risk.** Credit risk includes the possibility that a party to a transaction involving the Fund will fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategy.

**3**

------

◾ **Risk Related to the Economy.** The value of the Fund's portfolio may decline in tandem with a drop in the overall value of the markets in which the Fund invests and/or other markets. Economic, political and financial conditions, industry or economic trends and developments or public health risks, such as epidemics or pandemics, may, from time to time, and for varying periods of time, cause the Fund to experience volatility, illiquidity, shareholder redemptions or other potentially adverse effects. Among other investments, lower-grade bonds and loans may be particularly sensitive to changes in the economy.

◾ **Liquidity Risk.** Liquidity of individual corporate bonds varies considerably. Low-grade corporate bonds have less liquidity than investment-grade securities, which means that it may be more difficult to sell or buy a security at a favorable price or time.

◾ **Interest Rate Risk.** Prices of fixed-income securities generally fall when interest rates rise. The longer the duration of a fixed-income security, the more susceptible it is to interest-rate risk. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates.

◾ **Risk of Foreign Investing.** Because the Fund invests in securities issued by foreign companies and national governments, the Fund's Share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.

◾ **Currency Risk.** Exchange rates for currencies fluctuate daily. The value of the Fund's foreign investments and the value of the shares may be affected favorably or unfavorably by changes in currency exchange rates relative to the U.S. dollar.

◾ **European Union and Eurozone Related Risk.** A number of countries in the European Union (EU), including certain countries within the EU that have adopted the euro (Eurozone), have experienced, and may continue to experience, severe economic and financial difficulties. Additional countries within the EU may also fall subject to such difficulties. These events could negatively affect the value and liquidity of the Fund's investments in euro-denominated securities and derivatives contracts, securities of issuers located in the EU or with significant exposure to EU issuers or countries.

◾ **Leverage Risk.** Leverage risk is created when an investment exposes the Fund to a level of risk that exceeds the amount invested.

◾ **Custodial Services and Related Investment Costs.** Custodial services and other costs relating to investment in international securities markets generally are more expensive due to differing settlement and clearance procedures than those of the United States. The inability of the Fund to make intended securities purchases due to settlement problems could cause the Fund to miss attractive investment opportunities. In addition, security settlement and clearance procedures in some emerging market countries may not fully protect the Fund against loss of its assets.

**4**

------

◾ **Risk of Investing in Emerging Market Countries.** Securities issued or traded in emerging markets generally entail greater risks than securities issued or traded in developed markets.

◾ **Risk of Investing in Derivative Contracts and Hybrid Instruments.** Derivative contracts and hybrid instruments involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such contracts and instruments include valuation and tax issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this prospectus.

◾ **Risk of Loss after Redemption.** The Fund may also invest in trade finance loan instruments primarily by investing in other investment companies (which are not available for general investment by the public) that own those instruments, are advised by an affiliate of the Adviser and are structured as an extended payment fund.

◾ **Technology Risk.** The Adviser uses various technologies in managing the Fund, consistent with its investment objective and strategy described in this Prospectus. For example, proprietary and third party data and systems are utilized to support decision making for the Fund. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect Fund performance.

The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or 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.

**Performance: Bar Chart and Table** 

**Risk/Return Bar Chart**

The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's Institutional Shares ("IS class") total returns on a calendar year-by-year basis. The Fund's A and C classes commenced operations on February 14, 2023. For the periods prior to commencement of operations of the Fund's A and C classes, the performance information shown below is for the Fund's IS class. The performance of the IS class has not been adjusted to reflect the expenses applicable to the A or C class. The performance has been adjusted to reflect the differences in sale charges and deferred sales charges applicable to the A class and C class. The A, C and IS classes are invested in the same portfolio of securities and the annual returns will differ only to the extent that the classes do not have the same expenses and sales loads. The expense ratios of the A and C classes are higher than the expense ratio of the IS class; accordingly, for the periods prior to the commencement of operations, the performance of the A and

**5**

------

C classes would have been lower than the performance of the IS class. The Average Annual Total Return Table shows returns for each class *averaged* over the stated periods, and includes comparative performance information. *The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.* Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. <br> ![](fihybfpro27831.jpg)

*The total returns shown in the bar chart do not reflect the payment of any sales charges or recurring shareholder account fees. If these charges or fees had been included, the returns shown would have been lower.*

*The Fund's IS class total return for the nine-month period from January 1, 2022 to September 30, 2022, was (14.94)%.*

*Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 9.55% (quarter ended June 30, 2020). Its lowest quarterly return was (12.12)% (quarter ended March 31, 2020).*

**6**

------

**Average Annual Total Return Table**

The Fund's A and C classes commenced operations on February 14, 2023. For the periods prior to the commencement of operations of the A and C class, the performance information shown below is for the Fund's IS class as described above. In addition to Return Before Taxes, Return After Taxes is shown for the Fund's A class to illustrate the effect of federal taxes on Fund returns. *Actual after-tax returns depend on each investor's personal tax situation, and are likely to differ from those shown.* After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical **federal** income and capital gains tax rates. These after-tax returns do **not** reflect the effect of any applicable **state** and **local** taxes. After-tax returns are not relevant to investors holding Shares through a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plans.

(For the Period Ended December 31, 2021)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **A:** |  |  |  |
| Return Before Taxes | 0.07% | 4.90% | 6.16% |
| Return After Taxes on Distributions | (1.98)% | 2.52% | 3.55% |
| Return After Taxes on Distributions and Sale of Fund Shares | 0.02% | 2.67% | 3.56% |
| **C:** |  |  |  |
| Return Before Taxes | 3.79% | 5.86% | 6.65% |
| **Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index**<sup>1</sup> <br>(reflects no deduction for fees, expenses or taxes)<br>| 5.26% | 6.28% | 6.82% |
| **Lipper High Yield Funds Average**<sup>2</sup> <br>| 5.09% | 5.41% | 5.85% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index is an issuer-constrained version of the Bloomberg U.S. Corporate High-Yield Index that measures the market of USD-denominated, noninvestment-grade, fixed-rate, taxable corporate bonds. The index follows the same rules as the uncapped index but limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro-rata basis.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Lipper figures represent the average of the total returns reported by all mutual funds designated by Lipper, Inc. with the primary objective of investing in domestic or regionally focused bonds within the noninvestment-grade credit classification (below BBB) and are not adjusted to reflect any sales charges.*

**FUND MANAGEMENT**

The Fund's Investment Adviser is Federated Investment Management Company.

Mark E. Durbiano, CFA, Senior Portfolio Manager, has been the Fund's portfolio manager since its inception November of 2002.

Steven J. Wagner, Senior Portfolio Manager, has been the Fund's portfolio manager since December of 2017.

**7**

------

**purchase and sale of fund shares**

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange is open. Shares may be purchased through a financial intermediary firm that has entered into a Fund selling and/or servicing agreement with the Distributor or an affiliate ("Financial Intermediary") or directly from the Fund, by wire or by check. Please note that certain purchase restrictions may apply. Redeem or exchange Shares through a financial intermediary or directly from the Fund by telephone at 1-800-341-7400 or by mail.

The minimum investment amount for the Fund's A and C classes is generally $1,500 for initial investments and $100 for subsequent investments. The minimum initial and subsequent investment amounts for Individual Retirement Accounts are generally $250 and $100, respectively. There is no minimum initial or subsequent investment amount for employer-sponsored retirement plans. Certain types of accounts are eligible for lower minimum investments. The minimum investment amount for Systematic Investment Programs is $50.

**Tax Information**

The Fund's distributions are taxable as ordinary income or capital gains except when your investment is through a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plan.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the intermediary for the sale of Fund Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**8**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](fhilogok11p.jpg)

Federated Hermes Institutional High Yield Bond Fund <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*Investment Company Act File No. 811-23259*

*CUSIP 31420B839* <br>*CUSIP 31420B821*

*Q455790 (2/23)*© 2023 Federated Hermes, Inc.

------