# EDGAR Filing Document

**Accession Number:** 0000745967
**File Stem:** 0001623632-26-000592
**Filing Date:** 2026-4
**Character Count:** 36363
**Document Hash:** 60e7573cb693734c4c71bcc5553af4f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001623632-26-000592.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001623632-26-000592

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**EFFECTIVENESS DATE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes High Yield Trust
- **CENTRAL INDEX KEY:** 0000745967

**ORGANIZATION NAME:**
- **EIN:** 251470424
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-91091
- **FILM NUMBER:** 26892018

**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 HIGH YIELD TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Federated Hermes Opportunistic High Yield Bond Fund (Series ID: S000009061)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000024613 | Service Shares       | FHYTX           |
| C000130168 | Institutional Shares | FHTIX           |
| C000143970 | Class A Shares       | FHYAX           |
| C000143971 | Class C Shares       | FHYCX           |
| C000190443 | Class R6 Shares      | FHYLX           |

**Summary Prospectus**

***April 30, 2026***

![](imgb88ec47d1.jpg)

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

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| | | | |
|:---|:---|:---|:---|
| **Share Class** \| Ticker | **A** \| FHYAX | **C** \| FHYCX | **Institutional** \| FHTIX |
|  | **Service** \| FHYTX | **R6** \| FHYLX |  |

---

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Federated Hermes Opportunistic High

Yield Bond Fund

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A Portfolio of Federated Hermes High Yield 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 FederatedHermes.com/us/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 FederatedHermes.com/us, 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 April 30, 2026, are incorporated by reference into this Summary Prospectus.

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A mutual fund seeking high current income by investing primarily in a professionally managed, diversified portfolio of fixed-income securities rated below investment grade.

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.

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

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Fund Summary Information

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

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund's investment objective is to seek high current income by investing primarily in a professionally managed, diversified portfolio of fixed-income securities.

**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), Class C Shares (C), Institutional Shares (IS), Service Shares (SS) and Class R6 Shares (R6) 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 (e.g., A class) 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 20 and in "Appendix B" to this Prospectus.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **A** | **C** | **IS** | **SS** | **R6** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a <br> percentage of offering price)<br>| 4.50% |  |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of original <br> purchase price or redemption proceeds, as applicable)<br>| 0.00% | 1.00% |  |  |  |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends <br> (and other Distributions) (as a percentage of offering price)<br>|  |  |  |  |  |
| Redemption Fee (as a percentage of amount redeemed, <br> if applicable)<br>|  |  |  |  |  |
| Exchange Fee |  |  |  |  |  |

---

**1**

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&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)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **A** | **C** | **IS** | **SS** | **R6** |
| Management Fee | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| Distribution (12b-1) Fee | 0.00%<sup>1</sup> <br>| 0.75% |  |  |  |
| Other Expenses | 0.54% | 0.55% | 0.30% | 0.54% | 0.20% |
| Total Annual Fund Operating Expenses | 1.14% | 1.90% | 0.90% | 1.14% | 0.80% |
| Fee Waivers and/or Expense Reimbursements<sup>2</sup> | (0.16)% | (0.06)% | (0.17)% | (0.16)% | (0.08)% |
| Total Annual Fund Operating Expenses After Fee <br> Waivers and/or Expense Reimbursements<br>| 0.98% | 1.84% | 0.73% | 0.98% | 0.72% |

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The Fund has adopted a Distribution (12b-1) Plan for its Class A Shares pursuant to which the A class

of the Fund may incur and pay a Distribution (12b-1) Fee of up to a maximum of 0.05%. No such fee

is currently incurred and paid by the A class of the Fund. The A class of the Fund will not incur and

pay such a Distribution (12b-1) Fee until such time as approved by the Fund's Board of Trustees (the

"Trustees").

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. Effective May 1, 2026, total annual fund

operating expenses (excluding acquired fund fees and expenses, interest expense, extraordinary

expenses and proxy-related expenses, if any) paid by the Fund's A, C, IS, SS and R6 classes (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. 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 approval of the Trustees.

**2**

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **A:** |  |  |  |  |
| Expenses assuming redemption | &nbsp;&nbsp; $561 | &nbsp;&nbsp; $796 | &nbsp;&nbsp; $1049 | &nbsp;&nbsp; $1774 |
| Expenses assuming no redemption | &nbsp;&nbsp; $561 | &nbsp;&nbsp; $796 | &nbsp;&nbsp; $1049 | &nbsp;&nbsp; $1774 |
| **C:** |  |  |  |  |
| Expenses assuming redemption | &nbsp;&nbsp; $293 | &nbsp;&nbsp; $597 | &nbsp;&nbsp; $1026 | &nbsp;&nbsp; $2024 |
| Expenses assuming no redemption | &nbsp;&nbsp; $193 | &nbsp;&nbsp; $597 | &nbsp;&nbsp; $1026 | &nbsp;&nbsp; $2024 |
| **IS:** |  |  |  |  |
| Expenses assuming redemption | &nbsp;&nbsp; $92 | &nbsp;&nbsp; $287 | &nbsp;&nbsp; $498 | &nbsp;&nbsp; $1108 |
| Expenses assuming no redemption | &nbsp;&nbsp; $92 | &nbsp;&nbsp; $287 | &nbsp;&nbsp; $498 | &nbsp;&nbsp; $1108 |
| **SS:** |  |  |  |  |
| Expenses assuming redemption | &nbsp;&nbsp; $116 | &nbsp;&nbsp; $362 | &nbsp;&nbsp; $628 | &nbsp;&nbsp; $1386 |
| Expenses assuming no redemption | &nbsp;&nbsp; $116 | &nbsp;&nbsp; $362 | &nbsp;&nbsp; $628 | &nbsp;&nbsp; $1386 |
| **R6:** |  |  |  |  |
| Expenses assuming redemption | &nbsp;&nbsp; $82 | &nbsp;&nbsp; $255 | &nbsp;&nbsp; $444 | &nbsp;&nbsp; $990 |
| Expenses assuming no redemption | &nbsp;&nbsp; $82 | &nbsp;&nbsp; $255 | &nbsp;&nbsp; $444 | &nbsp;&nbsp; $990 |

---

**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 28% of the average value of its portfolio.

**3**

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**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 noninvestment-grade, fixed income securities of domestic and foreign corporations (also known as "junk bonds") including loan instruments. The fixed-income securities in which the Fund will invest include but are not limited to corporate debt securities, loan instruments, commercial paper, zero coupon securities and foreign securities. The Fund is not managed to specific maturity or duration requirements. The foreign fixed-income securities in which the Fund invests are issued by foreign corporations in either emerging or developed markets. 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. In addition, when the Adviser considers the risk/return prospects of equity securities to be attractive, the Fund may also opportunistically invest up to 20% of its assets in equity securities or pooled vehicles such as exchange-traded funds (ETFs) or other investment companies. Pooled vehicles are utilized in order to gain broad exposure to the equity market. The Fund may invest in companies with market capitalizations of any size. The Fund may invest in derivative contracts to implement its investment strategies. For example, the Fund may use derivative contracts or hybrid instruments to increase or decrease the portfolio's exposure to the investment(s) underlying the derivative contract or hybrid instrument in an attempt to benefit from changes in the value of the underlying investment(s). 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 fixed-income investments rated below investment grade. The Fund will notify shareholders at least 60 days in advance of any change in this investment policy.

**4**

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**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:

■ **Issuer Credit Risk.** There is a possibility that issuers of securities in which a Fund may invest may default in the payment of interest or principal on the securities when due, which could cause a Fund to lose money.

■ **Counterparty Risk.** Counterparty 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 the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategy.

■ **Liquidity Risk.** The noninvestment-grade securities in which the Fund may invest may not be readily marketable and may be subject to greater fluctuations in price than other securities. Additionally, certain equity securities in which the Fund invests may be less readily marketable and may be subject to greater fluctuation in price than other securities. Also, market growth at rates greater than dealers' capacity to make markets, as well as regulatory changes or certain other developments, can reduce dealer inventories of securities (such as corporate bonds), which can further constrain liquidity and increase price volatility. Additionally, there is a possibility that the Fund may not be able to sell a security or close out a derivative contract when it wants to. If this happens, the Fund will be required to continue to hold the security or keep the position open, and the Fund could incur losses. High levels of shareholder redemptions in response to market conditions also may increase liquidity risk and may negatively impact Fund performance.

■ **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.

■ **Leveraged Company Risk.** Securities of companies that issue below investment-grade debt or "junk bonds" (i.e., leveraged companies) may be more volatile, be more sensitive to adverse issuer, political, market or economic developments and have limited access to additional capital than securities of other, higher quality companies or the market as a whole, which can limit their opportunities and ability to weather challenging business environments. Companies that experience a decrease in credit quality or that have lower-quality debt or highly leveraged capital structures may undergo difficult business circumstances and face a greater risk of liquidation, reorganization or bankruptcy than other companies.

■ **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. Global economic, political and financial conditions including geopolitical and other events (e.g., wars, tensions,

**5**

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sanctions and terrorism), legislative changes or shifts in fiscal or monetary policy or reform, industry or economic trends and developments, grid congestion or capacity constraints, natural disasters or public health risks, such as epidemics or pandemics, may, from time to time, and for varying periods of time, have a significant effect on the economies of many nations, including the U.S., and financial markets generally and cause the Fund to experience volatility, illiquidity, loss of value, shareholder redemptions, and/or other potentially adverse effects. Among other investments, lower-grade bonds may be particularly sensitive to changes in the economy.

■ **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 Investing in Loans.** In addition to the risks generally associated with debt instruments, such as credit, market, interest rate, liquidity and derivatives risks, bank loans are also subject to the risk that the value of the collateral securing a loan may decline, be insufficient to meet the obligations of the borrower or be difficult to liquidate. The Fund's access to the collateral may be limited by bankruptcy, other insolvency laws or by the type of loan the Fund has purchased. For example, if the Fund purchases a participation instead of an assignment, it would not have direct access to collateral of the borrower. As a result, a floating rate loan may not be fully collateralized and can decline significantly in value. Additionally, collateral on loan instruments may not be readily liquidated, and there is no assurance that the liquidation of such assets will satisfy a borrower's obligations under the investment. Loans generally are subject to legal or contractual restrictions on resale. <br> Loans and other forms of indebtedness may be structured such that they are not securities under securities laws. As such, it is unclear whether loans and other forms of direct indebtedness offer securities law protections, such as those against fraud and misrepresentation. In the absence of definitive regulatory guidance, while there can be no assurance that fraud or misrepresentation will not occur with respect to the loans and other investments in which the Fund invests, the Fund relies on the Adviser's research in an attempt to seek to avoid situations where fraud or misrepresentation could adversely affect the Fund.

■ **Loan Liquidity Risk.** Loans generally are subject to legal or contractual restrictions on resale. The liquidity of loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual loans. For example, if the credit quality of a loan unexpectedly declines significantly, secondary market trading in that loan can also decline for a period of time. During periods of infrequent trading, valuing a loan can be more difficult and buying and selling a loan at an acceptable price can be more difficult and delayed. Difficulty in selling a

**6**

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loan can result in a loss. Loan instruments may not be readily marketable and may be subject to restrictions on resale. In some cases, negotiations involved in disposing of loans may require weeks to complete. Thus, transactions in loan instruments may take longer than seven days to settle. This could pose a liquidity risk to the Fund and, if the Fund's exposure to such investments is substantial, could impair the Fund's ability to meet shareholder redemptions in a timely manner.

■ **Agent Insolvency Risk.** In a syndicated loan, the agent bank is the bank in the syndicate that undertakes the bulk of the administrative duties involved in the day-to-day administration of the loan. In the event of the insolvency of an agent bank, a loan could be subject to settlement risk as well as the risk of interruptions in the administrative duties performed in the day to day administration of the loan (such as processing draws, pursuing certain available contractual remedies, etc.).

■ **Loan Prepayment Risk.** During periods of declining interest rates or for other purposes, borrowers may exercise their option to prepay principal earlier than scheduled which may force the Fund to reinvest in lower-yielding instruments.

■ **Risk of Foreign Investing.** The Fund invests in securities issued by foreign companies and national governments; therefore, the Fund's share price may be affected by foreign economic and political conditions, taxation policies, and accounting and auditing standards.

■ **Currency Risk.** The exchange rates for currencies fluctuate daily; therefore, prices of the foreign securities in which a Fund invests are more volatile than prices of securities traded exclusively in the United States.

■ **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.

■ **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. Emerging market economies may also experience more severe downturns (with corresponding currency devaluations) than developed economies.

■ **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

**7**

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Prospectus. Derivative contracts and hybrid instruments may also involve other risks described in this Prospectus, such as stock market, interest rate, credit, currency, liquidity and leverage risks.

■ **Leverage Risk.** The Fund's investment in derivative contracts and certain hybrid instruments may expose the Fund to a level of risk that exceeds the amount invested.

■ **Stock Market Risk.** The value of equity securities in the Fund's portfolio will fluctuate and, as a result, the Fund's Share price may decline suddenly or over a sustained period of time. Declines in value can occur because of events relating to an issuer of a particular security resulting in a decline in the price of a particular portfolio holding, shareholder redemptions, or events relating to the broader stock market or economy, including changes in interest rates, industry or economic trends, monetary policy changes, market volatility and liquidity, or other adverse effects, which could negatively impact the Fund's performance. Information publicly available about an issuer, whether from the issuer's financial statements or other disclosures or from third parties, or information available to some but not all market participants, also can affect the price of an issuer's shares in the market. The Adviser and its affiliated investment advisers, as well as third party advisers, also may manage other funds and accounts that use similar investment strategies, and invest in similar securities, as the Fund, and investments in certain securities by multiple funds and accounts, including those managed by the Adviser and its affiliates, could impact the availability of suitable securities and cause a capacity constraint associated with the Fund's investment strategy and could cause the Fund to be closed entirely or partially to new investment by all or certain shareholders.

■ **Risk Related to Company Capitalization.** The Fund may invest in companies with market capitalizations of any size, including small-capitalization and mid-capitalization (or "small-cap" and "mid-cap") companies. The additional risks posed by small-cap and mid-cap companies could increase the volatility of the Fund's portfolio and performance. Shareholders should expect that the value of the Fund's Shares will be more volatile than a fund that invests exclusively in large-cap companies.

■ **Risk Related to Investing for Growth.** Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. For instance, the price of a growth stock may experience a larger decline on a forecast of lower earnings, a negative fundamental development, or an adverse market development. Further, growth stocks may not pay dividends or may pay lower dividends than value stocks. This means they depend more on price changes for returns and may be more adversely affected in a down market compared to value stocks that pay higher dividends.

■ **Risk Related to Investing for Value.** Due to their relatively low valuations, value stocks are typically less volatile than growth stocks. For instance, the price of a value stock may experience a smaller increase on a forecast of higher earnings, a positive fundamental development or positive market

**8**

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development. Further, value stocks tend to have higher dividends than growth stocks. This means they depend less on price changes for returns and may lag behind growth stocks in an up market.

■ **Exchange-Traded Funds Risk.** An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange traded) that has the same investment objectives, strategies and policies. The price of an ETF can fluctuate up or down, and the Fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down.

■ **Technology Risk.** The Adviser uses various technologies in managing the Fund, consistent with its investment objective and strategy description 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 SS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns for each class *averaged* over the stated periods, compared to a broad-based securities market index. The Fund's performance is also compared to a secondary index to show how the Fund's performance compares with the returns of an index with similar investments. *The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.* Updated performance

**9**

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information for the Fund is available under the "Products" section at FederatedHermes.com/us or by calling 1-800-341-7400.

![](fhohypro8040401a.jpg)

*The Fund's SS class total return for the three-month period from January 1, 2026 to March 31, 2026, was (1.07)%.*

*Within the periods shown in the bar chart, the Fund's SS class highest quarterly return was 11.03% (quarter ended June 30, 2020). Its lowest quarterly return was (15.09)% (quarter ended March 31, 2020).*

**Average Annual Total Return Table**

The Fund's initial share class, the SS class, commenced operations on August 23, 1984. The Fund's A and C classes commenced operations on April 30, 2014. The Fund's R6 class commenced operations on April 27, 2017. For the periods prior to the commencement of operations of the A, C, and R6 classes, the respective class performance would have been substantially similar to the returns of the SS class, because all classes are invested in the same portfolio of securities and would differ only to the extent that the newer classes do not have the same expenses as the SS class. Accordingly, the information shown below is for the SS class adjusted to reflect the expenses of the newer classes for each year for which the respective class expenses would have exceeded the actual expenses paid by the SS class. The performance information has also been adjusted to reflect any applicable differences between the sales loads and charges imposed on the purchase and redemption of the respective share classes, as well as the removal of any waivers/reimbursements of Fund expenses that may have occurred during the periods prior the commencement of operations of the newer classes. Please note that for any newer class with higher expenses than the SS class, such as the A class and the C class, performance shown is lower than the SS class. For any newer class with lower expenses than the SS class, such as the R6 class, adjustments may have been made with respect to removal of waivers/reimbursements.

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In addition to Return Before Taxes, Return After Taxes is shown for the Fund's SS class to illustrate the effect of federal taxes on Fund returns. After-tax returns are shown only for the SS class, and after-tax returns for the A, C, IS and R6 classes will differ from those shown for the SS class. *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 plan.

(For the Period Ended December 31, 2025)

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| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **A:** |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; 3.32% | &nbsp;&nbsp; 3.33% | &nbsp;&nbsp; 5.42% |
| **C:** |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 3.43% | &nbsp;&nbsp; 5.22% |
| **IS:** |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; 8.30% | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 6.15% |
| **SS:** |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 4.24% | &nbsp;&nbsp; 5.90% |
| Return After Taxes on Distributions | &nbsp;&nbsp; 5.91% | &nbsp;&nbsp; 2.09% | &nbsp;&nbsp; 3.70% |
| Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 2.28% | &nbsp;&nbsp; 3.59% |
| **R6:** |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; 8.31% | &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; 6.14% |
| **Bloomberg US Aggregate Bond Index**<sup>1</sup> <br> (reflects no deduction for fees, expenses or taxes)<br>| &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; (0.36)% | &nbsp;&nbsp; 2.01% |
| **Bloomberg US Corporate High Yield 2% Issuer Capped Index**<sup>2</sup> <br> (reflects no deduction for fees, expenses or taxes)<br>| &nbsp;&nbsp; 8.62% | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 6.52% |
| **Lipper High Yield Funds Average**<sup>3</sup> | &nbsp;&nbsp; 8.03% | &nbsp;&nbsp; 4.14% | &nbsp;&nbsp; 5.66% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the* 

*investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Bloomberg US Corporate High Yield 2% Issuer Capped Index is an issuer-constrained version of* 

*the Bloomberg US 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 the mutual funds* 

*designated by Lipper, Inc. as falling into their respective categories indicated. They do not reflect* 

*sales charges.*

**11**

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**FUND MANAGEMENT**

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

Gene B. Neavin, CFA, Portfolio Manager, has been the Fund's portfolio manager since April of 2011.

Kathryn P. Glass, CFA, Senior Portfolio Manager, has been the Fund's portfolio manager since April of 2025.

**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.

**A and C Classes**

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.

**IS and SS Classes**

The minimum initial investment amount for the Fund's IS and SS classes is generally $1,000,000 and there is no minimum subsequent investment amount. Certain types of accounts are eligible for lower minimum investments. The minimum investment amount for Systematic Investment Programs is $50.

**R6 Class**

There are no minimum initial or subsequent investment amounts required. The minimum investment amount for Systematic Investment Programs is $50.

**Tax Information**

**A, C, IS and SS Classes**

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.

**R6 Class**

The Fund's distributions are taxable as ordinary income or capital gains except when your investment is through a tax-advantaged investment plan.

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

**A, C, IS and SS Classes**

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.

**R6 Class**

Class R6 Shares do not make any payments to financial intermediaries, either from Fund assets or from the investment adviser and its affiliates.

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

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

Federated Securities Corp., Distributor

*Investment Company Act File No. 811-4018*

*CUSIP 314197302* <br>*CUSIP 314197401* <br>*CUSIP 314197203* <br>*CUSIP 314197104* <br>*CUSIP 314197807*

*Q450212 (4/26)*© 2026 Federated Hermes, Inc.

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