# EDGAR Filing Document

**Accession Number:** 0001340579
**File Stem:** 0001623632-26-000321
**Filing Date:** 2026-2
**Character Count:** 469000
**Document Hash:** 44613b8db3c8e33813390c35963d337d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001623632-26-000321.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001623632-26-000321

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**EFFECTIVENESS DATE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Managed Pool Series
- **CENTRAL INDEX KEY:** 0001340579

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21822
- **FILM NUMBER:** 26677627

**BUSINESS ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561
- **BUSINESS PHONE:** 1-800-341-7400

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Federated Managed Pool Series
- **DATE OF NAME CHANGE:** 20051004

## Series and Classes Contracts Data

### Federated Hermes Corporate Bond Strategy Portfolio (Series ID: S000010899)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000030208 | Federated Hermes Corporate Bond Strategy Portfolio | FCSPX           |

### Federated Hermes High Yield Strategy Portfolio (Series ID: S000010900)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000030209 | Federated Hermes High Yield Strategy Portfolio | FHYSX           |

### Federated Hermes Mortgage Strategy Portfolio (Series ID: S000010902)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000030211 | Federated Hermes Mortgage Strategy Portfolio | FMBPX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

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

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

<u>811-21822</u> (Investment Company Act File Number)

**<u>Federated Hermes Managed Pool Series</u>** (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: <u>2025-12-31</u>

Date of Reporting Period: <u>2025-12-31</u>

**Item 1.** **Reports to Stockholders**

# Federated Hermes Corporate Bond Strategy Portfolio
![Image](if48c68069ed9c043cdbd437b.jpg)

# FCSPX

#### Annual Shareholder Report - December 31, 2025

## A Portfolio of Federated Hermes Managed Pool Series
This annual shareholder report contains important information about the Federated Hermes Corporate Bond Strategy Portfolio (the "Fund") for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Federated Hermes Corporate Bond Strategy Portfolio | $0 | 0.00% |

---

## Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Baa component of the Bloomberg US Credit 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 to provide total return by investing primarily in a diversified portfolio of investment-grade, corporate fixed-income securities.

**Top Contributors to Performance**

* ![Bullet](iacd7e2d130f43882b2e124de.jpg)Overall, sector allocation was a positive contributor to relative Fund performance. The positive contributions from an underweight allocation to the media and entertainment sector and overweight allocation to the aerospace and defense and banking sectors more than offset the negative contribution from an underweight allocation to the sovereign sector.

**Top Detractors from Performance**

* ![Bullet](iacd7e2d130f43882b2e124de.jpg)The Fund's average interest rate sensitivity, or duration, was in-line with the Index over the reporting period but was a negative contributor to relative performance due to the timing of changes to the Fund's duration.

* ![Bullet](iacd7e2d130f43882b2e124de.jpg)Security selection was a negative contributor to relative performance during the fiscal year due primarily to negative selection in the technology, auto and banking sectors.

* ![Bullet](iacd7e2d130f43882b2e124de.jpg)The yield curve positioning of the Fund was a negative contributor to relative performance in a year during which shorter-term U.S. Treasury rates decreased more than longer-term rates.

* ![Bullet](iacd7e2d130f43882b2e124de.jpg)Pricing effects at year end had an outsized impact on relative Index performance in the fourth quarter of 2025. Volatile U.S. Treasury market price activity on December 31 between Bond Market close when the Index is valued (1:00 pm) and the close of regular trading when the Fund is priced (4:00 pm) had a negative effect on comparative performance.

#### Annual Shareholder Report
Federated Hermes Corporate Bond Strategy Portfolio

## 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: 12/31/2015 to 12/31/2025

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3250e18d6fad691d7ab4d677.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Federated Hermes Corporate Bond Strategy Portfolio** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Credit Index** | **Bloomberg US Credit Index (Baa Component)** |
| **12/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2016** | $10861 | $10265 | $10563 | $10789 |
| **12/31/2017** | $11731 | $10628 | $11215 | $11592 |
| **12/31/2018** | $11400 | $10630 | $10979 | $11253 |
| **12/31/2019** | $13288 | $11556 | $12493 | $13105 |
| **12/31/2020** | $14866 | $12424 | $13662 | $14340 |
| **12/31/2021** | $14805 | $12232 | $13514 | $14283 |
| **12/31/2022** | $12519 | $10641 | $11452 | $12006 |
| **12/31/2023** | $13671 | $11229 | $12389 | $13136 |
| **12/31/2024** | $14100 | $11369 | $12641 | $13490 |
| **12/31/2025** | $15200 | $12199 | $13631 | $14596 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1 Year** | **5 Years** | **10 Years** |
| **Federated Hermes Corporate Bond Strategy Portfolio** | 7.80% | 0.44% | 4.28% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |
| **Bloomberg US Credit Index** | 7.83% | (0.05)% | 3.15% |
| **Bloomberg US Credit Index (Baa Component)** | 8.20% | 0.35% | 3.85% |

---

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$200,911,669

* Number of Investments417

* Portfolio Turnover66%

* Total Advisory Fees Paid$0

#### Annual Shareholder Report
Federated Hermes Corporate Bond Strategy Portfolio

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i4b7a79f683f6324e8b7035c0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Securities Lending Collateral | 1.5% |
| Cash Equivalents | 3.1% |
| Foreign Government/Agency | 3.9% |
| Corporate Bonds | 92.1% |

---

## 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 31421P100

36217-A (02/26)

Federated Securities Corp., Distributor

<u>FederatedHermes.com/us</u>

&nbsp;&nbsp;&nbsp;&nbsp;© 2026 Federated Hermes, Inc.

# Federated Hermes High Yield Strategy Portfolio
![Image](if48c68069ed9c043cdbd437b.jpg)

# FHYSX

#### Annual Shareholder Report - December 31, 2025

## A Portfolio of Federated Hermes Managed Pool Series
This annual shareholder report contains important information about the Federated Hermes High Yield Strategy Portfolio (the "Fund") for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Federated Hermes High Yield Strategy Portfolio | $0 | 0.00% |

---

## 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 to provide high current income.

**Top Contributors to Performance**

* ![Bullet](iacd7e2d130f43882b2e124de.jpg)The Fund's relative performance was positively impacted by security selection in the Midstream, Building Materials, Retailers, Consumer Products and Chemicals industry sectors. 

* ![Bullet](iacd7e2d130f43882b2e124de.jpg)The Fund was positively impacted by its underweight allocation to the underperforming Retailer industry sector and underweight allocation to the Midstream industry sector. 

* ![Bullet](iacd7e2d130f43882b2e124de.jpg)Specific Fund holdings that positively impacted performance relative to the Index included Foundation Building Materials, Allied Universal, Seagate, Beach Acquisition and Trivium.

**Top Detractors from Performance**

* ![Bullet](iacd7e2d130f43882b2e124de.jpg)The Fund was negatively impacted by security selection in the Cable & Satellite, Healthcare, Insurance - P&C, Pharmaceuticals and Food & Beverage industry sectors. 

* ![Bullet](iacd7e2d130f43882b2e124de.jpg)The Fund was negatively impacted by its underweight allocation to the strong performing Media & Entertainment industry sector. The Fund was also negatively impacted by its overweight allocation to the Technology industry sector given its lagging performance versus the Index total return. Given the strong absolute performance during the period, the Fund's cash position was also a drag on relative performance. 

* ![Bullet](iacd7e2d130f43882b2e124de.jpg)Specific Fund holdings that negatively impacted performance relative to the Index included Condor Merger, Warner Media, DISH DBS, Organon and Community Health.

#### Annual Shareholder Report
Federated Hermes High Yield Strategy Portfolio

## 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: 12/31/2015 to 12/31/2025

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8cee591a7751a431dc8b271a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Federated Hermes High Yield Strategy Portfolio** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Corporate High Yield 2% Issuer Capped Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $11585 | $10265 | $11713 |
| **12/31/2017** | $12454 | $10628 | $12592 |
| **12/31/2018** | $12182 | $10630 | $12329 |
| **12/31/2019** | $14021 | $11556 | $14095 |
| **12/31/2020** | $14867 | $12424 | $15088 |
| **12/31/2021** | $15670 | $12232 | $15882 |
| **12/31/2022** | $13848 | $10641 | $14106 |
| **12/31/2023** | $15782 | $11229 | $16002 |
| **12/31/2024** | $16875 | $11369 | $17313 |
| **12/31/2025** | $18390 | $12199 | $18806 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1 Year** | **5 Years** | **10 Years** |
| **Federated Hermes High Yield Strategy Portfolio** | 8.98% | 4.35% | 6.28% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |
| **Bloomberg US Corporate High Yield 2% Issuer Capped Index** | 8.62% | 4.50% | 6.52% |

---

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$87,367,426

* Number of Investments2

* Portfolio Turnover33%

* Total Advisory Fees Paid$0

#### Annual Shareholder Report
Federated Hermes High Yield Strategy Portfolio

## Fund Holdings

### Top Index Classifications (% of Net Assets)<sup>**Footnote Reference 1**</sup>
![Group By Sector Chart](i30fa0267f25cbb137de5dd5e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Building Materials | 3.2% |
| Independent Energy | 3.3% |
| Automotive | 3.5% |
| Chemicals | 3.8% |
| Gaming | 3.9% |
| Health Care | 5.1% |
| Cable Satellite | 5.2% |
| Midstream | 5.4% |
| Insurance - P&C | 8.8% |
| Technology | 13.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | Reflects the pro rata portfolio composition of underlying affiliated investment companies (other than an affiliated money market fund) in which the Fund invested greater than 10% of its net assets as of the date specified above. Accordingly, the percentages of net assets shown in the table will differ from those presented on the Portfolio of Investments. |

---

## 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 31421P209

40004-A (02/26)

Federated Securities Corp., Distributor

<u>FederatedHermes.com/us</u>

&nbsp;&nbsp;&nbsp;&nbsp;© 2026 Federated Hermes, Inc.

# Federated Hermes Mortgage Strategy Portfolio
![Image](if48c68069ed9c043cdbd437b.jpg)

# FMBPX

#### Annual Shareholder Report - December 31, 2025

## A Portfolio of Federated Hermes Managed Pool Series
This annual shareholder report contains important information about the Federated Hermes Mortgage Strategy Portfolio (the "Fund") for the period of January 1, 2025 to December 31, 2025. 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 planned changes made to the Fund since the beginning of the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Federated Hermes Mortgage Strategy Portfolio | $0 | 0.00% |

---

## Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Bloomberg US Mortgage Backed Securities 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 to provide total return by investing primarily in a mortgage-backed securities mutual fund and individual mortgage-backed securities, including collateralized mortgage obligations (CMOs).

**Top Contributors to Performance**

* ![Bullet](iacd7e2d130f43882b2e124de.jpg)Security selection proved beneficial to relative performance, attributable to a preference for mortgage-backed securities issued by Fannie Mae and Freddie Mac over Ginnie Mae securities, which lagged their conventional counterparts.

* ![Bullet](iacd7e2d130f43882b2e124de.jpg)Interest rate strategy was additive to relative performance as duration and yield curve positioning made small positive contributions.

* ![Bullet](iacd7e2d130f43882b2e124de.jpg)The Fund used derivatives as a tool to assist in managing Fund duration and yield curve exposure. The principal derivatives the Fund used for these purposes were U.S. Treasury futures contracts. For the reporting period, the use of futures contracts positively contributed to Fund performance relative to the Index.

**Top Detractors from Performance**

* ![Bullet](iacd7e2d130f43882b2e124de.jpg)There were no material detractors from relative Fund performance.

#### Annual Shareholder Report
Federated Hermes Mortgage Strategy Portfolio

## 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: 12/31/2015 to 12/31/2025

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7aeb850dc7baf9f48d67d540.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Federated Hermes Mortgage Strategy Portfolio** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Mortgage Backed Securities Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $10230 | $10265 | $10167 |
| **12/31/2017** | $10511 | $10628 | $10419 |
| **12/31/2018** | $10629 | $10630 | $10522 |
| **12/31/2019** | $11298 | $11556 | $11190 |
| **12/31/2020** | $11837 | $12424 | $11624 |
| **12/31/2021** | $11725 | $12232 | $11502 |
| **12/31/2022** | $10372 | $10641 | $10144 |
| **12/31/2023** | $10909 | $11229 | $10656 |
| **12/31/2024** | $11065 | $11369 | $10784 |
| **12/31/2025** | $12038 | $12199 | $11709 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1 Year** | **5 Years** | **10 Years** |
| **Federated Hermes Mortgage Strategy Portfolio** | 8.80% | 0.34% | 1.87% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |
| **Bloomberg US Mortgage Backed Securities Index** | 8.58% | 0.15% | 1.59% |

---

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$1,061,626,264

* Number of Investments2

* Portfolio Turnover17%

* Total Advisory Fees Paid$0

#### Annual Shareholder Report
Federated Hermes Mortgage Strategy Portfolio

## Fund Holdings

### **Top Security Types (% of Net Assets)<sup>Footnote Reference 1</sup>**![Group By Sector Chart](i2e479d2d90056f9f70e9db1b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-Backed Securities | 1.2% |
| Non-Agency Mortgage-Backed Securities | 1.3% |
| Cash Equivalents | 4.8% |
| Collateralized Mortgage Obligations | 15.8% |
| U.S. Government Agency Mortgage-Backed Securities | 95.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | Reflects the pro rata portfolio composition of underlying affiliated investment companies (other than an affiliated money market mutual fund) in which the Fund invested greater than 10% of its net assets as of the date specified above. Accordingly, the percentages of net assets shown in the table will differ from those presented on the Portfolio of Investments. |

---

## Material Fund Changes
Following is a summary of material changes planned for the Fund since the beginning of 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.

&nbsp;&nbsp;&nbsp;&nbsp; Effective April 3, 2026, Todd A. Abraham, CFA, will retire from the Fund's Adviser and will no longer serve 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 31421P407

38011-A (02/26)

Federated Securities Corp., Distributor

<u>FederatedHermes.com/us</u>

&nbsp;&nbsp;&nbsp;&nbsp;© 2026 Federated Hermes, Inc.

**Item 2.** **Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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**

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

Fiscal year ended 2025 – $177,662

Fiscal year ended 2024 – $170,830

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

Fiscal year ended 2025 - $0

Fiscal year ended 2024 - $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 $1,900 respectively. Fiscal year ended 2024- Travel expenses for attendance at Board meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Tax Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2025 - $0

Fiscal year ended 2024 - $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.

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

Fiscal year ended 2025 - $0

Fiscal year ended 2024 - $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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 2025 – 0%

Fiscal year ended 2024 - 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 2025 – 0%

Fiscal year ended 2024 – 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(d)

Fiscal year ended 2025 – 0%

Fiscal year ended 2024 – 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 2025 - $179,669

Fiscal year ended 2024 - $261,926

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

**Item 5.** **Audit Committee of Listed Registrants**

Not Applicable

**Item 6.** **Schedule of Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statements filed under Item 7 of this form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Companies**

**Annual Financial Statements**

**and Additional Information**

**December 31, 2025**

![](imgebb4bebf1.gif)

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

**Ticker** \| FCSPX<br>

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Federated Hermes Corporate Bond Strategy Portfolio

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A Portfolio of Federated Hermes Managed Pool Series

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

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**CONTENTS** 

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| | |
|:---|:---|
| [Portfolio of Investments](#xx_78540144-76b0-4821-a139-5d9c043c0af7_1) | [1](#xx_78540144-76b0-4821-a139-5d9c043c0af7_1)  |
| [Financial Highlights](#xx_cd3b261e-cbf9-4d62-9dcc-c8caed32c274_1) | [13](#xx_cd3b261e-cbf9-4d62-9dcc-c8caed32c274_1)  |
| [Statement of Assets and Liabilities](#xx_3662c941-fe6e-4e14-ab44-c859a18a25a0_1) | [14](#xx_3662c941-fe6e-4e14-ab44-c859a18a25a0_1)  |
| [Statement of Operations](#xx_3662c941-fe6e-4e14-ab44-c859a18a25a0_2) | [15](#xx_3662c941-fe6e-4e14-ab44-c859a18a25a0_2)  |
| [Statement of Changes in Net Assets](#xx_3662c941-fe6e-4e14-ab44-c859a18a25a0_3) | [16](#xx_3662c941-fe6e-4e14-ab44-c859a18a25a0_3)  |
| [Notes to Financial Statements](#xx_c13a4bf0-974d-4b64-baa7-822f4a949bd0_1) | [17](#xx_c13a4bf0-974d-4b64-baa7-822f4a949bd0_1)  |
| [Report of Independent Registered Public Accounting Firm](#xx_2e4b7d5a-1d0b-4594-986c-95c75d96f35c_1) | [23](#xx_2e4b7d5a-1d0b-4594-986c-95c75d96f35c_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_11a3da23-54c6-46b6-8f1f-7b4c1b94bd07_1) | [24](#xx_11a3da23-54c6-46b6-8f1f-7b4c1b94bd07_1) |

---

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Portfolio of Investments

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>**or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—92.1% |  |
|  | **Basic Industry - Chemicals—0.5%** |  |
| $740000 | RPM International, Inc., Sr. Unsecd. Note, 4.550%, 3/1/2029 | &nbsp;&nbsp; $749508 |
| 255000 | RPM International, Inc., Sr. Unsecd. Note, 5.250%, 6/1/2045 | &nbsp;&nbsp; 242809 |
|  | TOTAL | &nbsp;&nbsp; 992317 |
|  | **Basic Industry - Metals & Mining—1.4%** |  |
| 1000000 | Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 2.875%, 3/17/2031 | &nbsp;&nbsp; 925149 |
| 825000 | Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.400%, 11/14/2034 | &nbsp;&nbsp; 851318 |
| 390000<br><sup>1</sup> <br>| Glencore Funding LLC, 144A, 5.893%, 4/4/2054 | &nbsp;&nbsp; 388297 |
| 600000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 2.625%, 9/23/2031 | &nbsp;&nbsp; 541264 |
|  | TOTAL | &nbsp;&nbsp; 2706028 |
|  | **Basic Industry - Paper—0.4%** |  |
| 700000<br><sup>1</sup> <br>| Smurfit Kappa Treasury Unlimited Co., Sr. Unsecd. Note, 5.777%, 4/3/2054 | &nbsp;&nbsp; 705137 |
|  | **Capital Goods - Aerospace & Defense—5.0%** |  |
| 500000 | BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050 | &nbsp;&nbsp; 335340 |
| 400000 | Boeing Co., Sr. Unsecd. Note, 2.700%, 2/1/2027 | &nbsp;&nbsp; 394350 |
| 1145000 | Boeing Co., Sr. Unsecd. Note, 2.950%, 2/1/2030 | &nbsp;&nbsp; 1085326 |
| 825000 | Boeing Co., Sr. Unsecd. Note, 3.250%, 2/1/2035 | &nbsp;&nbsp; 724150 |
| 1395000 | Boeing Co., Sr. Unsecd. Note, 3.950%, 8/1/2059 | &nbsp;&nbsp; 991519 |
| 175000 | Boeing Co., Sr. Unsecd. Note, 5.705%, 5/1/2040 | &nbsp;&nbsp; 178798 |
| 600000 | HEICO Corp., Sr. Unsecd. Note, 5.350%, 8/1/2033 | &nbsp;&nbsp; 623234 |
| 440000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 3.483%, 12/1/2027 | &nbsp;&nbsp; 435314 |
| 750000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 5.353%, 1/15/2030 | &nbsp;&nbsp; 775359 |
| 350000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 4.375%, 5/15/2030 | &nbsp;&nbsp; 349691 |
| 425000 | Northrop Grumman Corp., Sr. Unsecd. Note, 3.250%, 1/15/2028 | &nbsp;&nbsp; 419706 |
| 250000 | Northrop Grumman Corp., Sr. Unsecd. Note, 4.700%, 3/15/2033 | &nbsp;&nbsp; 252508 |
| 670000 | Northrop Grumman Corp., Sr. Unsecd. Note, 5.250%, 7/15/2035 | &nbsp;&nbsp; 693962 |
| 850000 | RTX Corp., Sr. Unsecd. Note, 4.125%, 11/16/2028 | &nbsp;&nbsp; 853594 |
| 300000 | RTX Corp., Sr. Unsecd. Note, 4.150%, 5/15/2045 | &nbsp;&nbsp; 251394 |
| 1155000 | RTX Corp., Sr. Unsecd. Note, 5.150%, 2/27/2033 | &nbsp;&nbsp; 1193371 |
| 490000 | Textron, Inc., Sr. Unsecd. Note, 2.450%, 3/15/2031 | &nbsp;&nbsp; 444906 |
|  | TOTAL | &nbsp;&nbsp; 10002522 |
|  | **Capital Goods - Building Materials—0.7%** |  |
| 350000 | Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029 | &nbsp;&nbsp; 341783 |
| 270000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.550%, 10/1/2027 | &nbsp;&nbsp; 267785 |
| 410000 | Carrier Global Corp., Sr. Unsecd. Note, 2.700%, 2/15/2031 | &nbsp;&nbsp; 380322 |
| 255000 | Carrier Global Corp., Sr. Unsecd. Note, 5.900%, 3/15/2034 | &nbsp;&nbsp; 273657 |
| 90000 | Masco Corp., Sr. Unsecd. Note, 4.500%, 5/15/2047 | &nbsp;&nbsp; 76518 |
|  | TOTAL | &nbsp;&nbsp; 1340065 |
|  | **Capital Goods - Construction Machinery—0.7%** |  |
| 205000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 5.550%, 5/30/2033 | &nbsp;&nbsp; 211615 |
| 800000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 5.800%, 4/15/2034 | &nbsp;&nbsp; 839240 |
| 450000 | CNH Industrial Capital America LLC, Sr. Unsecd. Note, 1.450%, 7/15/2026 | &nbsp;&nbsp; 443458 |
|  | TOTAL | &nbsp;&nbsp; 1494313 |
|  | **Capital Goods - Diversified Manufacturing—1.3%** |  |
| 250000 | Ingersoll-Rand, Inc., Sr. Unsecd. Note, 5.450%, 6/15/2034 | &nbsp;&nbsp; 260330 |
| 245000 | Ingersoll-Rand, Inc., Sr. Unsecd. Note, 5.700%, 6/15/2054 | &nbsp;&nbsp; 246913 |
| 155000 | Otis Worldwide Corp., Sr. Unsecd. Note, Series WI, 2.565%, 2/15/2030 | &nbsp;&nbsp; 145214 |
| 80000 | Valmont Industries, Inc., Sr. Unsecd. Note, 5.000%, 10/1/2044 | &nbsp;&nbsp; 73815 |

---

Annual Financial Statements and Additional Information

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Capital Goods - Diversified Manufacturing—continued** |  |
| $415000 | Valmont Industries, Inc., Sr. Unsecd. Note, 5.250%, 10/1/2054 | &nbsp;&nbsp; $386215 |
| 175000 | Vontier Corp., Sr. Unsecd. Note, Series WI, 1.800%, 4/1/2026 | &nbsp;&nbsp; 173903 |
| 550000 | Vontier Corp., Sr. Unsecd. Note, Series WI, 2.950%, 4/1/2031 | &nbsp;&nbsp; 504787 |
| 460000 | Wabtec Corp., Sr. Unsecd. Note, 5.611%, 3/11/2034 | &nbsp;&nbsp; 483282 |
| 435000<br><sup>1</sup> <br>| Xylem, Inc., Sr. Unsecd. Note, 2.250%, 1/30/2031 | &nbsp;&nbsp; 395343 |
|  | TOTAL | &nbsp;&nbsp; 2669802 |
|  | **Capital Goods - Environmental—0.4%** |  |
| 225000 | Republic Services, Inc., Sr. Unsecd. Note, 2.375%, 3/15/2033 | &nbsp;&nbsp; 196581 |
| 195000 | Waste Connections, Inc., Sr. Unsecd. Note, 2.600%, 2/1/2030 | &nbsp;&nbsp; 184053 |
| 475000 | Waste Connections, Inc., Sr. Unsecd. Note, 4.200%, 1/15/2033 | &nbsp;&nbsp; 466108 |
|  | TOTAL | &nbsp;&nbsp; 846742 |
|  | **Capital Goods - Packaging—0.3%** |  |
| 470000 | Sonoco Products Co., Sr. Unsecd. Note, 5.750%, 11/1/2040 | &nbsp;&nbsp; 475148 |
| 150000 | WRKCo, Inc., Sr. Unsecd. Note, Series WI, 4.000%, 3/15/2028 | &nbsp;&nbsp; 149710 |
|  | TOTAL | &nbsp;&nbsp; 624858 |
|  | **Communications - Cable & Satellite—1.6%** |  |
| 240000 | CCO Safari II LLC, 6.484%, 10/23/2045 | &nbsp;&nbsp; 225931 |
| 500000 | Charter Communications Operating LLC / Charter Communications Operating Capital, Secured Note, 5.850%, 12/1/2035 | &nbsp;&nbsp; 499006 |
| 250000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, <br> 3.850%, 4/1/2061<br>| &nbsp;&nbsp; 149196 |
| 1915000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Term Loan - 1st Lien, <br> 3.900%, 6/1/2052<br>| &nbsp;&nbsp; 1237688 |
| 750000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Term Loan - 1st Lien, <br> 5.050%, 3/30/2029<br>| &nbsp;&nbsp; 758909 |
| 300000 | Charter Communications, Inc., 4.200%, 3/15/2028 | &nbsp;&nbsp; 298586 |
| 150000 | Time Warner Cable, Inc., Co. Guarantee, 5.500%, 9/1/2041 | &nbsp;&nbsp; 131895 |
|  | TOTAL | &nbsp;&nbsp; 3301211 |
|  | **Communications - Media & Entertainment—0.6%** |  |
| 265000 | AppLovin Corp., Sr. Unsecd. Note, 5.500%, 12/1/2034 | &nbsp;&nbsp; 272381 |
| 355000 | AppLovin Corp., Sr. Unsecd. Note, 5.950%, 12/1/2054 | &nbsp;&nbsp; 351972 |
| 135000 | Fox Corp., Sr. Unsecd. Note, Series WI, 4.709%, 1/25/2029 | &nbsp;&nbsp; 136761 |
| 500000 | Omnicom Group, Inc., Sr. Unsecd. Note, 2.600%, 8/1/2031 | &nbsp;&nbsp; 453822 |
|  | TOTAL | &nbsp;&nbsp; 1214936 |
|  | **Communications - Telecom Wireless—4.9%** |  |
| 200000 | American Tower Corp., Sr. Unsecd. Note, 1.450%, 9/15/2026 | &nbsp;&nbsp; 196411 |
| 300000 | American Tower Corp., Sr. Unsecd. Note, 2.100%, 6/15/2030 | &nbsp;&nbsp; 272462 |
| 275000 | American Tower Corp., Sr. Unsecd. Note, 3.100%, 6/15/2050 | &nbsp;&nbsp; 180901 |
| 250000 | American Tower Corp., Sr. Unsecd. Note, 3.800%, 8/15/2029 | &nbsp;&nbsp; 246243 |
| 100000 | American Tower Corp., Sr. Unsecd. Note, 4.400%, 2/15/2026 | &nbsp;&nbsp; 100026 |
| 460000 | American Tower Corp., Sr. Unsecd. Note, 4.700%, 12/15/2032 | &nbsp;&nbsp; 460238 |
| 650000 | American Tower Corp., Sr. Unsecd. Note, 5.450%, 2/15/2034 | &nbsp;&nbsp; 675370 |
| 290000 | Bell Canada, Sr. Unsecd. Note, 4.464%, 4/1/2048 | &nbsp;&nbsp; 240151 |
| 725000<br><sup>1</sup> <br>| Bell Canada, Sr. Unsecd. Note, 5.200%, 2/15/2034 | &nbsp;&nbsp; 736970 |
| 150000 | Crown Castle, Inc., Sr. Unsecd. Note, 2.250%, 1/15/2031 | &nbsp;&nbsp; 134150 |
| 100000 | Crown Castle, Inc., Sr. Unsecd. Note, 5.200%, 2/15/2049 | &nbsp;&nbsp; 90611 |
| 150000 | TELUS Corp., Sr. Unsecd. Note, 2.800%, 2/16/2027 | &nbsp;&nbsp; 147946 |
| 500000 | T-Mobile USA, Inc., Series WI, 2.700%, 3/15/2032 | &nbsp;&nbsp; 449685 |
| 550000 | T-Mobile USA, Inc., Series WI, 3.000%, 2/15/2041 | &nbsp;&nbsp; 410065 |
| 450000 | T-Mobile USA, Inc., Series WI, 3.875%, 4/15/2030 | &nbsp;&nbsp; 442605 |
| 1162000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 4.200%, 10/1/2029 | &nbsp;&nbsp; 1164162 |
| 215000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.050%, 7/15/2033 | &nbsp;&nbsp; 219463 |

---

Annual Financial Statements and Additional Information

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Communications - Telecom Wireless—continued** |  |
| $1650000<br><sup>1</sup> <br>| T-Mobile USA, Inc., Sr. Unsecd. Note, 5.300%, 5/15/2035 | &nbsp;&nbsp; $1692451 |
| 1005000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.650%, 1/15/2053 | &nbsp;&nbsp; 972996 |
| 350000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050 | &nbsp;&nbsp; 274386 |
| 825000 | Vodafone Group PLC, Sr. Unsecd. Note, 5.750%, 6/28/2054 | &nbsp;&nbsp; 802208 |
|  | TOTAL | &nbsp;&nbsp; 9909500 |
|  | **Communications - Telecom Wirelines—7.0%** |  |
| 452000 | AT&T, Inc., Sr. Unsecd. Note, 2.550%, 12/1/2033 | &nbsp;&nbsp; 385903 |
| 1700000 | AT&T, Inc., Sr. Unsecd. Note, 2.750%, 6/1/2031 | &nbsp;&nbsp; 1562084 |
| 300000 | AT&T, Inc., Sr. Unsecd. Note, 3.500%, 6/1/2041 | &nbsp;&nbsp; 236219 |
| 255000 | AT&T, Inc., Sr. Unsecd. Note, 3.850%, 6/1/2060 | &nbsp;&nbsp; 175823 |
| 600000 | AT&T, Inc., Sr. Unsecd. Note, 4.300%, 2/15/2030 | &nbsp;&nbsp; 600993 |
| 850000 | AT&T, Inc., Sr. Unsecd. Note, 4.900%, 11/1/2035 | &nbsp;&nbsp; 839835 |
| 400000 | AT&T, Inc., Sr. Unsecd. Note, 5.450%, 3/1/2047 | &nbsp;&nbsp; 379216 |
| 1250000 | AT&T, Inc., Sr. Unsecd. Note, 5.700%, 11/1/2054 | &nbsp;&nbsp; 1199784 |
| 245000 | AT&T, Inc., Sr. Unsecd. Note, 6.375%, 3/1/2041 | &nbsp;&nbsp; 262023 |
| 545000 | AT&T, Inc., Sr. Unsecd. Note, Series WI, 5.300%, 8/15/2058 | &nbsp;&nbsp; 468588 |
| 315000 | Rogers Communications, Inc., Sr. Unsecd. Note, 4.500%, 3/15/2042 | &nbsp;&nbsp; 269387 |
| 750000 | Rogers Communications, Inc., Sr. Unsecd. Note, 4.550%, 3/15/2052 | &nbsp;&nbsp; 597380 |
| 350000 | Rogers Communications, Inc., Sr. Unsecd. Note, 5.000%, 2/15/2029 | &nbsp;&nbsp; 356774 |
| 800000 | Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049 | &nbsp;&nbsp; 729480 |
| 600000 | Verizon Communications, Inc., Sr. Unsecd. Note, 2.100%, 3/22/2028 | &nbsp;&nbsp; 576169 |
| 925000 | Verizon Communications, Inc., Sr. Unsecd. Note, 2.550%, 3/21/2031 | &nbsp;&nbsp; 845030 |
| 635000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.400%, 3/22/2041 | &nbsp;&nbsp; 497831 |
| 140000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.000%, 3/22/2050 | &nbsp;&nbsp; 107077 |
| 74000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.125%, 3/16/2027 | &nbsp;&nbsp; 74204 |
| 390000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.125%, 8/15/2046 | &nbsp;&nbsp; 313029 |
| 676000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.780%, 2/15/2035 | &nbsp;&nbsp; 665814 |
| 1485000 | Verizon Communications, Inc., Sr. Unsecd. Note, 5.000%, 1/15/2036 | &nbsp;&nbsp; 1472968 |
| 950000 | Verizon Communications, Inc., Sr. Unsecd. Note, 5.875%, 11/30/2055 | &nbsp;&nbsp; 939255 |
| 500000 | Verizon Communications, Inc., Sr. Unsecd. Note, Series WI, 1.680%, 10/30/2030 | &nbsp;&nbsp; 443582 |
|  | TOTAL | &nbsp;&nbsp; 13998448 |
|  | **Consumer Cyclical - Automotive—3.3%** |  |
| 200000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.113%, 5/3/2029 | &nbsp;&nbsp; 200371 |
| 800000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.798%, 11/7/2028 | &nbsp;&nbsp; 839555 |
| 205000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 7.122%, 11/7/2033 | &nbsp;&nbsp; 220277 |
| 105000 | General Motors Co., Sr. Unsecd. Note, 5.200%, 4/1/2045 | &nbsp;&nbsp; 94373 |
| 110000 | General Motors Co., Sr. Unsecd. Note, 6.750%, 4/1/2046 | &nbsp;&nbsp; 118024 |
| 750000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 1.500%, 6/10/2026 | &nbsp;&nbsp; 741655 |
| 425000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 2.400%, 4/10/2028 | &nbsp;&nbsp; 409503 |
| 50000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 2.700%, 8/20/2027 | &nbsp;&nbsp; 48911 |
| 110000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 4.200%, 10/27/2028 | &nbsp;&nbsp; 110181 |
| 400000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.450%, 9/6/2034 | &nbsp;&nbsp; 405928 |
| 1600000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.750%, 2/8/2031 | &nbsp;&nbsp; 1683761 |
| 600000 | Hyundai Capital America, Sr. Unsecd. Note, 144A, 4.900%, 6/23/2028 | &nbsp;&nbsp; 609537 |
| 1200000 | Nissan Motor Acceptance Co. LLC., Sr. Unsecd. Note, 144A, 1.850%, 9/16/2026 | &nbsp;&nbsp; 1174477 |
|  | TOTAL | &nbsp;&nbsp; 6656553 |
|  | **Consumer Cyclical - Retailers—1.3%** |  |
| 150000 | Advance Auto Parts, Inc., Sr. Unsecd. Note, 1.750%, 10/1/2027 | &nbsp;&nbsp; 142370 |
| 225000 | Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030 | &nbsp;&nbsp; 206721 |
| 250000 | Alimentation Couche-Tard, Inc., Sr. Unsecd. Note, 144A, 3.800%, 1/25/2050 | &nbsp;&nbsp; 186748 |

---

Annual Financial Statements and Additional Information

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Consumer Cyclical - Retailers—continued** |  |
| $950000 | AutoZone, Inc., Sr. Unsecd. Note, 5.400%, 7/15/2034 | &nbsp;&nbsp; $985780 |
| 510000 | O'Reilly Automotive, Inc., Sr. Unsecd. Note, 1.750%, 3/15/2031 | &nbsp;&nbsp; 447684 |
| 160000 | O'Reilly Automotive, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2030 | &nbsp;&nbsp; 159798 |
| 500000 | Tractor Supply Co., Sr. Unsecd. Note, 5.250%, 5/15/2033 | &nbsp;&nbsp; 517230 |
|  | TOTAL | &nbsp;&nbsp; 2646331 |
|  | **Consumer Cyclical - Services—0.5%** |  |
| 500000 | Sodexo, Inc., Sr. Secd. Note, 144A, 5.800%, 8/15/2035 | &nbsp;&nbsp; 523538 |
| 515000 | Uber Technologies, Inc., Sr. Unsecd. Note, 4.300%, 1/15/2030 | &nbsp;&nbsp; 518595 |
|  | TOTAL | &nbsp;&nbsp; 1042133 |
|  | **Consumer Non-Cyclical - Food/Beverage—3.5%** |  |
| 125000 | Bacardi Ltd., Sr. Unsecd. Note, 144A, 2.750%, 7/15/2026 | &nbsp;&nbsp; 123986 |
| 1200000 | Bacardi-Martini B.V., Sr. Unsecd. Note, 144A, 6.000%, 2/1/2035 | &nbsp;&nbsp; 1246468 |
| 325000 | Coca-Cola Europacific Partners PLC, Sr. Unsecd. Note, 144A, 1.500%, 1/15/2027 | &nbsp;&nbsp; 316820 |
| 360000 | Conagra Brands, Inc., Sr. Unsecd. Note, 1.375%, 11/1/2027 | &nbsp;&nbsp; 342501 |
| 115000 | Constellation Brands, Inc., Sr. Unsecd. Note, 4.800%, 1/15/2029 | &nbsp;&nbsp; 116883 |
| 300000 | Constellation Brands, Inc., Sr. Unsecd. Note, 4.900%, 5/1/2033 | &nbsp;&nbsp; 301600 |
| 125000 | Constellation Brands, Inc., Sr. Unsecd. Note, 5.250%, 11/15/2048 | &nbsp;&nbsp; 115742 |
| 210000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | &nbsp;&nbsp; 209051 |
| 600000 | Flowers Foods, Inc., Sr. Unsecd. Note, 5.750%, 3/15/2035 | &nbsp;&nbsp; 602878 |
| 230000 | General Mills, Inc., Sr. Unsecd. Note, 3.000%, 2/1/2051 | &nbsp;&nbsp; 148939 |
| 75000 | Heineken NV, Sr. Unsecd. Note, 144A, 4.350%, 3/29/2047 | &nbsp;&nbsp; 62880 |
| 148000 | International Flavors & Fragrances, Inc., Sr. Unsecd. Note, 144A, 2.300%, 11/1/2030 | &nbsp;&nbsp; 133636 |
| 375000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046 | &nbsp;&nbsp; 310093 |
| 250000 | McCormick & Co., Inc., Sr. Unsecd. Note, 3.400%, 8/15/2027 | &nbsp;&nbsp; 247943 |
| 100000 | Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 2.625%, 9/13/2031 | &nbsp;&nbsp; 88686 |
| 300000 | Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 3.000%, 10/15/2030 | &nbsp;&nbsp; 276509 |
| 150000 | Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2027 | &nbsp;&nbsp; 149536 |
| 180000 | Smucker (J.M.) Co., Sr. Unsecd. Note, 2.375%, 3/15/2030 | &nbsp;&nbsp; 167425 |
| 830000 | The Campbell's Co., Sr. Unsecd. Note, 4.750%, 3/23/2035 | &nbsp;&nbsp; 802546 |
| 125000 | The Campbell's Co., Sr. Unsecd. Note, 5.200%, 3/21/2029 | &nbsp;&nbsp; 128090 |
| 1050000 | Tyson Foods, Inc., Sr. Unsecd. Note, 5.700%, 3/15/2034 | &nbsp;&nbsp; 1107566 |
|  | TOTAL | &nbsp;&nbsp; 6999778 |
|  | **Consumer Non-Cyclical - Health Care—4.7%** |  |
| 1000000 | 180 Medical, Inc., Sr. Unsecd. Note, 144A, 5.300%, 10/8/2035 | &nbsp;&nbsp; 999018 |
| 520000 | Alcon Finance Corp., Sr. Unsecd. Note, 144A, 3.000%, 9/23/2029 | &nbsp;&nbsp; 498871 |
| 429000 | Becton Dickinson & Co., Sr. Unsecd. Note, 4.685%, 12/15/2044 | &nbsp;&nbsp; 381349 |
| 125000 | Becton Dickinson & Co., Sr. Unsecd. Note, 4.874%, 2/8/2029 | &nbsp;&nbsp; 127613 |
| 200000 | CVS Health Corp., Sr. Unsecd. Note, 2.875%, 6/1/2026 | &nbsp;&nbsp; 199019 |
| 880000 | CVS Health Corp., Sr. Unsecd. Note, 5.050%, 3/25/2048 | &nbsp;&nbsp; 776254 |
| 250000 | CVS Health Corp., Sr. Unsecd. Note, 5.125%, 2/21/2030 | &nbsp;&nbsp; 256918 |
| 520000 | CVS Health Corp., Sr. Unsecd. Note, 5.125%, 7/20/2045 | &nbsp;&nbsp; 470744 |
| 600000 | CVS Health Corp., Sr. Unsecd. Note, 5.700%, 6/1/2034 | &nbsp;&nbsp; 628963 |
| 1300000 | CVS Health Corp., Sr. Unsecd. Note, 6.050%, 6/1/2054 | &nbsp;&nbsp; 1293401 |
| 250000 | GE HealthCare Technologies, Inc., Sr. Unsecd. Note, 4.800%, 8/14/2029 | &nbsp;&nbsp; 255605 |
| 600000 | GE HealthCare Technologies, Inc., Sr. Unsecd. Note, 5.905%, 11/22/2032 | &nbsp;&nbsp; 646653 |
| 270000 | GE HealthCare Technologies, Inc., Sr. Unsecd. Note, 6.377%, 11/22/2052 | &nbsp;&nbsp; 294691 |
| 250000 | HCA, Inc., Sec. Fac. Bond, 3.500%, 7/15/2051 | &nbsp;&nbsp; 170125 |
| 800000 | HCA, Inc., Sr. Unsecd. Note, 5.450%, 9/15/2034 | &nbsp;&nbsp; 823850 |
| 755000 | HCA, Inc., Sr. Unsecd. Note, 5.950%, 9/15/2054 | &nbsp;&nbsp; 747406 |
| 365000 | HCA, Inc., Sr. Unsecd. Note, 6.000%, 4/1/2054 | &nbsp;&nbsp; 363249 |

---

Annual Financial Statements and Additional Information

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Consumer Non-Cyclical - Health Care—continued** |  |
| $494000 | Solventum Corp., Sr. Unsecd. Note, Series WI, 5.400%, 3/1/2029 | &nbsp;&nbsp; $511740 |
|  | TOTAL | &nbsp;&nbsp; 9445469 |
|  | **Consumer Non-Cyclical - Pharmaceuticals—2.5%** |  |
| 750000 | Amgen, Inc., Sr. Unsecd. Note, 2.450%, 2/21/2030 | &nbsp;&nbsp; 699790 |
| 1380000 | Amgen, Inc., Sr. Unsecd. Note, 5.250%, 3/2/2033 | &nbsp;&nbsp; 1428935 |
| 1120000 | Amgen, Inc., Sr. Unsecd. Note, 5.650%, 3/2/2053 | &nbsp;&nbsp; 1097459 |
| 300000 | Bayer US Finance II LLC, Sr. Unsecd. Note, 144A, 4.625%, 6/25/2038 | &nbsp;&nbsp; 274898 |
| 750000 | Bayer US Finance LLC, Sr. Unsecd. Note, 144A, 6.500%, 11/21/2033 | &nbsp;&nbsp; 812211 |
| 875000 | Biogen, Inc., Sr. Unsecd. Note, 3.150%, 5/1/2050 | &nbsp;&nbsp; 566169 |
| 250000 | Takeda Pharmaceutical Co. Ltd., Sr. Unsecd. Note, 3.025%, 7/9/2040 | &nbsp;&nbsp; 191602 |
|  | TOTAL | &nbsp;&nbsp; 5071064 |
|  | **Consumer Non-Cyclical - Supermarkets—0.8%** |  |
| 300000 | Kroger Co., Bond, 6.900%, 4/15/2038 | &nbsp;&nbsp; 345698 |
| 425000 | Kroger Co., Sr. Unsecd. Note, 3.950%, 1/15/2050 | &nbsp;&nbsp; 326027 |
| 935000 | Kroger Co., Sr. Unsecd. Note, 5.000%, 9/15/2034 | &nbsp;&nbsp; 940525 |
|  | TOTAL | &nbsp;&nbsp; 1612250 |
|  | **Consumer Non-Cyclical - Tobacco—1.9%** |  |
| 1100000 | Altria Group, Inc., Sr. Unsecd. Note, 3.700%, 2/4/2051 | &nbsp;&nbsp; 779666 |
| 100000 | Altria Group, Inc., Sr. Unsecd. Note, 3.875%, 9/16/2046 | &nbsp;&nbsp; 75363 |
| 100000 | Altria Group, Inc., Sr. Unsecd. Note, 4.800%, 2/14/2029 | &nbsp;&nbsp; 101740 |
| 325000 | BAT Capital Corp., Sr. Unsecd. Note, 2.259%, 3/25/2028 | &nbsp;&nbsp; 312835 |
| 130000 | BAT Capital Corp., Sr. Unsecd. Note, 4.625%, 3/22/2033 | &nbsp;&nbsp; 129315 |
| 500000 | BAT Capital Corp., Sr. Unsecd. Note, 5.650%, 3/16/2052 | &nbsp;&nbsp; 473072 |
| 1215000 | BAT Capital Corp., Sr. Unsecd. Note, 6.000%, 2/20/2034 | &nbsp;&nbsp; 1301422 |
| 100000 | BAT Capital Corp., Sr. Unsecd. Note, Series WI, 3.557%, 8/15/2027 | &nbsp;&nbsp; 99299 |
| 200000 | BAT Capital Corp., Sr. Unsecd. Note, Series WI, 4.540%, 8/15/2047 | &nbsp;&nbsp; 166067 |
| 300000 | Reynolds American, Inc., Sr. Unsecd. Note, 7.000%, 8/4/2041 | &nbsp;&nbsp; 314853 |
|  | TOTAL | &nbsp;&nbsp; 3753632 |
|  | **Energy - Independent—1.5%** |  |
| 705000 | APA Corp., Sr. Unsecd. Note, 6.100%, 2/15/2035 | &nbsp;&nbsp; 724977 |
| 115000 | Coterra Energy, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 5/15/2027 | &nbsp;&nbsp; 114636 |
| 375000 | Coterra Energy, Inc., Sr. Unsecd. Note, Series WI, 4.375%, 3/15/2029 | &nbsp;&nbsp; 376473 |
| 135000 | Diamondback Energy, Inc., Sr. Unsecd. Note, 5.750%, 4/18/2054 | &nbsp;&nbsp; 127714 |
| 590000 | Diamondback Energy, Inc., Sr. Unsecd. Note, 6.250%, 3/15/2053 | &nbsp;&nbsp; 598072 |
| 355000 | Hess Corp., Sr. Unsecd. Note, 5.600%, 2/15/2041 | &nbsp;&nbsp; 367727 |
| 660000 | Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053 | &nbsp;&nbsp; 705165 |
|  | TOTAL | &nbsp;&nbsp; 3014764 |
|  | **Energy - Integrated—0.6%** |  |
| 805000 | Cenovus Energy, Inc., Sr. Unsecd. Note, 3.750%, 2/15/2052 | &nbsp;&nbsp; 563352 |
| 215000 | Cenovus Energy, Inc., Sr. Unsecd. Note, 5.400%, 3/20/2036 | &nbsp;&nbsp; 214819 |
| 130000 | Petroleos Mexicanos, Sr. Unsecd. Note, 6.500%, 3/13/2027 | &nbsp;&nbsp; 132000 |
| 450000 | Suncor Energy, Inc., Sr. Unsecd. Note, 3.750%, 3/4/2051 | &nbsp;&nbsp; 321711 |
|  | TOTAL | &nbsp;&nbsp; 1231882 |
|  | **Energy - Midstream—9.0%** |  |
| 775000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.400%, 2/15/2031 | &nbsp;&nbsp; 733722 |
| 197000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 4.800%, 5/3/2029 | &nbsp;&nbsp; 199679 |
| 200000 | Columbia Pipeline Group, Inc., Sr. Unsecd. Note, 5.800%, 6/1/2045 | &nbsp;&nbsp; 197850 |
| 795000 | Columbia Pipeline Holding Co. LLC, Sr. Unsecd. Note, 144A, 5.681%, 1/15/2034 | &nbsp;&nbsp; 821467 |
| 65000 | Eastern Gas Transmission & Storage, Inc., Sr. Unsecd. Note, 3.900%, 11/15/2049 | &nbsp;&nbsp; 47552 |
| 180000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 5.500%, 9/15/2040 | &nbsp;&nbsp; 179120 |

---

Annual Financial Statements and Additional Information

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Energy - Midstream—continued** |  |
| $600000 | Enbridge, Inc., Sr. Unsecd. Note, 3.125%, 11/15/2029 | &nbsp;&nbsp; $574928 |
| 800000 | Enbridge, Inc., Sr. Unsecd. Note, 5.700%, 3/8/2033 | &nbsp;&nbsp; 843033 |
| 600000 | Energy Transfer LP, Sr. Unsecd. Note, 5.000%, 5/15/2050 | &nbsp;&nbsp; 502533 |
| 250000 | Energy Transfer LP, Sr. Unsecd. Note, 5.300%, 4/15/2047 | &nbsp;&nbsp; 222547 |
| 665000 | Energy Transfer LP, Sr. Unsecd. Note, 5.550%, 2/15/2028 | &nbsp;&nbsp; 682941 |
| 500000 | Energy Transfer LP, Sr. Unsecd. Note, 5.700%, 4/1/2035 | &nbsp;&nbsp; 517830 |
| 250000 | Energy Transfer LP, Sr. Unsecd. Note, 6.125%, 12/15/2045 | &nbsp;&nbsp; 245653 |
| 200000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 4.250%, 2/15/2048 | &nbsp;&nbsp; 164599 |
| 300000 | Kinder Morgan, Inc., 5.050%, 2/15/2046 | &nbsp;&nbsp; 270173 |
| 510000 | Kinder Morgan, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2028 | &nbsp;&nbsp; 512858 |
| 780000 | Kinder Morgan, Inc., Sr. Unsecd. Note, 5.950%, 8/1/2054 | &nbsp;&nbsp; 778724 |
| 500000 | MPLX LP, Sr. Unsecd. Note, 2.650%, 8/15/2030 | &nbsp;&nbsp; 463443 |
| 170000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | &nbsp;&nbsp; 170143 |
| 100000 | MPLX LP, Sr. Unsecd. Note, 4.900%, 4/15/2058 | &nbsp;&nbsp; 82341 |
| 1035000 | MPLX LP, Sr. Unsecd. Note, 4.950%, 3/14/2052 | &nbsp;&nbsp; 870630 |
| 400000 | MPLX LP, Sr. Unsecd. Note, 5.500%, 6/1/2034 | &nbsp;&nbsp; 408263 |
| 80000 | MPLX LP, Sr. Unsecd. Note, Series WI, 4.250%, 12/1/2027 | &nbsp;&nbsp; 80274 |
| 825000 | National Fuel Gas Co., Sr. Secd. Note, 5.950%, 3/15/2035 | &nbsp;&nbsp; 864641 |
| 795000 | National Fuel Gas Co., Sr. Unsecd. Note, 2.950%, 3/1/2031 | &nbsp;&nbsp; 726562 |
| 725000 | ONEOK, Inc., Sr. Unsecd. Note, 3.100%, 3/15/2030 | &nbsp;&nbsp; 689765 |
| 850000 | ONEOK, Inc., Sr. Unsecd. Note, 6.050%, 9/1/2033 | &nbsp;&nbsp; 906073 |
| 950000 | ONEOK, Inc., Sr. Unsecd. Note, 6.625%, 9/1/2053 | &nbsp;&nbsp; 995934 |
| 500000 | Plains All American Pipeline LP, Sr. Unsecd. Note, 5.150%, 6/1/2042 | &nbsp;&nbsp; 458518 |
| 125000 | Southern Natural Gas Co. LLC, Sr. Unsecd. Note, 144A, 4.800%, 3/15/2047 | &nbsp;&nbsp; 110274 |
| 425000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.500%, 3/1/2030 | &nbsp;&nbsp; 431693 |
| 600000 | Targa Resources, Inc., Sr. Unsecd. Note, 6.125%, 3/15/2033 | &nbsp;&nbsp; 642675 |
| 425000 | Targa Resources, Inc., Sr. Unsecd. Note, 6.250%, 7/1/2052 | &nbsp;&nbsp; 429099 |
| 150000 | TC Pipelines, LP, Sr. Unsecd. Note, 3.900%, 5/25/2027 | &nbsp;&nbsp; 149455 |
| 350000 | Williams Cos., Inc., Sr. Unsecd. Note, 4.900%, 1/15/2045 | &nbsp;&nbsp; 314666 |
| 280000 | Williams Cos., Inc., Sr. Unsecd. Note, 5.150%, 3/15/2034 | &nbsp;&nbsp; 285077 |
| 1050000 | Williams Cos., Inc., Sr. Unsecd. Note, 5.600%, 3/15/2035 | &nbsp;&nbsp; 1094412 |
| 475000 | Williams Cos., Inc., Sr. Unsecd. Note, 5.800%, 11/15/2054 | &nbsp;&nbsp; 469784 |
|  | TOTAL | &nbsp;&nbsp; 18138931 |
|  | **Energy - Refining—0.8%** |  |
| 575000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 | &nbsp;&nbsp; 493014 |
| 150000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041 | &nbsp;&nbsp; 159832 |
| 465000 | Phillips 66, Sr. Unsecd. Note, 4.875%, 11/15/2044 | &nbsp;&nbsp; 408682 |
| 500000 | Valero Energy Corp., Sr. Unsecd. Note, 2.800%, 12/1/2031 | &nbsp;&nbsp; 456465 |
| 200000 | Valero Energy Corp., Sr. Unsecd. Note, 4.900%, 3/15/2045 | &nbsp;&nbsp; 178962 |
|  | TOTAL | &nbsp;&nbsp; 1696955 |
|  | **Financial Institution - Banking—8.7%** |  |
| 875000 | Capital One Financial Co., Sr. Unsecd. Note, 3.273%, 3/1/2030 | &nbsp;&nbsp; 850062 |
| 500000 | Capital One Financial Co., Sr. Unsecd. Note, 3.750%, 3/9/2027 | &nbsp;&nbsp; 498651 |
| 825000 | Capital One Financial Co., Sr. Unsecd. Note, 5.197%, 9/11/2036 | &nbsp;&nbsp; 821148 |
| 200000 | Capital One Financial Co., Sr. Unsecd. Note, 5.817%, 2/1/2034 | &nbsp;&nbsp; 209411 |
| 450000 | Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027 | &nbsp;&nbsp; 453051 |
| 1500000 | Citigroup, Inc., Sub., 5.827%, 2/13/2035 | &nbsp;&nbsp; 1559387 |
| 385000 | Citigroup, Inc., Sub., 6.174%, 5/25/2034 | &nbsp;&nbsp; 409131 |
| 500000 | Citizens Financial Group, Inc., Sr. Unsecd. Note, 5.841%, 1/23/2030 | &nbsp;&nbsp; 521601 |
| 980000 | Citizens Financial Group, Inc., Sub. Note, 2.638%, 9/30/2032 | &nbsp;&nbsp; 846875 |

---

Annual Financial Statements and Additional Information

**6**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Financial Institution - Banking—continued** |  |
| $200000 | Comerica, Inc., 3.800%, 7/22/2026 | &nbsp;&nbsp; $199353 |
| 1080000 | Comerica, Inc., Sr. Unsecd. Note, 5.982%, 1/30/2030 | &nbsp;&nbsp; 1126866 |
| 200000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.950%, 3/14/2028 | &nbsp;&nbsp; 199813 |
| 595000 | Fifth Third Bancorp, Sr. Unsecd. Note, 4.337%, 4/25/2033 | &nbsp;&nbsp; 581825 |
| 600000 | Fifth Third Bancorp, Sr. Unsecd. Note, 6.361%, 10/27/2028 | &nbsp;&nbsp; 624426 |
| 1095000 | FNB Corp. (PA), 5.722%, 12/11/2030 | &nbsp;&nbsp; 1118526 |
| 250000 | Goldman Sachs Group, Inc., 5.950%, 1/15/2027 | &nbsp;&nbsp; 255187 |
| 1000000 | Goldman Sachs Group, Inc., Sr. Sub. Note, 6.750%, 10/1/2037 | &nbsp;&nbsp; 1117112 |
| 500000 | Huntington Bancshares, Inc., Sr. Unsecd. Note, 5.272%, 1/15/2031 | &nbsp;&nbsp; 514569 |
| 500000 | Huntington Bancshares, Inc., Sr. Unsecd. Note, 5.709%, 2/2/2035 | &nbsp;&nbsp; 522550 |
| 800000 | KeyCorp, Sr. Unsecd. Note, 6.401%, 3/6/2035 | &nbsp;&nbsp; 869235 |
| 300000 | KeyCorp, Sr. Unsecd. Note, Series MTN, 2.550%, 10/1/2029 | &nbsp;&nbsp; 283330 |
| 100000 | KeyCorp, Sr. Unsecd. Note, Series MTN, 4.100%, 4/30/2028 | &nbsp;&nbsp; 100078 |
| 980000 | M&T Bank Corp., Sr. Unsecd. Note, Series MTN, 5.385%, 1/16/2036 | &nbsp;&nbsp; 996183 |
| 200000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.239%, 7/21/2032 | &nbsp;&nbsp; 177768 |
| 1000000 | Morgan Stanley, Sub. Note, 2.484%, 9/16/2036 | &nbsp;&nbsp; 879693 |
| 425000 | Regions Financial Corp., Sr. Unsecd. Note, 5.502%, 9/6/2035 | &nbsp;&nbsp; 438319 |
| 570000 | Regions Financial Corp., Sr. Unsecd. Note, 5.722%, 6/6/2030 | &nbsp;&nbsp; 594374 |
| 450000 | Synovus Bank GA, Sr. Unsecd. Note, 5.625%, 2/15/2028 | &nbsp;&nbsp; 459824 |
| 140000 | Synovus Financial Corp., Sr. Unsecd. Note, 6.168%, 11/1/2030 | &nbsp;&nbsp; 145541 |
|  | TOTAL | &nbsp;&nbsp; 17373889 |
|  | **Financial Institution - Broker/Asset Mgr/Exchange—1.0%** |  |
| 975000 | Jefferies Financial Group, Inc., Sr. Unsecd. Note, 2.750%, 10/15/2032 | &nbsp;&nbsp; 848926 |
| 85000 | Jefferies Financial Group, Inc., Sr. Unsecd. Note, 5.875%, 7/21/2028 | &nbsp;&nbsp; 88408 |
| 375000 | Jefferies Financial Group, Inc., Sr. Unsecd. Note, 6.200%, 4/14/2034 | &nbsp;&nbsp; 395952 |
| 700000 | Stifel Financial Corp., Sr. Unsecd. Note, 4.000%, 5/15/2030 | &nbsp;&nbsp; 686170 |
|  | TOTAL | &nbsp;&nbsp; 2019456 |
|  | **Financial Institution - Finance Companies—2.6%** |  |
| 675000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.000%, 10/29/2028 | &nbsp;&nbsp; 654588 |
| 600000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.400%, 10/29/2033 | &nbsp;&nbsp; 541971 |
| 835000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 5.000%, 11/15/2035 | &nbsp;&nbsp; 827407 |
| 230000 | Air Lease Corp., Sr. Unsecd. Note, 2.200%, 1/15/2027 | &nbsp;&nbsp; 225411 |
| 975000 | Air Lease Corp., Sr. Unsecd. Note, 5.200%, 7/15/2031 | &nbsp;&nbsp; 991344 |
| 1000000 | Aircastle Ltd., Sr. Secd. Note, 144A, 5.000%, 9/15/2030 | &nbsp;&nbsp; 1011032 |
| 500000 | Ally Financial, Inc., Sr. Unsecd. Note, 6.184%, 7/26/2035 | &nbsp;&nbsp; 518482 |
| 485000 | Ally Financial, Inc., Sr. Unsecd. Note, 6.848%, 1/3/2030 | &nbsp;&nbsp; 514790 |
|  | TOTAL | &nbsp;&nbsp; 5285025 |
|  | **Financial Institution - Insurance - Health—1.5%** |  |
| 575000 | Centene Corp., 2.500%, 3/1/2031 | &nbsp;&nbsp; 496878 |
| 225000 | Centene Corp., Sr. Unsecd. Note, 2.450%, 7/15/2028 | &nbsp;&nbsp; 210853 |
| 1100000 | Elevance Health, Inc., Sr. Unsecd. Note, 4.750%, 2/15/2030 | &nbsp;&nbsp; 1122425 |
| 1050000 | Elevance Health, Inc., Sr. Unsecd. Note, 5.000%, 1/15/2036 | &nbsp;&nbsp; 1044175 |
| 125000 | The Cigna Group, Sr. Unsecd. Note, 4.900%, 12/15/2048 | &nbsp;&nbsp; 111818 |
|  | TOTAL | &nbsp;&nbsp; 2986149 |
|  | **Financial Institution - Insurance - Life—1.6%** |  |
| 995000 | Corebridge Financial, Inc., Sr. Unsecd. Note, 5.750%, 1/15/2034 | &nbsp;&nbsp; 1042374 |
| 260000 | Lincoln National Corp., Sr. Note, 7.000%, 6/15/2040 | &nbsp;&nbsp; 292633 |
| 576000 | Lincoln National Corp., Sr. Unsecd. Note, 3.050%, 1/15/2030 | &nbsp;&nbsp; 549762 |
| 250000 | Lincoln National Corp., Sr. Unsecd. Note, 5.852%, 3/15/2034 | &nbsp;&nbsp; 262812 |
| 900000 | MetLife, Inc., Jr. Sub. Note, 6.400%, 12/15/2036 | &nbsp;&nbsp; 944764 |

---

Annual Financial Statements and Additional Information

**7**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Financial Institution - Insurance - Life—continued** |  |
| $100000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | &nbsp;&nbsp; $133813 |
| 50000 | Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 | &nbsp;&nbsp; 58227 |
|  | TOTAL | &nbsp;&nbsp; 3284385 |
|  | **Financial Institution - Insurance - P&C—1.5%** |  |
| 925000 | Aon North America, Inc., 5.750%, 3/1/2054 | &nbsp;&nbsp; 920993 |
| 775000 | Beacon Funding Trust, Sr. Unsecd. Note, 6.266%, 8/15/2054 | &nbsp;&nbsp; 787807 |
| 450000 | CNA Financial Corp., Sr. Unsecd. Note, 3.900%, 5/1/2029 | &nbsp;&nbsp; 445885 |
| 425000 | CNA Financial Corp., Sr. Unsecd. Note, 5.500%, 6/15/2033 | &nbsp;&nbsp; 441452 |
| 212000 | Liberty Mutual Group, Inc., Sr. Unsecd. Note, 144A, 4.569%, 2/1/2029 | &nbsp;&nbsp; 213258 |
| 120000 | The Hartford Insurance Group, Inc., Sr. Unsecd. Note, 6.625%, 4/15/2042 | &nbsp;&nbsp; 132712 |
|  | TOTAL | &nbsp;&nbsp; 2942107 |
|  | **Financial Institution - REIT - Apartment—0.5%** |  |
| 805000 | UDR, Inc., Sr. Unsecd. Note, 3.100%, 11/1/2034 | &nbsp;&nbsp; 699082 |
| 180000 | UDR, Inc., Sr. Unsecd. Note, 5.125%, 9/1/2034 | &nbsp;&nbsp; 182486 |
| 100000 | UDR, Inc., Sr. Unsecd. Note, Series GMTN, 3.500%, 1/15/2028 | &nbsp;&nbsp; 98907 |
|  | TOTAL | &nbsp;&nbsp; 980475 |
|  | **Financial Institution - REIT - Healthcare—0.6%** |  |
| 325000 | Healthcare Trust of America, Sr. Unsecd. Note, 2.000%, 3/15/2031 | &nbsp;&nbsp; 285477 |
| 245000 | Healthcare Trust of America, Sr. Unsecd. Note, 3.100%, 2/15/2030 | &nbsp;&nbsp; 233054 |
| 400000 | Healthpeak Op LLC, Sr. Unsecd. Note, 4.750%, 1/15/2033 | &nbsp;&nbsp; 397972 |
| 150000 | Physicians Realty Trust, Sr. Unsecd. Note, 3.950%, 1/15/2028 | &nbsp;&nbsp; 149290 |
| 125000 | Welltower, Inc., Sr. Unsecd. Note, 2.800%, 6/1/2031 | &nbsp;&nbsp; 115870 |
|  | TOTAL | &nbsp;&nbsp; 1181663 |
|  | **Financial Institution - REIT - Office—1.3%** |  |
| 90000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2027 | &nbsp;&nbsp; 89900 |
| 100000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | &nbsp;&nbsp; 99604 |
| 680000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.700%, 7/1/2030 | &nbsp;&nbsp; 684111 |
| 455000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 5.250%, 5/15/2036 | &nbsp;&nbsp; 451116 |
| 1100000 | Boston Properties LP, Sr. Unsecd. Note, 2.900%, 3/15/2030 | &nbsp;&nbsp; 1032524 |
| 340000 | Piedmont Operating Partnership, LP, Sr. Unsecd. Note, 2.750%, 4/1/2032 | &nbsp;&nbsp; 292556 |
|  | TOTAL | &nbsp;&nbsp; 2649811 |
|  | **Financial Institution - REIT - Other—0.5%** |  |
| 195000 | WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 | &nbsp;&nbsp; 192480 |
| 775000 | WP Carey, Inc., Sr. Unsecd. Note, 5.375%, 6/30/2034 | &nbsp;&nbsp; 802284 |
|  | TOTAL | &nbsp;&nbsp; 994764 |
|  | **Financial Institution - REIT - Retail—0.8%** |  |
| 140000 | Kimco Realty Corp., Sr. Unsecd. Note, 2.800%, 10/1/2026 | &nbsp;&nbsp; 138835 |
| 700000 | Kimco Realty Corp., Sr. Unsecd. Note, 6.400%, 3/1/2034 | &nbsp;&nbsp; 773037 |
| 500000 | Regency Centers LP, Sr. Unsecd. Note, 3.700%, 6/15/2030 | &nbsp;&nbsp; 490715 |
| 210000 | Tanger Properties LP, Sr. Unsecd. Note, 3.125%, 9/1/2026 | &nbsp;&nbsp; 208507 |
|  | TOTAL | &nbsp;&nbsp; 1611094 |
|  | **Technology—9.2%** |  |
| 425000 | CDW LLC/ CDW Finance Corp., Sr. Unsecd. Note, 2.670%, 12/1/2026 | &nbsp;&nbsp; 419500 |
| 300000 | CDW LLC/ CDW Finance Corp., Sr. Unsecd. Note, 3.250%, 2/15/2029 | &nbsp;&nbsp; 289150 |
| 500000 | CDW LLC/ CDW Finance Corp., Sr. Unsecd. Note, 5.550%, 8/22/2034 | &nbsp;&nbsp; 509916 |
| 700000<br><sup>1</sup> <br>| Concentrix Corp., Sr. Unsecd. Note, 6.600%, 8/2/2028 | &nbsp;&nbsp; 722278 |
| 370000 | Concentrix Corp., Sr. Unsecd. Note, 6.650%, 8/2/2026 | &nbsp;&nbsp; 373679 |
| 480000 | Dell International LLC / EMC Corp., Sr. Unsecd. Note, 5.000%, 4/1/2030 | &nbsp;&nbsp; 492066 |
| 850000 | Dell International LLC / EMC Corp., Sr. Unsecd. Note, 5.100%, 2/15/2036 | &nbsp;&nbsp; 839839 |
| 375000 | Dell International LLC / EMC Corp., Sr. Unsecd. Note, 5.300%, 10/1/2029 | &nbsp;&nbsp; 387151 |

---

Annual Financial Statements and Additional Information

**8**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Technology—continued** |  |
| $675000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | &nbsp;&nbsp; $654868 |
| 930000 | Fiserv, Inc., Sr. Unsecd. Note, 5.600%, 3/2/2033 | &nbsp;&nbsp; 960695 |
| 225000 | Global Payments, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2027 | &nbsp;&nbsp; 220374 |
| 435000 | Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029 | &nbsp;&nbsp; 415022 |
| 75000 | Global Payments, Inc., Sr. Unsecd. Note, 4.450%, 6/1/2028 | &nbsp;&nbsp; 75141 |
| 80000 | Global Payments, Inc., Sr. Unsecd. Note, 4.800%, 4/1/2026 | &nbsp;&nbsp; 80019 |
| 610000 | Global Payments, Inc., Sr. Unsecd. Note, 5.550%, 11/15/2035 | &nbsp;&nbsp; 606538 |
| 560000 | Hewlett Packard Enterprise Co., 5.600%, 10/15/2054 | &nbsp;&nbsp; 519219 |
| 710000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 5.000%, 10/15/2034 | &nbsp;&nbsp; 704009 |
| 500000 | Keysight Technologies, Inc., Sr. Unsecd. Note, 4.950%, 10/15/2034 | &nbsp;&nbsp; 504962 |
| 495000 | Microchip Technology, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2029 | &nbsp;&nbsp; 505317 |
| 740000 | Micron Technology, Inc., Sr. Unsecd. Note, 3.366%, 11/1/2041 | &nbsp;&nbsp; 567650 |
| 600000 | Oracle Corp., Sr. Unsecd. Note, 2.950%, 4/1/2030 | &nbsp;&nbsp; 554106 |
| 1600000 | Oracle Corp., Sr. Unsecd. Note, 3.600%, 4/1/2050 | &nbsp;&nbsp; 997759 |
| 1000000 | Oracle Corp., Sr. Unsecd. Note, 3.650%, 3/25/2041 | &nbsp;&nbsp; 730117 |
| 495000 | Oracle Corp., Sr. Unsecd. Note, 4.200%, 9/27/2029 | &nbsp;&nbsp; 485734 |
| 1300000 | Oracle Corp., Sr. Unsecd. Note, 5.200%, 9/26/2035 | &nbsp;&nbsp; 1245972 |
| 1900000 | Oracle Corp., Sr. Unsecd. Note, 5.550%, 2/6/2053 | &nbsp;&nbsp; 1578410 |
| 210000 | Roper Technologies, Inc., Sr. Unsecd. Note, 2.950%, 9/15/2029 | &nbsp;&nbsp; 201109 |
| 245000 | Roper Technologies, Inc., Sr. Unsecd. Note, 4.200%, 9/15/2028 | &nbsp;&nbsp; 245761 |
| 625000 | Roper Technologies, Inc., Sr. Unsecd. Note, 4.900%, 10/15/2034 | &nbsp;&nbsp; 623856 |
| 235000 | Synopsys, Inc., Sr. Unsecd. Note, 4.650%, 4/1/2028 | &nbsp;&nbsp; 238307 |
| 500000 | Synopsys, Inc., Sr. Unsecd. Note, 5.000%, 4/1/2032 | &nbsp;&nbsp; 511321 |
| 75000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029 | &nbsp;&nbsp; 74891 |
| 620000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 5.250%, 6/5/2034 | &nbsp;&nbsp; 636609 |
| 505000 | VMware, Inc., Sr. Unsecd. Note, 2.200%, 8/15/2031 | &nbsp;&nbsp; 448936 |
|  | TOTAL | &nbsp;&nbsp; 18420281 |
|  | **Transportation - Railroads—0.6%** |  |
| 100000 | Canadian Pacific Railway Co., 7.125%, 10/15/2031 | &nbsp;&nbsp; 113630 |
| 225000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 1.750%, 12/2/2026 | &nbsp;&nbsp; 220668 |
| 105000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 2.050%, 3/5/2030 | &nbsp;&nbsp; 96647 |
| 450000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 2.450%, 12/2/2031 | &nbsp;&nbsp; 404995 |
| 445000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 3.000%, 12/2/2041 | &nbsp;&nbsp; 333805 |
|  | TOTAL | &nbsp;&nbsp; 1169745 |
|  | **Transportation - Services—1.5%** |  |
| 250000 | FedEx Corp., Sr. Unsecd. Note, 3.250%, 5/15/2041 | &nbsp;&nbsp; 188033 |
| 425000 | FedEx Corp., Sr. Unsecd. Note, 4.050%, 2/15/2048 | &nbsp;&nbsp; 325487 |
| 1000000 | GXO Logistics, Inc., Sr. Unsecd. Note, 6.250%, 5/6/2029 | &nbsp;&nbsp; 1054565 |
| 100000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 1.700%, 6/15/2026 | &nbsp;&nbsp; 98870 |
| 250000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.250%, 7/1/2029 | &nbsp;&nbsp; 257205 |
| 600000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.250%, 2/1/2030 | &nbsp;&nbsp; 618057 |
| 170000 | Ryder System, Inc., Sr. Unsecd. Note, Series DMTN, 4.900%, 12/1/2029 | &nbsp;&nbsp; 173829 |
| 130000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 1.750%, 9/1/2026 | &nbsp;&nbsp; 128079 |
| 220000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.900%, 12/1/2026 | &nbsp;&nbsp; 217932 |
|  | TOTAL | &nbsp;&nbsp; 3062057 |
|  | **Utility - Electric—4.7%** |  |
| 135000 | AEP Texas, Inc., Sr. Unsecd. Note, 4.700%, 5/15/2032 | &nbsp;&nbsp; 135561 |
| 200000 | Ameren Corp., Sr. Unsecd. Note, 1.750%, 3/15/2028 | &nbsp;&nbsp; 190312 |
| 185000 | Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027 | &nbsp;&nbsp; 180671 |
| 105000 | American Electric Power Co., Inc., Sr. Unsecd. Note, 5.625%, 3/1/2033 | &nbsp;&nbsp; 110355 |

---

Annual Financial Statements and Additional Information

**9**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Utility - Electric—continued** |  |
| $100000 | Appalachian Power Co., Sr. Unsecd. Note, 7.000%, 4/1/2038 | &nbsp;&nbsp; $113335 |
| 170000 | Black Hills Corp., Sr. Unsecd. Note, 2.500%, 6/15/2030 | &nbsp;&nbsp; 157797 |
| 345000 | CenterPoint Energy, Inc., Sr. Unsecd. Note, 2.650%, 6/1/2031 | &nbsp;&nbsp; 312067 |
| 495000 | Constellation Energy Generation LLC, Sr. Unsecd. Note, 6.125%, 1/15/2034 | &nbsp;&nbsp; 536892 |
| 120000 | Dominion Energy, Inc., Sr. Unsecd. Note, Series A, 1.450%, 4/15/2026 | &nbsp;&nbsp; 119123 |
| 240000 | Duke Energy Corp., Sr. Unsecd. Note, 2.650%, 9/1/2026 | &nbsp;&nbsp; 238021 |
| 250000 | Duke Energy Corp., Sr. Unsecd. Note, 4.300%, 3/15/2028 | &nbsp;&nbsp; 251462 |
| 625000 | Duke Energy Corp., Sr. Unsecd. Note, 6.100%, 9/15/2053 | &nbsp;&nbsp; 648077 |
| 250000 | EDP Finance B.V., Sr. Unsecd. Note, 144A, 1.710%, 1/24/2028 | &nbsp;&nbsp; 238187 |
| 250000 | Electricite de France S.A., Sr. Unsecd. Note, 144A, 6.250%, 5/23/2033 | &nbsp;&nbsp; 271001 |
| 390000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | &nbsp;&nbsp; 333114 |
| 500000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 2.500%, 7/12/2031 | &nbsp;&nbsp; 450055 |
| 600000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 5.000%, 9/30/2035 | &nbsp;&nbsp; 597592 |
| 250000 | EverSource Energy, Sr. Unsecd. Note, 5.450%, 3/1/2028 | &nbsp;&nbsp; 256362 |
| 250000 | EverSource Energy, Sr. Unsecd. Note, 5.500%, 1/1/2034 | &nbsp;&nbsp; 257106 |
| 140000 | Exelon Corp., Sr. Unsecd. Note, 4.100%, 3/15/2052 | &nbsp;&nbsp; 108777 |
| 215000 | Exelon Corp., Sr. Unsecd. Note, 5.125%, 3/15/2031 | &nbsp;&nbsp; 222382 |
| 650000 | Exelon Corp., Sr. Unsecd. Note, 5.150%, 3/15/2028 | &nbsp;&nbsp; 664358 |
| 180000 | FirstEnergy Transmission LLC, Sr. Unsecd. Note, 144A, 4.550%, 4/1/2049 | &nbsp;&nbsp; 153122 |
| 242000 | Fortis, Inc. / Canada, Sr. Unsecd. Note, 3.055%, 10/4/2026 | &nbsp;&nbsp; 240063 |
| 150000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | &nbsp;&nbsp; 149889 |
| 200000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 3.550%, 5/1/2027 | &nbsp;&nbsp; 198914 |
| 225000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2030 | &nbsp;&nbsp; 232227 |
| 100000 | NiSource, Inc., Sr. Unsecd. Note, 3.950%, 3/30/2048 | &nbsp;&nbsp; 78310 |
| 300000 | NiSource, Inc., Sr. Unsecd. Note, 4.375%, 5/15/2047 | &nbsp;&nbsp; 249672 |
| 95000 | NiSource, Inc., Sr. Unsecd. Note, 5.250%, 3/30/2028 | &nbsp;&nbsp; 97481 |
| 400000 | NiSource, Inc., Sr. Unsecd. Note, 5.400%, 6/30/2033 | &nbsp;&nbsp; 415207 |
| 345000 | Public Service Enterprises Group, Inc., Sr. Unsecd. Note, 5.400%, 3/15/2035 | &nbsp;&nbsp; 355560 |
| 120000 | Puget Energy, Inc., Sec. Fac. Bond, 2.379%, 6/15/2028 | &nbsp;&nbsp; 114962 |
| 575000 | Southern Co., Jr. Sub. Note, Series B, 4.000%, 1/15/2051 | &nbsp;&nbsp; 576849 |
| 135000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 2.200%, 12/15/2028 | &nbsp;&nbsp; 128272 |
|  | TOTAL | &nbsp;&nbsp; 9383135 |
|  | **Utility - Natural Gas—0.3%** |  |
| 500000 | Sempra Energy, Jr. Sub. Note, 4.125%, 4/1/2052 | &nbsp;&nbsp; 491791 |
| 135000 | Sempra Energy, Sr. Unsecd. Note, 3.700%, 4/1/2029 | &nbsp;&nbsp; 132931 |
|  | TOTAL | &nbsp;&nbsp; 624722 |
|  | **Utility - Natural Gas Distributor—0.0%** |  |
| 110000 | The East Ohio Gas Co., Sr. Unsecd. Note, 144A, 3.000%, 6/15/2050 | &nbsp;&nbsp; 70173 |
|  | TOTAL CORPORATE BONDS <br>(IDENTIFIED COST $189,797,449)<br>| &nbsp;&nbsp; 185154552 |
|  | FOREIGN GOVERNMENTS/AGENCIES—3.9% |  |
|  | **Sovereign—3.9%** |  |
| 700000 | Mexico, Government of, 3.750%, 1/11/2028 | &nbsp;&nbsp; 693000 |
| 4221000 | Mexico, Government of, Series 10, 5.625%, 9/22/2035 | &nbsp;&nbsp; 4161906 |
| 200000 | Mexico, Government of, Series MTN, 4.750%, 3/8/2044 | &nbsp;&nbsp; 164800 |
| 206000 | Mexico, Government of, Series MTNA, 6.750%, 9/27/2034 | &nbsp;&nbsp; 223201 |
| 250000 | Mexico, Government of, Sr. Unsecd. Note, 3.250%, 4/16/2030 | &nbsp;&nbsp; 236125 |
| 250000 | Mexico, Government of, Sr. Unsecd. Note, 4.500%, 4/22/2029 | &nbsp;&nbsp; 251000 |
| 1190000 | Peru, Government of, 6.550%, 3/14/2037 | &nbsp;&nbsp; 1315069 |

---

Annual Financial Statements and Additional Information

**10**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | FOREIGN GOVERNMENTS/AGENCIES—continued |  |
|  | **Sovereign—continued** |  |
| $700000 | United Mexican States, Sr. Unsecd. Note, 6.350%, 2/9/2035 | &nbsp;&nbsp; $733600 |
|  | TOTAL FOREIGN GOVERNMENTS/AGENCIES <br>(IDENTIFIED COST $7,854,871)<br>| &nbsp;&nbsp; 7778701 |
|  | REPURCHASE AGREEMENT—3.1% |  |
| 6156000 | Interest in $292,000,000 joint repurchase agreement 3.85%, dated 12/31/2025 under which Bank of America, N.A. will <br> repurchase securities provided as collateral for $292,062,456 on 1/2/2026. The securities provided as collateral at the end of <br> the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to <br> 10/1/2050 and the market value of those underlying securities was $297,903,705. <br>(IDENTIFIED COST $6,156,000)<br>| &nbsp;&nbsp; 6156000 |
|  | INVESTMENT COMPANY—1.5% |  |
| 2961535 | Federated Hermes Government Obligations Fund, Premier Shares, 3.68%<sup>2</sup> <br>(IDENTIFIED COST $2,961,535)<br>| &nbsp;&nbsp; 2961535 |
|  | TOTAL INVESTMENT IN SECURITIES—100.6% <br>(IDENTIFIED COST $206,769,855)<sup>3</sup> <br>| &nbsp;&nbsp; 202050788 |
|  | OTHER ASSETS AND LIABILITIES - NET—(0.6)%<sup>4</sup> <br>| &nbsp;&nbsp; (1139119) |
|  | NET ASSETS—100% | &nbsp;&nbsp; $200911669 |

---

At December 31, 2025, the Fund had the following outstanding futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Notional** <br>**Value**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Long Futures:** |  |  |  |  |
| United States Treasury Notes 2-Year Long Futures | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; $10439453 | March 2026 | &nbsp;&nbsp;&nbsp; $(886) |
| United States Treasury Notes 5-Year Long Futures | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; $6558282 | March 2026 | &nbsp;&nbsp;&nbsp; $(19330) |
| United States Treasury Ultra Bond Long Futures | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; $2124000 | March 2026 | &nbsp;&nbsp;&nbsp; $(42280) |
| **Short Futures:** |  |  |  |  |
| United States Treasury Notes 10-Year Short Futures | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; $7870625 | March 2026 | &nbsp;&nbsp;&nbsp; $51085 |
| United States Treasury Notes 10-Year Ultra Short Futures | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; $3450469 | March 2026 | &nbsp;&nbsp;&nbsp; $25222 |
| NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp; $13811 |

---

Net Unrealized Depreciation on Futures Contracts is included in "Other Assets and Liabilities—Net."

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended December 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Federated Hermes** <br>**Government** <br>**Obligations Fund,** <br>**Premier Shares\***<br>|
| Value as of 12/31/2024 | &nbsp;&nbsp; $1359003 |
| Purchases at Cost | &nbsp;&nbsp; $26521282 |
| Proceeds from Sales | &nbsp;&nbsp; $(24918750) |
| Change in Unrealized Appreciation/Depreciation | &nbsp;&nbsp; $— |
| Net Realized Gain/(Loss) | &nbsp;&nbsp; $— |
| Value as of 12/31/2025 | &nbsp;&nbsp; $2961535 |
| Shares Held as of 12/31/2025 | &nbsp;&nbsp; 2961535 |
| Dividend Income | &nbsp;&nbsp; $65037 |

---

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

\* All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions.

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

---

| | |
|:---|:---|
| 1 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
| 2 | 7-day net yield. |
| 3 | The cost of investments for federal tax purposes amounts to $206,769,855. |
| 4 | 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 December 31, 2025.

Annual Financial Statements and Additional Information

**11**

------

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 December 31, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $185154552 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $185154552 |
| Foreign Governments/Agencies | &nbsp;&nbsp; — | &nbsp;&nbsp; 7778701 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7778701 |
| **Investment Company** | &nbsp;&nbsp; 2961535 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2961535 |
| **Repurchase Agreement** | &nbsp;&nbsp; — | &nbsp;&nbsp; 6156000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6156000 |
| TOTAL SECURITIES | &nbsp;&nbsp; $2961535 | &nbsp;&nbsp; $199089253 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $202050788 |
| **Other Financial Instruments:**<sup>1</sup> <br>|  |  |  |  |
| Assets | &nbsp;&nbsp; $76307 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $76307 |
| Liabilities | &nbsp;&nbsp; (62496) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (62496) |
| TOTAL OTHER FINANCIAL INSTRUMENTS | &nbsp;&nbsp; $13811 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13811 |

---

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

1 Other financial instruments are futures contracts.

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

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| GMTN | —Global Medium Term Note |
| MTN | —Medium Term Note |
| REIT | —Real Estate Investment Trust |

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**12**

------

Financial Highlights

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$9.97** | &nbsp;&nbsp; **$10.09** | &nbsp;&nbsp; **$9.63** | &nbsp;&nbsp; **$11.86** | &nbsp;&nbsp; **$12.38** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.47 | 0.44 | 0.40 | 0.38 | 0.38 |
| Net realized and unrealized gain (loss) | 0.29 | &nbsp;&nbsp; (0.13) | 0.46 | &nbsp;&nbsp; (2.20) | &nbsp;&nbsp; (0.44) |
| TOTAL FROM INVESTMENT OPERATIONS | 0.76 | 0.31 | 0.86 | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; (0.06) |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.38) |
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.08) |
| TOTAL DISTRIBUTIONS | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.46) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$10.26** | &nbsp;&nbsp; **$9.97** | &nbsp;&nbsp; **$10.09** | &nbsp;&nbsp; **$9.63** | &nbsp;&nbsp; **$11.86** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 3.14% | &nbsp;&nbsp; 9.20% | &nbsp;&nbsp; (15.44)% | &nbsp;&nbsp; (0.41)% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3,4</sup> <br>| &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% |
| Net investment income | &nbsp;&nbsp; 4.66% | &nbsp;&nbsp; 4.36% | &nbsp;&nbsp; 4.13% | &nbsp;&nbsp; 3.69% | &nbsp;&nbsp; 3.19% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.23% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $200912 | &nbsp;&nbsp; $225093 | &nbsp;&nbsp; $155899 | &nbsp;&nbsp; $134660 | &nbsp;&nbsp; $182389 |
| Portfolio turnover<sup>6</sup> <br>| &nbsp;&nbsp; 66% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 11% |

---

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

---

| | |
|:---|:---|
| 1 | Per share numbers have been calculated using the average shares method. |
| 2 | Based on net asset value. |
| 3 | The Adviser has contractually agreed to reimburse all operating expenses, excluding extraordinary expenses, incurred by the Fund. |
| 4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|
| 6 | 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

**13**

------

Statement of Assets and Liabilities

December 31, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in securities, at value including $2,899,355 of securities loaned and $2,961,535 of investments in affiliated holdings\* (identified <br> cost $206,769,855, including $2,961,535 of identified cost in affiliated holdings)<br>| &nbsp;&nbsp; $202050788 |
| Cash | &nbsp;&nbsp; 7416 |
| Due from broker (Note 2) | &nbsp;&nbsp; 113857 |
| Income receivable | &nbsp;&nbsp; 2630370 |
| Income receivable from affiliated holdings | &nbsp;&nbsp; 658 |
| Receivable for shares sold | &nbsp;&nbsp; 67627 |
| Receivable for variation margin on futures contracts | &nbsp;&nbsp; 2554 |
| Total Assets | &nbsp;&nbsp; 204873270 |
| **Liabilities:** |  |
| Payable for shares redeemed | &nbsp;&nbsp; 28517 |
| Payable for collateral due to broker for securities lending (Note 2) | &nbsp;&nbsp; 2961535 |
| Income distribution payable | &nbsp;&nbsp; 872748 |
| Payable to adviser (Note 5) | &nbsp;&nbsp; 2984 |
| Payable for administrative fee (Note 5) | &nbsp;&nbsp; 426 |
| Accrued expenses (Note 5) | &nbsp;&nbsp; 95391 |
| Total Liabilities | &nbsp;&nbsp; 3961601 |
| Net assets for 19,574,912 shares outstanding | &nbsp;&nbsp; $200911669 |
| **Net Assets Consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $216588464 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (15676795) |
| Net Assets | &nbsp;&nbsp; $200911669 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| $200,911,669 ÷ 19,574,912 shares outstanding, no par value, unlimited shares authorized | $10.26 |

---

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

\* 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

**14**

------

Statement of Operations

Year Ended December 31, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $7280628 |
| Net income on securities loaned (includes $65,037 earned from affiliated holdings related to cash collateral balances\*) (Note 2) | &nbsp;&nbsp; 19846 |
| TOTAL INCOME | &nbsp;&nbsp; 7300474 |
| **Expenses:** |  |
| Administrative fee (Note 5) | &nbsp;&nbsp; 129999 |
| Custodian fees | &nbsp;&nbsp; 21069 |
| Transfer agent fees | &nbsp;&nbsp; 12842 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp; 2618 |
| Auditing fees | &nbsp;&nbsp; 37137 |
| Legal fees | &nbsp;&nbsp; 13354 |
| Portfolio accounting fees | &nbsp;&nbsp; 86111 |
| Share registration costs | &nbsp;&nbsp; 45602 |
| Printing and postage | &nbsp;&nbsp; 19450 |
| Commitment fees (Note 7) | &nbsp;&nbsp; 10040 |
| Miscellaneous (Note 5) | &nbsp;&nbsp; 13935 |
| TOTAL EXPENSES | &nbsp;&nbsp; 392157 |
| Reimbursement of other operating expenses (Note 5) | &nbsp;&nbsp; (392157) |
| Net expenses | &nbsp;&nbsp; — |
| Net investment income | &nbsp;&nbsp; 7300474 |
| **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts:** |  |
| Net realized loss on investments | &nbsp;&nbsp; (8179819) |
| Net realized loss on futures contracts | &nbsp;&nbsp; (24191) |
| Net change in unrealized depreciation of investments | &nbsp;&nbsp; 12889672 |
| Net change in unrealized depreciation of futures contracts | &nbsp;&nbsp; 42794 |
| Net realized and unrealized gain (loss) on investments and futures contracts | &nbsp;&nbsp; 4728456 |
| Change in net assets resulting from operations | &nbsp;&nbsp; $12028930 |

---

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

\* 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

**15**

------

Statement of Changes in Net Assets

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

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

---

| | | |
|:---|:---|:---|
| **Year Ended December 31** | **2025** | **2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $7300474 | &nbsp;&nbsp; $7990969 |
| Net realized gain (loss) | &nbsp;&nbsp; (8204010) | &nbsp;&nbsp; (619997) |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp; 12932466 | &nbsp;&nbsp; (2403133) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; 12028930 | &nbsp;&nbsp; 4967839 |
| **Distributions to Shareholders** | &nbsp;&nbsp; (7341236) | &nbsp;&nbsp; (7892096) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 124651113 | &nbsp;&nbsp; 109157814 |
| Net asset value of shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 180860 | &nbsp;&nbsp; 159301 |
| Cost of shares redeemed | &nbsp;&nbsp; (153701231) | &nbsp;&nbsp; (37198215) |
| CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | &nbsp;&nbsp; (28869258) | &nbsp;&nbsp; 72118900 |
| Change in net assets | &nbsp;&nbsp; (24181564) | &nbsp;&nbsp; 69194643 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 225093233 | &nbsp;&nbsp; 155898590 |
| End of period | &nbsp;&nbsp; $200911669 | &nbsp;&nbsp; $225093233 |

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**16**

------

Notes to Financial Statements

December 31, 2025

**1. ORGANIZATION** 

Federated Hermes Managed Pool Series (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 five portfolios. The financial statements included herein are only those of Federated Hermes Corporate Bond Strategy Portfolio (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The investment objective of the Fund is to provide total return.

**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").

■

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-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

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 the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

Annual Financial Statements and Additional Information

**17**

------

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 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.

Repurchase agreements are subject to Master Netting Agreements (MNA) which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreement reducing the net settlement amount to zero.

**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. 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/accretion of premium and discount is included in investment income. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income. The detail of the total fund expense reimbursement of $392,157 is disclosed in Note 5.

**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 December 31, 2025, 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 December 31, 2025, tax years 2022 through 2025 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**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.

Annual Financial Statements and Additional Information

**18**

------

**Futures Contracts** 

The Fund purchases and sells financial futures contracts to manage duration risk and yield curve risk. Upon entering into a financial futures contract with a broker, the Fund is required to deposit with a broker, either U.S. government securities or a specified amount of cash, which is shown as due from broker in the Statement of Assets and Liabilities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. The Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities. There is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees the futures contracts against default.

Futures contracts outstanding at period end are listed after the Fund's Portfolio of Investments.

The average notional value of long and short futures contracts held by the Fund throughout the period was $17,803,945 and $3,936,514, respectively. This is based on amounts held as of each month-end throughout the fiscal period.

**Securities Lending** 

The Fund participates in a securities lending program providing for the lending of corporate bonds and government securities to qualified brokers. The term of the loans within the program is one year or less. The Fund receives cash collateral for securities loaned, which generally is invested in an affiliated money market fund. Collateral is maintained at a minimum level of 100% of the market value of investments loaned, plus interest, if applicable. In accordance with the Fund's securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. Earnings from collateral invested in affiliated holdings as presented parenthetically on the Statement of Operations do not reflect fees and rebates and are allocated between the borrower of the security, the securities lending agent, as a fee for its services under the program and the Fund, according to agreed-upon rates. The Fund will not have the right to vote on securities while they are on loan. However, the Fund will attempt to terminate a loan in an effort to reacquire the securities in time to vote on matters that are deemed to be material by the Adviser. There can be no assurance that the Fund will have sufficient notice of such matters to be able to terminate the loan in time to vote thereon.

Securities lending transactions are subject to MNA. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated below, the cash collateral received by the Fund exceeds the market value of the securities loaned reducing the net settlement amount to zero. The chart below identifies the amount of collateral received as well as the market value of securities on loan. Additionally, the securities lending agreement executed by the Fund includes an indemnification clause. This clause stipulates that the borrower will reimburse the Fund for any losses as a result of any failure of the borrower to return equivalent securities to the Fund.

As of December 31, 2025, securities subject to this type of arrangement and related collateral were as follows:

---

| | |
|:---|:---|
| **Fair Value of** <br>**Securities Loaned**<br>| **Collateral** <br>**Received**<br>|
| $2899355 | &nbsp;&nbsp; $2961535 |

---

**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.

**Additional Disclosure Related to Derivative Instruments** 

---

| | | |
|:---|:---|:---|
| **Fair Value of Derivative Instruments** | **Fair Value of Derivative Instruments** | **Fair Value of Derivative Instruments** |
|  | **Assets** | **Assets** |
|  | &nbsp;&nbsp; **Statement of** <br>**Assets and** <br>**Liabilities** <br>**Location**<br>| **Fair** <br>**Value**<br>|
| Derivatives not accounted for as hedging <br>instruments under ASC Topic 815<br>|  |  |
| Interest rate contracts | &nbsp;&nbsp; Receivable for variation <br>margin on futures contracts<br>| &nbsp;&nbsp; $13,811\* |

---

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

\* Includes cumulative net appreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

Annual Financial Statements and Additional Information

**19**

------

**The Effect of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
|  | **Futures** <br>**Contracts**<br>|
| Interest rate contracts | &nbsp;&nbsp; $(24191) |

---

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

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
|  | **Futures** <br>**Contracts**<br>|
| Interest rate contracts | &nbsp;&nbsp; $42794 |

---

**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.

**3. SHARES OF BENEFICIAL INTEREST** 

The following table summarizes share activity:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**12/31/2025**<br>| **Year Ended** <br>**12/31/2024**<br>|
| Shares sold | &nbsp;&nbsp; 12210163 | &nbsp;&nbsp; 10825215 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 17799 | &nbsp;&nbsp; 15872 |
| Shares redeemed | &nbsp;&nbsp; (15236248) | &nbsp;&nbsp; (3705707) |
| NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | &nbsp;&nbsp; (3008286) | &nbsp;&nbsp; 7135380 |

---

**4. FEDERAL TAX INFORMATION** 

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended December 31, 2025 and 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Ordinary income | &nbsp;&nbsp; $7341236 | &nbsp;&nbsp; $7892096 |

---

As of December 31, 2025, the components of distributable earnings on a tax-basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $84382 |
| Net unrealized depreciation | &nbsp;&nbsp; $(4719067) |
| Capital loss carryforwards | &nbsp;&nbsp; $(11042110) |
| TOTAL | &nbsp;&nbsp; $(15676795) |

---

At December 31, 2025, the cost of investments for federal tax purposes was $206,769,855. The net unrealized depreciation of investments for federal tax purposes was $4,719,067. This consists of unrealized appreciation from investments for those securities having an excess of value over cost of $1,729,785 and unrealized depreciation from investments for those securities having an excess of cost over value of $6,448,852. The amounts presented are inclusive of derivative contracts. The difference between book-basis and tax-basis net unrealized appreciation/depreciation is attributable to differing treatments for mark-to-market on futures contracts.

As of December 31, 2025, the Fund had a capital loss carryforward of $11,042,110 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** |
| $995028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10047082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11042110 |

---

Annual Financial Statements and Additional Information

**20**

------

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

**5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Investment Adviser Fee** 

The Adviser provides investment adviser services at no fee because all eligible investors are: (1) in separately managed or wrap fee programs, who often pay a single aggregate fee to the wrap program sponsor for all costs and expenses of the wrap-fee programs; or (2) in certain other separately managed accounts and discretionary investment accounts; or (3) to the extent permitted under applicable law, other Federated Hermes funds. The Adviser has contractually agreed to reimburse all expenses of the Fund, excluding extraordinary expenses. Acquired fund fees and expenses are not direct obligations of the Fund and are not contractual reimbursements under the investment advisory contract. For the year ended December 31, 2025, the Adviser reimbursed $392,157 of operating expenses.

**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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets** <br>**of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

---

FAS may voluntarily choose to waive any portion of its fee. For the year ended December 31, 2025, the annualized fee paid to FAS was 0.083% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund. For the year ended December 31, 2025, the Fund's Adviser reimbursed the Fund for any fee paid to FAS.

**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 December 31, 2025, were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $103870923 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $129328639 |

---

**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, 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 December 31, 2025, the Fund had no outstanding loans. During the year ended December 31, 2025, 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 December 31, 2025, there were no outstanding loans. During the year ended December 31, 2025, 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

Annual Financial Statements and Additional Information

**21**

------

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 December 31, 2025, 99.9% of total ordinary income distributions qualified as business interest income for purposes of 163(j) and the regulations thereunder.

Annual Financial Statements and Additional Information

**22**

------

Report of Independent Registered Public Accounting Firm

**TO THE SHAREHOLDERS AND THE BOARD OF TRUSTEES of Federated Hermes Corporate Bond Strategy Portfolio:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Federated Hermes Corporate Bond Strategy Portfolio (the "Fund") (one of the portfolios constituting Federated Hermes Managed Pool Series (the "Trust")), including the portfolio of investments, as of December 31, 2025, 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 (one of the portfolios constituting Federated Hermes Managed Pool Series) at December 31, 2025, 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 December 31, 2025, 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.

![](ernstyoungsig.jpg)

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

Boston, Massachusetts

February 24, 2026

Annual Financial Statements and Additional Information

**23**

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Evaluation and Approval of Advisory Contract–May 2025

**Federated Hermes Corporate Bond Strategy Portfolio (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.

The Board considered that the Fund is distinctive in that it is used to implement particular investment strategies that are offered to investors in certain separately managed or wrap fee accounts or programs, or certain other discretionary investment accounts, and may also be offered to other funds (each, a "Federated Hermes Fund" and, collectively the "Federated Hermes Funds") advised by the Adviser or its affiliates (collectively, "Federated Hermes").

In addition, the Board considered that the Adviser does not charge an investment advisory fee for its services, although Federated Hermes may receive compensation for managing assets invested in the Fund.

**<u>Information Received and Review Process</u>**

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 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, 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

Annual Financial Statements and Additional Information

**24**

------

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 Federated Hermes Funds.

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.

**<u>Nature, Extent and Quality of Services</u>**

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 benchmark.

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

**25**

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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.

**<u>Fund Investment Performance</u>**

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.

For the one-year, three-year and five-year periods ended December 31, 2024, the Fund outperformed its benchmark.

Based on these considerations, the Board concluded that it had continued confidence in the Adviser's overall capabilities to manage the Fund.

**<u>Fund Expenses</u>**

The Board considered that the Adviser does not charge an investment advisory fee to this Fund for its services and has agreed to reimburse the Fund's expenses so that total operating expenses are zero. Because the Adviser does not charge the Fund an investment advisory fee and the Fund's total operating expenses will remain at zero due to reimbursement of expenses, the Board noted that it did not consider fee comparisons to other registered funds or other types of clients of Federated Hermes to be relevant to its evaluation.

In the case of the Fund, the Board noted that Federated Hermes does not manage any other types of clients that are comparable to the Fund.

**<u>Profitability</u>**

The Board received and considered profitability information furnished by Federated Hermes. The Board considered that the Adviser does not charge an investment advisory fee to the Fund and noted, therefore, that the Adviser does not profit from providing advisory services to the Fund under the Contract.

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.

**<u>Economies of Scale</u>**

Because of the distinctive nature of the Fund as primarily an internal product with an advisory fee of zero, the Board noted that it did not consider the assessment of whether economies of scale would be realized if the Fund were to grow to a sufficient size to be particularly relevant to its evaluation.

**<u>Other Benefits</u>**

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, although an affiliate of the Adviser charges the Fund an administrative services fee and also the affiliate is entitled to reimbursement for certain out-of-pocket expenses incurred in providing administrative services to the Fund, Federated Hermes reimburses all such fees and expenses to the Fund.

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

Annual Financial Statements and Additional Information

**26**

------

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.

**<u>Conclusions</u>**

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

**27**

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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.

![](fhilogok11p.jpg)

Federated Hermes Corporate Bond Strategy Portfolio

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

Contact us at **FederatedHermes.com/us**

or call 1-800-341-7400.

Federated Securities Corp., Distributor

CUSIP 31421P100

36217 (2/26)© 2026 Federated Hermes, Inc.

------

**Annual Financial Statements**

**and Additional Information**

**December 31, 2025**

![](img3182e7771.gif)

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

**Ticker** \| FHYSX<br>

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Federated Hermes High Yield Strategy Portfolio

------

A Portfolio of Federated Hermes Managed Pool Series

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

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Federated Hermes High Yield Strategy Portfolio](#xx_0d22a083-0500-422b-be35-461c0e12cbd0_1) | [1](#xx_0d22a083-0500-422b-be35-461c0e12cbd0_1)  |
| [Portfolio of Investments](#xx_0d22a083-0500-422b-be35-461c0e12cbd0_1) | [1](#xx_0d22a083-0500-422b-be35-461c0e12cbd0_1)  |
| [Financial Highlights](#xx_a78e2422-a198-41b2-bfe9-047ab20a7708_1) | [2](#xx_a78e2422-a198-41b2-bfe9-047ab20a7708_1)  |
| [Statement of Assets and Liabilities](#xx_2294fdf5-c774-4fad-8bc1-623a61ce97dc_1) | [3](#xx_2294fdf5-c774-4fad-8bc1-623a61ce97dc_1)  |
| [Statement of Operations](#xx_2294fdf5-c774-4fad-8bc1-623a61ce97dc_2) | [4](#xx_2294fdf5-c774-4fad-8bc1-623a61ce97dc_2)  |
| [Statement of Changes in Net Assets](#xx_2294fdf5-c774-4fad-8bc1-623a61ce97dc_3) | [5](#xx_2294fdf5-c774-4fad-8bc1-623a61ce97dc_3)  |
| [Notes to Financial Statements](#xx_b98c3fe4-c117-4124-93ef-7abf96c85eca_1) | [6](#xx_b98c3fe4-c117-4124-93ef-7abf96c85eca_1)  |
| [Report of Independent Registered Public Accounting Firm](#xx_71fb0fc6-e3c2-4f2f-b818-aa8450938ba2_1) | [11](#xx_71fb0fc6-e3c2-4f2f-b818-aa8450938ba2_1)  |
| [High Yield Bond Core Fund](#xx_8edfa5f4-cbd8-437e-84cd-6dc53b8f2589_1) | [12](#xx_8edfa5f4-cbd8-437e-84cd-6dc53b8f2589_1)  |
| [Portfolio of Investments](#xx_5706595e-7990-44ab-84a4-f1740bb9059c_1) | [13](#xx_5706595e-7990-44ab-84a4-f1740bb9059c_1)  |
| [Financial Highlights](#xx_17445920-1670-48b1-848b-ec0b3557231b_1) | [25](#xx_17445920-1670-48b1-848b-ec0b3557231b_1)  |
| [Statement of Assets and Liabilities](#xx_4a445843-ffc7-4142-9b67-2dc832b46be0_1) | [26](#xx_4a445843-ffc7-4142-9b67-2dc832b46be0_1)  |
| [Statement of Operations](#xx_4a445843-ffc7-4142-9b67-2dc832b46be0_2) | [27](#xx_4a445843-ffc7-4142-9b67-2dc832b46be0_2)  |
| [Statement of Changes in Net Assets](#xx_4a445843-ffc7-4142-9b67-2dc832b46be0_3) | [28](#xx_4a445843-ffc7-4142-9b67-2dc832b46be0_3)  |
| [Notes to Financial Statements](#xx_a361b999-f029-4437-b7ad-27a172d2a762_1) | [29](#xx_a361b999-f029-4437-b7ad-27a172d2a762_1)  |
| [Report of Independent Registered Public Accounting Firm](#xx_8b89da8b-9227-4ef7-ae69-d420e02f5ec4_1) | [33](#xx_8b89da8b-9227-4ef7-ae69-d420e02f5ec4_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_598798b5-7f4d-4db1-ab6c-3a7514af25bb_1) | [34](#xx_598798b5-7f4d-4db1-ab6c-3a7514af25bb_1) |

---

------

Portfolio of Investments

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares or** <br>**Principal** <br>**Amount**<br>|  | **Value** |
|  | INVESTMENT COMPANY—98.8% |  |
| 15041308<br><sup>1</sup> <br>| High Yield Bond Core Fund <br>(IDENTIFIED COST $82,171,768)<br>| &nbsp;&nbsp; 86337106 |
|  | REPURCHASE AGREEMENT—1.8% |  |
| $1525000 | Interest in $292,000,000 joint repurchase agreement 3.85%, dated 12/31/2025 under which Bank of America, N.A. will <br> repurchase securities provided as collateral for $292,062,456 on 1/2/2026. The securities provided as collateral at the end of <br> the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to <br> 10/1/2050 and the market value of those underlying securities was $297,903,705. <br>(IDENTIFIED COST $1,525,000)<br>| &nbsp;&nbsp; $1525000 |
|  | TOTAL INVESTMENT IN SECURITIES—100.6% <br>(IDENTIFIED COST $83,696,768)<sup>2</sup> <br>| &nbsp;&nbsp; 87862106 |
|  | OTHER ASSETS AND LIABILITIES - NET—(0.6)%<sup>3</sup> <br>| &nbsp;&nbsp; (494680) |
|  | NET ASSETS—100% | &nbsp;&nbsp; $87367426 |

---

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended December 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | **High Yield** <br>**Bond Core Fund**<br>|
| Value as of 12/31/2024 | &nbsp;&nbsp; $39349679 |
| Purchases at Cost | &nbsp;&nbsp; $67907308 |
| Proceeds from Sales | &nbsp;&nbsp; $(24450000) |
| Change in Unrealized Appreciation/Depreciation | &nbsp;&nbsp; $4065749 |
| Net Realized Gain/(Loss) | &nbsp;&nbsp; $(535630) |
| Value as of 12/31/2025 | &nbsp;&nbsp; $86337106 |
| Shares Held as of 12/31/2025 | &nbsp;&nbsp; 15041308 |
| Dividend Income | &nbsp;&nbsp; $4657544 |

---

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

---

| | |
|:---|:---|
| 1 | Due to this affiliated holding representing greater than 75% of the Fund's net assets, a copy of the affiliated holding's most recent Annual Financial Statements <br> and Notes to Financial Statements are included with this Report.<br>|
| 2 | The cost of investments for federal tax purposes amounts to $84,291,134. |
| 3 | 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 December 31, 2025.

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 December 31, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Investment Company** | &nbsp;&nbsp; $86337106 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $86337106 |
| **Repurchase Agreement** | &nbsp;&nbsp; — | &nbsp;&nbsp; 1525000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1525000 |
| TOTAL SECURITIES | &nbsp;&nbsp; $86337106 | &nbsp;&nbsp; $1525000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $87862106 |

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**1**

------

Financial Highlights

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$11.65** | &nbsp;&nbsp; **$11.61** | &nbsp;&nbsp; **$10.88** | &nbsp;&nbsp; **$13.16** | &nbsp;&nbsp; **$13.18** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.73 | 0.75 | 0.74 | 0.76 | 0.71 |
| Net realized and unrealized gain (loss) | 0.29 | 0.03 | 0.72 | &nbsp;&nbsp; (2.27) | &nbsp;&nbsp; (0.01) |
| TOTAL FROM INVESTMENT OPERATIONS | 1.02 | 0.78 | 1.46 | &nbsp;&nbsp; (1.51) | 0.70 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.72) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$11.93** | &nbsp;&nbsp; **$11.65** | &nbsp;&nbsp; **$11.61** | &nbsp;&nbsp; **$10.88** | &nbsp;&nbsp; **$13.16** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp; 8.98% | &nbsp;&nbsp; 6.92% | &nbsp;&nbsp; 13.96% | &nbsp;&nbsp; (11.63)% | &nbsp;&nbsp; 5.40% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% |
| Net investment income | &nbsp;&nbsp; 6.24% | &nbsp;&nbsp; 6.42% | &nbsp;&nbsp; 6.62% | &nbsp;&nbsp; 6.24% | &nbsp;&nbsp; 5.42% |
| Expense waiver/reimbursement<sup>4</sup> <br>| &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.25% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $87367 | &nbsp;&nbsp; $39928 | &nbsp;&nbsp; $25054 | &nbsp;&nbsp; $15889 | &nbsp;&nbsp; $125419 |
| Portfolio turnover<sup>5</sup> <br>| &nbsp;&nbsp; 33% | &nbsp;&nbsp; 0% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 2% |

---

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

---

| | |
|:---|:---|
| 1 | Per share numbers have been calculated using the average shares method. |
| 2 | Based on net asset value. |
| 3 | The Adviser has contractually agreed to reimburse all expenses of the Fund, excluding extraordinary expenses. Amount does not reflect net expenses incurred by <br> investment companies in which the Fund may invest.<br>|
| 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/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|
| 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

**2**

------

Statement of Assets and Liabilities

December 31, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in securities, at value including $86,337,106 of investments in affiliated holdings\* (identified cost $83,696,768, including <br> $82,171,768 of identified cost in affiliated holdings)<br>| &nbsp;&nbsp; $87862106 |
| Cash | &nbsp;&nbsp; 606 |
| Income receivable | &nbsp;&nbsp; 163 |
| Income receivable from affiliated holdings | &nbsp;&nbsp; 437649 |
| Receivable for shares sold | &nbsp;&nbsp; 29689 |
| Total Assets | &nbsp;&nbsp; 88330213 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp; 437649 |
| Payable for shares redeemed | &nbsp;&nbsp; 11888 |
| Income distribution payable | &nbsp;&nbsp; 435706 |
| Payable to adviser (Note 5) | &nbsp;&nbsp; 1874 |
| Payable for administrative fee (Note 5) | &nbsp;&nbsp; 185 |
| Payable for legal fees | &nbsp;&nbsp; 13235 |
| Payable for portfolio accounting fees | &nbsp;&nbsp; 13417 |
| Payable for commitment fees | &nbsp;&nbsp; 2490 |
| Accrued expenses (Note 5) | &nbsp;&nbsp; 46343 |
| Total Liabilities | &nbsp;&nbsp; 962787 |
| Net assets for 7,325,690 shares outstanding | &nbsp;&nbsp; $87367426 |
| **Net Assets Consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $91343485 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (3976059) |
| Net Assets | &nbsp;&nbsp; $87367426 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| $87,367,426 ÷ 7,325,690 shares outstanding, no par value, unlimited shares authorized | $11.93 |

---

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

\* 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

**3**

------

Statement of Operations

Year Ended December 31, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends received from affiliated holdings\* | &nbsp;&nbsp; $4657544 |
| Interest | &nbsp;&nbsp; 30528 |
| TOTAL INCOME | &nbsp;&nbsp; 4688072 |
| **Expenses:** |  |
| Administrative fee (Note 5) | &nbsp;&nbsp; 58178 |
| Custodian fees | &nbsp;&nbsp; 5508 |
| Transfer agent fees | &nbsp;&nbsp; 8290 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp; 1881 |
| Auditing fees | &nbsp;&nbsp; 33904 |
| Legal fees | &nbsp;&nbsp; 13339 |
| Portfolio accounting fees | &nbsp;&nbsp; 54005 |
| Share registration costs | &nbsp;&nbsp; 36377 |
| Printing and postage | &nbsp;&nbsp; 24136 |
| Commitment fee (Note 7) | &nbsp;&nbsp; 10040 |
| Miscellaneous (Note 5) | &nbsp;&nbsp; 9730 |
| TOTAL EXPENSES | &nbsp;&nbsp; 255388 |
| Reimbursement of other operating expenses (Notes 2 and 5) | &nbsp;&nbsp; (255388) |
| Net expenses | &nbsp;&nbsp; — |
| Net investment income | &nbsp;&nbsp; 4688072 |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |
| Net realized loss on investments in affiliated holdings\* | &nbsp;&nbsp; (535630) |
| Net change in unrealized appreciation of investments in affiliated holdings\* | &nbsp;&nbsp; 4065749 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; 3530119 |
| Change in net assets resulting from operations | &nbsp;&nbsp; $8218191 |

---

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

\* 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

**4**

------

Statement of Changes in Net Assets

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

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

---

| | | |
|:---|:---|:---|
| **Year Ended December 31** | **2025** | **2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $4688072 | &nbsp;&nbsp; $1997148 |
| Net realized gain (loss) | &nbsp;&nbsp; (535630) | &nbsp;&nbsp; — |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp; 4065749 | &nbsp;&nbsp; 74218 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; 8218191 | &nbsp;&nbsp; 2071366 |
| **Distributions to Shareholders** | &nbsp;&nbsp; (4691437) | &nbsp;&nbsp; (1993948) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 77327971 | &nbsp;&nbsp; 19494893 |
| Net asset value of shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 130775 | &nbsp;&nbsp; 48675 |
| Cost of shares redeemed | &nbsp;&nbsp; (33546078) | &nbsp;&nbsp; (4746966) |
| CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | &nbsp;&nbsp; 43912668 | &nbsp;&nbsp; 14796602 |
| Change in net assets | &nbsp;&nbsp; 47439422 | &nbsp;&nbsp; 14874020 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 39928004 | &nbsp;&nbsp; 25053984 |
| End of period | &nbsp;&nbsp; $87367426 | &nbsp;&nbsp; $39928004 |

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**5**

------

Notes to Financial Statements

December 31, 2025

**1. ORGANIZATION** 

Federated Hermes Managed Pool Series (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 five portfolios. The financial statements included herein are only those of Federated Hermes High Yield Strategy Portfolio (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The investment objective of the Fund is to seek high current income by investing primarily in a high-yield bond mutual fund and in a 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").

■

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-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

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 the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

Annual Financial Statements and Additional Information

**6**

------

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.

Repurchase agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreement reducing the net settlement amount to zero.

**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. 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. Amortization/accretion of premium and discount is included in investment income. The detail of the total fund expense reimbursement of $255,388 is disclosed in Note 5.

**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 December 31, 2025, 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 December 31, 2025, tax years 2022 through 2025 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**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.

**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

**7**

------

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

**3. SHARES OF BENEFICIAL INTEREST** 

The following table summarizes share activity:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**12/31/2025**<br>| **Year Ended** <br>**12/31/2024**<br>|
| Shares sold | &nbsp;&nbsp; 6737106 | &nbsp;&nbsp; 1672589 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 11063 | &nbsp;&nbsp; 4189 |
| Shares redeemed | &nbsp;&nbsp; (2848509) | &nbsp;&nbsp; (408972) |
| NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | &nbsp;&nbsp; 3899660 | &nbsp;&nbsp; 1267806 |

---

**4. FEDERAL TAX INFORMATION** 

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended December 31, 2025 and 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Ordinary income | &nbsp;&nbsp; $4691437 | &nbsp;&nbsp; $1993948 |

---

As of December 31, 2025, the components of distributable earnings on a tax-basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $1105 |
| Net unrealized appreciation | &nbsp;&nbsp; $3570972 |
| Capital loss carryforwards and deferrals | &nbsp;&nbsp; $(7548136) |
| TOTAL | &nbsp;&nbsp; $(3976059) |

---

At December 31, 2025, the cost of investments for federal tax purposes was $84,291,134. The net unrealized appreciation of investments for federal tax purposes was $3,570,972. This consists entirely of unrealized appreciation from investments for those securities having an excess of value over cost of $3,570,972. The difference between book-basis and tax-basis net unrealized appreciation is attributable to differing treatments for deferral of losses on wash sales.

As of December 31, 2025, the Fund had a capital loss carryforward of $7,548,136 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** |
| $1135222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6412914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7548136 |

---

The Fund used capital loss carryforwards of $47,946 to offset capital gains realized during the year ended December 31, 2025.

**5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Investment Adviser Fee** 

The Adviser provides investment adviser services at no fee because all eligible investors are: (1) in separately managed or wrap fee programs, who often pay a single aggregate fee to the wrap program sponsor for all costs and expenses of the wrap fee programs; or (2) in certain other separately managed accounts and discretionary investment accounts. The Adviser has contractually agreed to reimburse all expenses of the Fund, excluding extraordinary expenses. Acquired fund fees and expenses are not direct obligations of the Fund and are not contractual reimbursements under the investment advisory contract.

For the year ended December 31, 2025, the Adviser reimbursed $255,388 of other operating expenses.

**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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets** <br>**of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

---

For the year ended December 31, 2025, the annualized fee paid to FAS was 0.077% of average daily net assets of the Fund. For the year ended December 31, 2025, the Fund's Adviser reimbursed the Fund for any fee paid to FAS.

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

Annual Financial Statements and Additional Information

**8**

------

**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.

**Transactions with Affiliated Investment Companies** 

The Fund invests in High Yield Bond Core Fund (HYCORE), a portfolio of Federated Hermes Core Trust ("Core Trust") which is managed by the Adviser. Core Trust is an open end management investment company, registered under the Act, available only to registered investment companies and other institutional investors. The investment objective of HYCORE is to seek high current income. Federated Hermes, Inc. ("Federated Hermes") receives no advisory or administrative fees from HYCORE. Income distributions from HYCORE are declared daily and paid monthly. All income distributions are recorded by the Fund as dividend income. Capital gain distributions of HYCORE, if any, are declared and paid at least annually, and are recorded by the Fund as capital gains received. At December 31, 2025, HYCORE represents 98.8% of the Fund's net assets. Therefore, the performance of the Fund is directly affected by the performance of HYCORE. To illustrate the security holdings, financial condition, results of operations and changes in net assets of HYCORE, its financial statements are included within this report. The financial statements of HYCORE should be read in conjunction with the Fund's financial statements. The valuation of securities held by HYCORE is discussed in the notes to its financial statements.

**6. INVESTMENT TRANSACTIONS** 

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the year ended December 31, 2025, were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $67907308 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24450000 |

---

**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, 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 December 31, 2025, the Fund had no outstanding loans. During the year ended December 31, 2025, 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 December 31, 2025, there were no outstanding loans. During the year ended December 31, 2025, 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

Annual Financial Statements and Additional Information

**9**

------

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 December 31, 2025, 99.9% 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

**10**

------

Report of Independent Registered Public Accounting Firm

**TO THE SHAREHOLDERS AND THE Board of Trustees of Federated Hermes High Yield Strategy Portfolio:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Federated Hermes High Yield Strategy Portfolio (the "Fund") (one of the portfolios constituting Federated Hermes Managed Pool Series (the "Trust")), including the portfolio of investments, as of December 31, 2025, 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 (one of the portfolios constituting Federated Hermes Managed Pool Series) at December 31, 2025, 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 December 31, 2025, 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.

![](ernstyoungsig.jpg)

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

Boston, Massachusetts

February 24, 2026

Annual Financial Statements and Additional Information

**11**

------

High Yield Bond Core Fund

**Financial Statements and Notes to Financial Statements**

Federated Hermes High Yield Strategy Portfolio invests primarily in High Yield Bond Core Fund. Therefore, the High Yield Bond Core Fund financial statements and notes to financial statements are included on pages 13 through 33.

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**12**

------

Portfolio of Investments

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>**or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—94.5% |  |
|  | **Aerospace/Defense—2.0%** |  |
| $1650000 | Goat Holdco, LLC, 144A, 6.750%, 2/1/2032 | &nbsp;&nbsp; $1695969 |
| 425000 | TransDigm, Inc., 144A, 6.250%, 1/31/2034 | &nbsp;&nbsp; 441236 |
| 2525000 | TransDigm, Inc., 144A, 6.375%, 3/1/2029 | &nbsp;&nbsp; 2607110 |
| 3950000 | TransDigm, Inc., 1st Priority Sr. Secd. Note, 144A, 6.625%, 3/1/2032 | &nbsp;&nbsp; 4114593 |
| 425000 | TransDigm, Inc., Sr. Secd. Note, 144A, 6.000%, 1/15/2033 | &nbsp;&nbsp; 435319 |
| 1825000 | TransDigm, Inc., Sr. Secd. Note, 144A, 6.750%, 8/15/2028 | &nbsp;&nbsp; 1859430 |
| 5800000 | TransDigm, Inc., Sr. Secd. Note, 144A, 6.875%, 12/15/2030 | &nbsp;&nbsp; 6072755 |
| 2600000 | TransDigm, Inc., Sr. Sub. Note, 144A, 6.375%, 5/31/2033 | &nbsp;&nbsp; 2669698 |
| 850000 | TransDigm, Inc., Sr. Sub. Note, 144A, 6.750%, 1/31/2034 | &nbsp;&nbsp; 885971 |
|  | TOTAL | &nbsp;&nbsp; 20782081 |
|  | **Airlines—0.1%** |  |
| 537500 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.500%, 4/20/2026 | &nbsp;&nbsp; 538544 |
|  | **Automotive—3.6%** |  |
| 950000 | Adient Global Holdings Ltd., 144A, 7.000%, 4/15/2028 | &nbsp;&nbsp; 979837 |
| 2150000 | Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 7.500%, 2/15/2033 | &nbsp;&nbsp; 2220541 |
| 825000 | Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 8.250%, 4/15/2031 | &nbsp;&nbsp; 867973 |
| 2325000 | Clarios Global LP, Sr. Secd. Note, 144A, 6.750%, 5/15/2028 | &nbsp;&nbsp; 2385380 |
| 1425000 | Clarios Global LP, Sr. Secd. Note, 144A, 6.750%, 2/15/2030 | &nbsp;&nbsp; 1491348 |
| 4175000 | Clarios Global LP, Sr. Unsecd. Note, 144A, 6.750%, 9/15/2032 | &nbsp;&nbsp; 4331928 |
| 3550000 | Dornoch Debt Merger Sub., Inc., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2029 | &nbsp;&nbsp; 3077789 |
| 3700000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.000%, 11/13/2030 | &nbsp;&nbsp; 3495482 |
| 3725000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.113%, 5/3/2029 | &nbsp;&nbsp; 3731908 |
| 2000000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, Series GMTN, 4.389%, 1/8/2026 | &nbsp;&nbsp; 2000139 |
| 4050000 | Forvia SE, Sr. Unsecd. Note, 144A, 6.750%, 9/15/2033 | &nbsp;&nbsp; 4184442 |
| 2600000 | IHO Verwaltungs GmbH, 144A, 8.000%, 11/15/2032 | &nbsp;&nbsp; 2748827 |
| 3950000 | IHO Verwaltungs GmbH, Sr. Secd. Note, 144A, 6.375%, 5/15/2029 | &nbsp;&nbsp; 3998968 |
| 2625000 | JB Poindexter & Co., Inc., Sr. Unsecd. Note, 144A, 8.750%, 12/15/2031 | &nbsp;&nbsp; 2752906 |
|  | TOTAL | &nbsp;&nbsp; 38267468 |
|  | **Building Materials—3.2%** |  |
| 325000 | American Builders & Contractors Supply Co., Inc., 144A, 4.000%, 1/15/2028 | &nbsp;&nbsp; 323019 |
| 3200000 | American Builders & Contractors Supply Co., Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/15/2029 | &nbsp;&nbsp; 3086729 |
| 1000000 | CP Atlas Buyer, Inc., 144A, 9.750%, 7/15/2030 | &nbsp;&nbsp; 1036715 |
| 3100000 | CP Atlas Buyer, Inc., 144A, 12.750%, 1/15/2031 | &nbsp;&nbsp; 2939887 |
| 2050000 | Masterbrand, Inc., 144A, 7.000%, 7/15/2032 | &nbsp;&nbsp; 2126321 |
| 675000 | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, Sr. Secd. Note, 144A, 6.750%, 4/1/2032 | &nbsp;&nbsp; 692425 |
| 2250000 | MIWD Holdco II LLC/ MIWD Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 2/1/2030 | &nbsp;&nbsp; 2185000 |
| 3050000 | Patrick Industries, Inc., Co. Guarantee, 144A, 6.375%, 11/1/2032 | &nbsp;&nbsp; 3131767 |
| 2500000 | Queen MergerCo, Inc., Sr. Secd. Note, 144A, 6.750%, 4/30/2032 | &nbsp;&nbsp; 2613047 |
| 2450000 | Quikrete Holdings, Inc., Sr. Secd. Note, 144A, 6.375%, 3/1/2032 | &nbsp;&nbsp; 2551761 |
| 1000000 | Quikrete Holdings, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2033 | &nbsp;&nbsp; 1044981 |
| 2075000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.375%, 7/15/2030 | &nbsp;&nbsp; 2003175 |
| 1200000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2028 | &nbsp;&nbsp; 1198195 |
| 2650000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 6.250%, 8/1/2033 | &nbsp;&nbsp; 2708570 |
| 925000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 6.500%, 8/15/2032 | &nbsp;&nbsp; 952978 |
| 2450000 | TopBuild Corp., Sr. Unsecd. Note, 144A, 5.625%, 1/31/2034 | &nbsp;&nbsp; 2479698 |
| 3025000 | White Cap Supply Holdings LLC, Sr. Unsecd. Note, 144A, 7.375%, 11/15/2030 | &nbsp;&nbsp; 3140747 |
|  | TOTAL | &nbsp;&nbsp; 34215015 |

---

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**13**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Cable Satellite—5.3%** |  |
| $1000000 | CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, 144A, 5.500%, 5/1/2026 | &nbsp;&nbsp; $1002155 |
| 3000000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 4.500%, 5/1/2032 | &nbsp;&nbsp; 2694547 |
| 6625000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2031 | &nbsp;&nbsp; 6091390 |
| 1575000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2034 | &nbsp;&nbsp; 1340678 |
| 1500000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 8/15/2030 | &nbsp;&nbsp; 1413258 |
| 1825000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 6/1/2033 | &nbsp;&nbsp; 1599610 |
| 3850000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028 | &nbsp;&nbsp; 3821693 |
| 600000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2027 | &nbsp;&nbsp; 599523 |
| 2625000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.375%, 6/1/2029 | &nbsp;&nbsp; 2597174 |
| 4500000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.125%, 12/1/2030 | &nbsp;&nbsp; 2763398 |
| 1725000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.500%, 11/15/2031 | &nbsp;&nbsp; 1056287 |
| 1750000 | Doyla Holdco 18 Designated Activity Co., Sr. Unsecd. Note, 144A, 5.000%, 7/15/2028 | &nbsp;&nbsp; 1718178 |
| 3425000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2031 | &nbsp;&nbsp; 3156441 |
| 2725000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2030 | &nbsp;&nbsp; 2593484 |
| 1100000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.000%, 8/1/2027 | &nbsp;&nbsp; 1106463 |
| 2175000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2029 | &nbsp;&nbsp; 2194057 |
| 4750000 | Sunrise FinCo I B.V., Sr. Note, 144A, 4.875%, 7/15/2031 | &nbsp;&nbsp; 4528175 |
| 4800000 | Telenet Finance Luxembourg, Sr. Secd. Note, 144A, 5.500%, 3/1/2028 | &nbsp;&nbsp; 4784588 |
| 725000 | Virgin Media Finance PLC, Sr. Unsecd. Note, 144A, 5.000%, 7/15/2030 | &nbsp;&nbsp; 639890 |
| 950000 | Virgin Media Secured Finance PLC, Sr. Secd. Note, 144A, 4.500%, 8/15/2030 | &nbsp;&nbsp; 882883 |
| 1825000 | Virgin Media Secured Finance PLC, Sr. Secd. Note, 144A, 5.500%, 5/15/2029 | &nbsp;&nbsp; 1799088 |
| 2425000 | Vmed O2 UK Financing I PLC, Sr. Note, 144A, 4.750%, 7/15/2031 | &nbsp;&nbsp; 2240696 |
| 1600000 | Vmed O2 UK Financing I PLC, Sr. Secd. Note, 144A, 4.250%, 1/31/2031 | &nbsp;&nbsp; 1460447 |
| 1125000 | VZ Secured Financing B.V., Sr. Secd. Note, 144A, 5.000%, 1/15/2032 | &nbsp;&nbsp; 1018950 |
| 525000 | VZ Secured Financing B.V., Sr. Secd. Note, 144A, 7.500%, 1/15/2033 | &nbsp;&nbsp; 532380 |
| 1200000 | Ziggo B.V., Sr. Secd. Note, 144A, 4.875%, 1/15/2030 | &nbsp;&nbsp; 1135400 |
| 1575000 | Ziggo Bond Co. B.V., Sr. Unsecd. Note, 144A, 5.125%, 2/28/2030 | &nbsp;&nbsp; 1407862 |
|  | TOTAL | &nbsp;&nbsp; 56178695 |
|  | **Chemicals—3.9%** |  |
| 3650000 | Axalta Coating Systems LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029 | &nbsp;&nbsp; 3523365 |
| 625000 | Celanese US Holdings LLC, Sr. Unsecd. Note, 6.500%, 4/15/2030 | &nbsp;&nbsp; 628641 |
| 3000000 | Celanese US Holdings LLC, Sr. Unsecd. Note, 6.750%, 4/15/2033 | &nbsp;&nbsp; 2986975 |
| 2475000 | Celanese US Holdings LLC, Sr. Unsecd. Note, 7.000%, 2/15/2031 | &nbsp;&nbsp; 2535523 |
| 2775000 | Element Solutions, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028 | &nbsp;&nbsp; 2714277 |
| 3375000 | H.B. Fuller Co., Sr. Unsecd. Note, 4.250%, 10/15/2028 | &nbsp;&nbsp; 3347926 |
| 701000 | Illuminate Buyer LLC/Illuminate Holdings IV, Inc., Sr. Unsecd. Note, 144A, 9.000%, 7/1/2028 | &nbsp;&nbsp; 705597 |
| 2100000 | Inversion Escrow Issuer LLC, Secured Note, 144A, 6.750%, 8/1/2032 | &nbsp;&nbsp; 2098995 |
| 3950000 | Maxam Prill S.a.r.l., Sr. Secd. Note, 144A, 7.750%, 7/15/2030 | &nbsp;&nbsp; 4103920 |
| 3750000 | Olympus Water US Holding Corp., Secured Note, 144A, 7.250%, 2/15/2033 | &nbsp;&nbsp; 3771943 |
| 650000 | Olympus Water US Holding Corp., Sr. Secd. Note, 144A, 7.250%, 6/15/2031 | &nbsp;&nbsp; 667753 |
| 3925000 | Olympus Water US Holding Corp., Sr. Unsecd. Note, 144A, 6.250%, 10/1/2029 | &nbsp;&nbsp; 3822882 |
| 575000 | Qnity Electronics, Inc., Sr. Secd. Note, 144A, 5.750%, 8/15/2032 | &nbsp;&nbsp; 588625 |
| 2050000 | Qnity Electronics, Inc., Sr. Unsecd. Note, 144A, 6.250%, 8/15/2033 | &nbsp;&nbsp; 2127493 |
| 1750000 | SNF Group SACA, Sr. Unsecd. Note, 144A, 3.375%, 3/15/2030 | &nbsp;&nbsp; 1643832 |
| 1225000 | Solstice Advanced Materials, Inc., Sr. Unsecd. Note, 144A, 5.625%, 9/30/2033 | &nbsp;&nbsp; 1236532 |
| 1550000 | WR Grace Holdings LLC, Sr. Secd. Note, 144A, 6.625%, 8/15/2032 | &nbsp;&nbsp; 1570909 |
| 750000 | WR Grace Holdings LLC, Sr. Secd. Note, 144A, 7.375%, 3/1/2031 | &nbsp;&nbsp; 770860 |
| 2100000 | WR Grace Holdings LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029 | &nbsp;&nbsp; 2007129 |
|  | TOTAL | &nbsp;&nbsp; 40853177 |

---

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**14**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Construction Machinery—1.0%** |  |
| $1675000 | Herc Holdings, Inc., Sr. Unsecd. Note, 144A, 6.000%, 3/15/2034 | &nbsp;&nbsp; $1698361 |
| 2300000 | Herc Holdings, Inc., Sr. Unsecd. Note, 144A, 7.000%, 6/15/2030 | &nbsp;&nbsp; 2421954 |
| 825000 | Herc Holdings, Inc., Sr. Unsecd. Note, 144A, 7.250%, 6/15/2033 | &nbsp;&nbsp; 875304 |
| 825000 | United Rentals North America, Inc., 144A, 6.000%, 12/15/2029 | &nbsp;&nbsp; 848156 |
| 625000 | United Rentals North America, Inc., Sr. Unsecd. Note, 3.750%, 1/15/2032 | &nbsp;&nbsp; 588143 |
| 1125000 | United Rentals North America, Inc., Sr. Unsecd. Note, 3.875%, 2/15/2031 | &nbsp;&nbsp; 1073886 |
| 1700000 | United Rentals North America, Inc., Sr. Unsecd. Note, 4.875%, 1/15/2028 | &nbsp;&nbsp; 1701175 |
| 525000 | United Rentals North America, Inc., Sr. Unsecd. Note, 144A, 5.375%, 11/15/2033 | &nbsp;&nbsp; 524946 |
| 1100000 | United Rentals North America, Inc., Sr. Unsecd. Note, 144A, 6.125%, 3/15/2034 | &nbsp;&nbsp; 1147215 |
|  | TOTAL | &nbsp;&nbsp; 10879140 |
|  | **Consumer Cyclical Services—3.0%** |  |
| 1025000 | Allied Universal Holdco LLC, Sr. Secd. Note, 144A, 6.875%, 6/15/2030 | &nbsp;&nbsp; 1067795 |
| 4550000 | Allied Universal Holdco LLC, Sr. Secd. Note, 144A, 7.875%, 2/15/2031 | &nbsp;&nbsp; 4797856 |
| 4050000 | Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029 | &nbsp;&nbsp; 4011414 |
| 2150000 | Cars.com, Inc., Sr. Unsecd. Note, 144A, 6.375%, 11/1/2028 | &nbsp;&nbsp; 2154326 |
| 600000 | Garda World Security Corp., 144A, 8.250%, 8/1/2032 | &nbsp;&nbsp; 612200 |
| 700000 | Garda World Security Corp., Sr. Secd. Note, 144A, 6.500%, 1/15/2031 | &nbsp;&nbsp; 716710 |
| 1125000 | Garda World Security Corp., Sr. Secd. Note, 144A, 7.750%, 2/15/2028 | &nbsp;&nbsp; 1154640 |
| 4825000 | Garda World Security Corp., Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029 | &nbsp;&nbsp; 4736157 |
| 2025000 | Garda World Security Corp., Sr. Unsecd. Note, 144A, 8.375%, 11/15/2032 | &nbsp;&nbsp; 2065658 |
| 1050000 | Go Daddy Operating Co. LLC/GD Finance Co., Inc., Sr. Unsecd. Note, 144A, 5.250%, 12/1/2027 | &nbsp;&nbsp; 1053685 |
| 1575000 | Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 3.625%, 10/1/2031 | &nbsp;&nbsp; 1452467 |
| 1300000 | Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 4.125%, 8/1/2030 | &nbsp;&nbsp; 1235593 |
| 1000000 | Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 4.625%, 6/1/2028 | &nbsp;&nbsp; 995798 |
| 1700000 | Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027 | &nbsp;&nbsp; 1704233 |
| 750000 | Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 6.125%, 9/15/2033 | &nbsp;&nbsp; 759540 |
| 1725000 | The Brink's Co., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2029 | &nbsp;&nbsp; 1787221 |
| 1525000 | The Brink's Co., Sr. Unsecd. Note, 144A, 6.750%, 6/15/2032 | &nbsp;&nbsp; 1596509 |
|  | TOTAL | &nbsp;&nbsp; 31901802 |
|  | **Consumer Products—2.3%** |  |
| 950000 | Acushnet Co., Sr. Unsecd. Note, 144A, 5.625%, 12/1/2033 | &nbsp;&nbsp; 963049 |
| 5775000 | Beach Acquisition Bidco, Sr. Unsecd. Note, 144A, 10.000%, 7/15/2033 | &nbsp;&nbsp; 6379255 |
| 3400000 | Champ Acquisition Corp., Sr. Secd. Note, 144A, 8.375%, 12/1/2031 | &nbsp;&nbsp; 3680854 |
| 4550000 | Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/31/2029 | &nbsp;&nbsp; 4352578 |
| 1575000 | Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2028 | &nbsp;&nbsp; 1563453 |
| 2900000 | Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 6.000%, 9/15/2033 | &nbsp;&nbsp; 2785318 |
| 4275000 | Whirlpool Corp., Sr. Unsecd. Note, 6.500%, 6/15/2033 | &nbsp;&nbsp; 4148529 |
|  | TOTAL | &nbsp;&nbsp; 23873036 |
|  | **Diversified Manufacturing—1.5%** |  |
| 6450000 | EMRLD Borrower LP / Emerald Co-Issuer, Inc., Sr. Secd. Note, 144A, 6.625%, 12/15/2030 | &nbsp;&nbsp; 6725815 |
| 550000 | EnPro, Inc., Sr. Unsecd. Note, 144A, 6.125%, 6/1/2033 | &nbsp;&nbsp; 568918 |
| 2025000 | Gates Corp., Sr. Unsecd. Note, 144A, 6.875%, 7/1/2029 | &nbsp;&nbsp; 2105453 |
| 875000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 6.375%, 3/15/2029 | &nbsp;&nbsp; 904679 |
| 525000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 6.375%, 3/15/2033 | &nbsp;&nbsp; 548472 |
| 1025000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 6.625%, 3/15/2032 | &nbsp;&nbsp; 1071550 |
| 4100000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.250%, 6/15/2028 | &nbsp;&nbsp; 4161824 |
|  | TOTAL | &nbsp;&nbsp; 16086711 |
|  | **Environmental—0.2%** |  |
| 2075000 | Clean Harbors, Inc., Sr. Unsecd. Note, 144A, 5.750%, 10/15/2033 | &nbsp;&nbsp; 2132745 |

---

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**15**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Finance Companies—2.9%** |  |
| $4950000 | Boost Newco Borrower LLC, 144A, 7.500%, 1/15/2031 | &nbsp;&nbsp; $5263706 |
| 5225000 | CrossCountry Intermediate HoldCo LLC, Sr. Unsecd. Note, 144A, 6.500%, 10/1/2030 | &nbsp;&nbsp; 5336010 |
| 1475000 | CrossCountry Intermediate HoldCo LLC, Sr. Unsecd. Note, 144A, 6.750%, 12/1/2032 | &nbsp;&nbsp; 1506288 |
| 525000 | Navient Corp., Sr. Unsecd. Note, 4.875%, 3/15/2028 | &nbsp;&nbsp; 519530 |
| 1575000 | Navient Corp., Sr. Unsecd. Note, 5.500%, 3/15/2029 | &nbsp;&nbsp; 1564662 |
| 175000 | Rocket Cos., Inc., Sr. Unsecd. Note, 144A, 6.125%, 8/1/2030 | &nbsp;&nbsp; 180994 |
| 850000 | Rocket Cos., Inc., Sr. Unsecd. Note, 144A, 6.375%, 8/1/2033 | &nbsp;&nbsp; 887289 |
| 600000 | Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.625%, 3/1/2029 | &nbsp;&nbsp; 579968 |
| 6900000 | Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.875%, 3/1/2031 | &nbsp;&nbsp; 6557345 |
| 2275000 | Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 4.000%, 10/15/2033 | &nbsp;&nbsp; 2115332 |
| 2475000 | United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2029 | &nbsp;&nbsp; 2460369 |
| 1875000 | United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.750%, 6/15/2027 | &nbsp;&nbsp; 1886859 |
| 700000 | UWM Holdings LLC, Sr. Unsecd. Note, 144A, 6.250%, 3/15/2031 | &nbsp;&nbsp; 699220 |
| 1525000 | UWM Holdings LLC, Sr. Unsecd. Note, 144A, 6.625%, 2/1/2030 | &nbsp;&nbsp; 1545205 |
|  | TOTAL | &nbsp;&nbsp; 31102777 |
|  | **Food & Beverage—1.9%** |  |
| 3650000 | Bellring Brands, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2030 | &nbsp;&nbsp; 3776477 |
| 5225000 | Froneri Lux Finco S.a.r.l., Sr. Secd. Note, 144A, 6.000%, 8/1/2032 | &nbsp;&nbsp; 5300889 |
| 3000000 | Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 4.250%, 8/1/2029 | &nbsp;&nbsp; 2944193 |
| 2125000 | Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 5.500%, 10/15/2027 | &nbsp;&nbsp; 2129456 |
| 175000 | Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 6.125%, 9/15/2032 | &nbsp;&nbsp; 180628 |
| 650000 | Post Holdings, Inc., Sr. Secd. Note, 144A, 6.250%, 2/15/2032 | &nbsp;&nbsp; 668671 |
| 1725000 | US Foods, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2030 | &nbsp;&nbsp; 1703732 |
| 1900000 | US Foods, Inc., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2029 | &nbsp;&nbsp; 1892170 |
| 350000 | US Foods, Inc., Sr. Unsecd. Note, 144A, 5.750%, 4/15/2033 | &nbsp;&nbsp; 356830 |
| 1600000 | US Foods, Inc., Sr. Unsecd. Note, 144A, 6.875%, 9/15/2028 | &nbsp;&nbsp; 1657165 |
|  | TOTAL | &nbsp;&nbsp; 20610211 |
|  | **Gaming—4.0%** |  |
| 1950000 | Affinity Gaming LLC, 144A, 6.875%, 12/15/2027 | &nbsp;&nbsp; 1156935 |
| 1775000 | Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027 | &nbsp;&nbsp; 1773741 |
| 1700000 | Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2031 | &nbsp;&nbsp; 1662137 |
| 825000 | Caesars Entertainment, Inc., 144A, 6.000%, 10/15/2032 | &nbsp;&nbsp; 802897 |
| 2675000 | Caesars Entertainment, Inc., Sr. Secd. Note, 144A, 6.500%, 2/15/2032 | &nbsp;&nbsp; 2741766 |
| 3075000 | Caesars Entertainment, Inc., Sr. Secd. Note, 144A, 7.000%, 2/15/2030 | &nbsp;&nbsp; 3186091 |
| 1050000 | Caesars Entertainment, Inc., Sr. Unsecd. Note, 144A, 4.625%, 10/15/2029 | &nbsp;&nbsp; 1007888 |
| 1475000 | Churchill Downs, Inc., Sr. Unsecd. Note, 144A, 5.500%, 4/1/2027 | &nbsp;&nbsp; 1480412 |
| 3275000 | Churchill Downs, Inc., Sr. Unsecd. Note, 144A, 6.750%, 5/1/2031 | &nbsp;&nbsp; 3400030 |
| 300000 | Light & Wonder International, Inc., Sr. Unsecd. Note, 144A, 6.250%, 10/1/2033 | &nbsp;&nbsp; 303860 |
| 4475000 | Light & Wonder International, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/15/2029 | &nbsp;&nbsp; 4598471 |
| 250000 | Light & Wonder International, Inc., Sr. Unsecd. Note, 144A, 7.500%, 9/1/2031 | &nbsp;&nbsp; 261320 |
| 1750000 | MGM Resorts International, Sr. Unsecd. Note, 6.125%, 9/15/2029 | &nbsp;&nbsp; 1799385 |
| 3175000 | MGM Resorts International, Sr. Unsecd. Note, 6.500%, 4/15/2032 | &nbsp;&nbsp; 3273108 |
| 2300000 | Midwest Gaming Borrower LLC, Sr. Note, 144A, 4.875%, 5/1/2029 | &nbsp;&nbsp; 2263977 |
| 2125000 | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., Secured Note, 144A, 6.250%, 10/15/2030 | &nbsp;&nbsp; 2170048 |
| 975000 | Station Casinos, LLC, 144A, 6.625%, 3/15/2032 | &nbsp;&nbsp; 1002517 |
| 4225000 | Station Casinos, LLC, Sr. Unsecd. Note, 144A, 4.500%, 2/15/2028 | &nbsp;&nbsp; 4192585 |
| 875000 | Station Casinos, LLC, Sr. Unsecd. Note, 144A, 4.625%, 12/1/2031 | &nbsp;&nbsp; 830271 |
| 2525000 | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 144A, 7.125%, 2/15/2031 | &nbsp;&nbsp; 2733825 |
| 1925000 | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Sr. Unsecd. Note, 144A, 6.250%, 3/15/2033 | &nbsp;&nbsp; 1969459 |
|  | TOTAL | &nbsp;&nbsp; 42610723 |

---

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**16**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Health Care—5.2%** |  |
| $4325000 | AHP Health Partners, Inc., Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029 | &nbsp;&nbsp; $4308567 |
| 3150000 | Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/1/2029 | &nbsp;&nbsp; 3026237 |
| 2500000 | Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 4.625%, 7/15/2028 | &nbsp;&nbsp; 2488366 |
| 1225000 | CHS/Community Health Systems, Inc., 144A, 6.125%, 4/1/2030 | &nbsp;&nbsp; 982626 |
| 350000 | CHS/Community Health Systems, Inc., 144A, 6.875%, 4/15/2029 | &nbsp;&nbsp; 311833 |
| 1775000 | CHS/Community Health Systems, Inc., Sr. Secd. Note, 144A, 6.000%, 1/15/2029 | &nbsp;&nbsp; 1781408 |
| 2075000 | CHS/Community Health Systems, Inc., Sr. Secd. Note, 144A, 9.750%, 1/15/2034 | &nbsp;&nbsp; 2182026 |
| 1925000 | Concentra Escrow Issuer Corp., Sr. Unsecd. Note, 144A, 6.875%, 7/15/2032 | &nbsp;&nbsp; 2015579 |
| 2350000 | Insulet Corp., Sr. Unsecd. Note, 144A, 6.500%, 4/1/2033 | &nbsp;&nbsp; 2458610 |
| 1425000 | Iqvia, Inc., Sr. Unsecd. Note, 144A, 6.250%, 6/1/2032 | &nbsp;&nbsp; 1490790 |
| 2700000 | Iqvia, Inc., Sr. Unsecd. Note, 144A, 6.500%, 5/15/2030 | &nbsp;&nbsp; 2803089 |
| 2250000 | Medline Borrower LP, Sr. Secd. Note, 144A, 3.875%, 4/1/2029 | &nbsp;&nbsp; 2198259 |
| 9400000 | Medline Borrower LP, Sr. Unsecd. Note, 144A, 5.250%, 10/1/2029 | &nbsp;&nbsp; 9456362 |
| 1600000 | Medline Borrower LP/Medline Co-Issuer, Inc., 144A, 6.250%, 4/1/2029 | &nbsp;&nbsp; 1656018 |
| 4000000 | Raven Acquisition Holdings LLC, Sr. Secd. Note, 144A, 6.875%, 11/15/2031 | &nbsp;&nbsp; 4125524 |
| 3375000 | Select Medical Corp., 144A, 6.250%, 12/1/2032 | &nbsp;&nbsp; 3302392 |
| 1025000 | Tenet Healthcare Corp., 4.250%, 6/1/2029 | &nbsp;&nbsp; 1010584 |
| 1850000 | Tenet Healthcare Corp., 5.125%, 11/1/2027 | &nbsp;&nbsp; 1860465 |
| 1675000 | Tenet Healthcare Corp., 144A, 5.500%, 11/15/2032 | &nbsp;&nbsp; 1699046 |
| 2250000 | Tenet Healthcare Corp., Sr. Secd. Note, 6.750%, 5/15/2031 | &nbsp;&nbsp; 2342360 |
| 2660000 | Tenet Healthcare Corp., Sr. Unsecd. Note, 6.125%, 10/1/2028 | &nbsp;&nbsp; 2673518 |
| 650000 | Tenet Healthcare Corp., Sr. Unsecd. Note, 144A, 6.000%, 11/15/2033 | &nbsp;&nbsp; 669642 |
|  | TOTAL | &nbsp;&nbsp; 54843301 |
|  | **Health Insurance—0.1%** |  |
| 1150000 | Molina Healthcare, Inc., Sr. Unsecd. Note, 144A, 6.250%, 1/15/2033 | &nbsp;&nbsp; 1173391 |
|  | **Independent Energy—3.3%** |  |
| 2700000 | Aethon United BR LP/Aethon United Finance Corp., 144A, 7.500%, 10/1/2029 | &nbsp;&nbsp; 2830102 |
| 1000000 | Antero Resources Corp., Sr. Unsecd. Note, 144A, 5.375%, 3/1/2030 | &nbsp;&nbsp; 1014434 |
| 800000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029 | &nbsp;&nbsp; 805207 |
| 425000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2032 | &nbsp;&nbsp; 440943 |
| 800000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 6.625%, 7/15/2033 | &nbsp;&nbsp; 828539 |
| 650000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 9.000%, 11/1/2027 | &nbsp;&nbsp; 829488 |
| 2075000 | Chord Energy Corp., Sr. Unsecd. Note, 144A, 6.000%, 10/1/2030 | &nbsp;&nbsp; 2108341 |
| 1325000 | Civitas Resources, Inc., Sr. Secd. Note, 144A, 9.625%, 6/15/2033 | &nbsp;&nbsp; 1431455 |
| 1125000 | Civitas Resources, Inc., Sr. Unsecd. Note, 144A, 8.625%, 11/1/2030 | &nbsp;&nbsp; 1179759 |
| 350000 | Civitas Resources, Inc., Sr. Unsecd. Note, 144A, 8.750%, 7/1/2031 | &nbsp;&nbsp; 363528 |
| 1975000 | Civitas Resources, Inc., Unsecd. Note, 144A, 8.375%, 7/1/2028 | &nbsp;&nbsp; 2037495 |
| 3325000 | CNX Resources Corp., Sr. Unsecd. Note, 144A, 7.250%, 3/1/2032 | &nbsp;&nbsp; 3473195 |
| 4050000 | Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029 | &nbsp;&nbsp; 4061769 |
| 600000 | Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029 | &nbsp;&nbsp; 599266 |
| 325000 | EQT Corp., Sr. Unsecd. Note, 7.500%, 6/1/2030 | &nbsp;&nbsp; 357998 |
| 3175000<br><sup>1,2</sup> <br>| Expand Energy Corp., Sr. Unsecd. Note, 7.000%, 10/1/2099 | &nbsp;&nbsp; 476 |
| 375000 | Matador Resources Co., Sr. Unsecd. Note, 144A, 6.250%, 4/15/2033 | &nbsp;&nbsp; 376931 |
| 2575000 | Matador Resources Co., Sr. Unsecd. Note, 144A, 6.500%, 4/15/2032 | &nbsp;&nbsp; 2613148 |
| 1175000 | Permian Resources Operating LLC, Sr. Sub. Secd. Note, 144A, 6.250%, 2/1/2033 | &nbsp;&nbsp; 1205857 |
| 1300000 | Permian Resources Operating LLC, Sr. Unsecd. Note, 144A, 7.000%, 1/15/2032 | &nbsp;&nbsp; 1359802 |
| 2300000 | Range Resources Corp., Sr. Unsecd. Note, 8.250%, 1/15/2029 | &nbsp;&nbsp; 2347016 |
| 2875000 | Rockcliff Energy II LLC, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2029 | &nbsp;&nbsp; 2857266 |
| 1300000 | SM Energy Co., Sr. Unsecd. Note, 144A, 6.750%, 8/1/2029 | &nbsp;&nbsp; 1310266 |

---

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**17**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Independent Energy—continued** |  |
| $975000 | SM Energy Co., Sr. Unsecd. Note, 144A, 7.000%, 8/1/2032 | &nbsp;&nbsp; $959106 |
|  | TOTAL | &nbsp;&nbsp; 35391387 |
|  | **Industrial - Other—1.3%** |  |
| 8950000 | Madison IAQ LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029 | &nbsp;&nbsp; 8902787 |
| 5025000 | SPX Flow, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/1/2030 | &nbsp;&nbsp; 5206789 |
|  | TOTAL | &nbsp;&nbsp; 14109576 |
|  | **Insurance - P&C—9.0%** |  |
| 2025000 | Acrisure LLC, Sr. Secd. Note, 144A, 7.500%, 11/6/2030 | &nbsp;&nbsp; 2117073 |
| 875000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 144A, 5.875%, 11/1/2029 | &nbsp;&nbsp; 878828 |
| 2175000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 144A, 7.375%, 10/1/2032 | &nbsp;&nbsp; 2257909 |
| 300000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Secd. Note, 144A, 6.500%, 10/1/2031 | &nbsp;&nbsp; 309581 |
| 3700000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Secd. Note, 144A, 7.000%, 1/15/2031 | &nbsp;&nbsp; 3841212 |
| 975000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Unsecd. Note, 144A, 6.750%, 10/15/2027 | &nbsp;&nbsp; 985266 |
| 1750000 | AmWINS Group, Inc., Sr. Secd. Note, 144A, 6.375%, 2/15/2029 | &nbsp;&nbsp; 1800815 |
| 5075000 | AmWINS Group, Inc., Sr. Unsecd. Note, 144A, 4.875%, 6/30/2029 | &nbsp;&nbsp; 4995043 |
| 5050000 | Amynta Agency/Warranty Borrower, Inc., Sr. Unsecd. Note, 144A, 7.500%, 7/15/2033 | &nbsp;&nbsp; 5136012 |
| 2050000 | Ardonagh Finco Ltd., Sr. Secd. Note, 144A, 7.750%, 2/15/2031 | &nbsp;&nbsp; 2150603 |
| 10875000 | Ardonagh Group Finance Ltd., Sr. Unsecd. Note, 144A, 8.875%, 2/15/2032 | &nbsp;&nbsp; 11346703 |
| 4850000 | Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 144A, 7.125%, 5/15/2031 | &nbsp;&nbsp; 5028612 |
| 8975000 | Broadstreet Partners, Inc., Sr. Unsecd. Note, 144A, 5.875%, 4/15/2029 | &nbsp;&nbsp; 9006789 |
| 3075000 | Hub International Ltd., Sr. Secd. Note, 144A, 7.250%, 6/15/2030 | &nbsp;&nbsp; 3230226 |
| 9725000 | Hub International Ltd., Sr. Unsecd. Note, 144A, 5.625%, 12/1/2029 | &nbsp;&nbsp; 9730612 |
| 5500000 | Hub International Ltd., Sr. Unsecd. Note, 144A, 7.375%, 1/31/2032 | &nbsp;&nbsp; 5775984 |
| 3225000 | Jones Deslauriers Insurance Management, Inc., Sr. Secd. Note, 144A, 8.500%, 3/15/2030 | &nbsp;&nbsp; 3382390 |
| 4025000 | Jones Deslauriers Insurance Management, Inc., Sr. Unsecd. Note, 144A, 6.875%, 10/1/2033 | &nbsp;&nbsp; 3889125 |
| 7725000 | Panther Escrow Issuer, Sr. Secd. Note, 144A, 7.125%, 6/1/2031 | &nbsp;&nbsp; 8009883 |
| 2550000 | Ryan Specialty LLC, Sr. Secd. Note, 144A, 4.375%, 2/1/2030 | &nbsp;&nbsp; 2505850 |
| 1800000 | Ryan Specialty LLC, Sr. Secd. Note, 144A, 5.875%, 8/1/2032 | &nbsp;&nbsp; 1840334 |
| 6650000 | USI, Inc./NY, Sr. Unsecd. Note, 144A, 7.500%, 1/15/2032 | &nbsp;&nbsp; 6978038 |
|  | TOTAL | &nbsp;&nbsp; 95196888 |
|  | **Leisure—1.9%** |  |
| 425000 | Carnival Corp., Sr. Secd. Note, 144A, 7.000%, 8/15/2029 | &nbsp;&nbsp; 446295 |
| 1100000 | Carnival Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2029 | &nbsp;&nbsp; 1112748 |
| 475000 | Carnival Corp., Sr. Unsecd. Note, 144A, 5.750%, 3/15/2030 | &nbsp;&nbsp; 488897 |
| 1325000 | Carnival Corp., Sr. Unsecd. Note, 144A, 5.875%, 6/15/2031 | &nbsp;&nbsp; 1369605 |
| 1225000 | Carnival Corp., Sr. Unsecd. Note, 144A, 6.125%, 2/15/2033 | &nbsp;&nbsp; 1265566 |
| 200000 | NCL Corp. Ltd., Sr. Secd. Note, 144A, 5.875%, 1/15/2031 | &nbsp;&nbsp; 199356 |
| 275000 | NCL Corp. Ltd., Sr. Secd. Note, 144A, 6.250%, 9/15/2033 | &nbsp;&nbsp; 275014 |
| 1700000 | NCL Corp. Ltd., Sr. Unsecd. Note, 144A, 6.750%, 2/1/2032 | &nbsp;&nbsp; 1741714 |
| 1100000 | NCL Corp. Ltd., Sr. Unsecd. Note, 144A, 7.750%, 2/15/2029 | &nbsp;&nbsp; 1171640 |
| 2250000 | NCL Finance Ltd., Sr. Unsecd. Note, 144A, 6.125%, 3/15/2028 | &nbsp;&nbsp; 2321248 |
| 1250000 | Royal Caribbean Cruises, Ltd., 144A, 6.000%, 2/1/2033 | &nbsp;&nbsp; 1284807 |
| 850000 | Royal Caribbean Cruises, Ltd., Sr. Unsecd. Note, 144A, 5.625%, 9/30/2031 | &nbsp;&nbsp; 869247 |
| 1050000 | Royal Caribbean Cruises, Ltd., Sr. Unsecd. Note, 144A, 6.250%, 3/15/2032 | &nbsp;&nbsp; 1086869 |
| 1900000 | Six Flags Entertainment Corp., Sr. Unsecd. Note, 144A, 7.250%, 5/15/2031 | &nbsp;&nbsp; 1824546 |
| 4675000 | United Parks & Resorts, Inc., Sr. Unsecd. Note, 144A, 5.250%, 8/15/2029 | &nbsp;&nbsp; 4557047 |
|  | TOTAL | &nbsp;&nbsp; 20014599 |
|  | **Lodging—1.2%** |  |
| 1000000 | Hilton Domestic Operating Co., Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2032 | &nbsp;&nbsp; 929075 |
| 1100000 | Hilton Domestic Operating Co., Inc., Sr. Unsecd. Note, 144A, 5.500%, 3/31/2034 | &nbsp;&nbsp; 1108110 |

---

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**18**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Lodging—continued** |  |
| $1000000 | Hilton Domestic Operating Co., Inc., Sr. Unsecd. Note, 144A, 5.750%, 9/15/2033 | &nbsp;&nbsp; $1023920 |
| 1725000 | Hilton Domestic Operating Co., Inc., Sr. Unsecd. Note, 144A, 5.875%, 3/15/2033 | &nbsp;&nbsp; 1781263 |
| 775000 | RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 4/1/2032 | &nbsp;&nbsp; 804272 |
| 700000 | RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2033 | &nbsp;&nbsp; 730497 |
| 2050000 | RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 7.250%, 7/15/2028 | &nbsp;&nbsp; 2115315 |
| 2025000 | Wyndham Hotels & Resorts, Inc., Sr. Unsecd. Note, 144A, 4.375%, 8/15/2028 | &nbsp;&nbsp; 2005876 |
| 1950000 | XHR LP, Sr. Unsecd. Note, 144A, 6.625%, 5/15/2030 | &nbsp;&nbsp; 2015003 |
|  | TOTAL | &nbsp;&nbsp; 12513331 |
|  | **Media Entertainment—1.6%** |  |
| 404000 | Cumulus Media News Holdings, Inc., 144A, 8.000%, 7/1/2029 | &nbsp;&nbsp; 111100 |
| 1550000 | Lamar Media Corp., Sr. Unsecd. Note, 144A, 5.375%, 11/1/2033 | &nbsp;&nbsp; 1541781 |
| 300000 | Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 7.375%, 2/15/2031 | &nbsp;&nbsp; 317723 |
| 500000 | Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2029 | &nbsp;&nbsp; 489029 |
| 1975000 | Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2030 | &nbsp;&nbsp; 1932948 |
| 1625000 | Outfront Media Capital LLC/Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 5.000%, 8/15/2027 | &nbsp;&nbsp; 1634718 |
| 725000 | Sinclair Television Group, Inc., 144A, 4.375%, 12/31/2032 | &nbsp;&nbsp; 573548 |
| 1000000 | Sinclair Television Group, Inc., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030 | &nbsp;&nbsp; 909205 |
| 425000 | Stagwell Global LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029 | &nbsp;&nbsp; 414763 |
| 1550000 | Univision Communications, Inc., 144A, 9.375%, 8/1/2032 | &nbsp;&nbsp; 1667068 |
| 2750000 | Univision Communications, Inc., Sr. Secd. Note, 144A, 7.375%, 6/30/2030 | &nbsp;&nbsp; 2804989 |
| 1825000 | Univision Communications, Inc., Sr. Secd. Note, 144A, 8.000%, 8/15/2028 | &nbsp;&nbsp; 1891503 |
| 3850000 | Warnermedia Holdings, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2042 | &nbsp;&nbsp; 2719062 |
|  | TOTAL | &nbsp;&nbsp; 17007437 |
|  | **Metals & Mining—1.1%** |  |
| 700000 | Carpenter Technology Corp., Sr. Unsecd. Note, 144A, 5.625%, 3/1/2034 | &nbsp;&nbsp; 711882 |
| 825000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.875%, 3/1/2031 | &nbsp;&nbsp; 794738 |
| 1650000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 6.750%, 4/15/2030 | &nbsp;&nbsp; 1698892 |
| 1525000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 6.875%, 11/1/2029 | &nbsp;&nbsp; 1580490 |
| 1900000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2032 | &nbsp;&nbsp; 1949876 |
| 925000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/1/2033 | &nbsp;&nbsp; 962835 |
| 1050000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 7.625%, 1/15/2034 | &nbsp;&nbsp; 1098075 |
| 3000000 | Coeur Mining, Inc., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2029 | &nbsp;&nbsp; 2981955 |
|  | TOTAL | &nbsp;&nbsp; 11778743 |
|  | **Midstream—5.5%** |  |
| 2975000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028 | &nbsp;&nbsp; 2984859 |
| 2625000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 10/15/2033 | &nbsp;&nbsp; 2642244 |
| 1225000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 7/1/2034 | &nbsp;&nbsp; 1234856 |
| 2500000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.625%, 2/1/2032 | &nbsp;&nbsp; 2589173 |
| 1550000 | Aris Water Holdings LLC, Sr. Unsecd. Note, 144A, 7.250%, 4/1/2030 | &nbsp;&nbsp; 1655394 |
| 1050000 | Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unsecd. Note, 144A, 7.000%, 7/15/2029 | &nbsp;&nbsp; 1099799 |
| 1475000 | Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unsecd. Note, 144A, 7.250%, 7/15/2032 | &nbsp;&nbsp; 1566262 |
| 5350000 | CNX Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 4/15/2030 | &nbsp;&nbsp; 5211928 |
| 975000 | DBR Land Holdings LLC, Sr. Unsecd. Note, 144A, 6.250%, 12/1/2030 | &nbsp;&nbsp; 997913 |
| 3875000 | DT Midstream, Inc., Sr. Unsecd. Note, 144A, 4.375%, 6/15/2031 | &nbsp;&nbsp; 3794930 |
| 2750000 | Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.125%, 6/15/2028 | &nbsp;&nbsp; 2762845 |
| 500000 | Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.875%, 3/1/2028 | &nbsp;&nbsp; 511190 |
| 1050000 | Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 6.500%, 6/1/2029 | &nbsp;&nbsp; 1088309 |
| 2875000 | Northriver Midstream Fin, 144A, 6.750%, 7/15/2032 | &nbsp;&nbsp; 2931834 |
| 1700000 | Rockies Express Pipeline, Sr. Unsecd. Note, 144A, 6.750%, 3/15/2033 | &nbsp;&nbsp; 1796169 |
| 1325000 | Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027 | &nbsp;&nbsp; 1326957 |

---

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**19**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Midstream—continued** |  |
| $2800000 | Suburban Propane Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 6/1/2031 | &nbsp;&nbsp; $2694614 |
| 1250000 | Suburban Propane Partners LP, Sr. Unsecd. Note, 144A, 6.500%, 12/15/2035 | &nbsp;&nbsp; 1251057 |
| 4825000 | Tallgrass Energy Partners LP, Sr. Unsecd. Note, 144A, 6.750%, 3/15/2034 | &nbsp;&nbsp; 4827826 |
| 2050000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.000%, 1/15/2028 | &nbsp;&nbsp; 2050589 |
| 1550000 | Venture Global Plaquemines LNG LLC, Sr. Secd. Note, 144A, 6.500%, 1/15/2034 | &nbsp;&nbsp; 1588363 |
| 2625000 | Venture Global Plaquemines LNG LLC, Sr. Secd. Note, 144A, 7.500%, 5/1/2033 | &nbsp;&nbsp; 2837772 |
| 2625000 | Venture Global Plaquemines LNG LLC, Sr. Secd. Note, 144A, 7.750%, 5/1/2035 | &nbsp;&nbsp; 2875657 |
| 3150000 | Venture Global Plaquemines LNG LLC, Sr. Unsecd. Note, 144A, 6.500%, 6/15/2034 | &nbsp;&nbsp; 3220175 |
| 1250000 | WBI Operating LLC, Sr. Unsecd. Note, 144A, 6.250%, 10/15/2030 | &nbsp;&nbsp; 1258388 |
| 1125000 | WBI Operating LLC, Sr. Unsecd. Note, 144A, 6.500%, 10/15/2033 | &nbsp;&nbsp; 1121341 |
|  | TOTAL | &nbsp;&nbsp; 57920444 |
|  | **Oil Field Services—1.6%** |  |
| 4250000 | Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2028 | &nbsp;&nbsp; 4278386 |
| 725000 | Kodiak Gas Services LLC, Sr. Unsecd. Note, 144A, 6.500%, 10/1/2033 | &nbsp;&nbsp; 740756 |
| 400000 | Kodiak Gas Services LLC, Sr. Unsecd. Note, 144A, 6.750%, 10/1/2035 | &nbsp;&nbsp; 411472 |
| 3250000 | Kodiak Gas Services LLC, Sr. Unsecd. Note, 144A, 7.250%, 2/15/2029 | &nbsp;&nbsp; 3383078 |
| 1025000 | Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.500%, 1/15/2028 | &nbsp;&nbsp; 1025481 |
| 675000 | Nabors Industries, Inc., Co. Guarantee, 144A, 9.125%, 1/31/2030 | &nbsp;&nbsp; 708244 |
| 1750000 | Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 7.625%, 11/15/2032 | &nbsp;&nbsp; 1721145 |
| 575000 | Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 8.875%, 8/15/2031 | &nbsp;&nbsp; 558197 |
| 1050000 | USA Compression Partners LP, Sr. Unsecd. Note, 144A, 6.250%, 10/1/2033 | &nbsp;&nbsp; 1063093 |
| 3375000 | USA Compression Partners LP, Sr. Unsecd. Note, 144A, 7.125%, 3/15/2029 | &nbsp;&nbsp; 3495087 |
|  | TOTAL | &nbsp;&nbsp; 17384939 |
|  | **Packaging—2.5%** |  |
| 1<br><sup>1,2,3</sup> <br>| ARD Finance S.A., Secured Note, 144A, 7.250% PIK, 6/30/2027 | &nbsp;&nbsp; 0 |
| 1105000 | Ardagh Group S.A., Secured Note, 144A, 9.500%, 12/1/2030 | &nbsp;&nbsp; 1199536 |
| 625000 | Ardagh Metal Packaging, Secured Note, 144A, 6.250%, 1/30/2031 | &nbsp;&nbsp; 639619 |
| 3675000 | Ardagh Metal Packaging, Sr. Unsecd. Note, 144A, 4.000%, 9/1/2029 | &nbsp;&nbsp; 3462753 |
| 2550000 | Ball Corp., Sr. Unsecd. Note, 6.000%, 6/15/2029 | &nbsp;&nbsp; 2624301 |
| 650000 | Clydesdale Acquisition Holdings, Inc., Sr. Secd. Note, 144A, 6.750%, 4/15/2032 | &nbsp;&nbsp; 668814 |
| 1775000 | Clydesdale Acquisition Holdings, Inc., Sr. Secd. Note, 144A, 6.875%, 1/15/2030 | &nbsp;&nbsp; 1821594 |
| 1125000 | Clydesdale Acquisition Holdings, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/15/2030 | &nbsp;&nbsp; 1144579 |
| 2350000 | Crown Americas LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/1/2033 | &nbsp;&nbsp; 2405422 |
| 525000 | Mauser Packaging Solutions Holding Co., 144A, 7.875%, 4/15/2030 | &nbsp;&nbsp; 521344 |
| 1250000 | OI European Group B.V., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030 | &nbsp;&nbsp; 1210678 |
| 1375000 | Sealed Air Corp., 144A, 6.500%, 7/15/2032 | &nbsp;&nbsp; 1429812 |
| 1600000 | Sealed Air Corp., Sr. Unsecd. Note, 144A, 6.125%, 2/1/2028 | &nbsp;&nbsp; 1627427 |
| 1500000 | Sealed Air Corp., Sr. Unsecd. Note, 144A, 7.250%, 2/15/2031 | &nbsp;&nbsp; 1563888 |
| 1508000 | Trivium Packaging Finance B.V., 144A, 8.250%, 7/15/2030 | &nbsp;&nbsp; 1617708 |
| 3725000 | Trivium Packaging Finance B.V., 144A, 12.250%, 1/15/2031 | &nbsp;&nbsp; 4044964 |
|  | TOTAL | &nbsp;&nbsp; 25982439 |
|  | **Paper—0.5%** |  |
| 2550000 | Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 4.750%, 8/15/2028 | &nbsp;&nbsp; 2397688 |
| 2650000 | Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.500%, 3/1/2029 | &nbsp;&nbsp; 2537908 |
|  | TOTAL | &nbsp;&nbsp; 4935596 |
|  | **Pharmaceuticals—2.4%** |  |
| 1625000 | Amneal Pharmaceuticals, Inc., Sr. Secd. Note, 144A, 6.875%, 8/1/2032 | &nbsp;&nbsp; 1718535 |
| 1325000 | Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 4.875%, 6/1/2028 | &nbsp;&nbsp; 1186869 |
| 1425000 | Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2029 | &nbsp;&nbsp; 1098468 |
| 2475000 | Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/15/2029 | &nbsp;&nbsp; 1995469 |

---

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**20**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Pharmaceuticals—continued** |  |
| $4475000 | Bausch Health, Sr. Secd. Note, 144A, 10.000%, 4/15/2032 | &nbsp;&nbsp; $4657432 |
| 550000 | Genmab A/S/Genmab Finance LLC, Sr. Unsecd. Note, 144A, 6.250%, 12/15/2032 | &nbsp;&nbsp; 564048 |
| 2800000 | Genmab A/S/Genmab Finance LLC, Sr. Unsecd. Note, 144A, 7.250%, 12/15/2033 | &nbsp;&nbsp; 2943505 |
| 4300000 | Grifols Escrow Issuer S.A., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2028 | &nbsp;&nbsp; 4249861 |
| 2475000 | Opal Bidco SAS, Sr. Secd. Note, 144A, 6.500%, 3/31/2032 | &nbsp;&nbsp; 2536674 |
| 575000 | Organon & Co./Organon Foreign Debt Co-Issuer B.V., Sr. Secd. Note, 144A, 6.750%, 5/15/2034 | &nbsp;&nbsp; 517919 |
| 1675000 | Organon & Co./Organon Foreign Debt Co-Issuer B.V., Sr. Unsecd. Note, 144A, 7.875%, 5/15/2034 | &nbsp;&nbsp; 1365430 |
| 3450000 | Organon Finance 1 LLC, Sr. Unsecd. Note, 144A, 5.125%, 4/30/2031 | &nbsp;&nbsp; 2859826 |
|  | TOTAL | &nbsp;&nbsp; 25694036 |
|  | **Restaurant—1.4%** |  |
| 1000000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 3.875%, 1/15/2028 | &nbsp;&nbsp; 986697 |
| 7950000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.000%, 10/15/2030 | &nbsp;&nbsp; 7580596 |
| 2050000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 5.625%, 9/15/2029 | &nbsp;&nbsp; 2089844 |
| 825000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 6.125%, 6/15/2029 | &nbsp;&nbsp; 847829 |
| 1725000 | Yum! Brands, Inc., Sr. Unsecd. Note, 4.625%, 1/31/2032 | &nbsp;&nbsp; 1692422 |
| 1725000 | Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030 | &nbsp;&nbsp; 1728476 |
|  | TOTAL | &nbsp;&nbsp; 14925864 |
|  | **Retailers—2.5%** |  |
| 2075000 | Academy Ltd., Sr. Secd. Note, 144A, 6.000%, 11/15/2027 | &nbsp;&nbsp; 2083886 |
| 1625000 | Asbury Automotive Group, Inc., Sr. Unsecd. Note, 4.750%, 3/1/2030 | &nbsp;&nbsp; 1607722 |
| 1750000 | Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 11/15/2029 | &nbsp;&nbsp; 1721679 |
| 1925000 | Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2032 | &nbsp;&nbsp; 1871847 |
| 2675000 | BELRON UK Finance PLC, 144A, 5.750%, 10/15/2029 | &nbsp;&nbsp; 2733074 |
| 1625000 | Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.625%, 10/1/2029 | &nbsp;&nbsp; 1542804 |
| 575000 | Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.875%, 10/1/2031 | &nbsp;&nbsp; 532147 |
| 475000 | Group 1 Automotive, Inc., Sr. Unsecd. Note, 144A, 6.375%, 1/15/2030 | &nbsp;&nbsp; 489662 |
| 2375000 | Kontoor Brands, Inc., Sr. Unsecd. Note, 144A, 4.125%, 11/15/2029 | &nbsp;&nbsp; 2272166 |
| 2525000 | LCM Investments Holdings II, LLC, Sr. Unsecd. Note, 144A, 8.250%, 8/1/2031 | &nbsp;&nbsp; 2672204 |
| 2050000 | Lithia Motors, Inc., Sr. Unsecd. Note, 144A, 5.500%, 10/1/2030 | &nbsp;&nbsp; 2065490 |
| 2350000 | Sally Hldgs. LLC/Sally Capital, Inc., Sr. Unsecd. Note, 6.750%, 3/1/2032 | &nbsp;&nbsp; 2456910 |
| 4150000 | William Carter Co., Sr. Unsecd. Note, 144A, 7.375%, 2/15/2031 | &nbsp;&nbsp; 4295881 |
|  | TOTAL | &nbsp;&nbsp; 26345472 |
|  | **Supermarkets—0.9%** |  |
| 4350000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2029 | &nbsp;&nbsp; 4183340 |
| 2225000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.500%, 3/31/2031 | &nbsp;&nbsp; 2251240 |
| 1275000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.750%, 3/31/2034 | &nbsp;&nbsp; 1281751 |
| 475000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.875%, 2/15/2028 | &nbsp;&nbsp; 478440 |
| 225000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 6.250%, 3/15/2033 | &nbsp;&nbsp; 231556 |
| 1250000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 6.500%, 2/15/2028 | &nbsp;&nbsp; 1281370 |
|  | TOTAL | &nbsp;&nbsp; 9707697 |
|  | **Technology—14.0%** |  |
| 3700000 | Amentum Holdings, Inc., Sr. Unsecd. Note, 144A, 7.250%, 8/1/2032 | &nbsp;&nbsp; 3902312 |
| 4050000 | APLD Computeco LLC, Sr. Secd. Note, 144A, 9.250%, 12/15/2030 | &nbsp;&nbsp; 3975785 |
| 7100000 | AthenaHealth Group, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2030 | &nbsp;&nbsp; 7084667 |
| 875000 | CACI International, Inc., Sr. Unsecd. Note, 144A, 6.375%, 6/15/2033 | &nbsp;&nbsp; 906438 |
| 4025000 | Capstone Borrower, Inc., Sr. Secd. Note, 144A, 8.000%, 6/15/2030 | &nbsp;&nbsp; 4149267 |
| 1675000 | Centerfield Media Parent, Sr. Note, 144A, 6.625%, 8/1/2026 | &nbsp;&nbsp; 1615578 |
| 2525000 | Cipher Compute LLC, 144A, 7.125%, 11/15/2030 | &nbsp;&nbsp; 2574826 |
| 5050000 | Clarivate Science Holdings Corp., Sr. Unsecd. Note, 144A, 4.875%, 7/1/2029 | &nbsp;&nbsp; 4779400 |
| 5600000 | Cloud Software Group, Inc., Secured Note, 144A, 9.000%, 9/30/2029 | &nbsp;&nbsp; 5836322 |

---

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**21**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Technology—continued** |  |
| $5025000 | Cloud Software Group, Inc., Sr. Secd. Note, 144A, 6.500%, 3/31/2029 | &nbsp;&nbsp; $5094083 |
| 675000 | Cloud Software Group, Inc., Sr. Secd. Note, 144A, 6.625%, 8/15/2033 | &nbsp;&nbsp; 669382 |
| 2050000 | Cloud Software Group, Inc., Sr. Secd. Note, 144A, 8.250%, 6/30/2032 | &nbsp;&nbsp; 2143460 |
| 3375000 | Coherent Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029 | &nbsp;&nbsp; 3366449 |
| 3500000 | Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.500%, 10/15/2028 | &nbsp;&nbsp; 3530002 |
| 1500000 | CoreWeave, Inc., Sr. Unsecd. Note, 144A, 9.000%, 2/1/2031 | &nbsp;&nbsp; 1376655 |
| 3325000 | CoreWeave, Inc., Sr. Unsecd. Note, 144A, 9.250%, 6/1/2030 | &nbsp;&nbsp; 3094935 |
| 3150000 | Elastic N.V., Sr. Unsecd. Note, 144A, 4.125%, 7/15/2029 | &nbsp;&nbsp; 3058057 |
| 825000 | Ellucian Holdings, Inc., Sr. Secd. Note, 144A, 6.500%, 12/1/2029 | &nbsp;&nbsp; 843275 |
| 875000 | Entegris, Inc., Sr. Secd. Note, 144A, 4.750%, 4/15/2029 | &nbsp;&nbsp; 877780 |
| 1500000 | Entegris, Inc., Sr. Unsecd. Note, 144A, 4.375%, 4/15/2028 | &nbsp;&nbsp; 1495415 |
| 3900000 | Entegris, Inc., Sr. Unsecd. Note, 144A, 5.950%, 6/15/2030 | &nbsp;&nbsp; 3980946 |
| 1250000 | Fair Isaac & Co., Inc., Sr. Unsecd. Note, 144A, 6.000%, 5/15/2033 | &nbsp;&nbsp; 1287915 |
| 2600000 | Fortress Intermediate 3, Inc., Sr. Secd. Note, 144A, 7.500%, 6/1/2031 | &nbsp;&nbsp; 2716194 |
| 3075000 | Gen Digital, Inc., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2033 | &nbsp;&nbsp; 3183981 |
| 4800000 | HealthEquity, Inc., Sr. Unsecd. Note, 144A, 4.500%, 10/1/2029 | &nbsp;&nbsp; 4721495 |
| 1650000 | Insight Enterprises, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/15/2032 | &nbsp;&nbsp; 1697546 |
| 1050000 | Iron Mountain, Inc., 144A, 6.250%, 1/15/2033 | &nbsp;&nbsp; 1059468 |
| 3900000 | Iron Mountain, Inc., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2029 | &nbsp;&nbsp; 4008619 |
| 3300000 | KIOXIA Holdings Corp., Sr. Unsecd. Note, 144A, 6.625%, 7/24/2033 | &nbsp;&nbsp; 3434560 |
| 10175000 | McAfee Corp., Sr. Unsecd. Note, 144A, 7.375%, 2/15/2030 | &nbsp;&nbsp; 8884226 |
| 800000 | NCR Voyix Corp., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2028 | &nbsp;&nbsp; 797674 |
| 1100000 | NCR Voyix Corp., Sr. Unsecd. Note, 144A, 5.125%, 4/15/2029 | &nbsp;&nbsp; 1095592 |
| 1300000 | Open Text, Inc., 144A, 6.900%, 12/1/2027 | &nbsp;&nbsp; 1353391 |
| 3800000 | Open Text, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2028 | &nbsp;&nbsp; 3731536 |
| 1175000 | Rocket Software, Inc., Sr. Secd. Note, 144A, 9.000%, 11/28/2028 | &nbsp;&nbsp; 1212561 |
| 6600000 | Rocket Software, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2029 | &nbsp;&nbsp; 6498741 |
| 2025000 | Science Applications International Corp., Sr. Unsecd. Note, 144A, 4.875%, 4/1/2028 | &nbsp;&nbsp; 2021713 |
| 1450000 | Science Applications International Corp., Sr. Unsecd. Note, 144A, 5.875%, 11/1/2033 | &nbsp;&nbsp; 1470945 |
| 875000 | Seagate Data Storage Technologh Pte. Ltd., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2030 | &nbsp;&nbsp; 903102 |
| 100000 | Seagate Data Storage Technologh Pte. Ltd., Sr. Unsecd. Note, 144A, 8.250%, 12/15/2029 | &nbsp;&nbsp; 106424 |
| 325000 | Seagate Data Storage Technologh Pte. Ltd., Sr. Unsecd. Note, 144A, 8.500%, 7/15/2031 | &nbsp;&nbsp; 345771 |
| 2616000 | Seagate Data Storage Technologh Pte. Ltd., Sr. Unsecd. Note, 144A, 9.625%, 12/1/2032 | &nbsp;&nbsp; 2971335 |
| 2025000 | Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 5.875%, 9/1/2030 | &nbsp;&nbsp; 2057801 |
| 900000 | Sensata Technologies, Inc., Sr. Unsecd. Note, 144A, 6.625%, 7/15/2032 | &nbsp;&nbsp; 943107 |
| 675000 | Shift4 Payments, Inc., Sr. Unsecd. Note, 144A, 6.750%, 8/15/2032 | &nbsp;&nbsp; 697334 |
| 4675000 | SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027 | &nbsp;&nbsp; 4682307 |
| 1450000 | SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 6.500%, 6/1/2032 | &nbsp;&nbsp; 1509789 |
| 2375000 | Synaptics, Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2029 | &nbsp;&nbsp; 2301701 |
| 2650000 | TTM Technologies, Inc., Sr. Unsecd. Note, 144A, 4.000%, 3/1/2029 | &nbsp;&nbsp; 2598263 |
| 6850000 | UKG, Inc., Sr. Secd. Note, 144A, 6.875%, 2/1/2031 | &nbsp;&nbsp; 7047232 |
| 2250000 | Viavi Solutions, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2029 | &nbsp;&nbsp; 2155792 |
| 2775000 | VOLTAGRID LLC, 144A, 7.375%, 11/1/2030 | &nbsp;&nbsp; 2750665 |
| 2825000 | WULF Compute LLC, Secured Note, 144A, 7.750%, 10/15/2030 | &nbsp;&nbsp; 2912599 |
| 700000 | Zebra Technologies Corp., Sr. Unsecd. Note, 144A, 6.500%, 6/1/2032 | &nbsp;&nbsp; 725546 |
|  | TOTAL | &nbsp;&nbsp; 148239959 |
|  | **Transportation Services—0.5%** |  |
| 2225000 | Stena International S.A., Sr. Secd. Note, 144A, 7.250%, 1/15/2031 | &nbsp;&nbsp; 2276923 |
| 2925000 | Watco Cos LLC/Finance Co., Sr. Unsecd. Note, 144A, 7.125%, 8/1/2032 | &nbsp;&nbsp; 3065011 |
|  | TOTAL | &nbsp;&nbsp; 5341934 |

---

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**22**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Utility - Electric—3.1%** |  |
| $400000 | Calpine Corp., Sr. Secd. Note, 144A, 3.750%, 3/1/2031 | &nbsp;&nbsp; $386915 |
| 3550000 | Calpine Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2031 | &nbsp;&nbsp; 3620496 |
| 3500000 | Calpine Corp., Sr. Unsecd. Note, 144A, 5.125%, 3/15/2028 | &nbsp;&nbsp; 3505568 |
| 725000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029 | &nbsp;&nbsp; 694101 |
| 1000000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2031 | &nbsp;&nbsp; 935053 |
| 187000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2032 | &nbsp;&nbsp; 175608 |
| 1350000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029 | &nbsp;&nbsp; 1350141 |
| 250000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 5.750%, 1/15/2034 | &nbsp;&nbsp; 252674 |
| 675000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 6.000%, 2/1/2033 | &nbsp;&nbsp; 689704 |
| 1475000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 6.000%, 1/15/2036 | &nbsp;&nbsp; 1495308 |
| 325000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 6.250%, 11/1/2034 | &nbsp;&nbsp; 334085 |
| 2025000 | TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030 | &nbsp;&nbsp; 1975045 |
| 3400000 | TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028 | &nbsp;&nbsp; 3398698 |
| 1500000 | TransAlta Corp., Sr. Unsecd. Note, 5.875%, 2/1/2034 | &nbsp;&nbsp; 1511235 |
| 2200000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2027 | &nbsp;&nbsp; 2201990 |
| 825000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 6.875%, 4/15/2032 | &nbsp;&nbsp; 869459 |
| 2300000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 7.750%, 10/15/2031 | &nbsp;&nbsp; 2437189 |
| 2300000 | XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 4.500%, 9/15/2027 | &nbsp;&nbsp; 2277638 |
| 2500000 | XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 7.250%, 1/15/2029 | &nbsp;&nbsp; 2562852 |
| 950000 | XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 7.750%, 4/15/2034 | &nbsp;&nbsp; 966214 |
| 225000 | XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 8.375%, 1/15/2031 | &nbsp;&nbsp; 236573 |
| 1125000 | XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 8.625%, 3/15/2033 | &nbsp;&nbsp; 1184287 |
|  | TOTAL | &nbsp;&nbsp; 33060833 |
|  | TOTAL CORPORATE BONDS <br>(IDENTIFIED COST $994,611,877)<br>| &nbsp;&nbsp; 1001599991 |
|  | COMMON STOCKS—0.2% |  |
|  | **Media Entertainment—0.0%** |  |
| 7882<br><sup>2,3</sup> <br>| Audacy Capital Corp. | &nbsp;&nbsp; 136043 |
|  | **Packaging—0.2%** |  |
| 241567<br><sup>2,3</sup> <br>| Yeoman Capital S.A. | &nbsp;&nbsp; 2129172 |
|  | TOTAL COMMON STOCKS <br>(IDENTIFIED COST $15,015,855)<br>| &nbsp;&nbsp; 2265215 |
|  | WARRANTS—0.0% |  |
|  | **Media Entertainment—0.0%** |  |
| 9554<br><sup>2,3</sup> <br>| Audacy Capital Corp., Warrants 9/30/2028 | &nbsp;&nbsp; 95 |
| 1592<br><sup>2,3</sup> <br>| Audacy Capital Corp., Warrants 9/30/2028 | &nbsp;&nbsp; 16 |
|  | TOTAL WARRANTS <br>(IDENTIFIED COST $3,226)<br>| &nbsp;&nbsp; 111 |
|  | INVESTMENT COMPANY—4.1% |  |
| 43054787 | Federated Hermes Government Obligations Fund, Premier Shares, 3.68%<sup>4</sup> <br>(IDENTIFIED COST $43,054,787)<br>| &nbsp;&nbsp; 43054787 |
|  | TOTAL INVESTMENT IN SECURITIES—98.8% <br>(IDENTIFIED COST $1,052,685,745)<sup>5</sup> <br>| &nbsp;&nbsp; 1046920104 |
|  | OTHER ASSETS AND LIABILITIES - NET—1.2%<sup>6</sup> <br>| &nbsp;&nbsp; 12252569 |
|  | NET ASSETS—100% | &nbsp;&nbsp; $1059172673 |

---

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**23**

------

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended December 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Federated Hermes** <br>**Government** <br>**Obligations Fund,** <br>**Premier Shares**<br>|
| Value as of 12/31/2024 | &nbsp;&nbsp; $34129461 |
| Purchases at Cost | &nbsp;&nbsp; $303909298 |
| Proceeds from Sales | &nbsp;&nbsp; $(294983972) |
| Change in Unrealized Appreciation/Depreciation | &nbsp;&nbsp; $— |
| Net Realized Gain/(Loss) | &nbsp;&nbsp; $— |
| Value as of 12/31/2025 | &nbsp;&nbsp; $43054787 |
| Shares Held as of 12/31/2025 | &nbsp;&nbsp; 43054787 |
| Dividend Income | &nbsp;&nbsp; $1259216 |

---

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

---

| | |
|:---|:---|
| 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 <br> by and under the general supervision of the Fund's Adviser acting through its Valuation Committee.<br>|
| 4 | 7-day net yield. |
| 5 | The cost of investments for federal tax purposes amounts to $1,053,229,231. |
| 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 December 31, 2025.

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 December 31, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1001599991 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1001599991 |
| **Equity Securities:** |  |  |  |  |
| Common Stocks |  |  |  |  |
| International | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2129172 | &nbsp;&nbsp; 2129172 |
| Domestic | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 136043 | &nbsp;&nbsp; 136043 |
| **Warrants** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 111 |
| **Investment Company** | &nbsp;&nbsp; 43054787 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43054787 |
| TOTAL SECURITIES | &nbsp;&nbsp; $43054787 | &nbsp;&nbsp; $1001599991 | &nbsp;&nbsp; $2265326 | &nbsp;&nbsp; $1046920104 |

---

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

The following acronym(s) are used throughout this portfolio: <br> GMTN —Global Medium Term Note <br> PIK —Payment in Kind

See Notes which are an integral part of the Financial Statements

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**24**

------

Financial Highlights

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$5.61** | &nbsp;&nbsp; **$5.59** | &nbsp;&nbsp; **$5.22** | &nbsp;&nbsp; **$6.34** | &nbsp;&nbsp; **$6.35** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.35 | 0.33 | 0.34 | 0.33 | 0.33 |
| Net realized and unrealized gain (loss) | 0.14 | 0.05 | 0.39 | &nbsp;&nbsp; (1.08) | 0.01 |
| TOTAL FROM INVESTMENT OPERATIONS | 0.49 | 0.38 | 0.73 | &nbsp;&nbsp; (0.75) | 0.34 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.35) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$5.74** | &nbsp;&nbsp; **$5.61** | &nbsp;&nbsp; **$5.59** | &nbsp;&nbsp; **$5.22** | &nbsp;&nbsp; **$6.34** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp; 8.93% | &nbsp;&nbsp; 6.97% | &nbsp;&nbsp; 14.43% | &nbsp;&nbsp; (11.96)% | &nbsp;&nbsp; 5.42% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.02% |
| Net investment income | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 5.92% | &nbsp;&nbsp; 6.34% | &nbsp;&nbsp; 5.77% | &nbsp;&nbsp; 5.16% |
| Expense waiver/reimbursement | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1059173 | &nbsp;&nbsp; $926201 | &nbsp;&nbsp; $845567 | &nbsp;&nbsp; $745111 | &nbsp;&nbsp; $2494249 |
| Portfolio turnover<sup>4</sup> <br>| &nbsp;&nbsp; 35% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 34% |

---

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

---

| | |
|:---|:---|
| 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 | Securities that mature are considered sales for purposes of this calculation. |

---

See Notes which are an integral part of the Financial Statements

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**25**

------

Statement of Assets and Liabilities

December 31, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in securities, at value including $43,054,787 of investments in affiliated holdings\* (identified cost $1,052,685,745, including <br> $43,054,787 of identified cost in affiliated holdings)<br>| &nbsp;&nbsp; $1046920104 |
| Cash | &nbsp;&nbsp; 302689 |
| Income receivable | &nbsp;&nbsp; 16476910 |
| Income receivable from affiliated holdings | &nbsp;&nbsp; 123492 |
| Total Assets | &nbsp;&nbsp; 1063823195 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp; 178986 |
| Income distribution payable | &nbsp;&nbsp; 4384327 |
| Accrued expenses (Note 5) | &nbsp;&nbsp; 87209 |
| Total Liabilities | &nbsp;&nbsp; 4650522 |
| Net assets for 184,518,438 shares outstanding | &nbsp;&nbsp; $1059172673 |
| **Net Assets Consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $1275916593 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (216743920) |
| Net Assets | &nbsp;&nbsp; $1059172673 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| $1,059,172,673 ÷ 184,518,438 shares outstanding, no par value, unlimited shares authorized | $5.74 |

---

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

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

See Notes which are an integral part of the Financial Statements

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**26**

------

Statement of Operations

Year Ended December 31, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $61543013 |
| Dividends received from affiliated holdings\* | &nbsp;&nbsp; 1259216 |
| TOTAL INCOME | &nbsp;&nbsp; 62802229 |
| **Expenses:** |  |
| Administrative fee (Note 5) | &nbsp;&nbsp; 8131 |
| Custodian fees | &nbsp;&nbsp; 48019 |
| Transfer agent fees | &nbsp;&nbsp; 60349 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp; 7050 |
| Auditing fees | &nbsp;&nbsp; 42275 |
| Legal fees | &nbsp;&nbsp; 13363 |
| Portfolio accounting fees | &nbsp;&nbsp; 146614 |
| Share registration costs | &nbsp;&nbsp; 1260 |
| Printing and postage | &nbsp;&nbsp; 18801 |
| Commitment fee (Note 7) | &nbsp;&nbsp; 10040 |
| Miscellaneous (Note 5) | &nbsp;&nbsp; 16158 |
| TOTAL EXPENSES | &nbsp;&nbsp; 372060 |
| Net investment income | &nbsp;&nbsp; 62430169 |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |
| Net realized loss on investments | &nbsp;&nbsp; (10057860) |
| Net change in unrealized depreciation of investments | &nbsp;&nbsp; 39011173 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; 28953313 |
| Change in net assets resulting from operations | &nbsp;&nbsp; $91383482 |

---

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

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

See Notes which are an integral part of the Financial Statements

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**27**

------

Statement of Changes in Net Assets

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

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

---

| | | |
|:---|:---|:---|
| **Year Ended December 31** | **2025** | **2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $62430169 | &nbsp;&nbsp; $53940378 |
| Net realized gain (loss) | &nbsp;&nbsp; (10057860) | &nbsp;&nbsp; (22585852) |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp; 39011173 | &nbsp;&nbsp; 31704239 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; 91383482 | &nbsp;&nbsp; 63058765 |
| **Distributions to Shareholders** | &nbsp;&nbsp; (63230458) | &nbsp;&nbsp; (58325229) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 261360300 | &nbsp;&nbsp; 135240200 |
| Net asset value of shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 10685061 | &nbsp;&nbsp; 9085405 |
| Cost of shares redeemed | &nbsp;&nbsp; (167226702) | &nbsp;&nbsp; (68425507) |
| CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | &nbsp;&nbsp; 104818659 | &nbsp;&nbsp; 75900098 |
| Change in net assets | &nbsp;&nbsp; 132971683 | &nbsp;&nbsp; 80633634 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 926200990 | &nbsp;&nbsp; 845567356 |
| End of period | &nbsp;&nbsp; $1059172673 | &nbsp;&nbsp; $926200990 |

---

See Notes which are an integral part of the Financial Statements

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**28**

------

Notes to Financial Statements

December 31, 2025

**1. ORGANIZATION** 

Federated Hermes Core 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 four portfolios. The financial statements included herein are only those of High Yield Bond Core Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The investment objective of the Fund is to seek high current income.

The Fund's portfolio consists primarily of lower rated corporate debt obligations. These lower rated debt obligations may be more susceptible to real or perceived adverse economic conditions than investment-grade bonds. These lower rated debt obligations are regarded as predominately speculative with respect to each issuer's continuing ability to make interest and principal payments (i.e., the obligations are subject to the risk of default). Currently, shares of the Fund are being offered for investment only to investment companies, insurance company separate accounts, common or commingled trust funds or similar organizations or parties that are "accredited investors" within the meaning of Regulation D of the Securities Act of 1933, as amended (the "1933 Act").

**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").

■

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-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

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

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**29**

------

the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with 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.

**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/accretion of premium and discount is included in investment income.

**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 December 31, 2025, 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 December 31, 2025, tax years 2022 through 2025 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**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.

**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 1933 Act; 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.

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**30**

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

**3. SHARES OF BENEFICIAL INTEREST** 

The following table summarizes share activity:

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| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**12/31/2025**<br>| **Year Ended** <br>**12/31/2024**<br>|
| Shares sold | &nbsp;&nbsp; 47418548 | &nbsp;&nbsp; 24253646 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 1880296 | &nbsp;&nbsp; 1624973 |
| Shares redeemed | &nbsp;&nbsp; (29813300) | &nbsp;&nbsp; (12230602) |
| NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | &nbsp;&nbsp; 19485544 | &nbsp;&nbsp; 13648017 |

---

**4. FEDERAL TAX INFORMATION** 

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended December 31, 2025 and 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Ordinary income | &nbsp;&nbsp; $63230458 | &nbsp;&nbsp; $58325229 |

---

As of December 31, 2025, the components of distributable earnings on a tax-basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $701756 |
| Net unrealized depreciation | &nbsp;&nbsp; $(6309127) |
| Capital loss carryforwards and deferrals | &nbsp;&nbsp; $(211136549) |
| TOTAL | &nbsp;&nbsp; $(216743920) |

---

At December 31, 2025, the cost of investments for federal tax purposes was $1,053,229,231. The net unrealized depreciation of investments for federal tax purposes was $6,309,127. This consists of unrealized appreciation from investments for those securities having an excess of value over cost of $22,869,561 and unrealized depreciation from investments for those securities having an excess of cost over value of $29,178,688. The difference between book-basis and tax-basis net unrealized depreciation is attributable to differing treatments for wash sales, defaulted securities and discount accretion/premium amortization on debt securities.

As of December 31, 2025, the Fund had a capital loss carryforward of $211,136,549 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** |
| $25999041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $185137508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $211136549 |

---

The Fund used capital loss carryforwards of $1,459,403 to offset capital gains realized during the year ended December 31, 2025.

**5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Investment Adviser Fee** 

The Adviser, subject to the direction of the Trustees, provides investment adviser services at no fee, because all investors in the Fund are other Federated Hermes Funds, insurance company separate accounts, common or commingled trust funds or similar organizations or entities that are "accredited investors" within the meaning of Regulation D of the 1933 Act. The Fund pays operating expenses associated with the operation and maintenance of the Fund (excluding fees and expenses that may be charged by the Adviser and its affiliates). Although not contractually obligated to do so, the Adviser intends to voluntarily reimburse operating expenses (excluding extraordinary expenses and proxy-related expenses paid by the Fund, if any) such that the Fund will only bear such expenses in an amount of up to 0.15% of the Fund's average daily net assets. The Adviser can modify or terminate this voluntary reimbursement at any time at its sole discretion.

**Administrative Fee** 

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. FAS does not charge the Fund a fee but is entitled to certain out-of-pocket expenses.

**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.

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**31**

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**Affiliated Shares of Beneficial Interest** 

As of December 31, 2025, a majority of the shares of beneficial interest outstanding are owned by other affiliated investment companies.

**6. INVESTMENT TRANSACTIONS** 

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the year ended December 31, 2025, were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $428930246 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $338391636 |

---

**7. CREDIT RISK** 

The Fund may place its cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company (FDIC) up to $250,000. The Fund's credit risk in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. The Fund from time to time may have amounts on deposit in excess of the insured limits.

**8. 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, 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 December 31, 2025, the Fund had no outstanding loans. During the year ended December 31, 2025, the Fund did not utilize the LOC.

**9. 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 December 31, 2025, there were no outstanding loans. During the year ended December 31, 2025, the program was not utilized.

**10. 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.

**11. 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.

**12. FEDERAL TAX INFORMATION (UNAUDITED)** 

For the fiscal year ended December 31, 2025, 99.9% of total ordinary income distributions qualified as business interest income for purposes of 163(j) of the Code and the regulations thereunder.

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**32**

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Report of Independent Registered Public Accounting Firm

**TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF HIGH YIELD BOND CORE FUND:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of High Yield Bond Core Fund (the "Fund") (one of the portfolios constituting Federated Hermes Core Trust (the "Trust")), including the portfolio of investments, as of December 31, 2025, 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 (one of the portfolios constituting Federated Hermes Core Trust) at December 31, 2025, 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 in accordance with the relevant ethical requirements relating to our audits.

We conducted our audits in accordance with the auditing standards of the PCAOB and in accordance with the auditing standards generally accepted in the United States of America. 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 December 31, 2025, 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.

![](ernstyoungsig.jpg)

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

Boston, Massachusetts

February 24, 2026

High Yield Bond Core Fund

Annual Financial Statements and Additional Information

**33**

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Evaluation and Approval of Advisory Contract–May 2025

**Federated Hermes High Yield Strategy Portfolio (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.

The Board considered that the Fund is distinctive in that it is used to implement particular investment strategies that are offered to investors in certain separately managed or wrap fee accounts or programs, or certain other discretionary investment accounts, and may also be offered to other funds (each, a "Federated Hermes Fund" and, collectively the "Federated Hermes Funds") advised by the Adviser or its affiliates (collectively, "Federated Hermes").

In addition, the Board considered that the Adviser does not charge an investment advisory fee for its services, although Federated Hermes may receive compensation for managing assets invested in the Fund.

**<u>Information Received and Review Process</u>**

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 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, 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

Annual Financial Statements and Additional Information

**34**

------

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 Federated Hermes Funds.

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.

**<u>Nature, Extent and Quality of Services</u>**

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 benchmark.

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

**35**

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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.

**<u>Fund Investment Performance</u>**

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.

For the one-year, three-year and five-year periods ended December 31, 2024, the Fund underperformed its benchmark. 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.

**<u>Fund Expenses</u>**

The Board considered that the Adviser does not charge an investment advisory fee to this Fund for its services and has agreed to reimburse the Fund's expenses so that total operating expenses are zero. Because the Adviser does not charge the Fund an investment advisory fee and the Fund's total operating expenses will remain at zero due to reimbursement of expenses, the Board noted that it did not consider fee comparisons to other registered funds or other types of clients of Federated Hermes to be relevant to its evaluation.

In the case of the Fund, the Board noted that Federated Hermes does not manage any other types of clients that are comparable to the Fund.

**<u>Profitability</u>**

The Board received and considered profitability information furnished by Federated Hermes. The Board considered that the Adviser does not charge an investment advisory fee to the Fund and noted, therefore, that the Adviser does not profit from providing advisory services to the Fund under the Contract.

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.

**<u>Economies of Scale</u>**

Because of the distinctive nature of the Fund as primarily an internal product with an advisory fee of zero, the Board noted that it did not consider the assessment of whether economies of scale would be realized if the Fund were to grow to a sufficient size to be particularly relevant to its evaluation.

**<u>Other Benefits</u>**

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, although an affiliate of the Adviser charges the Fund an administrative services fee and also the affiliate is entitled to reimbursement for certain out-of-pocket expenses incurred in providing administrative services to the Fund, Federated Hermes reimburses all such fees and expenses to the Fund.

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

Annual Financial Statements and Additional Information

**36**

------

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.

**<u>Conclusions</u>**

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

**37**

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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.

![](fhilogok11p.jpg)

Federated Hermes High Yield Strategy Portfolio

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

Contact us at **FederatedHermes.com/us**

or call 1-800-341-7400.

Federated Securities Corp., Distributor

CUSIP 31421P209

40004 (2/26)© 2026 Federated Hermes, Inc.

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**Annual Financial Statements**

**and Additional Information**

**December 31, 2025**

![](img520539f91.gif)

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

**Ticker** \| FMBPX<br>

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Federated Hermes Mortgage Strategy Portfolio

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A Portfolio of Federated Hermes Managed Pool Series

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

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**CONTENTS** 

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| | |
|:---|:---|
| [Federated Hermes Mortgage Strategy Portfolio](#xx_1feca833-7d27-4f67-b22b-502ff9bf8b27_1) | [1](#xx_1feca833-7d27-4f67-b22b-502ff9bf8b27_1)  |
| [Portfolio of Investments](#xx_1feca833-7d27-4f67-b22b-502ff9bf8b27_1) | [1](#xx_1feca833-7d27-4f67-b22b-502ff9bf8b27_1)  |
| [Financial Highlights](#xx_732ae2c2-689b-4e09-8828-1f93dd432351_1) | [2](#xx_732ae2c2-689b-4e09-8828-1f93dd432351_1)  |
| [Statement of Assets and Liabilities](#xx_f2bd2a36-2f1b-41d4-a527-28229e8fd0d7_1) | [3](#xx_f2bd2a36-2f1b-41d4-a527-28229e8fd0d7_1)  |
| [Statement of Operations](#xx_f2bd2a36-2f1b-41d4-a527-28229e8fd0d7_2) | [4](#xx_f2bd2a36-2f1b-41d4-a527-28229e8fd0d7_2)  |
| [Statement of Changes in Net Assets](#xx_f2bd2a36-2f1b-41d4-a527-28229e8fd0d7_3) | [5](#xx_f2bd2a36-2f1b-41d4-a527-28229e8fd0d7_3)  |
| [Notes to Financial Statements](#xx_91d6eb05-12d0-4b6e-a8ed-d60fe3938dbd_1) | [6](#xx_91d6eb05-12d0-4b6e-a8ed-d60fe3938dbd_1)  |
| [Report of Independent Registered Public Accounting Firm](#xx_b9dc867b-551d-448e-8f3d-24b50eb0f688_1) | [10](#xx_b9dc867b-551d-448e-8f3d-24b50eb0f688_1)  |
| [Mortgage Core Fund](#xx_58354746-690d-4187-a430-1141a77d63ca_1) | [11](#xx_58354746-690d-4187-a430-1141a77d63ca_1)  |
| [Portfolio of Investments](#xx_a1d39060-7be6-43d8-9863-900a2950811b_1) | [12](#xx_a1d39060-7be6-43d8-9863-900a2950811b_1)  |
| [Financial Highlights](#xx_0e8d9d9e-8ef2-47e5-b6b6-e326bc8d5a66_1) | [23](#xx_0e8d9d9e-8ef2-47e5-b6b6-e326bc8d5a66_1)  |
| [Statement of Assets and Liabilities](#xx_7ea95ac5-1d1a-4c17-83f1-dd8499e94ae3_1) | [24](#xx_7ea95ac5-1d1a-4c17-83f1-dd8499e94ae3_1)  |
| [Statement of Operations](#xx_7ea95ac5-1d1a-4c17-83f1-dd8499e94ae3_2) | [25](#xx_7ea95ac5-1d1a-4c17-83f1-dd8499e94ae3_2)  |
| [Statement of Changes in Net Assets](#xx_7ea95ac5-1d1a-4c17-83f1-dd8499e94ae3_3) | [26](#xx_7ea95ac5-1d1a-4c17-83f1-dd8499e94ae3_3)  |
| [Notes to Financial Statements](#xx_f0659a94-ab81-43c5-88b6-fc531aaa01d7_1) | [27](#xx_f0659a94-ab81-43c5-88b6-fc531aaa01d7_1)  |
| [Report of Independent Registered Public Accounting Firm](#xx_f7f43d43-f8ac-49dd-930f-4f69823d7a89_1) | [32](#xx_f7f43d43-f8ac-49dd-930f-4f69823d7a89_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_c7af8700-bc9e-4124-9433-85ee8b219458_1) | [33](#xx_c7af8700-bc9e-4124-9433-85ee8b219458_1) |

---

------

Portfolio of Investments

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares or** <br>**Principal** <br>**Amount**<br>|  | **Value** |
|  | INVESTMENT COMPANY—99.1% |  |
| 124049757<br><sup>1</sup> <br>| Mortgage Core Fund <br>(IDENTIFIED COST $1,012,361,000)<br>| &nbsp;&nbsp; 1051941943 |
|  | REPURCHASE AGREEMENT—1.3% |  |
| $13682000 | Interest in $292,000,000 joint repurchase agreement 3.85%, dated 12/31/2025 under which Bank of America, N.A. will <br> repurchase securities provided as collateral for $292,062,456 on 1/2/2026. The securities provided as collateral at the <br> end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various <br> maturities to 10/1/2050 and the market value of those underlying securities was $297,903,705. <br>(IDENTIFIED COST $13,682,000)<br>| &nbsp;&nbsp; $13682000 |
|  | TOTAL INVESTMENT IN SECURITIES—100.4% <br>(IDENTIFIED COST $1,026,043,000)<sup>2</sup> <br>| &nbsp;&nbsp; 1065623943 |
|  | OTHER ASSETS AND LIABILITIES - NET—(0.4)%<sup>3</sup> <br>| &nbsp;&nbsp; (3997679) |
|  | NET ASSETS—100% | &nbsp;&nbsp; $1061626264 |

---

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended December 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Mortgage** <br>**Core Fund**<br>|
| Value as of 12/31/2024 | &nbsp;&nbsp; $1423707941 |
| Purchases at Cost | &nbsp;&nbsp; $191931585 |
| Proceeds from Sales | &nbsp;&nbsp; $(606000000) |
| Change in Unrealized Appreciation/Depreciation | &nbsp;&nbsp; $78599378 |
| Net Realized Gain/(Loss) | &nbsp;&nbsp; $(36296961) |
| Value as of 12/31/2025 | &nbsp;&nbsp; $1051941943 |
| Shares Held as of 12/31/2025 | &nbsp;&nbsp; 124049757 |
| Dividend Income | &nbsp;&nbsp; $54487461 |

---

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

---

| | |
|:---|:---|
| 1 | Due to this affiliated holding representing greater than 75% of the Fund's net assets, a copy of the affiliated holding's most recent Annual Financial Statements <br> and Notes to Financial Statements are included with this Report.<br>|
| 2 | The cost of investments for federal tax purposes amounts to $1,041,323,156. |
| 3 | 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 December 31, 2025.

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 December 31, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Investment Company** | &nbsp;&nbsp; $1051941943 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1051941943 |
| **Repurchase Agreement** | &nbsp;&nbsp; — | &nbsp;&nbsp; 13682000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13682000 |
| TOTAL SECURITIES | &nbsp;&nbsp; $1051941943 | &nbsp;&nbsp; $13682000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1065623943 |

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**1**

------

Financial Highlights

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$8.26** | &nbsp;&nbsp; **$8.53** | &nbsp;&nbsp; **$8.46** | &nbsp;&nbsp; **$9.85** | &nbsp;&nbsp; **$10.18** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.41 | 0.39 | 0.36 | 0.27 | 0.22 |
| Net realized and unrealized gain (loss) | 0.30 | &nbsp;&nbsp; (0.27) | 0.06 | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; (0.32) |
| TOTAL FROM INVESTMENT OPERATIONS | 0.71 | 0.12 | 0.42 | &nbsp;&nbsp; (1.13) | &nbsp;&nbsp; (0.10) |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.22) |
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) |
| TOTAL DISTRIBUTIONS | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.23) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$8.56** | &nbsp;&nbsp; **$8.26** | &nbsp;&nbsp; **$8.53** | &nbsp;&nbsp; **$8.46** | &nbsp;&nbsp; **$9.85** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp; 8.80% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 5.18% | &nbsp;&nbsp; (11.54)% | &nbsp;&nbsp; (0.94)% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% |
| Net investment income | &nbsp;&nbsp; 4.88% | &nbsp;&nbsp; 4.63% | &nbsp;&nbsp; 4.31% | &nbsp;&nbsp; 3.01% | &nbsp;&nbsp; 2.21% |
| Expense waiver/reimbursement<sup>4</sup> <br>| &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.21% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1061626 | &nbsp;&nbsp; $1424592 | &nbsp;&nbsp; $907240 | &nbsp;&nbsp; $295407 | &nbsp;&nbsp; $171828 |
| Portfolio turnover<sup>5</sup> <br>| &nbsp;&nbsp; 17% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 14% |

---

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

---

| | |
|:---|:---|
| 1 | Per share numbers have been calculated using the average shares method. |
| 2 | Based on net asset value. |
| 3 | The Adviser has contractually agreed to reimburse all expenses, excluding extraordinary expenses, incurred by the Fund. Amount does not reflect net expenses <br> incurred by investment companies in which the Fund may invest.<br>|
| 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/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|
| 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

**2**

------

Statement of Assets and Liabilities

December 31, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in securities, at value including $1,051,941,943 of investments in affiliated holdings\* (identified cost $1,026,043,000, including <br> $1,012,361,000 of identified cost in affiliated holdings)<br>| &nbsp;&nbsp; $1065623943 |
| Cash | &nbsp;&nbsp; 627 |
| Income receivable | &nbsp;&nbsp; 1464 |
| Income receivable from affiliated holdings | &nbsp;&nbsp; 4191556 |
| Receivable for shares sold | &nbsp;&nbsp; 334108 |
| Total Assets | &nbsp;&nbsp; 1070151698 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp; 4191557 |
| Payable for shares redeemed | &nbsp;&nbsp; 146380 |
| Income distribution payable | &nbsp;&nbsp; 4064907 |
| Payable to adviser (Note 5) | &nbsp;&nbsp; 3356 |
| Payable for administrative fee (Note 5) | &nbsp;&nbsp; 2247 |
| Accrued expenses (Note 5) | &nbsp;&nbsp; 116987 |
| Total Liabilities | &nbsp;&nbsp; 8525434 |
| Net assets for 124,029,863 shares outstanding | &nbsp;&nbsp; $1061626264 |
| **Net Assets Consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $1069930001 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (8303737) |
| Net Assets | &nbsp;&nbsp; $1061626264 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| $1,061,626,264 ÷ 124,029,863 shares outstanding, no par value, unlimited shares authorized | $8.56 |

---

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

\* 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

**3**

------

Statement of Operations

Year Ended December 31, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends received from affiliated holdings\* | &nbsp;&nbsp; $54487461 |
| Interest | &nbsp;&nbsp; 215535 |
| TOTAL INCOME | &nbsp;&nbsp; 54702996 |
| **Expenses:** |  |
| Administrative fee (Note 5) | &nbsp;&nbsp; 867694 |
| Custodian fees | &nbsp;&nbsp; 33184 |
| Transfer agent fees | &nbsp;&nbsp; 71616 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp; 8137 |
| Auditing fees | &nbsp;&nbsp; 33905 |
| Legal fees | &nbsp;&nbsp; 13354 |
| Portfolio accounting fees | &nbsp;&nbsp; 138247 |
| Share registration costs | &nbsp;&nbsp; 116087 |
| Printing and postage | &nbsp;&nbsp; 24107 |
| Miscellaneous (Note 5) | &nbsp;&nbsp; 27454 |
| TOTAL EXPENSES | &nbsp;&nbsp; 1333785 |
| Reimbursement of other operating expenses (Note 5) | &nbsp;&nbsp; (1333785) |
| Net expenses | &nbsp;&nbsp; — |
| Net investment income | &nbsp;&nbsp; 54702996 |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |
| Net realized loss on investments in affiliated holdings\* | &nbsp;&nbsp; (36296961) |
| Net change in unrealized depreciation of investments in affiliated holdings\* | &nbsp;&nbsp; 78599378 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; 42302417 |
| Change in net assets resulting from operations | &nbsp;&nbsp; $97005413 |

---

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

\* 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

**4**

------

Statement of Changes in Net Assets

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

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

---

| | | |
|:---|:---|:---|
| **Year Ended December 31** | **2025** | **2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $54702996 | &nbsp;&nbsp; $51157461 |
| Net realized gain (loss) | &nbsp;&nbsp; (36296961) | &nbsp;&nbsp; (5934673) |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp; 78599378 | &nbsp;&nbsp; (33626671) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; 97005413 | &nbsp;&nbsp; 11596117 |
| **Distributions to Shareholders** | &nbsp;&nbsp; (54705775) | &nbsp;&nbsp; (51149947) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 345187000 | &nbsp;&nbsp; 765025305 |
| Net asset value of shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 1534114 | &nbsp;&nbsp; 1084529 |
| Cost of shares redeemed | &nbsp;&nbsp; (751986098) | &nbsp;&nbsp; (209204046) |
| CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | &nbsp;&nbsp; (405264984) | &nbsp;&nbsp; 556905788 |
| Change in net assets | &nbsp;&nbsp; (362965346) | &nbsp;&nbsp; 517351958 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1424591610 | &nbsp;&nbsp; 907239652 |
| End of period | &nbsp;&nbsp; $1061626264 | &nbsp;&nbsp; $1424591610 |

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**5**

------

Notes to Financial Statements

December 31, 2025

**1. ORGANIZATION** 

Federated Hermes Managed Pool Series (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 five portfolios. The financial statements included herein are only those of Federated Hermes Mortgage Strategy Portfolio (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The investment objective of the Fund is to provide total return by investing primarily in a mortgage-backed securities mutual fund and individual mortgage-backed securities, including collateralized mortgage obligations.

**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:

■

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.

■

Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the "Adviser").

■

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 Procedures** 

Pursuant to Rule 2a-5 under the Act, the Fund's Board of Trustees (the "Trustees") has designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

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 the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

Annual Financial Statements and Additional Information

**6**

------

**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.

Repurchase agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreement reducing the net settlement amount to zero.

**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. 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/accretion of premium and discount is included in investment income. The detail of the total fund expense reimbursement of $1,333,785 is disclosed in Note 5.

**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 December 31, 2025, 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 December 31, 2025, tax years 2022 through 2025 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**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.

**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.

**3. SHARES OF BENEFICIAL INTEREST** 

The following table summarizes share activity:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**12/31/2025**<br>| **Year Ended** <br>**12/31/2024**<br>|
| Shares sold | &nbsp;&nbsp; 41149334 | &nbsp;&nbsp; 91016308 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 181748 | &nbsp;&nbsp; 129832 |
| Shares redeemed | &nbsp;&nbsp; (89802699) | &nbsp;&nbsp; (25012432) |
| NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | &nbsp;&nbsp; (48471617) | &nbsp;&nbsp; 66133708 |

---

Annual Financial Statements and Additional Information

**7**

------

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

**4. FEDERAL TAX INFORMATION** 

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended December 31, 2025 and 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Ordinary income | &nbsp;&nbsp; $54705775 | &nbsp;&nbsp; $51149947 |

---

As of December 31, 2025, the components of distributable earnings on a tax-basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $6888 |
| Net unrealized appreciation | &nbsp;&nbsp; $24300787 |
| Capital loss carryforwards | &nbsp;&nbsp; $(32611412) |
| TOTAL | &nbsp;&nbsp; $(8303737) |

---

At December 31, 2025, the cost of investments for federal tax purposes was $1,041,323,156. The net unrealized appreciation of investments for federal tax purposes was $24,300,787. This consists entirely of unrealized appreciation from investments for those securities having an excess of value over cost of $24,300,787. The difference between book-basis and tax-basis net unrealized appreciation is attributable to differing treatments for the deferral of losses on wash sales.

As of December 31, 2025, the Fund had a capital loss carryforward of $32,611,412 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** |
| $3633409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28978003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32611412 |

---

**5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Investment Adviser Fee** 

The Adviser provides investment adviser services at no fee because all eligible investors are: (1) in separately managed or wrap fee programs, who often pay a single aggregate fee to the wrap program sponsor for all costs and expenses of the wrap fee programs; or (2) in certain other separately managed accounts and discretionary investment accounts. The Adviser has contractually agreed to reimburse all expenses of the Fund, excluding extraordinary expenses. Acquired fund fees and expenses are not direct obligations of the Fund and are not contractual reimbursements under the investment advisory contract. For the year ended December 31, 2025, the Adviser reimbursed $1,333,785 of other operating expenses.

**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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets** <br>**of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

---

For the year ended December 31, 2025, the annualized fee paid to FAS was 0.077% of average daily net assets of the Fund. For the year ended December 31, 2025, the Fund's Adviser reimbursed the Fund for any fee paid to FAS.

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

**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.

**Transactions with Affiliated Investment Companies** 

The Fund invests in the Mortgage Core Fund ("Mortgage Core"), a portfolio of Federated Hermes Core Trust ("Core Trust"), which is managed by the Adviser. Core Trust is an open-end management investment company, registered under the Act, available only to registered investment companies and other institutional investors. The investment objective of Mortgage Core is to provide total return. Federated Hermes, Inc. ("Federated Hermes") receives no advisory or administrative fees from Mortgage Core. Income distributions from Mortgage Core are declared daily and paid monthly. All income distributions are recorded by the Fund as dividend income. Capital

Annual Financial Statements and Additional Information

**8**

------

gain distributions of Mortgage Core, if any, are declared and paid at least annually, and are recorded by the Fund as capital gains received. At December 31, 2025, Mortgage Core represents 99.1% of the Fund's net assets. Therefore, the performance of the Fund is directly affected by the performance of Mortgage Core. To illustrate the security holdings, financial condition, results of operations and changes in net assets of Mortgage Core, its financial statements are included within this report. The financial statements of Mortgage Core should be read in conjunction with the Fund's financial statements. The valuation of securities held by Mortgage Core is discussed in the notes to its financial statements.

**6. INVESTMENT TRANSACTIONS** 

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the year ended December 31, 2025, were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $191931585 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $606000000 |

---

**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, 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 December 31, 2025, the Fund had no outstanding loans. During the year ended December 31, 2025, 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 December 31, 2025, there were no outstanding loans. During the year ended December 31, 2025, 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 year ended December 31, 2025, 100% of total ordinary income distributions qualified as business interest income for purposes of 163(j) and the regulations thereunder. Complete information is reported in conjunction with the reporting of your distributions on Form 1099-DIV.

Annual Financial Statements and Additional Information

**9**

------

Report of Independent Registered Public Accounting Firm

**TO THE SHAREHOLDERS AND THE BOARD OF TRUSTEES OF FEDERATED HERMES MORTGAGE STRATEGY PORTFOLIO:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Federated Hermes Mortgage Strategy Portfolio (the "Fund") (one of the portfolios constituting Federated Hermes Managed Pool Series (the "Trust")), including the portfolio of investments, as of December 31, 2025, 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 (one of the portfolios constituting Federated Hermes Managed Pool Series) at December 31, 2025, 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 December 31, 2025, 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.

![](ernstyoungsig.jpg)

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

Boston, Massachusetts

February 24, 2026

Annual Financial Statements and Additional Information

**10**

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Mortgage Core Fund

**Financial Statements and Notes to Financial Statements**

Federated Hermes Mortgage Strategy Portfolio invests primarily in Mortgage Core Fund. Therefore, the Mortgage Core Fund financial statements and notes to financial statements are included on pages 12 through 32.

Mortgage Core Fund

Annual Financial Statements and Additional Information

**11**

------

Portfolio of Investments

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>**or Shares**<br>|  | **Value** |
|  | MORTGAGE-BACKED SECURITIES—96.0% |  |
|  | **Federal Home Loan Mortgage Corporation—26.3%** |  |
| $10624992 | 2.000%, 5/1/2036 | &nbsp;&nbsp; $9872114 |
| 25768091 | 2.000%, 11/1/2036 | &nbsp;&nbsp; 23966345 |
| 40771586 | 2.000%, 5/1/2050 | &nbsp;&nbsp; 33308600 |
| 6305570 | 2.000%, 8/1/2050 | &nbsp;&nbsp; 5149404 |
| 6828263 | 2.000%, 8/1/2050 | &nbsp;&nbsp; 5612533 |
| 4085802 | 2.000%, 12/1/2050 | &nbsp;&nbsp; 3304724 |
| 19756082 | 2.000%, 12/1/2050 | &nbsp;&nbsp; 16115159 |
| 19809427 | 2.000%, 1/1/2051 | &nbsp;&nbsp; 16158673 |
| 58170019 | 2.000%, 3/1/2051 | &nbsp;&nbsp; 47504179 |
| 35225729 | 2.000%, 4/1/2051 | &nbsp;&nbsp; 28733846 |
| 18562866 | 2.000%, 5/1/2051 | &nbsp;&nbsp; 15130244 |
| 41202773 | 2.000%, 1/1/2052 | &nbsp;&nbsp; 33995633 |
| 19575168 | 2.000%, 1/1/2052 | &nbsp;&nbsp; 15900296 |
| 30646168 | 2.500%, 12/1/2035 | &nbsp;&nbsp; 29210147 |
| 16257588 | 2.500%, 5/1/2050 | &nbsp;&nbsp; 13800996 |
| 6274536 | 2.500%, 8/1/2050 | &nbsp;&nbsp; 5422505 |
| 5527293 | 2.500%, 9/1/2050 | &nbsp;&nbsp; 4743913 |
| 36149882 | 2.500%, 11/1/2051 | &nbsp;&nbsp; 31184540 |
| 37750108 | 2.500%, 12/1/2051 | &nbsp;&nbsp; 32317234 |
| 29094979 | 2.500%, 12/1/2051 | &nbsp;&nbsp; 24707695 |
| 58057008 | 2.500%, 1/1/2052 | &nbsp;&nbsp; 49991915 |
| 11423883 | 2.500%, 3/1/2052 | &nbsp;&nbsp; 9869043 |
| 8696786 | 2.500%, 4/1/2052 | &nbsp;&nbsp; 7445172 |
| 15053029 | 2.500%, 4/1/2052 | &nbsp;&nbsp; 12881941 |
| 20916178 | 2.500%, 5/1/2052 | &nbsp;&nbsp; 18017106 |
| 9065208 | 2.500%, 5/1/2052 | &nbsp;&nbsp; 7760572 |
| 30583435 | 2.500%, 5/1/2052 | &nbsp;&nbsp; 26019491 |
| 481098 | 3.000%, 5/1/2046 | &nbsp;&nbsp; 439187 |
| 9932325 | 3.000%, 10/1/2050 | &nbsp;&nbsp; 8797037 |
| 8714100 | 3.000%, 11/1/2050 | &nbsp;&nbsp; 7718058 |
| 6522210 | 3.000%, 11/1/2051 | &nbsp;&nbsp; 5852120 |
| 22512114 | 3.000%, 1/1/2052 | &nbsp;&nbsp; 20023348 |
| 23927311 | 3.000%, 2/1/2052 | &nbsp;&nbsp; 21192364 |
| 32622230 | 3.000%, 6/1/2052 | &nbsp;&nbsp; 29117712 |
| 20666117 | 3.000%, 8/1/2052 | &nbsp;&nbsp; 18504136 |
| 16863447 | 3.000%, 9/1/2052 | &nbsp;&nbsp; 14999155 |
| 3752 | 3.500%, 6/1/2026 | &nbsp;&nbsp; 3740 |
| 4928 | 3.500%, 7/1/2026 | &nbsp;&nbsp; 4910 |
| 21970319 | 3.500%, 12/1/2047 | &nbsp;&nbsp; 20649147 |
| 6303829 | 3.500%, 5/1/2051 | &nbsp;&nbsp; 5838074 |
| 2951660 | 3.500%, 3/1/2052 | &nbsp;&nbsp; 2770474 |
| 61624772 | 3.500%, 5/1/2052 | &nbsp;&nbsp; 57071663 |
| 2044 | 4.000%, 5/1/2026 | &nbsp;&nbsp; 2038 |
| 27034 | 4.000%, 5/1/2026 | &nbsp;&nbsp; 26967 |
| 493675 | 4.000%, 12/1/2040 | &nbsp;&nbsp; 484253 |
| 7991787 | 4.000%, 4/1/2052 | &nbsp;&nbsp; 7689668 |
| 3235195 | 4.000%, 4/1/2052 | &nbsp;&nbsp; 3114915 |

---

Mortgage Core Fund

Annual Financial Statements and Additional Information

**12**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | MORTGAGE-BACKED SECURITIES—continued |  |
|  | **Federal Home Loan Mortgage Corporation—continued** |  |
| $19485892 | 4.000%, 7/1/2052 | &nbsp;&nbsp; $18615288 |
| 1443914 | 4.000%, 7/1/2052 | &nbsp;&nbsp; 1384365 |
| 59232160 | 4.000%, 9/1/2052 | &nbsp;&nbsp; 56493194 |
| 12456699 | 4.000%, 10/1/2052 | &nbsp;&nbsp; 11911829 |
| 47076676 | 4.000%, 10/1/2052 | &nbsp;&nbsp; 44958640 |
| 22267493 | 4.500%, 10/1/2037 | &nbsp;&nbsp; 22364978 |
| 7543334 | 4.500%, 5/1/2052 | &nbsp;&nbsp; 7449121 |
| 8052407 | 4.500%, 9/1/2052 | &nbsp;&nbsp; 7924911 |
| 5237004 | 4.500%, 10/1/2052 | &nbsp;&nbsp; 5154085 |
| 1573719 | 4.500%, 11/1/2052 | &nbsp;&nbsp; 1548802 |
| 16170301 | 4.500%, 12/1/2052 | &nbsp;&nbsp; 15863740 |
| 12505416 | 4.500%, 3/1/2053 | &nbsp;&nbsp; 12264427 |
| 465644 | 5.000%, 1/1/2034 | &nbsp;&nbsp; 473734 |
| 134751 | 5.000%, 5/1/2034 | &nbsp;&nbsp; 137047 |
| 606 | 5.000%, 11/1/2035 | &nbsp;&nbsp; 617 |
| 195986 | 5.000%, 4/1/2036 | &nbsp;&nbsp; 199745 |
| 285 | 5.000%, 4/1/2036 | &nbsp;&nbsp; 291 |
| 1525 | 5.000%, 4/1/2036 | &nbsp;&nbsp; 1553 |
| 50071 | 5.000%, 4/1/2036 | &nbsp;&nbsp; 51035 |
| 60480 | 5.000%, 5/1/2036 | &nbsp;&nbsp; 61627 |
| 33375 | 5.000%, 6/1/2036 | &nbsp;&nbsp; 34017 |
| 58660 | 5.000%, 6/1/2036 | &nbsp;&nbsp; 59769 |
| 199296 | 5.000%, 12/1/2037 | &nbsp;&nbsp; 203053 |
| 30741 | 5.000%, 5/1/2038 | &nbsp;&nbsp; 31322 |
| 21184 | 5.000%, 6/1/2038 | &nbsp;&nbsp; 21593 |
| 36778 | 5.000%, 9/1/2038 | &nbsp;&nbsp; 37491 |
| 33770 | 5.000%, 2/1/2039 | &nbsp;&nbsp; 34427 |
| 32006 | 5.000%, 6/1/2039 | &nbsp;&nbsp; 32630 |
| 92923 | 5.000%, 2/1/2040 | &nbsp;&nbsp; 94753 |
| 162439 | 5.000%, 8/1/2040 | &nbsp;&nbsp; 165652 |
| 28894375 | 5.000%, 10/1/2052 | &nbsp;&nbsp; 29040546 |
| 14458632 | 5.000%, 10/1/2054 | &nbsp;&nbsp; 14488852 |
| 14054332 | 5.000%, 10/1/2054 | &nbsp;&nbsp; 14039051 |
| 13310904 | 5.000%, 10/1/2054 | &nbsp;&nbsp; 13299115 |
| 26347607 | 5.000%, 11/1/2054 | &nbsp;&nbsp; 26394442 |
| 389796 | 5.500%, 5/1/2034 | &nbsp;&nbsp; 403061 |
| 18226 | 5.500%, 3/1/2036 | &nbsp;&nbsp; 18893 |
| 26215 | 5.500%, 3/1/2036 | &nbsp;&nbsp; 27201 |
| 9446 | 5.500%, 3/1/2036 | &nbsp;&nbsp; 9794 |
| 53205 | 5.500%, 3/1/2036 | &nbsp;&nbsp; 55095 |
| 134705 | 5.500%, 6/1/2036 | &nbsp;&nbsp; 139625 |
| 67105 | 5.500%, 6/1/2036 | &nbsp;&nbsp; 69674 |
| 19747 | 5.500%, 6/1/2036 | &nbsp;&nbsp; 20498 |
| 51845 | 5.500%, 9/1/2037 | &nbsp;&nbsp; 53830 |
| 103067 | 5.500%, 9/1/2037 | &nbsp;&nbsp; 106867 |
| 66188 | 5.500%, 12/1/2037 | &nbsp;&nbsp; 68743 |
| 8030 | 5.500%, 3/1/2038 | &nbsp;&nbsp; 8334 |
| 7177674 | 5.500%, 5/1/2038 | &nbsp;&nbsp; 7388583 |
| 3792841 | 5.500%, 9/1/2052 | &nbsp;&nbsp; 3902646 |
| 22715082 | 5.500%, 12/1/2052 | &nbsp;&nbsp; 23195236 |

---

Mortgage Core Fund

Annual Financial Statements and Additional Information

**13**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | MORTGAGE-BACKED SECURITIES—continued |  |
|  | **Federal Home Loan Mortgage Corporation—continued** |  |
| $18901043 | 5.500%, 3/1/2053 | &nbsp;&nbsp; $19253322 |
| 12390767 | 5.500%, 9/1/2053 | &nbsp;&nbsp; 12606219 |
| 34821153 | 5.500%, 12/1/2055 | &nbsp;&nbsp; 35342294 |
| 7902 | 6.000%, 2/1/2032 | &nbsp;&nbsp; 8186 |
| 8969 | 6.000%, 5/1/2036 | &nbsp;&nbsp; 9414 |
| 16811 | 6.000%, 8/1/2037 | &nbsp;&nbsp; 17746 |
| 132711 | 6.000%, 9/1/2037 | &nbsp;&nbsp; 139977 |
| 17214082 | 6.000%, 11/1/2053 | &nbsp;&nbsp; 17703862 |
| 27016285 | 6.000%, 1/1/2055 | &nbsp;&nbsp; 27749752 |
| 1135 | 6.500%, 6/1/2029 | &nbsp;&nbsp; 1179 |
| 839 | 6.500%, 7/1/2029 | &nbsp;&nbsp; 871 |
| 83702 | 6.500%, 11/1/2036 | &nbsp;&nbsp; 89128 |
| 914 | 6.500%, 4/1/2038 | &nbsp;&nbsp; 975 |
| 845 | 6.500%, 4/1/2038 | &nbsp;&nbsp; 902 |
| 20069946 | 6.500%, 10/1/2053 | &nbsp;&nbsp; 20882274 |
| 16156802 | 6.500%, 11/1/2053 | &nbsp;&nbsp; 16789288 |
| 4151 | 7.000%, 4/1/2032 | &nbsp;&nbsp; 4363 |
| 78772 | 7.000%, 4/1/2032 | &nbsp;&nbsp; 83428 |
| 6377 | 7.000%, 9/1/2037 | &nbsp;&nbsp; 6910 |
| 4907 | 7.500%, 10/1/2029 | &nbsp;&nbsp; 5110 |
| 2986 | 7.500%, 11/1/2029 | &nbsp;&nbsp; 3115 |
| 7446 | 7.500%, 5/1/2031 | &nbsp;&nbsp; 7893 |
| 743 | 8.000%, 3/1/2030 | &nbsp;&nbsp; 775 |
| 12870 | 8.000%, 1/1/2031 | &nbsp;&nbsp; 13342 |
| 18096 | 8.000%, 2/1/2031 | &nbsp;&nbsp; 19126 |
|  | TOTAL | &nbsp;&nbsp; 1243466259 |
|  | **Federal National Mortgage Association—44.9%** |  |
| 21485474 | 2.000%, 8/1/2035 | &nbsp;&nbsp; 20137602 |
| 3889882 | 2.000%, 4/1/2036 | &nbsp;&nbsp; 3617895 |
| 19316581 | 2.000%, 1/1/2037 | &nbsp;&nbsp; 17941789 |
| 7321282 | 2.000%, 2/1/2037 | &nbsp;&nbsp; 6800214 |
| 37417809 | 2.000%, 3/1/2037 | &nbsp;&nbsp; 34626100 |
| 16369816 | 2.000%, 5/1/2050 | &nbsp;&nbsp; 13373422 |
| 36510132 | 2.000%, 7/1/2050 | &nbsp;&nbsp; 29827179 |
| 31477109 | 2.000%, 11/1/2050 | &nbsp;&nbsp; 25705583 |
| 272157894 | 2.000%, 5/1/2051 | &nbsp;&nbsp; 222000881 |
| 19484393 | 2.000%, 10/1/2051 | &nbsp;&nbsp; 15917896 |
| 26749487 | 2.000%, 10/1/2051 | &nbsp;&nbsp; 21727771 |
| 9451815 | 2.000%, 12/1/2051 | &nbsp;&nbsp; 7766025 |
| 4961005 | 2.000%, 12/1/2051 | &nbsp;&nbsp; 4093232 |
| 25483087 | 2.000%, 12/1/2051 | &nbsp;&nbsp; 20699114 |
| 6215675 | 2.000%, 1/1/2052 | &nbsp;&nbsp; 5089589 |
| 34224162 | 2.000%, 1/1/2052 | &nbsp;&nbsp; 27916861 |
| 99327988 | 2.000%, 2/1/2052 | &nbsp;&nbsp; 81270776 |
| 21318779 | 2.000%, 2/1/2052 | &nbsp;&nbsp; 17376536 |
| 29189796 | 2.000%, 2/1/2052 | &nbsp;&nbsp; 23974490 |
| 16555951 | 2.000%, 3/1/2052 | &nbsp;&nbsp; 13587571 |
| 12442914 | 2.000%, 3/1/2052 | &nbsp;&nbsp; 10246972 |
| 10260598 | 2.000%, 3/1/2052 | &nbsp;&nbsp; 8459414 |
| 15239250 | 2.000%, 3/1/2052 | &nbsp;&nbsp; 12337887 |

---

Mortgage Core Fund

Annual Financial Statements and Additional Information

**14**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | MORTGAGE-BACKED SECURITIES—continued |  |
|  | **Federal National Mortgage Association—continued** |  |
| $87628737 | 2.000%, 3/1/2052 | &nbsp;&nbsp; $71424536 |
| 26333910 | 2.500%, 9/1/2036 | &nbsp;&nbsp; 24976513 |
| 1575491 | 2.500%, 12/1/2036 | &nbsp;&nbsp; 1501174 |
| 23268907 | 2.500%, 12/1/2036 | &nbsp;&nbsp; 22084041 |
| 2755236 | 2.500%, 5/1/2037 | &nbsp;&nbsp; 2619243 |
| 6870925 | 2.500%, 6/1/2050 | &nbsp;&nbsp; 5937909 |
| 2624472 | 2.500%, 7/1/2050 | &nbsp;&nbsp; 2254968 |
| 12577121 | 2.500%, 9/1/2050 | &nbsp;&nbsp; 10794574 |
| 28448770 | 2.500%, 9/1/2050 | &nbsp;&nbsp; 24292283 |
| 29660655 | 2.500%, 10/1/2050 | &nbsp;&nbsp; 25150995 |
| 11295958 | 2.500%, 11/1/2050 | &nbsp;&nbsp; 9578501 |
| 23560017 | 2.500%, 11/1/2050 | &nbsp;&nbsp; 19963185 |
| 12556006 | 2.500%, 12/1/2050 | &nbsp;&nbsp; 10639121 |
| 18279988 | 2.500%, 2/1/2051 | &nbsp;&nbsp; 15494953 |
| 33390972 | 2.500%, 9/1/2051 | &nbsp;&nbsp; 28595885 |
| 63041560 | 2.500%, 10/1/2051 | &nbsp;&nbsp; 53988521 |
| 54914053 | 2.500%, 10/1/2051 | &nbsp;&nbsp; 47045319 |
| 18265831 | 2.500%, 10/1/2051 | &nbsp;&nbsp; 15455270 |
| 11157591 | 2.500%, 10/1/2051 | &nbsp;&nbsp; 9471094 |
| 28718392 | 2.500%, 11/1/2051 | &nbsp;&nbsp; 24289174 |
| 44158502 | 2.500%, 12/1/2051 | &nbsp;&nbsp; 37416965 |
| 6610507 | 2.500%, 1/1/2052 | &nbsp;&nbsp; 5655012 |
| 15007697 | 2.500%, 1/1/2052 | &nbsp;&nbsp; 12805628 |
| 19342212 | 2.500%, 1/1/2052 | &nbsp;&nbsp; 16649210 |
| 4435769 | 2.500%, 2/1/2052 | &nbsp;&nbsp; 3811249 |
| 2132249 | 2.500%, 2/1/2052 | &nbsp;&nbsp; 1812056 |
| 32664741 | 2.500%, 3/1/2052 | &nbsp;&nbsp; 27677919 |
| 53410810 | 2.500%, 4/1/2052 | &nbsp;&nbsp; 45957769 |
| 1948382 | 2.500%, 5/1/2052 | &nbsp;&nbsp; 1655190 |
| 25733818 | 2.500%, 5/1/2052 | &nbsp;&nbsp; 22038331 |
| 548031 | 3.000%, 2/1/2032 | &nbsp;&nbsp; 536630 |
| 10054970 | 3.000%, 1/1/2051 | &nbsp;&nbsp; 8905664 |
| 102112017 | 3.000%, 5/1/2051 | &nbsp;&nbsp; 90440379 |
| 28403070 | 3.000%, 7/1/2051 | &nbsp;&nbsp; 25156534 |
| 27767807 | 3.000%, 12/1/2051 | &nbsp;&nbsp; 24810819 |
| 9183127 | 3.000%, 2/1/2052 | &nbsp;&nbsp; 8126587 |
| 21406999 | 3.000%, 4/1/2052 | &nbsp;&nbsp; 19120682 |
| 4078089 | 3.000%, 5/1/2052 | &nbsp;&nbsp; 3618326 |
| 22664618 | 3.000%, 6/1/2052 | &nbsp;&nbsp; 20314811 |
| 41804790 | 3.000%, 6/1/2052 | &nbsp;&nbsp; 37366070 |
| 16501161 | 3.000%, 6/1/2052 | &nbsp;&nbsp; 14610915 |
| 55654604 | 3.000%, 6/1/2052 | &nbsp;&nbsp; 49745348 |
| 8726048 | 3.000%, 6/1/2052 | &nbsp;&nbsp; 7742275 |
| 20664934 | 3.000%, 12/1/2052 | &nbsp;&nbsp; 18302884 |
| 10969119 | 3.000%, 6/1/2053 | &nbsp;&nbsp; 9701612 |
| 727 | 3.500%, 1/1/2026 | &nbsp;&nbsp; 725 |
| 6831785 | 3.500%, 9/1/2037 | &nbsp;&nbsp; 6664256 |
| 10665893 | 3.500%, 6/1/2051 | &nbsp;&nbsp; 9877850 |
| 12375290 | 3.500%, 5/1/2052 | &nbsp;&nbsp; 11460949 |
| 17436636 | 3.500%, 5/1/2052 | &nbsp;&nbsp; 16153790 |

---

Mortgage Core Fund

Annual Financial Statements and Additional Information

**15**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | MORTGAGE-BACKED SECURITIES—continued |  |
|  | **Federal National Mortgage Association—continued** |  |
| $37598894 | 3.500%, 6/1/2052 | &nbsp;&nbsp; $34985417 |
| 15132812 | 3.500%, 6/1/2052 | &nbsp;&nbsp; 14118772 |
| 32171632 | 3.500%, 7/1/2052 | &nbsp;&nbsp; 29995722 |
| 8416979 | 3.500%, 1/1/2053 | &nbsp;&nbsp; 7842441 |
| 8699 | 4.000%, 7/1/2026 | &nbsp;&nbsp; 8678 |
| 18967583 | 4.000%, 11/1/2037 | &nbsp;&nbsp; 18809248 |
| 5221599 | 4.000%, 10/1/2051 | &nbsp;&nbsp; 4963829 |
| 21443979 | 4.000%, 7/1/2052 | &nbsp;&nbsp; 20492591 |
| 17962376 | 4.000%, 7/1/2052 | &nbsp;&nbsp; 17221586 |
| 16401279 | 4.000%, 9/1/2052 | &nbsp;&nbsp; 15704369 |
| 22657017 | 4.000%, 4/1/2053 | &nbsp;&nbsp; 21637650 |
| 63750 | 4.500%, 2/1/2039 | &nbsp;&nbsp; 63935 |
| 375992 | 4.500%, 5/1/2040 | &nbsp;&nbsp; 376467 |
| 103961 | 4.500%, 11/1/2040 | &nbsp;&nbsp; 104068 |
| 5377857 | 4.500%, 8/1/2052 | &nbsp;&nbsp; 5292708 |
| 4283479 | 4.500%, 8/1/2052 | &nbsp;&nbsp; 4188886 |
| 13109789 | 4.500%, 10/1/2052 | &nbsp;&nbsp; 12895048 |
| 21411740 | 4.500%, 11/1/2052 | &nbsp;&nbsp; 21005810 |
| 3939912 | 4.500%, 11/1/2052 | &nbsp;&nbsp; 3865218 |
| 18700041 | 4.500%, 2/1/2053 | &nbsp;&nbsp; 18427333 |
| 42293361 | 4.500%, 4/1/2054 | &nbsp;&nbsp; 41491551 |
| 31750070 | 4.500%, 11/1/2054 | &nbsp;&nbsp; 31098533 |
| 652591 | 5.000%, 2/1/2036 | &nbsp;&nbsp; 665101 |
| 29102316 | 5.000%, 8/1/2052 | &nbsp;&nbsp; 29249539 |
| 5312350 | 5.000%, 6/1/2053 | &nbsp;&nbsp; 5322623 |
| 17115115 | 5.000%, 4/1/2054 | &nbsp;&nbsp; 17239137 |
| 11701997 | 5.000%, 10/1/2054 | &nbsp;&nbsp; 11689273 |
| 8384413 | 5.000%, 1/1/2055 | &nbsp;&nbsp; 8378748 |
| 10096474 | 5.000%, 1/1/2055 | &nbsp;&nbsp; 10089653 |
| 14507 | 5.500%, 1/1/2032 | &nbsp;&nbsp; 14941 |
| 7593 | 5.500%, 1/1/2032 | &nbsp;&nbsp; 7813 |
| 169384 | 5.500%, 9/1/2034 | &nbsp;&nbsp; 175481 |
| 413591 | 5.500%, 12/1/2034 | &nbsp;&nbsp; 428575 |
| 12445 | 5.500%, 4/1/2035 | &nbsp;&nbsp; 12875 |
| 50906 | 5.500%, 1/1/2036 | &nbsp;&nbsp; 52829 |
| 32966 | 5.500%, 3/1/2036 | &nbsp;&nbsp; 34184 |
| 135675 | 5.500%, 4/1/2036 | &nbsp;&nbsp; 140614 |
| 221225 | 5.500%, 4/1/2036 | &nbsp;&nbsp; 229397 |
| 160312 | 5.500%, 5/1/2036 | &nbsp;&nbsp; 166230 |
| 45722 | 5.500%, 9/1/2036 | &nbsp;&nbsp; 47419 |
| 153082 | 5.500%, 8/1/2037 | &nbsp;&nbsp; 158765 |
| 97771 | 5.500%, 7/1/2038 | &nbsp;&nbsp; 101562 |
| 8448000 | 5.500%, 9/1/2052 | &nbsp;&nbsp; 8652974 |
| 6607656 | 5.500%, 11/1/2052 | &nbsp;&nbsp; 6747329 |
| 19839422 | 5.500%, 4/1/2053 | &nbsp;&nbsp; 20401386 |
| 1813 | 6.000%, 1/1/2029 | &nbsp;&nbsp; 1861 |
| 2541 | 6.000%, 2/1/2029 | &nbsp;&nbsp; 2609 |
| 673 | 6.000%, 2/1/2029 | &nbsp;&nbsp; 691 |
| 2000 | 6.000%, 4/1/2029 | &nbsp;&nbsp; 2054 |
| 2690 | 6.000%, 5/1/2029 | &nbsp;&nbsp; 2762 |

---

Mortgage Core Fund

Annual Financial Statements and Additional Information

**16**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | MORTGAGE-BACKED SECURITIES—continued |  |
|  | **Federal National Mortgage Association—continued** |  |
| $1528 | 6.000%, 5/1/2029 | &nbsp;&nbsp; $1568 |
| 209518 | 6.000%, 7/1/2034 | &nbsp;&nbsp; 219547 |
| 139805 | 6.000%, 11/1/2034 | &nbsp;&nbsp; 146453 |
| 46745 | 6.000%, 7/1/2036 | &nbsp;&nbsp; 49190 |
| 10894 | 6.000%, 7/1/2036 | &nbsp;&nbsp; 11494 |
| 39155 | 6.000%, 10/1/2037 | &nbsp;&nbsp; 41221 |
| 9371 | 6.000%, 6/1/2038 | &nbsp;&nbsp; 9901 |
| 392499 | 6.000%, 7/1/2038 | &nbsp;&nbsp; 414871 |
| 20235 | 6.000%, 9/1/2038 | &nbsp;&nbsp; 21383 |
| 22242 | 6.000%, 10/1/2038 | &nbsp;&nbsp; 23475 |
| 249641 | 6.000%, 2/1/2039 | &nbsp;&nbsp; 263690 |
| 3434947 | 6.000%, 10/1/2053 | &nbsp;&nbsp; 3529888 |
| 32674476 | 6.000%, 12/1/2053 | &nbsp;&nbsp; 33604140 |
| 7993108 | 6.000%, 7/1/2054 | &nbsp;&nbsp; 8207466 |
| 3041 | 6.500%, 9/1/2028 | &nbsp;&nbsp; 3080 |
| 856 | 6.500%, 8/1/2029 | &nbsp;&nbsp; 889 |
| 2860 | 6.500%, 6/1/2031 | &nbsp;&nbsp; 2977 |
| 3898 | 6.500%, 6/1/2031 | &nbsp;&nbsp; 4071 |
| 1116 | 6.500%, 6/1/2031 | &nbsp;&nbsp; 1160 |
| 1299 | 6.500%, 1/1/2032 | &nbsp;&nbsp; 1349 |
| 14922 | 6.500%, 3/1/2032 | &nbsp;&nbsp; 15643 |
| 63833 | 6.500%, 4/1/2032 | &nbsp;&nbsp; 66861 |
| 9530 | 6.500%, 5/1/2032 | &nbsp;&nbsp; 9982 |
| 93205 | 6.500%, 7/1/2036 | &nbsp;&nbsp; 99176 |
| 1663 | 6.500%, 8/1/2036 | &nbsp;&nbsp; 1758 |
| 11020 | 6.500%, 9/1/2036 | &nbsp;&nbsp; 11757 |
| 13850 | 6.500%, 12/1/2036 | &nbsp;&nbsp; 14742 |
| 41189 | 6.500%, 9/1/2037 | &nbsp;&nbsp; 44040 |
| 162 | 6.500%, 12/1/2037 | &nbsp;&nbsp; 172 |
| 21583 | 6.500%, 10/1/2038 | &nbsp;&nbsp; 23072 |
| 9005059 | 6.500%, 10/1/2053 | &nbsp;&nbsp; 9366161 |
| 3912 | 7.000%, 9/1/2031 | &nbsp;&nbsp; 4111 |
| 56038 | 7.000%, 11/1/2031 | &nbsp;&nbsp; 59280 |
| 3932 | 7.000%, 12/1/2031 | &nbsp;&nbsp; 4155 |
| 16937 | 7.000%, 2/1/2032 | &nbsp;&nbsp; 17875 |
| 17860 | 7.000%, 3/1/2032 | &nbsp;&nbsp; 18894 |
| 23618 | 7.000%, 3/1/2032 | &nbsp;&nbsp; 24823 |
| 3520 | 7.000%, 4/1/2032 | &nbsp;&nbsp; 3729 |
| 7097 | 7.000%, 4/1/2032 | &nbsp;&nbsp; 7459 |
| 75980 | 7.000%, 4/1/2032 | &nbsp;&nbsp; 80604 |
| 67817 | 7.000%, 6/1/2037 | &nbsp;&nbsp; 73624 |
| 2948 | 7.500%, 9/1/2030 | &nbsp;&nbsp; 3091 |
| 3693 | 7.500%, 5/1/2031 | &nbsp;&nbsp; 3885 |
| 975 | 7.500%, 6/1/2031 | &nbsp;&nbsp; 1036 |
| 10847 | 7.500%, 8/1/2031 | &nbsp;&nbsp; 11508 |
| 16488 | 7.500%, 1/1/2032 | &nbsp;&nbsp; 17005 |
| 318 | 7.500%, 6/1/2033 | &nbsp;&nbsp; 333 |
| 131 | 8.000%, 11/1/2029 | &nbsp;&nbsp; 136 |
|  | TOTAL | &nbsp;&nbsp; 2129337503 |

---

Mortgage Core Fund

Annual Financial Statements and Additional Information

**17**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | MORTGAGE-BACKED SECURITIES—continued |  |
|  | **Government National Mortgage Association—6.8%** |  |
| $31989252 | 3.000%, 9/20/2050 | &nbsp;&nbsp; $28777022 |
| 498934 | 3.500%, 8/15/2043 | &nbsp;&nbsp; 469306 |
| 338725 | 3.500%, 8/15/2043 | &nbsp;&nbsp; 318931 |
| 5551083 | 3.500%, 3/20/2047 | &nbsp;&nbsp; 5133037 |
| 6850401 | 3.500%, 11/20/2047 | &nbsp;&nbsp; 6334504 |
| 14247979 | 3.500%, 5/20/2052 | &nbsp;&nbsp; 13090382 |
| 24187543 | 3.500%, 11/20/2052 | &nbsp;&nbsp; 22214834 |
| 477928 | 4.000%, 9/15/2040 | &nbsp;&nbsp; 464393 |
| 1267693 | 4.000%, 10/15/2040 | &nbsp;&nbsp; 1233827 |
| 609806 | 4.000%, 1/15/2041 | &nbsp;&nbsp; 592440 |
| 762671 | 4.000%, 10/15/2041 | &nbsp;&nbsp; 740351 |
| 2569887 | 4.000%, 6/15/2048 | &nbsp;&nbsp; 2446482 |
| 107540 | 4.500%, 1/15/2039 | &nbsp;&nbsp; 107869 |
| 65648 | 4.500%, 6/15/2039 | &nbsp;&nbsp; 65802 |
| 357737 | 4.500%, 10/15/2039 | &nbsp;&nbsp; 358338 |
| 136316 | 4.500%, 1/15/2040 | &nbsp;&nbsp; 136545 |
| 81415 | 4.500%, 6/15/2040 | &nbsp;&nbsp; 81527 |
| 56511 | 4.500%, 9/15/2040 | &nbsp;&nbsp; 56570 |
| 59154 | 4.500%, 2/15/2041 | &nbsp;&nbsp; 59244 |
| 393209 | 4.500%, 3/15/2041 | &nbsp;&nbsp; 393754 |
| 35323 | 4.500%, 5/15/2041 | &nbsp;&nbsp; 35344 |
| 1321368 | 4.500%, 6/20/2041 | &nbsp;&nbsp; 1321577 |
| 272355 | 4.500%, 9/15/2041 | &nbsp;&nbsp; 272500 |
| 273179 | 4.500%, 10/15/2043 | &nbsp;&nbsp; 272631 |
| 33332902 | 4.500%, 12/20/2053 | &nbsp;&nbsp; 32569739 |
| 215738 | 5.000%, 1/15/2039 | &nbsp;&nbsp; 220026 |
| 180652 | 5.000%, 5/15/2039 | &nbsp;&nbsp; 184276 |
| 239395 | 5.000%, 8/20/2039 | &nbsp;&nbsp; 244034 |
| 62136436 | 5.000%, 9/20/2053 | &nbsp;&nbsp; 62357679 |
| 78900 | 5.500%, 12/15/2038 | &nbsp;&nbsp; 81266 |
| 57546 | 5.500%, 12/20/2038 | &nbsp;&nbsp; 59579 |
| 94441 | 5.500%, 1/15/2039 | &nbsp;&nbsp; 97346 |
| 119850 | 5.500%, 2/15/2039 | &nbsp;&nbsp; 123557 |
| 22213090 | 5.500%, 7/20/2053 | &nbsp;&nbsp; 22553955 |
| 33283099 | 5.500%, 8/20/2053 | &nbsp;&nbsp; 33773033 |
| 29009740 | 5.500%, 9/20/2053 | &nbsp;&nbsp; 29454900 |
| 1997 | 6.000%, 10/15/2028 | &nbsp;&nbsp; 2036 |
| 2429 | 6.000%, 3/15/2029 | &nbsp;&nbsp; 2484 |
| 41125 | 6.000%, 2/15/2036 | &nbsp;&nbsp; 42988 |
| 39132 | 6.000%, 4/15/2036 | &nbsp;&nbsp; 40955 |
| 34733 | 6.000%, 6/15/2037 | &nbsp;&nbsp; 36337 |
| 28840459 | 6.000%, 6/20/2053 | &nbsp;&nbsp; 29591000 |
| 23396753 | 6.000%, 9/20/2054 | &nbsp;&nbsp; 23934341 |
| 4815 | 6.500%, 10/15/2028 | &nbsp;&nbsp; 4978 |
| 1412 | 6.500%, 11/15/2028 | &nbsp;&nbsp; 1460 |
| 1369 | 6.500%, 12/15/2028 | &nbsp;&nbsp; 1416 |
| 1128 | 6.500%, 2/15/2029 | &nbsp;&nbsp; 1166 |
| 14277 | 6.500%, 9/15/2031 | &nbsp;&nbsp; 14862 |
| 34076 | 6.500%, 2/15/2032 | &nbsp;&nbsp; 35608 |
| 2199 | 7.000%, 11/15/2027 | &nbsp;&nbsp; 2222 |

---

Mortgage Core Fund

Annual Financial Statements and Additional Information

**18**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | MORTGAGE-BACKED SECURITIES—continued |  |
|  | **Government National Mortgage Association—continued** |  |
| $2351 | 7.000%, 6/15/2028 | &nbsp;&nbsp; $2391 |
| 2242 | 7.000%, 1/15/2029 | &nbsp;&nbsp; 2278 |
| 3502 | 7.000%, 5/15/2029 | &nbsp;&nbsp; 3583 |
| 9700 | 7.000%, 5/15/2030 | &nbsp;&nbsp; 9923 |
| 7959 | 7.000%, 11/15/2030 | &nbsp;&nbsp; 8187 |
| 3100 | 7.000%, 12/15/2030 | &nbsp;&nbsp; 3172 |
| 5148 | 7.000%, 8/15/2031 | &nbsp;&nbsp; 5321 |
| 24249 | 7.000%, 10/15/2031 | &nbsp;&nbsp; 25067 |
| 6969 | 7.000%, 12/15/2031 | &nbsp;&nbsp; 7227 |
| 4266 | 7.500%, 8/15/2029 | &nbsp;&nbsp; 4411 |
| 18852 | 7.500%, 10/15/2029 | &nbsp;&nbsp; 19451 |
| 768 | 7.500%, 10/15/2030 | &nbsp;&nbsp; 797 |
| 3662 | 7.500%, 1/15/2031 | &nbsp;&nbsp; 3815 |
| 1292 | 8.000%, 10/15/2029 | &nbsp;&nbsp; 1329 |
| 4247 | 8.000%, 11/15/2029 | &nbsp;&nbsp; 4362 |
| 3293 | 8.000%, 1/15/2030 | &nbsp;&nbsp; 3382 |
| 1652 | 8.000%, 10/15/2030 | &nbsp;&nbsp; 1698 |
| 25217 | 8.000%, 11/15/2030 | &nbsp;&nbsp; 26093 |
| 1709 | 8.500%, 5/15/2029 | &nbsp;&nbsp; 1759 |
|  | TOTAL | &nbsp;&nbsp; 320542699 |
| <sup>1</sup> <br>| **Government National Mortgage Association, TBA—6.0%** |  |
| 50000000 | 3.000%, 1/20/2056 | &nbsp;&nbsp; 44941320 |
| 77500000 | 3.500%, 1/20/2056 | &nbsp;&nbsp; 70455366 |
| 55000000 | 4.000%, 1/20/2056 | &nbsp;&nbsp; 51897813 |
| 50000000 | 4.500%, 1/20/2056 | &nbsp;&nbsp; 48704845 |
| 45150000 | 5.000%, 1/20/2056 | &nbsp;&nbsp; 45040520 |
| 25000000 | 5.500%, 1/20/2056 | &nbsp;&nbsp; 25241308 |
|  | TOTAL | &nbsp;&nbsp; 286281172 |
| <sup>1</sup> <br>| **Uniform Mortgage-Backed Securities, TBA—12.0%** |  |
| 24000000 | 4.000%, 1/1/2056 | &nbsp;&nbsp; 22760625 |
| 118750000 | 5.000%, 1/1/2056 | &nbsp;&nbsp; 118453125 |
| 244500000 | 5.500%, 1/1/2056 | &nbsp;&nbsp; 247909626 |
| 175000000 | 6.000%, 1/1/2056 | &nbsp;&nbsp; 179655278 |
|  | TOTAL | &nbsp;&nbsp; 568778654 |
|  | TOTAL MORTGAGE-BACKED SECURITIES <br>(IDENTIFIED COST $4,440,290,532)<br>| &nbsp;&nbsp; 4548406287 |
|  | COLLATERALIZED MORTGAGE OBLIGATIONS—17.2% |  |
| <sup>2</sup> <br>| **Federal Home Loan Mortgage Corporation—3.9%** |  |
| 8299365 | REMIC, Series 4661, Class GF, 4.548% (30-DAY AVERAGE SOFR +0.564%), 2/15/2047 | &nbsp;&nbsp; 8183225 |
| 5536142 | REMIC, Series 4929, Class FB, 4.438% (30-DAY AVERAGE SOFR +0.564%), 9/25/2049 | &nbsp;&nbsp; 5448169 |
| 11972968 | REMIC, Series 4944, Class F, 4.438% (30-DAY AVERAGE SOFR +0.564%), 1/25/2050 | &nbsp;&nbsp; 11851084 |
| 5888107 | REMIC, Series 4988, Class KF, 4.338% (30-DAY AVERAGE SOFR +0.464%), 7/25/2050 | &nbsp;&nbsp; 5825082 |
| 17722268 | REMIC, Series 5338, Class FH, 4.398% (30-DAY AVERAGE SOFR +0.414%), 4/15/2045 | &nbsp;&nbsp; 17422071 |
| 11344223 | REMIC, Series 5342, Class FB, 4.438% (30-DAY AVERAGE SOFR +0.564%), 11/25/2049 | &nbsp;&nbsp; 11066383 |
| 16907277 | REMIC, Series 5393, Class HF, 4.824% (30-DAY AVERAGE SOFR +0.950%), 3/25/2054 | &nbsp;&nbsp; 16961308 |
| 7103743 | REMIC, Series 5396, Class FQ, 4.874% (30-DAY AVERAGE SOFR +1.000%), 4/25/2054 | &nbsp;&nbsp; 7099680 |
| 29566542 | REMIC, Series 5400, Class FA, 4.624% (30-DAY AVERAGE SOFR +0.750%), 4/25/2054 | &nbsp;&nbsp; 29457639 |
| 29954793 | REMIC, Series 5428, Class JF, 4.974% (30-DAY AVERAGE SOFR +1.100%), 7/25/2054 | &nbsp;&nbsp; 30073911 |
| 22732787 | REMIC, Series 5457, Class GF, 4.974% (30-DAY AVERAGE SOFR +1.100%), 10/25/2054 | &nbsp;&nbsp; 22774060 |

---

Mortgage Core Fund

Annual Financial Statements and Additional Information

**19**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | COLLATERALIZED MORTGAGE OBLIGATIONS—continued |  |
| <sup>2</sup> <br>| **Federal Home Loan Mortgage Corporation—continued** |  |
| $19821358 | REMIC, Series 5466, Class FL, 4.824% (30-DAY AVERAGE SOFR +0.950%), 2/25/2054 | &nbsp;&nbsp; $19847586 |
|  | TOTAL | &nbsp;&nbsp; 186010198 |
| <sup>2</sup> <br>| **Federal National Mortgage Association—8.1%** |  |
| 13097064 | REMIC, Series 2011-131, Class FT, 4.448% (30-DAY AVERAGE SOFR +0.574%), 12/25/2041 | &nbsp;&nbsp; 12961760 |
| 2101951 | REMIC, Series 2017-30, Class FA, 4.338% (30-DAY AVERAGE SOFR +0.464%), 5/25/2047 | &nbsp;&nbsp; 2061880 |
| 5997467 | REMIC, Series 2019-34, Class FC, 4.388% (30-DAY AVERAGE SOFR +0.514%), 7/25/2049 | &nbsp;&nbsp; 5929516 |
| 4448136 | REMIC, Series 2019-43, Class FD, 4.868% (30-DAY AVERAGE SOFR +0.000%), 8/25/2049 | &nbsp;&nbsp; 4363583 |
| 10457042 | REMIC, Series 2019-66, Class FA, 4.438% (30-DAY AVERAGE SOFR +0.564%), 11/25/2059 | &nbsp;&nbsp; 10277952 |
| 68748778 | REMIC, Series 2022-65, Class FB, 4.674% (30-DAY AVERAGE SOFR +0.800%), 9/25/2052 | &nbsp;&nbsp; 67824795 |
| 22528666 | REMIC, Series 2022-70, Class FA, 4.734% (30-DAY AVERAGE SOFR +0.860%), 10/25/2052 | &nbsp;&nbsp; 22256529 |
| 36601848 | REMIC, Series 2023-42, Class FA, 4.288% (30-DAY AVERAGE SOFR +0.414%), 10/25/2048 | &nbsp;&nbsp; 35817273 |
| 16544528 | REMIC, Series 2024-13, Class FA, 4.874% (30-DAY AVERAGE SOFR +1.000%), 10/25/2053 | &nbsp;&nbsp; 16536583 |
| 32241043 | REMIC, Series 2024-15, Class FA, 5.074% (30-DAY AVERAGE SOFR +1.200%), 4/25/2054 | &nbsp;&nbsp; 32306886 |
| 29016939 | REMIC, Series 2024-15, Class FB, 4.674% (30-DAY AVERAGE SOFR +0.800%), 4/25/2054 | &nbsp;&nbsp; 28915925 |
| 10501044 | REMIC, Series 2024-25, Class FA, 4.974% (30-DAY AVERAGE SOFR +1.100%), 5/25/2054 | &nbsp;&nbsp; 10520582 |
| 23694911 | REMIC, Series 2024-40, Class FC, 4.774% (30-DAY AVERAGE SOFR +0.900%), 5/25/2054 | &nbsp;&nbsp; 23629724 |
| 13558999 | REMIC, Series 2024-82, Class CF, 5.224% (30-DAY AVERAGE SOFR +1.350%), 11/25/2054 | &nbsp;&nbsp; 13624463 |
| 19312719 | REMIC, Series 2025-7, Class FD, 4.874% (30-DAY AVERAGE SOFR +1.000%), 9/25/2054 | &nbsp;&nbsp; 19315189 |
| 37316272 | REMIC, Series 2025-9, Class FG, 5.224% (30-DAY AVERAGE SOFR +1.350%), 3/25/2055 | &nbsp;&nbsp; 37542658 |
| 22593824 | REMIC, Series 2025-13, Class FA, 5.650% (30-DAY AVERAGE SOFR +0.000%), 3/25/2055 | &nbsp;&nbsp; 22713049 |
| 17393594 | REMIC, Series 2025-62, Class FM, 5.174% (30-DAY AVERAGE SOFR +1.300%), 8/25/2055 | &nbsp;&nbsp; 17499332 |
|  | TOTAL | &nbsp;&nbsp; 384097679 |
| <sup>2</sup> <br>| **Government National Mortgage Association—3.9%** |  |
| 5378829 | REMIC, Series 2022-175, Class FA, 4.817% (30-DAY AVERAGE SOFR +0.900%), 10/20/2052 | &nbsp;&nbsp; 5351651 |
| 26873541 | REMIC, Series 2023-4, Class FG, 4.667% (30-DAY AVERAGE SOFR +0.750%), 1/20/2053 | &nbsp;&nbsp; 26827044 |
| 22248233 | REMIC, Series 2023-35, Class FH, 4.467% (30-DAY AVERAGE SOFR +0.550%), 2/20/2053 | &nbsp;&nbsp; 21990381 |
| 8604355 | REMIC, Series 2023-63, Class FM, 4.717% (30-DAY AVERAGE SOFR +0.800%), 5/20/2053 | &nbsp;&nbsp; 8600875 |
| 4283385 | REMIC, Series 2023-111, Class FD, 4.917% (30-DAY AVERAGE SOFR +1.000%), 8/20/2053 | &nbsp;&nbsp; 4299187 |
| 16300474 | REMIC, Series 2023-112, Class AF, 4.967% (30-DAY AVERAGE SOFR +1.050%), 8/20/2053 | &nbsp;&nbsp; 16341657 |
| 15402207 | REMIC, Series 2024-59, Class MF, 5.017% (30-DAY AVERAGE SOFR +1.100%), 4/20/2054 | &nbsp;&nbsp; 15437760 |
| 39958619 | REMIC, Series 2024-108, Class FB, 4.917% (30-DAY AVERAGE SOFR +1.000%), 7/20/2054 | &nbsp;&nbsp; 40089316 |
| 6458641 | REMIC, Series 2024-113, Class FJ, 4.467% (30-DAY AVERAGE SOFR +0.550%), 9/20/2053 | &nbsp;&nbsp; 6432280 |
| 38523899 | REMIC, Series 2025-133, Class DF, 4.917% (30-DAY AVERAGE SOFR +1.000%), 8/20/2055 | &nbsp;&nbsp; 38669258 |
|  | TOTAL | &nbsp;&nbsp; 184039409 |
|  | **Non-Agency Mortgage-Backed Securities—1.3%** |  |
| 402403 | Countrywide Home Loans 2005-21, Class A2, 5.500%, 10/25/2035 | &nbsp;&nbsp; 220492 |
| 30093155 | GS Mortgage-Backed Securities Trust 2023-PJ1, Class A4, 3.500%, 2/25/2053 | &nbsp;&nbsp; 27422388 |
| 25551637 | JP Morgan Mortgage Trust 2022-3, Class A2, 3.000%, 8/25/2052 | &nbsp;&nbsp; 22279829 |
| 5370280 | JP Morgan Mortgage Trust 2022-4, Class A3, 3.000%, 10/25/2052 | &nbsp;&nbsp; 4696058 |
| 4814269 | JP Morgan Mortgage Trust 2022-6, Class A3, 3.000%, 11/25/2052 | &nbsp;&nbsp; 4197816 |
| 77200 | Residential Funding Mortgage Securities I 2005-SA3, Class 3A, 5.487%, 8/25/2035 | &nbsp;&nbsp; 74195 |
| 1232023 | Sequoia Mortgage Trust 2012-6, Class A2, 1.808%, 12/25/2042 | &nbsp;&nbsp; 1078484 |
| 2185618 | Sequoia Mortgage Trust 2013-2, Class A, 1.874%, 2/25/2043 | &nbsp;&nbsp; 1881625 |
|  | TOTAL | &nbsp;&nbsp; 61850887 |
|  | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS <br>(IDENTIFIED COST $811,692,649)<br>| &nbsp;&nbsp; 815998173 |
|  | ASSET-BACKED SECURITIES—1.2% |  |
|  | **Auto Receivables—0.4%** |  |
| 20562000 | Ford Credit Auto Owner Trust/Ford Credit 2023-1, Class B, 5.290%, 8/15/2035 | &nbsp;&nbsp; 20965640 |

---

Mortgage Core Fund

Annual Financial Statements and Additional Information

**20**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | ASSET-BACKED SECURITIES—continued |  |
|  | **Single Family Rental Securities—0.6%** |  |
| $14498523 | Home Partners of America Trust 2022-1, Class B, 4.330%, 4/17/2039 | &nbsp;&nbsp; $14505226 |
| 14808453 | Progress Residential Trust 2022-SFR4, Class B, 4.788%, 5/17/2041 | &nbsp;&nbsp; 14851771 |
|  | TOTAL | &nbsp;&nbsp; 29356997 |
|  | **Student Loans—0.2%** |  |
| 1831764 | Navient Student Loan Trust 2020-FA, Class A, 1.220%, 7/15/2069 | &nbsp;&nbsp; 1741625 |
| 3874538 | Navient Student Loan Trust 2020-GA, Class A, 1.170%, 9/16/2069 | &nbsp;&nbsp; 3641332 |
| 1770914<br><sup>2</sup> <br>| SMB Private Education Loan Trust 2018-A, Class A2B, 4.664% (CME Term SOFR 1 Month +0.914%), 2/15/2036 | &nbsp;&nbsp; 1769688 |
|  | TOTAL | &nbsp;&nbsp; 7152645 |
|  | TOTAL ASSET-BACKED SECURITIES <br>(IDENTIFIED COST $57,188,979)<br>| &nbsp;&nbsp; 57475282 |
|  | INVESTMENT COMPANY—3.6% |  |
| 168142283 | Federated Hermes Government Obligations Fund, Premier Shares, 3.68%<sup>3</sup> <br>(IDENTIFIED COST $168,142,283)<br>| &nbsp;&nbsp; 168142283 |
|  | TOTAL INVESTMENT IN SECURITIES—118.0% <br>(IDENTIFIED COST $5,477,314,443)<sup>4</sup> <br>| &nbsp;&nbsp; 5590022025 |
|  | OTHER ASSETS AND LIABILITIES - NET—(18.0)%<sup>5</sup> <br>| &nbsp;&nbsp; (852468716) |
|  | NET ASSETS—100% | &nbsp;&nbsp; $4737553309 |

---

At December 31, 2025, the Fund had the following outstanding futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Notional** <br>**Value**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value and** <br>**Unrealized** <br>**(Depreciation)**<br>|
| **Long Futures:** |  |  |  |  |
| United States Treasury Notes 2-Year Long Futures | &nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp; $108570312 | March 2026 | &nbsp;&nbsp;&nbsp; $(65688) |
| United States Treasury Notes 5-Year Long Futures | &nbsp;&nbsp; 1002 | &nbsp;&nbsp;&nbsp; $109523297 | March 2026 | &nbsp;&nbsp;&nbsp; $(346793) |
| United States Treasury Notes 10-Year Long Futures | &nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp; $21925313 | March 2026 | &nbsp;&nbsp;&nbsp; $(136025) |
| NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp; $(548506) |

---

Net Unrealized Depreciation on Futures Contracts is included in "Other Assets and Liabilities—Net."

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended December 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Federated Hermes** <br>**Government** <br>**Obligations Fund,** <br>**Premier Shares**<br>|
| Value as of 12/31/2024 | &nbsp;&nbsp; $411777353 |
| Purchases at Cost | &nbsp;&nbsp; $1268730712 |
| Proceeds from Sales | &nbsp;&nbsp; $(1512365782) |
| Change in Unrealized Appreciation/Depreciation | &nbsp;&nbsp; $— |
| Net Realized Gain/(Loss) | &nbsp;&nbsp; $— |
| Value as of 12/31/2025 | &nbsp;&nbsp; $168142283 |
| Shares Held as of 12/31/2025 | &nbsp;&nbsp; 168142283 |
| Dividend Income | &nbsp;&nbsp; $8543377 |

---

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

---

| | |
|:---|:---|
| 1 | All or a portion of these To Be Announced Securities (TBAs) are subject to dollar-roll transactions. |
| 2 | Floating/variable note with current rate and current maturity or next reset date shown. |
| 3 | 7-day net yield. |
| 4 | The cost of investments for federal tax purposes amounts to $5,464,870,943. |
| 5 | Assets, other than investments in securities, less liabilities. A significant portion of this balance is the result of dollar-roll transactions as of December 31, 2025. See <br> Statement of Assets and Liabilities.<br>|

---

Note: The categories of investments are shown as a percentage of net assets at December 31, 2025.

Mortgage Core Fund

Annual Financial Statements and Additional Information

**21**

------

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 December 31, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| Mortgage-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4548406287 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4548406287 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 815998173 | &nbsp;&nbsp; — | &nbsp;&nbsp; 815998173 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 57475282 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57475282 |
| **Investment Company** | &nbsp;&nbsp; 168142283 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 168142283 |
| TOTAL SECURITIES | &nbsp;&nbsp; $168142283 | &nbsp;&nbsp; $5421879742 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5590022025 |
| **Other Financial Instruments:**<sup>1</sup> <br>|  |  |  |  |
| Liabilities | &nbsp;&nbsp; $(548506) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(548506) |

---

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

1 Other financial instruments are futures contracts.

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

The following acronym(s) are used throughout this portfolio: <br> REMIC —Real Estate Mortgage Investment Conduit <br> SOFR —Secured Overnight Financing Rate

See Notes which are an integral part of the Financial Statements

Mortgage Core Fund

Annual Financial Statements and Additional Information

**22**

------

Financial Highlights

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$8.18** | &nbsp;&nbsp; **$8.45** | &nbsp;&nbsp; **$8.38** | &nbsp;&nbsp; **$9.76** | &nbsp;&nbsp; **$10.07** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.40 | 0.39 | 0.35 | 0.25 | 0.17 |
| Net realized and unrealized gain (loss) | 0.31 | &nbsp;&nbsp; (0.28) | 0.07 | &nbsp;&nbsp; (1.37) | &nbsp;&nbsp; (0.26) |
| TOTAL FROM INVESTMENT OPERATIONS | 0.71 | 0.11 | 0.42 | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp; (0.09) |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.22) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$8.48** | &nbsp;&nbsp; **$8.18** | &nbsp;&nbsp; **$8.45** | &nbsp;&nbsp; **$8.38** | &nbsp;&nbsp; **$9.76** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp; 8.84% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 5.19% | &nbsp;&nbsp; (11.57)% | &nbsp;&nbsp; (0.89)% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.02% |
| Net investment income | &nbsp;&nbsp; 4.79% | &nbsp;&nbsp; 4.66% | &nbsp;&nbsp; 4.27% | &nbsp;&nbsp; 2.78% | &nbsp;&nbsp; 1.72% |
| Expense waiver/reimbursement | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $4737553 | &nbsp;&nbsp; $6062579 | &nbsp;&nbsp; $5517185 | &nbsp;&nbsp; $3184276 | &nbsp;&nbsp; $3204459 |
| Portfolio turnover<sup>4</sup> <br>| &nbsp;&nbsp; 172% | &nbsp;&nbsp; 113% | &nbsp;&nbsp; 53% | &nbsp;&nbsp; 204% | &nbsp;&nbsp; 351% |
| Portfolio turnover (excluding purchases and sales from dollar-roll transactions)<sup>4</sup> <br>| &nbsp;&nbsp; 16% | &nbsp;&nbsp; 26% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 123% | &nbsp;&nbsp; 65% |

---

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

---

| | |
|:---|:---|
| 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 | Securities that mature are considered sales for purposes of this calculation. |

---

See Notes which are an integral part of the Financial Statements

Mortgage Core Fund

Annual Financial Statements and Additional Information

**23**

------

Statement of Assets and Liabilities

December 31, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in securities, at value including $168,142,283 of investments in affiliated holdings\* (identified cost $5,477,314,443, including <br> $168,142,283 of identified cost in affiliated holdings)<br>| &nbsp;&nbsp; $5590022025 |
| Due from broker (Note 2) | &nbsp;&nbsp; 2242125 |
| Income receivable | &nbsp;&nbsp; 13856713 |
| Income receivable from affiliated holdings | &nbsp;&nbsp; 393540 |
| Receivable for investments sold | &nbsp;&nbsp; 44572185 |
| Total Assets | &nbsp;&nbsp; 5651086588 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp; 898844125 |
| Payable to bank | &nbsp;&nbsp; 653655 |
| Payable for variation margin on futures contracts | &nbsp;&nbsp; 193625 |
| Income distribution payable | &nbsp;&nbsp; 13630798 |
| Accrued expenses (Note 5) | &nbsp;&nbsp; 211076 |
| Total Liabilities | &nbsp;&nbsp; 913533279 |
| Net assets for 558,912,109 shares outstanding | &nbsp;&nbsp; $4737553309 |
| **Net Assets Consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $5150723441 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (413170132) |
| Net Assets | &nbsp;&nbsp; $4737553309 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| $4,737,553,309 ÷ 558,912,109 shares outstanding, no par value, unlimited shares authorized | $8.48 |

---

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

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

See Notes which are an integral part of the Financial Statements

Mortgage Core Fund

Annual Financial Statements and Additional Information

**24**

------

Statement of Operations

Year Ended December 31, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $233290885 |
| Dividends received from affiliated holdings\* | &nbsp;&nbsp; 8543377 |
| TOTAL INCOME | &nbsp;&nbsp; 241834262 |
| **Expenses:** |  |
| Administrative fee (Note 5) | &nbsp;&nbsp; 8409 |
| Custodian fees | &nbsp;&nbsp; 193396 |
| Transfer agent fees | &nbsp;&nbsp; 286531 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp; 32082 |
| Auditing fees | &nbsp;&nbsp; 38937 |
| Legal fees | &nbsp;&nbsp; 13363 |
| Portfolio accounting fees | &nbsp;&nbsp; 257343 |
| Share registration costs | &nbsp;&nbsp; 1330 |
| Printing and postage | &nbsp;&nbsp; 17919 |
| Interest expense | &nbsp;&nbsp; 42365 |
| Miscellaneous (Note 5) | &nbsp;&nbsp; 32828 |
| TOTAL EXPENSES | &nbsp;&nbsp; 924503 |
| Net investment income | &nbsp;&nbsp; 240909759 |
| **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts:** |  |
| Net realized loss on investments | &nbsp;&nbsp; (28616737) |
| Net realized gain on futures contracts | &nbsp;&nbsp; 4054385 |
| Net change in unrealized depreciation of investments | &nbsp;&nbsp; 218001304 |
| Net change in unrealized appreciation of futures contracts | &nbsp;&nbsp; (4108507) |
| Net realized and unrealized gain (loss) on investments and futures contracts | &nbsp;&nbsp; 189330445 |
| Change in net assets resulting from operations | &nbsp;&nbsp; $430240204 |

---

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

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

See Notes which are an integral part of the Financial Statements

Mortgage Core Fund

Annual Financial Statements and Additional Information

**25**

------

Statement of Changes in Net Assets

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

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

---

| | | |
|:---|:---|:---|
| **Year Ended December 31** | **2025** | **2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $240909759 | &nbsp;&nbsp; $274877924 |
| Net realized gain (loss) | &nbsp;&nbsp; (24562352) | &nbsp;&nbsp; (48065981) |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp; 213892797 | &nbsp;&nbsp; (135406044) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; 430240204 | &nbsp;&nbsp; 91405899 |
| **Distributions to Shareholders** | &nbsp;&nbsp; (245748050) | &nbsp;&nbsp; (272825103) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 240568200 | &nbsp;&nbsp; 1567456321 |
| Net asset value of shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 69075428 | &nbsp;&nbsp; 68503553 |
| Cost of shares redeemed | &nbsp;&nbsp; (1819161428) | &nbsp;&nbsp; (909147105) |
| CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | &nbsp;&nbsp; (1509517800) | &nbsp;&nbsp; 726812769 |
| Change in net assets | &nbsp;&nbsp; (1325025646) | &nbsp;&nbsp; 545393565 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 6062578955 | &nbsp;&nbsp; 5517185390 |
| End of period | &nbsp;&nbsp; $4737553309 | &nbsp;&nbsp; $6062578955 |

---

See Notes which are an integral part of the Financial Statements

Mortgage Core Fund

Annual Financial Statements and Additional Information

**26**

------

Notes to Financial Statements

December 31, 2025

**1. ORGANIZATION** 

Federated Hermes Core 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 four portfolios. The financial statements included herein are only those of Mortgage Core Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The investment objective of the Fund is to provide total return. The Fund is an investment vehicle used by other Federated Hermes funds that invest some of their assets in mortgage-backed securities. Currently, shares of the Fund are being offered for investment only to investment companies, insurance company separate accounts, common or commingled trust funds or similar organizations or parties that are "accredited investors" within the meaning of Regulation D of the Securities Act of 1933, as amended (the "1933 Act").

**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").

■

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 Procedures** 

Pursuant to Rule 2a-5 under the Act, the Fund's Board of Trustees (the "Trustees") has designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

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

Mortgage Core Fund

Annual Financial Statements and Additional Information

**27**

------

the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

**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. 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/accretion of premium and discount is included in investment income. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income.

**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 December 31, 2025, 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 December 31, 2025, tax years 2022 through 2025 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**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.

The Fund may transact in To Be Announced Securities (TBAs). As with other delayed-delivery transactions, a seller agrees to issue TBAs at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms such as issuer, interest rate and terms of underlying mortgages. The Fund records TBAs on the trade date utilizing information associated with the specified terms of the transaction as opposed to the specific mortgages. TBAs are marked to market daily and begin earning interest on the settlement date. Losses may occur due to the fact that the actual underlying mortgages received may be less favorable than those anticipated by the Fund.

**Dollar-Roll Transactions** 

The Fund engages in dollar-roll transactions in which the Fund sells mortgage-backed securities with a commitment to buy similar (same type, coupon and maturity), but not identical mortgage-backed securities on a future date. Both securities involved are TBA mortgage-backed securities. The Fund treats dollar-roll transactions as purchases and sales. Dollar-rolls are subject to interest rate risks and credit risks.

**Futures Contracts** 

The Fund purchases and sells financial futures contracts to manage duration, sector/asset class and yield curve risks. Upon entering into a financial futures contract with a broker, the Fund is required to deposit with a broker, either U.S. government securities or a specified amount of cash, which is shown as due from broker in the Statement of Assets and Liabilities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. The Fund receives from or pays to the broker a specified amount

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of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities. There is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees the futures contracts against default.

Futures contracts outstanding at period end are listed after the Fund's Portfolio of Investments.

The average notional value of long and short futures contracts held by the Fund throughout the period was $301,825,918 and $25,759,716, respectively. This is based on amounts held as of each month-end throughout the fiscal period.

**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 1933 Act; 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.

**Additional Disclosure Related to Derivative Instruments** 

---

| | | |
|:---|:---|:---|
| **Fair Value of Derivative Instruments** | **Fair Value of Derivative Instruments** | **Fair Value of Derivative Instruments** |
|  | **Liabilities** | **Liabilities** |
|  | &nbsp;&nbsp; **Statement of** <br>**Assets and** <br>**Liabilities** <br>**Location**<br>| **Fair** <br>**Value**<br>|
| Derivatives not accounted for as hedging <br>instruments under ASC Topic 815<br>|  |  |
| Interest rate contracts | &nbsp;&nbsp; Payable for variation margin <br>on futures contracts<br>| &nbsp;&nbsp; $548,506\* |

---

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

\* Includes cumulative depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

**The Effect of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
|  | **Futures** <br>**Contracts**<br>|
| Interest rate contracts | &nbsp;&nbsp; $4054385 |

---

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

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
|  | **Futures** <br>**Contracts**<br>|
| Interest rate contracts | &nbsp;&nbsp; $(4108507) |

---

**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.

**3. SHARES OF BENEFICIAL INTEREST** 

The following table summarizes share activity:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**12/31/2025**<br>| **Year Ended** <br>**12/31/2024**<br>|
| Shares sold | &nbsp;&nbsp; 29076715 | &nbsp;&nbsp; 188979745 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 8268003 | &nbsp;&nbsp; 8281587 |
| Shares redeemed | &nbsp;&nbsp; (219542239) | &nbsp;&nbsp; (108969292) |
| NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | &nbsp;&nbsp; (182197521) | &nbsp;&nbsp; 88292040 |

---

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

**4. FEDERAL TAX INFORMATION** 

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended December 31, 2025 and 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Ordinary income | &nbsp;&nbsp; $245748050 | &nbsp;&nbsp; $272825103 |

---

As of December 31, 2025, the components of distributable earnings on a tax-basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $368695 |
| Net unrealized appreciation | &nbsp;&nbsp; $125151082 |
| Capital loss carryforwards | &nbsp;&nbsp; $(538689909) |
| TOTAL | &nbsp;&nbsp; $(413170132) |

---

At December 31, 2025, the cost of investments for federal tax purposes was $5,464,870,943. The net unrealized appreciation of investments for federal tax purposes was $125,151,082. This consists of unrealized appreciation from investments for those securities having an excess of value over cost of $129,977,974 and unrealized depreciation from investments for those securities having an excess of cost over value of $4,826,892. The amounts presented are inclusive of derivative contracts. The difference between book-basis and tax-basis net unrealized appreciation is attributable to differing treatments for dollar-roll transactions and mark-to-market on futures contracts.

As of December 31, 2025, the Fund had a capital loss carryforward of $538,689,909 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** |
| $290297792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $248392117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $538689909 |

---

The Fund used capital loss carryforwards of $929,186 to offset capital gains realized during the year ended December 31, 2025.

**5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Investment Adviser Fee** 

The Adviser, subject to the direction of the Trustees, provides investment adviser services at no fee, because all investors in the Fund are other Federated Hermes Funds, insurance company separate accounts, common or commingled trust funds or similar organizations or entities that are "accredited investors" within the meaning of Regulation D of the 1933 Act. The Fund pays operating expenses associated with the operation and maintenance of the Fund (excluding fees and expenses that may be charged by the Adviser and its affiliates). Although not contractually obligated to do so, the Adviser intends to voluntarily reimburse operating expenses (excluding extraordinary expenses and proxy-related expenses paid by the Fund, if any) such that the Fund will only bear such expenses in an amount of up to 0.15% of the Fund's average daily net assets. The Adviser can modify or terminate this voluntary reimbursement at any time at its sole discretion.

**Administrative Fee** 

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. FAS does not charge the Fund a fee but is entitled to reimbursement for certain out-of-pocket expenses.

**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 December 31, 2025, were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $71899168 |

---

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

**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, 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 December 31, 2025, the Fund had no outstanding loans. During the year ended December 31, 2025, 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 December 31, 2025, there were no outstanding loans. During the year ended December 31, 2025, 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 December 31, 2025, 100% of total ordinary income distributions qualified as business interest income for purposes of 163(j) and the regulations thereunder.

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Report of Independent Registered Public Accounting Firm

**TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF mortgage core Fund:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Mortgage Core Fund (the "Fund") (one of the portfolios constituting Federated Hermes Core Trust (the "Trust")), including the portfolio of investments, as of December 31, 2025, 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 (one of the portfolios constituting Federated Hermes Core Trust) at December 31, 2025, 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 in accordance with the relevant ethical requirements relating to our audits.

We conducted our audits in accordance with the auditing standards of the PCAOB and in accordance with the auditing standards generally accepted in the United States of America. 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 December 31, 2025, 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..

![](ernstyoungsig.jpg)

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

Boston, Massachusetts

February 24, 2026

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Annual Financial Statements and Additional Information

**32**

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Evaluation and Approval of Advisory Contract–May 2025

**Federated Hermes Mortgage Strategy Portfolio (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.

The Board considered that the Fund is distinctive in that it is used to implement particular investment strategies that are offered to investors in certain separately managed or wrap fee accounts or programs, or certain other discretionary investment accounts, and may also be offered to other funds (each, a "Federated Hermes Fund" and, collectively the "Federated Hermes Funds") advised by the Adviser or its affiliates (collectively, "Federated Hermes").

In addition, the Board considered that the Adviser does not charge an investment advisory fee for its services, although Federated Hermes may receive compensation for managing assets invested in the Fund.

**<u>Information Received and Review Process</u>**

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 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, 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

Annual Financial Statements and Additional Information

**33**

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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 Federated Hermes Funds.

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.

**<u>Nature, Extent and Quality of Services</u>**

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 benchmark.

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

**34**

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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.

**<u>Fund Investment Performance</u>**

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.

For the one-year, three-year and five-year periods ended December 31, 2024, the Fund outperformed its benchmark.

Based on these considerations, the Board concluded that it had continued confidence in the Adviser's overall capabilities to manage the Fund.

**<u>Fund Expenses</u>**

The Board considered that the Adviser does not charge an investment advisory fee to this Fund for its services and has agreed to reimburse the Fund's expenses so that total operating expenses are zero. Because the Adviser does not charge the Fund an investment advisory fee and the Fund's total operating expenses will remain at zero due to reimbursement of expenses, the Board noted that it did not consider fee comparisons to other registered funds or other types of clients of Federated Hermes to be relevant to its evaluation.

In the case of the Fund, the Board noted that Federated Hermes does not manage any other types of clients that are comparable to the Fund.

**<u>Profitability</u>**

The Board received and considered profitability information furnished by Federated Hermes. The Board considered that the Adviser does not charge an investment advisory fee to the Fund and noted, therefore, that the Adviser does not profit from providing advisory services to the Fund under the Contract.

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.

**<u>Economies of Scale</u>**

Because of the distinctive nature of the Fund as primarily an internal product with an advisory fee of zero, the Board noted that it did not consider the assessment of whether economies of scale would be realized if the Fund were to grow to a sufficient size to be particularly relevant to its evaluation.

**<u>Other Benefits</u>**

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, although an affiliate of the Adviser charges the Fund an administrative services fee and also the affiliate is entitled to reimbursement for certain out-of-pocket expenses incurred in providing administrative services to the Fund, Federated Hermes reimburses all such fees and expenses to the Fund.

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

Annual Financial Statements and Additional Information

**35**

------

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.

**<u>Conclusions</u>**

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

**36**

------

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.

![](fhilogok11p.jpg)

Federated Hermes Mortgage Strategy Portfolio

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

Contact us at **FederatedHermes.com/us**

or call 1-800-341-7400.

Federated Securities Corp., Distributor

CUSIP 31421P407

38011 (2/26)© 2026 Federated Hermes, Inc.

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

[Federated Hermes Corporate Bond Strategy Portfolio](#fhcbsp): Not Applicable.

[Federated Hermes High-Yield Strategy Portfolio](#fhhysp): Not Applicable.

[Federated Hermes Mortgage Strategy Portfolio](#fhmsp): Not Applicable.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

[Federated Hermes Corporate Bond Strategy Portfolio](#fhcbsp): Not Applicable.

[Federated Hermes High-Yield Strategy Portfolio](#fhhysp): Not Applicable.

[Federated Hermes Mortgage Strategy Portfolio](#fhmsp): Not Applicable.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

[Federated Hermes Corporate Bond Strategy Portfolio](#fhcbsp): The Fund's disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.

[Federated Hermes High-Yield Strategy Portfolio](#fhhysp): The Fund's disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.

[Federated Hermes Mortgage Strategy Portfolio](#fhmsp): 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 Corporate Bond Strategy Portfolio](#fhcbsp): The Fund's Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.

[Federated Hermes High-Yield Strategy Portfolio](#fhhysp): The Fund's Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.

[Federated Hermes Mortgage Strategy Portfolio](#fhmsp): 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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable

**Item 19.** **Exhibits**

(a)(1) Not Applicable.

(a)(2) Not Applicable.

(a)(3) [Certifications of Principal Executive Officer and Principal Financial Officer](fmps2278-cert302.htm).

(a)(4) Not Applicable.

(a)(5) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; [Certifications pursuant to 18 U.S.C. Section 1350](fmps2278-cert906.htm).

**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: <u>Federated Hermes Managed Pool Series</u>**

By: <u>/s/ Jeremy D. Boughton</u>

Jeremy D. Boughton, Principal Financial Officer

Date: <u>February 24, 2026</u>

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: <u>/s/ J. Christopher Donahue</u>

J. Christopher Donahue, Principal Executive Officer

Date: <u>February 24, 2026</u>

By: <u>/s/ Jeremy D. Boughton</u>

Jeremy D. Boughton, Principal Financial Officer

Date: <u>February 24, 2026</u>

## Ex-99.Cert

**N-CSR Item 19(a)(3) - Exhibits: Certifications**

I, J. Christopher Donahue, certify that:

* I have reviewed this report on Form N-CSR of Federated Hermes Managed
Pool Series on behalf of: Federated Hermes Corporate Bond Strategy Portfolio, Federated Hermes High-Yield Strategy Portfolio, Federated
Hermes Mortgage Strategy Portfolio ("registrant");

* Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

* Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report;

* The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

* designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

* designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

* evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and

* disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and

* The registrant's other certifying officers and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

* all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability
to record, process, summarize, and report financial information; and

* any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 24, 2026

/S/ J. Christopher Donahue

J. Christopher Donahue, President - Principal Executive Officer

**N-CSR Item 19(a)(3) - Exhibits: Certifications**

I, Jeremy D. Boughton, certify that:

* I have reviewed this report on Form N-CSR of Federated Hermes Managed
Pool Series on behalf of: Federated Hermes Corporate Bond Strategy Portfolio, Federated Hermes High-Yield Strategy Portfolio, Federated
Hermes Mortgage Strategy Portfolio("registrant");

* Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

* Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report;

* The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

* designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

* designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

* evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and

* disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and

* The registrant's other certifying officers and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

* all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability
to record, process, summarize, and report financial information; and

* any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 24, 2026

/S/ Jeremy D. Boughton

Jeremy D. Boughton, Treasurer - Principal Financial Officer

## Exhibit 99.906

**N-CSR Item 19(b) - Exhibits: Certifications**

**SECTION 906 CERTIFICATION**

Pursuant to 18 U.S.C.§ 1350, the undersigned officers of **Federated Hermes Managed Pool Series** on behalf of **Federated Hermes Corporate Bond Strategy Portfolio, Federated Hermes High-Yield Strategy Portfolio, Federated Hermes Mortgage Strategy Portfolio**(the "Registrant"), hereby certify, to the best of our knowledge, that the Registrant's Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: <u>February 24, 2026</u>

/s/ J. Christopher Donahue

J. Christopher Donahue

Title: President, Principal Executive Officer

Dated: <u>February 24, 2026</u>

/s/ Jeremy D. Boughton

Jeremy D. Boughton

Title: Treasurer, Principal Financial Officer

This certification is being furnished solely pursuant to 18 U.S.C.§ 1350 and is not being filed as part of the Report or as a separate disclosure document.