noodls browser compatibility check

The security settings of your browser are blocking the execution of scripts.

To use noodls, javascript support must be enabled. Please change your browser's security settings to enable javascript.

If you have changed your browser's security settings, you can click here.

related announcements

Company News

Montgomery County, MD

Montgomery County Government Will Be Open Tuesday, Jan. 27, with[...]
FINRA - Financial Industry[...]

Disciplinary Action 2025088525001 (Lyhen Fiallo)
Distribution Solutions Group Inc.

Statement of Changes in Beneficial Ownership (Form 4)

Federated Fixed Income Securities Inc.

01/26/2026 | Press release | Distributed by Public on 01/26/2026 09:22

Annual Report by Investment Company (Form N-CSR)

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

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

811-6447
(Investment Company Act File Number)

Federated Hermes Fixed Income Securities, Inc.
(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: 2025-11-30

Date of Reporting Period: 2025-11-30

Item 1.

Reports to Stockholders

Federated Hermes Strategic Income Fund

Class A Shares | STIAX

Annual Shareholder Report - November 30, 2025

A Portfolio of Federated Hermes Fixed Income Securities, Inc.

This annual shareholder report contains important information about the Federated Hermes Strategic Income Fund (the "Fund") for the period of December 1, 2024 to November 30, 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)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Shares	$97	0.94%

Management's Discussion of Fund Performance

The following discussion compares the performance of the Fund to a blend of indexes comprised of the 25% Bloomberg EM Seasoned ex Aggregate/Eurodollar Index/40% Bloomberg US Corporate High Yield 2% Issuer Capped Index/35% Bloomberg US Mortgage Backed Securities Index (the "Blended 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 a high level of current income by investing in three categories of fixed-income securities: domestic investment-grade, domestic non-investment-grade and foreign.

Top Contributors to Performance

Security selection within the high-yield bond, mortgage-backed securities and emerging market bond allocations contributed to relative Fund performance.
On average, the Fund's duration was equal to the Blended Index for the reporting period. Options strategies used to monetize interest rate volatility helped performance relative to the Blended Index.
The Fund's exposure to foreign currencies helped performance relative to the Blended Index.
A lower than Index allocation to mortgage-backed securities and an overweight position in investment-grade corporate bonds aided relative performance.

Top Detractors from Performance

The Fund reduced its holdings of equity securities following the April "Liberation Day" drawdown in the equity market which hurt the Fund's performance relative to the Blended Index.
The Fund's lower than Index allocation to the high-yield sector and holdings of out of Index U.S. Treasury bonds hurt performance relative to the Blended Index.
The Fund's positioning along the yield curve slightly detracted from performance relative to the Blended Index.

Annual Shareholder Report

Federated Hermes Strategic Income Fund

Fund Performance

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: 11/30/2015 to 11/30/2025

Total Return Based on $10,000 Investment

	Class A Shares with sales load	Bloomberg US Aggregate Bond Index	Blended Index	Morningstar Multisector Bond Funds Category Average
11/30/2015	$9,546	$10,000	$10,000	$10,000
11/30/2016	$10,197	$10,217	$10,818	$10,471
11/30/2017	$10,896	$10,546	$11,584	$11,177
11/30/2018	$10,725	$10,404	$11,448	$11,073
11/30/2019	$11,785	$11,527	$12,468	$12,010
11/30/2020	$12,440	$12,366	$13,185	$12,534
11/30/2021	$12,905	$12,224	$13,365	$12,887
11/30/2022	$11,371	$10,654	$11,964	$11,712
11/30/2023	$11,925	$10,780	$12,685	$12,270
11/30/2024	$13,265	$11,521	$14,287	$13,457
11/30/2025	$14,199	$12,178	$15,472	$14,344

Average Annual Total Returns

Fund/Index	1 Year	5 Years	10 Years
Class A Shares with sales load	2.26%	1.73%	3.57%
Class A Shares without sales load	7.04%	2.68%	4.05%
Bloomberg US Aggregate Bond Index	5.70%	(0.31)%	1.99%
Blended Index	8.29%	3.25%	4.46%
Morningstar Multisector Bond Funds Category Average	6.61%	2.73%	3.63%

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$569,509,836
Number of Investments263
Portfolio Turnover49%
Total Advisory Fees Paid$2,378,598

Annual Shareholder Report

Federated Hermes Strategic Income Fund

Fund Holdings

Top Security Types (% of Net Assets)^{Footnote Reference1}

Value	Value
Agency Risk Transfer Securities	0.2%
Common Stocks	0.4%
Commerical Mortgage-Backed Securities	0.7%
Asset-Backed Securities	0.9%
Cash Equivalents	4.9%
Collaterized Mortgage Obligations	5.4%
Foreign Governments/Agencies	13.6%
U.S. Treasuries	14.6%
Mortgage- Backed Securities	20.2%
Corporate Debt Securities	41.0%

Footnote	Description
Footnote¹	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 31417P502

G00324-02-A (01/26)

Federated Securities Corp., Distributor

FederatedHermes.com/us

Federated Hermes Strategic Income Fund

Class C Shares | SINCX

Annual Shareholder Report - November 30, 2025

A Portfolio of Federated Hermes Fixed Income Securities, Inc.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C Shares	$174	1.69%

Management's Discussion of Fund Performance

Top Contributors to Performance

Security selection within the high-yield bond, mortgage-backed securities and emerging market bond allocations contributed to relative Fund performance.
On average, the Fund's duration was equal to the Blended Index for the reporting period. Options strategies used to monetize interest rate volatility helped performance relative to the Blended Index.
The Fund's exposure to foreign currencies helped performance relative to the Blended Index.
A lower than Index allocation to mortgage-backed securities and an overweight position in investment-grade corporate bonds aided relative performance.

Top Detractors from Performance

The Fund reduced its holdings of equity securities following the April "Liberation Day" drawdown in the equity market which hurt the Fund's performance relative to the Blended Index.
The Fund's lower than Index allocation to the high-yield sector and holdings of out of Index U.S. Treasury bonds hurt performance relative to the Blended Index.
The Fund's positioning along the yield curve slightly detracted from performance relative to the Blended Index.

Annual Shareholder Report

Federated Hermes Strategic Income Fund

Fund Performance

Cumulative Performance: 11/30/2015 to 11/30/2025

Total Return Based on $10,000 Investment

	Class C Shares with sales load	Bloomberg US Aggregate Bond Index	Blended Index	Morningstar Multisector Bond Funds Category Average
11/30/2015	$10,000	$10,000	$10,000	$10,000
11/30/2016	$10,602	$10,217	$10,818	$10,471
11/30/2017	$11,243	$10,546	$11,584	$11,177
11/30/2018	$10,984	$10,404	$11,448	$11,073
11/30/2019	$11,994	$11,527	$12,468	$12,010
11/30/2020	$12,551	$12,366	$13,185	$12,534
11/30/2021	$12,922	$12,224	$13,365	$12,887
11/30/2022	$11,313	$10,654	$11,964	$11,712
11/30/2023	$11,761	$10,780	$12,685	$12,270
11/30/2024	$13,083	$11,521	$14,287	$13,457
11/30/2025	$14,003	$12,178	$15,472	$14,344

Average Annual Total Returns

Fund/Index	1 Year	5 Years	10 Years
Class C Shares with sales load	5.36%	1.93%	3.42%
Class C Shares without sales load	6.36%	1.93%	3.42%
Bloomberg US Aggregate Bond Index	5.70%	(0.31)%	1.99%
Blended Index	8.29%	3.25%	4.46%
Morningstar Multisector Bond Funds Category Average	6.61%	2.73%	3.63%

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$569,509,836
Number of Investments263
Portfolio Turnover49%
Total Advisory Fees Paid$2,378,598

Annual Shareholder Report

Federated Hermes Strategic Income Fund

Fund Holdings

Top Security Types (% of Net Assets)^{Footnote Reference1}

Value	Value
Agency Risk Transfer Securities	0.2%
Common Stocks	0.4%
Commerical Mortgage-Backed Securities	0.7%
Asset-Backed Securities	0.9%
Cash Equivalents	4.9%
Collaterized Mortgage Obligations	5.4%
Foreign Governments/Agencies	13.6%
U.S. Treasuries	14.6%
Mortgage- Backed Securities	20.2%
Corporate Debt Securities	41.0%

Footnote	Description
Footnote¹	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 31417P700

G00324-02-B (01/26)

Federated Securities Corp., Distributor

FederatedHermes.com/us

Federated Hermes Strategic Income Fund

Class F Shares | STFSX

Annual Shareholder Report - November 30, 2025

A Portfolio of Federated Hermes Fixed Income Securities, Inc.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F Shares	$96	0.93%

Management's Discussion of Fund Performance

Top Contributors to Performance

Security selection within the high-yield bond, mortgage-backed securities and emerging market bond allocations contributed to relative Fund performance.
On average, the Fund's duration was equal to the Blended Index for the reporting period. Options strategies used to monetize interest rate volatility helped performance relative to the Blended Index.
The Fund's exposure to foreign currencies helped performance relative to the Blended Index.
A lower than Index allocation to mortgage-backed securities and an overweight position in investment-grade corporate bonds aided relative performance.

Top Detractors from Performance

The Fund reduced its holdings of equity securities following the April "Liberation Day" drawdown in the equity market which hurt the Fund's performance relative to the Blended Index.
The Fund's lower than Index allocation to the high-yield sector and holdings of out of Index U.S. Treasury bonds hurt performance relative to the Blended Index.
The Fund's positioning along the yield curve slightly detracted from performance relative to the Blended Index.

Annual Shareholder Report

Federated Hermes Strategic Income Fund

Fund Performance

Cumulative Performance: 11/30/2015 to 11/30/2025

Total Return Based on $10,000 Investment

	Class F Shares with sales load	Bloomberg US Aggregate Bond Index	Blended Index	Morningstar Multisector Bond Funds Category Average
11/30/2015	$9,896	$10,000	$10,000	$10,000
11/30/2016	$10,575	$10,217	$10,818	$10,471
11/30/2017	$11,292	$10,546	$11,584	$11,177
11/30/2018	$11,115	$10,404	$11,448	$11,073
11/30/2019	$12,220	$11,527	$12,468	$12,010
11/30/2020	$12,892	$12,366	$13,185	$12,534
11/30/2021	$13,378	$12,224	$13,365	$12,887
11/30/2022	$11,792	$10,654	$11,964	$11,712
11/30/2023	$12,355	$10,780	$12,685	$12,270
11/30/2024	$13,755	$11,521	$14,287	$13,457
11/30/2025	$14,732	$12,178	$15,472	$14,344

Average Annual Total Returns

Fund/Index	1 Year	5 Years	10 Years
Class F Shares with sales load	5.09%	2.51%	3.95%
Class F Shares without sales load	7.10%	2.71%	4.06%
Bloomberg US Aggregate Bond Index	5.70%	(0.31)%	1.99%
Blended Index	8.29%	3.25%	4.46%
Morningstar Multisector Bond Funds Category Average	6.61%	2.73%	3.63%

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$569,509,836
Number of Investments263
Portfolio Turnover49%
Total Advisory Fees Paid$2,378,598

Annual Shareholder Report

Federated Hermes Strategic Income Fund

Fund Holdings

Top Security Types (% of Net Assets)^{Footnote Reference1}

Value	Value
Agency Risk Transfer Securities	0.2%
Common Stocks	0.4%
Commerical Mortgage-Backed Securities	0.7%
Asset-Backed Securities	0.9%
Cash Equivalents	4.9%
Collaterized Mortgage Obligations	5.4%
Foreign Governments/Agencies	13.6%
U.S. Treasuries	14.6%
Mortgage- Backed Securities	20.2%
Corporate Debt Securities	41.0%

Footnote	Description
Footnote¹	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 31417P809

G00324-02-C (01/26)

Federated Securities Corp., Distributor

FederatedHermes.com/us

Federated Hermes Strategic Income Fund

Institutional Shares | STISX

Annual Shareholder Report - November 30, 2025

A Portfolio of Federated Hermes Fixed Income Securities, Inc.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$64	0.62%

Management's Discussion of Fund Performance

Top Contributors to Performance

Security selection within the high-yield bond, mortgage-backed securities and emerging market bond allocations contributed to relative Fund performance.
On average, the Fund's duration was equal to the Blended Index for the reporting period. Options strategies used to monetize interest rate volatility helped performance relative to the Blended Index.
The Fund's exposure to foreign currencies helped performance relative to the Blended Index.
A lower than Index allocation to mortgage-backed securities and an overweight position in investment-grade corporate bonds aided relative performance.

Top Detractors from Performance

The Fund reduced its holdings of equity securities following the April "Liberation Day" drawdown in the equity market which hurt the Fund's performance relative to the Blended Index.
The Fund's lower than Index allocation to the high-yield sector and holdings of out of Index U.S. Treasury bonds hurt performance relative to the Blended Index.
The Fund's positioning along the yield curve slightly detracted from performance relative to the Blended Index.

Annual Shareholder Report

Federated Hermes Strategic Income Fund

Fund Performance

Cumulative Performance: 11/30/2015 to 11/30/2025

Total Return Based on $10,000 Investment

	Institutional Shares	Bloomberg US Aggregate Bond Index	Blended Index	Morningstar Multisector Bond Funds Category Average
11/30/2015	$10,000	$10,000	$10,000	$10,000
11/30/2016	$10,712	$10,217	$10,818	$10,471
11/30/2017	$11,486	$10,546	$11,584	$11,177
11/30/2018	$11,342	$10,404	$11,448	$11,073
11/30/2019	$12,508	$11,527	$12,468	$12,010
11/30/2020	$13,237	$12,366	$13,185	$12,534
11/30/2021	$13,779	$12,224	$13,365	$12,887
11/30/2022	$12,185	$10,654	$11,964	$11,712
11/30/2023	$12,807	$10,780	$12,685	$12,270
11/30/2024	$14,303	$11,521	$14,287	$13,457
11/30/2025	$15,368	$12,178	$15,472	$14,344

Average Annual Total Returns

Fund/Index	1 Year	5 Years	10 Years
Institutional Shares	7.44%	3.03%	4.39%
Bloomberg US Aggregate Bond Index	5.70%	(0.31)%	1.99%
Blended Index	8.29%	3.25%	4.46%
Morningstar Multisector Bond Funds Category Average	6.61%	2.73%	3.63%

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$569,509,836
Number of Investments263
Portfolio Turnover49%
Total Advisory Fees Paid$2,378,598

Annual Shareholder Report

Federated Hermes Strategic Income Fund

Fund Holdings

Top Security Types (% of Net Assets)^{Footnote Reference1}

Value	Value
Agency Risk Transfer Securities	0.2%
Common Stocks	0.4%
Commerical Mortgage-Backed Securities	0.7%
Asset-Backed Securities	0.9%
Cash Equivalents	4.9%
Collaterized Mortgage Obligations	5.4%
Foreign Governments/Agencies	13.6%
U.S. Treasuries	14.6%
Mortgage- Backed Securities	20.2%
Corporate Debt Securities	41.0%

Footnote	Description
Footnote¹	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 31417P841

G00324-02-D (01/26)

Federated Securities Corp., Distributor

FederatedHermes.com/us

Federated Hermes Strategic Income Fund

Class R6 Shares | STILX

Annual Shareholder Report - November 30, 2025

A Portfolio of Federated Hermes Fixed Income Securities, Inc.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6 Shares	$63	0.61%

Management's Discussion of Fund Performance

Top Contributors to Performance

Security selection within the high-yield bond, mortgage-backed securities and emerging market bond allocations contributed to relative Fund performance.
On average, the Fund's duration was equal to the Blended Index for the reporting period. Options strategies used to monetize interest rate volatility helped performance relative to the Blended Index.
The Fund's exposure to foreign currencies helped performance relative to the Blended Index.
A lower than Index allocation to mortgage-backed securities and an overweight position in investment-grade corporate bonds aided relative performance.

Top Detractors from Performance

The Fund reduced its holdings of equity securities following the April "Liberation Day" drawdown in the equity market which hurt the Fund's performance relative to the Blended Index.
The Fund's lower than Index allocation to the high-yield sector and holdings of out of Index U.S. Treasury bonds hurt performance relative to the Blended Index.
The Fund's positioning along the yield curve slightly detracted from performance relative to the Blended Index.

Annual Shareholder Report

Federated Hermes Strategic Income Fund

Fund Performance

Cumulative Performance: 11/30/2015 to 11/30/2025

Total Return Based on $10,000 Investment

	Class R6 Shares	Bloomberg US Aggregate Bond Index	Blended Index	Morningstar Multisector Bond Funds Category Average
11/30/2015	$10,000	$10,000	$10,000	$10,000
11/30/2016	$10,681	$10,217	$10,818	$10,471
11/30/2017	$11,451	$10,546	$11,584	$11,177
11/30/2018	$11,295	$10,404	$11,448	$11,073
11/30/2019	$12,465	$11,527	$12,468	$12,010
11/30/2020	$13,188	$12,366	$13,185	$12,534
11/30/2021	$13,725	$12,224	$13,365	$12,887
11/30/2022	$12,135	$10,654	$11,964	$11,712
11/30/2023	$12,767	$10,780	$12,685	$12,270
11/30/2024	$14,249	$11,521	$14,287	$13,457
11/30/2025	$15,320	$12,178	$15,472	$14,344

Average Annual Total Returns

Fund/Index	1 Year	5 Years	10 Years
Class R6 Shares^{Footnote Reference1}	7.52%	3.04%	4.36%
Bloomberg US Aggregate Bond Index	5.70%	(0.31)%	1.99%
Blended Index	8.29%	3.25%	4.46%
Morningstar Multisector Bond Funds Category Average	6.61%	2.73%	3.63%

Footnote	Description
Footnote¹	The Fund's Class R6 Shares commenced operations on January 27, 2017. For the period prior to commencement of operations of the Class R6 Shares, the performance information shown is for the Class A Shares. The performance of the Class A Shares has not been adjusted to reflect the expenses applicable to the Class R6 Shares since the Class R6 Shares has a lower expense ratio than the expense ratio of the Class A Shares. The performance of the Class A Shares has been adjusted to reflect the absence of sales charges and adjusted to remove any voluntary waiver of Fund expenses related to the Class A Shares that may have occurred during the period prior to the commencement of operations of the Class R6 Shares.

Footnote

Description

Footnote¹

The Fund's Class R6 Shares commenced operations on January 27, 2017. For the period prior to commencement of operations of the Class R6 Shares, the performance information shown is for the Class A Shares. The performance of the Class A Shares has not been adjusted to reflect the expenses applicable to the Class R6 Shares since the Class R6 Shares has a lower expense ratio than the expense ratio of the Class A Shares. The performance of the Class A Shares has been adjusted to reflect the absence of sales charges and adjusted to remove any voluntary waiver of Fund expenses related to the Class A Shares that may have occurred during the period prior to the commencement of operations of the Class R6 Shares.

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$569,509,836
Number of Investments263
Portfolio Turnover49%
Total Advisory Fees Paid$2,378,598

Annual Shareholder Report

Federated Hermes Strategic Income Fund

Fund Holdings

Top Security Types (% of Net Assets)^{Footnote Reference1}

Value	Value
Agency Risk Transfer Securities	0.2%
Common Stocks	0.4%
Commerical Mortgage-Backed Securities	0.7%
Asset-Backed Securities	0.9%
Cash Equivalents	4.9%
Collaterized Mortgage Obligations	5.4%
Foreign Governments/Agencies	13.6%
U.S. Treasuries	14.6%
Mortgage- Backed Securities	20.2%
Corporate Debt Securities	41.0%

Footnote	Description
Footnote¹	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 31417P833

G00324-02-E (01/26)

Federated Securities Corp., Distributor

FederatedHermes.com/us

Item 2.

Code of Ethics

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

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

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

(e) Not Applicable

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

Item 3.

Audit Committee Financial Expert

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

Item 4.

Principal Accountant Fees and Services

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

Fiscal year ended 2025 - $82,274

Fiscal year ended 2024 - $79,109

(b) 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 $1,683 respectively. Fiscal year ended 2024- Travel expenses for attendance at Board meeting.

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.

(d) 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 $29,956 respectively. Fiscal year ended 2024- Service fees for analysis of potential Passive Foreign Investment Company holdings.

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

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

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

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

AUDIT SERVICES

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

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

AUDIT-RELATED SERVICES

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

TAX SERVICES

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

ALL OTHER SERVICES

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

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

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

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

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

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

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

PRE-APPROVAL FEE LEVELS

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

PROCEDURES

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

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

4(b)

Fiscal year ended 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%

4(d)

Fiscal year ended 2025 - 0%

Fiscal year ended 2024 - 0%

(f) NA

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

Fiscal year ended 2025 - $523,611

Fiscal year ended 2024 - $240,955

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

(i) Not Applicable

(j) Not Applicable

Item 5.

Audit Committee of Listed Registrants

Not Applicable

Item 6.

Schedule of Investments

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

(b) Not Applicable

Item 7.

Financial Statements and Financial Highlights for Open-End Management Companies

Annual Financial Statements
and Additional Information

November 30, 2025

Share Class | Ticker

A | STIAX

C | SINCX

F | STFSX

Institutional | STISX

R6 | STILX

Federated Hermes Strategic Income Fund

A Portfolio of Federated Hermes Fixed Income Securities, Inc.

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

CONTENTS

Portfolio of Investments	1
Financial Highlights	11
Statement of Assets and Liabilities	16
Statement of Operations	18
Statement of Changes in Net Assets	19
Notes to Financial Statements	20
Report of Independent Registered Public Accounting Firm	30
Evaluation and Approval of Advisory Contract	31

Portfolio of Investments

November 30, 2025

Principal Amount, Shares or Contracts		Value
	U.S. TREASURIES-14.7%
	U.S. Treasury Bonds-0.9%
$ 5,000,000	United States Treasury Bond, 4.625%, 2/15/2055	$ 4,958,978
	U.S. Treasury Notes-13.8%
3,000,000	United States Treasury Note, 3.875%, 3/31/2027	3,011,270
10,000,000	United States Treasury Note, 4.000%, 2/28/2030	10,168,353
30,000,000	United States Treasury Note, 4.000%, 5/31/2030	30,523,143
30,000,000	United States Treasury Note, 4.250%, 8/15/2035	30,585,999
2,000,000	United States Treasury Note, 4.375%, 12/31/2029	2,061,371
2,000,000	United States Treasury Note, 4.625%, 2/15/2035	2,101,172
	TOTAL	78,451,308
	TOTAL U.S. TREASURIES (IDENTIFIED COST $82,624,238)	83,410,286
	MORTGAGE-BACKED SECURITIES-4.7%
	Agency-4.7%
7,395,564	FHLMC, Pool SD8225, 3.000%, 7/1/2052	6,593,206
7,099,763	FHLMC, Pool SD8243, 3.500%, 9/1/2052	6,581,529
8,387,291	FNMA, Pool FBT224, 3.000%, 3/1/2052	7,479,959
6,514,448	FNMA, Pool MA4732, 4.000%, 9/1/2052	6,241,047
	TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $26,684,552)	26,895,741
	CORPORATE BONDS-3.8%
	Basic Industry - Metals & Mining-0.0%
50,000	Glencore Funding LLC, Sr. Unsecd. Note, 144A, 1.625%, 4/27/2026	49,484
55,000	Glencore Funding LLC, Sr. Unsecd. Note, 144A, 3.375%, 9/23/2051	37,799
	TOTAL	87,283
	Capital Goods - Aerospace & Defense-0.1%
60,000	Boeing Co., Sr. Unsecd. Note, 3.625%, 2/1/2031	57,712
30,000	Boeing Co., Sr. Unsecd. Note, 3.950%, 8/1/2059	21,668
30,000	Boeing Co., Sr. Unsecd. Note, 6.528%, 5/1/2034	33,374
50,000	Boeing Co., Sr. Unsecd. Note, 6.858%, 5/1/2054	57,024
50,000	L3Harris Technologies, Inc., Sr. Unsecd. Note, 5.400%, 7/31/2033	52,565
75,000	Leidos, Inc., Sr. Unsecd. Note, Series WI, 4.375%, 5/15/2030	75,149
55,000	Northrop Grumman Corp., Sr. Unsecd. Note, 3.250%, 1/15/2028	54,215
	TOTAL	351,707
	Capital Goods - Building Materials-0.0%
20,000	Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029	19,455
	Capital Goods - Construction Machinery-0.5%
3,390,000	Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 2.450%, 8/12/2031	3,028,386
40,000	CNH Industrial NV, Sr. Unsecd. Note, Series MTN, 3.850%, 11/15/2027	39,861
	TOTAL	3,068,247
	Capital Goods - Diversified Manufacturing-0.0%
15,000	Ingersoll-Rand, Inc., Sr. Unsecd. Note, 5.450%, 6/15/2034	15,726
15,000	Ingersoll-Rand, Inc., Sr. Unsecd. Note, 5.700%, 6/15/2054	15,274
40,000	Valmont Industries, Inc., Sr. Unsecd. Note, 5.000%, 10/1/2044	37,907
35,000	Valmont Industries, Inc., Sr. Unsecd. Note, 5.250%, 10/1/2054	33,279
	TOTAL	102,186
	Capital Goods - Environmental-0.0%
75,000	Republic Services, Inc., Sr. Unsecd. Note, 4.875%, 4/1/2029	77,124
75,000	Waste Connections, Inc., Sr. Unsecd. Note, 2.600%, 2/1/2030	70,913
	TOTAL	148,037
	Communications - Cable & Satellite-0.1%
25,000	Charter Communications Operating LLC, 5.375%, 5/1/2047	20,986
40,000	Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 6.550%, 6/1/2034	42,203

Annual Financial Statements and Additional Information

Principal Amount, Shares or Contracts		Value
	CORPORATE BONDS-continued
	Communications - Cable & Satellite-continued
$ 30,000	Comcast Corp., Sr. Unsecd. Note, 3.450%, 2/1/2050	$ 20,612
197,000	Comcast Corp., Sr. Unsecd. Note, 144A, 5.168%, 1/15/2037	196,823
	TOTAL	280,624
	Communications - Media & Entertainment-0.3%
1,405,000	AppLovin Corp., Sr. Unsecd. Note, 5.500%, 12/1/2034	1,454,884
25,000	AppLovin Corp., Sr. Unsecd. Note, 5.950%, 12/1/2054	25,160
100,000	Meta Platforms, Inc., Sr. Unsecd. Note, 4.875%, 11/15/2035	101,123
50,000	Meta Platforms, Inc., Sr. Unsecd. Note, 5.625%, 11/15/2055	49,909
	TOTAL	1,631,076
	Communications - Telecom Wireless-0.1%
55,000	Crown Castle, Inc., Sr. Unsecd. Note, 5.200%, 2/15/2049	50,419
60,000	T-Mobile USA, Inc., 3.300%, 2/15/2051	41,035
65,000	T-Mobile USA, Inc., Series WI, 2.700%, 3/15/2032	58,663
55,000	T-Mobile USA, Inc., Sr. Unsecd. Note, 5.650%, 1/15/2053	54,604
65,000	Vodafone Group PLC, Sr. Unsecd. Note, 5.625%, 2/10/2053	63,367
	TOTAL	268,088
	Communications - Telecom Wirelines-0.0%
65,000	AT&T, Inc., Sr. Unsecd. Note, 1.700%, 3/25/2026	64,513
5,000	AT&T, Inc., Sr. Unsecd. Note, 3.850%, 6/1/2060	3,554
45,000	AT&T, Inc., Sr. Unsecd. Note, Series WI, 5.300%, 8/15/2058	38,860
100,000	Rogers Communications, Inc., Sr. Unsecd. Note, 4.500%, 3/15/2042	86,887
45,000	Verizon Communications, Inc., Sr. Unsecd. Note, 3.550%, 3/22/2051	32,700
	TOTAL	226,514
	Consumer Cyclical - Automotive-0.1%
100,000	General Motors Co., Sr. Unsecd. Note, 5.200%, 4/1/2045	90,983
50,000	General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.450%, 7/15/2030	52,041
100,000	Hyundai Capital America, Sr. Unsecd. Note, 144A, 5.400%, 6/23/2032	103,868
	TOTAL	246,892
	Consumer Cyclical - Retailers-0.0%
120,000	Home Depot, Inc., Sr. Unsecd. Note, 2.950%, 6/15/2029	116,275
	Consumer Cyclical - Services-0.0%
50,000	Amazon.com, Inc., Sr. Unsecd. Note, 2.100%, 5/12/2031	45,276
60,000	Uber Technologies, Inc., Sr. Unsecd. Note, 4.300%, 1/15/2030	60,354
	TOTAL	105,630
	Consumer Non-Cyclical - Food/Beverage-0.1%
99,000	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.900%, 2/1/2046	93,298
100,000	Bacardi-MartinI B.V., Sr. Unsecd. Note, 144A, 6.000%, 2/1/2035	104,611
150,000	Coca-Cola Femsa S.A.B. de C.V., Sr. Unsecd. Note, 2.750%, 1/22/2030	142,043
50,000	Constellation Brands, Inc., Sr. Unsecd. Note, 5.250%, 11/15/2048	47,118
30,000	Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046	25,222
50,000	Mars, Inc., Sr. Unsecd. Note, 144A, 5.200%, 3/1/2035	51,749
30,000	Mars, Inc., Sr. Unsecd. Note, 144A, 5.700%, 5/1/2055	30,602
30,000	Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 3.000%, 10/15/2030	27,748
55,000	Sysco Corp., Sr. Unsecd. Note, 3.300%, 7/15/2026	54,766
70,000	The Campbell's Co., Sr. Unsecd. Note, 4.750%, 3/23/2035	68,595
100,000	Tyson Foods, Inc., Sr. Unsecd. Note, 5.700%, 3/15/2034	105,837
	TOTAL	751,589
	Consumer Non-Cyclical - Health Care-0.0%
30,000	Agilent Technologies, Inc., Sr. Unsecd. Note, 2.100%, 6/4/2030	27,456
100,000	CVS Health Corp., Sr. Unsecd. Note, 5.050%, 3/25/2048	89,782
30,000	DH Europe Finance II S.a.r.l., Sr. Unsecd. Note, 2.600%, 11/15/2029	28,497
25,000	HCA, Inc., Sr. Unsecd. Note, 5.950%, 9/15/2054	25,188
	TOTAL	170,923
	Consumer Non-Cyclical - Pharmaceuticals-0.1%
65,000	AbbVie, Inc., Sr. Unsecd. Note, 2.950%, 11/21/2026	64,404
60,000	AbbVie, Inc., Sr. Unsecd. Note, 3.200%, 11/21/2029	58,215

Annual Financial Statements and Additional Information

Principal Amount, Shares or Contracts		Value
	CORPORATE BONDS-continued
	Consumer Non-Cyclical - Pharmaceuticals-continued
$ 75,000	Amgen, Inc., Sr. Unsecd. Note, 5.250%, 3/2/2030	$ 77,962
80,000	Amgen, Inc., Sr. Unsecd. Note, 5.250%, 3/2/2033	83,405
80,000	Amgen, Inc., Sr. Unsecd. Note, 5.650%, 3/2/2053	80,438
60,000	Biogen, Inc., Sr. Unsecd. Note, 2.250%, 5/1/2030	55,238
55,000	Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.250%, 10/26/2049	46,069
	TOTAL	465,731
	Consumer Non-Cyclical - Supermarkets-0.0%
50,000	Kroger Co., Sr. Unsecd. Note, 4.450%, 2/1/2047	42,961
	Consumer Non-Cyclical - Tobacco-0.0%
30,000	BAT Capital Corp., Sr. Unsecd. Note, 3.984%, 9/25/2050	22,435
115,000	Philip Morris International, Inc., Sr. Unsecd. Note, 5.750%, 11/17/2032	123,592
65,000	Reynolds American, Inc., Sr. Unsecd. Note, 7.000%, 8/4/2041	69,724
	TOTAL	215,751
	Energy - Independent-0.0%
75,000	APA Corp., Sr. Unsecd. Note, 6.750%, 2/15/2055	75,860
35,000	Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053	37,693
	TOTAL	113,553
	Energy - Integrated-0.0%
50,000	Cenovus Energy, Inc., Sr. Unsecd. Note, 4.250%, 4/15/2027	50,240
45,000	Shell Finance, Sr. Unsecd. Note, 4.000%, 5/10/2046	37,234
	TOTAL	87,474
	Energy - Midstream-0.1%
45,000	Eastern Gas Transmission & Storage, Inc., Sr. Unsecd. Note, 3.900%, 11/15/2049	33,312
50,000	Enbridge, Inc., Sr. Unsecd. Note, 5.200%, 11/20/2035	50,535
100,000	Enbridge, Inc., Sr. Unsecd. Note, 5.950%, 4/5/2054	103,153
100,000	MPLX LP, Sr. Unsecd. Note, 4.950%, 3/14/2052	85,363
65,000	ONEOK, Inc., Sr. Unsecd. Note, 4.550%, 7/15/2028	65,546
30,000	ONEOK, Inc., Sr. Unsecd. Note, 5.200%, 7/15/2048	27,358
30,000	Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033	28,812
100,000	Targa Resources, Inc., Sr. Unsecd. Note, 5.400%, 7/30/2036	100,928
100,000	Williams Cos., Inc., Sr. Unsecd. Note, 5.150%, 3/15/2034	102,110
	TOTAL	597,117
	Financial Institution - Banking-0.6%
90,000	Bank of America Corp., Sr. Unsecd. Note, 2.299%, 7/21/2032	80,755
100,000	Bank of America Corp., Sr. Unsecd. Note, 2.572%, 10/20/2032	90,761
85,000	Bank of America Corp., Sr. Unsecd. Note, 2.687%, 4/22/2032	78,276
50,000	Bank of America Corp., Sr. Unsecd. Note, 5.468%, 1/23/2035	52,604
90,000	Bank of America Corp., Sr. Unsecd. Note, 5.511%, 1/24/2036	95,023
50,000	Bank of America Corp., Sr. Unsecd. Note, Series MTN, 2.884%, 10/22/2030	47,739
120,000	Citigroup, Inc., Sr. Unsecd. Note, 2.561%, 5/1/2032	109,227
100,000	Citigroup, Inc., Sub., 5.827%, 2/13/2035	104,618
70,000	Citizens Financial Group, Inc., Sub. Note, 2.638%, 9/30/2032	60,380
65,000	Fifth Third Bancorp, Sr. Unsecd. Note, 3.950%, 3/14/2028	64,898
85,000	FNB Corp. (PA), 5.722%, 12/11/2030	86,942
100,000	Goldman Sachs Group, Inc., Sr. Unsecd. Note, 2.615%, 4/22/2032	91,482
45,000	Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.102%, 2/24/2033	41,661
120,000	Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.814%, 4/23/2029	119,203
90,000	Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.218%, 4/23/2031	93,268
100,000	Huntington Bancshares, Inc., Sr. Unsecd. Note, 5.709%, 2/2/2035	105,216
145,000	JPMorgan Chase & Co., Sr. Unsecd. Note, 2.580%, 4/22/2032	133,193
100,000	JPMorgan Chase & Co., Sr. Unsecd. Note, 2.963%, 1/25/2033	92,320
55,000	JPMorgan Chase & Co., Sr. Unsecd. Note, 5.336%, 1/23/2035	57,556
50,000	JPMorgan Chase & Co., Sr. Unsecd. Note, 5.350%, 6/1/2034	52,506
100,000	KeyCorp, Sr. Unsecd. Note, 6.401%, 3/6/2035	109,154
45,000	M&T Bank Corp., Sr. Unsecd. Note, 6.082%, 3/13/2032	47,896
65,000	M&T Bank Corp., Sr. Unsecd. Note, 7.413%, 10/30/2029	70,521

Annual Financial Statements and Additional Information

Principal Amount, Shares or Contracts			Value
		CORPORATE BONDS-continued
		Financial Institution - Banking-continued
$ 90,000		Morgan Stanley, Sr. Unsecd. Note, 5.192%, 4/17/2031	$ 93,177
20,000		Morgan Stanley, Sr. Unsecd. Note, 5.466%, 1/18/2035	20,959
100,000		Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.239%, 7/21/2032	89,210
100,000		Morgan Stanley, Sr. Unsecd. Note, Series MTN, 1.928%, 4/28/2032	88,121
75,000		Northern Trust Corp., Sub., 6.125%, 11/2/2032	82,183
40,000		PNC Financial Services Group, Inc., 5.575%, 1/29/2036	42,081
65,000		PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.676%, 1/22/2035	68,862
21,763	1	Regional Diversified Funding, 144A, 9.250%, 3/15/2030	4,570
35,000		Regions Financial Corp., Sr. Unsecd. Note, 5.722%, 6/6/2030	36,474
50,000		Synovus Financial Corp., Sr. Unsecd. Note, 6.168%, 11/1/2030	51,910
200,000		Truist Bank, Sub. Note, Series BKNT, 3.300%, 5/15/2026	199,285
20,000		U.S. Bancorp, 5.100%, 7/23/2030	20,637
65,000		U.S. Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030	57,595
100,000		Wells Fargo & Co., Sr. Unsecd. Note, 5.499%, 1/23/2035	105,187
275,000		Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 2.879%, 10/30/2030	262,293
		TOTAL	3,107,743
		Financial Institution - Broker/Asset Mgr/Exchange-0.0%
45,000		Jefferies Financial Group, Inc., Sr. Unsecd. Note, 2.750%, 10/15/2032	39,445
		Financial Institution - Finance Companies-0.0%
150,000		AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 5.300%, 1/19/2034	154,555
		Financial Institution - Insurance - Health-0.0%
100,000		Elevance Health, Inc., Sr. Unsecd. Note, 5.000%, 1/15/2036	100,209
		Financial Institution - Insurance - Life-0.1%
150,000		Massachusetts Mutual Life Insurance Co., Sub. Note, 144A, 4.900%, 4/1/2077	125,719
120,000		Pacific Life Insurance Co., Sub. Note, 144A, 4.300%, 10/24/2067	98,203
100,000		Wynnton Funding Trust, Sr. Unsecd. Note, 5.251%, 8/15/2035	101,376
		TOTAL	325,298
		Financial Institution - Insurance - P&C-0.1%
100,000		Aon North America, Inc., 5.750%, 3/1/2054	101,497
100,000		Beacon Funding Trust, Sr. Unsecd. Note, 6.266%, 8/15/2054	102,462
100,000		CNA Financial Corp., Sr. Unsecd. Note, 5.200%, 8/15/2035	101,083
60,000		Marsh & McLennan Cos., Inc., Sr. Unsecd. Note, 4.650%, 3/15/2030	61,228
		TOTAL	366,270
		Financial Institution - REIT - Apartment-0.0%
35,000		Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 3.350%, 5/15/2027	34,729
60,000		UDR, Inc., Sr. Unsecd. Note, 3.100%, 11/1/2034	52,565
		TOTAL	87,294
		Financial Institution - REIT - Healthcare-0.7%
40,000		Physicians Realty Trust, Sr. Unsecd. Note, 4.300%, 3/15/2027	40,057
75,000		Welltower, Inc., Sr. Unsecd. Note, 2.750%, 1/15/2031	69,975
4,000,000		Welltower, Inc., Sr. Unsecd. Note, 2.750%, 1/15/2032	3,652,591
		TOTAL	3,762,623
		Financial Institution - REIT - Office-0.0%
110,000		Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028	109,416
		Financial Institution - REIT - Other-0.0%
50,000		WP Carey, Inc., Sr. Unsecd. Note, 5.375%, 6/30/2034	51,876
		Financial Institution - REIT - Retail-0.0%
80,000		Regency Centers LP, Sr. Unsecd. Note, 4.125%, 3/15/2028	80,123
		Technology-0.2%
35,000		Alphabet, Inc., Sr. Unsecd. Note, 2.050%, 8/15/2050	19,836
35,000		Autodesk, Inc., Sr. Unsecd. Note, 5.300%, 6/15/2035	36,192
60,000		Broadcom, Inc., Sr. Sub. Secd. Note, Series WI, 3.469%, 4/15/2034	55,371
65,000		Broadcom, Inc., Sr. Unsecd. Note, 5.050%, 7/12/2029	67,184
3,000		Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.187%, 11/15/2036	2,592
90,000		Cisco Systems, Inc., Sr. Unsecd. Note, 5.500%, 2/24/2055	90,968
90,000		Dell International LLC / EMC Corp., Sr. Unsecd. Note, 5.100%, 2/15/2036	89,914

Annual Financial Statements and Additional Information

Principal Amount, Shares or Contracts		Value
	CORPORATE BONDS-continued
	Technology-continued
$ 75,000	Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029	$ 72,589
40,000	Global Payments, Inc., Sr. Unsecd. Note, 4.500%, 11/15/2028	40,143
70,000	Global Payments, Inc., Sr. Unsecd. Note, 5.550%, 11/15/2035	69,980
35,000	Hewlett Packard Enterprise Co., 5.600%, 10/15/2054	32,787
55,000	Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 5.000%, 10/15/2034	54,749
75,000	Lam Research Corp., Sr. Unsecd. Note, 4.000%, 3/15/2029	75,135
25,000	Oracle Corp., Sr. Unsecd. Note, 3.600%, 4/1/2050	16,554
125,000	Oracle Corp., Sr. Unsecd. Note, 5.200%, 9/26/2035	122,554
75,000	Oracle Corp., Sr. Unsecd. Note, 6.900%, 11/9/2052	77,955
65,000	Roper Technologies, Inc., Sr. Unsecd. Note, 1.750%, 2/15/2031	57,025
90,000	Synopsys, Inc., Sr. Unsecd. Note, 5.000%, 4/1/2032	92,359
30,000	Verisign, Inc., Sr. Unsecd. Note, 2.700%, 6/15/2031	27,247
35,000	Visa, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2027	34,474
45,000	VMware, Inc., Sr. Unsecd. Note, 2.200%, 8/15/2031	40,093
	TOTAL	1,175,701
	Transportation - Railroads-0.0%
40,000	Union Pacific Corp., Sr. Unsecd. Note, 2.400%, 2/5/2030	37,538
	Transportation - Services-0.0%
75,000	Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.200%, 10/30/2034	77,739
	Utility - Electric-0.2%
40,000	Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027	38,962
55,000	American Electric Power Co., Inc., Sr. Unsecd. Note, 5.625%, 3/1/2033	58,215
25,000	Black Hills Corp., Sr. Unsecd. Note, 2.500%, 6/15/2030	23,137
115,000	CenterPoint Energy, Inc., Sr. Unsecd. Note, 2.650%, 6/1/2031	105,150
65,000	Constellation Energy Generation LLC, Sr. Unsecd. Note, 5.800%, 3/1/2033	69,713
75,000	Dominion Energy, Inc., Sr. Unsecd. Note, Series A, 1.450%, 4/15/2026	74,249
130,000	Duke Energy Corp., Sr. Unsecd. Note, 2.450%, 6/1/2030	120,624
55,000	Duke Energy Corp., Sr. Unsecd. Note, 3.950%, 8/15/2047	43,298
90,000	Evergy Metro, Inc., Sr. Unsecd. Note, 4.200%, 3/15/2048	75,425
30,000	Exelon Corp., Sr. Unsecd. Note, 4.100%, 3/15/2052	23,443
25,000	FirstEnergy Transmission LLC, Sr. Unsecd. Note, 144A, 4.550%, 4/1/2049	21,722
65,000	NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 5.050%, 2/28/2033	66,819
65,000	NiSource, Inc., Sr. Unsecd. Note, 4.375%, 5/15/2047	55,105
100,000	Southern Power Co., Sr. Unsecd. Note, Series B, 4.900%, 10/1/2035	99,439
120,000	Virginia Electric & Power Co., Sr. Unsecd. Note, Series A, 3.500%, 3/15/2027	119,371
	TOTAL	994,672
	Utility - Natural Gas Distributor-0.4%
2,000,000	Southern California Gas Co., Term Loan - 1st Lien, 5.050%, 9/1/2034	2,049,297
	TOTAL CORPORATE BONDS (IDENTIFIED COST $22,654,098)	21,616,912
	COLLATERALIZED MORTGAGE OBLIGATIONS-2.6%
	Federal Home Loan Mortgage Corporation-0.1%
549,292	FHLMC REMIC, Series K105, Class A1, 1.536%, 9/25/2029	522,524
	Non-Agency Mortgage-Backed Securities-2.5%
3,113,845	GS Mortgage-Backed Securities Trust 2022-PJ3, Class A4, 2.500%, 8/25/2052	2,612,589
656,615	GS Mortgage-Backed Securities Trust 2023-PJ5, Class A16, 6.500%, 2/25/2054	667,061
5,769,807	JP Morgan Mortgage Trust 2022-1, Class A2, 3.000%, 7/25/2052	5,051,512
3,837,656	JP Morgan Mortgage Trust 2022-2, Class A3, 2.500%, 8/25/2052	3,219,883
3,106,821	JP Morgan Mortgage Trust 2022-3, Class A3, 2.500%, 8/25/2052	2,606,695
	TOTAL	14,157,740
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $16,451,667)	14,680,264
	FOREIGN GOVERNMENTS/AGENCY-0.8%
	Sovereign-0.8%
AUD 6,750,000	Australia, Government of, Sr. Unsecd. Note, Series 154, 2.750%, 11/21/2029 (IDENTIFIED COST $4,500,959)	4,226,445

Annual Financial Statements and Additional Information

Principal Amount, Shares or Contracts			Value
		COMMERCIAL MORTGAGE-BACKED SECURITIES-0.7%
		Commercial Mortgage-0.7%
$ 500,000		Bank 2018-BN15, Class A4, 4.407%, 11/15/2061	$ 502,262
345,000		Bank 2022-BNK40, Class A4, 3.502%, 3/15/2064	323,057
675,000		Benchmark Mortgage Trust 2019-B11, Class A5, 3.542%, 5/15/2052	654,074
270,200		Benchmark Mortgage Trust 2021-B26, Class A2, 1.957%, 6/15/2054	265,344
713,747		Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048	704,461
1,650,000	2	ORL Trust 2024-GLKS, Class B, 5.850% (CME Term SOFR 1 Month +1.892%), 12/15/2039	1,651,031
		TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $4,211,481)	4,100,229
		ASSET-BACKED SECURITIES-0.7%
		Services-0.4%
2,174,779		Home Partners of America Trust 2022-1, Class B, 4.330%, 4/17/2039	2,171,842
		Student Loans-0.3%
1,054,791		Navient Student Loan Trust 2021-GA, Class A, 1.580%, 4/15/2070	962,892
811,640		SMB Private Education Loan Trust 2021-E, Class A1A, 1.680%, 2/15/2051	773,103
		TOTAL	1,735,995
		TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $4,021,423)	3,907,837
		COMMON STOCKS-0.4%
		Automotive-0.0%
805		Lear Corp.	86,425
		Building Materials-0.0%
5,775	3	Masterbrand, Inc.	64,045
		Chemicals-0.1%
1,260		Ashland, Inc.	66,654
2,165	3	Axalta Coating Systems Ltd.	65,231
7,105	3	Ecovyst, Inc.	65,366
2,625		Koppers Holdings, Inc.	77,884
		TOTAL	275,135
		Commercial Services & Supplies-0.0%
2,970		Interface, Inc.	82,893
645		The Brink's Co.	72,453
		TOTAL	155,346
		Construction Machinery-0.0%
580		Herc Holdings, Inc.	77,876
70		United Rentals North America, Inc.	57,063
		TOTAL	134,939
		Consumer Products-0.0%
2,605		Energizer Holdings, Inc.	47,489
		Containers & Packaging-0.0%
5,698		Graphic Packaging Holding Co.	92,194
		Diversified Manufacturing-0.0%
435		WESCO International, Inc.	116,323
		Food & Beverage-0.0%
975	3	US Foods Holding Corp.	76,703
		Food & Staples Retailing-0.0%
2,350		Albertsons Cos., Inc.	43,075
		Gaming-0.1%
925		Boyd Gaming Corp.	77,052
4,100	3	Caesars Entertainment, Inc.	95,407
1,505		Red Rock Resorts, Inc.	88,148
		TOTAL	260,607
		Independent Energy-0.0%
2,663		Devon Energy Corp.	98,691
		Midstream-0.0%
4,481		Suburban Propane Partners LP	87,604

Annual Financial Statements and Additional Information

Principal Amount, Shares or Contracts			Value
		COMMON STOCKS-continued
		Pharmaceuticals-0.0%
8,185	3	Bausch Health Cos., Inc.	$ 51,975
		Technology-0.1%
610		CDW Corp.	87,974
710		Dell Technologies, Inc.	94,679
475		Science Applications International Corp.	40,950
2,490		Sensata Technologies Holdings PLC	79,854
		TOTAL	303,457
		Utility - Electric-0.1%
570		NRG Energy, Inc.	96,609
415		Vistra Corp.	74,227
		TOTAL	170,836
		TOTAL COMMON STOCKS (IDENTIFIED COST $2,085,406)	2,064,844
		AGENCY RISK TRANSFER SECURITY-0.2%
$ 1,250,000	2	FNMA - CAS 2023-R05, Class 1M2, 7.171% (30-DAY AVERAGE SOFR +3.100%), 6/25/2043 (IDENTIFIED COST $1,250,000)	1,297,425
		PREFERRED STOCK-0.0%
		Financials-0.0%
40,000	1,3,4	Lehman Brothers Holdings, Inc., Pfd., 5.670% (IDENTIFIED COST $3,400)	400
		PURCHASED CALL OPTIONS-0.0%
12,000,000		Bank of America Merrill Lynch USD CALL/COP PUT, Exercise Price $3975, Notional Amount $44,302,320,000, Expiration Date 2/4/2026	93,468
100,000		United States Treasury, 0.000%, Exercise Price 113.50, Notional Amount $11,342, Expiration Date 12/27/2025	50,000
		TOTAL PURCHASED CALL OPTIONS (IDENTIFIED COST $299,370)	143,468
		PURCHASED PUT OPTION-0.0%
8,000,000		Toronto Dominion USD PUT/CAD CALL, Exercise Price $1.385, Notional Amount $5,680,000, Expiration Date 1/29/2026 (IDENTIFIED COST $76,800)	37,520
		INVESTMENT COMPANIES-71.0%
12,902,932		Emerging Markets Core Fund	117,158,626
14,905,725		Federated Hermes Government Obligations Fund, Premier Shares, 3.89%5	14,905,725
31,617,799		High Yield Bond Core Fund	180,853,812
10,770,825		Mortgage Core Fund	91,659,717
		TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $455,266,009)	404,577,880
		TOTAL INVESTMENT IN SECURITIES-99.6% (IDENTIFIED COST $620,129,403)6	566,959,251
		OTHER ASSETS AND LIABILITIES - NET-0.4%7	2,550,585
		NET ASSETS-100%	$569,509,836

At November 30, 2025, the Fund had the following outstanding futures contracts:

Description	Number of Contracts	Notional Value	Expiration Date	Value and Unrealized Appreciation (Depreciation)
Long Futures:
United States Treasury Notes 2-Year Long Futures	150	$31,328,906	March 2026	$(8,498)
United States Treasury Notes 5-Year Long Futures	7	$768,359	March 2026	$856
United States Treasury Notes 10-Year Long Futures	4	$453,375	March 2026	$835
Short Futures:
United States Treasury Notes 10-Year Ultra Short Futures	15	$1,743,047	March 2026	$(5,202)
United States Treasury Ultra Bond Short Futures	40	$4,837,500	March 2026	$(29,868)
United States Treasury Ultra Long Bond Short Futures	50	$5,871,875	March 2026	$(28,624)
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS				$(70,501)

Annual Financial Statements and Additional Information

At November 30, 2025, the Fund had the following outstanding foreign exchange contracts:

Settlement Date	Counterparty	Foreign Currency Units to Deliver/Receive		In Exchange For	Net Unrealized Appreciation/ (Depreciation)
Contracts Purchased:
12/3/2025	Credit Agricole	8,000,000	GBP	$10,571,786	$17,810
12/10/2025	Credit Agricole	5,628,612	CAD	$4,000,000	$29,694
12/10/2025	Bank of America	1,173,416,300	HUF	$3,500,000	$68,510
12/10/2025	Credit Agricole	12,897,224	PLN	$3,500,000	$33,870
12/10/2025	BNP Paribas	33,275,530	SEK	$3,500,000	$26,220
Contracts Sold:
12/3/2025	Wells Fargo	8,000,000	GBP	$10,474,123	$(115,473)
12/10/2025	Toronto Dominion	5,636,592	CAD	$4,000,000	$(35,407)
12/10/2025	Bank of America	1,185,744,000	HUF	$3,500,000	$(106,000)
12/10/2025	Toronto Dominion	12,968,228	PLN	$3,500,000	$(53,325)
12/10/2025	BNP Paribas	33,360,559	SEK	$3,500,000	$(35,231)
NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS					$(169,332)

At November 30, 2025, the Fund had the following open swap contracts:

Credit Default Swap
Counterparty	Reference Entity	Buy/ Sell	Pay/ Receive Fixed Rate	Expiration Date	Implied Credit Spread at 11/30/20258	Notional Amount	Market Value	Upfront Premiums Paid/ (Received)	Unrealized Appreciation (Depreciation)
OTC Swap:
Barclays	CDX Index EM Series 44	Buy	1.000%	12/20/2030	1.35%	$8,000,000	$127,999	$129,356	$(1,357)

At November 30, 2025, the Fund had the following outstanding written options contracts:

Counterparty	Description	Number of Contracts	Notional Amount	Expiration Date	Exercise Price	Value
Call Options:
Bank of America	USD CALL/COP PUT	(20,000,000)	$20,000,000	February 2026	$4,175.00	$(50,460)
Barclays	EUR CALL/USD PUT	(5,000,000)	$5,000,000	January 2026	$1.18	$(16,495)
J.P. Morgan	United States Treasury, 114.50%, 12/26/2025	(100)	$11,342,188	December 2025	$114.50	$(18,750)
Toronto Dominion	USD CALL/CAD PUT	(8,000,000)	$8,000,000	January 2026	$1.40	$(41,392)
Put Options:
Bank of America	USD PUT/COP CALL	(12,000,000)	$12,000,000	February 2026	$3,800.00	$(284,496)
J.P. Morgan	United States Treasury, 112.00%, 12/26/2025	(100)	$11,342,188	December 2025	$112.00	$(12,500)
Morgan Stanley	EUR PUT/USD CALL	(3,750,000)	$3,750,000	January 2026	$1.15	$(7,571)
(Premium Received $464,647)						$(431,664)

Net Unrealized Appreciation/Depreciation on Futures Contracts, Foreign Exchange Contracts and the value of Written Option Contracts and Swaps 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 November 30, 2025, were as follows:

Affiliates	Value as of 11/30/2024	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation/ Depreciation	Net Realized Gain/ (Loss)	Value as of 11/30/2025	Shares Held as of 11/30/2025	Dividend Income
Emerging Markets Core Fund	$145,977,930	$11,608,650	$(43,600,000)	$3,892,916	$(720,870)	$117,158,626	12,902,932	$11,611,430
Federated Hermes Government Obliga- tions Fund, Premier Shares*	$9,621,877	$260,634,195	$(255,350,347)	$-	$-	$14,905,725	14,905,725	$450,569
High Yield Bond Core Fund	$201,458,099	$3,250,000	$(24,500,000)	$4,319,801	$(3,674,088)	$180,853,812	31,617,799	$11,909,619
Mortgage Core Fund	$95,528,159	$10,950,000	$(16,300,000)	$4,830,277	$(3,348,719)	$91,659,717	10,770,825	$4,489,809
TOTAL OF AFFILIATED TRANSAC- TIONS	$452,586,065	$286,442,845	$(339,750,347)	$13,042,994	$(7,743,677)	$404,577,880	70,197,281	$28,461,427

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

Annual Financial Statements and Additional Information

1	Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund's Adviser acting through its Valuation Committee.
2	Floating/variable note with current rate and current maturity or next reset date shown.
3	Non-income-producing security.
4	Issuer in default.
5	7-day net yield.
6	The cost of investments for federal tax purposes amounts to $624,531,703.
7	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
8	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or obligation.

Note: The categories of investments are shown as a percentage of net assets at November 30, 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 November 30, 2025, in valuing the Fund's assets carried at fair value:

Valuation Inputs
	Level 1- Quoted Prices	Level 2- Other Significant Observable Inputs	Level 3- Significant Unobservable Inputs	Total
Debt Securities:
U.S. Treasuries	$-	$83,410,286	$-	$83,410,286
Mortgage-Backed Securities	-	26,895,741	-	26,895,741
Corporate Bonds	-	21,612,342	4,570	21,616,912
Collateralized Mortgage Obligations	-	14,680,264	-	14,680,264
Foreign Governments/Agency	-	4,226,445	-	4,226,445
Commercial Mortgage-Backed Securities	-	4,100,229	-	4,100,229
Asset-Backed Securities	-	3,907,837	-	3,907,837
Agency Risk Transfer Security	-	1,297,425	-	1,297,425
Purchased Call Options	50,000	93,468	-	143,468
Purchased Put Option	-	37,520	-	37,520
Equity Securities:
Common Stocks
Domestic	2,064,844	-	-	2,064,844
Preferred Stock
Domestic	-	-	400	400
Investment Companies	404,577,880	-	-	404,577,880
TOTAL SECURITIES	$406,692,724	$160,261,557	$4,970	$566,959,251
Other Financial Instruments:
Assets
Futures Contracts	$1,691	$-	$-	$1,691
Foreign Exchange Contracts	-	176,104	-	176,104
Swap Contracts	-	127,999	-	127,999
Liabilities
Futures Contracts	(72,192)	-	-	(72,192)
Foreign Exchange Contracts	-	(345,436)	-	(345,436)
Written Options Contracts	(31,250)	(400,414)	-	(431,664)
TOTAL OTHER FINANCIAL INSTRUMENTS	$(101,751)	$(441,747)	$-	$(543,498)

Annual Financial Statements and Additional Information

The following acronym(s) are used throughout this portfolio:
AUD	-Australian Dollar
BKNT	-Bank Notes
CAD	-Canadian Dollar
CAS	-Connecticut Avenue Securities
COP	-Colombian Peso
EUR	-Euro
FHLMC	-Federal Home Loan Mortgage Corporation
FNMA	-Federal National Mortgage Association
GBP	-British Pound
GMTN	-Global Medium Term Note
HUF	-Hungarian Forint
MTN	-Medium Term Note
PLN	-Polish Zloty
REIT	-Real Estate Investment Trust
REMIC	-Real Estate Mortgage Investment Conduit
SEK	-Swedish Krona
SOFR	-Secured Overnight Financing Rate
USD	-United States Dollar

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

Financial Highlights-Class A Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended November 30,
	2025	2024	2023	2022	2021
Net Asset Value, Beginning of Period	$8.35	$7.86	$7.86	$9.30	$9.29
Income From Investment Operations:
Net investment income (loss)1	0.43	0.40	0.38	0.35	0.34
Net realized and unrealized gain (loss)	0.14	0.47	(0.01)	(1.44)	0.01
Total From Investment Operations	0.57	0.87	0.37	(1.09)	0.35
Less Distributions:
Distributions from net investment income	(0.42)	(0.38)	(0.37)	(0.35)	(0.34)
Net Asset Value, End of Period	$8.50	$8.35	$7.86	$7.86	$9.30
Total Return2	7.04%	11.24%	4.87%	(11.88)%	3.74%
Ratios to Average Net Assets:
Net expenses3	0.94%	0.94%	0.93%	0.93%	0.93%
Net investment income	5.23%	4.93%	4.81%	4.17%	3.61%
Expense waiver/reimbursement4	0.14%	0.13%	0.13%	0.10%	0.10%
Supplemental Data:
Net assets, end of period (000 omitted)	$182,910	$193,314	$198,920	$222,213	$297,673
Portfolio turnover5	49%	14%	69%	77%	50%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest.
5	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

Financial Highlights-Class C Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended November 30,
	2025	2024	2023	2022	2021
Net Asset Value, Beginning of Period	$8.34	$7.85	$7.86	$9.30	$9.28
Income From Investment Operations:
Net investment income (loss)1	0.37	0.34	0.32	0.29	0.27
Net realized and unrealized gain (loss)	0.14	0.46	(0.02)	(1.44)	0.02
Total From Investment Operations	0.51	0.80	0.30	(1.15)	0.29
Less Distributions:
Distributions from net investment income	(0.35)	(0.31)	(0.31)	(0.29)	(0.27)
Net Asset Value, End of Period	$8.50	$8.34	$7.85	$7.86	$9.30
Total Return2	6.36%	10.42%	3.96%	(12.54)%	3.07%
Ratios to Average Net Assets:
Net expenses3	1.69%	1.69%	1.68%	1.69%	1.68%
Net investment income	4.48%	4.19%	4.05%	3.40%	2.90%
Expense waiver/reimbursement4	0.13%	0.12%	0.12%	0.10%	0.10%
Supplemental Data:
Net assets, end of period (000 omitted)	$13,070	$14,792	$18,737	$23,226	$35,536
Portfolio turnover5	49%	14%	69%	77%	50%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest.
5	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

Financial Highlights-Class F Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended November 30,
	2025	2024	2023	2022	2021
Net Asset Value, Beginning of Period	$8.28	$7.79	$7.80	$9.23	$9.22
Income From Investment Operations:
Net investment income (loss)1	0.43	0.40	0.37	0.35	0.34
Net realized and unrealized gain (loss)	0.14	0.47	(0.01)	(1.43)	0.01
Total From Investment Operations	0.57	0.87	0.36	(1.08)	0.35
Less Distributions:
Distributions from net investment income	(0.42)	(0.38)	(0.37)	(0.35)	(0.34)
Net Asset Value, End of Period	$8.43	$8.28	$7.79	$7.80	$9.23
Total Return2	7.10%	11.34%	4.78%	(11.86)%	3.77%
Ratios to Average Net Assets:
Net expenses3	0.93%	0.94%	0.93%	0.93%	0.93%
Net investment income	5.23%	4.93%	4.81%	4.17%	3.62%
Expense waiver/reimbursement4	0.13%	0.12%	0.13%	0.10%	0.10%
Supplemental Data:
Net assets, end of period (000 omitted)	$22,363	$26,650	$29,665	$35,464	$51,221
Portfolio turnover5	49%	14%	69%	77%	50%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest.
5	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

Financial Highlights-Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended November 30,
	2025	2024	2023	2022	2021
Net Asset Value, Beginning of Period	$8.29	$7.80	$7.81	$9.24	$9.23
Income From Investment Operations:
Net investment income (loss)1	0.46	0.42	0.40	0.38	0.36
Net realized and unrealized gain (loss)	0.13	0.47	(0.01)	(1.43)	0.02
Total From Investment Operations	0.59	0.89	0.39	(1.05)	0.38
Less Distributions:
Distributions from net investment income	(0.44)	(0.40)	(0.40)	(0.38)	(0.37)
Net Asset Value, End of Period	$8.44	$8.29	$7.80	$7.81	$9.24
Total Return2	7.44%	11.68%	5.11%	(11.56)%	4.09%
Ratios to Average Net Assets:
Net expenses3	0.62%	0.62%	0.61%	0.61%	0.61%
Net investment income	5.55%	5.25%	5.11%	4.49%	3.82%
Expense waiver/reimbursement4	0.21%	0.19%	0.21%	0.19%	0.15%
Supplemental Data:
Net assets, end of period (000 omitted)	$337,621	$339,706	$353,987	$547,135	$783,512
Portfolio turnover5	49%	14%	69%	77%	50%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest.
5	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

Financial Highlights-Class R6 Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended November 30,
	2025	2024	2023	2022	2021
Net Asset Value, Beginning of Period	$8.35	$7.86	$7.86	$9.30	$9.29
Income From Investment Operations:
Net investment income (loss)1	0.46	0.43	0.42	0.38	0.37
Net realized and unrealized gain (loss)	0.14	0.46	(0.02)	(1.44)	0.01
Total From Investment Operations	0.60	0.89	0.40	(1.06)	0.38
Less Distributions:
Distributions from net investment income	(0.44)	(0.40)	(0.40)	(0.38)	(0.37)
Net Asset Value, End of Period	$8.51	$8.35	$7.86	$7.86	$9.30
Total Return2	7.52%	11.60%	5.21%	(11.59)%	4.08%
Ratios to Average Net Assets:
Net expenses3	0.61%	0.61%	0.60%	0.60%	0.60%
Net investment income	5.51%	5.25%	5.36%	4.52%	3.88%
Expense waiver/reimbursement4	0.13%	0.12%	0.12%	0.10%	0.10%
Supplemental Data:
Net assets, end of period (000 omitted)	$13,546	$10,957	$11,005	$9,974	$11,157
Portfolio turnover5	49%	14%	69%	77%	50%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest.
5	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

Statement of Assets and Liabilities

November 30, 2025

Assets:
Investment in securities, at value including $404,577,880 of investments in affiliated holdings* (identified cost $620,129,403, including $455,266,009 of identified cost in affiliated holdings)	$566,959,251
Due from broker (Note 2)	682,304
Income receivable	4,135,596
Income receivable from affiliated holdings	47,900
Swaps, at value (premium paid $129,356)	127,999
Receivable for shares sold	53,434
Unrealized appreciation on foreign exchange contracts	176,104
Receivable for variation margin on futures contracts	26,391
Total Assets	572,208,979
Liabilities:
Payable for investments purchased	1,147,550
Payable for shares redeemed	394,085
Written options outstanding, at value (premium received $464,647)	431,664
Unrealized depreciation on foreign exchange contracts	345,436
Payable for periodic payments to swap contracts	15,555
Income distribution payable	68,123
Payable for investment adviser fee (Note 5)	19,329
Payable for administrative fee (Note 5)	3,614
Payable for portfolio accounting fees	78,983
Payable for share registration costs	47,516
Payable for distribution services fee (Note 5)	8,062
Payable for other service fees (Notes 2 and 5)	38,457
Accrued expenses (Note 5)	100,769
Total Liabilities	2,699,143
Net assets for 67,311,838 shares outstanding	$569,509,836
Net Assets Consist of:
Paid-in capital	$818,007,289
Total distributable earnings (loss)	(248,497,453)
Net Assets	$569,509,836

Annual Financial Statements and Additional Information

Statement of Assets and Liabilities-continued

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Class A Shares:
Net asset value per share ($182,910,370 ÷ 21,507,829 shares outstanding), $0.001 par value, 1,000,000,000 shares authorized	$8.50
Offering price per share (100/95.50 of $8.50)	$8.90
Redemption proceeds per share	$8.50
Class C Shares:
Net asset value per share ($13,069,573 ÷ 1,538,003 shares outstanding), $0.001 par value, 1,000,000,000 shares authorized	$8.50
Offering price per share	$8.50
Redemption proceeds per share (99.00/100 of $8.50)	$8.42
Class F Shares:
Net asset value per share ($22,362,919 ÷ 2,653,428 shares outstanding), $0.001 par value, 1,000,000,000 shares authorized	$8.43
Offering price per share (100/99.00 of $8.43)	$8.52
Redemption proceeds per share (99.00/100 of $8.43)	$8.35
Institutional Shares:
Net asset value per share ($337,621,104 ÷ 40,020,489 shares outstanding), $0.001 par value, 1,000,000,000 shares authorized	$8.44
Offering price per share	$8.44
Redemption proceeds per share	$8.44
Class R6 Shares:
Net asset value per share ($13,545,870 ÷ 1,592,089 shares outstanding), $0.001 par value, 1,000,000,000 shares authorized	$8.51
Offering price per share	$8.51
Redemption proceeds per share	$8.51

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

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

Statement of Operations

Year Ended November 30, 2025

Investment Income:
Dividends (including $28,400,354 received from affiliated holdings* and net of foreign taxes withheld of $2,296)	$28,610,987
Interest	6,294,729
Net income on securities loaned (includes $61,073 earned from affiliated holdings related to cash collateral balances*) (Note 2)	6,939
TOTAL INCOME	34,912,655
Expenses:
Investment adviser fee (Note 5)	3,115,520
Administrative fee (Note 5)	443,395
Custodian fees	59,173
Transfer agent fees (Note 2)	605,845
Directors'/Trustees' fees (Note 5)	6,638
Auditing fees	39,589
Legal fees	13,572
Portfolio accounting fees	196,949
Distribution services fee (Note 5)	99,624
Other service fees (Notes 2 and 5)	553,346
Share registration costs	85,731
Printing and postage	51,959
Miscellaneous (Note 5)	32,945
TOTAL EXPENSES	5,304,286
Waiver and Reimbursements:
Waiver/reimbursement of investment adviser fee (Note 5)	(736,922)
Reimbursement of other operating expenses (Notes 2 and 5)	(275,025)
TOTAL WAIVER AND REIMBURSEMENTS	(1,011,947)
Net expenses	4,292,339
Net investment income	30,620,316
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Foreign Exchange Contracts, Futures Contracts, Written Options and Swap Contracts:
Net realized loss on investments (including net realized loss of $(7,743,677) on sales of investments in affiliated holdings*)	(10,692,795)
Net realized loss on foreign currency transactions	(1,189,645)
Net realized loss on foreign exchange contracts	(87,172)
Net realized loss on futures contracts	(115,093)
Net realized gain on written options	5,818,470
Net realized loss on swap contracts	(318,715)
Net change in unrealized depreciation of investments (including net change in unrealized depreciation of $13,042,994 on investments in affiliated holdings*)	15,790,143
Net change in unrealized appreciation of foreign exchange contracts	(169,332)
Net change in unrealized depreciation of futures contracts	(4,439)
Net change in unrealized appreciation of written options	(403,359)
Net change in unrealized depreciation of swap contracts	347,186
Net realized and unrealized gain (loss) on investments, foreign currency transactions, foreign exchange contracts, futures contracts, written options and swap contracts	8,975,249
Change in net assets resulting from operations	$39,595,565

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

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

Statement of Changes in Net Assets

Year Ended November 30	2025	2024
Increase (Decrease) in Net Assets
Operations:
Net investment income	$30,620,316	$30,589,602
Net realized gain (loss)	(6,584,950)	(9,695,972)
Net change in unrealized appreciation/depreciation	15,560,199	44,471,380
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	39,595,565	65,365,010
Distributions to Shareholders:
Class A Shares	(9,220,534)	(9,139,247)
Class C Shares	(571,578)	(652,420)
Class F Shares	(1,236,574)	(1,333,006)
Institutional Shares	(17,764,433)	(17,233,812)
Class R6 Shares	(715,560)	(562,480)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(29,508,679)	(28,920,965)
Share Transactions:
Proceeds from sale of shares	92,798,472	110,057,514
Net asset value of shares issued to shareholders in payment of distributions declared	28,810,067	28,287,961
Cost of shares redeemed	(147,604,326)	(201,684,177)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(25,995,787)	(63,338,702)
Change in net assets	(15,908,901)	(26,894,657)
Net Assets:
Beginning of period	585,418,737	612,313,394
End of period	$569,509,836	$585,418,737

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

Notes to Financial Statements

November 30, 2025

1. ORGANIZATION

Federated Hermes Fixed Income Securities, Inc. (the "Corporation") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Corporation consists of two portfolios. The financial statements included herein are only those of Federated Hermes Strategic Income Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolio 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 Fund offers five classes of shares: Class A Shares, Class C Shares, Class F Shares, Institutional Shares and Class R6 Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to seek a high level of current income.

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 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.

■

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

■

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 Directors (the "Directors") 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 Directors' oversight and certain reporting and other requirements intended to provide the Directors the information needed to oversee the Adviser's fair value determinations.

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

Annual Financial Statements and Additional Information

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 Directors periodically review fair valuations made in response to significant events.

Repurchase Agreements

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a "securities entitlement" and exercises "control" as those terms are defined in the Uniform Commercial Code. Certain repurchase agreements may be structured as loans secured by a security interest or lien on the eligible securities. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund's Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Foreign dividends are recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date. Distributions of net investment income, if any, are declared and paid monthly. In addition, distributions of capital gains, if any, are declared and paid at least annually. Non-cash dividends included in dividend income, if any, are recorded at fair value. Amortization/accretionof premium and discount is included in investment income. Gains and losses realized on principal payment of mortgage-backedsecurities (paydown gains and losses) are classified as part of investment income. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses. The detail of the total fund expense waiver and reimbursements of $1,011,947 is disclosed in this Note 2 and Note 5.

Transfer Agent Fees

For the year ended November 30, 2025, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed
Class A Shares	$204,910	$(18,718)
Class C Shares	14,736	(123)
Class F Shares	25,665	(1,120)
Institutional Shares	357,632	(255,064)
Class R6 Shares	2,902	-
TOTAL	$605,845	$(275,025)

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Class A Shares, Class C Shares and Class F Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees.

Annual Financial Statements and Additional Information

For the year ended November 30, 2025, other service fees for the Fund were as follows:

	Other Service Fees Incurred
Class A Shares	$459,489
Class C Shares	33,208
Class F Shares	60,649
TOTAL	$553,346

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 November 30, 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 November 30, 2025, tax years 2022 through 2025 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America, the State of Maryland and the Commonwealth of Pennsylvania.

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

When-Issued and Delayed-Delivery Transactions

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Swap Contracts

Swap contracts involve two parties that agree to exchange the returns (or the differential in rates of return) earned or realized on particular predetermined investments, instruments, indices or other measures. The gross returns to be exchanged or "swapped" between parties are generally calculated with respect to a "notional amount" for a predetermined period of time. The Fund may enter into interest rate, total return, credit default, currency and other swap agreements. Risks may arise upon entering into swap agreements from the potential inability of the counterparties to meet the terms of their contract from unanticipated changes in the value of the swap agreement. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default.

The Fund uses credit default swaps to seek to increase return and to manage country, market and sector/asset class risks. The "buyer" in a credit default swap is obligated to pay the "seller" a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If an event of default occurs, the seller must pay the buyer the full notional value, or the "par value," of the reference obligation in exchange for the reference obligation. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is typically determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specific valuation method, are used to calculate the settlement value. The maximum amount of payment or loss that may occur, as a result of a credit event payable by the protection seller, is equal to the notional amount of the underlying index or security. The Fund's maximum risk of loss from counterparty credit risk, either as the protection buyer or as the protection seller, is the fair value of the contract. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

Upfront payments received or paid by the Fund will be reflected as an asset or liability on the Statement of Assets and Liabilities. Changes in the value of swap contracts are included in "Swaps, at value" on the Statement of Assets and Liabilities, and periodic payments are reported as "Net realized gain (loss) on swap contracts" in the Statement of Operations.

Certain swap contracts may be centrally cleared ("centrally cleared swaps"), whereby all payments made or received by the Fund pursuant to the contract are with a central clearing party (CCP) rather than the counterparty. The CCP guarantees the performance of the parties to the contract. Upon entering into centrally cleared swaps, the Fund is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

Swap contracts outstanding, at period end, including net unrealized appreciation/depreciation, are listed after the Fund's Portfolio of Investments.

The average notional amount of swap buy and sell contracts held by the Fund throughout the period was $6,153,846 and $3,076,923, respectively. This is based on amounts held as of each month-end throughout the fiscal period.

Futures Contracts

The Fund purchases and sells financial futures contracts to seek to increase return and to manage duration, market and sector/asset class 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 of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a

Annual Financial Statements and Additional Information

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 $40,085,087 and $16,947,947, respectively. This is based on amounts held as of each month-end throughout the fiscal period.

Foreign Exchange Contracts

The Fund enters into foreign exchange contracts to seek to increase yield, income and return and to manage currency risk. The Fund enters into foreign exchange contracts to protect assets against adverse changes in foreign currency exchange rates or exchange control regulations. Purchased contracts are used to acquire exposure to foreign currencies, whereas, contracts to sell are used to hedge the Fund's securities against currency fluctuations. Risks may arise upon entering into these transactions from the potential inability of counterparties to meet the terms of their commitments and from unanticipated movements in security prices or foreign exchange rates. The foreign exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the settlement date.

Foreign exchange contracts 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.

Foreign exchange contracts outstanding at period end, including net unrealized appreciation/depreciation or net settlement amount, are listed after the Fund's Portfolio of Investments.

The average value at settlement date payable and receivable of foreign exchange contracts purchased and sold by the Fund throughout the period was $109,701 and $75,257, respectively. This is based on the contracts held as of each month-end throughout the fiscal period.

Foreign Currency Translation

The accounting records of the Fund are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate.

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.

As of November 30, 2025, the Fund had no outstanding securities on loan.

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 Directors. 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.

Option Contracts

The Fund buys or sells put and call options to seek to increase yield, income and return and to manage currency, duration, market, sector/asset class and yield curve risks. The seller ("writer") of an option receives a payment or premium, from the buyer, which the writer keeps regardless of whether the buyer exercises the option. When the Fund writes a put or call option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. The Fund, as a writer of an option, bears the market risk of an

Annual Financial Statements and Additional Information

unfavorable change in the price of the underlying reference instrument. When the Fund purchases a put or call option, an amount equal to the premium paid is recorded as an increase to the cost of the investment and subsequently marked to market to reflect the current value of the option purchased. Premiums paid for purchasing options which expire are treated as realized losses. Premiums received/paidfor writing/purchasing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying reference instrument to determine the realized gain or loss. The risk associated with purchasing put and call options is limited to the premium paid. Options can trade on securities or commodities exchanges. In this case, the exchange sets all the terms of the contract except for the price. Most exchanges require investors to maintain margin accounts through their brokers to cover their potential obligations to the exchange. This protects investors against potential defaults by the counterparty.

Purchased option contracts outstanding at period-end are listed in the Fund's Portfolio of Investments and written option contracts outstanding at period end are listed after the Fund's Portfolio of Investments.

The average market value of purchased put and call options held by the Fund throughout the period was $51,211 and $151,083, respectively. This is based on amounts held as of each month-end throughout the fiscal period.

The average market value of written put and call options held by the Fund throughout the period was $548,950 and $482,451, respectively. This is based on amounts held as of each month-end throughout the fiscal period.

Additional Disclosure Related to Derivative Instruments

Fair Value of Derivative Instruments
	Assets		Liabilities
	Statement of Assets and Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair Value
Derivatives not accounted for as hedging instruments under ASC Topic 815
Interest rate contracts	Receivable for variation margin on futures contracts	$(70,501)*		$-
Interest rate contracts	Purchased options, within Investment in securities, at value	50,000		-
Interest rate contracts		-	Written options outstanding, at value	31,250
Foreign exchange contracts	Unrealized appreciation on foreign exchange contracts	176,104	Unrealized depreciation on foreign exchange contracts	345,436
Foreign exchange contracts		-	Written options outstanding, at value	400,414
Foreign exchange contracts	Purchased options, within Investment in securities, at value	130,988		-
Credit contracts	Swaps, at value	127,999		-
Total derivatives not accounted for as hedging instruments under ASC Topic 815		$414,590		$777,100

*	Includes cumulative net 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 November 30, 2025

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
	Credit Default Swaps	Futures Contracts	Foreign Exchange Contracts	Purchased Options Contracts1	Written Options Contracts	Total
Interest rate contracts	$-	$254,475	$-	$(328,572)	$2,637,104	$2,563,007
Equity contracts	-	(369,568)	-	(834,875)	(572,616)	(1,777,059)
Foreign exchange contracts	-	-	(87,172)	(995,588)	3,753,982	2,671,222
Credit contracts	(318,715)	-	-	-	-	(318,715)
TOTAL	$(318,715)	$(115,093)	$(87,172)	$(2,159,035)	$5,818,470	$3,138,455

1	The net realized loss on Purchased Options Contracts is found within the Net realized loss on investments on the Statement of Operations.

Annual Financial Statements and Additional Information

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Credit Default Swaps	Futures Contracts	Foreign Exchange Contracts	Purchased Options Contracts1	Written Options Contracts	Total
Interest rate contracts	$-	$(4,439)	$-	$53,706	$(298,009)	$(248,742)
Equity contracts	-	-	-	(70,257)	(71,971)	(142,228)
Foreign exchange contracts	-	-	(169,332)	2,663	(33,379)	(200,048)
Credit contracts	347,186	-	-	-	-	347,186
TOTAL	$347,186	$(4,439)	$(169,332)	$(13,888)	$(403,359)	$(243,832)

1	The net change in unrealized depreciation of Purchased Options Contracts is found within the Net change in unrealized depreciation of investments on the Statement of Operations.

As indicated above, certain derivative investments are transacted subject to MNA. These agreements permit the Fund to offset with a counterparty certain derivative payables and/or receivables with collateral held and create one single net payment in the event of default or termination of the agreement by either the Fund or the counterparty. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. As of November 30, 2025, the impact of netting assets and liabilities and the collateral pledged or received based on MNA are detailed below:

Gross Amounts Not Offset In the Statement of Assets and Liabilities

Transaction	Gross Asset Derivatives Presented In Statement of Assets and Liabilities	Financial Instrument	Collateral Received	Net Amount
Foreign Exchange Contracts	$176,104	$(94,730)	$-	$81,374
Swap Contracts	127,999	-	-	127,999
TOTAL	$304,103	$(94,730)	$-	$209,373

Transaction	Gross Liability Derivatives Presented In Statement of Assets and Liabilities	Financial Instrument	Collateral Received	Net Amount
Foreign Exchange Contracts	$345,436	$(94,730)	$-	$250,706
Written Options Contracts	431,664	-	-	431,664
TOTAL	$777,100	$(94,730)	$-	$682,370

The Fund has credit related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivative counterparties to reduce the risk that the Fund will not fulfill its payment obligation to its counterparties. This triggering feature includes, but is not limited to, a percentage decrease in the Fund's net asset and/or a percentage decrease in the Fund's NAV, which could cause the Fund to accelerate payment of any net liability owed to the counterparty. The contingent features are established within the Fund's MNAs. The value of positions in a net liability position subject to credit risk contingent features is the "Net Amount" in the liability section per the preceding chart. If the feature were triggered at November 30, 2025, the Fund could be required to pay this amount in cash to its counterparties. The Fund did not pledge any collateral against this net liability position as of November 30, 2025.

Other

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

Annual Financial Statements and Additional Information

3. CAPITAL STOCK

The following tables summarize capital stock activity:

	Year Ended 11/30/2025		Year Ended 11/30/2024
Class A Shares:	Shares	Amount	Shares	Amount
Shares sold	1,351,258	$11,243,203	1,206,815	$9,853,925
Shares issued to shareholders in payment of distributions declared	1,057,300	8,731,518	1,058,190	8,610,594
Shares redeemed	(4,054,551)	(33,634,104)	(4,429,158)	(36,109,486)
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	(1,645,993)	$(13,659,383)	(2,164,153)	$(17,644,967)
	Year Ended 11/30/2025		Year Ended 11/30/2024
Class C Shares:	Shares	Amount	Shares	Amount
Shares sold	362,511	$3,011,220	250,979	$2,050,895
Shares issued to shareholders in payment of distributions declared	68,734	567,053	79,862	648,902
Shares redeemed	(666,184)	(5,524,916)	(944,219)	(7,679,659)
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS	(234,939)	$(1,946,643)	(613,378)	$(4,979,862)
	Year Ended 11/30/2025		Year Ended 11/30/2024
Class F Shares:	Shares	Amount	Shares	Amount
Shares sold	36,813	$302,064	88,005	$700,077
Shares issued to shareholders in payment of distributions declared	148,061	1,211,336	161,853	1,305,680
Shares redeemed	(750,929)	(6,171,558)	(837,087)	(6,758,640)
NET CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS	(566,055)	$(4,658,158)	(587,229)	$(4,752,883)
	Year Ended 11/30/2025		Year Ended 11/30/2024
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	8,489,948	$69,983,533	11,469,087	$92,714,555
Shares issued to shareholders in payment of distributions declared	2,160,465	17,701,524	2,126,388	17,167,811
Shares redeemed	(11,629,231)	(95,696,522)	(17,980,248)	(145,118,793)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(978,818)	$(8,011,465)	(4,384,773)	$(35,236,427)
	Year Ended 11/30/2025		Year Ended 11/30/2024
Class R6 Shares:	Shares	Amount	Shares	Amount
Shares sold	1,000,163	$8,258,452	580,083	$4,738,062
Shares issued to shareholders in payment of distributions declared	72,501	598,636	68,152	554,974
Shares redeemed	(792,394)	(6,577,226)	(736,457)	(6,017,599)
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS	280,270	$2,279,862	(88,222)	$(724,563)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(3,145,535)	$(25,995,787)	(7,837,755)	$(63,338,702)

4. FEDERAL TAX INFORMATION

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

For the year ended November 30, 2025, permanent differences identified and reclassified among the components of net assets were as follows:

Increase (Decrease)
Paid-In Capital	Total Distributable Earnings (Loss)
$(11,381)	$11,381

Annual Financial Statements and Additional Information

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended November 30, 2025 and 2024, was as follows:

	2025	2024
Ordinary income	$29,508,679	$28,920,965

As of November 30, 2025, the components of distributable earnings on a tax-basis were as follows:

Undistributed ordinary income	$240,501
Net unrealized depreciation	$(57,551,243)
Capital loss carryforwards	$(190,975,223)
Other temporary differences	$(211,488)
TOTAL	$(248,497,453)

At November 30, 2025, the cost of investments for federal tax purposes was $624,531,703. The net unrealized depreciation of investments for federal tax purposes was $57,551,243. This consists of unrealized appreciation from investments for those securities having an excess of value over cost of $2,352,081 and unrealized depreciation from investments for those securities having an excess of cost over value of $59,903,324. The amounts presented are inclusive of derivative contracts. The difference between book-basis and tax-basisnet unrealized depreciation is attributable to differing treatments for deferral of losses on wash sales, straddle loss deferrals, partnership adjustments, discount accretion/premium amortization on debt securities, mark-to-market on futures contracts, forward contracts, options and credit default swaps.

As of November 30, 2025, the Fund had a capital loss carryforward of $190,975,223 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
$35,867,300	$155,107,923	$190,975,223

The Fund used capital loss carryforwards of $3,787,062 to offset capital gains realized during the year ended November 30, 2025.

At November 30, 2025, for federal income tax purposes, the Fund had $61,292 in straddle loss deferrals.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.55% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the year ended November 30, 2025, the Adviser voluntarily waived $729,401 of its fee.

The Adviser has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other affiliated investment companies. For the year ended November 30, 2025, the Adviser reimbursed $7,521. For the year ended November 30, 2025, the Adviser voluntarily reimbursed $275,025 of transfer agent fees.

Administrative Fee

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the year ended November 30, 2025, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

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

Annual Financial Statements and Additional Information

Distribution Services Fee

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Class C Shares and Class F Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

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

Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the year ended November 30, 2025, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred
Class C Shares	$99,624

For the year ended November 30, 2025, the Fund's Class F Shares did not incur a distribution services fee; however, it may begin to incur this fee upon approval of the Directors.

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the year ended November 30, 2025, FSC retained $10,878 of fees paid by the Fund.

Sales Charges

Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. For the year ended November 30, 2025, FSC retained $8,371 in sales charges from the sale of Class A Shares. FSC also retained $3,745 of CDSC relating to redemptions of Class F Shares.

Other Service Fees

For the year ended November 30, 2025, FSSC received $8,620 of the other service fees disclosed in Note 2.

Expense Limitation

The Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses, tax reclaim recovery expenses and proxy-related expenses, if any) paid by the Fund's Class A Shares, Class C Shares, Class F Shares, Institutional Shares and Class R6 Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.93%, 1.70%, 0.93%, 0.61% and 0.60%, (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) February 1, 2027; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the approval of the Directors.

Transactions with Affiliated Investment Companies

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (SEC), the Fund invests in a portfolio of Federated Hermes Core Trust ("Core Trust"), which is managed by the Adviser. Core Trust is an open-end management company, registered under the Act, available only to registered investment companies and other institutional investors. The investment objective of High Yield Bond Core Fund (HYCORE), a portfolio of Core Trust, is to seek high current income. Income distributions from HYCORE are declared daily and paid monthly and are recorded by the Fund as dividend income. Capital gain distributions, if any, from HYCORE are declared and paid annually and are recorded by the Fund as capital gains. Federated Hermes, Inc. ("Federated Hermes") receives no advisory or administrative fees from HYCORE. Copies of the HYCORE financial statements are available on the EDGAR Database on the SEC's website or upon request from the Fund.

Directors'/Trustees' and Miscellaneous Fees

Certain Officers and Directors 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 November 30, 2025, were as follows:

Purchases	$78,892,211
Sales	$151,454,205

Annual Financial Statements and Additional Information

7. CONCENTRATION OF RISK

The Fund invests in securities of non-U.S. issuers. Political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

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 November 30, 2025, the Fund had no outstanding loans. During the year ended November 30, 2025, the Fund did not utilize the LOC.

9. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the SEC, 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 November 30, 2025, there were no outstanding loans. During the year ended November 30, 2025, the program was not utilized.

10. OPERATING SEGMENTS

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. 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 November 30, 2025, 99.8% 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

Report of Independent Registered Public Accounting Firm

TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF FEDERATED HERMES STRATEGIC INCOME FUND:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Federated Hermes Strategic Income Fund (the "Fund") (one of the portfolios constituting Federated Hermes Fixed Income Securities, Inc. (the "Corporation")) including the portfolio of investments, as of November 30, 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 Fixed Income Securities, Inc.) at November 30, 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 Corporation'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 Corporation 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 Corporation is not required to have, nor were we engaged to perform, an audit of the Corporation'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 Corporation'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 November 30, 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.

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

Boston, Massachusetts
January 23, 2026

Annual Financial Statements and Additional Information

Evaluation and Approval of Advisory Contract-May 2025

Federated Hermes Strategic Income Fund (the "Fund")

At its meetings in May 2025 (the "May Meetings"), the Fund's Board of Directors (the "Board"), including those Directors who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "Independent Directors"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering such information deemed necessary to evaluate the terms of the Contract and to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

Information Received and Review Process

At the request of the Independent Directors, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written report regarding data related to the Fund's management fee (the "CCO Management Fee Report"). The Board considered the CCO Management Fee Report, along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract.

In addition to the CCO Management Fee Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, "Federated Hermes") in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Directors encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Directors deemed reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year.

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: (1) copies of the Contract; (2) the nature, quality and extent of the advisory and other services provided to the Fund by Federated Hermes; (3) Federated Hermes' business and operations; (4) the Adviser's investment philosophy, personnel and processes; (5) the Fund's investment objective and strategies; (6) the Fund's short-term and long-term performance - in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds and its benchmark; (7) the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary expense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser's profitability with respect to managing the Fund; (10) distribution and sales activity for the Fund; and (11) the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors it deemed relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund, including: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fees and expenses, including a comparison of management fees paid to the adviser with those paid by similar funds managed by the same adviser or other advisers as well as management fees charged to institutional and other advisory clients of the same adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board considered that the Securities and Exchange Commission ("SEC") disclosure requirements regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its evaluation of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the "Federated Hermes Funds").

Annual Financial Statements and Additional Information

In addition, the Board considered the preferences and expectations of Fund shareholders and the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund based on the strength of Federated Hermes' industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that there are a range of investment options available to the Fund's shareholders in the marketplace, and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board's determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year. The Board recognized that its evaluation process is evolutionary and that the factors considered and the emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Directors were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Directors 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 Directors and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the full range of services provided to the Fund by Federated Hermes. The Board considered the Adviser's personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and evaluated Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered the trading operations by the Adviser, including the execution of portfolio transactions and the selection of brokers for those transactions. The Board also considered the Adviser's ability to deliver competitive investment performance for the Fund when compared to the Fund's Performance Peer Group (as defined below).

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board considered Federated Hermes' oversight of the securities lending program for the Federated Hermes Funds that engage in securities lending and noted the income earned by the Federated Hermes Funds that participate in such program. In addition, the Board considered the quality of Federated Hermes' communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Federated Hermes Funds. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds' officers.

The Board received and evaluated information regarding Federated Hermes' regulatory and compliance environment. The Board considered Federated Hermes' compliance program and compliance history and reports from the CCO about Federated Hermes' compliance with applicable laws and regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes' support of the Federated Hermes Funds' compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund's obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended, including Federated Hermes' commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes' approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds' compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led, and continue to lead, to an increase in the scope of Federated Hermes' oversight in this regard. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate.

Annual Financial Statements and Additional Information

The Board considered Federated Hermes' efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.

Fund Investment Performance

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were provided to the Board throughout the year and in connection with the May Meetings. These reports included, among other items, information on the Fund's gross and net returns, the Fund's investment performance compared to one or more relevant categories or groups of peer funds and the Fund's benchmark, performance attribution information and commentary on the effect of market conditions. The Board noted that it evaluated investment performance at meetings throughout the year and received reports from Federated Hermes regarding the performance of certain Federated Hermes Funds as well as Federated Hermes' explanations for less favorable performance and any specific actions Federated Hermes had taken, or had determined to take, to seek to enhance Fund investment performance and the results of those actions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by Morningstar, Inc. ("Morningstar"), an independent fund ranking organization (the "Performance Peer Group"). The Board noted the CCO's statement that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund.

The Board also considered comparative performance data from Lipper, Inc. that was included in reports provided to the Board throughout the year. The Board noted that differences may exist between the Performance Peer Group and Lipper peers and that the results of these performance comparisons may vary.

The Board considered that the Fund's performance fell below the median of the Performance Peer Group for the one-year,three-year and five-year periods ended December 31, 2024. The Board discussed the Fund's performance with the Adviser and recognized the efforts being taken by the Adviser in the context of other factors considered relevant by the Board.

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

Fund Expenses

The Board considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund's total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the overall category of peer funds selected by Morningstar (the "Expense Peer Group"). The Board received a description of the methodology used to select the Expense Peer Group from the overall Morningstar category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall Morningstar category.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged to funds by other advisers, the use of comparisons between the Fund and its Expense Peer Group assisted the Board in its evaluation of the Fund's fees and expenses. The Board focused on comparisons with other registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

Annual Financial Statements and Additional Information

The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund's fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was below the median of the Expense Peer Group, and the Board was satisfied that the overall expense structure of the Fund remained competitive.

The Board also received and considered information about the nature and extent of services offered and fees charged by Federated Hermes to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO's statement that non-registered fund clients are inherently different products due to the following differences, among others: (i) types of targeted investors; (ii) applicable laws and regulations; (iii) legal structures; (iv) average account sizes; (v) portfolio management techniques made necessary by different cash flows and different associated costs; (vi) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing; (vii) SEC mandated risk management programs with respect to fund liquidity and use of derivatives; (viii) questions on regulatory reporting; (ix) a variety of different administrative responsibilities; and (x) degrees of risk associated with management. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution's registered fund, noting the CCO's statement that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO emphasized that differences in fees for providing advisory services to other types of clients may not be appropriate when judging the appropriateness of the Federated Hermes Funds' advisory fees because of the different services provided.

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.

Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.

Profitability

The Board received and considered profitability information furnished by Federated Hermes. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO's statement that, while the cost allocation report applies consistent allocation processes for purposes of general comparison of funds, the inherent difficulties in arbitrarily allocating costs lacks precision and can cause the report to be unreliable because a single change in an allocation estimate can dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO's statement that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported to the Board that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board considered the CCO's statement that the estimated profitability to the Adviser from its relationship with the Fund was not unreasonable in relation to the services provided.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly-held fund management companies, including information regarding profitability trends over time. The Board recognized that profitability comparisons among fund management companies are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund management company is affected by numerous factors. The Board considered the CCO's statement that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive and that Federated Hermes appeared financially sound, with the resources available to fulfill its contractual obligations.

Economies of Scale

The Board received and considered information about the notion of possible realization of "economies of scale" as a fund grows larger, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: portfolio management, investment research and trading operations; shareholder services; compliance; business continuity, cybersecurity and information security programs; internal audit and risk management functions; and technology, systems capabilities and use of data. The Board noted that Federated Hermes' investments in these areas are extensive and are designed to provide enhanced or expanded services to the Federated Hermes Funds and their shareholders. The Board

Annual Financial Statements and Additional Information

considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund's assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered that Federated Hermes has been active in managing expenses of the Federated Hermes Funds in recent years, which has resulted in benefits being realized by shareholders.

The Board also received and considered information on adviser-paid fees (commonly referred to as "revenue sharing" payments) that was provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes believes that this information is relevant to consider whether Federated Hermes had an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, but should not be considered when evaluating the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on economies of scale, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

Other Benefits

The Board considered information regarding the compensation and other ancillary (or "fall-out") benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board considered that Federated Hermes may derive a benefit to its reputation as an adviser to the Fund, which may help in attracting other clients and investment personnel. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds' investment advisory contracts, Federated Hermes' affiliates also receive fees for providing other services to the Federated Hermes Funds under separate service contracts, including for serving as the Federated Hermes Funds' administrator and distributor. In this regard, the Board considered that Federated Hermes' affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing the benefits, if any, that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

Conclusions

The Board considered the CCO's presentation and statements and the information accompanying the CCO Management Fee Report. The Board recognized that its evaluation of the Federated Hermes Funds' advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Directors, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative.

Annual Financial Statements and Additional Information

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

This information is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

Federated Hermes Strategic Income Fund

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

Federated Securities Corp., Distributor

CUSIP 31417P502
CUSIP 31417P700
CUSIP 31417P809
CUSIP 31417P841
CUSIP 31417P833

G00324-02 (1/26)

Item 8.

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

Federated Hermes Strategic Income Fund: Not Applicable.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Federated Hermes Strategic Income Fund: Not Applicable.

Item 10.

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

Federated Hermes Strategic Income Fund: The Fund's disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Federated Hermes Strategic Income Fund: The Fund's Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not Applicable

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable

Item 15.

Submission of Matters to a Vote of Security Holders.

No Changes to Report

Item 16.

Controls and Procedures.

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of the filing date of this report on Form N-CSR.

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

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable

Item 18.

Recovery of Erroneously Awarded Compensation

(a) Not Applicable

(b) Not Applicable

Item 19.

Exhibits

(a)(1) Not Applicable.

(a)(2) Not Applicable.

(a)(3) .

(a)(4) Not Applicable.

(a)(5) Not Applicable.

(b) .

SIGNATURES

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

Registrant: Federated Hermes Fixed Income Securities, Inc.

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

Date: January 23, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer

Date: January 23, 2026

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

Date: January 23, 2026

Federated Fixed Income Securities Inc. published this content on January 26, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on January 26, 2026 at 15:23 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]

Back

View original format

related announcements

Company News

Economy, Business and Finance

Results

Federated Fixed Income Securities Inc.

Annual Report by Investment Company (Form N-CSR)

Federated Hermes Strategic Income Fund

Class A Shares | STIAX

A Portfolio of Federated Hermes Fixed Income Securities, Inc.

What were the Fund costs for the last year?

Management's Discussion of Fund Performance

Fund Performance

Total Return Based on $10,000 Investment

Average Annual Total Returns

Key Fund Statistics

Fund Holdings

Top Security Types (% of Net Assets)Footnote Reference1

Additional Information about the Fund

Federated Hermes Strategic Income Fund

Class C Shares | SINCX

A Portfolio of Federated Hermes Fixed Income Securities, Inc.

What were the Fund costs for the last year?

Management's Discussion of Fund Performance

Fund Performance

Total Return Based on $10,000 Investment

Average Annual Total Returns

Key Fund Statistics

Fund Holdings

Top Security Types (% of Net Assets)Footnote Reference1

Additional Information about the Fund

Federated Hermes Strategic Income Fund

Class F Shares | STFSX

A Portfolio of Federated Hermes Fixed Income Securities, Inc.

What were the Fund costs for the last year?

Management's Discussion of Fund Performance

Fund Performance

Total Return Based on $10,000 Investment

Average Annual Total Returns

Key Fund Statistics

Fund Holdings

Top Security Types (% of Net Assets)Footnote Reference1

Additional Information about the Fund

Federated Hermes Strategic Income Fund

Institutional Shares | STISX

A Portfolio of Federated Hermes Fixed Income Securities, Inc.

What were the Fund costs for the last year?

Management's Discussion of Fund Performance

Fund Performance

Total Return Based on $10,000 Investment

Average Annual Total Returns

Key Fund Statistics

Fund Holdings

Top Security Types (% of Net Assets)Footnote Reference1

Additional Information about the Fund

Federated Hermes Strategic Income Fund

Class R6 Shares | STILX

A Portfolio of Federated Hermes Fixed Income Securities, Inc.

What were the Fund costs for the last year?

Management's Discussion of Fund Performance

Fund Performance

Total Return Based on $10,000 Investment

Average Annual Total Returns

Key Fund Statistics

Fund Holdings

Top Security Types (% of Net Assets)Footnote Reference1

Additional Information about the Fund

Top Security Types (% of Net Assets)^{Footnote Reference1}

Top Security Types (% of Net Assets)^{Footnote Reference1}

Top Security Types (% of Net Assets)^{Footnote Reference1}

Top Security Types (% of Net Assets)^{Footnote Reference1}

Top Security Types (% of Net Assets)^{Footnote Reference1}