Federated Hermes Capital Income Fund

PORTFOLIO AS OF MAY 31, 2021 CURRENT NET ASSETS - $1,033,919,819

Shares or Principal Amount Value COMMON STOCKS—42.1% Communication Services—4.0% 3,910 1 Alphabet, Inc., Class A $ 9,215,284 234,442 AT&T, Inc. 6,899,628 120,543 Comcast Corp., Class A 6,911,936 28,118 1 Facebook, Inc. 9,243,230 18,443 1T-Mobile USA, Inc. 2,608,762 38,272 Walt Disney Co. 6,837,293 TOTAL 41,716,133 Consumer Discretionary—4.5% 2,874 1 Amazon.com, Inc. 9,263,103 65,513 1 Boyd Gaming Corp. 4,218,382 115,556 1 General Motors Co. 6,853,627 120,752 1Las Vegas Sands Corp. 6,973,428 120,662 Levi Strauss & Co. 3,228,915 11,455 McDonald’s Corp. 2,679,210 22,287 1 PVH Corp. 2,558,993 55,732 1Royal Caribbean Cruises, Ltd. 5,198,124 62,908 Steven Madden Ltd. 2,604,391 14,360 Target Corp. 3,258,571 TOTAL 46,836,744 Consumer Staples—2.8% 211,087 Kraft Heinz Co./The 9,201,282 31,590 Procter & Gamble Co. 4,259,912 140,307 The Coca-Cola Co. 7,757,574 51,510 WalMart, Inc. 7,315,965 TOTAL 28,534,733 Energy—3.9% 104,748 Chevron Corp. 10,871,795 125,207 ConocoPhillips 6,979,038 113,288 Exxon Mobil Corp. 6,612,621 38,172 Phillips 66 3,214,846 202,443 Schlumberger Ltd. 6,342,539 79,363 Valero Energy Corp. 6,380,785 TOTAL 40,401,624 Financials—8.7% 59,777 American International Group, Inc. 3,158,617 365,326 Bank of America Corp. 15,486,169 85,089 Capital One Financial Corp. 13,680,609 195,455 Citizens Financial Group, Inc. 9,753,205 19,978 Everest Re Group Ltd. 5,193,481 124,814 Fifth Third Bancorp 5,259,662 23,832 Goldman Sachs Group, Inc. 8,865,981 74,779 JPMorgan Chase & Co. 12,281,703 57,415 LPL Investment Holdings, Inc. 8,490,530 158,175 Wells Fargo & Co. 7,389,936 TOTAL 89,559,893 Health Care—3.6% 15,695 Abbott Laboratories 1,830,822

FederatedInvestors.com Federated Securities Corp., Distributor © 2021 Federated Hermes, Inc. Shares or Principal Amount Value 11,178 Eli Lilly & Co. $ 2,232,694 33,373 1 Halozyme Therapeutics, Inc. 1,381,976 47,119 1Horizon Therapeutics PLC 4,318,927 39,982 Johnson & Johnson 6,766,953 39,127 Medtronic PLC 4,953,087 32,231 Merck & Co., Inc. 2,446,011 4,915 Thermo Fisher Scientific, Inc. 2,307,592 19,914 UnitedHealth Group, Inc. 8,202,975 14,800 Zimmer Biomet Holdings, Inc. 2,491,284 TOTAL 36,932,321 Industrials—4.9% 9,463 1 Boeing Co. 2,337,550 44,372 Eaton Corp. PLC 6,445,033 7,877 FedEx Corp. 2,479,758 675,391 General Electric Co. 9,495,998 36,779 Honeywell International, Inc. 8,492,639 26,916 Jacobs Engineering Group, Inc. 3,824,225 25,396 TransUnion 2,717,372 37,906 Union Pacific Corp. 8,518,615 32,313 1 United Airlines Holdings, Inc. 1,885,464 14,715 1United Rentals, Inc. 4,914,222 TOTAL 51,110,876 Information Technology—5.6% 21,881 1 Akamai Technologies, Inc. 2,499,029 35,308 Analog Devices, Inc. 5,811,697 96,591 Apple, Inc. 12,036,204 28,028 Fidelity National Information Services, Inc. 4,175,611 38,141 Intel Corp. 2,178,614 16,828 Microchip Technology, Inc. 2,641,155 40,436 1Micron Technology, Inc. 3,402,285 52,594 Microsoft Corp. 13,131,670 4,163 NVIDIA Corp. 2,705,034 8,931 NXP Semiconductors NV 1,888,192 34,599 Visa, Inc., Class A 7,864,353 TOTAL 58,333,844 Materials—2.2% 301,537 1 Cleveland-Cliffs, Inc. 6,066,924 77,948 DuPont de Nemours, Inc. 6,593,621 86,633 Freeport-McMoRan, Inc. 3,700,962 115,696 Huntsman Corp. 3,283,453 10,252 Linde PLC 3,081,751 TOTAL 22,726,711 Real Estate—1.5% 4,697 Equinix, Inc. 3,460,374 80,877 Invitation Homes, Inc. 2,933,409 65,855 National Retail Properties, Inc. 3,052,379 19,539 ProLogis, Inc. 2,302,476 232,261 RLJ Lodging Trust 3,569,851 TOTAL 15,318,489 Utilities—0.4% 53,146 NextEra Energy, Inc. 3,891,350 TOTAL COMMON STOCKS 435,362,718 PREFERRED STOCKS—4.7% Consumer Discretionary—0.5% 26,800 Aptiv PLC, Conv. Pfd., Series A, 5.500%, 6/15/2023, Annual Dividend $5.50 4,552,516 Health Care—1.6% 48,193 Avantor, Inc., Conv. Pfd., Series A, 6.250%, 5/15/2022, Annual Dividend $3.12 4,802,914 50,000 Becton Dickinson & Co., Conv. Pfd., 6.000%, 6/1/2023, Annual Dividend $3.00 2,725,000 2,950 Danaher Corp., Conv. Pfd., Series A, 4.750%, 4/15/2022, Annual Dividend $47.50 5,124,150

FCIF-2 Shares or Principal Amount Value 73,991 Elanco Animal Health, Inc., Conv. Bond, 5.000%, 2/1/2023, Annual Dividend $2.50 $ 4,006,613 TOTAL 16,658,677 Information Technology—0.8% 5,400 Broadcom, Inc., Conv. Pfd., 8.000%, 9/30/2022, Annual Dividend $80.00 8,212,752 Utilities—1.8% 45,336 AES Corp., Conv. Bond, 6.875%, 2/15/2024, Annual Dividend $6.88 4,728,545 58,380 American Electric Power Co., Inc., Conv. Pfd., 6.125%, 3/15/2022, Annual Dividend $3.06 2,909,075 39,243 Dominion Energy, Inc., Conv. Pfd., 7.250%, 6/1/2022, Annual Dividend $7.25 3,904,679 59,953 Essential Utilities, Inc., Conv. Pfd., 6.000%, 4/30/2022, Annual Dividend $3.00 3,610,969 69,188 Southern Co., Conv. Pfd., 6.750%, 8/1/2022, Annual Dividend $3.38 3,588,090 TOTAL 18,741,358 PREFERRED STOCKS 48,165,303 CORPORATE BONDS—3.7% Basic Industry - Chemicals—0.0% $ 175,000 Albemarle Corp., 4.150%, 12/1/2024 192,570 Basic Industry - Metals & Mining—0.0% 200,000 Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 2.875%, 3/17/2031 202,103 75,000 Glencore Funding LLC, Sr. Unsecd. Note, 144A, 1.625%, 4/27/2026 75,047 35,000 Glencore Funding LLC, Sr. Unsecd. Note, 144A, 3.875%, 4/27/2051 35,082 TOTAL 312,232 Capital Goods - Aerospace & Defense—0.2% 200,000 BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.400%, 4/15/2030 214,522 150,000 Boeing Co., Sr. Unsecd. Note, 2.950%, 2/1/2030 151,543 225,000 Boeing Co., Sr. Unsecd. Note, 3.625%, 2/1/2031 238,791 30,000 Boeing Co., Sr. Unsecd. Note, 3.950%, 8/1/2059 29,697 320,000 Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 3.483%, 12/1/2027 350,690 50,000 Leidos, Inc., Unsecd. Note, 144A, 3.625%, 5/15/2025 54,495 130,000 Leidos, Inc., Unsecd. Note, 144A, 4.375%, 5/15/2030 146,190 300,000 Lockheed Martin Corp., Sr. Unsecd. Note, 2.900%, 3/1/2025 323,629 170,000 Northrop Grumman Corp., Sr. Unsecd. Note, 3.250%, 1/15/2028 184,134 TOTAL 1,693,691 Capital Goods - Building Materials—0.0% 40,000 Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029 42,819 180,000 Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.550%, 10/1/2027 196,028 85,000 Carrier Global Corp., Sr. Unsecd. Note, 2.700%, 2/15/2031 86,556 40,000 Carrier Global Corp., Sr. Unsecd. Note, 2.722%, 2/15/2030 41,109 TOTAL 366,512 Capital Goods - Construction Machinery—0.0% 240,000 CNH Industrial NV, Sr. Unsecd. Note, Series MTN, 3.850%, 11/15/2027 266,700 Capital Goods - Diversified Manufacturing—0.0% 125,000 General Electric Co., Sr. Unsecd. Note, 3.625%, 5/1/2030 137,419 50,000 Otis Worldwide Corp., Sr. Unsecd. Note, Series WI, 2.565%, 2/15/2030 51,068 60,000 Wabtec Corp., Sr. Unsecd. Note, 3.200%, 6/15/2025 64,096 95,000 Xylem, Inc., Sr. Unsecd. Note, 2.250%, 1/30/2031 94,077 TOTAL 346,660 Communications - Cable & Satellite—0.1% 95,000 Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 5.050%, 3/30/2029 110,775 150,000 Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 2.800%, 4/1/2031 149,876 105,000 Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Term Loan - 1st Lien, 3.900%, 6/1/2052 100,945 400,000 Comcast Corp., Sr. Unsecd. Note, 3.150%, 2/15/2028 435,984 200,000 Comcast Corp., Sr. Unsecd. Note, 3.300%, 2/1/2027 220,291 200,000 Comcast Corp., Sr. Unsecd. Note, 3.950%, 10/15/2025 224,650 TOTAL 1,242,521 Communications - Media & Entertainment—0.1% 50,000 Alphabet, Inc., Sr. Unsecd. Note, 1.900%, 8/15/2040 44,208 150,000 Discovery Communications LLC, Sr. Unsecd. Note, 4.650%, 5/15/2050 167,054 135,000 Fox Corp, Sr. Unsecd. Note, Series WI, 4.709%, 1/25/2029 156,642

FCIF-3 Shares or Principal Amount Value $ 145,000 Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 3.375%, 3/1/2041 $ 144,453 100,000 Omnicom Group, Inc., Sr. Unsecd. Note, 2.450%, 4/30/2030 99,544 150,000 ViacomCBS, Inc., Sr. Unsecd. Note, 4.950%, 1/15/2031 177,888 40,000 Walt Disney Co., Sr. Unsecd. Note, 3.600%, 1/13/2051 42,944 45,000 Walt Disney Co., Sr. Unsecd. Note, 3.800%, 5/13/2060 49,415 TOTAL 882,148 Communications - Telecom Wireless—0.1% 175,000 American Tower Corp., Sr. Unsecd. Note, 5.000%, 2/15/2024 195,123 150,000 Crown Castle International Corp., Sr. Unsecd. Note, 5.200%, 2/15/2049 186,931 40,000 T-Mobile USA, Inc., 4.500%, 4/15/2050 45,316 75,000 T-Mobile USA, Inc., Series WI, 3.875%, 4/15/2030 82,348 TOTAL 509,718 Communications - Telecom Wirelines—0.1% 200,000 AT&T, Inc., Sr. Unsecd. Note, 0.900%, 3/25/2024 200,567 200,000 AT&T, Inc., Sr. Unsecd. Note, 1.700%, 3/25/2026 201,824 85,000 AT&T, Inc., Sr. Unsecd. Note, 3.850%, 6/1/2060 85,204 190,000 AT&T, Inc., Sr. Unsecd. Note, Series WI, 5.300%, 8/15/2058 229,848 150,000 Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.213%, 3/8/2047 180,404 190,000 Verizon Communications, Inc., Sr. Unsecd. Note, 2.550%, 3/21/2031 191,206 110,000 Verizon Communications, Inc., Sr. Unsecd. Note, 3.550%, 3/22/2051 111,703 206,000 Verizon Communications, Inc., Sr. Unsecd. Note, 4.672%, 3/15/2055 254,270 TOTAL 1,455,026 Consumer Cyclical - Automotive—0.1% 150,000 American Honda Finance Corp., Sr. Unsecd. Note, Series MTN, 0.875%, 7/7/2023 151,766 100,000 General Motors Co., Sr. Unsecd. Note, 5.200%, 4/1/2045 119,292 75,000 General Motors Co., Sr. Unsecd. Note, 6.125%, 10/1/2025 89,212 60,000 Hyundai Capital America, Sr. Unsecd. Note, 144A, 2.375%, 2/10/2023 61,685 50,000 Hyundai Capital America, Sr. Unsecd. Note, 144A, 2.375%, 10/15/2027 50,985 220,000 Toyota Motor Credit Corp., Sr. Unsecd. Note, Series GMTN, 2.700%, 1/11/2023 228,830 200,000 Volkswagen Group of America Finance LLC, Sr. Unsecd. Note, 144A, 3.125%, 5/12/2023 210,533 TOTAL 912,303 Consumer Cyclical - Retailers—0.1% 150,000 Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030 165,397 150,000 Alimentation Couche-Tard, Inc., Sr. Unsecd. Note, 144A, 3.800%, 1/25/2050 154,485 70,000 AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030 82,453 250,000 CVS Health Corp., Sr. Unsecd. Note, 5.050%, 3/25/2048 309,133 200,000 Home Depot, Inc., Sr. Unsecd. Note, 2.500%, 4/15/2027 213,283 150,000 Home Depot, Inc., Sr. Unsecd. Note, 2.950%, 6/15/2029 161,876 95,000 O’Reilly Automotive, Inc., Sr. Unsecd. Note, 1.750%, 3/15/2031 89,804 TOTAL 1,176,431 Consumer Cyclical - Services—0.1% 200,000 Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.125%, 2/9/2031 193,968 200,000 Cintas Corp. No. 2, Sr. Unsecd. Note, 3.700%, 4/1/2027 224,897 150,000 Expedia Group, Inc., Sr. Unsecd. Note, 144A, 2.950%, 3/15/2031 149,815 150,000 IHS Markit Ltd., Sr. Unsecd. Note, 4.750%, 8/1/2028 175,123 80,000 Visa, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2027 86,664 TOTAL 830,467 Consumer Non-Cyclical - Food/Beverage—0.2% 250,000 Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc., Sr. Unsecd. Note, 4.900%, 2/1/2046 300,229 150,000 Coca-Cola Femsa S.A.B. de C.V., Sr. Unsecd. Note, 2.750%, 1/22/2030 153,994 45,000 Constellation Brands, Inc., Sr. Unsecd. Note, 3.750%, 5/1/2050 47,539 50,000 Flowers Foods, Inc., Sr. Unsecd. Note, 2.400%, 3/15/2031 49,468 200,000 Grupo Bimbo S.A.B. de CV, Sr. Unsecd. Note, 144A, 3.875%, 6/27/2024 217,992 150,000 Keurig Dr Pepper, Inc., Sr. Unsecd. Note, 5.085%, 5/25/2048 191,825 150,000 Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046 161,108 50,000 McCormick & Co., Inc., Sr. Unsecd. Note, 2.500%, 4/15/2030 50,695 75,000 PepsiCo, Inc., Sr. Unsecd. Note, 3.625%, 3/19/2050 83,491 150,000 Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 3.000%, 10/15/2030 149,833 150,000 Sysco Corp., Sr. Unsecd. Note, 3.250%, 7/15/2027 163,279 TOTAL 1,569,453

FCIF-4 Shares or Principal Amount Value Consumer Non-Cyclical - Health Care—0.0% $ 55,000 Agilent Technologies, Inc., Sr. Unsecd. Note, 2.100%, 6/4/2030 $ 53,670 55,000 Dentsply Sirona, Inc., Sr. Unsecd. Note, 3.250%, 6/1/2030 58,165 200,000 PerkinElmer, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2029 213,926 35,000 Thermo Fisher Scientific, Inc., Sr. Unsecd. Note, 4.133%, 3/25/2025 39,031 TOTAL 364,792 Consumer Non-Cyclical - Pharmaceuticals—0.1% 435,000 AbbVie, Inc., Sr. Unsecd. Note, 3.200%, 11/21/2029 466,944 200,000 Amgen, Inc., Sr. Unsecd. Note, 2.450%, 2/21/2030 203,428 200,000 Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.350%, 11/15/2047 242,702 135,000 Royalty Pharma PLC, Sr. Unsecd. Note, 144A, 1.750%, 9/2/2027 133,817 TOTAL 1,046,891 Consumer Non-Cyclical - Products—0.0% 100,000 Procter & Gamble Co., Sr. Unsecd. Note, 3.000%, 3/25/2030 109,035 Consumer Non-Cyclical - Supermarkets—0.0% 100,000 Kroger Co., Sr. Unsecd. Note, 4.450%, 2/1/2047 113,962 Consumer Non-Cyclical - Tobacco—0.1% 110,000 Altria Group, Inc., Sr. Unsecd. Note, 2.450%, 2/4/2032 104,266 85,000 Altria Group, Inc., Sr. Unsecd. Note, 3.700%, 2/4/2051 77,416 320,000 Reynolds American, Inc., Sr. Unsecd. Note, 7.000%, 8/4/2041 415,836 TOTAL 597,518 Energy - Independent—0.1% 280,000 Cimarex Energy Co., Sr. Unsecd. Note, 4.375%, 3/15/2029 314,671 300,000 EOG Resources, Inc., Sr. Unsecd. Note, 4.150%, 1/15/2026 338,759 TOTAL 653,430 Energy - Integrated—0.1% 300,000 Exxon Mobil Corp., Sr. Unsecd. Note, 3.482%, 3/19/2030 332,057 205,000 Shell International Finance B.V., Sr. Unsecd. Note, 4.000%, 5/10/2046 233,796 TOTAL 565,853 Energy - Midstream—0.1% 205,000 Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 4.800%, 5/3/2029 233,887 155,000 Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 168,446 80,000 Energy Transfer Partners LP, Sr. Unsecd. Note, Series 30Y, 6.000%, 6/15/2048 96,968 150,000 Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.700%, 1/31/2051 150,894 250,000 Kinder Morgan, Inc., 5.050%, 2/15/2046 293,535 200,000 ONEOK, Inc., Sr. Unsecd. Note, 4.550%, 7/15/2028 226,002 230,000 TC Pipelines, LP, Sr. Unsecd. Note, 3.900%, 5/25/2027 254,012 TOTAL 1,423,744 Energy - Refining—0.0% 140,000 Valero Energy Corp., Sr. Unsecd. Note, 4.000%, 4/1/2029 153,419 Financial Institution - Banking—0.8% 400,000 Bank of America Corp., Sr. Unsecd. Note, 2.592%, 4/29/2031 407,466 200,000 Bank of America Corp., Sr. Unsecd. Note, Series MTN, 0.000%, 10/22/2030 208,145 500,000 Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 551,832 200,000 Bank of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 2.661%, 5/16/2023 204,682 125,000 Capital One Financial Corp., Sr. Unsecd. Note, 3.900%, 1/29/2024 135,508 350,000 Citigroup, Inc., Sr. Unsecd. Note, 2.876%, 7/24/2023 360,321 800,000 Citigroup, Inc., Sr. Unsecd. Note, 3.200%, 10/21/2026 869,878 250,000 Citizens Bank N.A., Sr. Unsecd. Note, Series BKNT, 3.750%, 2/18/2026 277,832 250,000 Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 275,247 200,000 Fifth Third Bancorp, Sr. Unsecd. Note, 3.950%, 3/14/2028 228,721 80,000 FNB Corp. (PA), Sr. Unsecd. Note, 2.200%, 2/24/2023 81,488 500,000 Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.500%, 4/1/2025 545,393 300,000 Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.691%, 6/5/2028 331,963 250,000 HSBC Holdings PLC, Sr. Unsecd. Note, 3.900%, 5/25/2026 278,996 250,000 JPMorgan Chase & Co., Sr. Unsecd. Note, 2.083%, 4/22/2026 259,822 150,000 JPMorgan Chase & Co., Sr. Unsecd. Note, 3.509%, 1/23/2029 164,484 600,000 JPMorgan Chase & Co., Sr. Unsecd. Note, 3.782%, 2/1/2028 668,511 300,000 Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.431%, 1/23/2030 348,626 350,000 Morgan Stanley, Sr. Unsecd. Note, Series MTN, 6.250%, 8/9/2026 433,574

FCIF-5 Shares or Principal Amount Value $ 150,000 Northern Trust Corp., Sr. Unsecd. Note, 1.950%, 5/1/2030 $ 149,455 150,000 US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 141,529 210,000 Wells Fargo & Co., Sr. Unsecd. Note, 2.188%, 4/30/2026 219,056 550,000 Wells Fargo & Co., Sr. Unsecd. Note, 3.000%, 10/23/2026 596,485 100,000 Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 0.000%, 10/30/2030 104,843 TOTAL 7,843,857 Financial Institution - Broker/Asset Mgr/Exchange—0.0% 50,000 BlackRock, Inc., Sr. Unsecd. Note, 1.900%, 1/28/2031 49,149 50,000 Jefferies Group LLC, Sr. Unsecd. Note, 2.750%, 10/15/2032 49,381 TOTAL 98,530 Financial Institution - Finance Companies—0.1% 60,000 Astrazeneca Finance LLC, Sr. Unsecd. Note, 2.250%, 5/28/2031 60,179 365,000 GE Capital International Funding, Inc., Sr. Unsecd. Note, 4.418%, 11/15/2035 424,950 TOTAL 485,129 Financial Institution - Insurance - Life—0.1% 200,000 AIA Group Ltd., Sr. Unsecd. Note, 144A, 3.600%, 4/9/2029 219,146 150,000 American International Group, Inc., Sr. Unsecd. Note, 4.375%, 1/15/2055 172,437 200,000 Massachusetts Mutual Life Insurance Co., Sub. Note, 144A, 4.900%, 4/1/2077 244,646 340,000 Pacific Life Insurance Co., Sub. Note, 144A, 4.300%, 10/24/2067 376,744 150,000 Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 4.600%, 5/15/2044 183,607 TOTAL 1,196,580 Financial Institution - Insurance - P&C—0.1% 89,000 Liberty Mutual Group, Inc., Sr. Unsecd. Note, 144A, 4.250%, 6/15/2023 95,612 250,000 Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 421,477 TOTAL 517,089 Financial Institution - REIT - Apartment—0.1% 195,000 Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 3.350%, 5/15/2027 213,487 40,000 Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 41,585 250,000 Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 6/15/2024 270,815 150,000 UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 8/1/2032 141,675 TOTAL 667,562 Financial Institution - REIT - Healthcare—0.0% 200,000 Physicians Realty Trust, Sr. Unsecd. Note, 4.300%, 3/15/2027 225,852 110,000 Welltower, Inc., Sr. Unsecd. Note, 2.750%, 1/15/2031 111,537 TOTAL 337,389 Financial Institution - REIT - Office—0.0% 130,000 Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 1.875%, 2/1/2033 120,216 300,000 Boston Properties LP, Sr. Unsecd. Note, 4.500%, 12/1/2028 345,536 TOTAL 465,752 Financial Institution - REIT - Other—0.0% 115,000 WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 125,870 Financial Institution - REIT - Retail—0.0% 160,000 Regency Centers LP, Sr. Unsecd. Note, 4.125%, 3/15/2028 177,322 Technology—0.2% 100,000 Broadcom, Inc., Sr. Unsecd. Note, 4.150%, 11/15/2030 109,590 75,000 Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.419%, 4/15/2033 76,570 35,000 Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051 34,062 155,000 Dell International LLC / EMC Corp., Sec. Fac. Bond, 144A, 5.850%, 7/15/2025 181,716 135,000 Equifax, Inc., Sr. Unsecd. Note, 2.600%, 12/1/2024 142,852 200,000 Experian Finance PLC., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2029 225,147 150,000 Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 163,027 245,000 Lam Research Corp., Sr. Unsecd. Note, 4.000%, 3/15/2029 280,252 50,000 Micron Technology, Inc., Sr. Unsecd. Note, 2.497%, 4/24/2023 51,871 250,000 Oracle Corp., Sr. Unsecd. Note, 3.650%, 3/25/2041 255,253 20,000 Skyworks Solutions, Inc., Sr. Unsecd. Note, 1.800%, 6/1/2026 20,157 155,000 Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 4/1/2026 178,390 100,000 Vontier Corp., Sr. Unsecd. Note, 144A, 1.800%, 4/1/2026 99,990 TOTAL 1,818,877 Technology Services—0.0% 40,000 Global Payments, Inc., Sr. Unsecd. Note, 2.900%, 5/15/2030 41,063

FCIF-6 Shares or Principal Amount Value $ 40,000 Verisign, Inc., Sr. Unsecd. Note, 2.700%, 6/15/2031 $ 40,152 TOTAL 81,215 Transportation - Airlines—0.4% 2,000,000 American Airlines Group, Inc., Conv. Bond, 6.500%, 7/1/2025 3,459,460 40,000 Southwest Airlines Co., Sr. Unsecd. Note, 4.750%, 5/4/2023 43,143 65,000 Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025 74,597 TOTAL 3,577,200 Transportation - Railroads—0.0% 105,000 Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.500%, 5/1/2050 106,870 65,000 Union Pacific Corp., Sr. Unsecd. Note, 2.400%, 2/5/2030 66,349 TOTAL 173,219 Transportation - Services—0.0% 200,000 FedEx Corp., Sr. Unsecd. Note, 4.050%, 2/15/2048 220,643 135,000 Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 4.000%, 7/15/2025 149,258 TOTAL 369,901 Utility - Electric—0.3% 85,000 Avangrid, Inc., Sr. Unsecd. Note, 3.200%, 4/15/2025 91,623 75,000 Black Hills Corp., Sr. Unsecd. Note, 2.500%, 6/15/2030 75,528 150,000 CenterPoint Energy, Inc., Sr. Unsecd. Note, 2.650%, 6/1/2031 150,797 300,000 Enel Finance International SA, Company Guarantee, 144A, 6.000%, 10/7/2039 405,427 290,000 Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 316,640 80,000 FirstEnergy Transmission LLC, Sr. Unsecd. Note, 144A, 4.550%, 4/1/2049 89,429 280,000 Kansas City Power And Light Co., Sr. Unsecd. Note, 4.200%, 3/15/2048 327,299 230,000 National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, 2.950%, 2/7/2024 243,886 130,000 NiSource Finance Corp., Sr. Unsecd. Note, 4.375%, 5/15/2047 151,249 150,000 Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025 160,511 300,000 PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026 323,514 175,000 Southern Co., Jr. Sub. Note, Series B, 4.000%, 1/15/2051 185,591 280,000 Virginia Electric & Power Co., Sr. Unsecd. Note, Series A, 3.500%, 3/15/2027 311,209 TOTAL 2,832,703 Utility - Natural Gas—0.0% 150,000 National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026 174,291 250,000 Southern Natural Gas, Sr. Unsecd. Note, 144A, 4.800%, 3/15/2047 297,334 TOTAL 471,625 TOTAL CORPORATE BONDS 38,024,896 COMMERCIAL MORTGAGE-BACKED SECURITIES—1.0% Agency Commercial Mortgage-Backed Securities—0.3% 1,025,000 Federal Home Loan Mortgage Corp. REMIC, Series K054, Class A2, 2.745%, 1/25/2026 1,109,184 992,716 Federal Home Loan Mortgage Corp. REMIC, Series K105, Class A1, 1.536%, 9/25/2029 1,000,752 600,000 Federal Home Loan Mortgage Corp. REMIC, Series K109, Class A2, 1.558%, 4/25/2030 599,973 TOTAL 2,709,909 Commercial Mortgage—0.7% 875,000 Bank 2018-BN12, Class A4, 4.255%, 5/15/2061 1,010,768 1,225,000 2Bank 2018-BN15, Class A4, 4.407% (12-month USLIBOR +0.000%), 11/15/2061 1,431,362 2,000,000 Benchmark Mortgage Trust 2018-B4, Class A5, 4.121%, 7/15/2051 2,295,466 400,000 CD Commercial Mortgage Trust 2016-CD4, Class A4, 3.514%, 5/10/2050 441,676 2,000,000 JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 2,175,897 TOTAL 7,355,169 TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES 10,065,078 WARRANT—0.0% Materials—0.0% 4,803 1 Hercules, Inc., Warrants 562,234 INVESTMENT COMPANIES—48.2% 3 3,189,908 Bank Loan Core Fund 30,846,409 4 13,077,753 Emerging Markets Core Fund 134,439,299 5 13,242,399 Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.03% 13,246,371 6 31,624,737 High Yield Bond Core Fund 200,817,080 7 11,996,307 Mortgage Core Fund 118,883,407 TOTAL INVESTMENT COMPANIES 498,232,566 TOTAL INVESTMENT IN SECURITIES 1,030,412,795

FCIF-7 At May 31, 2021, the Fund had the following outstanding futures contracts: Value and Unrealized Number of Notional Expiration Appreciation Description Contracts Value Date (Depreciation) Long Futures: 1 United States Treasury Notes 2-Year Long Futures 553 $122,066,110 September 2021 $55,517 Short Futures: 1 United States Treasury Notes 5-Year Short Futures 139 $17,215,367 September 2021 $(23,643) 1 United States Treasury Notes 10-Year Short Futures 99 $13,061,812 September 2021 $(23,436) 1 United States Treasury Notes 10-Year Ultra Short Short Futures 189 $27,396,141 September 2021 $(38,519) 1 United States Treasury Ultra Bond Short Futures 10 $1,852,500 September 2021 $(19,556) NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS $(49,637)

1 Non-income-producing security. 2 Floating/variable note with current rate and current maturity or next reset date shown. 3 Affiliated Federated Fund (Bank Loan) 4 Affiliated Federated Fund (Emerging Markets) 5 7-day net yield. 6 Affiliated Federated Fund (High Yield) 7 Affiliated Federated Fund (Mortgage)

Note: The categories of investments are shown as a percentage of net assets $1,033,919,819 at the close of business on May 31, 2021, and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. The following acronym(s) are used throughout this portfolio:

BKNT —Bank Notes GMTN —Global Medium Term Note LIBOR —London Interbank Offered Rate MTN —Medium Term Note REIT —Real Estate Investment Trust REMIC —Real Estate Mortgage Investment Conduit USD —United States Dollar

Portfolio holdings are shown as of the date indicated and are unaudited. Since market conditions fluctuate suddenly and frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition. These portfolio holdings are not intended to be and do not constitute recommendations that others buy, sell, or hold any of the securities listed. For more complete information on the fund, visit FederatedInvestors.com for a prospectus or a summary prospectus. You should consider the fund’s investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the fund’s prospectus or summary prospectus, which you should read carefully before investing.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Federated Securities Corp., Distributor (32166) 5/31/2021

FCIF-8