# EDGAR Filing Document

**Accession Number:** 0000925723
**File Stem:** 0001623632-25-000866
**Filing Date:** 2025-7
**Character Count:** 1715510
**Document Hash:** c2ceb97e298e8ae013e9c01e41b72bf3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001623632-25-000866.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001623632-25-000866

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 43

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**EFFECTIVENESS DATE**: 20250725

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Institutional Trust
- **CENTRAL INDEX KEY:** 0000925723

**ORGANIZATION NAME:**
- **EIN:** 251737663
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07193
- **FILM NUMBER:** 251149736

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

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

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

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Institutional Trust
- **CENTRAL INDEX KEY:** 0000925723

**ORGANIZATION NAME:**
- **EIN:** 251737663
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-54445
- **FILM NUMBER:** 251149735

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

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

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

## Series and Classes Contracts Data

### Federated Hermes Government Ultrashort Fund (Series ID: S000009740)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000026761 | Class A Shares       | FGUAX           |
| C000026762 | Service Shares       | FEUSX           |
| C000026763 | Institutional Shares | FGUSX           |
| C000168177 | Class R6 Shares      | FGULX           |

?xml version='1.0' encoding='ASCII'? EDGAR HTML

**1933 Act File No. 033-54445**

**1940 Act File No. 811-07193**

------

**As Filed with the U.S. Securities and Exchange Commission on July 25, 2025**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, DC 20549

------

**Form N-1A**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

☒

**Pre-Effective Amendment No.**

☐

**Post-Effective Amendment No. 121**

☒

**and/or**

**REGISTRATION STATEMENT**

***UNDER***

***THE INVESTMENT COMPANY ACT OF 1940***

☒

**Amendment No. 122**

☒

------

**Federated Hermes Institutional Trust**

**(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, including Area Code)

**Peter J. Germain, Esquire**

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

------

It is proposed that this filing will become effective (check appropriate box):

☐

immediately upon filing pursuant to paragraph (b)

☒

On July 29, 2025 pursuant to paragraph (b)

☐

60 days after filing pursuant to paragraph (a)(1)

☐

On __________ pursuant to paragraph (a)(1)

☐

75 days after filing pursuant to paragraph (a)(2)

☐

On __________ pursuant to paragraph (a)(2) of Rule 485

**If appropriate, check the following:**

------

☐

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

**Prospectus** 

***July 31, 2025***![](img7c57fa941.gif)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** \| Ticker | **A** \| FGUAX | **Institutional** \| FGUSX | **Service** \| FEUSX | **R6** \| FGULX |

---

------

Federated Hermes Government Ultrashort Fund

------

A Portfolio of Federated Hermes Institutional Trust

A mutual fund seeking current income by investing primarily in U.S. government securities and U.S. government agency securities.

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

------

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

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Fund Summary Information](#xx_93d64af4-842f-4aec-a059-f9076b55b626_1) | [1](#xx_93d64af4-842f-4aec-a059-f9076b55b626_1) |
| [What are the Fund's Investment Strategies?](#xx_93d64af4-842f-4aec-a059-f9076b55b626_5) | [5](#xx_93d64af4-842f-4aec-a059-f9076b55b626_5) |
| [What are the Fund's Principal Investments?](#xx_93d64af4-842f-4aec-a059-f9076b55b626_6) | [6](#xx_93d64af4-842f-4aec-a059-f9076b55b626_6) |
| [What are the Specific Risks of Investing in the Fund?](#xx_93d64af4-842f-4aec-a059-f9076b55b626_8) | [8](#xx_93d64af4-842f-4aec-a059-f9076b55b626_8) |
| [What Do Shares Cost?](#xx_93d64af4-842f-4aec-a059-f9076b55b626_11) | [11](#xx_93d64af4-842f-4aec-a059-f9076b55b626_11) |
| [How is the Fund Sold?](#xx_93d64af4-842f-4aec-a059-f9076b55b626_12) | [12](#xx_93d64af4-842f-4aec-a059-f9076b55b626_12) |
| [Payments to Financial Intermediaries](#xx_93d64af4-842f-4aec-a059-f9076b55b626_13) | [13](#xx_93d64af4-842f-4aec-a059-f9076b55b626_13) |
| [How to Purchase Shares](#xx_93d64af4-842f-4aec-a059-f9076b55b626_15) | [15](#xx_93d64af4-842f-4aec-a059-f9076b55b626_15) |
| [How to Redeem and Exchange Shares](#xx_93d64af4-842f-4aec-a059-f9076b55b626_17) | [17](#xx_93d64af4-842f-4aec-a059-f9076b55b626_17) |
| [Security and Privacy Protection](#xx_93d64af4-842f-4aec-a059-f9076b55b626_20) | [20](#xx_93d64af4-842f-4aec-a059-f9076b55b626_20) |
| [Account and Share Information](#xx_93d64af4-842f-4aec-a059-f9076b55b626_21) | [21](#xx_93d64af4-842f-4aec-a059-f9076b55b626_21) |
| [Who Manages the Fund?](#xx_93d64af4-842f-4aec-a059-f9076b55b626_23) | [23](#xx_93d64af4-842f-4aec-a059-f9076b55b626_23) |
| [Financial Information](#xx_93d64af4-842f-4aec-a059-f9076b55b626_24) | [24](#xx_93d64af4-842f-4aec-a059-f9076b55b626_24) |
| [Appendix A: Hypothetical Investment and Expense Information](#xx_94009e82-7a74-4035-9ea8-f6e89468c71d_1) | [29](#xx_94009e82-7a74-4035-9ea8-f6e89468c71d_1) |

---

------

Fund Summary Information

**Federated Hermes Government Ultrashort Fund (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund's investment objective is current income.

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

This table describes the fees and expenses that you may pay if you buy, hold and sell Class A Shares (A), Institutional Shares (IS), Service Shares (SS) or Class R6 Shares (R6) of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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

---

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

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **A** | **IS** | **SS** | **R6** |
| Management Fee | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% |
| Distribution (12b-1) Fee |  |  | &nbsp;&nbsp; 0.00%<sup>1</sup> <br>|  |
| Other Expenses | &nbsp;&nbsp; 0.32%<sup>2</sup> | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.13% |
| Total Annual Fund Operating Expenses | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.38% |
| Fee Waivers and/or Expense Reimbursements<sup>3</sup> | &nbsp;&nbsp; (0.16)% | &nbsp;&nbsp; (0.16)% | &nbsp;&nbsp; (0.32)% | &nbsp;&nbsp; (0.14)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.24% |

---

The Fund has adopted a Distribution (12b-1) Plan for its SS class pursuant to which the SS class of the Fund may incur and pay a Distribution (12b-1) fee of up

to a maximum amount of 0.05%. No such fee is currently incurred and paid by the SS class of the Fund. The SS class of the Fund will not incur and pay such a

Distribution (12b-1) fee until such time as approved by the Fund's Board of Trustees (the "Trustees").

The Fund may incur and pay certain service fees (shareholder services/account administration fees) on its A class of up to a maximum of 0.25%. The Fund will

only incur and pay up to 0.15% of such fees for the A class of the Fund. The A class of the Fund will not incur and pay such fees to exceed 0.15% until such

time as approved by the Trustees.

The Adviser and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total

annual fund operating expenses (excluding acquired fund fees and expenses, interest expense, extraordinary expenses and proxy-related expenses, if any)

paid by the Fund's A, IS, SS and R6 classes (after the voluntary waivers and/or reimbursements) will not exceed 0.41%, 0.26%, 0.36% and 0.24% (the "Fee

Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) August 1, 2026; or (b) the date of the Fund's next effective Prospectus.

While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements

may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

**Example**

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

The Example assumes that you invest $10,000 for the time periods indicated and then redeem or hold all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses remain the same. The Example does not reflect sales charges (loads) on reinvested dividends. If these sales charges (loads) were included, your costs would be higher. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| A | &nbsp;&nbsp; $58 | &nbsp;&nbsp; $183 | &nbsp;&nbsp; $318 | &nbsp;&nbsp; $714 |
| IS | &nbsp;&nbsp; $43 | &nbsp;&nbsp; $135 | &nbsp;&nbsp; $235 | &nbsp;&nbsp; $530 |
| SS | &nbsp;&nbsp; $69 | &nbsp;&nbsp; $218 | &nbsp;&nbsp; $379 | &nbsp;&nbsp; $847 |
| R6 | &nbsp;&nbsp; $39 | &nbsp;&nbsp; $122 | &nbsp;&nbsp; $213 | &nbsp;&nbsp; $480 |

---

**1**

------

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 22% of the average value of its portfolio.

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

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

The Fund's overall strategy is to invest in a portfolio of U.S. government securities and U.S. government agency securities (including mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises (GSEs)) with an overall dollar-weighted average duration of one year or less. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. Within the one-year duration constraint, the Adviser will seek to lengthen or shorten portfolio duration based on its interest rate outlook.

The Fund implements this strategy by dividing its portfolio into two major components. Although the Fund is not a money market fund and its share price will fluctuate, the Fund invests one component in U.S. government securities (including repurchase agreements collateralized by U.S. government securities and U.S. government agency securities) that are eligible for purchase by money market funds. The Fund invests the other component in mortgage-backed securities issued or guaranteed by GSEs, including floating-rate collateralized mortgage obligations and adjustable-rate mortgages. The Fund uses mortgage-backed securities to increase the income provided by the portfolio. Within each component of the portfolio, the Adviser makes decisions of which securities to buy and sell based on the relative yield and risks of available securities with comparable durations. The Fund evaluates its investment strategy by comparing the performance and composition of the Fund's portfolio against the performance and composition of an index composed of U.S. Treasury bills with maturities of six months.

The Fund intends to qualify as a permissible investment for national banks, federal credit unions and savings associations under current applicable federal laws and regulations. Accordingly, the Fund will limit its investments to securities that are eligible for direct investment by such institutions. However, the Fund does not limit its investments to "Type 1 Securities" under the federal banking laws and regulations; and accordingly, a national bank is not permitted under these laws and regulations to invest more than 10% of its capital and surplus in the Fund. In addition, certain of the Fund's investment transactions and techniques may be subject to the general lending limits imposed on national banks. Such national banks and federal credit unions and savings associations should consult their legal counsel regarding federal laws and regulations applicable to their investment in the Fund.

Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, to a lesser extent, the Fund may invest in certain government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities.

The Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in government investments. The Fund will notify shareholders at least 60 days in advance of any change in its investment policy that would enable the Fund to invest, under normal circumstances, less than 80% of its net assets (plus any borrowings for investment purposes) in government investments.

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

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

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

■ **Credit Risk.** It is possible that interest or principal on securities will not be paid when due. Such non-payment or default may reduce the value of the Fund's portfolio holdings, its share price and its performance.

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

**2**

------

■ **Prepayment and Extension Risk.** When homeowners prepay their mortgages in response to lower interest rates, the Fund will be required to reinvest the proceeds at the lower interest rates available. Also, when interest rates fall, the price of mortgage-backed securities may not rise to as great an extent as that of other fixed-income securities. Should interest rates move in such a manner that the available market mortgage rate significantly exceeds the borrower's loan rate, homeowners are less likely to prepay their mortgages. A decreased rate of prepayments lengthens the expected maturity of a mortgage-backed security, and the price of mortgage-backed securities may decrease more than the price of other fixed-income securities.

■ **MBS Risk.** A rise in interest rates may cause the value of MBS held by the Fund to decline. Certain MBS issued by GSEs are not backed by the full faith and credit of the U.S. government. The Fund's investments in collateralized mortgage obligations (CMOs) may entail greater market, prepayment and liquidity risks than other MBS.

■ **Risk Related to the Economy.** The value of the Fund's portfolio may decline in tandem with a drop in the overall value of the markets in which the Fund invests and/or other markets. Global economic, political and financial conditions including geopolitical conflicts, legislative changes, industry or economic trends and developments or public health risks, such as epidemics or pandemics, may, from time to time have a significant effect on financial markets generally and for varying periods of time, cause the Fund to experience volatility, illiquidity, shareholder redemptions, or other potentially adverse effects.

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

The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

**Performance: Bar Chart and Table**

**Risk/Return Bar Chart**

The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns for each class *averaged* over the stated periods, and includes comparative performance information with a broad-based securities market index. The Fund's performance is also compared to a secondary index to show how the Fund's performance compares with the returns of an index with similar investments. *The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results*. Updated performance information for the Fund is available under the "Products" section at FederatedHermes.com/us or by calling 1-800-341-7400.

![](fhgusfpro28242_22.jpg)

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

*The Fund's IS class total return for the six-month period from January 1, 2025 to June 30, 2025, was 2.39%.* 

*Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 1.85% (quarter ended December 31, 2023). Its lowest quarterly return was (0.37)% (quarter ended March 31, 2022).* 

**3**

------

**Average Annual Total Return Table**

The Fund's Class R6 Shares commenced operations on March 29, 2016. For the periods prior to the commencement of operations of Class R6 Shares, the R6 class performance information shown below is for the Fund's IS class. The performance of the Fund's IS class has not been adjusted to reflect the expenses applicable to the R6 class since the R6 class has a lower expense ratio than the expense ratio of the IS class. The performance of the IS class has been adjusted to remove any voluntary waiver of Fund expenses related to the IS class that may have occurred during the periods prior to the commencement of operations of the R6 class.

In addition to Return Before Taxes, Return After Taxes is shown for the Fund's IS class to illustrate the effect of federal taxes on Fund returns. After-tax returns are shown only for IS class, and after-tax returns for the A, SS and R6 classes will differ from those shown for the IS class. *Actual after-tax returns depend on each investor's personal tax situation, and are likely to differ from those shown.* After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical **federal** income and capital gains tax rates. These after-tax returns do **not** reflect the effect of any applicable **state** and **local** taxes. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plans.

(For the Period Ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **A:** |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; 1.50% |
| **IS:** |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 2.49% | &nbsp;&nbsp; 1.80% |
| Return After Taxes on Distributions | &nbsp;&nbsp; 3.31% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.02% |
| Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 3.31% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.04% |
| **SS:** |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 2.39% | &nbsp;&nbsp; 1.70% |
| **R6:** |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; 5.68% | &nbsp;&nbsp; 2.51% | &nbsp;&nbsp; 1.78% |
| **Bloomberg US Aggregate Bond Index**<sup>1</sup> | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (0.33)% | &nbsp;&nbsp; 1.35% |
| **ICE BofA US 6-Month Treasury Bill Index**<sup>2</sup><br> (reflects no deduction for fees, expenses or taxes)<br>| &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 2.57% | &nbsp;&nbsp; 1.91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The Fund has designated the Bloomberg US Aggregate Bond Index as the broad-based securities market index in accordance with the SEC's revised* 

*requirements for such an index. The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, US dollar-*

*denominated, fixed-rate taxable bond market.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ICE BofA US 6-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end* 

*of the month, that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill* 

*that matures closest to, but not beyond, six months from the rebalancing date. To qualify for selection, an issue must have settled on or before the* 

*month-end rebalancing date.*

**FUND MANAGEMENT** 

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

Susan R. Hill, CFA, Senior Portfolio Manager, has been the Fund's portfolio manager since its inception in July of 1997.

Liam O'Connell, CFA, Portfolio Manager has been the Fund's portfolio manager since November of 2010.

**purchase and sale of fund shares**

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

**A Class** 

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

**4**

------

**IS & SS Classes** 

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

**R6 Class** 

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

**Tax Information** 

**A, IS & SS Classes** 

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

**R6 Class** 

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

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

**A, IS & SS Classes** 

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

**R6 Class** 

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

What are the Fund's Investment Strategies?

The Fund's investment objective is current income. While there is no assurance that the Fund will achieve its investment objective, it endeavors to do so by following the strategies and policies described in this Prospectus. The Fund's Statement of Additional Information (SAI) provides information about the Fund's non-principal strategies.

The Fund intends to provide returns consistent with investments in short-term securities issued or guaranteed by the U.S. government and U.S. government agencies. Most of the returns will consist of interest income. The Fund intends to qualify as a permissible investment for national banks, federal credit unions and savings associations under current applicable federal laws and regulations. Accordingly, the Fund will limit its investments to securities that are eligible for direct investment by such institutions. However, the Fund does not limit its investments to "Type 1 Securities" under the federal banking laws and regulations; and accordingly, a national bank is not permitted under these laws and regulations to invest more than 10% of its capital and surplus in the Fund. In addition, certain of the Fund's investment transactions and techniques may be subject to the general lending limits imposed on national banks. Such national banks and federal credit unions and savings associations should consult their legal counsel regarding federal laws and regulations applicable to their investment in the Fund.

The Fund's overall strategy is therefore to invest in a portfolio of U.S. government securities and U.S. government agency securities (including mortgage-backed securities issued or guaranteed by GSEs as well as Ginnie Mae securities) with an overall dollar-weighted average duration of one year or less. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. A description of the various types of U.S. government securities (including repurchase agreements) in which the Fund principally invests, other investment techniques used by the Fund, and their risks immediately follows this strategy section.

Within the one-year duration constraint, the Adviser will seek to lengthen or shorten portfolio duration based on its interest rate outlook. The Adviser will typically lengthen the portfolio duration when it expects interest rates to decline. The Adviser will typically shorten the portfolio duration when it expects interest rates to increase.

The Fund implements this strategy by dividing its portfolio into two major components. Although the Fund is not a money market fund and its share price will fluctuate, the Fund invests one component in U.S. government securities and repurchase agreements that are eligible for purchase by money market funds. This component normally maintains a dollar-weighted average duration of less than three months.

**5**

------

The Fund invests the other component in mortgage-backed securities issued or guaranteed by GSEs. The Fund uses mortgage-backed securities to increase the income provided by the portfolio. This portion of the portfolio consists principally of floating-rate collateralized mortgage obligations and adjustable-rate mortgages, which are described following this section. These types of mortgage-backed securities tend to have shorter durations than other types of mortgage-backed securities. The Fund may also seek to increase its income and duration by investing in longer duration fixed-rate mortgage-backed securities and other fixed-rated U.S. government securities. The targeted portfolio duration will limit the amount of these securities held in the portfolio.

Within each component of the portfolio, the Adviser makes decisions of which securities to buy and sell based on the relative yield of available securities with comparable durations. The relative yield of a security is determined by comparing its yield to that of a U.S. Treasury security of similar duration. This difference is referred to as the "spread." Under normal market conditions, agency securities will have a positive spread and mortgage-backed securities will have a larger spread than other agency securities. The positive spread results from a number of factors, including the fact that some agency securities are not backed by the full faith and credit of the United States and the prepayment risk of mortgage-backed securities.

Once the Adviser has determined the duration of the securities needed to achieve the portfolio's targeted duration, all other factors being equal, the Fund will tend to hold securities offering the highest spreads. For mortgage-backed securities, the Adviser will also assess the available spreads relative to specific interest rate and prepayment risks of the securities. The Fund may also enter into term repurchase agreements when they offer higher returns than those expected for overnight repurchase agreements over the term or higher spreads than agency securities of comparable duration.

There is no assurance that the Adviser's efforts to forecast market interest rates and assess the impact of changes in market interest rates and spreads in particular will be successful.

The Adviser evaluates the investment strategy by comparing the performance and composition of the Fund's portfolio against the performance and composition of ICE BofA US 6-Month Treasury Bill Index, which is composed of U.S. Treasury bills with maturities of six months (the "Index"). Although there can be no assurance that the Fund's total return will exceed the Index's total return during any period, the Fund seeks to construct a portfolio that will perform favorably when compared to the Index over the long-term. In pursuing this strategy, the composition of the Fund's portfolio will vary from the composition of the Index's portfolio. The Fund's portfolio may also include U.S. government agency securities (including mortgage-backed securities issued or guaranteed by GSEs) and individual securities not represented in the Index.

The Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in government investments. The Fund will notify shareholders at least 60 days in advance of any change in its investment policy that would enable the Fund to invest, under normal circumstances, less than 80% of its net assets (plus any borrowings for investment purposes) in government investments.

What are the Fund's Principal Investments?

The following provides general information on the Fund's principal investments. The Fund's Statement of Additional Information (SAI) provides information about the Fund's non-principal investments and may provide additional information about the Fund's principal investments.

**Fixed-Income Securities** 

Fixed-income securities pay interest, dividends or distributions at a specified rate. The rate may be a fixed percentage of the principal or may be adjusted periodically. In addition, the issuer of a fixed-income security must repay the principal amount of the security, normally within a specified time. Fixed-income securities provide more regular income than equity securities. However, the returns on fixed-income securities are limited and normally do not increase with the issuer's earnings. This limits the potential appreciation of fixed-income securities as compared to equity securities.

A security's yield measures the annual income earned on a security as a percentage of its price. A security's yield will increase or decrease depending upon whether it costs less (a "discount") or more (a "premium") than the principal amount. If the issuer may redeem the security before its scheduled maturity, the price and yield on a discount or premium security may change based upon the probability of an early redemption. Securities with higher risks generally have higher yields.

The following describes the fixed-income securities in which the Fund principally invests:

**Treasury Securities (A Type of Fixed-Income Security)** 

Treasury securities are direct obligations of the federal government of the United States. Treasury securities are generally regarded as having minimal credit risks.

**6**

------

**Government Securities (A Type of Fixed-Income Security)** 

Government securities are issued or guaranteed by a federal agency or instrumentality acting under federal authority. Some government securities, including those issued by Government National Mortgage Association ("Ginnie Mae"), are supported by the full faith and credit of the United States and are guaranteed only as to the timely payment of interest and principal.

Other government securities receive support through federal subsidies, loans or other benefits, but are not backed by the full faith and credit of the United States. For example, the U.S. Treasury is authorized to purchase specified amounts of securities issued by (or otherwise make funds available to) the Federal Home Loan Bank System, Federal Home Loan Mortgage Corporation ("Freddie Mac") and Federal National Mortgage Association ("Fannie Mae") in support of such obligations.

Some government agency securities have no explicit financial support and are supported only by the credit of the applicable agency, instrumentality or corporation. The U.S. government has provided financial support to Freddie Mac and Fannie Mae, but there is no assurance that it will support these or other agencies in the future.

The Fund treats mortgage-backed securities guaranteed by a federal agency or instrumentality as government securities. Although such a guarantee protects against credit risk, it does not eliminate it entirely or reduce other risks.

**Mortgage-Backed Securities (MBS) (A Type of Fixed-Income Security)** 

An MBS is a type of pass-through security, which is a pooled debt obligation repackaged as interests that pass principal and interest through an intermediary to investors. In the case of MBS, the ownership interest is issued by a trust and represents participation interests in pools of adjustable and fixed-rate mortgage loans. MBS are most commonly issued or guaranteed by the U.S. government or one of its agencies or instrumentalities. Unlike conventional debt obligations, MBS provide monthly payments derived from the monthly interest and principal payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans. Most MBS make these payments monthly; however, certain MBS are backed by mortgage loans which do not generate monthly payments but rather generate payments less frequently.

The MBS acquired by the Fund could be secured by fixed-rate mortgages, adjustable rate mortgages or hybrid adjustable rate mortgages. Adjustable rate mortgages are mortgages whose interest rates are periodically reset when market rates change. A hybrid adjustable rate mortgage ("hybrid ARM") is a type of mortgage in which the interest rate is fixed for a specified period and then resets periodically, or floats, for the remaining mortgage term. Hybrid ARMs are usually referred to by their fixed and floating periods. For example, a "5/1 ARM" refers to a mortgage with a five-year fixed interest rate period, followed by 25 annual interest rate adjustment periods.

The Fund also may invest in collateralized mortgage obligations (CMOs). The two types of CMOs are: (1) MBS that are collateralized by mortgage loans or mortgage pass-through securities; and (2) multi-class, pass-through securities, which are interests in a trust composed of mortgage loans or other MBS. CMOs may be issued by U.S. governmental or government-related enterprises. CMOs are issued in multiple classes, often referred to as "tranches," with each tranche having a specific fixed or floating coupon rate, and stated maturity or final distribution date. CMOs are subject to the uncertainty of the timing of cash flows that results from the rate of prepayments on the underlying mortgages serving as collateral and from the structure of the particular CMO transaction (that is, the priority of the individual tranches). An increase or decrease in prepayment rates (resulting from a decrease or increase in mortgage interest rates) may cause the CMOs to be retired substantially earlier or later than their stated maturities or final distribution dates, and will affect the yields and prices of CMOs.

Investments in MBS expose the Fund to MBS, interest rate, prepayment and credit risks.

**Commercial Mortgage-Backed Securities (A Type of Mortgage-Backed Security)** 

Commercial mortgage-backed securities (CMBS) represent interests in mortgage loans on commercial real estate, such as loans for hotels, shopping centers, office buildings and apartment buildings. Generally, the interest and principal payments on these loans are passed on to investors in CMBS according to a schedule of payments. The risks associated with CMBS reflect the risks of investing in the commercial real estate securing the underlying mortgage loans and are therefore different from the risks of other types of MBS. The Fund will only invest in CMBS that are guaranteed by a federal agency or instrumentality, such as (but not limited to), Freddie Mac and Fannie Mae. The Fund's CMBS investments may expose the Fund to interest rate, prepayment and liquidity risks.

**7**

------

**Collateralized Mortgage Obligations (CMOs) (A Type of Mortgage-Backed Security)** 

CMOs, including interests in real estate mortgage investment conduits (REMICs), allocate payments and prepayments from an underlying pass-through certificate among holders of different classes of mortgage-backed securities. This creates different prepayment and interest rate risks for each CMO class. The degree of increased or decreased prepayment risks depends upon the structure of the CMOs. However, the actual returns on any type of mortgage-backed security depend upon the performance of the underlying pool of mortgages, which no one can predict with certainty and will vary among pools.

**Floaters (Type of CMOs)** 

Floaters receive a share of interest payments based upon a market index. Floaters receive more interest as interest rates rise, subject to a lifetime cap.

**Regulatory Compliance** 

In accordance with the rules and regulations established by the National Credit Union Administration (NCUA), 12 CFR §703.16, the Fund may not purchase a residual interest in a CMO or REMIC. In addition, the Fund will not purchase zero-coupon securities with maturities greater than 10 years.

**OTHER INVESTMENTS, TRANSACTIONS, TECHNIQUES**

**Repurchase Agreements** 

Repurchase agreements are transactions in which the Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed-upon time and price. The repurchase price exceeds the sale price, reflecting the Fund's return on the transaction. This return is unrelated to the interest rate on the underlying security. The Fund will enter into repurchase agreements only with banks and other recognized financial institutions, such as securities dealers, deemed creditworthy by the Adviser.

The Fund's custodian or sub-custodian will take possession of the securities subject to repurchase agreements. The Adviser or sub-custodian will monitor the value of the underlying security each day to ensure that the value of the security always equals or exceeds the repurchase price.

Repurchase agreements are subject to credit risks.

**Additional Information Regarding the Security Selection Process** 

As part of analysis in its security selection process, among other factors, the Adviser also evaluates whether environmental, social and governance factors could have a positive or negative impact on the risk profiles of many issuers or guarantors in the universe of securities in which the Fund may invest. This may include primary information that the Adviser and its affiliates capture through direct interactions or engagements with issuers or guarantors. Such interactions and engagements are undertaken to seek to improve long-term risk-adjusted returns, and to create long-term value for investors, consistent with applicable fiduciary duties and relevant objectives. The level of interaction with a company, governmental body or other entity (as applicable) can be subject to any limitations required, either explicitly or implicitly, in the jurisdiction in which a company, governmental body or other entity (as applicable) is domiciled in an effort to comply with applicable laws and/or to avoid legal or regulatory risk for the Fund and/or investors. This qualitative analysis does not automatically result in including or excluding specific securities but may be used by Federated Hermes as an additional input in its primary analysis.

What are the Specific Risks of Investing in the Fund?

The following provides general information on the risks associated with the Fund's principal investments. Any additional risks associated with the Fund's non-principal investments are described in the Fund's SAI. The Fund's SAI also may provide additional information about the risks associated with the Fund's principal investments.

**Interest Rate Risk** 

Prices of fixed-income securities rise and fall in response to changes in interest rates. Generally, when interest rates rise, prices of fixed-income securities fall. However, market factors, such as the demand for particular fixed-income securities, may cause the price of certain fixed-income securities to fall while the prices of other securities rise or remain unchanged.

**8**

------

The longer the duration of a fixed-income security, the more susceptible it is to interest rate risk. The duration of a fixed-income security may be equal to or shorter than the stated maturity of a fixed-income security. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates. Duration measures the price sensitivity of a fixed-income security given a change in interest rates. For example, if a fixed-income security has an effective duration of three years, a 1% increase in general interest rates would be expected to cause the security's value to decline about 3% while a 1% decrease in general interest rates would be expected to cause the security's value to increase about 3%.

**CREDIT RISK** 

It is possible that interest or principal on securities will not be paid when due. Such non-payment or default may reduce the value of the Fund's portfolio holdings, its share price and its performance.

Many fixed-income securities receive credit ratings from NRSROs such as Fitch Ratings, Inc., Moody's Investor Services, Inc. and S&P Global Ratings that assign ratings to securities by assessing the likelihood of an issuer and/or guarantor default. Higher credit ratings correspond to lower perceived credit risk and lower credit ratings correspond to higher perceived credit risk. Credit ratings may be upgraded or downgraded from time to time as an NRSRO's assessment of the financial condition of a party obligated to make payments with respect to such securities and credit risk changes. The impact of any credit rating downgrade can be uncertain. Credit rating downgrades may lead to increased interest rates and volatility in financial markets, which in turn could negatively affect the value of the Fund's portfolio holdings, its share price and its investment performance. Credit ratings are not a guarantee of quality. Credit ratings may lag behind the current financial conditions of the issuer and/or guarantor and do not provide assurance against default or other loss of money. Credit ratings do not protect against a decline in the value of a security. If a security has not received a rating, the Fund must rely entirely upon the Adviser's credit assessment.

Fixed-income securities generally compensate for greater credit risk by paying interest at a higher rate. The difference between the yield of a security and the yield of a U.S. Treasury security or other appropriate benchmark with a comparable maturity (the "spread") measures the additional interest paid for risk. Spreads may increase generally in response to adverse economic or market conditions. A security's spread may also increase if the security's rating is lowered, or the security is perceived to have an increased credit risk. An increase in the spread will cause the price of the security to decline if interest rates remain unchanged.

**Counterparty Risk** 

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

**PREPAYMENT and extension RISK** 

Unlike traditional fixed-income securities, which pay a fixed rate of interest until maturity (when the entire principal amount is due) payments on mortgage-backed securities include both interest and a partial payment of principal. Partial payment of principal may be comprised of scheduled principal payments as well as unscheduled payments from the voluntary prepayment, refinancing or foreclosure of the underlying loans. These unscheduled prepayments of principal create risks that can adversely affect a Fund holding mortgage-backed securities.

For example, when interest rates decline, the values of mortgage-backed securities generally rise. However, when interest rates decline, unscheduled prepayments can be expected to accelerate, and the Fund would be required to reinvest the proceeds of the prepayments at the lower interest rates then available. Unscheduled prepayments would also limit the potential for capital appreciation on mortgage-backed securities. Should interest rates move in such a manner that the available market mortgage rate significantly exceeds the borrower's loan rate, homeowners are less likely to prepay their mortgages.

Generally, mortgage-backed securities compensate for the increased risk associated with prepayments by paying a higher yield. The additional interest paid for risk is measured by the difference between the yield of a mortgage-backed security and the yield of a U.S. Treasury security or other appropriate benchmark with a comparable duration (the spread). An increase in the spread will cause the price of the mortgage-backed security to decline, even though the general level of interest rates remains unchanged. Spreads generally increase in response to adverse economic or market conditions. Spreads may also increase if the security is perceived to have an increased prepayment risk or is perceived to have less market demand.

**9**

------

**MBS Risk** 

MBS have unique risks. A rise in interest rates may cause the value of MBS held by the Fund to decline. The mortgage loans underlying MBS generally are subject to a greater rate of principal prepayments in a declining interest rate environment and to a lesser rate of principal prepayments in an increasing interest rate environment. If the underlying mortgages are paid off sooner than expected, the Fund may have to reinvest this money in mortgage-backed or other securities that have lower yields. Hybrid ARMs also involve special risks. Like ARMs, hybrid ARMs have periodic and lifetime limitations on the increases that can be made to the interest rates that mortgagors pay. Therefore, if during a floating rate period, interest rates rise above the interest rate limits of the hybrid ARM, the Fund will not benefit from further increases in interest rates. See "Prepayment and Extension Risk" and "Interest Rate Risk." CMOs with complex or highly variable prepayment terms generally entail greater market, prepayment and liquidity risks than other MBS. For example, their prices are more volatile and their trading market may be more limited.

MBS are subject to the risk that payments made on a security will not be made when due. Payments on MBS are primarily derived from the interest and principal payments of the underlying mortgages. Some MBS also have guarantees or other structural features that provide additional support for interest and principal payments on the MBS if payments on the underlying mortgages are not made. MBS are subject to the risk that the underlying mortgage borrowers fail to make timely payments of interest and principal and that any guarantee or other structural feature, if present, is insufficient to enable the timely payment of interest and principal on the MBS. The structure of certain CMO interests held by the Fund may cause the Fund to be paid interest and/or principal on its investment only after holders of other interests in that particular CMO have received the full repayment of principal or interest on their investments. See "Credit Risks." Certain MBS issued by GSEs are not backed by the full faith and credit of the U.S. government, but are, however, supported through federal subsidies, loans or other benefits. The Fund also may invest in certain MBS issued by GSEs that have no explicit financial support, and are supported only by the credit of the applicable GSEs (in addition to the underlying mortgages and related debt service payments). The U.S. government has provided financial support to Freddie Mac and Fannie Mae, but there is no assurance that it will support these or other GSEs in the future. Although certain MBS are guaranteed as to timely payment of interest and principal by a GSE, the market prices for such securities are not guaranteed and will fluctuate. See "Credit Risk."

**RISK RELATED TO THE ECONOMY** 

The value of the Fund's portfolio may decline in tandem with a drop in the overall value of the markets in which the Fund invests and/or other markets based on negative developments in the U.S. and global economies. Global economic, political and financial conditions including geopolitical conflicts, legislative changes, industry or economic trends and developments or public health risks, such as epidemics or pandemics, may, from time to time, and for varying periods of time, have a significant effect on financial markets generally and cause volatility, illiquidity and/or other potentially adverse effects in the financial markets, including the fixed-income market. The commencement or threat thereof, continuation or ending of government policies and economic stimulus programs, changes in monetary policy, tariffs and other trade restrictions, political or economic sanctions, increases or decreases in interest rates, or other factors or events that affect the financial markets, including the fixed-income markets, may contribute to the development of or increase in volatility, illiquidity, shareholder redemptions and other adverse effects which could negatively impact the Fund's performance. For example, the value of certain portfolio securities may rise or fall in response to changes in interest rates, which could result from a change in government policies, and has the potential to cause investors to move out of certain portfolio securities, including fixed-income securities, on a large scale. This may increase redemptions from funds that hold large amounts of certain securities and may result in decreased liquidity and increased volatility in the financial markets. Market factors, such as the demand for particular portfolio securities, may cause the price of certain portfolio securities to fall while the prices of other securities rise or remain unchanged.

**technology Risk** 

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

**10**

------

What Do Shares Cost?

**CALCULATION OF NET ASSET VALUE**

When the Fund receives your transaction request in proper form (as described in this Prospectus under the sections entitled "How to Purchase Shares" and "How to Redeem and Exchange Shares"), it is processed at the next calculated net asset value of a Share (NAV) plus any applicable front-end sales charge ("public offering price"). A Share's NAV is determined as of the end of regular trading on the New York Stock Exchange (NYSE) (normally 4:00 p.m. Eastern time), each day the NYSE is open. The Fund calculates the NAV of each class by valuing the assets allocated to the Share's class, subtracting the liabilities allocated to each class and dividing the balance by the number of Shares of the class outstanding. The NAV for each class of Shares may differ due to the level of expenses allocated to each class as well as a result of the variance between the amount of accrued investment income and capital gains or losses allocated to each class and the amount actually distributed to shareholders of each class. The Fund's current NAV and/or public offering price may be found at FederatedHermes.com/us, via online news sources and in certain newspapers.

You can purchase, redeem or exchange Shares any day the NYSE is open.

When the Fund holds fixed-income securities that trade on days the NYSE is closed, the value of the Fund's assets may change on days you cannot purchase or redeem Shares.

In calculating its NAV, the Fund generally values investments as follows:■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Adviser.

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, or if information furnished by a pricing service, in the opinion of the 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 generally 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.

Shares of other mutual funds are valued based upon their reported NAVs. The prospectuses for these mutual funds explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing.

**Fair Valuation** 

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Board has designated the Adviser as the Fund's valuation designee to perform the fair valuation determination for securities and other assets held by the Fund. 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 subject to Board oversight and certain reporting and other requirements intended to provide the Board the information it needs to oversee the Adviser's fair value determinations.

The Valuation Committee is also authorized to use pricing services to provide fair price evaluations of the current fair value of certain investments for purposes of calculating the NAV. 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 as the valuation designee. The Board periodically reviews the fair valuations made by the Valuation Committee. The Board has 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. The Fund's SAI discusses the methods used by pricing services and the Valuation Committee in valuing investments.

Using fair value to price investments may result in a value that is different from an investment's most recent closing price and from the prices used by other registered funds to calculate their NAVs. The application of the fair value procedures to an investment represents a good faith determination of such investment's fair value. 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 could be materially different.

**COMMISSIONS ON CERTAIN SHARES** 

The Fund does not charge any front-end load, deferred sales charge or other asset-based fee for sales or distribution of IS, SS or R6 Shares. However, if you purchase IS, SS or R6 Shares through a broker acting solely as an agent on behalf of its customers, you may be required to pay a commission to the broker in an amount determined and separately disclosed to you by the broker.

**11**

------

Because the Fund is not a party to any such commission arrangement between you and your broker, any purchases and redemptions of IS, SS or R6 Shares will be made at the applicable net asset value (before imposition of the sales commission). Any such commissions charged by a broker are not reflected in the fees and expenses listed in the "Risk/Return Summary: Fees and Expenses" section of the Fund's Prospectus and described above nor are they reflected in the "Performance: Bar Chart and Table," because they are not charged by the Fund.

Shares of the Fund are available in other share classes that have different fees and expenses.

How is the Fund Sold?

The Fund offers the following Share classes: Class A Shares (A), Institutional Shares (IS), Service Shares (SS) and Class R6 Shares (R6), each representing interests in a single portfolio of securities. All Share classes have different sales charges and/or other expenses which affect their performance. Please note that certain purchase restrictions may apply.

Under the Distributor's Contract with the Fund, the Distributor, Federated Securities Corp., offers Shares on a continuous, best-efforts basis. The Distributor is a subsidiary of Federated Hermes, Inc. ("Federated Hermes," formerly, Federated Investors, Inc.).

**A Class** 

The Fund's Distributor markets the A class to individuals, directly or through financial intermediaries.

**IS & SS Classes** 

The Fund's Distributor markets the IS and SS classes to Eligible Investors, as described below. In connection with a request to purchase an IS or SS class, you should provide documentation sufficient to verify your status as an Eligible Investor. As a general matter, IS and SS classes are not available for direct investment by natural persons.

The following categories of Eligible Investors are not subject to any minimum initial investment amount for the purchase of IS or SS classes (however, such accounts remain subject to the Fund's policy on "Accounts with Low Balances" as discussed later in this Prospectus):

■ An investor participating in a no-load platform, network or other fee-based program offered by a financial intermediary, for example, a wrap-account or retirement platform where Federated Hermes has entered into an agreement with the intermediary;

■ A trustee/director or former trustee/director (e.g., Trustee/Director Emeritus), employee or former employee of the Fund, the Adviser, the Distributor and their affiliates; an immediate family member of these individuals or a trust, pension or profit-sharing plan for these individuals;

■ An employer-sponsored retirement plan;

■ A trust institution investing on behalf of its trust customers;

■ Additional sales to an investor (including a natural person) who owned IS and/or SS classes of the Fund as of December 31, 2008;

■ A Federated Hermes Fund;

■ An investor (including a natural person) who acquired IS and/or SS classes of a Federated Hermes fund pursuant to the terms of an agreement and plan of reorganization which permits the investor to acquire such shares; and

■ In connection with an acquisition of an investment management or advisory business, or related investment services, products or assets, by Federated Hermes or its investment advisory subsidiaries, an investor (including a natural person) who: (1) becomes a client of an investment advisory subsidiary of Federated Hermes; or (2) is a shareholder or interest holder of a pooled investment vehicle or product that becomes advised or sub-advised by a Federated Hermes investment advisory subsidiary as a result of such an acquisition other than as a result of a fund reorganization transaction pursuant to an agreement and plan of reorganization.

The following categories of Eligible Investors are subject to applicable minimum initial investment amounts for the purchase of IS or SS classes (see "How to Purchase Shares" below):

■ An investor, other than a natural person, purchasing IS and/or SS classes directly from the Fund; and

■ In connection with an initial purchase of IS and/or SS classes through an exchange, an investor (including a natural person) who owned IS and/or SS classes of another Federated Hermes fund as of December 31, 2008.

**R6 Class** 

The Fund's Distributor markets the R6 class to Eligible Investors, as described below. The Class R6 Shares are sold at net asset value and are not subject to any minimum initial or subsequent investment amounts. In connection with a request to purchase the R6 class, you should provide documentation sufficient to verify your status as an Eligible Investor.

**12**

------

Class R6 Shares do not carry sales commissions or pay Rule 12b-1 fees, or make similar payments to financial intermediaries. As a general matter, the R6 class is not available for direct investment by natural persons. Individual shareholders who purchase Class R6 Shares through retirement platforms or other intermediaries will not be eligible to hold Class R6 Shares outside of their respective plan or intermediary platform.

Following are categories of Eligible Investors:

■ An investor participating in a no-load platform, network or other fee-based program offered by a financial intermediary, for example, a wrap-account or retirement platform where Federated Hermes has entered into an agreement with the intermediary;

■ A trustee/director or former trustee/director (e.g., Trustee/Director Emeritus), employee or former employee of the Fund, the Adviser, the Distributor and their affiliates; an immediate family member of these individuals or a trust, pension or profit-sharing plan for these individuals;

■ An employer-sponsored retirement plan;

■ A trust institution investing on behalf of its trust customers;

■ An investor, other than a natural person, purchasing Shares directly from the Fund;

■ A Federated Hermes Fund;

■ An investor (including a natural person) who acquired the R6 class of a Federated Hermes fund pursuant to the terms of an agreement and plan of reorganization which permits the investor to acquire such shares; and

■ In connection with an acquisition of an investment management or advisory business, or related investment services, products or assets, by Federated Hermes or its investment advisory subsidiaries, an investor (including a natural person) who: (1) becomes a client of an investment advisory subsidiary of Federated Hermes; or (2) is a shareholder or interest holder of a pooled investment vehicle or product that becomes advised or sub-advised by a Federated Hermes investment advisory subsidiary as a result of such an acquisition other than as a result of a fund reorganization transaction pursuant to an agreement and plan of reorganization.

**Intra-Fund Share Conversion Program** 

A shareholder in the Fund's Shares may convert their Shares at net asset value to any other share class of the Fund if the shareholder meets the investment minimum and eligibility requirements for the share class into which the conversion is sought, as applicable. The share conversion program is not applicable to the Fund's Class A Shares subject to a contingent deferred sales charge, if applicable. Such conversion of classes should not result in a realization event for tax purposes. Contact your financial intermediary or call 1-800-341-7400 to convert your Shares.

Payments to Financial Intermediaries

The Fund and its affiliated service providers may pay fees as described below to financial intermediaries (such as broker-dealers, banks, investment advisers or third-party administrators) whose customers are shareholders of the Fund.

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

**RULE 12b-1 FEES** 

**SS Class** 

The Board has adopted a Rule 12b-1 Plan, which allows payment of marketing fees of up to 0.05% of average net assets to the Distributor for the sale, distribution, administration and customer servicing of the Fund's SS class. When the Distributor receives Rule 12b-1 Fees, it may pay some or all of them to financial intermediaries whose customers purchase Shares. The SS class of the Fund has no present intention of paying, accruing or incurring any Rule 12b-1 Fees until such time as approved by the Fund's Board of Trustees. Federated Hermes and its subsidiaries may benefit or sustain losses from such arrangements. Because these Shares pay marketing fees on an ongoing basis, your investment cost may be higher over time than other shares with different sales charges and marketing fees.

**service fees** 

**A & SS Classes** 

A and SS classes may pay Service Fees of up to 0.25% of average net assets to financial intermediaries or to Federated Shareholder Services Company (FSSC), a subsidiary of Federated Hermes, for providing services to shareholders and maintaining shareholder accounts. Intermediaries that receive Service Fees may include a company affiliated with management of Federated Hermes. If a financial intermediary receives Service Fees on an account, it is not eligible to also receive Account Administration Fees on that same account.

**13**

------

The A class of the Fund has no present intention of paying, accruing or incurring more than 0.15% of any such Service Fees until such time as approved by the Fund's Board of Trustees.

**ACCOUNT ADMINISTRATION FEES** 

**A & SS Classes** 

A and SS classes may pay Account Administration Fees of up to 0.25% of average net assets to banks that are not registered as broker-dealers or investment advisers for providing administrative services to the Fund and its shareholders. If a financial intermediary receives Account Administration Fees on an account, it is not eligible to also receive Service Fees or Recordkeeping Fees on that same account.

The A class of the Fund has no present intention of paying, accruing or incurring more than 0.15% of any such Account Administration Fees until such time as approved by the Fund's Board of Trustees.

**RECORDKEEPING FEES** 

**A, IS & SS Classes** 

The Fund may pay Recordkeeping Fees on an average-net-assets basis or on a per-account-per-year basis to financial intermediaries for providing recordkeeping services to the Fund and its shareholders. If a financial intermediary receives Recordkeeping Fees on an account, it is not eligible to also receive Account Administration Fees or Networking Fees on that same account.

**networking fees** 

**A, IS & SS Classes** 

The Fund may reimburse Networking Fees on a per-account-per-year basis to financial intermediaries for providing administrative services to the Fund and its shareholders on certain non-omnibus accounts. If a financial intermediary receives Networking Fees on an account, it is not eligible to also receive Recordkeeping Fees on that same account.

**ADDITIONAL PAYMENTS TO FINANCIAL INTERMEDIARIES AND OTHER PERSONS** 

**A, IS & SS Classes** 

The Distributor may pay out of its own resources amounts to certain financial intermediaries, including broker-dealers, banks, registered investment advisers, independent financial planners and retirement plan administrators, and other persons, that support the sale of Shares or provide services to the Fund and/or its shareholders. The amounts of these payments could be significant, and may create an incentive for the financial intermediary or its employees or associated persons or other persons to recommend or sell Shares of the Fund to you. Not all financial intermediaries and other persons receive such payments, and the amount of compensation may vary. In some cases, such payments may be made by or funded from the resources of companies affiliated with the Distributor (including the Adviser). These payments are not reflected in the fees and expenses listed in the fee table section of the Fund's Prospectus and described above because they are not paid by the Fund.

These payments are negotiated and may be based on such factors as: the number or value of Shares that the financial intermediary or other person sells, may sell or arrange for the sale of Shares; the value of client assets invested; the level and types of services or support furnished by the financial intermediary; or the Fund's and/or other Federated Hermes funds' relationship with the financial intermediary. These payments may be in addition to payments, as described above, made by the Fund to the financial intermediary or other person. In connection with these payments, the financial intermediary may elevate the prominence or profile of the Fund and/or other Federated Hermes funds, within the financial intermediary's organization by, for example, placement on a list of preferred or recommended funds and/or granting the Distributor preferential or enhanced opportunities to promote the funds in various ways within the financial intermediary's organization. In addition, as discussed above in "Commissions on Certain Shares," if you purchase IS, SS or R6 Shares through a broker acting solely as an agent on behalf of its customers, you may be required to pay a commission to the broker in an amount determined and separately disclosed to you by the broker. You can ask your financial intermediary, or any other person that provides services to you, for information about any payments it receives from the Distributor or the Fund and any services provided, as well as about fees and/or commissions it charges.

**14**

------

How to Purchase Shares

You may purchase Shares of the Fund any day the NYSE is open. Shares will be purchased at the NAV next calculated after your investment is received by the Fund, or its agent, in proper form. The Fund reserves the right to reject any request to purchase or exchange Shares. New investors must submit a completed New Account Form. All accounts, with the exception of R6 class accounts, including those for which there is no minimum initial investment amount required, are subject to the Fund's policy on "Accounts with Low Balances" as discussed later in this Prospectus.

If you seek to purchase Shares directly from the Fund and do not specify the class choice on your New Account Form or form of payment (e.g., Federal Reserve wire or check), you automatically will receive the A class of the Fund.

For important account information, see the section "Security and Privacy Protection."

**A Class** 

You may purchase Shares through a financial intermediary, directly from the Fund or through an exchange from another Federated Hermes fund.

The required minimum initial investment for the A class is generally $1,500. The minimum subsequent investment amount is $100. The minimum initial and subsequent investment amounts for Individual Retirement Accounts are generally $250 and $100, respectively. There is no minimum initial or subsequent investment amount for employer-sponsored retirement plans. Certain types of accounts are eligible for lower minimum investments.

**IS & SS Classes** 

Eligible investors may purchase Shares through a financial intermediary, directly from the Fund or through an exchange from another Federated Hermes fund in the manner described above under "How is the Fund Sold?"

Where applicable, the required minimum initial investment for IS and SS classes is generally $1,000,000. There is no minimum subsequent investment amount.

**R6 Class** 

You may purchase Shares of the Fund any day the NYSE is open. The Fund reserves the right to reject any request to purchase or exchange Shares. New investors must submit a completed New Account Form.

**THROUGH A FINANCIAL INTERMEDIARY**

■ Establish an account with the financial intermediary; and

■ Submit your purchase order to the financial intermediary before the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time).

The Fund has authorized certain intermediaries to accept Share purchase orders on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the Fund and Shares will be bought at the NAV next calculated after such an order is received by the authorized intermediary. If your financial intermediary is not an authorized intermediary, the Fund or its agent must receive the purchase order in proper form from your financial intermediary by the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time) in order for your transaction to be priced at that day's NAV. In addition, your financial intermediary must forward your payment by the prescribed trade settlement date (typically within one to three business days) to the Fund's transfer agent, SS&C GIDS, Inc. ("Transfer Agent"). You will become the owner of Shares and receive dividends when your payment is received in accordance with these time frames (provided that, if payment is received in the form of a check, the check clears). If your payment is not received in accordance with these time frames, or a check does not clear, your purchase will be canceled and you could be liable for any losses, fees or expenses incurred by the Fund or the Fund's Transfer Agent.

Financial intermediaries should send payments according to the instructions in the sections "By Wire" or "By Check."

Financial intermediaries may impose higher or lower minimum investment requirements on their customers than those imposed by the Fund. Keep in mind that financial intermediaries may charge you fees for their services in connection with your Share transactions.

Shareholders are encouraged to ask their financial intermediary if they are an authorized agent for the Fund and about any fees that may be charged by the financial intermediary.

**DIRECTLY FROM THE FUND** 

■ Establish your account with the Fund by submitting a completed New Account Form; and

■ Send your payment to the Fund by Federal Reserve wire or check.

You will become the owner of Shares and your Shares will be priced at the next calculated NAV after the Fund receives your wire or your check. If your check does not clear, your purchase will be canceled and you could be liable for any losses or fees incurred by the Fund or the Fund's Transfer Agent.

**15**

------

**By Wire** 

To facilitate processing your order, please call the Fund before sending the wire. Send your wire to:

State Street Bank and Trust Company

Boston, MA

Dollar Amount of Wire

ABA Number 011000028

BNF: 23026552

Attention: Federated Hermes EDGEWIRE

Wire Order Number, Dealer Number or Group Number

Nominee/Institution Name

Fund Name and Number and Account Number

You cannot purchase Shares by wire on holidays when wire transfers are restricted.

**By Check** 

Make your check payable to **The Federated Hermes Funds**, note your account number on the check, and send it to:

The Federated Hermes Funds

P.O. Box 219318

Kansas City, MO 64121-9318

If you send your check by a **private courier or overnight delivery service** that requires a street address, send it to:

The Federated Hermes Funds

801 Pennsylvania Avenue

Suite 219318

Kansas City, MO 64105-1307

Payment should be made in U.S. dollars and drawn on a U.S. bank. The Fund reserves the right to reject **any** purchase request. For example, to protect against check fraud the Fund may reject any purchase request involving a check that is not made payable to **The Federated Hermes Funds** (including, but not limited to, requests to purchase Shares using third-party checks) or involving temporary checks or credit card checks.

**By Direct Deposit** 

You may establish Payroll Deduction/Direct Deposit arrangements for investments into the Fund by either calling a Client Service Representative at 1-800-341-7400; or by completing the Payroll Deduction/Direct Deposit Form, which is available on FederatedHermes.com/us under "Resources" and then "Literature and Forms," then "Forms." You will receive a confirmation when this service is available.

**THROUGH AN EXCHANGE**

You may purchase Fund Shares through an exchange from another Federated Hermes fund. To do this you must:

■ meet any applicable shareholder eligibility requirements;

■ ensure that the account registrations are identical;

■ meet any applicable minimum initial investment requirements; and

■ receive a prospectus for the fund into which you wish to exchange.

An exchange is treated as a redemption and a subsequent purchase, and is a taxable transaction. The Fund reserves the right to reject any request to purchase or exchange Shares. The Fund may modify or terminate the exchange privilege at any time.

**A Class** 

You may purchase Shares through an exchange from the same share class of another Federated Hermes fund.

**IS, SS & R6 Classes** 

You may purchase Shares through an exchange from any Federated Hermes fund or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Obligations Fund, no-load Class A Shares and Class R Shares of any Fund.

**By Online Account Services** 

You may access your accounts online to purchase Shares through FederatedHermes.com/us's Shareholder Account Access system once you have registered for access. Online transactions may be subject to certain limitations including limitations as to the amount of the transaction. For more information about the services available through Shareholder Account Access, please visit FederatedHermes.com/us and select "Sign In" and "Access and Manage Investments," or call 1-800-341-7400, Option #4 to speak with a Client Service Representative.

**16**

------

**BY SYSTEMATIC INVESTMENT PROGRAM (SIP)**

Once you have opened an account, you may automatically purchase additional Shares on a regular basis by completing the SIP section of the New Account Form or by contacting the Fund or your financial intermediary. The minimum investment amount for SIPs is $50.

**BY AUTOMATED CLEARING HOUSE (ACH)** 

Once you have opened an account, you may purchase additional Shares through a depository institution that is an ACH member. This purchase option can be established by completing the appropriate sections of the New Account Form.

**RETIREMENT INVESTMENTS** 

**A Class** 

You may purchase Shares as retirement investments (such as qualified plans and IRAs or transfer or rollover of assets). Call your financial intermediary or the Fund for information on retirement investments. We suggest that you discuss retirement investments with your tax adviser. You may be subject to an account fee charged by your financial intermediary.

**R6 Class** 

You may purchase Shares as retirement investments (such as qualified plans or transfer of assets). Call your financial intermediary or the Fund for information on retirement investments. We suggest that you discuss retirement investments with your tax adviser. You may be subject to an account fee charged by your financial intermediary.

How to Redeem and Exchange Shares

You should redeem or exchange Shares:

■ through a financial intermediary if you purchased Shares through a financial intermediary; or

■ directly from the Fund if you purchased Shares directly from the Fund.

Shares of the Fund may be redeemed for cash, or exchanged for shares of other Federated Hermes funds as described herein, on days on which the Fund computes its NAV. Redemption requests may be made by telephone or in writing.

Redemption proceeds normally are wired or mailed within one business day for each method of payment after receiving a timely request in proper form. Depending upon the method of payment, when shareholders receive redemption proceeds can differ. Payment may be delayed for up to seven days under certain circumstances (see "Limitations on Redemption Proceeds").

For important account information, see the section "Security and Privacy Protection."

**THROUGH A FINANCIAL INTERMEDIARY** 

Submit your redemption or exchange request to your financial intermediary by the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time). The redemption amount you will receive is based upon the next calculated NAV after the Fund receives the order from your financial intermediary.

**DIRECTLY FROM THE FUND**

**By Telephone** 

You may redeem or exchange Shares by simply calling the Fund at 1-800-341-7400.

If you call before the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time), you will receive a redemption amount based on that day's NAV.

**By Mail** 

You may redeem or exchange Shares by sending a written request to the Fund.

You will receive a redemption amount based on the next calculated NAV after the Fund receives your written request in proper form.

Send requests by mail to:

The Federated Hermes Funds

P.O. Box 219318

Kansas City, MO 64121-9318

**17**

------

Send requests by **private courier or overnight delivery service** to:

The Federated Hermes Funds

801 Pennsylvania Avenue

Suite 219318

Kansas City, MO 64105-1307

All requests must include:

■ Fund name and Share class, account number and account registration;

■ amount to be redeemed or exchanged;

■ signatures of all shareholders exactly as registered; and

■ **if exchanging**, the Fund name and Share class, account number and account registration into which you are exchanging.

Call your financial intermediary or the Fund if you need special instructions.

**Signature Guarantees** 

Signatures must be guaranteed by a financial institution which is a participant in a Medallion signature guarantee program if:

■ your redemption will be sent to an address other than the address of record;

■ your redemption will be sent to an address of record that was changed within the last 30 days;

■ a redemption is payable to someone other than the shareholder(s) of record; or

■ transferring into another fund with a different shareholder registration.

A Medallion signature guarantee is designed to protect your account from fraud. Obtain a Medallion signature guarantee from a bank or trust company, savings association, credit union or broker, dealer or securities exchange member. **A notary public cannot provide a signature guarantee.**

**By Online Account Services** 

You may access your accounts online to redeem or exchange Shares through FederatedHermes.com/us's Shareholder Account Access system once you have registered for access. Online transactions may be subject to certain limitations including limitations as to the amount of the transaction. For more information about the services available through Shareholder Account Access, please visit FederatedHermes.com/us and select "Sign In" and "Access and Manage Investments," or call 1-800-341-7400, Option #4 to speak with a Client Service Representative.

**PAYMENT METHODS FOR REDEMPTIONS**

Your redemption proceeds will be mailed by check to your address of record. The following payment options are available if you complete the appropriate section of the New Account Form or an Account Service Options Form. These payment options require a signature guarantee if they were not established when the account was opened:

■ An electronic transfer to your account at a financial institution that is an ACH member; or

■ Wire payment to your account at a domestic commercial bank that is a Federal Reserve System member.

**Methods the Fund May Use to Meet Redemption Requests** 

The Fund intends to pay Share redemptions in cash. To ensure that the Fund has cash to meet Share redemptions on any day, the Fund typically expects to hold a cash or cash equivalent reserve or sell portfolio securities.

In unusual or stressed circumstances, the Fund may generate cash in the following ways:

■ **Inter-fund Borrowing and Lending.** The SEC has granted an exemption that permits the Fund and all other funds advised by subsidiaries of Federated Hermes ("Federated Hermes funds") to lend and borrow money for certain temporary purposes directly to and from other Federated Hermes funds. Inter-fund borrowing and lending is permitted only: (a) to meet shareholder redemption requests; (b) to meet commitments arising from "failed" trades; and (c) for other temporary purposes. All inter-fund loans must be repaid in seven days or less.

■ **Committed 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. The LOC was made available to temporarily finance the repurchase or redemption of shares of the funds, 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.

■ **Redemption in Kind.** Although the Fund intends to pay Share redemptions in cash, it reserves the right to pay the redemption price in whole or in part by an "in-kind" distribution of the Fund's portfolio securities. Because the Fund has elected to be governed by Rule 18f-1 under the 1940 Act, the Fund is obligated to pay Share redemptions to any one shareholder in cash only up to the lesser of $250,000 or 1% of the net assets represented by such Share class during any

**18**

------

90-day period. Redemptions in kind are made consistent with the procedures adopted by the Fund's Board, which generally include distributions of a pro rata share of the Fund's portfolio assets. Redemption in kind is not as liquid as a cash redemption. If redemption is made in kind, securities received may be subject to market risk and the shareholder could incur taxable gains and brokerage or other charges in converting the securities to cash.

**LIMITATIONS ON REDEMPTION PROCEEDS**

Redemption proceeds normally are wired or mailed within one business day after receiving a request in proper form. Payment may be delayed for up to seven days:

■ to allow your purchase to clear (as discussed below);

■ during periods of market volatility;

■ when a shareholder's trade activity or amount adversely impacts the Fund's ability to manage its assets; or

■ during any period when the Federal Reserve wire or applicable Federal Reserve banks are closed, other than customary weekend and holiday closings.

If you request a redemption of Shares recently purchased by check (including a cashier's check or certified check), money order, bank draft or ACH, your redemption proceeds may not be made available for up to seven calendar days to allow the Fund to collect payment on the instrument used to purchase such Shares. If the purchase instrument does not clear, your purchase order will be canceled and you will be responsible for any losses incurred by the Fund as a result of your canceled order.

In addition, the right of redemption may be suspended, or the payment of proceeds may be delayed (including beyond seven days), during any period:

■ when the NYSE is closed, other than customary weekend and holiday closings;

■ when trading on the NYSE is restricted, as determined by the SEC;

■ in which an emergency exists, as determined by the SEC, so that disposal of the Fund's investments or determination of its NAV is not reasonably practicable; or

■ as the SEC may by order permit for the protection of Fund shareholders.

You will not accrue interest or dividends on uncashed redemption checks from the Fund when checks are undeliverable and returned to the Fund.

**redemptions from retirement accounts** 

**A Class** 

In the absence of your specific instructions, 10% of the value of your redemption from a retirement account in the Fund may be withheld for taxes. This withholding only applies to certain types of retirement accounts.

**EXCHANGE PRIVILEGE**

You may exchange Shares of the Fund. To do this, you must:

■ meet any applicable shareholder eligibility requirements;

■ ensure that the account registrations are identical;

■ meet any applicable minimum initial investment requirements; and

■ receive a prospectus for the fund into which you wish to exchange.

An exchange is treated as a redemption and a subsequent purchase, and is a taxable transaction. The Fund reserves the right to reject any request to purchase or exchange Shares. The Fund may modify or terminate the exchange privilege at any time.

**A Class** 

You may exchange Shares into shares of the same class of another Federated Hermes fund.

**Possible Sales Charge on A Share Exchanges** 

You may incur a sales charge if you exchange A Shares of the Fund for A Shares of another Federated Hermes fund.

If you acquired your A Shares of the Fund prior to December 1, 2019, you will not be charged a sales charge when exchanging those shares for A shares of another Federated Hermes fund. However, if your A Shares of the Fund were acquired on or after December 1, 2019, you may have to pay the sales charge when exchanging to A Shares of another Federated Hermes fund.

**19**

------

In determining whether you will incur a sales charge on an exchange to another Federated Hermes fund, Shares that are not subject to a sales charge will be deemed to have been exchanged first. You will also not incur a sales charge on an exchange to another Federated Hermes fund if your exchange would not have been subject to a sales charge if treated as a purchase of shares of the other Federated Hermes fund. For information on the sales charges applicable to purchases of A Shares of another Federated Hermes fund, please refer to that fund's Prospectus.

**IS, SS & R6 Classes** 

You may exchange Shares of the Fund for shares of any Federated Hermes fund or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Obligations Fund, no-load Class A Shares and Class R Shares of any Fund.

**Systematic Withdrawal/Exchange Program**

You may automatically redeem or exchange Shares. The minimum amount for all new or revised systematic redemptions or exchanges of Shares is $50 per transaction per fund. Complete the appropriate section of the New Account Form or an Account Service Options Form or contact your financial intermediary or the Fund. Your account value must meet the minimum initial investment amount at the time the program is established. This program may reduce, and eventually deplete, your account. Payments should not be considered yield or income.

Generally, it is not advisable to continue to purchase Shares subject to a sales charge while redeeming Shares using this program.

**ADDITIONAL CONDITIONS** 

**Telephone Transactions** 

The Fund will record your telephone instructions. If the Fund does not follow reasonable procedures, it may be liable for losses due to unauthorized or fraudulent telephone instructions.

**Share Certificates** 

The Fund no longer issues share certificates. If you are redeeming or exchanging Shares represented by certificates previously issued by the Fund, you must return the certificates with your written redemption or exchange request. For your protection, send your certificates by registered or certified mail, but do not endorse them.

Security and Privacy Protection

**ONLINE ACCOUNT and TELEPHONE ACCESS SECURITY** 

Federated Hermes will not be responsible for losses that result from unauthorized transactions, unless Federated Hermes does not follow procedures designed to verify your identity. When initiating a transaction by telephone or online, shareholders should be aware that any person with access to your account and other personal information including PINs (Personal Identification Numbers) may be able to submit instructions by telephone or online. Shareholders are responsible for protecting their identity by using strong usernames and complex passwords which utilize combinations of mixed case letters, numbers and symbols, and change passwords and PINs frequently.

Using FederatedHermes.com/us's Account Access website means you are consenting to sending and receiving personal financial information over the Internet, so you should be sure you are comfortable with the risks. You will be required to accept the terms of an online agreement and to establish and utilize a password in order to access online account services. The Transfer Agent has adopted security procedures to confirm that Internet instructions are genuine. The Transfer Agent will also send you written confirmation of share transactions. The Transfer Agent, the Fund and any of its affiliates will not be liable for losses or expenses that occur from fraudulent Internet instructions reasonably believed to be genuine.

The Transfer Agent or the Fund will employ reasonable procedures to confirm that telephone transaction requests are genuine, which may include recording calls, asking the caller to provide certain personal identification information, sending you written confirmation, or requiring other confirmation security procedures. The Transfer Agent, the Fund and any of its affiliates will not be liable for relying on instructions submitted by telephone that the Fund reasonably believes to be genuine.

**20**

------

**ANTI-MONEY LAUNDERING COMPLIANCE** 

To help the government fight the funding of terrorism and money laundering activities, federal law requires financial institutions to obtain, verify and record information that identifies each new customer who opens a Fund account and to determine whether such person's name appears on governmental lists of known or suspected terrorists or terrorist organizations. Pursuant to the requirements under the USA PATRIOT Act, the information obtained will be used for compliance with the USA PATRIOT Act or other applicable laws, regulations and rules in connection with money laundering, terrorism or other illicit activities.

Information required includes your name, residential or business address, date of birth (for an individual), and other information that identifies you, including your social security number, tax identification number or other identifying number. The Fund cannot waive these requirements. The Fund is required by law to reject your Account Application if the required information is not provided. If, after reasonable effort, the Fund is unable to verify your identity or that of any other person(s) authorized to act on your behalf, or believes it has identified potentially suspicious, fraudulent or criminal activity, the Fund reserves the right to close your account and redeem your shares at the next calculated NAV without your permission. Any applicable contingent deferred sales charge (CDSC) will be assessed upon redemption of your shares.

The Fund has a strict policy designed to protect the privacy of your personal information. A copy of Federated Hermes' privacy policy notice was given to you at the time you opened your account. The Fund sends a copy of the privacy notice to you annually. You may also obtain the privacy notice by calling the Fund, or through FederatedHermes.com/us.

Account and Share Information

**CONFIRMATIONS AND ACCOUNT STATEMENTS** 

You will receive confirmation of purchases, redemptions and exchanges (except for systematic transactions). In addition, you will receive periodic statements reporting all account activity, including systematic transactions, dividends and capital gains paid.

**DIVIDENDS AND CAPITAL GAINS**

The Fund declares any dividends daily and pays them monthly to shareholders. If you purchase Shares by wire, you begin earning dividends on the day your wire is received. If you purchase Shares by check, you begin earning dividends on the business day after the Fund receives your check. In either case, you earn dividends through the day your redemption request is received.

In addition, the Fund pays any capital gains at least annually, and may make such special distributions of dividends and capital gains as may be necessary to meet applicable regulatory requirements. Your dividends and capital gains distributions will be automatically reinvested in additional Shares without a sales charge, unless you elect cash payments. Dividends may also be reinvested without sales charges in shares of any class of any other Federated Hermes fund of which you are already a shareholder.

If you purchase Shares just before the record date for a capital gain distribution, you will pay the full price for the Shares and then receive a portion of the price back in the form of a taxable distribution, whether or not you reinvest the distribution in Shares. Therefore, you should consider the tax implications of purchasing Shares shortly before the record date for a capital gain. Contact your financial intermediary or the Fund for information concerning when dividends and capital gains will be paid.

Under the federal securities laws, the Fund is required to provide a notice to shareholders regarding the source of distributions made by the Fund if such distributions are from sources other than ordinary investment income. In addition, important information regarding the Fund's distributions, if applicable, is available via the link to the Fund and share class name at FederatedHermes.com/us/FundInformation.

**Small Distributions and Uncashed Checks** 

Generally, dividend and/or capital gain distributions payable by check in an amount of less than $25 will be automatically reinvested in additional shares. This policy does not apply if you have elected to receive cash distributions that are directly deposited into your bank account via wire or ACH.

Additionally, if one or more dividend or capital gain distribution checks are returned as "undeliverable," or remain uncashed for 180 days, all subsequent dividend and capital gain distributions will be reinvested in additional shares. No interest will accrue on amounts represented by uncashed distribution checks. For questions on whether reinvestment applies to your distributions, please contact a Client Service Representative at 1-800-341-7400.

**21**

------

Certain states, including the State of Texas, have laws that allow shareholders to designate a representative to receive abandoned or unclaimed property ("escheatment") notifications by completing and submitting a designation form that generally can be found on the official state website. If a shareholder resides in an applicable state and elects to designate a representative to receive escheatment notifications, escheatment notices generally will be delivered as required by such state laws, including, as applicable, to both the shareholder and the designated representative. A completed designation form may be mailed to the Fund (if Shares are held directly with the Fund) or to the shareholder's financial intermediary (if Shares are not held directly with the Fund). Shareholders should refer to relevant state law for the shareholder's specific rights and responsibilities under his or her state's escheatment law(s), which can generally be found on a state's official website.

**ACCOUNTS WITH LOW BALANCES**

Federated Hermes reserves the right to close accounts if redemptions or exchanges cause the account balance to fall below:

■ $1,500 for the A class (or in the case of IRAs, $250);

■ $25,000 for the IS and SS classes.

Before an account is closed, you will be notified and allowed at least 30 days to purchase additional Shares to meet the minimum.

**TAX INFORMATION**

The Fund and/or your financial intermediary provides year-end tax information and an annual statement of your account activity to assist you in completing your federal, state and local tax returns. Fund distributions of dividends and capital gains are taxable to you whether paid in cash or reinvested in the Fund. Dividends are taxable at different rates depending on the source of dividend income. Distributions of net short-term capital gains are taxable to you as ordinary income. Distributions of net long-term capital gains are taxable to you as long-term capital gains regardless of how long you have owned your Shares.

Fund distributions are expected to be primarily dividends. Redemptions and exchanges are taxable sales. Please consult your tax adviser regarding your federal, state and local tax liability.

**FREQUENT TRADING POLICIES**

Given the short-term nature of the Fund's investments, the Fund does not anticipate that in the normal case frequent or short-term trading into and out of the Fund will have significant adverse consequences for the Fund and its shareholders. For this reason and because the Fund is intended to be used as a liquid short-term investment, the Fund's Board has not adopted policies or procedures to monitor or discourage frequent or short-term trading of the Fund's Shares. Regardless of their frequency or short-term nature, purchases and redemptions of Fund Shares can have adverse effects on the management of the Fund's portfolio and its performance.

Other funds in the Federated Hermes family of funds may impose monitoring policies. Under normal market conditions such monitoring policies are designed to protect the funds being monitored and their shareholders and the operation of such policies and shareholder investments under such monitoring are not expected to have materially adverse impact on the Federated Hermes funds or their shareholders. If you plan to exchange your fund shares for shares of another Federated Hermes fund, please read the prospectus of that other Federated Hermes fund for more information.

**PORTFOLIO HOLDINGS INFORMATION** 

Information concerning the Fund's portfolio holdings is available via the link to the Fund and share class name at FederatedHermes.com/us/FundInformation. A complete listing of the Fund's portfolio holdings as of the end of each month is posted on the website seven days (or the next business day) after the end of the month and remains posted for six months thereafter. Summary portfolio composition information as of the close of each month is posted on the website 15 days (or the next business day) after month-end and remains posted until replaced by the information for the succeeding month. The summary portfolio composition information may include identification of the Fund's top 10 holdings, recent purchase and sale transactions and a percentage breakdown of the portfolio by sector.

You may also access portfolio information as of the end of the Fund's fiscal quarters via the link to the Fund and share class name at FederatedHermes.com/us. The Fund's Form N-CSR contains complete listings of the Fund's portfolio holdings as of the end of the Fund's second and fourth fiscal quarters. Fiscal quarter information is made available on the website within 70 days after the end of the fiscal quarter. This information is also available in reports filed with the SEC at the SEC's website at sec.gov.

**22**

------

Each fiscal quarter, the Fund will file with the SEC a complete schedule of its monthly portfolio holdings on "Form N-PORT." The Fund's holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC's website at sec.gov within 60 days of the end of the fiscal quarter upon filing. You may also access this information via the link to the Fund and share class name at FederatedHermes.com/us.

In addition, from time to time (for example, during periods of unusual market conditions), additional information regarding the Fund's portfolio holdings and/or composition may be posted to FederatedHermes.com/us. If and when such information is posted, its availability will be noted on, and the information will be accessible from, the home page of the website.

Who Manages the Fund?

The Board governs the Fund. The Board selects and oversees the Adviser, Federated Investment Management Company. The Adviser manages the Fund's assets, including buying and selling portfolio securities. Federated Advisory Services Company (FASC), an affiliate of the Adviser, provides certain support services to the Adviser. The fee for these services is paid by the Adviser and not by the Fund. The address of the Adviser and FASC is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779.

The Adviser and other advisory subsidiaries of Federated Hermes combined, advise approximately 100 registered investment companies spanning equity, fixed-income and money market mutual funds and also manage a variety of other pooled investment vehicles, private investment companies and customized separately managed accounts (including non-U.S./offshore funds). Federated Hermes' assets under management totaled approximately $829.6 billion as of December 31, 2024. Federated Hermes was established in 1955 as Federated Investors, Inc. and is one of the largest investment managers in the United States with more than 2,000 employees. Federated Hermes provides investment products to more than 10,000 investment professionals and institutions.

The Adviser advises approximately 69 registered investment companies and also manages sub-advised funds. The Adviser's assets under management totaled approximately $531.7 billion as of December 31, 2024.

**23**

------

**PORTFOLIO MANAGEMENT INFORMATION**

**Susan R. Hill** 

Susan R. Hill, CFA, Senior Portfolio Manager, has been the Fund's portfolio manager since its inception in July of 1997.

Ms. Hill is the Head of the Government Liquidity Group. She is responsible for day to day management of the Fund focusing on asset allocation, interest rate strategy and security selection. She has been with the Adviser or an affiliate since 1990; has worked in investment management since 1990; has managed investment portfolios since 1997. Education: B.S., University of Virginia; M.S.I.A., Carnegie Mellon University.

**Liam O'Connell** 

Liam O'Connell, CFA, Portfolio Manager has been the Fund's portfolio manager since November of 2010.

Mr. O'Connell is responsible for day to day management of the Fund focusing on asset allocation, interest rate strategy and security selection. He has been with the Adviser or an affiliate since 2003; has worked in investment management since 2003; has managed investment portfolios since 2005. Education: B.S., Webb Institute of Naval Architecture; M.S., Johns Hopkins University; M.B.A., Massachusetts Institute of Technology.

The Fund's SAI provides additional information about the Portfolio Managers' compensation, management of other accounts and ownership of securities in the Fund.

**ADVISORY FEES** 

The Fund's investment advisory contract provides for payment to the Adviser of an annual investment advisory fee of 0.25% of the Fund's average daily net assets. The Adviser may voluntarily waive a portion of its fee or reimburse the Fund for certain operating expenses. The Adviser and its affiliates have also agreed to certain "Fee Limits" as described in the footnote to the "Risk/Return Summary: Fees and Expenses" table found in the "Fund Summary" section of the Prospectus.

A discussion of the Board's review of the Fund's investment advisory contract is available in the Fund's Form N-CSR for the periods ended May 31 and November 31, respectively.

Financial Information

**FINANCIAL HIGHLIGHTS** 

The Financial Highlights will help you understand the Fund's financial performance for its past five fiscal years. Some of the information is presented on a per Share basis. Total returns represent the rate an investor would have earned (or lost) on an investment in the Fund, assuming reinvestment of any dividends and capital gains.

This information has been audited by Ernst & Young LLP, an independent registered public accounting firm, whose report, along with the Fund's audited financial statements, is included in the Fund's filing on Form N-CSR.

**24**

------

Financial Highlights–Class A Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$9.76** | &nbsp;&nbsp; **$9.78** | &nbsp;&nbsp; **$9.83** | &nbsp;&nbsp; **$9.90** | &nbsp;&nbsp; **$9.88** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.48 | 0.53 | 0.34 | 0.00<sup>2</sup> | 0.00<sup>2</sup> |
| Net realized and unrealized gain (loss) | 0.00<sup>2</sup> | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.07) | 0.03 |
| Total From Investment Operations | 0.48 | 0.51 | 0.27 | &nbsp;&nbsp; (0.07) | 0.03 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.00)<sup>2</sup> | &nbsp;&nbsp; (0.01) |
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)<sup>2</sup> | &nbsp;&nbsp; (0.00)<sup>2</sup> |
| Total Distributions | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.00)<sup>2</sup> | &nbsp;&nbsp; (0.01) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$9.75** | &nbsp;&nbsp; **$9.76** | &nbsp;&nbsp; **$9.78** | &nbsp;&nbsp; **$9.83** | &nbsp;&nbsp; **$9.90** |
| **Total Return**<sup>3</sup> | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.37% | &nbsp;&nbsp; 2.77% | &nbsp;&nbsp; (0.65)% | &nbsp;&nbsp; 0.32% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>4</sup> | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.41% |
| Net investment income | &nbsp;&nbsp; 4.87% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 3.52% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.09% |
| Expense waiver/reimbursement<sup>5</sup> | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.20% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $299777 | &nbsp;&nbsp; $74227 | &nbsp;&nbsp; $43347 | &nbsp;&nbsp; $20566 | &nbsp;&nbsp; $34072 |
| Portfolio turnover<sup>6</sup> | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 30% |

---

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

---

| | |
|:---|:---|
| 1 | *Per share numbers have been calculated using the average shares method.* |
| 2 | *Represents less than $0.01.* |
| 3 | *Based on net asset value.* |
| 4 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|
| 6 | *Securities that mature are considered sales for purposes of this calculation.* |

---

Further information about the Fund's performance is contained in the Fund's Annual Report, dated May 31, 2025, which can be obtained free of charge.

**25**

------

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$9.81** | &nbsp;&nbsp; **$9.83** | &nbsp;&nbsp; **$9.89** | &nbsp;&nbsp; **$9.96** | &nbsp;&nbsp; **$9.93** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.50 | 0.55 | 0.30 | 0.02 | 0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.07) | 0.04 |
| Total From Investment Operations | 0.49 | 0.53 | 0.27 | &nbsp;&nbsp; (0.05) | 0.06 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.03) |
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)<sup>2</sup> | &nbsp;&nbsp; (0.00)<sup>2</sup> |
| Total Distributions | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.03) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$9.80** | &nbsp;&nbsp; **$9.81** | &nbsp;&nbsp; **$9.83** | &nbsp;&nbsp; **$9.89** | &nbsp;&nbsp; **$9.96** |
| **Total Return**<sup>3</sup> | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.53% | &nbsp;&nbsp; 2.82% | &nbsp;&nbsp; (0.54)% | &nbsp;&nbsp; 0.57% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% |
| Net investment income | &nbsp;&nbsp; 5.08% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 3.09% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.24% |
| Expense waiver/reimbursement<sup>5</sup> | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.22% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1135476 | &nbsp;&nbsp; $695495 | &nbsp;&nbsp; $511563 | &nbsp;&nbsp; $786207 | &nbsp;&nbsp; $798369 |
| Portfolio turnover<sup>6</sup> | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 30% |

---

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

---

| | |
|:---|:---|
| 1 | *Per share numbers have been calculated using the average shares method.* |
| 2 | *Represents less than $0.01.* |
| 3 | *Based on net asset value.* |
| 4 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|
| 6 | *Securities that mature are considered sales for purposes of this calculation.* |

---

Further information about the Fund's performance is contained in the Fund's Annual Report, dated May 31, 2025, which can be obtained free of charge.

**26**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$9.81** | &nbsp;&nbsp; **$9.83** | &nbsp;&nbsp; **$9.89** | &nbsp;&nbsp; **$9.95** | &nbsp;&nbsp; **$9.93** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.50 | 0.54 | 0.32 | 0.01 | 0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.06) | 0.02 |
| Total From Investment Operations | 0.48 | 0.52 | 0.26 | &nbsp;&nbsp; (0.05) | 0.04 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.02) |
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)<sup>2</sup> | &nbsp;&nbsp; (0.00)<sup>2</sup> |
| Total Distributions | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.02) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$9.80** | &nbsp;&nbsp; **$9.81** | &nbsp;&nbsp; **$9.83** | &nbsp;&nbsp; **$9.89** | &nbsp;&nbsp; **$9.95** |
| **Total Return**<sup>3</sup> | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.42% | &nbsp;&nbsp; 2.72% | &nbsp;&nbsp; (0.53)% | &nbsp;&nbsp; 0.37% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% |
| Net investment income | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.49% | &nbsp;&nbsp; 3.20% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.14% |
| Expense waiver/reimbursement<sup>5</sup> | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.22% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $132014 | &nbsp;&nbsp; $148695 | &nbsp;&nbsp; $151233 | &nbsp;&nbsp; $175146 | &nbsp;&nbsp; $187175 |
| Portfolio turnover<sup>6</sup> | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 30% |

---

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

---

| | |
|:---|:---|
| 1 | *Per share numbers have been calculated using the average shares method.* |
| 2 | *Represents less than $0.01.* |
| 3 | *Based on net asset value.* |
| 4 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|
| 6 | *Securities that mature are considered sales for purposes of this calculation.* |

---

Further information about the Fund's performance is contained in the Fund's Annual Report, dated May 31, 2025, which can be obtained free of charge.

**27**

------

Financial Highlights–Class R6 Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$9.81** | &nbsp;&nbsp; **$9.84** | &nbsp;&nbsp; **$9.89** | &nbsp;&nbsp; **$9.95** | &nbsp;&nbsp; **$9.93** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.50 | 0.55 | 0.34 | 0.02 | 0.03 |
| Net realized and unrealized gain (loss) | 0.00<sup>2</sup> | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.06) | 0.02 |
| Total From Investment Operations | 0.50 | 0.52 | 0.29 | &nbsp;&nbsp; (0.04) | 0.05 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.03) |
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)<sup>2</sup> | &nbsp;&nbsp; (0.00)<sup>2</sup> |
| Total Distributions | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.03) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$9.80** | &nbsp;&nbsp; **$9.81** | &nbsp;&nbsp; **$9.84** | &nbsp;&nbsp; **$9.89** | &nbsp;&nbsp; **$9.95** |
| **Total Return**<sup>3</sup> | &nbsp;&nbsp; 5.17% | &nbsp;&nbsp; 5.44% | &nbsp;&nbsp; 2.94% | &nbsp;&nbsp; (0.42)% | &nbsp;&nbsp; 0.49% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.24% |
| Net investment income | &nbsp;&nbsp; 5.12% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 3.41% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.26% |
| Expense waiver/reimbursement<sup>5</sup> | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.19% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $232063 | &nbsp;&nbsp; $166299 | &nbsp;&nbsp; $147802 | &nbsp;&nbsp; $125883 | &nbsp;&nbsp; $72998 |
| Portfolio turnover<sup>6</sup> | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 30% |

---

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

---

| | |
|:---|:---|
| 1 | *Per share numbers have been calculated using the average shares method.* |
| 2 | *Represents less than $0.01.* |
| 3 | *Based on net asset value.* |
| 4 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|
| 6 | *Securities that mature are considered sales for purposes of this calculation.* |

---

Further information about the Fund's performance is contained in the Fund's Annual Report, dated May 31, 2025, which can be obtained free of charge.

**28**

------

Appendix A: Hypothetical Investment and Expense Information

The following charts provide additional hypothetical information about the effect of the Fund's expenses, including investment advisory fees and other Fund costs, on the Fund's assumed returns over a 10-year period. The charts show the estimated expenses that would be incurred in respect of a hypothetical investment of $10,000, assuming a 5% return each year, and no redemption of Shares. Each chart also assumes that the Fund's annual expense ratio stays the same throughout the 10-year period and that all dividends and distributions are reinvested. The annual expense ratio used in each chart is the same as stated in the "Fees and Expenses" table of this Prospectus (and thus does not reflect any fee waiver or expense reimbursement currently in effect). The maximum amount of any sales charge that might be imposed on the *purchase* of Shares (and deducted from the hypothetical initial investment of $10,000; the "Front-End Sales Charge") is reflected in the "Hypothetical Expenses" column. The hypothetical investment information does not reflect the effect of charges (if any) normally applicable to *redemptions* of Shares (e.g., deferred sales charges, redemption fees). Mutual fund returns, as well as fees and expenses, may fluctuate over time, and your actual investment returns and total expenses may be higher or lower than those shown below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - A CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - A CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - A CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - A CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - A CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - A CLASS** |
| **ANNUAL EXPENSE RATIO: 0.57%** | **ANNUAL EXPENSE RATIO: 0.57%** | **ANNUAL EXPENSE RATIO: 0.57%** | **ANNUAL EXPENSE RATIO: 0.57%** | **ANNUAL EXPENSE RATIO: 0.57%** | **ANNUAL EXPENSE RATIO: 0.57%** |
| **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** |
| **Year** | **Hypothetical**<br> **Beginning** <br> **Investment**<br>| **Hypothetical** <br> **Performance** <br> **Earnings**<br>| **Investment** <br> **After**<br> **Returns**<br>| **Hypothetical** <br> **Expenses**<br>| **Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | &nbsp;&nbsp; $10000.00 | &nbsp;&nbsp; $500.00 | &nbsp;&nbsp; $10500.00 | &nbsp;&nbsp; $58.26 | &nbsp;&nbsp; $10443.00 |
| 2 | &nbsp;&nbsp; $10443.00 | &nbsp;&nbsp; $522.15 | &nbsp;&nbsp; $10965.15 | &nbsp;&nbsp; $60.84 | &nbsp;&nbsp; $10905.62 |
| 3 | &nbsp;&nbsp; $10905.62 | &nbsp;&nbsp; $545.28 | &nbsp;&nbsp; $11450.90 | &nbsp;&nbsp; $63.54 | &nbsp;&nbsp; $11388.74 |
| 4 | &nbsp;&nbsp; $11388.74 | &nbsp;&nbsp; $569.44 | &nbsp;&nbsp; $11958.18 | &nbsp;&nbsp; $66.35 | &nbsp;&nbsp; $11893.26 |
| 5 | &nbsp;&nbsp; $11893.26 | &nbsp;&nbsp; $594.66 | &nbsp;&nbsp; $12487.92 | &nbsp;&nbsp; $69.29 | &nbsp;&nbsp; $12420.13 |
| 6 | &nbsp;&nbsp; $12420.13 | &nbsp;&nbsp; $621.01 | &nbsp;&nbsp; $13041.14 | &nbsp;&nbsp; $72.36 | &nbsp;&nbsp; $12970.34 |
| 7 | &nbsp;&nbsp; $12970.34 | &nbsp;&nbsp; $648.52 | &nbsp;&nbsp; $13618.86 | &nbsp;&nbsp; $75.57 | &nbsp;&nbsp; $13544.93 |
| 8 | &nbsp;&nbsp; $13544.93 | &nbsp;&nbsp; $677.25 | &nbsp;&nbsp; $14222.18 | &nbsp;&nbsp; $78.92 | &nbsp;&nbsp; $14144.97 |
| 9 | &nbsp;&nbsp; $14144.97 | &nbsp;&nbsp; $707.25 | &nbsp;&nbsp; $14852.22 | &nbsp;&nbsp; $82.41 | &nbsp;&nbsp; $14771.59 |
| 10 | &nbsp;&nbsp; $14771.59 | &nbsp;&nbsp; $738.58 | &nbsp;&nbsp; $15510.17 | &nbsp;&nbsp; $86.06 | &nbsp;&nbsp; $15425.97 |
| Cumulative |  | &nbsp;&nbsp; $6124.14 |  | &nbsp;&nbsp; $713.60 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - IS CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - IS CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - IS CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - IS CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - IS CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - IS CLASS** |
| **ANNUAL EXPENSE RATIO: 0.42%** | **ANNUAL EXPENSE RATIO: 0.42%** | **ANNUAL EXPENSE RATIO: 0.42%** | **ANNUAL EXPENSE RATIO: 0.42%** | **ANNUAL EXPENSE RATIO: 0.42%** | **ANNUAL EXPENSE RATIO: 0.42%** |
| **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** |
| **Year** | **Hypothetical**<br> **Beginning** <br> **Investment**<br>| **Hypothetical** <br> **Performance** <br> **Earnings**<br>| **Investment** <br> **After**<br> **Returns**<br>| **Hypothetical** <br> **Expenses**<br>| **Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | &nbsp;&nbsp; $10000.00 | &nbsp;&nbsp; $500.00 | &nbsp;&nbsp; $10500.00 | &nbsp;&nbsp; $42.96 | &nbsp;&nbsp; $10458.00 |
| 2 | &nbsp;&nbsp; $10458.00 | &nbsp;&nbsp; $522.90 | &nbsp;&nbsp; $10980.90 | &nbsp;&nbsp; $44.93 | &nbsp;&nbsp; $10936.98 |
| 3 | &nbsp;&nbsp; $10936.98 | &nbsp;&nbsp; $546.85 | &nbsp;&nbsp; $11483.83 | &nbsp;&nbsp; $46.99 | &nbsp;&nbsp; $11437.89 |
| 4 | &nbsp;&nbsp; $11437.89 | &nbsp;&nbsp; $571.89 | &nbsp;&nbsp; $12009.78 | &nbsp;&nbsp; $49.14 | &nbsp;&nbsp; $11961.75 |
| 5 | &nbsp;&nbsp; $11961.75 | &nbsp;&nbsp; $598.09 | &nbsp;&nbsp; $12559.84 | &nbsp;&nbsp; $51.39 | &nbsp;&nbsp; $12509.60 |
| 6 | &nbsp;&nbsp; $12509.60 | &nbsp;&nbsp; $625.48 | &nbsp;&nbsp; $13135.08 | &nbsp;&nbsp; $53.74 | &nbsp;&nbsp; $13082.54 |
| 7 | &nbsp;&nbsp; $13082.54 | &nbsp;&nbsp; $654.13 | &nbsp;&nbsp; $13736.67 | &nbsp;&nbsp; $56.20 | &nbsp;&nbsp; $13681.72 |
| 8 | &nbsp;&nbsp; $13681.72 | &nbsp;&nbsp; $684.09 | &nbsp;&nbsp; $14365.81 | &nbsp;&nbsp; $58.78 | &nbsp;&nbsp; $14308.34 |
| 9 | &nbsp;&nbsp; $14308.34 | &nbsp;&nbsp; $715.42 | &nbsp;&nbsp; $15023.76 | &nbsp;&nbsp; $61.47 | &nbsp;&nbsp; $14963.66 |
| 10 | &nbsp;&nbsp; $14963.66 | &nbsp;&nbsp; $748.18 | &nbsp;&nbsp; $15711.84 | &nbsp;&nbsp; $64.29 | &nbsp;&nbsp; $15649.00 |
| Cumulative |  | &nbsp;&nbsp; $6167.03 |  | &nbsp;&nbsp; $529.89 |  |

---

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

**29**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - SS CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - SS CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - SS CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - SS CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - SS CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - SS CLASS** |
| **ANNUAL EXPENSE RATIO: 0.68%** | **ANNUAL EXPENSE RATIO: 0.68%** | **ANNUAL EXPENSE RATIO: 0.68%** | **ANNUAL EXPENSE RATIO: 0.68%** | **ANNUAL EXPENSE RATIO: 0.68%** | **ANNUAL EXPENSE RATIO: 0.68%** |
| **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** |
| **Year** | **Hypothetical**<br> **Beginning** <br> **Investment**<br>| **Hypothetical** <br> **Performance** <br> **Earnings**<br>| **Investment** <br> **After**<br> **Returns**<br>| **Hypothetical** <br> **Expenses**<br>| **Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | &nbsp;&nbsp; $10000.00 | &nbsp;&nbsp; $500.00 | &nbsp;&nbsp; $10500.00 | &nbsp;&nbsp; $69.47 | &nbsp;&nbsp; $10432.00 |
| 2 | &nbsp;&nbsp; $10432.00 | &nbsp;&nbsp; $521.60 | &nbsp;&nbsp; $10953.60 | &nbsp;&nbsp; $72.47 | &nbsp;&nbsp; $10882.66 |
| 3 | &nbsp;&nbsp; $10882.66 | &nbsp;&nbsp; $544.13 | &nbsp;&nbsp; $11426.79 | &nbsp;&nbsp; $75.60 | &nbsp;&nbsp; $11352.79 |
| 4 | &nbsp;&nbsp; $11352.79 | &nbsp;&nbsp; $567.64 | &nbsp;&nbsp; $11920.43 | &nbsp;&nbsp; $78.87 | &nbsp;&nbsp; $11843.23 |
| 5 | &nbsp;&nbsp; $11843.23 | &nbsp;&nbsp; $592.16 | &nbsp;&nbsp; $12435.39 | &nbsp;&nbsp; $82.27 | &nbsp;&nbsp; $12354.86 |
| 6 | &nbsp;&nbsp; $12354.86 | &nbsp;&nbsp; $617.74 | &nbsp;&nbsp; $12972.60 | &nbsp;&nbsp; $85.83 | &nbsp;&nbsp; $12888.59 |
| 7 | &nbsp;&nbsp; $12888.59 | &nbsp;&nbsp; $644.43 | &nbsp;&nbsp; $13533.02 | &nbsp;&nbsp; $89.54 | &nbsp;&nbsp; $13445.38 |
| 8 | &nbsp;&nbsp; $13445.38 | &nbsp;&nbsp; $672.27 | &nbsp;&nbsp; $14117.65 | &nbsp;&nbsp; $93.40 | &nbsp;&nbsp; $14026.22 |
| 9 | &nbsp;&nbsp; $14026.22 | &nbsp;&nbsp; $701.31 | &nbsp;&nbsp; $14727.53 | &nbsp;&nbsp; $97.44 | &nbsp;&nbsp; $14632.15 |
| 10 | &nbsp;&nbsp; $14632.15 | &nbsp;&nbsp; $731.61 | &nbsp;&nbsp; $15363.76 | &nbsp;&nbsp; $101.65 | &nbsp;&nbsp; $15264.26 |
| Cumulative |  | &nbsp;&nbsp; $6092.89 |  | &nbsp;&nbsp; $846.54 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - R6 CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - R6 CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - R6 CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - R6 CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - R6 CLASS** | **FEDERATED HERMES GOVERNMENT ULTRASHORT FUND - R6 CLASS** |
| **ANNUAL EXPENSE RATIO: 0.38%** | **ANNUAL EXPENSE RATIO: 0.38%** | **ANNUAL EXPENSE RATIO: 0.38%** | **ANNUAL EXPENSE RATIO: 0.38%** | **ANNUAL EXPENSE RATIO: 0.38%** | **ANNUAL EXPENSE RATIO: 0.38%** |
| **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** |
| **Year** | **Hypothetical**<br> **Beginning** <br> **Investment**<br>| **Hypothetical** <br> **Performance** <br> **Earnings**<br>| **Investment** <br> **After**<br> **Returns**<br>| **Hypothetical** <br> **Expenses**<br>| **Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | &nbsp;&nbsp; $10000.00 | &nbsp;&nbsp; $500.00 | &nbsp;&nbsp; $10500.00 | &nbsp;&nbsp; $38.88 | &nbsp;&nbsp; $10462.00 |
| 2 | &nbsp;&nbsp; $10462.00 | &nbsp;&nbsp; $523.10 | &nbsp;&nbsp; $10985.10 | &nbsp;&nbsp; $40.67 | &nbsp;&nbsp; $10945.34 |
| 3 | &nbsp;&nbsp; $10945.34 | &nbsp;&nbsp; $547.27 | &nbsp;&nbsp; $11492.61 | &nbsp;&nbsp; $42.55 | &nbsp;&nbsp; $11451.01 |
| 4 | &nbsp;&nbsp; $11451.01 | &nbsp;&nbsp; $572.55 | &nbsp;&nbsp; $12023.56 | &nbsp;&nbsp; $44.52 | &nbsp;&nbsp; $11980.05 |
| 5 | &nbsp;&nbsp; $11980.05 | &nbsp;&nbsp; $599.00 | &nbsp;&nbsp; $12579.05 | &nbsp;&nbsp; $46.58 | &nbsp;&nbsp; $12533.53 |
| 6 | &nbsp;&nbsp; $12533.53 | &nbsp;&nbsp; $626.68 | &nbsp;&nbsp; $13160.21 | &nbsp;&nbsp; $48.73 | &nbsp;&nbsp; $13112.58 |
| 7 | &nbsp;&nbsp; $13112.58 | &nbsp;&nbsp; $655.63 | &nbsp;&nbsp; $13768.21 | &nbsp;&nbsp; $50.98 | &nbsp;&nbsp; $13718.38 |
| 8 | &nbsp;&nbsp; $13718.38 | &nbsp;&nbsp; $685.92 | &nbsp;&nbsp; $14404.30 | &nbsp;&nbsp; $53.33 | &nbsp;&nbsp; $14352.17 |
| 9 | &nbsp;&nbsp; $14352.17 | &nbsp;&nbsp; $717.61 | &nbsp;&nbsp; $15069.78 | &nbsp;&nbsp; $55.80 | &nbsp;&nbsp; $15015.24 |
| 10 | &nbsp;&nbsp; $15015.24 | &nbsp;&nbsp; $750.76 | &nbsp;&nbsp; $15766.00 | &nbsp;&nbsp; $58.38 | &nbsp;&nbsp; $15708.94 |
| Cumulative |  | &nbsp;&nbsp; $6178.52 |  | &nbsp;&nbsp; $480.42 |  |

---

**30**

------

Notes

[PAGE INTENTIONALLY LEFT BLANK]

------

An SAI dated July 31, 2025, is incorporated by reference into this Prospectus. Additional information about the Fund and its investments is contained in the Fund's SAI, Annual and Semi-Annual Reports to shareholders and in Form N-CSR as they become available. In Form N-CSR, you will find, among other information, the Fund's annual and semi-annual financial statements. The Annual Report's Management's Discussion of Fund Performance discusses market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. The SAI contains a description of the Fund's policies and procedures with respect to the disclosure of its portfolio securities. To obtain the SAI, Annual Report, Semi-Annual Report and other information, such as financial statements, without charge, to make inquiries or request e-delivery, call your financial intermediary or the Fund at 1-800-341-7400. You may also access the Fund's Prospectus, SAI, Annual Report, Semi-Annual Report, financial statements and other information on the Fund's website at FederatedHermes.com/us/FundInformation.

These documents, as well as additional information about the Fund (including portfolio holdings, performance and distributions), are also available on FederatedHermes.com/us.

You can obtain information about the Fund (including the SAI) by accessing Fund information from the EDGAR Database on the SEC's website at sec.gov. You can purchase copies of this information by contacting the SEC by email at publicinfo@sec.gov.

![](fhilogok11p_2.jpg)

Federated Hermes Government Ultrashort Fund

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

Contact us at **<u>FederatedHermes.com/us</u>**

or call 1-800-341-7400.

Federated Securities Corp., Distributor

*Investment Company Act File No. 811-7193* 

*CUSIP 31420B706*

*CUSIP 31420B888*

*CUSIP 31420B805*

*CUSIP 31420B854*

*28242 (7/25)*© 2025 Federated Hermes, Inc.

------

**Statement of Additional Information**

***July 31, 2025***

![](imgf8f2fa731.gif)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** \| Ticker | **A** \| FGUAX | **Institutional** \| FGUSX | **Service** \| FEUSX | **R6** \| FGULX |

---

------

Federated Hermes Government Ultrashort Fund

------

A Portfolio of Federated Hermes Institutional Trust

This Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes Government Ultrashort Fund (the "Fund"), dated July 31, 2025.

This SAI incorporates by reference the Fund's annual financial statements filed on Form N-CSR. Obtain the Fund's Prospectus, SAI, Annual Report, Semi-Annual Report and other information, such as financial statements, without charge by calling 1-800-341-7400. You may also access the Fund's Prospectus, SAI, Annual Report, Semi-Annual Report, financial statements and other information on the Fund's website at FederatedHermes.com/us/FundInformation.

---

| | |
|:---|:---|
|  | **Contents** |
| 1 | [How is the](#xx_15639bb1-9459-4223-8780-fe029489d243_1)[Fund Organized?](#xx_15639bb1-9459-4223-8780-fe029489d243_1) |
| 1 | [Securities in Which the](#xx_15639bb1-9459-4223-8780-fe029489d243_1)[Fund Invests](#xx_15639bb1-9459-4223-8780-fe029489d243_1) |
| 4 | [Investment Risks](#xx_15639bb1-9459-4223-8780-fe029489d243_4) |
| 7 | [Investment Objective and](#xx_15639bb1-9459-4223-8780-fe029489d243_7)[Investment Limitations](#xx_15639bb1-9459-4223-8780-fe029489d243_7) |
| 9 | [What Do](#xx_15639bb1-9459-4223-8780-fe029489d243_9)[Shares Cost?](#xx_15639bb1-9459-4223-8780-fe029489d243_9) |
| 11 | [How is the](#xx_15639bb1-9459-4223-8780-fe029489d243_11)[Fund Sold?](#xx_15639bb1-9459-4223-8780-fe029489d243_11) |
| 14 | [Purchases In-Kind](#xx_15639bb1-9459-4223-8780-fe029489d243_14) |
| 15 | [Redemption In-Kind](#xx_15639bb1-9459-4223-8780-fe029489d243_15) |
| 15 | [Massachusetts](#xx_15639bb1-9459-4223-8780-fe029489d243_15)[Partnership Law](#xx_15639bb1-9459-4223-8780-fe029489d243_15) |
| 15 | [Account and](#xx_15639bb1-9459-4223-8780-fe029489d243_15)[Share Information](#xx_15639bb1-9459-4223-8780-fe029489d243_15) |
| 16 | [Tax Information](#xx_15639bb1-9459-4223-8780-fe029489d243_16) |
| 16 | [Who Manages and Provides Services to the Fund?](#xx_15639bb1-9459-4223-8780-fe029489d243_16) |
| 33 | [Financial Information](#xx_15639bb1-9459-4223-8780-fe029489d243_33) |
| 34 | [Addresses](#xx_9e240f21-51a5-4440-848b-392c2f9b4593_1) |
| 35 | [Appendix](#xx_bb429f53-ca82-4ef8-a0be-b229aeae1649_1) |

---

Federated Hermes Government Ultrashort Fund

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

Contact us at **<u>FederatedHermes.com/us</u>**

or call 1-800-341-7400.

Federated Securities Corp., Distributor

*G00352-02 (7/25)*© 2025 Federated Hermes, Inc.

------

How is the Fund Organized?

The Fund is a diversified portfolio of Federated Hermes Institutional Trust ("Trust"). The Trust is an open-end, management investment company that was established under the laws of the Commonwealth of Massachusetts on June 9, 1994. The Trust may offer separate series of shares representing interests in separate portfolios of securities.

Effective June 26, 2020, the Trust changed its name from Federated Institutional Trust to Federated Hermes Institutional Trust and the Fund changed its name from Federated Government Ultrashort Duration Fund to Federated Hermes Government Ultrashort Fund.

The Board of Trustees (the "Board") has established the following classes of shares of the Fund, known as Class A Shares, Institutional Shares, Service Shares and Class R6 Shares ("Shares"). This SAI relates to all classes of Shares. The Fund's investment adviser is Federated Investment Management Company ("Adviser").

Securities in Which the Fund Invests

The principal securities or other investments in which the Fund invests are described in the Fund's Prospectus. The Fund also may invest in securities or other investments as non-principal investments for any purpose that is consistent with its investment objective. The following information is either additional information in respect of a principal security or other investment referenced in the Prospectus or information in respect of a non-principal security or other investment (in which case there is no related disclosure in the Prospectus).

**SECURITIES DESCRIPTIONS AND TECHNIQUES** 

**Fixed-Income Securities** 

Fixed-income securities pay interest, dividends or distributions at a specified rate. The rate may be a fixed percentage of the principal or may be adjusted periodically. In addition, the issuer of a fixed-income security must repay the principal amount of the security, normally within a specified time. Fixed-income securities provide more regular income than equity securities. However, the returns on fixed-income securities are limited and normally do not increase with the issuer's earnings. This limits the potential appreciation of fixed-income securities as compared to equity securities.

A security's yield measures the annual income earned on a security as a percentage of its price. A security's yield will increase or decrease depending upon whether it costs less (a "discount") or more (a "premium") than the principal amount. If the issuer may redeem the security before its scheduled maturity, the price and yield on a discount or premium security may change based upon the probability of an early redemption. Securities with higher risks generally have higher yields.

The following describes the types of fixed-income securities, in addition to those listed in the Prospectus, in which the Fund invests.

**Government Securities (A Type of Fixed-Income Security)** 

Government securities are issued or guaranteed by a federal agency or instrumentality acting under federal authority. Some government securities, including those issued by Government National Mortgage Association ("Ginnie Mae"), are supported by the full faith and credit of the United States and are guaranteed only as to the timely payment of interest and principal.

Other government securities receive support through federal subsidies, loans or other benefits but are not backed by the full faith and credit of the United States. For example, the U.S. Treasury is authorized to purchase specified amounts of securities issued by (or otherwise make funds available to) the Federal Home Loan Bank System, Federal Home Loan Mortgage Corporation ("Freddie Mac"), and Federal National Mortgage Association ("Fannie Mae") in support of such obligations.

Some government agency securities have no explicit financial support, and are supported only by the credit of the applicable agency, instrumentality or corporation. The U.S. government has provided financial support to Freddie Mac and Fannie Mae, but there is no assurance that it will support these or other agencies in the future.

Investors generally regard government securities as having minimal credit risks, but not as low as Treasury securities.

The Fund treats mortgage-backed securities guaranteed by a federal agency or instrumentality as government securities. Although such a guarantee helps protect against credit risk, it does not eliminate it entirely or reduce other risks.

***Additional Information Related to Freddie Mac and Fannie Mae.*** The extreme and unprecedented volatility and disruption that impacted the capital and credit markets beginning in 2008 led to market concerns regarding the ability of Freddie Mac and Fannie Mae to withstand future credit losses associated with securities held in their investment portfolios, and on which they provide guarantees, without the direct support of the federal government. On September 7, 2008, Freddie Mac and Fannie Mae were placed under the conservatorship of the Federal Housing Finance Agency (FHFA). Under the plan of conservatorship, the FHFA assumed control of, and generally has the power to direct, the operations of Freddie Mac and Fannie Mae, and is empowered to exercise all powers collectively held by their respective shareholders, directors and officers, including the power

**1**

------

to: (1) take over the assets of and operate Freddie Mac and Fannie Mae with all the powers of the shareholders, the directors and the officers of Freddie Mac and Fannie Mae and conduct all business of Freddie Mac and Fannie Mae; (2) collect all obligations and money due to Freddie Mac and Fannie Mae; (3) perform all functions of Freddie Mac and Fannie Mae which are consistent with the conservator's appointment; (4) preserve and conserve the assets and property of Freddie Mac and Fannie Mae; and (5) contract for assistance in fulfilling any function, activity, action or duty of the conservator.

In connection with the actions taken by the FHFA, the Treasury has entered into certain preferred stock purchase agreements (SPAs) with each of Freddie Mac and Fannie Mae which establish the Treasury as the holder of a new class of senior preferred stock in each of Freddie Mac and Fannie Mae. The senior preferred stock was issued in connection with financial contributions from the Treasury to Freddie Mac and Fannie Mae. Although the SPAs are subject to amendment from time to time, currently the Treasury is obligated to provide such financial contributions up to an aggregate maximum amount determined by a formula set forth in the SPAs, and until such aggregate maximum amount is reached, there is not a specific end date to the Treasury's obligations.

The future status and role of Freddie Mac and Fannie Mae could be impacted by (among other things) the actions taken and restrictions placed on Freddie Mac and Fannie Mae by the FHFA in its role as conservator, the restrictions placed on Freddie Mac's and Fannie Mae's operations and activities under the SPAs, market responses to developments at Freddie Mac and Fannie Mae, downgrades or upgrades in the credit ratings assigned to Freddie Mac and Fannie Mae by nationally recognized statistical rating organizations (NRSROs) or ratings services, and future legislative and regulatory action that alters the operations, ownership, structure and/or mission of these institutions, each of which may, in turn, impact the value of, and cash flows on, any securities guaranteed by Freddie Mac and Fannie Mae.

In addition, the future of Freddie Mac and Fannie Mae, and other U.S. government-sponsored enterprises that are not backed by the full faith and credit of the U.S. government (GSEs), remains in question as the U.S. government continues to consider options ranging from structural reform, nationalization, privatization, or consolidation, to outright elimination. The issues that have led to significant U.S. government support for Freddie Mac and Fannie Mae have sparked serious debate regarding the continued role of the U.S. government in providing mortgage loan liquidity.

**Treasury Inflation-Protected Securities (A Type of Fixed-Income Security)** 

TIPs are Treasury securities whose principal is adjusted for changes in the Consumer Price Index (CPI) and whose interest rate remains fixed throughout the term of the security. The CPI is a widely used measurement of inflation or deflation in the U.S. economy. During a period of inflation, changes in the CPI should cause the principal to increase; during a period of deflation, changes in the CPI should cause the principal to decrease. The interest payments on the security are made every six months. The amount of interest paid is based on the adjusted principal amount of the security at the time of payment. At maturity, the security is redeemed at the greater of the original principal amount of the security or the adjusted principal amount of the security. While TIPS protect the principal amount of the security against inflation, they typically offer lower initial interest rates than other Treasury securities during a period of inflation.

**Sequential CMOs (A Type of CMO)** 

In a sequential pay CMO, one class of CMOs receives all principal payments and prepayments. The next class of CMOs receives all principal payments after the first class is paid off. This process repeats for each sequential class of CMO. As a result, each class of sequential pay CMOs reduces the prepayment risks of subsequent classes.

**PACs, TACs and Companion Classes (A Type of CMO)** 

More sophisticated CMOs include planned amortization classes (PACs) and targeted amortization classes (TACs). PACs and TACs are issued with companion classes. PACs and TACs receive principal payments and prepayments at a specified rate. The companion classes receive principal payments and prepayments in excess of the specified rate. In addition, PACs will receive the companion classes' share of principal payments, if necessary, to cover a shortfall in the prepayment rate. This helps PACs and TACs to control prepayment risks by increasing the risks to their companion classes.

**Zero-Coupon Securities (A Type of Fixed-Income Security)** 

Zero-coupon securities do not pay interest or principal until final maturity unlike debt securities that provide periodic payments of interest (referred to as a coupon payment). Investors buy zero-coupon securities at a price below the amount payable at maturity. The difference between the purchase price and the amount paid at maturity represents interest on the zero-coupon security. Investors must wait until maturity to receive interest and principal, which increases the interest rate and credit risks of a zero-coupon security.

**2**

------

There are many forms of zero-coupon securities. Some are issued at a discount and are referred to as zero coupon or capital appreciation bonds. Others are created from interest bearing bonds by separating the right to receive the bond's coupon payments from the right to receive the bond's principal due at maturity, a process known as coupon stripping. In addition, some securities give the issuer the option to deliver additional securities in place of cash interest payments, thereby increasing the amount payable at maturity. These are referred to as pay-in-kind or PIK securities.

**SPECIAL TRANSACTIONS** 

**Reverse Repurchase Agreements** 

Reverse repurchase agreements (which are considered a type of special transaction for asset segregation or asset coverage purposes) are repurchase agreements in which the Fund is the seller (rather than the buyer) of the securities, and agrees to repurchase them at an agreed-upon time and price. A reverse repurchase agreement may be viewed as a type of borrowing by the Fund. Reverse repurchase agreements are subject to credit risks. In addition, reverse repurchase agreements create leverage risks because the Fund must repurchase the underlying security at a higher price, regardless of the market value of the security at the time of repurchase.

**Delayed Delivery Transactions** 

Delayed delivery transactions, including when issued transactions, are arrangements in which the Fund buys securities for a set price, with payment and delivery of the securities scheduled for a future time. During the period between purchase and settlement, no payment is made by the Fund to the issuer and no interest accrues to the Fund. The Fund records the transaction when it agrees to buy the securities and reflects their value in determining the price of its shares. Settlement dates may be a month or more after entering into these transactions so that the market values of the securities bought may vary from the purchase prices. Therefore, delayed delivery transactions create interest rate risks for the Fund. Delayed delivery transactions also involve credit risks in the event of a counterparty default. The Fund will purchase and sell securities via regular way settlement within the time frame established for the industry and such transactions will be accomplished on a delivery versus payment basis.

**Securities Lending** 

The Fund may lend portfolio securities to borrowers that the Adviser deems creditworthy. In return, the Fund receives cash or liquid securities from the borrower as collateral. The borrower must furnish additional collateral if the market value of the loaned securities increases. Also, the borrower must pay the Fund the equivalent of any dividends or interest received on the loaned securities.

The Fund will reinvest cash collateral in securities that qualify as an acceptable investment for the Fund. However, the Fund must pay interest to the borrower for the use of cash collateral. An acceptable investment into which the Fund may reinvest cash collateral includes, among other acceptable investments, securities of affiliated money market funds (including affiliated institutional prime money market funds with a "floating" net asset value that can impose redemption fees and liquidity gates, impose certain operational impediments to investing cash collateral, and, if net asset value decreases, result in the Fund having to cover the decrease in the value of the cash collateral).

Loans are subject to termination at the option of the Fund or the borrower. 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. The Fund may pay administrative and custodial fees in connection with a loan and may pay a negotiated portion of the interest earned on the cash collateral to a securities lending agent or broker.

Securities lending activities are subject to interest rate risks and credit risks.

**Portfolio Turnover** 

The Fund actively trades its portfolio securities in an attempt to achieve its investment objective. Active trading will cause the Fund to have an increased portfolio turnover rate, which is likely to generate shorter-term gains (losses) for its shareholders, which are taxed at a higher rate than longer-term gains (losses). Actively trading portfolio securities increases the Fund's trading costs and may have an adverse impact on the Fund's performance.

**3**

------

**INTER-FUND BORROWING AND THIRD-PARTY LENDING ARRANGEMENTS** 

**Inter-Fund Borrowing** 

The Securities and Exchange Commission (SEC) has granted an exemption that permits the Fund and all other funds ("Federated Hermes funds") advised by subsidiaries of Federated Hermes, Inc. ("Federated Hermes," formerly, Federated Investors, Inc.) to lend and borrow money for certain temporary purposes directly to and from other Federated Hermes funds. Participation in this inter-fund lending program is voluntary for both borrowing and lending Federated Hermes funds, and an inter-fund loan is only made if it benefits each participating Federated Hermes fund. Federated Hermes administers the program according to procedures approved by the Fund's Board, and the Board monitors the operation of the program. Any inter-fund loan must comply with certain conditions set out in the exemption, which are designed to assure fairness and protect all participating Federated Hermes funds.

For example, inter-fund lending is permitted only: (a) to meet shareholder redemption requests; (b) to meet commitments arising from "failed" trades; and (c) for other temporary purposes. All inter-fund loans must be repaid in seven days or less. The Fund's participation in this program must be consistent with its investment policies and limitations, and must meet certain percentage tests. Inter-fund loans may be made only when the rate of interest to be charged is more attractive to the lending Federated Hermes fund than market-competitive rates on overnight repurchase agreements ("Repo Rate") *and* more attractive to the borrowing Federated Hermes fund than the rate of interest that would be charged by an unaffiliated bank for short-term borrowings ("Bank Loan Rate"), as determined by the Board. The interest rate imposed on inter-fund loans is the average of the Repo Rate and the Bank Loan Rate.

**Third-Party 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. 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 1940 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 the date of this Statement of Additional Information, there were no outstanding loans. During the most recently ended fiscal year, the Fund did not utilize the LOC.

**LIQUIDITY RISK MANAGEMENT PROGRAM** 

The Fund has adopted and implemented a written liquidity risk management program (LRMP) and related procedures to assess and manage the liquidity risk of the Fund in accordance with Section 22(e) of the 1940 Act and Rule 22e-4 thereunder. The Board has designated the Adviser, together with Federated Hermes, Inc.'s ("Federated Hermes," formerly Federated Investors, Inc.) other affiliated registered investment advisory subsidiaries that serve as investment advisers to other Federated Hermes funds, to collectively serve as the administrator of the LRMP and the related procedures (the "Administrator"). Rule 22e-4 defines "liquidity risk" as the risk that the Fund will be unable to meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors' interests in the Fund. As a part of the LRMP, the Administrator is responsible for classifying the liquidity of the Fund's portfolio investments in accordance with Rule 22e-4. As part of the LRMP, the Administrator is also responsible for assessing, managing and periodically reviewing the Fund's liquidity risk, for making periodic reports to the Board and the SEC regarding the liquidity of the Fund's investments, and for notifying the Board and the SEC of certain liquidity events specified in Rule 22e-4. The liquidity of the Fund's portfolio investments is determined based on relevant market, trading and investment-specific considerations under the LRMP.

Investment Risks

There are many risk factors which may affect an investment in the Fund. The Fund's principal risks are described in its Prospectus. The following information is either additional information in respect of a principal risk factor referenced in the Prospectus or information in respect of a non-principal risk factor applicable to the Fund (in which case there is no related disclosure in the Prospectus).

**4**

------

**Call Risk** 

Call risk is the possibility that an issuer may redeem a fixed-income security before maturity (a "call") at a price below its current market price. An increase in the likelihood of a call may reduce the security's price.

If a fixed-income security is called, the Fund may have to reinvest the proceeds in other fixed-income securities with lower interest rates, higher credit risks, or other less favorable characteristics.

**Liquidity Risk** 

Trading opportunities are more limited for fixed-income securities that have not received any credit ratings, have received any credit ratings below investment grade or are not widely held.

Trading opportunities are also more limited for CMOs that have complex terms or that are not widely held. Trading opportunities are also more limited for inverse floaters that have complex terms or that are not widely held.

These features may make it more difficult to sell or buy a security at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on the Fund's performance. Infrequent trading of securities may also lead to an increase in their price volatility.

Liquidity risk also refers to the possibility that the Fund may not be able to sell a security when it wants to. If this happens, the Fund will be required to continue to hold the security, and the Fund could incur losses.

**Risk Associated with Complex CMOs** 

CMOs with complex or highly variable prepayment terms, such as companion classes, Inverse Floaters and residuals, generally entail greater market, prepayment and liquidity risks than other mortgage-backed securities. For example, their prices are more volatile and their trading market may be more limited.

**RISK OF INVESTING IN CERTAIN MBS** 

MBS backed by participations in reverse mortgages may carry risks different from and in addition to risks of other MBS. A reverse mortgage is a home loan in which a lender makes a loan to a homeowner based on the equity in the home. To qualify for a reverse mortgage loan, a homeowner must be older than a certain specified age. Unlike a traditional mortgage, there are no scheduled payments of principal or interest. Repayment does not occur until, in most cases, the borrower ceases to own the home (including, as a result of the borrower's death) or to use it as a primary residence. Accordingly, the timing of payments made on these loans (and, by extension, MBS backed by such loans) is uncertain and may occur sooner or later than anticipated. The rate of principal and total amount of interest payments on any reverse mortgages is based on many factors, including relevant interest rates and borrower mortality, that may in turn affect the value of the pools of such mortgages. Due to the nature of reverse mortgages, they may react differently from traditional mortgages to economic, geographic and other factors. There is a limited amount of historical data regarding the performance of reverse MBS pools.

**Risk Associated with the Investment Activities of Other Accounts** 

Investment decisions for the Fund are made independently from those of other accounts managed by the Adviser and accounts managed by affiliates of the Adviser. Therefore, it is possible that investment-related actions taken by such other accounts could adversely impact the Fund with respect to, for example, the value of Fund portfolio holdings, and/or prices paid to or received by the Fund on its portfolio transactions, and/or the Fund's ability to obtain or dispose of portfolio securities. Related considerations are discussed elsewhere in this SAI under "Brokerage Transactions and Investment Allocation."

**LARGE SHAREHOLDER RISK** 

A significant percentage of the Fund's shares may be owned or controlled by a large shareholder, such as other funds or accounts, including those of which the Adviser or an affiliate of the Adviser may have investment discretion. Accordingly, the Fund can be subject to the potential for large scale inflows and outflows as a result of purchases and redemptions made by significant shareholders. These inflows and outflows could be significant and, if frequently occurring, could negatively affect the Fund's net asset value and performance and could cause the Fund to buy or sell securities at inopportune times in order to meet purchase or redemption requests. Investments in the Fund by other investment companies also can create conflicts of interests for the Adviser to the Fund and the investment adviser to the acquiring fund. For example, a conflict of interest can arise due to the possibility that the investment adviser to the acquiring fund could make a decision to redeem the acquiring fund's investment in the Fund. In the case of an investment by an affiliated fund, a conflict of interest can arise if, because of the acquiring fund's investment in the Fund, the Fund is able to garner more assets from third-party investors, thereby growing the Fund and increasing the management fees received by the Adviser, which could also be the investment adviser to the acquiring fund.

**5**

------

**CYBERSECURITY AND OPERATIONAL RISK** 

Like other funds and business enterprises, Federated Hermes' business relies on the security and reliability of information and communications technology, systems and networks. Federated Hermes uses digital technology, including, for example, networked systems, email and the Internet, as well as mobile devices and "cloud"-based service offerings, to conduct business operations and engage clients, customers, employees, products, accounts, shareholders and relevant service providers, among others. Federated Hermes, as well as its funds and certain service providers, also generate, compile and process information for purposes of preparing and making filings or reports to governmental agencies, or providing reports or statements to customers, and a cybersecurity attack or incident that impacts that information, or the generation and filing processes, can prevent required regulatory filings and reports from being made, or reports or statements from being delivered, or cause the inadvertent release of confidential information (possibly resulting in the violation of applicable privacy laws). The use of the Internet and other electronic media and technology exposes the Fund, the Fund's shareholders, and the Fund's service providers, and their respective operations, to potential risks from cybersecurity attacks or incidents (collectively, "cyber-events"). The work-from-home environment necessitated by the novel coronavirus ("COVID-19") pandemic has increased the risk of cyber incidents given the increase in cyber attack surface stemming from the use of personal devices and non-office or personal technology.

Cyber-events can result from intentional (or deliberate) attacks or unintentional events by insiders (e.g., employees) or third parties, including cybercriminals, competitors, nation-states and "hacktivists," among others. Cyber-events can include, for example, phishing, credential harvesting or use of stolen access credentials, unauthorized access to systems, networks or devices (such as, for example, through "hacking" activity), structured query language attacks, infection from or spread of malware, ransomware, computer viruses or other malicious software code, corruption of data, exfiltration of data to malicious sites, the dark web or other locations or threat actors, and attacks (including, but not limited to, denial of service attacks on websites) which shut down, disable, slow, impair or otherwise disrupt operations, business processes, technology, connectivity or website or Internet access, functionality or performance. Like other funds and business enterprises, the Fund and its service providers have experienced, and will continue to experience, cyber-events on a daily basis. In addition to intentional cyber-events, unintentional cyber-events can occur, such as, for example, the inadvertent release of confidential information. Cyber-events can also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on the service providers' systems or websites rendering them unavailable to intended users or via "ransomware" that renders the systems inoperable until appropriate actions are taken. To date, cyber-events have not had a material adverse effect on the Fund's business operations or performance.

Cyber-events can affect, potentially in a material way, Federated Hermes' relationships with its customers, employees, products, accounts, shareholders and relevant service providers. Any cyber-event could adversely impact the Fund and its shareholders and cause the Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, damage to employee perceptions of the company, and additional compliance costs associated with corrective measures and credit monitoring for impacted individuals. A cyber-event can cause the Fund, or its service providers, to lose proprietary information, suffer data corruption, lose operational capacity (such as, for example, the loss of the ability to process transactions, generate or make filings or deliver reports or statements, calculate the Fund's NAV, or allow shareholders to transact business or other disruptions to operations), and/or fail to comply with applicable privacy and other laws. Among other potentially harmful effects, cyber-events also can result in theft, unauthorized monitoring and failures in the physical infrastructure or operating systems that support the Fund and its service providers. In addition, cyber-events affecting issuers in which the Fund invests could cause the Fund's investments to lose value.

The Fund's Adviser and its relevant affiliates have established risk management systems reasonably designed to seek to reduce the risks associated with cyber-events. The Fund's Adviser employs various measures aimed at mitigating cybersecurity risk, including, among others, use of firewalls, system segmentation, system monitoring, virus scanning, periodic penetration testing, employee phishing training and an employee cybersecurity awareness campaign. Among other service provider management efforts, Federated Hermes also conducts due diligence on key service providers relating to cybersecurity. Federated Hermes has established a committee to oversee Federated Hermes' information security and data governance efforts, and updates on cyber-events and risks are reviewed with relevant committees, as well as Federated Hermes' and the Fund's Boards of Directors or Trustees (or a committee thereof), on a periodic (generally quarterly) basis (and more frequently when circumstances warrant) as part of risk management oversight responsibilities. However, there is no guarantee that the efforts of Federated Hermes, the Fund's Adviser or its affiliates, or other service providers, will succeed, either entirely or partially as there are limits on Federated Hermes' and the Fund's ability to prevent, detect or mitigate cyber-events. Among other reasons, the cybersecurity landscape is constantly evolving, the nature of malicious cyber-events is becoming increasingly sophisticated and the Fund's Adviser, and its relevant affiliates, cannot control the cyber systems and cybersecurity systems of issuers or third-party service providers.

**6**

------

The Fund can be exposed to operational risk arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties, or other third parties, failed or inadequate processes and technology or system failures. In addition, other disruptive events, including, but not limited to, natural disasters and public health crises (such as the COVID-19 pandemic), can adversely affect the Fund's ability to conduct business, in particular if the Fund's employees or the employees of its service providers are unable or unwilling to perform their responsibilities as a result of any such event. Even if the Fund's employees and the employees of its service providers are able to work remotely, those remote work arrangements could result in the Fund's business operations being less efficient than under normal circumstances, could lead to delays in its processing of transactions, and could increase the risk of cyber-events.

Investment Objective and Investment Limitations

The Fund's investment objective is current income. The investment objective may not be changed by the Fund's Trustees without shareholder approval.

**Diversification of Investments** 

With respect to securities comprising 75% of the value of its total assets, the Fund will not purchase securities of any one issuer (other than cash; cash items; securities issued or guaranteed by the government of the United States or its agencies or instrumentalities and repurchase agreements collateralized by such U.S. government securities; and securities of other investment companies) if, as a result, more than 5% of the value of its total assets would be invested in the securities of that issuer, or the Fund would own more than 10% of the outstanding voting securities of that issuer.

**Issuing Senior Securities and Borrowing Money** 

The Fund may borrow money, directly or indirectly, and issue senior securities to the maximum extent permitted under the Investment Company Act of 1940 ("1940 Act").

**Investing in Real Estate** 

The Fund may not purchase or sell real estate, provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. The Fund may exercise its rights under agreements relating to such securities, including the right to enforce security interests and to hold real estate acquired by reason of such enforcement until that real estate can be liquidated in an orderly manner.

**Investing in Commodities** 

The Fund may not purchase or sell physical commodities, provided that the Fund may purchase securities of companies that deal in commodities.

**Underwriting** 

The Fund may not underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition or resale of its portfolio securities, under circumstances where it may be considered to be an underwriter under the Securities Act of 1933.

**Lending Cash or Securities** 

The Fund may not make loans, provided that this restriction does not prevent the Fund from purchasing debt obligations, entering into repurchase agreements, lending its assets to broker/dealers or institutional investors and investing in loans, including assignments and participation interests.

**Concentration of Investments** 

The Fund will not make investments that will result in the concentration of its investments in the securities of issuers primarily engaged in the same industry. Government securities, municipal securities and bank instruments will not be deemed to constitute an industry.

**The above limitations are fundamental and cannot be changed unless authorized by the Board and by the "vote of a majority of the Fund's outstanding voting securities," as defined by the 1940 Act, which means the lesser of (a) 67% of the shares of the Fund present or represented by proxy at a meeting if the holders of more than 50% of the outstanding shares are present or represented at the meeting or (b) more than 50% of outstanding shares of the Fund. The following limitations, however, may be changed by the Board without shareholder approval. Shareholders will be notified before any material change in these limitations becomes effective.** 

**7**

------

**Pledging Assets** 

The Fund will not mortgage, pledge or hypothecate any of its assets, provided that this shall not apply to the transfer of securities in connection with any permissible borrowing or to collateral arrangements in connection with permissible activities.

**Buying Securities on Margin** 

The Fund will not purchase securities on margin, provided that the Fund may obtain short-term credits necessary for the clearance of purchases and sales of securities.

**Illiquid Investments** 

The Fund will not make investments in holdings for which there is no readily available market, or enter into repurchase agreements or purchase time deposits that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, if immediately after and as a result, the value of such investments would exceed, in the aggregate, 15% of the Fund's net assets.

**Application of Concentration Restriction** 

In applying the concentration restriction, the Fund will adhere to the requirements of the 1940 Act which limits investments in a particular industry or group of industries to no more than 25% of the value of the Fund's total assets. Further, in applying the Fund's concentration restriction: (a) utility companies will be divided according to their services, for example, gas, gas transmission, electric and telephone will each be considered a separate industry; (b) financial service companies will be classified according to the end users of their services, for example, automobile finance, bank finance and diversified finance will each be considered a separate industry; and (c) asset-backed securities will be classified according to the underlying assets securing such securities.

To conform to the current view of the SEC staff that only domestic bank instruments may be excluded from industry concentration limitations, as a matter of non-fundamental policy, the Fund will not exclude foreign bank instruments from industry concentration tests so long as the policy of the SEC remains in effect. As a non-fundamental operating policy, the Fund will consider concentration to be the investment of more than 25% of the value of its total assets in any one industry.

**Additional Information** 

As a matter of non-fundamental investment policy regarding certain of the Fund's investment restrictions, please note the following additional information.

For purposes of the above limitations, the Fund considers certificates of deposit and demand and time deposits issued by a U.S. branch of a domestic bank or savings association having capital, surplus and undivided profits in excess of $100,000,000 at the time of investment to be "cash items" and "bank instruments." Except with respect to borrowing money, if a percentage limitations is adhered to at the time of investment, a later increase or decrease in percentage resulting from any change in value or net assets will not result in a violation of such limitation. Except with respect to borrowing money, if a percentage limitation is adhered to at the time of investment, a later increase or decrease in percentage resulting from any change in value or net assets will not result in a violation of such limitation.

In applying the borrowing limitation, in accordance with Section 18(f)(1) of the 1940 Act and current SEC rules and guidance, the Fund is permitted to borrow money, directly or indirectly, provided that immediately after any such borrowing, the Fund has asset coverage of at least 300% for all of the Fund's borrowings, and provided further that in the event that such asset coverage shall at any time fall below 300% the Fund shall, within three business days, reduce the amount of its borrowings to an extent that the asset coverage of such borrowings shall be at least 300%. For purposes of the above limitations, municipal securities are those securities issued by governments or political subdivisions of governments.

**Non-Fundamental Names Rule Policy** 

The Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in government investments. The Fund will notify shareholders at least 60 days in advance of any change in its investment policy that would enable the Fund to invest, under normal circumstances, less than 80% of its net assets (plus any borrowings for investment purposes) in government investments.

**8**

------

What Do Shares Cost?

**Determining Market Value of Securities** 

A Share's net asset value (NAV) is determined as of the end of regular trading on the New York Stock Exchange (NYSE) (normally 4:00 p.m. Eastern time) each day the NYSE is open. The Fund calculates the NAV of each class by valuing the assets allocated to the Share's class, subtracting the liabilities allocated to each class and dividing the balance by the number of Shares of the class outstanding. The NAV for each class of Shares may differ due to the level of expenses allocated to each class as well as a result of the variance between the amount of accrued investment income and capital gains or losses allocated to each class and the amount actually distributed to shareholders of each class. The NAV is calculated to the nearest whole cent per Share.

In calculating its NAV, the Fund generally values investments as follows:

■ Equity securities listed on a U.S. securities exchange or traded through the U.S. national market system are valued at their last reported sale price or official closing price in their principal exchange or market. If a price is not readily available, such equity securities are valued based upon the mean of closing bid and ask quotations from one or more dealers.

■ Other equity securities traded primarily in the United States are valued based upon the mean of closing bid and ask quotations from one or more dealers.

■ Equity securities traded primarily through securities exchanges and regulated market systems outside the United States are valued at their last reported sale price or official closing price in their principal exchange or market. These prices may be adjusted for significant events occurring after the closing of such exchanges or market systems as described below. If a price is not readily available, such equity securities are valued based upon the mean of closing bid and ask quotations from one or more dealers.

■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Adviser. The methods used by pricing services to determine such price evaluations are described below.

■ Futures contracts listed on exchanges are valued at their reported settlement price. Option contracts listed on exchanges are valued based upon the mean of closing bid and ask quotations reported by the exchange or from one or more futures commission merchants.

■ OTC derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser. The methods used by pricing services to determine such price evaluations are described below. If a price evaluation from a pricing service is not readily available, such derivative contracts may be fair valued based upon price evaluations from one or more dealers or using a recognized pricing model for the contract.

■ Shares of other mutual funds or nonexchange-traded investment companies are valued based upon their reported NAVs. The prospectuses for these mutual funds explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing.

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, or if information furnished by a pricing service, in the opinion of the Valuation Committee, is deemed not representative of the fair value of such security, the Fund will use the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could purchase or sell an investment at the price used to calculate the Fund's NAV. The Fund will not use a pricing service or dealer who is an affiliated person of the Adviser to value investments.

Noninvestment assets and liabilities are valued in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The NAV calculation includes expenses, dividend income, interest income, other income and realized and unrealized investment gains and losses through the date of the calculation. Changes in holdings of investments and in the number of outstanding Shares are included in the calculation not later than the first business day following such change. Any assets or liabilities denominated in foreign currencies are converted into U.S. dollars using an exchange rate obtained from a third party.

The Fund follows procedures that are common in the mutual fund industry regarding errors made in the calculation of its NAV. This means that, generally, the Fund will not correct errors of less than one cent per Share.

**Fair Valuation and Significant Events Procedures** 

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Board has designated the Adviser as the Fund's valuation designee to perform the fair value determination for securities and other assets held by the Fund. 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

**9**

------

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 price evaluations of the current fair value of certain investments for purposes of calculating the NAV. The Valuation Committee is subject to Board oversight and certain reporting and other requirements intended to provide the Board the information it needs to oversee the Adviser's fair value determinations.

***Pricing Service Valuations.*** The Valuation Committee, subject to Board oversight, is authorized to use pricing services that provide daily fair value evaluations of the current value of certain investments, primarily fixed-income securities and OTC derivative contracts. Different pricing services may provide different price evaluations for the same security because of differences in their methods of evaluating market values. 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. A pricing service may find it more difficult to apply these and other factors to relatively illiquid or volatile investments, which may result in less frequent or more significant changes in the price evaluations of these investments. If a pricing service determines that it does not have sufficient information to use its standard methodology, it may evaluate an investment based on the present value of what investors can reasonably expect to receive from the issuer's operations or liquidation.

Special valuation considerations may apply with respect to the Fund's "odd-lot" positions, if any, as the Fund may receive lower prices when it sells such positions than it would receive for sales of institutional round lot positions. Typically, these securities are valued assuming orderly transactions of institutional round lot sizes, but the Fund may hold or, from time to time, transact in such securities in smaller, odd lot sizes.

The Valuation Committee oversees the Fund's pricing services, which includes, among other things, monitoring significant or unusual price fluctuations above predetermined tolerance levels from the prior day, back-testing of pricing services' prices against actual sale transactions, conducting periodic due diligence meetings and reviews, and periodically reviewing the inputs, assumptions and methodologies used by these pricing services. If information furnished by a pricing service is not readily available or, in the opinion of the Valuation Committee, is deemed not representative of the fair value of such security, the security will be fair valued by the Valuation Committee in accordance with procedures established by the Adviser as discussed below in "Fair Valuation Procedures."

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 bid and ask prices for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts.

***Fair Valuation Procedures.*** The Adviser has established procedures for determining the fair value of investments for which price evaluations from pricing services or dealers and market quotations are not readily available. The procedures define an investment's "fair value" as the price that the Fund might reasonably expect to receive upon its current sale. The procedures assume that any sale would be made to a willing buyer in the ordinary course of trading. The procedures require consideration of factors that vary based on the type of investment and the information available. Factors that may be considered in determining an investment's fair value include: (1) the last reported price at which the investment was traded; (2) information provided by dealers or investment analysts regarding the investment or the issuer; (3) changes in financial conditions and business prospects disclosed in the issuer's financial statements and other reports; (4) publicly announced transactions (such as tender offers and mergers) involving the issuer; (5) comparisons to other investments or to financial indices that are correlated to the investment; (6) with respect to fixed-income investments, changes in market yields and spreads; (7) with respect to investments that have been suspended from trading, the circumstances leading to the suspension; and (8) other factors that might affect the investment's value.

The Valuation Committee is responsible for the day-to-day implementation of these procedures subject to the oversight of the Board. The Valuation Committee may also authorize the use of a financial valuation model to determine the fair value of a specific type of investment. The Board periodically reviews the fair valuations made by the Valuation Committee. The Board has also approved the Adviser's fair valuation procedures and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

Using fair value to price investments may result in a value that is different from an investment's most recent closing price and from the prices used by other registered funds to calculate their NAVs. The application of the fair value procedures to an investment represents a good faith determination of such investment's fair value. 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 could be materially different.

**10**

------

***Significant Events.*** The Adviser has adopted procedures requiring an investment to be priced at its fair value whenever the Adviser 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; and

■ Announcements concerning matters such as acquisitions, recapitalizations or 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. The pricing service uses models that correlate changes between the closing and opening price of equity securities traded primarily in non-U.S. markets to changes in prices in U.S.-traded securities and derivative contracts. The pricing service seeks to employ the model that provides the most significant correlation based on a periodic review of the results. The model uses the correlation to adjust the reported closing price of a foreign equity security based on information available up to the close of the NYSE.

The fair valuation of securities following a significant event can serve to reduce arbitrage opportunities for short-term traders to profit at the expense of long-term investors in the Fund. For example, such arbitrage opportunities may exist when the market on which portfolio securities are traded closes before the Fund calculates its NAV, which is typically the case with Asian and European markets. However, there is no assurance that these significant event procedures will prevent dilution of the NAV by short-term traders.

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 fair value of the investment is determined using the methods discussed above in "*Fair Valuation Procedures.*" The Board periodically reviews fair valuations made in response to significant events.

How is the Fund Sold?

Under the Distributor's Contract with the Fund, the Distributor ("Federated Securities Corp.") offers Shares on a continuous, best-efforts basis.

**Rule 12b-1 Plan (SERVICE SHARES)** 

As a compensation-type plan, the Rule 12b-1 Plan is designed to pay the Distributor for activities principally intended to result in the sale of Shares such as advertising and marketing of Shares (including printing and distributing prospectuses and sales literature to prospective shareholders and financial intermediaries) and providing incentives to financial intermediaries to sell Shares. The Plan is also designed to cover the cost of administrative services performed in conjunction with the sale of Shares, including, but not limited to, shareholder services, recordkeeping services and educational services, as well as the costs of implementing and operating the Plan. The Rule 12b-1 Plan allows the Distributor to contract with financial intermediaries to perform activities covered by the Plan. The Rule 12b-1 Plan is expected to benefit the Fund in a number of ways. For example, it is anticipated that the Plan will help the Fund attract and retain assets, thus providing cash for orderly portfolio management and Share redemptions and possibly helping to stabilize or reduce other operating expenses.

In addition, the Plan is integral to the multiple class structure of the Fund, which promotes the sale of Shares by providing a range of options to investors. The Fund's service providers that receive asset-based fees also benefit from stable or increasing Fund assets.

The Fund may compensate the Distributor more or less than its actual marketing expenses. In no event will the Fund pay for any expenses of the Distributor that exceed the maximum Rule 12b-1 Plan fee.

The maximum Rule 12b-1 Plan fee that can be paid in any one year may not be sufficient to cover the marketing-related expenses the Distributor has incurred. Therefore, it may take the Distributor a number of years to recoup these expenses.

**11**

------

Regarding the Fund's Service Shares, the Service Shares of the Fund currently do not accrue, pay or incur any Rule 12b-1 Plan fee, although the Board has adopted a Plan that permits the Service Shares of the Fund to accrue, pay and incur a Rule 12b-1 Plan fee of up to a maximum amount of .05%, or some lesser amount as the Board shall approve from time to time. The Service Shares of the Fund will not accrue, pay or incur such Rule 12b-1 Plan fees until such time as approved by the Fund's Board.

**Additional Payments To Others (Including Financial Intermediaries)** 

**Class A Shares, Service Shares and Institutional Shares Only** 

The Distributor may pay out of its own resources amounts to certain financial intermediaries, including broker-dealers, banks, registered investment advisers, independent financial planners and retirement plan administrators, and other persons. In some cases, such payments may be made by, or funded from the resources of, companies affiliated with the Distributor (including the Adviser). While Financial Industry Regulatory Authority, Inc. (FINRA) regulations limit the sales charges that you may bear, there are no limits with regard to the amounts that the Distributor may pay out of its own resources. In addition to the payments which are generally described herein and in the Prospectus, the financial intermediary also may receive payments under, if applicable, a Rule 12b-1 Plan and/or Service Fees. In connection with these payments, the financial intermediary may elevate the prominence or profile of the Fund and/or other Federated Hermes funds within the financial intermediary's organization by, for example, placement on a list of preferred or recommended funds and/or granting the Distributor preferential or enhanced opportunities to promote the funds in various ways within the financial intermediary's organization.

Financial intermediaries and other persons may receive payments under some or all categories described below. These payments assist in the Distributor's efforts to support the sale of Shares and compensate financial intermediaries and other persons for performing ancillary services in connection with effecting sales of the funds. These payments are negotiated and may be based on such factors as: the number or value of Shares that the financial intermediary or other person sells, may sell or arrange for the sale of Shares; the value of client assets invested; the level and types of services or support furnished by the financial intermediary; or the Fund's and/or other Federated Hermes funds' relationship with the financial intermediary.

Not all financial intermediaries and other persons receive such payments and the amount of compensation may vary. You should ask your financial intermediary, or any other person that provides services to you, for information about any payments it receives from the Distributor or the Federated Hermes funds and any services it provides, as well as the fees and/or commissions it charges.

Regarding the Fund's A class, the A class of the Fund currently does not accrue, pay or incur shareholder services/account administration fees in excess of 0.15%, although the Board of Trustees has approved the A class of the Fund to accrue, pay and incur such fees in amounts up to a maximum amount of 0.25%, or some lesser amount as the Board of Trustees shall approve from time to time. The A class of the Fund will not incur or charge such fees in excess of 0.15% until such time as approved by the Fund's Board of Trustees.

The categories of additional payments are described below.

**Supplemental Payments** 

The Distributor may make supplemental payments to certain financial intermediaries that are holders or dealers of record for accounts in one or more of the Federated Hermes funds. These payments may be based on such factors as: the number or value of Shares the financial intermediary sells or may sell; the value of client assets invested; or the type and nature of services or support furnished by the financial intermediary.

**Processing Support Payments** 

The Distributor may make payments to certain financial intermediaries that offer Federated Hermes investment companies to help offset their costs associated with client accounts in the fund. The types of payments that the Distributor may make under this category include, but are not limited to: payment for administrative services, like account maintenance support and statement processing; payment for costs associated with transacting in the funds, like payment of ticket charges on a per-transaction basis; payment of networking fees; and payment for ancillary services related to setting up funds on the financial intermediary's mutual fund trading system, including technology and programming set-up, platform development and maintenance or similar services.

**Retirement Plan Program Servicing Payments** 

The Distributor may make payments to certain financial intermediaries who sell Federated Hermes fund shares through retirement plan programs. A financial intermediary may perform retirement plan program services itself or may arrange with a third party to perform retirement plan program services. In addition to participant recordkeeping, reporting or transaction processing, retirement plan program services may include: services rendered to a plan in connection with fund/investment selection and monitoring; employee enrollment and education; plan balance rollover or separation; or other similar services.

**12**

------

**Marketing Support Payments** 

From time to time, the Distributor, at its expense, may provide additional compensation to financial intermediaries, or other persons, that sell or arrange for the sale of Shares. Such compensation, provided by the Distributor, may include "finders" or "referral fees" or directing investors to a fund, financial assistance to financial intermediaries that enable the Distributor to participate in or present at meetings, conferences or seminars, sales or education and training programs for invited registered representatives and other employees, client entertainment, client and investor events and other financial intermediary-sponsored events. The Distributor may also provide additional compensation for the provision of sales or intermediary related data and analytics to the Adviser and/or its affiliates.

The Distributor also may hold or sponsor, at its expense, sales events, conferences and programs for employees or associated persons of financial intermediaries and may pay the travel and lodging expenses of attendees. The Distributor also may provide, at its expense, meals and entertainment in conjunction with meetings with financial intermediaries. Other compensation may be offered to the extent not prohibited by applicable federal or state law or regulations, or the rules of any self-regulatory agency, such as FINRA. These payments may vary depending on the nature of the event or the relationship.

For the year ended December 31, 2024, the following is a list of FINRA member firms that received additional payments from the Distributor or an affiliate. Additional payments may also be made to certain other financial intermediaries or other persons that are not FINRA member firms that sell Federated Hermes fund shares or provide services to the Federated Hermes funds and shareholders. These firms are not included in this list. Any additions, modifications or deletions to the member firms identified in this list that have occurred since December 31, 2024, are not reflected. You should ask your financial intermediary or any other person that provides services to you for information about any additional payments it receives from the Distributor.

ADP Broker-Dealer, Inc.

AE Wealth Management, LLC

Alera Investment Advisors, LLC

American Enterprise Investment Services Inc.

BBVA Securities Inc.

BofA Securities, Inc.

BMO Harris Financial Advisors, Inc.

Bolton Global Capital, Inc.

Boyd Capital Management

Broadridge Business Process Outsourcing, LLC

Callan

Cambridge Investment Research, Inc.

Cetera Advisor Networks LLC

Cetera Advisors LLC

Cetera Investment Services LLC

Charles Schwab & Company, Inc.

CIBC World Markets Corp.

Citigroup Global Markets Inc.

Citizens Securities, Inc.

Comerica Securities, Inc.

Commonwealth Financial Network

D A Davidson & Co.

Davenport & Company LLC

Deutsche Bank Securities Inc.

Edward D. Jones & Co., LP

Ellsworth Advisors, LLC

Emerald Advisors, LLC

Empower Financial Services, Inc.

Envestnet PMC

Equitable Advisors, LLC

FBL Marketing Services, LLC

Fidelity Investments Institutional Operations Company, Inc. (FIIOC)

Fidelity Brokerage Services LLC

Fifth Third Securities, Inc.

FIS Brokerage & Securities Services LLC

Focused Alpha, LLC

Global Retirement Partners LLC

Goldman Sachs & Co. LLC

Guardian Financial

HighTower Securities, LLC

Hilltop Securities, Inc.

HUB International Investment Services Inc.

Huntington Securities, Inc.

Insigneo Securities, LLC

Institutional Cash Distributors, LLC

J.P. Morgan Securities LLC

Janney Montgomery Scott LLC

Jefferies LLC

John Hancock Mutual Life Insurance Co

Kestra Investment Services LLC

Key Investment Services LLC

KeyBanc Capital Markets Inc.

Klingman and Associates, LLC

Kowal Investment Group, LLC

Keystone Financial Planning, Inc

Leafhouse Financial Advisors, LLC

Lincoln Financial Advisors Corporation

Lincoln Financial Distributors, Inc.

Lincoln Investment Planning, LLC

Lyrical Partners, L.P.

LPL Financial LLC

Mainstreet Advisors

Marquette Associates, Inc

Merrill Lynch, Pierce, Fenner and Smith Incorporated

MML Investors Inc

Monarch Wealth Strategies

Morgan Stanley Smith Barney LLC

National Financial Services LLC

Nationwide Investment Services Corporation

**13**

------

NewEdge Securities, Inc.

Northwestern Mutual Investment Services, LLC

OneDigital Investment Advisors

OneSeven

Oppenheimer & Company, Inc.

Orion Portfolio Solutions LLC

Osaic FS, Inc.

Osaic Wealth, Inc

Parks Capital

Paychex Securities Corp.

Pershing LLC

PNC Capital Markets, LLC

PNC Investments LLC

Principal Securities, Inc.

Purshe Kaplan Sterling Investments

Rademacher Financial, Inc.

Raleigh Capital Management Inc.

Raymond James & Associates, Inc.

Raymond James Financial Services, Inc

RBC Capital Markets, LLC

RMR Wealth Builders, Inc.

Robert W Baird & Co. Incorporated

Rockefeller Capital Management

Royal Alliance Associates, Inc.

Sanctuary Securities, Inc.

Sanford C. Bernstein & Company, LLC

SBC Wealth Management

Security Distributors, LLC

Sentry Advisors, LLC

State Street Global Markets, LLC

Steward Partners Investment Advisory, LLC

Stifel, Nicolaus & Company, Incorporated

Strategic Financial Concepts, LLC

Strategic Financial Partners, Ltd.

TD Ameritrade, Inc.

Teachers Insurance and Annuity Association of America

The London Company of Virginia LLC

The Patriot Financial Group, LLC

The Huntington Investment Company

Three Bell Capital LLC

Towerpoint Wealth, LLC

Transamerica Financial Advisors, Inc

Treasury Brokerage

Truist Investment Services, Inc.

Truist Securities, Inc.

U.S. Bancorp Investments, Inc.

UBS Financial Services Inc

UBS Securities LLC

UMB Financial Services, Inc.

United Planners Financial Services of America, L.P.

Validus Capital LLC

Vanguard Marketing Corporation

Veridian Capital Partners

Vision Financial Markets, LLC

Voya Financial Advisors, Inc.

Voya Retirement Advisors, LLC

Webb Financial Group, LLC

Wells Fargo Clearing Services LLC

Wells Fargo Securities, LLC

Wintrust Investments LLC

World Investment Advisors, LLC

**UNDERWRITING COMMISSIONS** 

The following chart reflects the total front-end sales charges paid in connection with the sale of Class A Shares and the amount retained by the Distributor for the last three fiscal years ended May 31:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | &nbsp;&nbsp;&nbsp; **Total Sales** <br> **Charges**<br>| &nbsp;&nbsp;&nbsp; **Amount** <br> **Retained**<br>| &nbsp;&nbsp;&nbsp; **Total Sales** <br> **Charges**<br>| &nbsp;&nbsp;&nbsp; **Amount** <br> **Retained**<br>| &nbsp;&nbsp;&nbsp; **Total Sales** <br> **Charges**<br>| &nbsp;&nbsp;&nbsp; **Amount** <br> **Retained**<br>|
| Class A Shares | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Purchases In-Kind

You may contact the Distributor to request a purchase of Shares using securities you own. The Fund reserves the right to determine whether to accept your securities and the minimum market value to accept. The Fund will value your securities in the same manner as it values its assets. An in-kind purchase may be treated as a sale of your securities for federal tax purposes; please consult your tax adviser regarding potential tax liability.

**14**

------

Redemption In-Kind

Although the Fund generally intends to pay Share redemptions in cash, it reserves the right, on its own initiative or in response to a shareholder request, to pay the redemption price in whole or in part by a distribution of the Fund's portfolio securities.

Because the Fund has elected to be governed by Rule 18f-1 under the 1940 Act, the Fund is obligated to pay Share redemptions to any one shareholder in cash only up to the lesser of $250,000 or 1% of the net assets represented by such Share class during any 90-day period.

Any Share redemption payment greater than this amount will also be in cash unless the Fund elects to pay all or a portion of the remainder of the redemption in portfolio securities, valued in the same way as the Fund determines its NAV.

Redemption in-kind is not as liquid as a cash redemption. Shareholders receiving the portfolio securities could have difficulty selling them, may incur related transaction costs and would be subject to risks of fluctuations in the securities' values prior to sale.

Massachusetts Partnership Law

Under certain circumstances, shareholders may be held personally liable as partners under Massachusetts law for obligations of the Trust. To protect its shareholders, the Trust has filed legal documents with Massachusetts that expressly disclaim the liability of its shareholders for acts or obligations of the Trust.

In the unlikely event a shareholder is held personally liable for the Trust's obligations, the Trust is required by the Declaration of Trust to use its property to protect or compensate the shareholder. On request, the Trust will defend any claim made and pay any judgment against a shareholder for any act or obligation of the Trust. Therefore, financial loss resulting from liability as a shareholder will occur only if the Trust itself cannot meet its obligations to indemnify shareholders and pay judgments against them.

Account and Share Information

**Voting Rights** 

Each Share of the Fund gives the shareholder one vote in Trustee elections and other matters submitted to shareholders for vote.

All Shares of the Trust have equal voting rights, except that in matters affecting only a particular Fund or class, only Shares of that Fund or class are entitled to vote.

Trustees may be removed by the Board or by shareholders at a special meeting. A special meeting of shareholders will be called by the Board upon the written request of shareholders who own at least 10% of the Trust's outstanding Shares of all series entitled to vote.

As of July 8, 2025, the following shareholders owned of record, beneficially, or both, 5% or more of outstanding Class A Shares: National Financial Services LLC, New York, NY, owned approximately 8,737,881 Shares (31.16%); Charles Schwab & Co., Inc., San Francisco, CA, owned approximately 4,546,284 Shares (16.21%); Raymond James, St. Petersburg, FL, owned approximately 3,901,224 Shares (13.91%); LPL Financial, San Diego, CA, owned approximately 3,327,109 Shares (11.86%); RBC Capital Markets LLC, Minneapolis, MN, owned approximately 2,754,969 Shares (9.82%); and J.P. Morgan Securities LLC, Brooklyn, NY, owned approximately 2,394,159 Shares (8.53%).

As of July 8, 2025, the following shareholders owned of record, beneficially, or both, 5% or more of outstanding Institutional Shares: Charles Schwab & Co., Inc., San Francisco, CA, owned approximately 26,073,973 Shares (22.64%); Raymond James, St. Petersburg, FL, owned approximately 21,460,972 Shares (18.63%); Wells Fargo Clearing Services, LLC, St. Louis, MO, owned approximately 15,060,352 Shares (13.07%); National Financial Services LLC, Jersey City, NJ, owned approximately 14,234,172 Shares (12.36%); LPL Financial, San Diego, CA, owned approximately 12,341,213 Shares (10.71%); and Pershing, LLC, Jersey City, NJ, owned approximately 6,014,429 Shares (5.22%).

As of July 8, 2025, the following shareholders owned of record, beneficially, or both, 5% or more of outstanding Service Shares: Lincoln National Life Insurance Co., Fort Wayne, IN, owned approximately 10,821,404 Shares (81.25%); and National Financial Services, LLC, Jersey City, NJ, owned approximately 2,088,249 Shares (15.68%).

As of July 8, 2025, the following shareholders owned of record, beneficially, or both, 5% or more of outstanding Class R6 Shares: Edward D. Jones & Co., St. Louis, MO, owned approximately 3,909,557 Shares (16.06%); Steph & Co., Marinette, WI, owned approximately 3,506,835 Shares (14.41%); and Lincoln Life Insurance Co., Fort Wayne, IN, owned approximately 3,064,853 Shares (12.59%).

Shareholders owning 25% or more of outstanding Shares may be in control and be able to affect the outcome of certain matters presented for a vote of shareholders.

**15**

------

National Financial Services LLC is organized in the State of Delaware and is a wholly owned subsidiary of Fidelity Global Brokerage Group, Inc., which is organized in the Commonwealth of Massachusetts.

The Lincoln National Life Insurance Company is organized in the State of Indiana and is a wholly owned subsidiary of Lincoln Financial Group, LLC, which is organized in the State of Delaware.

Tax Information

**Federal Income Tax** 

The Fund intends to meet requirements of Subchapter M of the Internal Revenue Code (the "Code") applicable to regulated investment companies. If these requirements are not met, it will not receive special tax treatment and will be subject to federal corporate income tax.

The Fund will be treated as a single, separate entity for federal income tax purposes so that income earned and capital gains and losses realized by the Trust's other portfolios will be separate from those realized by the Fund.

The Fund is entitled to a loss carryforward, which may reduce the taxable income or gain that the Fund would realize, and to which the shareholder would be subject, in the future.

**Tax Basis Information** 

The Fund's Transfer Agent and/or your financial intermediary is required to provide you with the cost basis information on the sale of any of your Shares in the Fund, subject to certain exceptions.

Who Manages and Provides Services to the Fund?

**Board of Trustees** 

The Board of Trustees is responsible for managing the Trust's business affairs and for exercising all the Trust's powers except those reserved for the shareholders. The following tables give information about each Trustee and the senior officers of the Fund. Where required, the tables separately list Trustees who are "interested persons" of the Fund (i.e., "Interested" Trustees) and those who are not (i.e., "Independent" Trustees). Unless otherwise noted, the address of each person listed is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779. The address of all Independent Trustees listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2024, the Trust comprised three portfolios, and the Federated Hermes Complex consisted of 32 investment companies (comprising 100 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Trustee oversees all portfolios in the Federated Hermes Complex and serves for an indefinite term.

As of July 8, 2025, the Fund's Board and Officers as a group owned less than 1% of each Class of the Fund's outstanding Shares.

**qualifications of Independent Trustees** 

Individual Trustee qualifications are noted in the "Independent Trustees Background and Compensation" chart. In addition, the following characteristics are among those that were considered for each existing Trustee and will be considered for any Nominee Trustee.

■ Outstanding skills in disciplines deemed by the Independent Trustees to be particularly relevant to the role of Independent Trustee and to the Federated Hermes funds, including legal, accounting, business management, the financial industry generally and the investment industry particularly.

■ Desire and availability to serve for a substantial period of time, taking into account the Board's current mandatory retirement age of 75 years.

■ No conflicts which would interfere with qualifying as independent.

■ Appropriate interpersonal skills to work effectively with other Independent Trustees.

■ Understanding and appreciation of the important role occupied by Independent Trustees in the regulatory structure governing regulated investment companies.

■ Diversity of background.

**16**

------

**interested Trustees Background and Compensation** 

---

| | | | |
|:---|:---|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| &nbsp;&nbsp; **Principal Occupation(s) for Past Five Years,**<br> **Other Directorships Held and Previous Position(s)**<br>| **Aggregate**<br> **Compensation**<br> **From Trust**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **J. Christopher Donahue\***<br> Birth Date: April 11, 1949<br> President and Trustee<br> Indefinite Term<br> Began serving: April 1999<br>| &nbsp;&nbsp; **Principal Occupations:** Principal Executive Officer and President of certain <br> of the Funds in the Federated Hermes Complex; Director or Trustee of the <br> Funds in the Federated Hermes Complex; Chairman, President, Chief <br> Executive Officer and Director, Federated Hermes, Inc.; Trustee, Federated <br> Administrative Services and Director, Federated Administrative Services, <br> Inc.; Trustee and Chairman, Federated Advisory Services Company; Director <br> or Trustee and Chairman, Federated Investment Management Company, <br> Federated Global Investment Management Corp., Federated Equity <br> Management Company of Pennsylvania, and Federated MDTA LLC; Trustee, <br> Federated Investment Counseling; Trustee, Federated Shareholder Services <br> Company; Director, Federated Services Company.<br> **Previous Positions:** President, Federated Investment Counseling; President <br> and Chief Executive Officer, Federated Investment Management Company, <br> Federated Global Investment Management Corp. and Passport Research, <br> Ltd.; Chairman, Passport Research, Ltd.<br>| &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| **John B. Fisher\***<br> Birth Date: May 16, 1956<br> Trustee<br> Indefinite Term<br> Began serving: May 2016<br>| &nbsp;&nbsp; **Principal Occupations:** Principal Executive Officer and President of certain <br> of the Funds in the Federated Hermes Complex; Director or Trustee of <br> certain of the Funds in the Federated Hermes Complex; Director and Vice <br> President, Federated Hermes, Inc.; President, Director/Trustee and CEO, <br> Federated Advisory Services Company, Federated Equity Management <br> Company of Pennsylvania, Federated Global Investment Management <br> Corp., Federated Investment Counseling, Federated Investment <br> Management Company and Federated MDTA LLC; Director, Federated <br> Investors Trust Company.<br> **Previous Positions:** President and Director of the Institutional Sales <br> Division of Federated Securities Corp.; President and CEO of Passport <br> Research, Ltd.; Director and President, Technology, Federated <br> Services Company.<br>| &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |

---

\*

*Reasons for "interested" status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Hermes, Inc. and due to positions they hold with Federated Hermes, Inc. and its subsidiaries.*

**Independent Trustees Background, Qualifications and Compensation** 

---

| | | | |
|:---|:---|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| &nbsp;&nbsp; **Principal Occupation(s) and Other Directorships Held for** <br> **Past Five Years, Previous Position(s) and Qualifications**<br>| **Aggregate** <br> **Compensation**<br> **From Trust**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Trust and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **John G. Carson**<br> Birth Date: May 15, 1965<br> Trustee<br> Indefinite Term<br> Began serving: January 2025<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Chief Executive Officer, Chief Investment Officer, Northstar Asset <br> Management (Financial Services); formerly, Chief Compliance Officer, <br> Northstar Asset Management.<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Carson has served in various business management <br> roles throughout his career. Mr. Carson was a Vice President at the <br> Glenmede Trust Company and a Managing Director at Oppenheimer & <br> Company. Prior to that he spent more than a decade with the Bank of <br> America/Merrill Lynch as a Director of Institutional Sales. Earlier on, <br> Mr. Carson held similar positions for Wertheim Schroder/Schroders PLC <br> and Drexel Burnham Lambert.<br>| &nbsp;&nbsp; $618.92 | &nbsp;&nbsp; $242570.94  |

---

**17**

------

---

| | | | |
|:---|:---|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| &nbsp;&nbsp; **Principal Occupation(s) and Other Directorships Held for** <br> **Past Five Years, Previous Position(s) and Qualifications**<br>| **Aggregate** <br> **Compensation**<br> **From Trust**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Trust and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **G. Thomas Hough**<br> Birth Date: February 28, 1955<br> Trustee<br> Indefinite Term<br> Began serving: August 2015<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee and Chair of the Board of <br> Directors or Trustees of the Federated Hermes Complex; formerly, <br> Vice Chair, Ernst & Young LLP (public accounting firm) (Retired).<br> **Other Directorships Held:** Director, Chair of the Audit Committee, <br> Member of the Compensation Committee, Equifax, Inc.; Lead Director, <br> Member of the Audit and Nominating and Corporate Governance <br> Committees, Haverty Furniture Companies, Inc.<br> **Qualifications:** Mr. Hough has served in accounting, business management <br> and directorship positions throughout his career. Mr. Hough most recently <br> held the position of Americas Vice Chair of Assurance with Ernst & <br> Young LLP (public accounting firm). Mr. Hough serves on the President's <br> Cabinet and Business School Board of Visitors for the University of <br> Alabama. Mr. Hough previously served as a Director and Member of the <br> Audit, Governance, and Compensation Committees at Publix Super <br> Markets, Inc., as well as on the Business School Board of Visitors for Wake <br> Forest University. In addition, he previously served as an Executive <br> Committee member of the United States Golf Association.<br>| &nbsp;&nbsp; $1280.17 | &nbsp;&nbsp; $395000 |
| **Karen L. Larrimer**<br> Birth Date: December 10, 1962<br> Trustee<br> Indefinite Term<br> Began serving: January 2025<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; formerly, Executive Vice President and Head of Retail Banking <br> and Chief Customer Officer, The PNC Financial Services Group, Inc. <br> (Retired).<br> **Other Directorships Held:** None.<br> **Qualifications:** Ms. Larrimer has served in several business and financial <br> management roles and directorship positions throughout her career. She <br> previously held the position of Executive Vice President and Head of Retail <br> Banking and Chief Customer Officer, The PNC Financial Services Group, <br> Inc. Prior to those roles, Ms. Larrimer held several executive positions at <br> PNC, including Chief Marketing Officer and Executive Vice President for <br> Business Banking. In addition to her various roles at PNC, Ms. Larrimer <br> previously was an assistant director at Ernst & Young LLP and served in <br> several leadership roles at Mellon Bank. Ms. Larrimer also currently holds <br> the positions on not for profit or for profit boards of directors as follows: <br> Director, Highmark Inc. (health insurance organization); Director, Modern <br> Executive Solutions (executive search and advisory solutions firm); Director <br> and former Chair, Children's Museum of Pittsburgh; Director and former <br> Chair, United Way of Southwestern Pennsylvania; and Emeritus Director, <br> Goodwill Industries Pittsburgh. Ms. Larrimer has held the positions of: <br> President, Duquesne Club of Pittsburgh; Trustee, Robert Morris University; <br> Director, PNC Foundation; and Director, numo (fintech incubator).<br>| &nbsp;&nbsp; $562.65 | &nbsp;&nbsp; $0 |
| **Max F. Miller**<br> Birth Date: December 6, 1968<br> Trustee<br> Indefinite Term<br> Began serving: January 2025<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Associate Professor, Director of Entrepreneurial Studies, <br> Director – Ignite Business Incubator, Washington & Jefferson College.<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Miller has served in several legal, business, and <br> academic roles and directorship positions throughout his career. Mr. Miller <br> serves as Associate Professor of Business & Entrepreneurship, Director of <br> Entrepreneurial Studies, and Director of Ignite Business Incubator at <br> Washington & Jefferson College. He also serves as President and Chief <br> Tasting Officer of Raise Your Spirits, an experiential engagement firm. <br> Mr. Miller previously served as Executive Vice President & Chief Operating <br> Officer of Urban Innovation 21, an economic development focused public-<br> private partnership; Director of VIP Experiences of MetroMe, a mobile app <br> providing concierge services; Chief Administrative Officer and General <br> Counsel of Big Brothers Big Sisters of America; and Director of the <br> University of Pittsburgh School of Law's Innovation Practice Institute. Prior <br> to those roles, Mr. Miller held various operations, marketing and legal <br> leadership roles at H.J. Heinz Company and was an attorney for Federated <br> Investors, Inc. (now Federated Hermes, Inc.) from May 3, 1994, to <br> November 11, 1997.<br>| &nbsp;&nbsp; $562.65 | &nbsp;&nbsp; $0  |

---

**18**

------

---

| | | | |
|:---|:---|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| &nbsp;&nbsp; **Principal Occupation(s) and Other Directorships Held for** <br> **Past Five Years, Previous Position(s) and Qualifications**<br>| **Aggregate** <br> **Compensation**<br> **From Trust**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Trust and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **Frank J. Nasta**<br> Birth Date: October 11, 1964<br> Trustee<br> Indefinite Term<br> Began serving: January 2025<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Chair of the Mutual Fund Advisory Committee and the European <br> Fund Advisory Committee (industry forums sponsored by Broadridge <br> Financial Solutions, Inc.)<sup>1</sup> (Retired).<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Nasta has served in various legal, compliance, and <br> business roles in the investment management industry throughout his <br> career. He previously was a Managing Director of JPMorgan Chase & Co. <br> and Head of Legal for the JPMorgan U.S. Mutual Funds business. Prior to <br> joining J.P. Morgan, Mr. Nasta was a Partner, General Counsel, Corporate <br> Secretary and Member of the Board of Directors of J. & W. Seligman, an <br> investment management firm. Mr. Nasta previously served as the chair of <br> the Investment Company Institute's (the "ICI") SEC Rules Committee, the <br> ICI's Mutual Funds Conference Advisory Committee, and the Investment <br> Management Regulation Committee of the New York City Bar Association. <br> He also previously served as a Director of The International Preschools in <br> New York City.<br> 1 *Mr. Nasta served as Chair of these committees in the capacity of a non-*<br> *employee consultant, has never been an employee of Broadridge Financial* <br> *Solutions, Inc., and has resigned from these positions, effective* <br> *December 31, 2024, in connection with his election to the Board.*<br>| &nbsp;&nbsp; $562.65 | &nbsp;&nbsp; $0 |
| **Thomas M. O'Neill**<br> Birth Date: June 14, 1951<br> Trustee<br> Indefinite Term<br> Began serving: August 2006<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee and Chair of the Audit <br> Committee of the Federated Hermes Complex; Sole Proprietor, Navigator <br> Management Company (investment and strategic consulting).<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. O'Neill has served in several business, mutual fund and <br> financial management roles and directorship positions throughout his <br> career. Mr. O'Neill serves as Director, Medicines for Humanity. Mr. O'Neill <br> previously served as Chief Executive Officer and President, Managing <br> Director and Chief Investment Officer, Fleet Investment Advisors; President <br> and Chief Executive Officer, Aeltus Investment Management, Inc.; General <br> Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment <br> Officer, The Putnam Companies, Boston, MA; and Credit Analyst and <br> Lending Officer, Fleet Bank.<br>| &nbsp;&nbsp; $1221.20 | &nbsp;&nbsp; $376000 |
| **Madelyn A. Reilly**<br> Birth Date: February 2, 1956<br> Trustee<br> Indefinite Term<br> Began serving: November 2020<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; formerly, Senior Vice President for Legal Affairs, General Counsel <br> and Secretary of Board of Directors, Duquesne University (Retired).<br> **Other Directorships Held:** None.<br> **Qualifications:** Ms. Reilly has served in various business and legal <br> management roles throughout her career. Ms. Reilly previously served as <br> Senior Vice President for Legal Affairs, General Counsel and Secretary of <br> Board of Directors and Director of Risk Management and Associate General <br> Counsel, Duquesne University. Prior to her work at Duquesne University, <br> Ms. Reilly served as Assistant General Counsel of Compliance and <br> Enterprise Risk as well as Senior Counsel of Environment, Health and <br> Safety, PPG Industries. Ms. Reilly currently serves as a member of the Board <br> of Directors of UPMC Mercy Hospital, and as a member of the Board of <br> Directors of Catholic Charities, Pittsburgh, and as a member of the <br> Duquesne Kline Law School Advisory Board.<br>| &nbsp;&nbsp; $1064.75 | &nbsp;&nbsp; $310000  |

---

**19**

------

---

| | | | |
|:---|:---|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| &nbsp;&nbsp; **Principal Occupation(s) and Other Directorships Held for** <br> **Past Five Years, Previous Position(s) and Qualifications**<br>| **Aggregate** <br> **Compensation**<br> **From Trust**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Trust and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **John S. Walsh**<br> Birth Date: November 28, 1957<br> Trustee<br> Indefinite Term<br> Began serving: April 1999<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Chairman and Director, Heat Wagon, Inc. (manufacturer of <br> construction temporary heaters); Chairman and Director, Manufacturers <br> Products, Inc. (distributor of portable construction heaters); Chairman, <br> Portable Heater Parts, a division of Manufacturers Products, Inc.; formerly, <br> President, Heat Wagon, Inc. and Manufacturers Products, Inc.<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Walsh has served in several business management roles <br> and directorship positions throughout his career. Mr. Walsh previously <br> served as President at Heat Wagon, Inc. (manufacturer of construction <br> temporary heaters), Manufacturers Products, Inc. (distributor of portable <br> construction heaters), and Portable Heater Parts, a division of <br> Manufacturers Products, Inc. Mr. Walsh previously served as Vice President, <br> Walsh & Kelly, Inc. (paving contractors).<br>| &nbsp;&nbsp; $1109.32 | &nbsp;&nbsp; $341000 |

---

**OFFICERS\*** 

---

| | |
|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| **Principal Occupation(s) and Previous Position(s)** |
| **Jeremy D. Boughton**<br> Birth Date: September 29, 1976<br> Treasurer <br> Officer since: March 2024<br>| &nbsp;&nbsp; **Principal Occupations:** Principal Financial Officer and Treasurer of the Federated Hermes Complex; Senior Vice President, <br> Federated Administrative Services, Federated Administrative Services, Inc., Federated Advisory Services Company, Federated <br> Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment <br> Counseling, Federated Investment Management Company and Federated MDTA, LLC. Formerly, Controller, Federated Hermes, <br> Inc. and Financial and Operations Principal for Federated Securities Corp. Mr. Boughton has received the Certified Public <br> Accountant designation.<br> **Previous Positions:** Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, <br> Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, <br> Inc., Federated Securities Corp., Federated Advisory Services Company, Federated Equity Management Company of <br> Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment <br> Management Company, Federated MDTA, LLC and Federated Hermes (UK) LLP, as well as other subsidiaries of Federated <br> Hermes, Inc.<br>|
| **Peter J. Germain**<br> Birth Date: September 3, 1959<br> CHIEF LEGAL OFFICER, <br> SECRETARY and EXECUTIVE<br> VICE PRESIDENT<br> Officer since: January 2005<br>| &nbsp;&nbsp; **Principal Occupations:** Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes <br> Complex. He is Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice <br> President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and <br> President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and <br> Secretary, Federated Private Asset Management, Inc.; and Secretary, Federated Shareholder Services Company. Mr. Germain <br> joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association.<br> **Previous Positions:** Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, <br> Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc.<br>|
| **Stephen Van Meter**<br> Birth Date: June 5, 1975<br> CHIEF COMPLIANCE OFFICER <br> AND SENIOR VICE PRESIDENT<br> Officer since: July 2015<br>| &nbsp;&nbsp; **Principal Occupations:** Senior Vice President and Chief Compliance Officer of the Federated Hermes Complex; Vice President <br> and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. <br> Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66.<br> **Previous Positions:** Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to <br> joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions <br> of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement.<br>|
| **Robert J. Ostrowski**<br> Birth Date: April 26, 1963<br> Chief Investment Officer<br> Officer since: May 2004<br>| &nbsp;&nbsp; **Principal Occupations:** Robert J. Ostrowski joined Federated Hermes, Inc. in 1987 as an Investment Analyst and became a <br> Portfolio Manager in 1990. He was named Chief Investment Officer of Federated Hermes, Inc. taxable fixed-income products in <br> 2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund's Adviser in <br> 2009 and served as a Senior Vice President of the Fund's Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered <br> Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University.<br>|

---

\*

*Officers do not receive any compensation from the Fund.*

*In addition, the Fund has appointed an Anti-Money Laundering Compliance Officer.* 

**20**

------

**DIRECTOR/TRUSTEE EMERITUS PROGRAM** 

The Board has created a position of Director/Trustee Emeritus, whereby a former Director/Trustee who was not an "interested person" of the Federated Hermes Funds and who has completed a minimum of five years of service as a Director/Trustee, may, in the sole discretion of the Independent Directors/Trustees, be recommended to the full Board of Directors/Trustees of the Fund to serve as Director/Trustee Emeritus.

A Director/Trustee Emeritus receives an annual fee in an amount equal to a percent of the annual base compensation paid to an Independent Director/Trustee. In the case of a Director/Trustee Emeritus who had previously served at least five years but less than 10 years as a Director/Trustee, the percent will be 10%. In the case of a Director/Trustee Emeritus who had previously served at least 10 years as a Director/Trustee, the percent will be 20%. The Director/Trustee Emeritus will be reimbursed for any expenses incurred in connection with their service, including expenses of travel and lodging incurred in attendance at Board meetings. If a Director/Trustee Emeritus is requested to perform services in addition to those specified below, the Director/Trustee Emeritus may, upon mutual agreement with the Board, be compensated beyond the amounts described above.

A Director/Trustee Emeritus will continue to receive relevant materials concerning the Funds, will be expected to attend at least one regularly scheduled quarterly meeting of the Board each year and may consult with the Board, any committee of the Board, or an individual Director/Trustee from time to time. A Director/Trustee Emeritus will not participate in separate meetings of the Independent Directors/Trustees. A Director/Trustee Emeritus does not serve in an advisory function as to investments by the Funds. A Director/Trustee Emeritus does not have any voting rights at Board meetings and is not subject to election by shareholders of the Funds. A Director/Trustee Emeritus shall maintain all information received in such role as confidential.

A Director/Trustee Emeritus will be permitted to serve in such capacity at the sole discretion of the Independent Directors/Trustees, but the annual fee will cease to be paid at the end of the calendar year during which a Director/Trustee has attained the age of 80 years, thereafter the position will be honorary.

The following table shows the fees paid to each Director/Trustee Emeritus for the Fund's most recently ended fiscal year and the portion of that fee paid by the Fund or Corporation/Trust.<sup>1</sup>

**EMERITUS Trustees and Compensation** 

---

| | | |
|:---|:---|:---|
| **Director/Trustee Emeritus** | **Compensation**<br> **From the Fund**<br> **(past fiscal year)**<br>| **Total**<br> **Compensation**<br> **Paid to**<br> **Director/Trustee**<br> **Emeritus**<sup>1</sup> <br>**(past calendar year)**<br>|
| **John T. Collins** | &nbsp;&nbsp; $155.63 | &nbsp;&nbsp; $62000.00 |
| **Maureen Lally-Green**<sup>2</sup> | &nbsp;&nbsp; $90.38 | &nbsp;&nbsp; $0.00 |
| **P. Jerome Richey**<sup>2</sup> | &nbsp;&nbsp; $90.38 | &nbsp;&nbsp; $0.00 |
| **Charles F. Mansfield, Jr.** | &nbsp;&nbsp; $155.63 | &nbsp;&nbsp; $62000.00 |

---

*The fees paid to a Director/Trustee are allocated among the funds that were in existence at the time the Director/Trustee elected Emeritus status, based on each fund's net assets at that time.*

*Judge Maureen Lally-Green and Mr. P. Jerome Richey retired from the Federated Hermes Funds Board of Directors/Trustees at the close of business on December 31, 2024. Judge Lally-Green and Mr. Richey were each appointed as Emeritus Director/Trustee on February 13, 2025, to become retroactively effective as of January 1, 2025. Until December 31, 2024, Judge Lally-Green and Mr. Richey were each compensated as a Director/Trustee of the Fund. For the calendar year ended December 31, 2024, Judge Lally-Green and Mr. Richey each received total compensation as a Director/Trustee of the Federated Hermes Funds Board of $341,000 and $341,000, respectively.*

**BOARD LEADERSHIP STRUCTURE** 

As required under the terms of certain regulatory settlements, the Chairman of the Board is not an interested person of the Fund and neither the Chairman, nor any firm with which the Chairman is affiliated, has a prior relationship with Federated Hermes or its affiliates or (other than his position as a Trustee) with the Fund.

**21**

------

**Committees of the Board** 

---

| | | | |
|:---|:---|:---|:---|
| **Board**<br> **Committee**<br>| &nbsp;&nbsp;&nbsp; **Committee**<br> **Members**<br>| **Committee Functions** | &nbsp;&nbsp;&nbsp; **Meetings Held**<br> **During Last**<br> **Fiscal Year**<br>|
| **Executive** | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;J. Christopher Donahue<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<br> Madelyn A. Reilly<br> John S. Walsh<br>| &nbsp;&nbsp;&nbsp; In between meetings of the full Board, the Executive Committee generally may <br> exercise all the powers of the full Board in the management and direction of the <br> business and conduct of the affairs of the Trust in such manner as the Executive <br> Committee shall deem to be in the best interests of the Trust. However, the <br> Executive Committee cannot elect or remove Board members, increase or decrease <br> the number of Trustees, elect or remove any Officer, declare dividends, issue shares <br> or recommend to shareholders any action requiring shareholder approval.<br>| One |
| **Audit** | &nbsp;&nbsp;&nbsp; John G. Carson<br> Thomas M. O'Neill<br> Madelyn A. Reilly<br> John S. Walsh<br>| &nbsp;&nbsp;&nbsp; The purposes of the Audit Committee are to oversee the accounting and financial <br> reporting process of the Fund, the Fund's internal control over financial reporting <br> and the quality, integrity and independent audit of the Fund's financial statements. <br> The Committee also oversees or assists the Board with the oversight of compliance <br> with legal requirements relating to those matters, approves the engagement and <br> reviews the qualifications, independence and performance of the Fund's <br> independent registered public accounting firm, acts as a liaison between the <br> independent registered public accounting firm and the Board and reviews the Fund's <br> internal audit function.<br>| Seven |
| **Nominating** | &nbsp;&nbsp;&nbsp; John G. Carson<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough <br> Karen L. Larrimer<br> Max F. Miller<br> Frank J. Nasta<br> Thomas M. O'Neill<br> Madelyn A. Reilly <br> John S. Walsh<br>| &nbsp;&nbsp;&nbsp; The Nominating Committee, whose members consist of all Independent Trustees, <br> selects and nominates persons for election to the Fund's Board when vacancies <br> occur. The Committee will consider candidates recommended by shareholders, <br> Independent Trustees, officers or employees of any of the Fund's agents or service <br> providers and counsel to the Fund. Any shareholder who desires to have an <br> individual considered for nomination by the Committee must submit a <br> recommendation in writing to the Secretary of the Fund, at the Fund's address <br> appearing on the back cover of this SAI. The recommendation should include the <br> name and address of both the shareholder and the candidate and detailed <br> information concerning the candidate's qualifications and experience. In identifying <br> and evaluating candidates for consideration, the Committee shall consider such <br> factors as it deems appropriate. Those factors will ordinarily include: integrity, <br> intelligence, collegiality, judgment, diversity, skill, business and other experience, <br> qualification as an "Independent Trustee," the existence of material relationships <br> which may create the appearance of a lack of independence, financial or accounting <br> knowledge and experience and dedication and willingness to devote the time and <br> attention necessary to fulfill Board responsibilities.<br>| None |

---

**BOARD'S ROLE IN RISK OVERSIGHT** 

The Board's role in overseeing the Fund's general risks includes receiving performance reports for the Fund and risk management reports from Federated Hermes' Chief Risk Officer at each regular Board meeting. The Chief Risk Officer is responsible for enterprise risk management at Federated Hermes, which includes risk management committees for investment management and for investor services. The Board also receives regular reports from the Fund's Chief Compliance Officer regarding significant compliance risks.

On behalf of the Board, the Audit Committee plays a key role overseeing the Fund's financial reporting and valuation risks. The Audit Committee meets regularly with the Fund's Principal Financial Officer and outside auditors, as well as with Federated Hermes' Chief Audit Executive to discuss financial reporting and audit issues, including risks relating to financial controls.

**22**

------

**Board Ownership Of Shares In The Fund And In The Federated Hermes Family Of Investment Companies As Of December 31, 2024** 

---

| | | |
|:---|:---|:---|
| **Interested Board**<br> **Member Name**<br>| &nbsp;&nbsp; **Dollar Range of**<br> **Shares Owned in**<br> **Federated Hermes** <br> **Government Ultrashort Fund**<br>| &nbsp;&nbsp; **Aggregate**<br> **Dollar Range of**<br> **Shares Owned in**<br> **Federated Hermes Family of**<br> **Investment Companies**<br>|
| J. Christopher Donahue |  | Over $100,000 |
| John B. Fisher |  | Over $100,000 |
| **Independent Board**<br> **Member Name**<br>|  |  |
| John G. Carson |  |  |
| G. Thomas Hough |  | Over $100,000 |
| Karen L. Larrimer |  | Over $100,000 |
| Max F. Miller |  |  |
| Frank J. Nasta |  |  |
| Thomas M. O'Neill |  | Over $100,000 |
| Madelyn A. Reilly |  | Over $100,000 |
| John S. Walsh |  | Over $100,000 |

---

**Investment Adviser** 

The Adviser conducts investment research and makes investment decisions for the Fund.

The Adviser is a wholly owned subsidiary of Federated Hermes.

The Adviser shall not be liable to the Trust or any Fund shareholder for any losses that may be sustained in the purchase, holding or sale of any security or for anything done or omitted by it, except acts or omissions involving willful misfeasance, bad faith, gross negligence or reckless disregard of the duties imposed upon it by its contract with the Trust.

In December 2017, Federated Investors, Inc., now Federated Hermes, became a signatory to the Principles for Responsible Investment (PRI). The PRI is a voluntary and aspirational investor initiative in partnership with the United Nations Environment Programme Finance Initiative and the United Nations Global Compact. As a signatory to the PRI, Federated Hermes makes certain commitments with respect to evaluation of environmental, social and governance (ESG) issues with respect to its investments and implements those commitments where consistent with our fiduciary duties and relevant objectives. Being a signatory to the PRI is not legally binding and does not obligate Federated Hermes to take, or not take, any particular action as it relates to investment decisions or other activities.

In July 2018, Federated Investors, Inc., now Federated Hermes, acquired a majority interest in Federated Hermes Limited (FHL) (formerly, Hermes Fund Managers Limited), a pioneer of integrated ESG investing. Federated Hermes now owns 100% of FHL. FHL's experience with ESG issues contributes to Federated Hermes' understanding of material risks and opportunities these issues may present.

EOS at Federated Hermes, which was established as Hermes Equity Ownership Services Limited (EOS) in 2004 as an affiliate of FHL and Hermes Investment Management Limited, is a 50+ member engagement and stewardship affiliate that conducts long-term, objectives-driven dialogue with board and senior executive level representatives of approximately 1,000 unique issuers annually. Such interactions and engagements are undertaken to seek to improve long-term risk-adjusted returns, and to create long-term value for investors, consistent with applicable fiduciary duties and relevant objectives. The level of interaction with a company, governmental body or other entity (as applicable) can be subject to any limitations required, either explicitly or implicitly, in the jurisdiction in which a company, governmental body or other entity (as applicable) is domiciled in an effort to comply with applicable law and/or to avoid legal or regulatory risk for the Fund and/or investors. EOS at Federated Hermes Limited's engagement seeks to address the most material ESG risks and opportunities through constructive and continuous discussions with the goal of improving long-term results for investors. Engagers' deep understanding across sectors, themes and regional markets, along with language and cultural expertise, allows EOS to provide insights to companies on the merits of addressing ESG risks and the positive benefits of capturing opportunities. Federated Hermes investment management teams have access to the insights gained from understanding a company's approach to these long-term strategic matters as an additional input to improve portfolio risk/return characteristics.

**23**

------

**Portfolio Manager Information** 

The following information about the Fund's Portfolio Managers is provided as of the end of the Fund's most recently completed fiscal year unless otherwise indicated.

**Susan Hill, Portfolio Manager** 

---

| | |
|:---|:---|
| **Types of Accounts Managed**<br> **by Susan Hill**<br>| &nbsp;&nbsp;&nbsp; **Total Number of Additional Accounts** <br> **Managed/Total Assets\***<br>|
| Registered Investment Companies | 8/$349.1 billion |
| Other Pooled Investment Vehicles | 3/$37.1 billion |
| Other Accounts | 0/$0 |

---

\*

*None of the Accounts has an advisory fee that is based on the performance of the account.*

*Dollar value range of shares owned in the Fund: None.* 

Susan Hill is paid a fixed base salary and a variable annual incentive. Base salary is determined within a market competitive, position-specific salary range, based on the portfolio manager's experience and performance. The annual incentive amount is determined based primarily on Investment Product Performance (IPP) and may also include a discretionary component based on a variety of factors deemed relevant, such as financial measures and performance and may be paid entirely in cash, or in a combination of cash and restricted stock of Federated Hermes, Inc. ("Federated Hermes"). The total combined annual incentive is intended to be competitive in the market for this portfolio manager role.

IPP is measured on a rolling one, three and five calendar year pre-tax gross total return basis versus the Fund's representative performance index (i.e., ICE BofA US 6-Month Treasury Bill Index) and versus a blended composite of iMoneyNet Institutional Government Money Market funds and the Lipper Short US Government Funds category, reflective of the duration stance of the Fund. Performance periods are adjusted if a portfolio manager has been managing an account for less than five years; accounts with less than one year of performance history under a portfolio manager may be excluded.

As noted above, Ms. Hill is also the portfolio manager for other accounts in addition to the Fund. Such other accounts may have different benchmarks and performance measures. The allocation or weighting given to the performance of the Fund or other accounts or activities for which Ms. Hill is responsible when her compensation is calculated may be equal or can vary.

In addition, Ms. Hill has oversight responsibility for other portfolios that she does not personally manage and serves on one or more Investment Teams that establish guidelines on various performance drivers (e.g., currency, duration, sector, volatility and/or yield curve) for taxable, fixed-income accounts. A portion of the IPP score is based on Federated Hermes' senior management's assessment of team contributions.

For purposes of calculating the annual incentive amount, each account managed by the portfolio manager currently is categorized into one of two IPP groups (which may be adjusted periodically). Within each performance measurement period and IPP group, IPP currently is calculated on the basis of an assigned weighting to each account managed or activity engaged in by the portfolio manager and included in the IPP groups. At the account level, the weighting assigned to the Fund is greater than or equal to the weighting assigned to certain other accounts or activities used to determine IPP (but can be adjusted periodically). A portion of the bonus tied to the IPP score may be adjusted based on management's assessment of overall contributions to account performance and any other factors as deemed relevant.

Any individual allocations from the discretionary pool may be determined, by executive management on a discretionary basis using various factors, such as, for example, on a product, strategy or asset class basis, and considering overall contributions and any other factors deemed relevant (and may be adjusted periodically).

**24**

------

**Liam O'Connell, Portfolio Manager** 

---

| | |
|:---|:---|
| **Types of Accounts Managed**<br> **by Liam O'Connell**<br>| &nbsp;&nbsp;&nbsp; **Total Number of Additional** <br> **Accounts Managed/Total Assets\***<br>|
| Registered Investment Companies | 9/$5.7 billion |
| Other Pooled Investment Vehicles | 0/$0 |
| Other Accounts | 2/$135.5 million |

---

\*

*None of the Accounts has an advisory fee that is based on the performance of the account.*

*Dollar value range of shares owned in the Fund: $10,001-$50,000.* 

Liam O'Connell is paid a fixed base salary and a variable annual incentive. Base salary is determined within a market competitive, position-specific salary range, based on the portfolio manager's experience and performance. The annual incentive amount is determined based primarily on Investment Product Performance (IPP) and may also include a discretionary component based on a variety of factors deemed relevant, such as financial measures and performance, and may be paid entirely in cash, or in a combination of cash and restricted stock of Federated Hermes, Inc. ("Federated Hermes"). The total combined annual incentive opportunity is intended to be competitive in the market for this portfolio manager role.

IPP is measured on a rolling one, three and five calendar year pre-tax gross total return basis versus the Fund's representative performance index (i.e., ICE BofA US 6-Month Treasury Bill Index) and versus a blended composite of iMoneyNet Institutional Government Money Market funds and the Lipper Short US Government Funds category, reflective of the duration stance of the Fund. Performance periods are adjusted if a portfolio manager has been managing an account for less than five years; accounts with less than one year of performance history under a portfolio manager may be excluded.

As noted above, Mr. O'Connell is also the portfolio manager for other accounts in addition to the Fund. Such other accounts may have different benchmarks and performance measures. The allocation or weighting given to the performance of the Fund or other accounts or activities for which Mr. O'Connell is responsible when his compensation is calculated may be equal or can vary.

In addition, Mr. O'Connell serves on one or more Investment Teams that establish guidelines on various performance drivers (e.g., currency, duration, sector, and/or yield curve) for taxable, fixed-income accounts. A portion of the IPP score is based on Federated Hermes' senior management's assessment of team contributions.

For purposes of calculating the annual incentive amount, each account managed by the portfolio manager currently is categorized into one of two IPP groups (which may be adjusted periodically). Within each performance measurement period and IPP group, IPP is calculated on the basis of an assigned weighting to each account managed or activity engaged in by the portfolio manager and included in the IPP groups. At the account level, the weighting assigned to the Fund is greater than or equal to the weighting assigned to other accounts or activities used to determine IPP (but can be adjusted periodically). Additionally, a portion of Mr. O'Connell's IPP score is based on the performance for which he provides research and analytic support. A portion of the bonus tied to the IPP score may be adjusted based on management's assessment of overall contributions to account performance and any other factors as deemed relevant.

Any individual allocations from the discretionary pool may be determined, by executive management on a discretionary basis using various factors, such as, for example, on a product, strategy or asset class basis, and considering overall contributions and any other factors deemed relevant (and may be adjusted periodically).

In addition, Mr. O'Connell was awarded a grant of restricted Federated Hermes' stock. Awards of restricted stock are discretionary and are made in variable amounts based on the subjective judgment of Federated Hermes' senior management.

**Services Agreement** 

Federated Advisory Services Company, an affiliate of the Adviser, provides certain support services to the Adviser. The fee for these services is paid by the Adviser and not by the Fund.

**Other Related Services** 

Affiliates of the Adviser may, from time to time, provide certain electronic equipment and software to institutional customers in order to facilitate the purchase of Fund Shares offered by the Distributor.

**25**

------

**Code Of Ethics Restrictions On Personal Trading** 

As required by Rule 17j-1 of the Investment Company Act of 1940 and Rule 204A-1 under the Investment Advisers Act (as applicable), the Fund, its Adviser and its Distributor have adopted codes of ethics. These codes govern securities trading activities of investment personnel, Fund Trustees and certain other employees. Although they do permit these people to trade in securities, including those that the Fund could buy, as well as Shares of the Fund, they also contain significant safeguards designed to protect the Fund and its shareholders from abuses in this area, such as requirements to obtain prior approval for, and to report, particular transactions.

**Voting Proxies On Fund Portfolio Securities** 

The Board has delegated to the Adviser authority to vote proxies on the securities held in the Fund's portfolio. The Board has also approved the Adviser's policies and procedures for voting the proxies, which are described below.

**Proxy Voting Policies** 

As an investment adviser with a fiduciary duty to the Fund and its shareholders, the Adviser's general policy is to cast proxy votes in favor of management proposals and shareholder proposals that the Adviser anticipates will enhance the long-term value of the securities being voted in a manner that is consistent with the investment objectives of the Fund. Generally, this will mean voting for proposals that the Adviser believes will improve the management of a company, increase the rights or preferences of the voted securities, or increase the chance that a premium offer would be made for the company or for the voted securities. This approach to voting proxy proposals will be referred to hereafter as the "General Policy."

The Adviser generally votes consistently on the same matter when securities of an issuer are held by multiple client portfolios. However, the Adviser may vote differently if a client's investment objectives differ from those of other clients or if a client explicitly instructs the Adviser to vote differently.

The following examples illustrate how the General Policy may apply to the most common management proposals and shareholder proposals. However, whether the Adviser supports or opposes a proposal will always depend on a thorough understanding of the Fund's investment objectives and the specific circumstances described in the proxy statement and other available information.

**Corporate Governance** 

On matters related to the board of directors, generally, the Adviser will vote to elect nominees to the board in uncontested elections except in certain circumstances, such as where the director: (1) has not attended at least 75% of the board meetings during the previous year; (2) serves as the company's chief financial officer, unless the company is headquartered in the UK or Ireland where this is market practice; (3) has become "overboarded" (i.e., more than five public company boards for retired executives and more than two such boards for CEOs); (4) is a non-independent, non-executive director on the board of a U.S. domestic issuer where less than two-thirds of the directors are independent; (5) is a non-independent, non-executive director on the board of a foreign issuer where less than half of the directors are independent; (6) is a non-independent member of the audit committee; (7) is the chair of the nominating or governance committee when the roles of chair of the board and CEO are combined and there is no lead independent director; (8) served on the compensation committee during a period in which compensation appears excessive relative to performance and peers; or (9) served on a board that did not implement a shareholder proposal that the Adviser supported and received more than 50% shareholder support the previous year.

In addition, the Adviser will generally vote in favor of: (10) a full slate of directors, where the directors are elected as a group and not individually, unless more than half of the nominees are not independent; (11) shareholder proposals to declassify the board of directors; (12) shareholder proposals to require a majority voting standard in the election of directors; (13) shareholder proposals to separate the roles of chair of the board and CEO; (14) a proposal to require a company's audit committee to be comprised entirely of independent directors; and (15) shareholder proposals to eliminate supermajority voting requirements in company bylaws.

On other matters of corporate governance, generally, the Adviser will vote: (1) in favor of proposals to grant shareholders the right to call a special meeting if owners of at least 10% of the outstanding stock agree; (2) on a case-by-case basis for shareholder proposals to grant shareholders the right to act by written consent when the company does not already grant shareholders the right to call a special meeting; (3) on a case-by-case basis for proposals to adopt or amend shareholder rights plans (also known as "poison pills"); and (4) in favor of shareholder proposals calling for "Proxy Access," that is, a bylaw change allowing shareholders owning at least 3% of the outstanding common stock for at least three years to nominate candidates for election to the board of directors.

**26**

------

Notwithstanding the above, the Adviser may vote in a manner that diverges from the General Policy based on its evaluation of the specific facts and circumstances of the vote. For example, if a Federated Hermes investment professional has insights into a proxy voting issue as it relates to a specific portfolio company, the investment professional may determine to vote in a manner that contravenes the guidelines set out in the General Policy. The process for casting such votes will be overseen by the Proxy Voting Committee. See further the Proxy Voting Procedures below.

**Shareholder Proposals on Environmental and Social Issues** 

The Adviser will vote shareholder proposals of an environmental or social nature on a case-by-case basis. The Adviser's general approach to analyzing these proposals calls for considering the language of the proposal, and whether it is overly prescriptive, the financial materiality of the proposal's objective and the practices followed by industry peers. This analysis utilizes research reports from the Adviser's proxy advisors, company filings, as well as reports published by the company and other outside organizations.

**Environmental** 

The Adviser will generally support proposals calling for enhanced reporting on the company's business practices, including policies, strategic initiatives and oversight mechanisms, related to environmental risks. To reach a final voting decision, the Adviser will take into consideration:

■ The company's current level of publicly available disclosure;

■ Whether the company has formally committed to implementation of a reporting program based on well-established, generally accepted frameworks;

■ Whether the company's current level of disclosure is comparable to that of industry peers; and

■ Whether there are significant controversies or litigation associated with the company's environmental performance.

**Social** 

The Adviser will generally support resolutions in the social category when they call for measures to enhance disclosure that would enable investors to make high-quality risk assessments of the company's social issues, such as their human capital management practices. The Adviser will generally oppose proposals calling for a change in the company's product line or methods of distribution.

**Political Activities** 

The Adviser will generally support enhanced disclosure of policies, practices and oversight of corporate political activity when the current level of disclosure falls short of disclosure provided by industry peers. The Adviser will oppose proposals prohibiting the company's participation in any part of the political process, such as making political contributions and joining trade associations.

**Capital Structure** 

On matters of capital structure, generally, the Adviser will vote: (1) on a case-by-case basis for proposals to authorize the issuance of new shares if not connected to an M&A transaction and the potential dilution is more than 10%, (2) against proposals to create multiple-class voting structures where one class has superior voting rights to the other classes; (3) in favor of proposals to authorize reverse stock splits unless the amount of authorized shares is not also reduced proportionately. Some foreign issuers annually request shareholders to approve general share issuance authorities as a matter of routine business. On these matters, the Adviser will vote in favor of proposals to authorize issuance of shares with and without pre-emptive rights unless the size of the authorities would unreasonably dilute existing shareholders.

**Executive Compensation** 

Votes on executive compensation come in many forms, including advisory votes on U.S. executive compensation plans ("Say On Pay"); advisory and binding votes on the design or implementation of non-U.S. executive remuneration plans; and votes to approve new equity plans or amendments to existing plans. Generally, the Adviser will support compensation arrangements that are believed to sufficiently align executive compensation outcomes with the company's long-term performance.

**Say On Pay** 

The Adviser will generally vote in favor of these proposals unless the plan has failed to align executive compensation with corporate performance, or the design of the plan is likely to lead to misalignment in the future. We support the principle of an annual shareholder vote on executive pay and will generally vote accordingly on proposals which set the frequency of the Say On Pay vote.

**27**

------

**Remuneration Policy** 

In some markets, shareholders are provided a vote on the remuneration policy, which sets out the structural elements of a company's executive compensation plan on a forward-looking basis. The Adviser will generally support these proposals unless:

■ The design of the remuneration policy fails to appropriately link executive compensation with corporate performance and shareholder value;

■ Total compensation appears excessive relative to the company's industry peer group considering local market dynamics; or

■ There is insufficient disclosure to enable an informed judgment, particularly as it relates to the disclosure of the maximum amounts of compensation that may be awarded.

**Remuneration Report** 

Markets with remuneration policy proposals typically also feature proposals which request shareholders to approve the annual remuneration report. The remuneration report provides shareholders with details concerning the implementation in the previous year of the remuneration policy. The Adviser will generally support these proposals unless:

■ Implementation decisions during the period in question are not appropriately aligned with corporate performance and shareholder value; or

■ The level of disclosure is not sufficient to permit an evaluation of the company's pay practices in the period covered by the report.

**Equity Plans** 

The Adviser will generally vote in favor of equity plan proposals unless they:

■ Result in unreasonable dilution to existing shareholders;

■ Permit replacement of "underwater" options with new options on more favorable terms for the recipient; or

■ Omit the criteria for determining the granting or vesting of awards.

**M&A Activity** 

On matters relating to corporate transactions, the Adviser will generally vote in favor of mergers, acquisitions, and sales of assets if the Adviser's analysis of the proposed business strategy and the transaction price would have a positive impact on the total return for shareholders.

**Contested Elections** 

If a shareholders meeting is contested–that is, shareholders are presented with a set of director candidates nominated by company management and a set of director candidates nominated by a dissident shareholder–the Adviser will analyze the proposed business strategies of both groups and vote in a way that maximizes expected total return for the Fund.

**Cost/Benefit Analysis** 

In addition, the Adviser will not vote any proxy if it determines that the consequences or costs of voting outweigh the potential benefit of voting. For example, if a foreign market requires shareholders voting proxies to retain the voted shares until the meeting date (thereby rendering the shares "illiquid" for some period), the Adviser will not vote proxies for such shares. In addition, the Adviser is not obligated to incur any expense to send a representative to a shareholder meeting or to translate proxy materials into English.

**Securities Lending Recall** 

To the extent that the Adviser is permitted to loan securities, the Adviser does not have the right to vote on securities while they are on loan. However, the Adviser will take all reasonable steps to recall shares prior to the record date when the meeting concerns issues that the Adviser believes materially affect shareholder value, provided that the Adviser considers that the benefits of voting on the securities are greater than the associated costs, including the opportunity cost of the lost revenue that would otherwise be generated by the loan. There can be no assurance that the Adviser will have sufficient notice of such matters to be able to terminate the loan in time to vote thereon.

**Issuer Feedback** 

The Adviser will consider feedback from issuers on the voting recommendations of the Adviser's proxy advisory firm if the feedback is provided at least five days before the voting cut-off date.

**Best Efforts** 

If proxies are not delivered in a timely or otherwise appropriate basis, the Adviser may not be able to vote a particular proxy.

**28**

------

For an Adviser that employs a quantitative investment strategy for certain funds or accounts that does not make use of qualitative research ("Non-Qualitative Accounts"), the Adviser may not have the kind of research to make decisions about how to vote proxies for them. Therefore, the Adviser will vote the proxies of these Non-Qualitative Accounts as follows: (a) in accordance with the Standard Voting Instructions (defined below); (b) if the Adviser is casting votes for the same proxy on behalf of a regular qualitative account and a Non-Qualitative Account, the Non-Qualitative Account would vote in the same manner as the regular qualitative account; (c) if neither of the first two conditions apply, as the proxy advisory firm is recommending; and (d) if none of the previous conditions apply, as recommended by the Proxy Voting Committee.

**Proxy Voting Procedures** 

The Adviser has established a Proxy Voting Committee ("Proxy Committee"), to exercise all voting discretion granted to the Adviser by the Board in accordance with the proxy voting policies. To assist it in carrying out the day-to-day operations related to proxy voting, the Proxy Committee has created the Proxy Voting Management Group (PVMG). The day-to-day operations related to proxy voting are carried out by the Proxy Voting Team (PVT) and overseen by the PVMG. The PVT comprises a team of professionals who specialize in proxy voting and corporate governance best practices. In addition to managing the operational aspects of proxy vote execution, the PVT's responsibilities include: engaging with investee companies on proxy voting and corporate governance matters; managing the relationship with, and monitoring the effectiveness of, Federated Hermes' proxy advisory firm, and reporting on these to the PVMG and the Proxy Committee; providing input on specific case-by-case vote decisions made by the Adviser's investment professionals; facilitating the proxy voting process, including by presenting the proxy voting decisions made by the Adviser's investment professionals to the Proxy Committee; preparing proxy voting data for filing on Form N-PX with the U.S. Securities and Exchange Commission; providing proxy voting reports to clients and investment companies as they are requested from time to time; and, keeping the Proxy Committee informed of any emerging or developing issues related to corporate governance and proxy voting to guide future policy development.

The Adviser has compiled a list of specific voting instructions based on the General Policy (the "Standard Voting Instructions"). The Standard Voting Instructions and any modifications to them are approved by the Proxy Committee. The Standard Voting Instructions may call for an investment professional to review the ballot question and provide a voting recommendation to the Proxy Committee. The foregoing notwithstanding, the Proxy Committee always has the authority to determine a final voting decision.

The Adviser has hired a proxy advisory firm to perform various proxy voting related administrative services such as ballot reconciliation, vote processing and recordkeeping functions. The Proxy Committee has supplied the proxy advisory firm with the Standard Voting Instructions. The Proxy Committee retains the right to modify the Standard Voting Instructions at any time or to vote contrary to them at any time to cast proxy votes in a manner that the Proxy Committee believes is in accordance with the General Policy. If the Standard Voting Instructions require case-by-case handling for a proposal, the PVT will work with the investment professionals and the proxy advisory firm to develop a voting recommendation for the Proxy Committee and to communicate the Proxy Committee's final voting decision to the proxy advisory firm. Further, if the Standard Voting Instructions require the PVT to analyze a ballot question and make the final voting decision, the PVT will report such votes to the Proxy Committee on a quarterly basis for review.

**Conflicts of Interest** 

The Adviser has adopted procedures to address situations where a matter on which a proxy is sought may present a potential conflict between the interests of the Fund (and its shareholders) and those of the Adviser or Distributor. This may occur where a significant business relationship exists between the Adviser (or its affiliates) and a company involved with a proxy vote.

A company that is a proponent, opponent, or the subject of a proxy vote, and which to the knowledge of the Proxy Committee has this type of significant business relationship, is referred to below as an "Interested Company."

The Adviser has implemented the following procedures to avoid concerns that the conflicting interests of the Adviser or its affiliates have influenced proxy votes. Any employee of the Adviser or its affiliates who is contacted by an Interested Company regarding proxies to be voted by the Adviser must refer the Interested Company to a member of the Proxy Committee and must inform the Interested Company that the Proxy Committee has exclusive authority to determine how the proxy will be voted. Any Proxy Committee member contacted by an Interested Company must report it to the full Proxy Committee and provide a written summary of the communication. This requirement includes engagement meetings with investee companies and does not include communications with proxy solicitation firms. Under no circumstances will the Proxy Committee or any member of the Proxy Committee make a commitment to an Interested Company regarding the voting of proxies or disclose to an Interested Company how the Proxy Committee has directed such proxies to be voted. If the Standard Voting Instructions already provide specific direction on the proposal in question, the Proxy Committee shall not alter or amend such directions. If the Standard Voting Instructions require the Proxy Committee to provide further direction, the Proxy Committee shall do so in accordance with the proxy voting policies, without regard for the interests of the Adviser with respect to the Interested Company. If the Proxy

**29**

------

Committee provides any direction as to the voting of proxies relating to a proposal affecting an Interested Company, it must disclose annually to the Fund's Board information regarding: the significant business relationship; any material communication with the Interested Company; the matter(s) voted on; and how, and why, the Adviser voted as it did. In certain circumstances it may be appropriate for the Adviser to vote in the same proportion as all other shareholders, as to not affect the outcome beyond helping to establish a quorum at the shareholders' meeting. This is referred to as "proportional voting." If the Fund owns shares of another Federated Hermes mutual fund, generally the Adviser will proportionally vote the client's proxies for that fund or seek direction from the Board or the client on how the proposal should be voted. If the Fund owns shares of an unaffiliated mutual fund, the Adviser may proportionally vote the Fund's proxies for that fund depending on the size of the position. If the Fund owns shares of an unaffiliated exchange-traded fund, the Adviser will proportionally vote the Fund's proxies for that fund.

**Downstream Affiliates** 

If the Proxy Committee gives further direction, or seeks to vote contrary to the Standard Voting Instructions, for a proxy relating to a portfolio company in which the Fund owns more than 10% of the portfolio company's outstanding voting securities at the time of the vote ("Downstream Affiliate"), the Proxy Committee must first receive guidance from counsel to the Proxy Committee as to whether any relationship between the Adviser and the portfolio company, other than such ownership of the portfolio company's securities, gives rise to an actual conflict of interest. If counsel determines that an actual conflict exists, the Proxy Committee must address any such conflict with the executive committee of the board of directors or trustees of any investment company client prior to taking any action on the proxy at issue.

**Proxy Advisors' Conflicts of Interest** 

Proxy advisory firms may have significant business relationships with the subjects of their research and voting recommendations. For example, a significant vendor for a proxy advisory firm may be a public company with an upcoming shareholders' meeting and the proxy advisory firm has published a research report with voting recommendations. In another example, a proxy advisory firm consulting client may be a public company for which the proxy advisory firm will write a research report. These and similar situations give rise to an actual or apparent conflict of interest.

To avoid concerns that the conflicting interests of proxy advisory firms have influenced their proxy voting recommendations, the Adviser will take the following steps:

■ A due diligence team made up of employees of the Adviser and/or its affiliates will meet with its primary proxy advisor on an annual basis and determine through a review of their policies and procedures and through inquiry that they have established a system of internal controls that provide reasonable assurance that their voting recommendations are not influenced by their various conflicts of interest.

■ On an annual basis the Director of Proxy Voting, or their designee, will examine a sample of a proxy advisory firm's research reports for that firm's institutional consulting clients and determine if evidence of bias in recommendations exists. If such evidence is found, the results of the examination will be presented to the Proxy Voting Management Group and a decision would be made as to the further use of that advisory firm's research reports.

■ Whenever the standard voting guidelines call for voting a proposal in accordance with a proxy advisory firm's recommendation and the proxy advisory firm has disclosed that they have a conflict of interest with respect to that issuer, the PVT will take the following steps: (a) the PVT will obtain a copy of the research report published by a proxy advisory firm for that issuer; and (b) the Director of Proxy Voting, or their designee, will review proxy advisory firm reports and determine what vote will be cast. The PVT will report all proxies voted in this manner to the Proxy Committee on a quarterly basis. Alternatively, the PVT may seek direction from the Committee on how the proposal shall be voted.

**Proxy Voting Report** 

A report on "Form N-PX" of how the Fund voted any proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at <u>FederatedHermes.com/us/FundInformation</u>. Form N-PX filings are also available (i) without charge, upon request, by calling the Fund at 1-800-341-7400, Option #4; and (ii) on the SEC's website at <u>sec.gov</u>.

**Portfolio Holdings Information** 

Information concerning the Fund's portfolio holdings is available via the link to the Fund and share class name at <u>FederatedHermes.com/us/FundInformation</u>. A complete listing of the Fund's portfolio holdings as of the end of each month is posted on the website seven days (or the next business day) after the end of the month and remains posted for six months thereafter. Summary portfolio composition information as of the close of each month is posted on the website 15 days (or the next business day) after month-end and remains posted until replaced by the information for the succeeding month. The summary portfolio composition information may include: identification of the Fund's top 10 holdings, recent purchase and sale transactions and a percentage breakdown of the portfolio by sector.

**30**

------

You may also access portfolio information as of the end of the Fund's fiscal quarters via the link to the Fund and share class name at <u>FederatedHermes.com/us</u>. The Fund's Form N-CSR contains complete listings of the Fund's portfolio holdings as of the end of the Fund's second and fourth fiscal quarters. Fiscal quarter information is made available on the website within 70 days after the end of the fiscal quarter. This information is also available in reports filed with the SEC at the SEC's website at <u>sec.gov</u>.

Each fiscal quarter, the Fund will file with the SEC a complete schedule of its monthly portfolio holdings on "Form N-PORT." The Fund's holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC's website at <u>sec.gov</u> within 60 days of the end of the fiscal quarter upon filing. You may also access this information via the link to the Fund and share class name at <u>FederatedHermes.com/us</u>.

The disclosure policy of the Fund and the Adviser prohibits the disclosure of portfolio holdings information to any investor or intermediary before the same information is made available to other investors. Employees of the Adviser or its affiliates who have access to nonpublic information concerning the Fund's portfolio holdings are prohibited from trading securities on the basis of this information. Such persons must report all personal securities trades and obtain pre-clearance for all personal securities trades other than mutual fund shares.

Firms that provide administrative, custody, financial, accounting, legal or other services to the Fund may receive nonpublic information about Fund portfolio holdings for purposes relating to their services. The Fund may also provide portfolio holdings information to publications that rate, rank or otherwise categorize investment companies. Traders or portfolio managers may provide "interest" lists to facilitate portfolio trading if the list reflects only that subset of the portfolio for which the trader or portfolio manager is seeking market interest. A list of service providers, publications and other third parties who may receive nonpublic portfolio holdings information appears in the Appendix to this SAI.

The furnishing of nonpublic portfolio holdings information to any third party (other than authorized governmental or regulatory personnel) requires the prior approval of the President of the Adviser and of the Chief Compliance Officer of the Fund. The President of the Adviser and the Chief Compliance Officer will approve the furnishing of nonpublic portfolio holdings information to a third party only if they consider the furnishing of such information to be in the best interests of the Fund and its shareholders. In that regard, and to address possible conflicts between the interests of Fund shareholders and those of the Adviser and its affiliates, the following procedures apply. No consideration may be received by the Fund, the Adviser, any affiliate of the Adviser or any of their employees in connection with the disclosure of portfolio holdings information. Before information is furnished, the third party must sign a written agreement that it will safeguard the confidentiality of the information, will use it only for the purposes for which it is furnished and will not use it in connection with the trading of any security. Persons approved to receive nonpublic portfolio holdings information will receive it as often as necessary for the purpose for which it is provided. Such information may be furnished as frequently as daily and often with no time lag between the date of the information and the date it is furnished. The Board receives and reviews annually a list of the persons who receive nonpublic portfolio holdings information and the purposes for which it is furnished.

**Brokerage Transactions And Investment Allocation** 

When selecting brokers and dealers to handle the purchase and sale of portfolio instruments, the Adviser looks for prompt execution of the order at a favorable price. Fixed-income securities are generally traded in an over-the-counter market on a net basis (i.e., without commission) through dealers acting as principal or in transactions directly with the issuer. Dealers derive an undisclosed amount of compensation by offering securities at a higher price than they bid for them. Some fixed-income securities may have only one primary market maker. The Adviser seeks to use dealers it believes to be actively and effectively trading the security being purchased or sold, but may not always obtain the lowest purchase price or highest sale price with respect to a security. The Adviser makes decisions on portfolio transactions and selects brokers and dealers subject to review by the Fund's Board.

Investment decisions for the Fund are made independently from those of other accounts managed by the Adviser and accounts managed by affiliates of the Adviser. When the Fund and one or more of those accounts invests in, or disposes of, the same security, available investments or opportunities for sales will be allocated among the Fund and the account(s) in a manner believed by the Adviser to be equitable. While the coordination and ability to participate in volume transactions may benefit the Fund, it is possible that this procedure could adversely impact the price paid or received and/or the position obtained or disposed of by the Fund. Investment decisions, and trading, for certain separately managed or wrap-fee accounts, and other accounts, of the Adviser and/or certain investment adviser affiliates of the Adviser are generally made, and conducted, independently from the Fund. It is possible that such independent trading activity could adversely impact the prices paid or received and/or positions obtained or disposed of by the Fund.

**31**

------

**Administrator** 

Federated Administrative Services (FAS), a subsidiary of Federated Hermes, provides administrative personnel and services, including certain legal, compliance and financial administrative services ("Administrative Services"), necessary for the operation of the Fund. FAS provides Administrative Services for a fee based upon the rates set forth below paid on the average daily net assets of the Fund. 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 with FAS. FAS is also entitled to reimbursement for certain out-of-pocket expenses incurred in providing Administrative Services to the Fund.

---

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

---

**Custodian** 

State Street Bank and Trust Company, Boston, Massachusetts, is custodian for the securities and cash of the Fund.

**Transfer Agent And Dividend Disbursing Agent** 

SS&C GIDS, Inc., the Fund's registered transfer agent, maintains all necessary shareholder records.

**Independent Registered Public Accounting Firm** 

The independent registered public accounting firm for the Fund, Ernst & Young LLP, conducts its audits in accordance with the standards of the Public Company Accounting Oversight Board (United States), which require it to plan and perform its audits to provide reasonable assurance about whether the Fund's financial statements and financial highlights are free of material misstatement.

**FEES PAID BY THE FUND FOR SERVICES** 

---

| | | | |
|:---|:---|:---|:---|
| **For the Year Ended May 31** | **2025** | **2024** | **2023** |
| Advisory Fee Earned | &nbsp;&nbsp; $3662122 | &nbsp;&nbsp; $2379737 | &nbsp;&nbsp; $2369255 |
| Advisory Fee Waived | &nbsp;&nbsp; $1958542 | &nbsp;&nbsp; $1409520 | &nbsp;&nbsp; $1356014 |
| Net Administrative Fee | &nbsp;&nbsp; $1138822 | &nbsp;&nbsp; $743028 | &nbsp;&nbsp; $745073 |
| **Net 12b-1 Fee:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Shareholder Services Fee:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp; $280702 | &nbsp;&nbsp; $104494 | &nbsp;&nbsp; $38190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Shares | &nbsp;&nbsp; $139624 | &nbsp;&nbsp; $149417 | &nbsp;&nbsp; $164363 |

---

Fees are allocated among classes based on their pro rata share of Fund assets, except for marketing ("Rule 12b-1") fees and shareholder services fees, which are borne only by the applicable class of Shares.

**Securities Lending Activities** 

The services provided to the Fund by Citibank, N.A. as securities lending agent may include the following: selecting securities previously identified by the Fund as available for loan to be loaned; locating borrowers identified in the securities lending agency agreement; negotiating loan terms; monitoring daily the value of the loaned securities and collateral; requiring additional collateral as necessary; marking to market non-cash collateral; instructing the Fund's custodian with respect to the transfer of loaned securities; indemnifying the Fund in the event of a borrower default; and arranging for return of loaned securities to the Fund at loan termination.

The Fund did not participate in any securities lending activities during the Fund's most recently completed fiscal year.

**32**

------

---

| | |
|:---|:---|
| **Gross income from securities lending activities** | &nbsp;&nbsp; $00.00 |
| *Fees and/or compensation for securities lending activities and related services* |  |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $00.00 |
| Fees paid for any cash collateral management service (including fees deducted from a <br> pooled cash collateral reinvestment vehicle) that are not included in the revenue split<br>| &nbsp;&nbsp; — |
| Administrative fees not included in revenue split | &nbsp;&nbsp; — |
| Indemnification fee not included in revenue split | &nbsp;&nbsp; — |
| Rebate (paid to borrower) | &nbsp;&nbsp; $00.00 |
| Other fees not included in revenue split (specify) | &nbsp;&nbsp; — |
| **Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp; $00.00 |
| **Net income from securities lending activities** | &nbsp;&nbsp; $00.00 |

---

[Financial Information](https://www.sec.gov/ix?doc=/Archives/edgar/data/925723/000162363225000862/finst1797-form.htm)

The Financial Statements for the Fund for the fiscal year ended May 31, 2025, are incorporated herein by reference to the annual financial statements filed on Form N-CSR of Federated Hermes Government Ultrashort Fund dated May 31, 2025.

**33**

------

Addresses

**Federated Hermes Government Ultrashort Fund** 

**Class A Shares**

**Institutional Shares**

**Service Shares**

**Class R6 Shares** 

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

**Distributor** 

Federated Securities Corp.

1001 Liberty Avenue

Pittsburgh, PA 15222-3779

**Investment Adviser** 

Federated Investment Management Company

1001 Liberty Avenue

Pittsburgh, PA 15222-3779

**Custodian** 

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02110

**Transfer Agent and Dividend Disbursing Agent** 

SS&C GIDS, Inc.

P.O. Box 219318

Kansas City, MO 64121-9318

**Independent Registered Public Accounting Firm**

Ernst & Young LLP

200 Clarendon Street

Boston, MA 02116-5072

**34**

------

Appendix

The following is a list of persons, other than the Adviser and its affiliates, that have been approved to receive nonpublic portfolio holdings information concerning the Federated Hermes Complex; however, certain persons below might not receive such information concerning the Fund:

**CUSTODIAN(S)** 

State Street Bank and Trust Company

**Securities Lending Agent** 

Citibank, N.A.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

Ernst & Young LLP

**LEGAL COUNSEL**

Kirkland & Ellis LLP

K&L Gates LLP

**Financial PrinterS** 

Broadridge Investor Communication Solutions, Inc.

Donnelley Financial Solutions

**Proxy Voting Administrator** 

Glass Lewis & Co., LLC

**SECURITY PRICING SERVICES** 

Bloomberg L.P.

S&P Global Ratings

JPMorgan PricingDirect

London Stock Exchange Group PLC (LSEG)

**RATINGS AGENCIES** 

Fitch Ratings, Inc.

Moody's Investors Service, Inc.

S&P Global Ratings

**Other SERVICE PROVIDERS** 

Other types of service providers that have been approved to receive nonpublic portfolio holdings information include service providers offering, for example, trade order management systems, portfolio analytics, or performance and accounting systems, such as:

ACA Technology Surveillance, Inc.

Bank of America

Bank of New York Mellon Corporation

Bloomberg L.P.

Charles River Development

Citibank, N.A.

Eagle Investment Systems LLC

Electra Information Systems

FactSet Research Systems Inc.

FISGlobal

Institutional Shareholder Services

Investortools, Inc.

MSCI ESG Research LLC

PricewaterhouseCoopers

Star Compliance

Sustainalytics U.S. Inc.

**35**

------

**Item 28. Exhibits**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(a)** | &nbsp;&nbsp;**Declaration of Trust** |  |
|  | &nbsp;&nbsp;[Conformed copy of Amended and Restated Declaration of Trust of the Registrant dated June 17, 1994, including Amendments](exhibit28-a.htm) | &nbsp;&nbsp;**+** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(b)** | &nbsp;&nbsp;**By-Laws** |  |
|  | &nbsp;&nbsp;[Conformed Copy of Amended and Restated By-Laws of the Registrant, effective as of June 29, 2020, including Amendments](exhibit28-b.htm) | + |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(c)** | &nbsp;&nbsp;**Instruments Defining Rights of Security Holders** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;[Copy of Specimen Certificate for Shares of Beneficial Interest of the Registrant, as filed in Pre-Effective Amendment No. 1 to its Registration Statement on August 26, 1994 on Form N-1A (File Nos. 33-54445 and 811-7193)](https://www.sec.gov/Archives/edgar/data/925723/0000925723-94-000004-index.html) |
|  | &nbsp;&nbsp;As of September 1, 1997, Federated Securities Corp. stopped issuing share certificates. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(d)** | &nbsp;&nbsp;**Investment Advisory Contracts** |  |
|  | &nbsp;&nbsp; **Federated Investment Management Company**<br> [Conformed copy of the Investment Advisory Contract of the Registrant dated September 1, 1994, as amended, including Amendment and Limited Power of Attorney](exhibit28-d.htm) | &nbsp;&nbsp;+ |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(e)** | &nbsp;&nbsp;**Underwriting Contracts** |  |
|  | &nbsp;&nbsp;[Conformed copy of the Distributor's Contract of the Registrant dated September 1, 1994, including Exhibits and Amendments](exhibit28-e.htm) | &nbsp;&nbsp;+ |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(f)** | &nbsp;&nbsp;**Bonus or Profit Sharing Contracts** |
|  | &nbsp;&nbsp;Not applicable |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(g)** | &nbsp;&nbsp;**Custodian Agreements** |  |
|  | [Conformed copy of Amended and Restated Master Custodian Agreement dated March 1, 2017 by and between State Street Bank and Trust Company and the Registrant, including Appendix A](exhibit28-g.htm) | &nbsp;&nbsp;+ |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(h)** | &nbsp;&nbsp;**Other Material Contracts** |  |
| &nbsp;&nbsp;**1** | &nbsp;&nbsp;**Services Agreement** |  |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;[Conformed copy of Services Agreement between Federated Advisory Services Company and Federated Investment Management Company, as amended, dated January 1, 2004, and Limited Power of Attorney dated January 1, 2004, including Schedule 1](exhibit28-h1a.htm) | &nbsp;&nbsp;+ |
| &nbsp;&nbsp;(b) | &nbsp;&nbsp;[Conformed copy of the Second Amended and Restated Services Agreement, amended and restated as of December 1, 2001, between Federated Shareholder Services Company and the Registrant, including Schedule 1](exhibit28-h1b.htm) | &nbsp;&nbsp;+ |
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Transfer Agency Agreement** |  |
|  | &nbsp;&nbsp;[Conformed copy of the Transfer Agency Services Agreement between the Federated Hermes Funds and DST Asset Manager Solutions, Inc. dated June 1, 2022](exhibit28-h2.htm) | &nbsp;&nbsp;+ |
| &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Administrative Services Agreement** |  |
|  | &nbsp;&nbsp;[Conformed copy of the Fourth Amended and Restated Agreement for Administrative Services between the Federated Funds and Federated Administrative Services dated September 1, 2022, including Exhibit A and Exhibit B](exhibit28-h3.htm) | &nbsp;&nbsp;+ |
| &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Financial Administration and Accounting Agreement** |  |
|  | &nbsp;&nbsp;[Conformed copy of the Financial Administration and Accounting Services Agreement between the Federated Funds and State Street Bank and Trust Company dated March 1, 2011, as amended, including Exhibit A](exhibit28-h4.htm) | &nbsp;&nbsp;+ |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(i)** | &nbsp;&nbsp;**Legal Opinion** |
|  | &nbsp;&nbsp;[Conformed copy of Opinion and Consent of Counsel as to legality of shares being registered, as filed in Pre-Effective Amendment No. 1 to its Registration Statement on August 26, 1994 on Form N-1A (File Nos. 33-54445 and 811-7193)](https://www.sec.gov/Archives/edgar/data/925723/0000925723-94-000004-index.html) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(j)** | &nbsp;&nbsp;**Other Opinions** |  |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;[Conformed copy of Consent of Independent Registered Public Accounting Firm Ernst & Young LLP](exhibit28-j.htm) | &nbsp;&nbsp;+ |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Conformed copy of Consent of Independent Registered Public Accounting Firm KPMG LLP | &nbsp;&nbsp;N/A |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(k)** | &nbsp;&nbsp;**Omitted Financial Statements** |
|  | &nbsp;&nbsp;Not Applicable |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(l)** | &nbsp;&nbsp;**Initial Capital Agreements** |
|  | &nbsp;&nbsp;[Conformed copy of Initial Capital Understanding, as filed in Pre-Effective Amendment No. 1 to its Registration Statement on August 26, 1994 on Form N-1A (File Nos. 33-54445 and 811-7193)](https://www.sec.gov/Archives/edgar/data/925723/0000925723-94-000004-index.html) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(m)** | &nbsp;&nbsp;**Rule 12b-1 Plan** |  |
|  | &nbsp;&nbsp;[Conformed copy of the Distribution Plan between certain classes of the Registrant and Federated Securities Corp., dated February 12, 2004](exhibit28-m.htm) | + |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(n)** | &nbsp;&nbsp;**Rule 18f-3 Plan** |  |
|  | &nbsp;&nbsp;[Conformed copy of the Multiple Class Plan and all share class Exhibits as adopted by certain Federated investment companies offering separate classes of shares](exhibit28-n.htm) | + |

---

---

| | | |
|:---|:---|:---|
| **(o)** | **Powers of Attorney** | |
|  | [Conformed copy of Power of Attorney of the Registrant dated January 1, 2025](exhibit28-o.htm). | + |
| &nbsp;&nbsp;**(p)** | &nbsp;&nbsp;**Codes of Ethics** |  |
|  | &nbsp;&nbsp;[Conformed copy of the Federated Hermes, Inc. Code of Ethics for Access Persons, effective November 13, 2024](exhibit28-p.htm) | + |

---

+ <u>Exhibit is being filed electronically with registration statement</u>  

**Exhibit List for Inline Interactive Data File Submission.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Index No.** | **Description of Exhibit** |
| &nbsp;&nbsp;&nbsp;EX-101.INS | XBRL Instance Document - Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |
| &nbsp;&nbsp;&nbsp;EX-101.SCH | XBRL Taxonomy Extension Schema Document |
| &nbsp;&nbsp;&nbsp;EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
| &nbsp;&nbsp;&nbsp;EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase |
| &nbsp;&nbsp;&nbsp;EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase |
| &nbsp;&nbsp;&nbsp;EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |

---

&nbsp;&nbsp;**Item 29. Persons Controlled by or Under Common Control with the Fund:**

---

| |
|:---|
| **Item 30. Indemnification** |
| &nbsp;&nbsp; Indemnification is provided to Officers and Trustees of the Registrant pursuant to the Registrant's By-Laws, as amended. This includes indemnification against: (a) any liabilities or expenses incurred in connection with the defense or disposition of any action, suit or proceeding in which an Officer or Trustee may be or may have been involved; and (b) any liabilities and expenses incurred by an Officer or Trustee as a result of having provided personally identifiable information to a regulator or counterparty by or with whom the Registrant (or its series, as applicable) is regulated or engages in business to satisfy a legal or procedural requirement of such regulator or counterparty.<br> The Investment Advisory Contract, and Sub-advisory Agreement as applicable, (collectively, "Advisory Contracts") between the Registrant and the investment adviser, and sub-adviser as applicable, (collectively, "Advisers") of its series, provide that, in the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of the obligations or duties under the Advisory Contracts on the part of the Advisers, Advisers shall not be liable to the Registrant or to any shareholder for any act or omission in the course of or connected in any way with rendering services or for any losses that may be sustained in the purchase, holding, or sale of any security.<br> The Registrant's distribution contract contains provisions limiting the liability, and providing for indemnification, of the Officers and Trustees under certain circumstances.<br> Registrant's Trustees and Officers are covered by an Investment Trust Errors and Omissions Policy.<br> Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to Trustees, Officers, and controlling persons of the Registrant by the Registrant pursuant to the By-Laws, as amended, or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Act and, therefore, is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by Trustees), Officers, or controlling persons of the Registrant in connection with the successful defense of any act, suit, or proceeding) is asserted by such Trustees, Officers, or controlling persons in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issues.<br> Insofar as indemnification for liabilities may be permitted pursuant to Section 17 of the Investment Company Act of 1940 for Trustees, Officers, and controlling persons of the Registrant by the Registrant pursuant to the By-Laws, as amended, or otherwise, the Registrant is aware of the position of the Securities and Exchange Commission as set forth in Investment Company Act Release No. IC-11330. Therefore, the Registrant undertakes that in addition to complying with the applicable provisions of the By-Laws, as amended, or otherwise, in the absence of a final decision on the merits by a court or other body before which the proceeding was brought, that an indemnification payment will not be made unless in the absence of such a decision, a reasonable determination based upon factual review has been made (i) by a majority vote of a quorum of non-party Trustees who are not interested persons of the Registrant or (ii) by independent legal counsel in a written opinion that the indemnitee was not liable for an act of willful misfeasance, bad faith, gross negligence, or reckless disregard of duties. The Registrant further undertakes that advancement of expenses incurred in the defense of a proceeding (upon undertaking for repayment unless it is ultimately determined that indemnification is appropriate) against an Officer, Trustee or controlling person of the Registrant will not be made absent the fulfillment of at least one of the following conditions: (i) the indemnitee provides security for his undertaking; (ii) the Registrant is insured against losses arising by reason of any lawful advances; or (iii) a majority of a quorum of disinterested non-party Trustees or independent legal counsel in a written opinion makes a factual determination that there is reason to believe the indemnitee will be entitled to indemnification. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 31. Business and Other Connections of Investment Adviser: Federated Investment Management Company** | &nbsp;&nbsp;**Item 31. Business and Other Connections of Investment Adviser: Federated Investment Management Company** |
| &nbsp;&nbsp;For a description of the other business of the Investment Adviser, see the section entitled "Who Manages the Fund?" in Part A. The affiliations with the Registrant of two of the Trustees and four of the Officers of the Investment Adviser are included in Part B of this Registration Statement under "Who Manages and Provides Services to the Fund?" The remaining Trustees of the Investment Adviser and, in parentheses, their principal occupations are: Thomas R. Donahue, (Chief Financial Officer, Federated Hermes, Inc.), 1001 Liberty Avenue, Pittsburgh, PA, 15222-3779, John B. Fisher, (Vice Chairman, Federated Hermes, Inc.) 1001 Liberty Avenue, Pittsburgh, PA, 15222-3779 and James J. Gallagher, II, Partner, Morris James LLP, 500 Delaware Avenue, Suite 1500, Wilmington, DE 19801-1494. The business address of each of the Officers of the Investment Adviser is 1001 Liberty Avenue, Pittsburgh, Pennsylvania 15222-3779. These individuals are also officers of a majority of the Investment Advisers to the investment companies in the Federated Hermes Fund Complex described in Part B of this Registration Statement. | &nbsp;&nbsp;For a description of the other business of the Investment Adviser, see the section entitled "Who Manages the Fund?" in Part A. The affiliations with the Registrant of two of the Trustees and four of the Officers of the Investment Adviser are included in Part B of this Registration Statement under "Who Manages and Provides Services to the Fund?" The remaining Trustees of the Investment Adviser and, in parentheses, their principal occupations are: Thomas R. Donahue, (Chief Financial Officer, Federated Hermes, Inc.), 1001 Liberty Avenue, Pittsburgh, PA, 15222-3779, John B. Fisher, (Vice Chairman, Federated Hermes, Inc.) 1001 Liberty Avenue, Pittsburgh, PA, 15222-3779 and James J. Gallagher, II, Partner, Morris James LLP, 500 Delaware Avenue, Suite 1500, Wilmington, DE 19801-1494. The business address of each of the Officers of the Investment Adviser is 1001 Liberty Avenue, Pittsburgh, Pennsylvania 15222-3779. These individuals are also officers of a majority of the Investment Advisers to the investment companies in the Federated Hermes Fund Complex described in Part B of this Registration Statement. |
| &nbsp;&nbsp;The Officers of the Investment Adviser are: | &nbsp;&nbsp;The Officers of the Investment Adviser are: |
| Chairman: | J. Christopher Donahue |
| President/ Chief Executive Officer: | John B. Fisher |
| Executive Vice Presidents: | &nbsp;&nbsp; Deborah A. Cunningham<br> Anne H. Kruczek<br> Robert J. Ostrowski<br> Timothy G. Trebilcock |
| Senior Vice Presidents: | &nbsp;&nbsp; Todd Abraham<br> Jeremy Boughton<br> Jonathan C. Conley<br> Mark E. Durbiano<br> Donald T. Ellenberger<br> Eamonn G. Folan<br> Richard J. Gallo<br> John T. Gentry<br> Kathryn P. Glass<br> Michael R. Granito<br> Lori A. Hensler<br> Susan R. Hill<br> William R. Jamison<br> Tracey L. Lusk<br> Judith J. Mackin<br> Christopher P. McGinley<br> Mary Jo Ochson<br> Ihab Salib<br> Michael W. Sirianni, Jr.<br> Nicholas S. Tripodes<br> Paige Wilhelm |
| Vice Presidents: | &nbsp;&nbsp; John Badeer<br> Patrick D. Benacci<br> Christopher S. Bodamer<br> G. Andrew Bonnewell<br> Hanan Callas<br> David B. Catalane, Jr.<br> Nicholas S. Cecchini<br> James Chelmu<br> Leslie Ciferno<br> Jerome Conner<br> Lee R. Cunningham, II<br> Gregory Czamara, V<br> B. Anthony Delserone, Jr.<br> Jason DeVito<br> Bryan Dingle<br> Ann Ferentino<br> Kevin M. Fitzpatrick<br> Timothy P. Gannon<br> James L. Grant<br> Brandon Ray Hochstetler<br> Nathan H. Kehm<br> Allen J. Knizner<br> Daniel James Mastalski<br> Robert J. Matthews<br> Karl Mocharko<br> Joseph M. Natoli<br> Nicholas Navari<br> Gene Neavin<br> Bob Nolte<br> Liam O'Connell<br> Bradley S. Payne<br> John Polinski<br> Rae Ann Rice<br> Braden Rotberg<br> Brian Ruffner<br> Thomas C. Scherr<br> John Scullion<br> John Sidawi<br> Paul Smith<br> Peter Snook<br> Kyle Stewart<br> Randal Stuckwish<br> Mary Ellen Tesla<br> Frank Tetlow<br> James Damen Thompson<br> Anthony A. Venturino<br> Patrick O. Watson<br> Mark Weiss<br> George B. Wright<br> Christopher Wu<br> John E. Wyda |
| Assistant Vice Presidents: | &nbsp;&nbsp; Patrick B. Cooper<br> Robert Gasior<br> Christopher David Herkins<br> Quincy Hershey<br> Christopher F. Hopkins<br> Jeff J. Ignelzi<br> Bennett L. Lo<br> Corey Mergenthaler<br> Derek Allen Plaski<br> Patrick J. Reilly<br> Steven J. Slanika<br> Tyler R. Stenger<br> Sarah E. Swartz<br> Yifei Wang<br> Michael S. Wilson |
| Secretary: | G. Andrew Bonnewell |
| Assistant Secretaries: | &nbsp;&nbsp; Jonathan M. Lushko<br> George F. Magera |
| Treasurer: | Thomas R. Donahue |
| Assistant Treasurers: | &nbsp;&nbsp; Autumn L. Favero<br> Richard A. Novak |
| Chief Compliance Officer: | Stephen Van Meter |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 32. Principal Underwriters:** | &nbsp;&nbsp;**Item 32. Principal Underwriters:** |
| &nbsp;&nbsp;**(a)** | &nbsp;&nbsp;Federated Securities Corp., the Distributor for shares of the Registrant, acts as principal underwriter for the following investment companies, including the Registrant: |
|  | &nbsp;&nbsp;Federated Hermes Adjustable Rate Securities Trust |
|  | &nbsp;&nbsp;Federated Hermes Adviser Series |
|  | &nbsp;&nbsp;Federated Hermes Core Trust |
|  | &nbsp;&nbsp;Federated Hermes Core Trust III |
|  | &nbsp;&nbsp;Federated Hermes Equity Funds |
|  | &nbsp;&nbsp;Federated Hermes Equity Income Fund, Inc. |
|  | &nbsp;&nbsp;Federated Hermes ETF Trust |
|  | &nbsp;&nbsp;Federated Hermes Fixed Income Securities, Inc. |
|  | &nbsp;&nbsp;Federated Hermes Global Allocation Fund |
|  | &nbsp;&nbsp;Federated Hermes Government Income Trust |
|  | &nbsp;&nbsp;Federated Hermes High Yield Trust |
|  | &nbsp;&nbsp;Federated Hermes Income Securities Trust |
|  | &nbsp;&nbsp;Federated Hermes Index Trust |
|  | &nbsp;&nbsp;Federated Hermes Institutional Trust |
|  | &nbsp;&nbsp;Federated Hermes Insurance Series |
|  | &nbsp;&nbsp;Federated Hermes Intermediate Municipal Trust |
|  | &nbsp;&nbsp;Federated Hermes Investment Series Funds, Inc. |
|  | &nbsp;&nbsp;Federated Hermes Managed Pool Series |
|  | &nbsp;&nbsp;Federated Hermes MDT Series |
|  | &nbsp;&nbsp;Federated Hermes Money Market Obligations Trust |
|  | &nbsp;&nbsp;Federated Hermes Municipal Bond Fund, Inc. |
|  | &nbsp;&nbsp;Federated Hermes Municipal Securities Income Trust |
|  | &nbsp;&nbsp;Federated Hermes Premier Municipal Income Fund |
|  | &nbsp;&nbsp;Federated Hermes Project and Trade Finance Tender Fund |
|  | &nbsp;&nbsp;Federated Hermes Short-Intermediate Duration Municipal Trust |
|  | &nbsp;&nbsp;Federated Hermes Short-Intermediate Government Trust |
|  | &nbsp;&nbsp;Federated Hermes Short-Term Government Trust |
|  | &nbsp;&nbsp;Federated Hermes Sustainable High Yield Bond Fund, Inc. |
|  | &nbsp;&nbsp;Federated Hermes Total Return Government Bond Fund |
|  | &nbsp;&nbsp;Federated Hermes Total Return Series, Inc. |
|  | &nbsp;&nbsp;Federated Hermes World Investment Series, Inc. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(b)** |  |  |
| &nbsp;&nbsp; (1)<br> Positions and Offices with Distributor | &nbsp;&nbsp; (2)<br> Name<br>| &nbsp;&nbsp; (3)<br> Positions and Offices With Registrant |
| &nbsp;&nbsp;Executive Vice President, Assistant Secretary and Director: | &nbsp;&nbsp;Thomas R. Donahue |  |
| &nbsp;&nbsp;President and Director: | &nbsp;&nbsp;Paul Uhlman |  |
| &nbsp;&nbsp;Vice President and Director: | &nbsp;&nbsp;Peter J. Germain |  |
| &nbsp;&nbsp;Director: | &nbsp;&nbsp;Frank C. Senchak |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; (1)<br> Positions and Offices with Distributor | &nbsp;&nbsp; (2)<br> Name<br>| &nbsp;&nbsp; (3)<br> Positions and Offices With Registrant |
| &nbsp;&nbsp;Executive Vice Presidents: | &nbsp;&nbsp; Bryan M. Burke<br> Charles L. Davis, Jr.<br> Peter W. Eisenbrandt<br> Anne H. Kruczek<br> Solon A. Person<br> Brian S. Ronayne |  |
| &nbsp;&nbsp;Senior Vice Presidents: | &nbsp;&nbsp; Irving Anderson<br> Jeff Antonacci<br> Marc J. Benacci<br> Christopher D. Berg<br> Daniel G. Berry<br> William Boarts<br> Jack Bohnet<br> Zachary James Bono<br> Edwin J. Brooks, III<br> Mark Carroll<br> Daniel P. Casey<br> Scott J. Charlton<br> James S. Conely<br> Michael DiMarsico<br> Jack C. Ebenreiter<br> Heather W. Froehlich<br> James Getz, Jr.<br> Erik Gosule<br> Dayna C. Haferkamp<br> Vincent L. Harper, Jr.<br> Bruce E. Hastings<br> Jeffrey S. Jones<br> Ryan W. Jones<br> Todd W. Jones<br> Philip L. Judson<br> Scott D. Kavanagh<br> Nicholas R. Kemerer<br> Michael Koenig<br> Edwin C. Koontz<br> Jane E. Lambesis<br> David M. Larrick<br> Michael Liss<br> Judith J. Mackin<br> Paul J. Magan<br> Brian McInis<br> Diane Marzula<br> Daniel Patrick McGrath<br> Richard C. Mihm<br> Vincent T. Morrow<br> John C. Mosko<br> Alec H. Neilly<br> Theodore A. Noethling, IV<br> James E. Ostrowski<br> Stephen Otto<br> Mark B. Patsy<br> Richard P. Paulson<br> Diane M. Robinson<br> Matt Ryan<br> Tom Schinabeck<br> Peter C. Siconolfi<br> Bradley W. Smith<br> John A. Staley<br> Mark J. Strubel<br> Jonathan P. Sullivan<br> David A. Wasik<br> G. Walter Whalen<br> Brian R. Willer<br> Lewis C. Williams<br> Theodore E. Williams<br> James J. Wojciak<br> Michael Wolff<br> Daniel R. Wroble<br> Erik Zettlemayer |  |
| &nbsp;&nbsp;Vice Presidents: | &nbsp;&nbsp; Frank Amato<br> Neil Benjamin Apfelbaum, II<br> Catherine M. Applegate<br> Jeff D. Aronsohn, Jr.<br> Kenneth C. Baber<br> Justin A. Bard<br> Raisa E. Barkaloff<br> Joshua W. Billiel<br> Matthew A. Boyle<br> Thomas R. Brown<br> Dan Casey<br> Edward R. Costello<br> Stephen J. Costlow<br> Mary Ellen Coyne<br> Casey Curtin<br> Caitlyn (Grande) D'Alessandro<br> David G. Dankmyer<br> Christopher T. Davis<br> Lori J. Defilippi<br> Charles R. Ebbs<br> Ryan Alexander Fairbrother<br> Mark A. Flisek<br> Maya Gorokhovskiy (Ferd)<br> David D. Gregoire<br> Raymond J. Hanley<br> Adam Michele Heurich<br> George M. Hnaras<br> Scott A. Holick<br> Michael Honer<br> Christopher Jackson<br> Timothy H. Johnson<br> Andrew R. Kehler<br> Scott Robert Kelley<br> Patrick Kelly<br> Robert H. Kern<br> Shawn E. Knutson<br> Andrew Paul Larson<br> John S. Larson<br> Anthony W. Lennon<br> Justin Levy<br> John P. Liekar<br> Jonathan Lipinski<br> Alexi A. Maravel<br> Thomas Andrew Marik<br> Stephen R. Massey<br> Meghan McAndrew<br> Catherine McGee<br> Samuel McGowan<br> Mark J. Murphy<br> Marcus Persichetti<br> Luke Anthony Raffa<br> Max E. Recker<br> Emory Redd<br> Ionnis (Yiannis) Repoulis<br> Kaitlyn Ross<br> John R. Rush<br> Melissa R. Ryan<br> John Shrewsbury<br> Justin J. Slomkowski<br> Derrick Stancick<br> Jason Straker<br> Gregory Tzanoukakis<br> Scott A. Vallina<br> James M. Wagner<br> David Wasik<br> Jennifer M. Weaver<br> Littell Wilson Jr. |  |
|  | &nbsp;&nbsp; Frank Amato<br> Neil Benjamin Apfelbaum, II<br> Catherine M. Applegate<br> Jeff D. Aronsohn, Jr.<br> Kenneth C. Baber<br> Justin A. Bard<br> Raisa E. Barkaloff<br> Joshua W. Billiel<br> Matthew A. Boyle<br> Thomas R. Brown<br> Dan Casey<br> Edward R. Costello<br> Stephen J. Costlow<br> Mary Ellen Coyne<br> Casey Curtin<br> Caitlyn (Grande) D'Alessandro<br> David G. Dankmyer<br> Christopher T. Davis<br> Lori J. Defilippi<br> Charles R. Ebbs<br> Ryan Alexander Fairbrother<br> Mark A. Flisek<br> Maya Gorokhovskiy (Ferd)<br> David D. Gregoire<br> Raymond J. Hanley<br> Adam Michele Heurich<br> George M. Hnaras<br> Scott A. Holick<br> Michael Honer<br> Christopher Jackson<br> Timothy H. Johnson<br> Andrew R. Kehler<br> Scott Robert Kelley<br> Patrick Kelly<br> Robert H. Kern<br> Shawn E. Knutson<br> Andrew Paul Larson<br> John S. Larson<br> Anthony W. Lennon<br> Justin Levy<br> John P. Liekar<br> Jonathan Lipinski<br> Alexi A. Maravel<br> Thomas Andrew Marik<br> Stephen R. Massey<br> Meghan McAndrew<br> Catherine McGee<br> Samuel McGowan<br> Mark J. Murphy<br> Marcus Persichetti<br> Luke Anthony Raffa<br> Max E. Recker<br> Emory Redd<br> Ionnis (Yiannis) Repoulis<br> Kaitlyn Ross<br> John R. Rush<br> Melissa R. Ryan<br> John Shrewsbury<br> Justin J. Slomkowski<br> Derrick Stancick<br> Jason Straker<br> Gregory Tzanoukakis<br> Scott A. Vallina<br> James M. Wagner<br> David Wasik<br> Jennifer M. Weaver<br> Littell Wilson Jr. |  |
| &nbsp;&nbsp;Assistant Vice Presidents: | &nbsp;&nbsp; Debbie Adams-Marshall<br> Matthew Alan Cichowicz<br> Courtney Comstock<br> Adina Davis<br> Katlyn Alexis Davis<br> Christopher DiBartolomeo<br> Madison Dischinger<br> Rebecca R. Donahue<br> Michelle Ausefski Doyle<br> Andrew Druckenbroad<br> Lucie Gordon<br> Elizabeth Krah Graner<br> Kristen C. Kiesling<br> Katerina Alexandra Kotulak<br> Leah Kaitlin Leitzel<br> Clara L. Matvey<br> Jennifer M. McSorley<br> John K. Murray<br> Patrick Joseph O'Reilly<br> David J. Pallof, Jr.<br> Carol Anne Sheppard<br> Laura Vickerman |  |
| &nbsp;&nbsp;Secretary: | &nbsp;&nbsp;Kary A. Moore |  |
| &nbsp;&nbsp;Assistant Secretaries: | &nbsp;&nbsp;Thomas R. Donahue |  |
|  | &nbsp;&nbsp;George F. Magera |  |
| &nbsp;&nbsp;Treasurer: | &nbsp;&nbsp;Richard A. Novak |  |
| &nbsp;&nbsp;Assistant Treasurer: | &nbsp;&nbsp;Autumn L. Favero |  |
| &nbsp;&nbsp;Chief Compliance Officer: | &nbsp;&nbsp;Stephen Van Meter |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Not
 Applicable

---

| |
|:---|
| &nbsp;&nbsp;**Item 33. Location of Accounts and Records:** |
| &nbsp;&nbsp;All accounts and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 promulgated thereunder are maintained at one of the following locations: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Registrant** | &nbsp;&nbsp; Federated Hermes Funds<br> 4000 Ericsson Drive<br> Warrendale, PA 15086-7561<br>(Notices should be sent to the Agent for Service at the address listed on the facing page of this filing.) |
| &nbsp;&nbsp; **Federated Administrative Services** <br> (Administrator) | &nbsp;&nbsp; 1001 Liberty Avenue<br> Pittsburgh, PA 15222-3779<br>|
| &nbsp;&nbsp; **Federated Securities Corp.**<br> (Distributor) | &nbsp;&nbsp; 1001 Liberty Avenue<br> Pittsburgh, PA 15222-3779<br>|
| &nbsp;&nbsp; **Federated Investment Management Company** <br> (Adviser) | &nbsp;&nbsp; 1001 Liberty Avenue<br> Pittsburgh, PA 15222-3779 |
| &nbsp;&nbsp; **SS&C GIDS, Inc.**<br> (Transfer Agent and Dividend Disbursing Agent)<br>| &nbsp;&nbsp; P.O. Box 219318<br> Kansas City, MO 64121-9318 |
| &nbsp;&nbsp; **State Street Bank and Trust Company**<br> (Custodian)<br>| &nbsp;&nbsp; 1 Iron Street<br> Boston, MA 02110 |

---

&nbsp;&nbsp;**Item 34. Management Services:** Not applicable.

---

| |
|:---|
| &nbsp;&nbsp;**Item 35. Undertakings:** |
| &nbsp;&nbsp;Registrant hereby undertakes to comply with the provisions of Section 16(c) of the 1940 Act with respect to the removal of Trustees and the calling of special shareholder meetings by shareholders. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; SIGNATURES<br> Pursuant to the requirements of the Securities Act of 1933, and the Investment Company Act of 1940, the Registrant, FEDERATED HERMES INSTITUTIONAL TRUST, **certifies that it meets all of the requirements for effectiveness of this Amendment to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and** has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Pittsburgh and Commonwealth of Pennsylvania, on the 25<sup>th</sup> day of July, 2025. | &nbsp;&nbsp; SIGNATURES<br> Pursuant to the requirements of the Securities Act of 1933, and the Investment Company Act of 1940, the Registrant, FEDERATED HERMES INSTITUTIONAL TRUST, **certifies that it meets all of the requirements for effectiveness of this Amendment to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and** has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Pittsburgh and Commonwealth of Pennsylvania, on the 25<sup>th</sup> day of July, 2025. | &nbsp;&nbsp; SIGNATURES<br> Pursuant to the requirements of the Securities Act of 1933, and the Investment Company Act of 1940, the Registrant, FEDERATED HERMES INSTITUTIONAL TRUST, **certifies that it meets all of the requirements for effectiveness of this Amendment to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and** has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Pittsburgh and Commonwealth of Pennsylvania, on the 25<sup>th</sup> day of July, 2025. |
| &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL TRUST | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL TRUST | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL TRUST |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BY: <u>/s/ George F. Magera</u> <br> George F. Magera, Assistant Secretary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BY: <u>/s/ George F. Magera</u> <br> George F. Magera, Assistant Secretary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BY: <u>/s/ George F. Magera</u> <br> George F. Magera, Assistant Secretary |
| &nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Amendment to its Registration Statement has been signed below by the following person in the capacity and on the date indicated: | &nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Amendment to its Registration Statement has been signed below by the following person in the capacity and on the date indicated: | &nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Amendment to its Registration Statement has been signed below by the following person in the capacity and on the date indicated: |
| &nbsp;&nbsp;NAME | &nbsp;&nbsp;TITLE | &nbsp;&nbsp;DATE |
| BY: <u>/s/ George F. Magera</u><br> George F. Magera, Assistant Secretary | &nbsp;&nbsp;Attorney In Fact For the Persons Listed Below | &nbsp;&nbsp;July 25, 2025 |
| &nbsp;&nbsp;J. Christopher Donahue\* | &nbsp;&nbsp;President and Trustee<br> (Principal Executive Officer) |  |
| &nbsp;&nbsp;John B. Fisher\* | &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;Jeremy D. Boughton\* | &nbsp;&nbsp;Treasurer (Principal Financial Officer/Principal Accounting Officer) |  |
| &nbsp;&nbsp;John G. Carson\* | &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;G. Thomas Hough\* | &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;Karen L. Larrimer\* | &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;Max Miller\* | &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;Frank J. Nasta\* | &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;Thomas O'Neill\* | &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;Madelyn A. Reilly\* | &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;John S. Walsh\* | &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;\*By Power of Attorney |  |  |

---

## Ex-99.A

Exhibit 28 (a) under Form N-1A

Exhibit 3 (i) under Item 601/Reg. S-K

AMENDED AND RESTATED

DECLARATION OF TRUST

FEDERATED INSTITUTIONAL TRUST

Dated June 17, 1994

DECLARATION OF TRUST amended and restated June 17, 1994 by the undersigned, and by the holders of shares of beneficial interest to be issued hereunder as hereinafter provided.

WHEREAS the Trustees desire to establish a trust fund for the investment and reinvestment of funds contributed thereto;

NOW, THEREFORE, the Trustees declare that all money and property contributed to the trust fund hereunder shall be held and managed under this Declaration of Trust IN TRUST as herein set forth below.

<u>ARTICLE I</u>

<u>NAMES AND DEFINITIONS</u>

<u>Section 1. Name.</u>

This Trust shall be known as the Federated Institutional Trust, and the Trustees may conduct the business of the Trust under that name or any other name as they may determine from time to time.

<u>Section 2. Definitions.</u>

Wherever used herein, unless otherwise required by the context or specifically provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The terms "Affiliated Person," "Assignment," "Commission," "Interested Person," "Majority Shareholder Vote" (the 67% or 50% requirement of Section 2(a)(42) of the 1940 Act, whichever may be applicable) and "Principal Underwriter" shall have the meanings given them in the 1940 Act, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "Trust" refers to the Massachusetts Business Trust established by this Declaration of Trust, as amended from time to time, inclusive of each and every Series and Class established hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Class" refers to a class of Shares established and designated under or in accordance with the provisions of Article III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Series" refers to a series of Shares established and designated under or in accordance with the provisions of Article III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Series Company" refers to the form of a registered open-end investment company described in Section 18(f)(2) of the 1940 Act or in any successor statutory provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Shareholder" means a record owner of Shares of any Series or Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The "Trustees" refer to the individual Trustees in their capacity as Trustees hereunder of the Trust and their successor or successors for the time being in office as such Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Shares" means the equal proportionate units of interest into which the beneficial interest in the Trust shall be divided from time to time or if more than one Series or Class of Shares is authorized by the Trustees, the equal proportionate units into which each Series or Class of Shares shall be divided from time to time and includes fractions of Shares as well as whole Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The "1940 Act" refers to the Investment Company Act of 1940, as amended from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "By-Laws" shall mean the By-Laws of the Trust as amended from time to time.

<u>ARTICLE II</u>

<u>PURPOSE OF THE TRUST</u>

The purpose of this Trust is to operate as an investment company, and provide investors a continuous source of managed investments by investing primarily in securities, derivative securities, and also in debt instruments, commodities, commodity contracts and options thereon, and other property.

<u>ARTICLE III</u>

<u>BENEFICIAL INTEREST</u>

<u>Section 1. Shares of Beneficial Interest.</u> 

The beneficial interest in the Trust shall at all times be divided into transferable Shares, without par value. Subject to the provisions of Section 5 of this Article III, each Shares shall have voting rights as provided in Article VIII hereof, and holders of the Shares of any Series shall be entitled to receive dividends, when and as declared with respect thereto in the manner provided in Article X, Section 1 hereof. The Shares of any Series may be issued in two or more Classes, as the Trustees may authorize pursuant to Article XII, Section 8 hereof. Unless the Trustees have authorized the issuance of Shares of a Series in two or more Classes, each Share shall represent an equal proportionate interest in the assets and liabilities of the Series with each other Share of the same Series, none having priority or preference over another. If the Trustees have authorized the issuance of Shares of a Series in two or more Classes, then the Classes may have such variations as to dividend, redemption, and voting rights, net asset values, expenses borne by the Classes, and other matters as the Trustees have authorized provided that each Share of a Class shall represent an equal proportionate interest in the assets and liabilities of the Class with each other Share or the same Class, none having priority or preference over another. The number of Shares which may be issued is unlimited. The Trustees may from time to time divide or combine the outstanding Shares of any Series or Class into a greater or lesser number without thereby changing the proportionate beneficial interest in the Series or Class.

<u>Section 2. Ownership of Shares.</u> 

The ownership of Shares shall be recorded in the books of the Trust or a transfer agent which books shall be maintained separately for the Shares of each Series or Class. The Trustees may make such rules as they consider appropriate for the transfer of Shares and similar matters. The record books of the Trust or any transfer agent, as the case may be, shall be conclusive as to who are the Shareholders of each Series or Class and as to the number of Shares of each Series or Class held from time to time by each.

<u>Section 3. Investment in the Trust.</u> 

The Trustees shall accept investments in the Trust from such persons and on such terms as they may from time to time authorize. After the date of the initial contribution of capital (which shall occur prior to the initial public offering of Shares of the Trust), the number of Shares to represent the initial contribution shall be considered as outstanding and the amount received by the Trustees on account of the contribution shall be treated as an asset of the Trust to be allocated among any Series or Class in the manner described in Section 5(a) of this Article. Subsequent to such initial contribution of capital, Shares (including Shares which may have been redeemed or repurchased by the Trust) may be issued or sold at a price which will net the relevant Series or Class, as the case may be, before paying any taxes in connection with such issue or sale, not less than the net asset value (as defined in Article X, Section 4) thereof; provided, however, that the Trustees may in their discretion impose a sales charge upon investments in or redemptions from the Trust, and upon reinvestments of dividends and capital gains in Shares.

<u>Section 4. No Pre-emptive Right; Action by Shareholder.</u> 

Shareholders shall have no pre-emptive or other right to subscribe to any additional Shares or other securities issued by the Trust. No action may be brought by a Shareholder on behalf of the Trust unless a prior demand regarding such matter has been made on the Trustees of the Trust.

"<u>Section 5. Establishment and Designation of Series or Class</u>.

Without limiting the authority of the Trustees set forth in Article XII, Section 8, *inter alia*, to establish and designate any additional Series or Class or to modify the rights and preferences of any existing Series or Class, the Series and Classes of the Trust shall be and are established and designated as:

Federated Government Ultrashort Duration Fund

Class A Shares

Service Shares

Institutional Shares

Federated Institutional High Yield Bond Fund

Institutional Shares

Federated Intermediate Government/Corporate Fund

Service Shares

Institutional Shares

*As amended by Amd. 3 - 7/1/97; Amd. # 4 - 2/23/98; Amd. #5 - 8/19/99; Amd. #7 - 8/22/02; Amd. #8 - 3/3/03; Amd. #9 - 5/20/05; Amd. #10 - 11/15/07; Amd. #11 – 9/30/11; Amd. #12-1/31/14;* 

*Amd. #13 - 3/22/16; Amd. #14 – 9/1/16*

Shares of any Series or Class established in this Section 5 shall have the following relative rights and preferences:

(a) <u>Assets belonging to Series or Class</u>. All consideration received by the Trust for the issue or sale of Shares of a particular Series or Class, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to that Series or Class for all purposes, subject only to the rights of creditors, and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, are herein referred to as "assets belonging to" that Series or Class. In the event that there are any assets, income earnings, profits and proceeds thereof, funds or payments which are not readily identifiable as belonging to any particular Series or Class (collectively "General Assets"), the Trustees shall allocate such General Assets to, between or among any one or more of the Series of Classes established and designated from time to time in such manner and on such basis as they, in their sole discretion, deem fair and equitable, and any General Assets so allocated to a particular Series or Class shall belong to that Series or Class Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series or Classes for all purposes.

(b) <u>Liabilities Belonging to Series or Class</u>. The assets belonging to each particular Series or Class shall be charged with the liabilities of the Trust in respect to that Series or Class and all expense, costs, charges and reserves attributable to that Series or Class, and any general liabilities of the Trust which are not readily identifiable as belonging to any particular Series or Class shall be allocated and charged by the Trustees to and among any one or more Series or Classes established and designated from time to time in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. The liabilities, expenses, costs, charges and reserves to charged to a Series or Class are herein referred to as "liabilities belonging to" that Series or Class. Each allocation of liabilities belonging to a Series or Class by the Trustees shall be conclusive and binding upon the Shareholders of all Series or Classes for all purposes.

(c) <u>Dividends, Distributions, Redemptions, Repurchases and Indemnification</u>. Notwithstanding any other provisions of this Declaration, including, without limitation, Article X, no dividends or distribution (including, without limitation, any distribution paid upon termination of the Trust or of any Series or Class) with respect to, nor any redemption or repurchase of, the Shares of any Series or Class shall be effected by the Trust other than from the assets belonging to such Series or Class, nor except as specifically provided in Section 1 of Article XI hereof, shall any Shareholder of any particular Series or Class otherwise have any right or claim against the assets belonging to any other Series or Class except to the extent that such Shareholder has such a right or claim hereunder as a Shareholder of such other Series or Class.

(d) <u>Voting</u>. Notwithstanding any of the other provisions of this Declaration, including, without limitation, Section 1 of Article VIII, only Shareholders of a particular Series or Class shall be entitled to vote on any matters affecting such Series or Class. Except with respect to matters as to which any particular Series or Class is affected, all of the Shares of each Series or Class shall, on matters as to which such Series or Class is entitled to vote, vote with other Series or Classes so entitled as a single class. Notwithstanding the foregoing, with respect to matters which would otherwise be voted on by two or more Series or Classes as a single class, the Trustees may, in their sole discretion, submit such matters to the Shareholders of any or all such Series or Classes, separately.

(e) <u>Fraction</u>. Any fractional Share or a Series or Class shall carry proportionately all the rights and obligations of a whole Share of that Series or Class, including rights with respect to voting, receipt of dividends and distributions, redemption of Shares and termination of the Trust or of any Series or Class.

(f) <u>Exchange Privilege</u>. The Trustees shall have the authority to provide that the holders of Shares of any Series or Class shall have the right to exchange said Shares for Shares of one or more other Series or Classes in accordance with such requirements and procedures as may be established by the Trustees.

(g) <u>Combination of Series or Classes</u>. The Trustees shall have the authority, without the approval of the Shareholders of any Series or Class, unless otherwise required by applicable law, to combine the assets and liabilities belonging to a single Series or Class with the assets and liabilities of one or more other Series or Classes.

(h) <u>Elimination of Series or Classes</u>. At any time that there are no Shares outstanding of any particular Series or Class previously established or designated, the Trustees may amend this Declaration of trust to abolish that Series or Class and to rescind the establishment and designation of thereof.

<u>ARTICLE IV</u>

<u>THE TRUSTEES</u>

<u>Section 1. Management of the Trust.</u> 

The business and affairs of the Trust shall be managed by the Trustees, and they shall have all powers necessary and desirable to carry out that responsibility. The Trustees who shall serve as Trustees are the undersigned.

<u>Section 2. Election of Trustees by Shareholders.</u> 

Unless otherwise required by the 1940 Act or any court or regulatory body of competent jurisdiction, or unless the Trustees determine otherwise, a Trustee shall be elected by the Trustees, and the Shareholders shall have no right to elect Trustees.

<u>Section 3. Term of Office of Trustees.</u> 

The Trustees shall hold office during the lifetime of this Trust, and until its termination as hereinafter provided; except (a) that any Trustee may resign his trust by written instrument signed by him and delivered to the other Trustees, which shall take effect upon such delivery or upon such later date as is specified therein; (b) that any Trustee may be removed t any time by written instrument signed by at least two-thirds of the number of Trustees prior to such removal, specifying the date when such removal shall be effective; (c) that any Trustee who requests in writing to be retired or who has become mentally or physically incapacitated may be retired by written instrument signed by a majority of the other Trustees, specifying the date of his retirement; and (d) a Trustee may be removed at any special meeting of Shareholders of the Trust by a vote of two-thirds of the outstanding Shares. Any removals shall be effective as to the Trust and each Series and Class hereunder.

<u>Section 4. Termination of Service and Appointment of Trustees.</u> 

In case of the death, resignation, retirement, removal or mental or physical incapacity of any of the Trustees, or in case a vacancy shall, by reason of an increase in number, or for any other reason, exist, the remaining Trustees shall fill such vacancy by appointment such other person as they in their discretion shall see fit. Such appointment shall be effected by the signing of a written instrument by a majority of Trustees in office. Within three months of such appointment, the Trustees shall cause notice of such appointment to be mailed to each Shareholder at his address as recorded on the books of the Trust. An appointment of a Trustee may be made by the Trustees then in office and notice thereof mailed to Shareholder as aforesaid in anticipation of a vacancy to occur by reason of retirement, resignation or increase in number of Trustees effective at a later date, provided that such appointment shall become effective only at or after the effective date of said retirement, resignation or increase in number of Trustees. As soon as any Trustee so appointed shall have accepted this Trust, the trust estate shall vest in the new Trustee or Trustees, together with the continuing Trustees, without any further act or conveyance, and he shall be deemed a Trustee hereunder. Any appointment authorized by this Section 4 is subject to the provisions of Section 16(a) of the 1940 Act.

<u>Section 5. Number of Trustees.</u> 

The number of Trustees, not less than three (3) nor more than twenty (20) serving hereunder at any time shall be determined by the Trustees themselves.

Whenever a vacancy in the Board of Trustees shall occur, until such vacancy is filled or while any Trustee is physically or mentally incapacitated, the other Trustees shall have all the powers hereunder and the certificate signed by a majority of the other Trustees of such vacancy, absence or incapacity, shall be conclusive, provided, however, that no vacancy which reduces the number of Trustees below three (3) shall remain unfilled for a period longer than six calendar months.

<u>Section 6. Effect of Death, Resignation, etc. of a Trustee.</u> 

The death, resignation, retirement, removal, or mental or physical incapacity of the Trustees, or any of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust.

Section 7. <u>Ownership of the Trust</u>.

The assets belonging to each Series or Class or the Trust shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustee. All of the assets belonging to each Series or Class of the Trust shall at all times be considered as vested in the Trustees. No Shareholder shall be deemed to have a severable ownership in any individual asset belonging to any Series or Class of the Trust or any right of partition or possession thereof, but each Shareholder shall have a proportionate individual beneficial interest in a Series or Class.

<u>ARTICLE V</u>

<u>POWERS OF THE TRUSTEES</u>

<u>Section 1. Powers.</u> 

The Trustees in all instances shall act as principals, and are and shall be free from the control of the Shareholders. The Trustees shall have full power and authority to do any and all acts and to make and execute any and all contracts and instruments that they may consider necessary or appropriate in connection with the management of the Trust or a Series or Class. The Trustees shall not be bound or limited by present or future laws or customs in regard to trust investments, but shall have full authority and power to make any and all investments which they, in their uncontrolled discretion, shall deem proper to accomplish the purpose of this Trust. Without limiting the foregoing, the Trustees shall have the following specific powers and authority, subject to any applicable limitation in this Declaration of Trust or in the By-Laws of the Trust.

(a) To buy, and invest funds in their hands in, securities including, but not limited to, common stocks, preferred stocks, bonds, debentures, warrants and rights to purchase securities, certificates of beneficial interest, money market instruments, notes or other evidences or indebtedness issued by any corporation, trust or association, domestic or foreign, or issued or guaranteed by the United States of America or any agency of instrumentality thereof, by the government of any foreign country, by any State of the United States, or by any political subdivision or agency or instrumentality of any State or foreign country, or in "when-issued" or "delayed-delivery" contracts for any such securities, or in any repurchase agreement (agreements under which the seller agrees at the time of sale to repurchase the security at an agreed time and price), or retain assets belonging to each and every Series or Class in cash, and from time to time change the investments of the assets belonging to each Series or Class;

(b) To adopt By-Laws not inconsistent with the Declaration of Trust providing for the conduct of the business of the Trust and to amend and repeal them to the extent that they do not reserve the right to the Shareholders;

(c) To elect and remove such officers and appoint and terminate such agents as they consider appropriate;

(d) To appoint or otherwise engage a bank or trust company as custodian of any assets belonging to any Series or Class subject to any conditions set forth in this Declaration of Trust or in the By-Laws;

(e) To appoint or otherwise engage transfer agency, dividend disbursing agents, Shareholder servicing agents, investment advisers, sub-investment adviser, principal underwriters, administrative service agents; and such other agents as the Trustees may from time to time appoint or otherwise engage;

(f) To provide for the distribution of any Shares of any Series or Class either through a principal underwriter in the manner hereinafter provided for or by the Trust itself, or both;

(g) To set record dates in the manner hereinafter provided for;

(h) To delegate such authority as they consider desirable to a committee or committees composed of Trustees, including without limitation, an Executive Committee, or to any officers of the Trust and to any agent, custodian or underwriter;

(i) To sell or exchange any or all of the assets belonging to one or more Series or Classes of the Trust, subject to the provisions of Article XII, Section 4(b) hereof;

(j) To vote or give assent, or exercise any rights of ownership, with respect to stock or other securities or property; and to execute and deliver powers of attorney to such person or persons as the Trustees shall deem proper, granting to such person or persons such power and discretion with relation to securities or property as the Trustees shall deem proper;

(k) To exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of securities;

(l) To hold any security or property in a form not indicating any trust, whether in bearer, unregistered or other negotiable form; or either in its own name or in the name of a custodian or a nominee or nominees, subject in either case to proper safeguards according to the usual practice of Massachusetts trust companies or investment companies;

(m) To consent to or participate in any plan for reorganization, consolidation or merger of any corporation or concern, any security of which belongs to any Series or Class, to consent to any contract, lease, mortgage, purchase, or sale of property by such corporation or concern, and to pay calls or subscriptions with respect to any security which belongs to any Series or Class;

(n) To engage in and to prosecute, compound, compromise, abandon, or adjust, by arbitration, or otherwise, any actions, suits, proceedings, disputes, claims, demands, and things relating to the Trust, and out of the assets belonging to any Series or Class to pay, or to satisfy, any debts, claims or expenses incurred in connection therewith, including those of litigation, upon any evidence that the Trustees may deem sufficient (such powers shall include without limitation any actions, suits, proceedings, disputes, claims, demands and things relating to the Trust wherein any of the Trustees may be named individually and the subject matter of which arises by reason of business for or on behalf of the Trust);

(o) To make distributions of income and of capital gains to Shareholders in the manner hereinafter provided for;

(p) To borrow money;

(q) From time to time to issue and sell the Shares of any Series or Class of the Trust either for cash or for property whenever and in such amounts as the Trustee may deem desirable, but subject to the limitation set forth in Section 3 of Article III;

(r) To purchase insurance of any kind, including, without limitation, insurance on behalf of any person who is or was a Trustee, Officer, employee or agent of the Trust, or is or was serving at the request of the Trust as a Trustee, Director, Officer, agent or employee of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity or arising out of his status as such. No one dealing with the Trustees shall be under any obligation to make any inquiry concerning the authority of the Trustees, or to see to the application of any payments made or property transferred to the Trustees or upon their order;

(s) To sell, exchange, lend, pledge, mortgage, hypothecate, lease, or write options with respect to or otherwise deal in any property rights relating to any or all of the assets belonging to any Series or Class; and

(t) To take action by written consent and teleconference, as provided in the By-Laws.

The Trustees shall have all of the powers set forth in this Section 1 with respect to all assets and liabilities of each Series and Class.

<u>Section 2. Principal Transactions.</u> 

The Trustees shall not cause the Trust on behalf of any Series or Class buy any securities (other than Shares) from or sell any securities (other than Shares) to, or lend any assets belonging to any Series or Class to, any Trustee or officer or employee of the Trust or any firm of which any such Trustee or officer is a member acting as principal unless permitted by the 1940 Act, but the Trust may employ any such other party or any such person or firm or company in which any such person is an interested person in any capacity not prohibited by the 1940 Act.

<u>Section 3. Trustees and Officers as Shareholders.</u> 

Any Trustee, officer or other agent of the Trust may acquire, own and dispose of shares of Shares of any Series or Class to the same extent as if he were not a Trustee, officer or agent; and the Trustees may issue and sell or cause to be issued or sold Shares of any Series or Class to and buy such Shares from any such person or any firm or company in which he is an interested person subject only to the general limitations herein contained as to the sale and purchase of such Shares; and all subject to any restrictions which may be contained in the By-Laws.

<u>Section 4. Parties to Contract.</u> 

The Trustees may enter into any contract of the character described in Article VII or in Article IX hereof or any other capacity not prohibited by the 1940 Act with any corporation, firm, trust or association, although one or more of the shareholders, Trustees, officers, employees or agents of the Trust or any Series or Class or their affiliates may be an officer, director, Trustee, shareholder or interested person of such other party to the contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship, nor shall any person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Trust or any Series or Class under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, in the absence of actual fraud. The same person (including a firm, corporation, trust or association) may be the other party to contracts entered into pursuant to Article VII or Article IX or any other capacity deemed legal under the 1940 Act, and any individual may be financially interested or otherwise an interested person or persons who are parties to any or all of the contracts mentioned in this Section 4.

<u>ARTICLE VI</u>

<u>TRUSTEES' EXPENSES AND COMPENSATION</u>

<u>Section 1. Trustee Reimbursement.</u> 

The Trustees shall be reimbursed from the assets belonging to each particular Series or Classes for all of such Trustees' expenses as such expenses are allocated to and among any one or more of the Series or Classes pursuant in Article III, Section 5(b), including, without limitation, expenses of organizing the Trust or any Series or Class and continuing its existence; fees and expenses of Trustees and Officers of the Trust; fees for investment advisory services, administrative services and principal underwriting services provided for in Article VII, Sections 1, 2 and 3; fees and expenses of preparing and printing its Registration Statements under the Securities Act of 1933 and the Investment Company Act of 1940 and any amendments thereto; expenses of registering and qualifying the Trust and any Series or Class of the Shares of any Series or Class under federal and state laws and regulations; expenses of preparing, printing and distributing prospectuses and any amendments thereof sent to shareholders, underwriters, broker-dealers and to investors who may be considering the purchase of shares; expenses of registering, licensing or other authorization of the Trust or any Series or Class as a broker-dealer and of its Officers as agents and salesmen under federal and state laws and regulations; interest expense, taxes, fees and commissions of every kind; expenses of issue (including close of shares certificates), purchase, repurchase and redemption of shares, including expenses attributable to a program of periodic issue; charges and expenses of custodians, transfer agents, dividend disbursing agents, shareholder servicing agents and registrars; printing and mailing costs; auditing, accounting and legal expenses; reports to shareholders and governmental officers and commissions; expenses of meetings of shareholders and proxy solicitations therefor; insurance expenses; association membership dues and nonrecurring items as may arise, including all losses and liabilities by them incurred in administering the Trust and any Series or Class, including expenses incurred in connection with litigation, proceedings and claims and the obligations of the Trust under Article XI hereof to indemnify its Trustees, Officers, employees, shareholders and agents, and any contract obligation to indemnify principal underwriters under Section 3 of Article VII and for the payment of such expenses, disbursements, losses and liabilities, the Trustees shall have a lien on the assets belonging to each Series or Class prior to any rights or interests of the Shareholders of any Series or Class. This section shall not preclude the Trust from directly paying any of the aforementioned fees and expenses.

<u>Section 2. Trustee Compensation.</u> 

The Trustees shall be entitled to compensation from the assets belonging to any Series or Class for their respective services as Trustees, to be determined from time to time by vote of the Trustees, and the Trustees shall also determine the compensation of all Officers, consultants and agents whom they may elect or appoint. The Trust may pay out of the assets belonging to any Series or Class any Trustee or any corporation, firm, trust or association of which a Trustee is an interested person for services rendered to the Trust in any capacity not prohibited by the 1940 Act, and such payments shall not be deemed compensation for services as a Trustee under the first sentence of this Section 2 of Article VI.

<u>ARTICLE VII</u>

<u>INVESTMENT ADVISER, ADMINISTRATIVE SERVICES,</u>

<u>PRINCIPAL UNDERWRITER AND TRANSFER AGENT</u>

<u>Section 1. Investment Adviser.</u> 

Subject to a Majority Shareholder Vote by the relevant Series or Class, the Trustees may in their discretion from time to time enter into an investment advisory contract whereby the other party to such contract shall undertake to furnish the Trustees investment advisory services for such Series or Class upon such terms and conditions and for such compensation as the Trustees may in their discretion determine. Subject to a Majority Shareholder Vote by the relevant Series or Class, the investment adviser may enter into a sub-investment advisory contract to receive investment advice and/or statistical and factual information from the sub-investment adviser upon such terms and conditions and for such compensation as the Trustees may in their discretion agree to. Notwithstanding any provisions of this Declaration of Trust, the Trustees may authorize the investment adviser or sub-investment adviser or any person furnishing administrative personnel and services as set forth in Article VII, Section 2 (subject to such general or specific instructions as the Trustees may from time to time adopt) to effect purchases, sales or exchanges of portfolio securities belonging to a Series or Class of the Trust on behalf of the Trustees or may authorize any officer or Trustee to effect such purchases, sales, or exchanges pursuant to recommendations of the investment adviser (and all without further action by the Trustees). Any such purchases, sales and exchanges shall be deemed to have been authorized by the Trustees. The Trustee may also authorize the investment adviser to determine what firms shall be employed to effect transactions in securities for the account of a Series or Class and to determine what firms shall participate in any such transactions or shall share in commissions or fees charged in connection with such transactions.

<u>Section 2. Administrative Services.</u> 

The Trustees may in their discretion from time to time contract for administrative personnel and services whereby the other party shall agree to provide the Trustees administrative personnel and services to operate the Trust or a Series or Class on a daily basis, on such terms and conditions as the Trustees may in their discretion determine. Such services may be provided by one or more entities.

<u>Section 3. Principal Underwriter.</u> 

The Trustees may in their discretion from time to time enter into an exclusive or nonexclusive contract or contracts providing for the sale of the Shares of a Series or Class to net such Series or Class not less than the amount provided in Article III, Section 3 hereof, whereby a Series or Class may either agree to sell the Shares to the other party to the contract or appoint such other party its sales agent for such shares. In either case, the contract shall be on such terms and conditions (including indemnification of principal underwriters allowable under applicable law and regulation) as the Trustees may in their discretion determine not inconsistent with the provisions of this Article VII; and such contract may also provide for the repurchase or sale of Shares of a Series or Class by such other party as principal or as agent of the Trust and may provide that the other party may maintain a market for shares of a Series or Class.

<u>Section 4. Transfer Agent.</u> 

The Trustees may in their discretion from time to time enter into transfer agency and shareholder services contracts whereby the other party shall undertake to furnish the Trustees transfer agency and shareholder services. The contracts shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Declaration of Trust or of the By-Laws. Such services may be provided by one or more entities.

<u>ARTICLE VIII</u>

<u>SHAREHOLDERS' VOTING POWERS AND MEETINGS</u>

<u>Section 1. Voting Powers.</u> 

Subject to the provisions set forth in Article III, Section 5(d), the Shareholders shall have power to vote (i) for the election of Trustees as provided in Article IV, Section 2; (ii) for the removal of Trustees as provided in Article IV, Section 3(d); (iii) with respect to any investment adviser or sub-investment adviser as provided in Article VII, Section 1; (iv) with respect to the amendment of this Declaration of Trust as provided in Article XII, Section 7; (v) to the same extent as the shareholders of a Massachusetts business corporation as to whether or not a court action, proceeding or claim should be brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders; and (vi) with respect to such additional matters relating to the Trust as may be required by law, by this Declaration of Trust, or the By-Laws of the Trust or any regulation of the Trust with the Commission or any State, or as the Trustees may consider desirable. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote, and each fractional Share shall be entitled to a proportionate fractional vote. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy. Until Shares of a Series or Class are issued, the Trustees may exercise all rights of Shareholders of such Series or Class with respect to the Trust, or such Series or Class, and may take any action required or permitted by law, this Declaration of Trust or any By-Laws of the Trust to be taken by Shareholders.

<u>Section 2. Meetings.</u> 

A Shareholders meeting shall be held as specified in Section 2 of Article IV at the principal office of the Trust or such other place as the Trustees may designate. Special meetings of the Shareholders of the Trust or of any Series or Class may be called by the Trustees or the Chief Executive Officer of the Trust and shall be called by the Trustees upon the written request of Shareholders of the Trust or such Series or Class owning at least one-tenth of the outstanding Shares of the Trust or such Series or Class entitled to vote. Shareholders shall be entitled to at least fifteen days' notice of any meeting.

<u>Section 3. Quorum and Required Vote.</u> 

Except as otherwise provided by law, to constitute a quorum for the transaction of any business at any meeting of Shareholders there must be present, in person or by proxy, holders of one-fourth of the total number of Shares of all Series and Classes of the Trust then outstanding and entitled to vote at such meeting. When any one or more Series or Classes is entitled to vote as a single Series or Class, more than fifty percent of the shares of each such Series or Class entitled to vote shall constitute a quorum at a Shareholders' meeting of that Series or Class. If a quorum, as defined above, shall not be present for the purpose of any vote that may properly come before the meeting, the Shareholders present in person or by proxy and entitled to vote at such meeting on such matter holding a majority of the Shares present entitled to vote on such matter may by vote adjourn the meeting from time to time to be held at the same place without further notice than by announcement to be given at the meeting until a quorum, as above defined, entitled to vote on such matter shall be present, whereupon any such matter may be voted upon at the meeting as though held when originally convened. Subject to any applicable requirement of law or of this Declaration of Trust or the By-Laws, a plurality of the votes cast shall elect a Trustee and all other matters shall be decided by a majority of the votes cast entitled to vote thereon.

<u>Section 4. Action by Written Consent</u>.

Subject to the provisions of the 1940 Act and other applicable law, any action taken by Shareholders may be taken without a meeting if a majority of Shareholder entitled to vote on the matter (or such larger proportion thereof shall be required by applicable law or by any express provision of this Declaration of Trust or the By-Laws) consents to the action in writing. Such consents shall be treated for all purposes as a vote taken at a meeting of Shareholders.

<u>Section 5. Additional Provisions.</u> 

The By-Laws may include further provisions for Shareholders' votes and meetings and related matters.

<u>ARTICLE IX</u>

<u>CUSTODIAN</u>

The Trustees may, in their discretion, from time to time enter into contracts providing for custodial or accounting services to the Trust or any Series or Class. The contracts shall be on the terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Declaration of Trust or of the By-Laws. Such services may be provided by one or more entities, including one or more sub-custodians.

<u>ARTICLE X</u>

<u>DISTRIBUTIONS AND REDEMPTIONS</u>

<u>Section 1. Distributions.</u>

(a) The Trustees may from time to time declare and pay dividends to the Shareholders of any Series or Class, and the amount of such dividends and the payment of them shall be wholly in the discretion of the Trustees. Such dividends may be accrued and automatically reinvested in additional Shares (or fractions thereof) of the relevant Series or Class or paid in cash or additional Shares of such Series or Class, all upon such terms and conditions as the Trustees may prescribe.

(b) The Trustees may distribute in respect of any fiscal year as ordinary dividends and as capital gains distributions, respectively, amounts sufficient to enable any Series or Class to qualify as a regulated investment company to avoid any liability for federal income taxes in respect of that year.

(c) The decision of the Trustees as to what, in accordance with good accounting practice, is income and what is principal shall be final, and except as specifically provided herein the decision of the Trustees as to what expenses and charges of any Series or Class shall be charged against principal and what against the income shall be final. Any income not distributed in any year may be permitted to accumulate and as long as not distributed may be invested from time to time in the same manner as the principal funds of any Series or Class.

(d) All dividends and distributions on Shares of a particular Series or Class shall be distributed pro rata to the holders of that Series or Class in proportion to the number of Shares of that Series or Class held by such holders and recorded on the books of the Trust or its transfer agent at the time of record established for that payment.

<u>Section 2. Redemptions and Repurchases</u>

(a) In case any Shareholder of record of the Trust at any time desires to dispose of Shares of any such Series or Class recorded in his name, he may deposit a written request (or such other form of request as the Trustees may from time to time authorize) requesting that the Trust purchase said Shares out of assets attributable to such Series or Class, together with such other instruments or authorizations to effect the transfer as the Trustees may from time to time require, at the office of the Custodian, and the Trust shall purchase said Shares out of assets attributable to such Series or Class, but only at the net asset value of such Shares (as defined in Section 4 of this Article X) determined by or on behalf of the Trustees next after said deposit, less any applicable redemption charges as the Trustees from time to time may determine.

Payment for such Shares shall be made by the Trust to the Shareholders of record within that time period required under the 1940 Act after the request (and, if required, such other instruments or authorizations of transfer) is deposited, subject to the right of the Trustees to postpone the date of payment pursuant to Section 5 of this Article X. If the redemption is postponed beyond the date on which it would normally occur by reason of a declaration by the Trustees suspending the right of redemption pursuant to Section 5 of this Article X, the right of the Shareholder to have his Shares purchased by the Trust shall be similarly suspended, and he may withdraw his request (or such other instruments or authorizations of transfer) from deposit if he so elects; or, if he does not so elect, the purchase price shall be the net asset value of his Shares, determined next after termination of such suspension and payment therefor and shall be made within the time period required under the 1940 Act.

(b) The Trust may purchase Shares of a Series or Class by agreement with the owner thereof at a price not exceeding the net asset value per Share (reduced by any redemption charge or deferred sales charge) determined (1) next after the purchase or contract of purchase is made or (2) at some later time.

(c) The Trust may pay the purchase price (reduced by any redemption charge) in whole or in part by a distribution in kind of securities from the portfolio of the relevant Series or Class, taking such securities at the same value employed in determining net asset value, and selecting the securities in such manner as the Trustees may deem fair and equitable.

<u>Section 3. Net Asset Value of Shares.</u> 

The net asset value of each Share of a Series or Class outstanding shall be determined at such time or times as may be determined by or on behalf of the Trustees. The power and duty to determine net asset value may be delegated by the Trustees from time to time to one or more of the Trustees or officers of the Trust, to the other party to any contract entered into pursuant to Section 1 or 2 of Article VII or to the custodian or to a transfer agent or other person designated by the Trustees.

The net asset value of each Shares of a Series or Class as of any particular time shall be the quotient (adjusted to the nearer cent) obtained by dividing the value, as of such time, of the net assets belonging to such Series or Class (i.e., the value of the assets belonging to such Series or Class less its liabilities belonging to such Series or Class exclusive of capital and surplus) by the total number of Shares outstanding of the Series or Class (exclusive of treasury Shares) at such time in accordance with the requirements of the 1940 Act and applicable provisions of the By-Laws of the Trust in conformity with generally accepted accounting practices and principles.

The Trustees may declare a suspension of the determination of net asset value for the whole or any part of any period in accordance with the 1940 Act.

<u>Section 4. Suspension of the Rights of Redemption.</u> 

The Trustees may declare a suspension of the right of redemption or postpone the date of payment for the whole or any part of any period in accordance with the 1940 Act

<u>Section 5. Trust's Right to Redeem Shares.</u> 

The Trust shall have the right to cause the redemption of Shares of any Series or Class in any Shareholder's account for their then current net asset value and promptly make payment to the shareholder (which will be reduced by any applicable redemption charge or deferred sales charge), if (a) at any time the total investment in the account does not have a minimum dollar value determined from time to time by the Trustees in their sole discretion, (b) at any time a Shareholder fails to furnish certified Social Security or Tax Identification Numbers, or (c) at any time the Trustees determine in their sole discretion that failure to so redeem may have materially adverse consequences to the other Shareholders or the Trust or any Series or Class thereof.

<u>ARTICLE XI</u>

<u>LIMITATION OF LIABILITY AND INDEMNIFICATION</u>

<u>Section 1. Limitation of Personal Liability and Indemnification of Shareholders.</u> 

The Trustees, officers, employees or agents of the Trust shall have no power to bind any Shareholder of any Series or Class personally or to call upon any Shareholder for the payment of any sum of money or assessment whatsoever, other than such as the Shareholder may at any time agree to pay by way of subscription to any Shares or otherwise.

No Shareholder or former Shareholder of any Series or Class shall be liable solely by reason of his being or having been a Shareholder for any debt, claim, action, demand, suit, proceeding, judgment, decree, liability or obligation of any kind, against, or with respect to the Trust or any Series or Class arising out of any action taken or omitted for or on behalf of the Trust or such Series or Class, and the Trust or such Series or Class shall be solely liable therefor and resort shall be had solely to the property of the relevant Series or Class of the Trust for the payment or performance thereof.

Each Shareholder or former Shareholder of any Series or Class (or their heirs, executors, administrators or other legal representatives or, in case of a corporate entity, its corporate or general successor) shall be entitled to indemnity and reimbursement out of the Trust property to the full extent of such liability and the costs of any litigation or other proceedings in which such liability shall have been determined, including, without limitation, the fees and disbursements of counsel if, contrary to the provision hereof, such Shareholder or former Shareholder of such Series or Class shall be held to personal liability. Such indemnification and reimbursement shall come exclusively from the assets of the relevant Series or Class.

The Trust shall, upon request by the Shareholder or former Shareholder, assume the defense of any claim made against any Shareholder for any act or obligation of the Trust or any Series or Class and satisfy any judgment thereon.

<u>Section 2. Limitation of Personal Liability of Trustees, Officers, Employees or Agents of the Trust</u>.

No Trustee, officer, employee or agent of the Trust shall have the power to bind any other Trustee, officer, employee or agent of the Trust personally. The Trustees, officers, employees or agents of the Trust incurring any debts, liabilities or obligations, or in taking or omitting any other actions for or in connection with the Trust are, and each shall be deemed to be, acting as Trustee, officer, employee or agent of the Trust and not in his own individual capacity.

Trustees and officers of the Trust shall be liable for their willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee or officer, as the case may be, and for nothing else.

Each person who is or was a Trustee, officer, employee or agent of the Trust shall be entitled to indemnification out of the assets of the Trust (or any Series or Class) to the extent provided in, and subject to the provisions of, the By-Laws, provided that no indemnification shall be granted in contravention of the 1940 Act..

<u>Section 3. Express Exculpatory clauses and Instruments.</u> 

(a) All persons extending credit to, contracting with or having any claim against the Trust or a particular Series or Class shall only look to the assets of the Trust or the assets of that particular Series or Class for payment under such credit, contract or claim; and neither the Shareholders nor the Trustees nor any of the Trust's officers, employees or agents, whether past, present or future, shall be liable therefor.

(b) The Trustees shall use every reasonable means to assure that all persons having dealings with the Trust or any Series or Class shall be informed that the property of the Shareholders and Trustees, officers, employees and agents of the Trust or any Series or Class shall not be subject to claims against or obligations of the Trust or any Series or Class to any extent whatsoever. The Trustees shall cause to be inserted in any written agreement, undertaking or obligation made or issued on behalf of the Trust or any Series or Class (including certificates for Shares of any Series or Class) an appropriate reference to this Declaration, providing that neither the Shareholders, the Trustees, the officers, the employees nor any agent of the Trust or any Series or Class shall be liable thereunder, and that the other parties to such instrument shall look solely to the assets attributable to the relevant Series or Class for the payment of any claim thereunder or for the performance thereof; but the omission of such provisions from any such instrument shall not render any Shareholder, Trustee, officer, employee or agent liable, nor shall the Trustee, or any officer, agent or employee of the Trust be liable to anyone for such omission. If, notwithstanding this provision, any Shareholder, Trustee, officer, employee or against shall be held liable to any other person by reason of the omission of such provision from any such agreement, undertaking or obligation, the Shareholder, Trustee, officer, employee or agent shall be indemnified and reimbursed by the Trust.

<u>ARTICLE XII</u>

<u>MISCELLANEOUS</u>

<u>Section 1. Trust is not a Partnership.</u> 

It is hereby expressly declared that a trust and not a partnership is created hereby.

<u>Section 2. Trustee Action Binding, Expert Advice, No Bond or Surety.</u> 

The exercise by the Trustees of their powers and discretions hereunder in good faith and with reasonable care under the circumstances then prevailing, shall be binding upon everyone interested. Subject to the provisions of Article XI, the Trustees shall not be liable for errors of judgment or mistakes of fact or law. The Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust, and subject to the provisions of Article XI, shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice. The Trustees shall not be required to give any bond as such, nor any surety if a bond is required.

<u>Section 3. Establishment of Record Dates.</u> 

The Trustees may close the Share transfer books of the Trust maintained with respect to any Series or Class for a period not exceeding sixty (60) days preceding the date of any meeting of Shareholders of the Trust or such Series or Class, or the date for the payment of any dividend or the making of any distribution to Shareholders, or the date for the allotment of rights, or the date when any change or conversion or exchange of Shares of such Series or Class shall go into effect; or in lieu of closing the Share transfer books as aforesaid, the Trustees may fix in advance a date, not exceeding sixty (60) days preceding the date of any meeting of Shareholders of the Trust or such Series or Class, or the date for the payment of any dividend or the making of any distribution to Shareholders of any Series or Class, or the date for the allotment of rights, or the date when any change or conversion or exchange of Shares of the Trust or any Series or Class shall go into effect, or the last day on which the consent or dissent of Shareholders of the Trust or any Series or Class may be effectively expressed for any purpose, as a record date for the determination of the Shareholder entitled to notice of, and, to vote at, any such meeting and any adjournment thereof, or entitled to receive payment of any such dividend or distribution, or to any such allotment of rights, or to exercise the rights in respect of any such change, conversion or exchange of shares, or to exercise the right to give such consent or dissent, and in such case such Shareholder and only such Shareholder as shall be Shareholders of record on the date so fixed shall be entitled to such notice of, and to vote at, such meeting, or to receive payment of such dividend or distribution, or to receive such allotment or rights, or to exercise such rights, as the case may be, notwithstanding, after such date fixed aforesaid, any transfer of any Shares on the books of the Trust maintained with respect to such Series or Class. Nothing in the foregoing sentence shall be construed as precluding the Trustees from setting different record dates for different Series or Classes.

<u>Section 4. Termination of Trust.</u>

(a) This Trust shall continue without limitation of time but subject to the provisions of paragraphs (b), (c) and (d) of this Section 4.

(b) The Trustees, with the approval of the holders of at least two-thirds of the outstanding Shares of each Series or Class entitled to vote, and voting separately by Series or Class, may by unanimous action sell and convey the assets of the Trust or any Series or Class to another trust or corporation organized under the laws of any state of the United States, which is a diversified open-end management investment company as defined in the 1940 Act, for an adequate consideration which may include the assumption of all outstanding obligations, taxes and other liabilities, accrued or contingent, of the Trust or such Series or Class and which may include shares of beneficial interest or stock of such trust or corporation. Upon making provision for the payment of all such liabilities, by such assumption or otherwise, the Trustees shall distribute the remaining proceeds ratably among the holders of the Shares of that Series or Class of the Trust then outstanding of the Trust or such Series or Class.

(c) The Trust may at any time sell and convert into money all the assets of the Trust of such Series or Class. Upon making provision for the payment of all outstanding obligations, taxes and other liabilities, accrued or contingent belonging to each Series or Class, the Trustees shall distribute the remaining assets belonging to each Series or Class ratably among the holders of the outstanding Shares of that Series or Class.

(d) Upon completion of the distribution of the remaining proceeds of the remaining assets as provided in paragraphs (b) and (c), the Trust or the applicable Series or Class shall terminate and the Trustees shall be discharged of any and all further liabilities and duties hereunder and the right, title and interest of all parties shall be canceled and discharged.

<u>Section 5. Offices of the Trust, Filing of Copies, References, Headings.</u>

The Trust shall maintain a usual place of business in Massachusetts, which shall be determined by the Trustees, and shall continue to maintain an office at such address unless changed by the Trustees to another location in Massachusetts. *As amended by Amd. #6 - 5/17/00* The Trust may maintain other offices as the Trustees may from time to time determine. The original or a copy of this instrument and of each declaration of trust supplemental hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. A copy of this instrument and of each supplemental declaration of trust shall be filed by the Trustees with the Massachusetts Secretary of State and the Boston City Clerk, as well as any other governmental office where such filing may from time to time be required. Headings are placed herein for convenience of reference only and in case of any conflict, the text of this instrument, rather than the headings, shall control. This instrument may be executed in any number of counterparts each of which shall be deemed an original.

<u>Section 6. Applicable Law.</u> 

The Trust set forth in this instrument is created under and is to be governed by and construed and administered according to the laws of the Commonwealth of Massachusetts. The Trust shall be of the type commonly called a Massachusetts business trust, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust.

<u>Section 7. Amendments - - General.</u> 

All rights granted to the Shareholders under this Declaration of Trust are granted subject to the reservation of the right to amend this Declaration of Trust as herein provided, except that no amendment shall repeal the limitations on personal liability of any Shareholder or Trustee or repeal the prohibition of assessment upon the Shareholders without the express consent of each Shareholder or Trustee involved. Subject to the foregoing, the provisions of this Declaration of Trust (whether or not related to the rights of Shareholders) may be amended at any time, so long as such amendment is or purports to be applicable and so long as such amendment is not in contravention of applicable law, including the 1940 Act, by an instrument in writing signed by a majority of the then Trustees (or by an officer of the Trust pursuant to the vote of a majority of such Trustees). Any amendment to this Declaration of Trust that adversely affects the rights of Shareholders may be adopted at any time by an instrument signed in writing by a majority of the then Trustees (or by an officer of the Trust pursuant to the vote of a majority of such Trustees) when authorized to do so by the vote of the Shareholders holding a majority of the Shares entitled to vote. Subject to the foregoing, any such amendment shall be effective as provided in the instrument containing the terms of such amendment or, if there is no provision therein with respect to effectiveness, upon the execution of such instrument and of a certificate (which may be a part of such instrument) executed by a Trustee or officer to the effect that such amendment has been duly adopted. Copies of the amendment to this Declaration of Trust shall be filed as specified in Section 5 of this Article XII. A restated Declaration of Trust, integrating into a single instrument all of the provisions of the Declaration of Trust which are then in effect and operative, may be executed from time to time by a majority of the Trustees and shall be effective upon filing as specified in Section 5.

<u>Section 8. Amendments - - Series.</u> 

The establishment and designation of any Series or Class of Shares in addition to those established and designated in Section 5 of Article III hereof shall be effective upon the execution by a majority of the then Trustees of an amendment to this Declaration of Trust, taking the form of a complete restatement or otherwise, setting forth such establishment and designation and the relative rights and preferences of any such Series or Class, or as otherwise provided in such instrument.

Without limiting the generality of the foregoing, the Declaration of Trust may be amended to:

(a) create one or more Series or Classes of Shares (in addition to any Series or Classes already existing or otherwise) with such rights and preferences and such eligibility requirements for investment therein as the Trustees shall determine and reclassify any or all outstanding Shares as Shares of particular Series or Classes in accordance with such eligibility requirements;

(b) combine two or more Series or Classes of Shares into a single Series or Class on such terms and conditions as the Trustees shall determine;

(c) change or eliminate any eligibility requirements for investment in Shares of any Series or Class, including without limitation the power to provide for the issue of Shares of any Series or Class in connection with any merger or consolidation of the Trust with another Trust or company or any acquisition by the Trust of part or all of the assets of another trust or company;

(d) change the designation of any Series or Class of Shares;

(e) change the method of allocating dividends among the various Series and Classes of Shares;

(f) allocate any specific assets or liabilities of the Trust or any specific items of income or expense of the Trust to one or more Series and Classes of Shares; and

(g) specifically allocate assets to any or all Series or Classes of Shares or create one or more additional Series or Classes of Shares which are preferred over all other Series or Classes of Shares in respect to assets specifically allocated thereto or any dividends paid by the Trustees with respect to any net income, however determined, earned from the investment or reinvestment or any assets so allocated or otherwise and provide for any special voting or other rights with respect to such Series or Classes.

<u>Section 9. Use of Name</u>.

The Trust acknowledges that Federated Investors has reserved the right to grant the non-exclusive use of the name "Federated Institutional Trust" or any derivative thereof to any other investment company, investment company portfolio, investment adviser, distributor, or other business enterprise, and to withdraw from the Trust one or more Series or Classes any right to the use of the name "Federated Institutional Trust."

IN WITNESS WHEREOF, the undersigned have executed this instrument the day and year first above written.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>/s/ John F. Donahue</u> | &nbsp;&nbsp;<u>/s/ Marjorie P. Smuts</u> |
| &nbsp;&nbsp;John F. Donahue | &nbsp;&nbsp;Marjorie P. Smuts |
| &nbsp;&nbsp;<u>/s/ William J. Copeland</u> | &nbsp;&nbsp;<u>/s/ Gregor F. Meyer</u> |
| &nbsp;&nbsp;William J. Copeland | &nbsp;&nbsp;Gregor F. Meyer |
| &nbsp;&nbsp;<u>/s/ James E. Dowd</u> | &nbsp;&nbsp;<u>/s/ Wesley W. Posvar</u> |
| &nbsp;&nbsp;James E. Dowd | &nbsp;&nbsp;Wesley W. Posvar |
| &nbsp;&nbsp;<u>/s/ Lawrence D. Ellis, M.D.</u> | &nbsp;&nbsp;<u>/s/ Peter E. Madden</u> |
| &nbsp;&nbsp;Lawrence D. Ellis, M.D. | &nbsp;&nbsp;Peter E. Madden |
| &nbsp;&nbsp;<u>/s/ Edward L. Flaherty, Jr.</u> | &nbsp;&nbsp;<u>/s/ John T. Conroy, Jr.</u> |
| &nbsp;&nbsp;Edward L. Flaherty, Jr. | &nbsp;&nbsp;John T. Conroy, Jr. |

---

The preceding Declaration of Trust is a clean copy incorporating all amendments. The following pages include the document as originally filed with the commonwealth of Massachusetts and each individual amendment that has been incorporated.

Amd. #2

AMENDED AND RESTATED

DECLARATION OF TRUST

FEDERATED INSTITUTIONAL TRUST

Dated June 17, 1994

DECLARATION OF TRUST amended and restated June 17, 1994 by the undersigned, and by the holders of shares of beneficial interest to be issued hereunder as hereinafter provided.

WHEREAS the Trustees desire to establish a trust fund for the investment and reinvestment of funds contributed thereto;

NOW, THEREFORE, the Trustees declare that all money and property contributed to the trust fund hereunder shall be held and managed under this Declaration of Trust IN TRUST as herein set forth below.

<u>ARTICLE I</u>

<u>NAMES AND DEFINITIONS</u>

<u>Section 1. Name.</u>

This Trust shall be known as the Federated Institutional Trust, and the Trustees may conduct the business of the Trust under that name or any other name as they may determine from time to time.

<u>Section 2. Definitions.</u>

Wherever used herein, unless otherwise required by the context or specifically provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The terms "Affiliated Person," "Assignment," "Commission," "Interested Person," "Majority Shareholder Vote" (the 67% or 50% requirement of Section 2(a)(42) of the 1940 Act, whichever may be applicable) and "Principal Underwriter" shall have the meanings given them in the 1940 Act, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "Trust" refers to the Massachusetts Business Trust established by this Declaration of Trust, as amended from time to time, inclusive of each and every Series and Class established hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Class" refers to a class of Shares established and designated under or in accordance with the provisions of Article III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Series" refers to a series of Shares established and designated under or in accordance with the provisions of Article III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Series Company" refers to the form of a registered open-end investment company described in Section 18(f)(2) of the 1940 Act or in any successor statutory provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Shareholder" means a record owner of Shares of any Series or Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The "Trustees" refer to the individual Trustees in their capacity as Trustees hereunder of the Trust and their successor or successors for the time being in office as such Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Shares" means the equal proportionate units of interest into which the beneficial interest in the Trust shall be divided from time to time or if more than one Series or Class of Shares is authorized by the Trustees, the equal proportionate units into which each Series or Class of Shares shall be divided from time to time and includes fractions of Shares as well as whole Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The "1940 Act" refers to the Investment Company Act of 1940, as amended from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "By-Laws" shall mean the By-Laws of the Trust as amended from time to time.

<u>ARTICLE II</u>

<u>PURPOSE OF THE TRUST</u>

The purpose of this Trust is to operate as an investment company, and provide investors a continuous source of managed investments by investing primarily in securities, derivative securities, and also in debt instruments, commodities, commodity contracts and options thereon, and other property.

<u>ARTICLE III</u>

<u>BENEFICIAL INTEREST</u>

<u>Section 1. Shares of Beneficial Interest.</u> 

The beneficial interest in the Trust shall at all times be divided into transferable Shares, without par value. Subject to the provisions of Section 5 of this Article III, each Shares shall have voting rights as provided in Article VIII hereof, and holders of the Shares of any Series shall be entitled to receive dividends, when and as declared with respect thereto in the manner provided in Article X, Section 1 hereof. The Shares of any Series may be issued in two or more Classes, as the Trustees may authorize pursuant to Article XII, Section 8 hereof. Unless the Trustees have authorized the issuance of Shares of a Series in two or more Classes, each Share shall represent an equal proportionate interest in the assets and liabilities of the Series with each other Share of the same Series, none having priority or preference over another. If the Trustees have authorized the issuance of Shares of a Series in two or more Classes, then the Classes may have such variations as to dividend, redemption, and voting rights, net asset values, expenses borne by the Classes, and other matters as the Trustees have authorized provided that each Share of a Class shall represent an equal proportionate interest in the assets and liabilities of the Class with each other Share or the same Class, none having priority or preference over another. The number of Shares which may be issued is unlimited. The Trustees may from time to time divide or combine the outstanding Shares of any Series or Class into a greater or lesser number without thereby changing the proportionate beneficial interest in the Series or Class.

<u>Section 2. Ownership of Shares.</u> 

The ownership of Shares shall be recorded in the books of the Trust or a transfer agent which books shall be maintained separately for the Shares of each Series or Class. The Trustees may make such rules as they consider appropriate for the transfer of Shares and similar matters. The record books of the Trust or any transfer agent, as the case may be, shall be conclusive as to who are the Shareholders of each Series or Class and as to the number of Shares of each Series or Class held from time to time by each.

<u>Section 3. Investment in the Trust.</u> 

The Trustees shall accept investments in the Trust from such persons and on such terms as they may from time to time authorize. After the date of the initial contribution of capital (which shall occur prior to the initial public offering of Shares of the Trust), the number of Shares to represent the initial contribution shall be considered as outstanding and the amount received by the Trustees on account of the contribution shall be treated as an asset of the Trust to be allocated among any Series or Class in the manner described in Section 5(a) of this Article. Subsequent to such initial contribution of capital, Shares (including Shares which may have been redeemed or repurchased by the Trust) may be issued or sold at a price which will net the relevant Series or Class, as the case may be, before paying any taxes in connection with such issue or sale, not less than the net asset value (as defined in Article X, Section 4) thereof; provided, however, that the Trustees may in their discretion impose a sales charge upon investments in or redemptions from the Trust, and upon reinvestments of dividends and capital gains in Shares.

<u>Section 4. No Pre-emptive Right; Action by Shareholder.</u> 

Shareholders shall have no pre-emptive or other right to subscribe to any additional Shares or other securities issued by the Trust. No action may be brought by a Shareholder on behalf of the Trust unless a prior demand regarding such matter has been made on the Trustees of the Trust.

<u>Section 5. Establishment and Designation of Series or Class.</u>

Without limiting the authority of the Trustees set forth in Article XII, Section 8, *inter alia*, to establish and designate any additional Series or Class or to modify the rights and preferences of any existing Series or Class, the initial Series shall be, and is established and designated as, Federated Institutional Short-Term Government Fund.

Shares of any Series or Class established in this Section 5 shall have the following relative rights and preferences:

(a) <u>Assets belonging to Series or Class</u>. All consideration received by the Trust for the issue or sale of Shares of a particular Series or Class, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to that Series or Class for all purposes, subject only to the rights of creditors, and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, are herein referred to as "assets belonging to" that Series or Class. In the event that there are any assets, income earnings, profits and proceeds thereof, funds or payments which are not readily identifiable as belonging to any particular Series or Class (collectively "General Assets"), the Trustees shall allocate such General Assets to, between or among any one or more of the Series of Classes established and designated from time to time in such manner and on such basis as they, in their sole discretion, deem fair and equitable, and any General Assets so allocated to a particular Series or Class shall belong to that Series or Class Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series or Classes for all purposes.

(b) <u>Liabilities Belonging to Series or Class</u>. The assets belonging to each particular Series or Class shall be charged with the liabilities of the Trust in respect to that Series or Class and all expense, costs, charges and reserves attributable to that Series or Class, and any general liabilities of the Trust which are not readily identifiable as belonging to any particular Series or Class shall be allocated and charged by the Trustees to and among any one or more Series or Classes established and designated from time to time in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. The liabilities, expenses, costs, charges and reserves to charged to a Series or Class are herein referred to as "liabilities belonging to" that Series or Class. Each allocation of liabilities belonging to a Series or Class by the Trustees shall be conclusive and binding upon the Shareholders of all Series or Classes for all purposes.

(c) <u>Dividends, Distributions, Redemptions, Repurchases and Indemnification</u>. Notwithstanding any other provisions of this Declaration, including, without limitation, Article X, no dividends or distribution (including, without limitation, any distribution paid upon termination of the Trust or of any Series or Class) with respect to, nor any redemption or repurchase of, the Shares of any Series or Class shall be effected by the Trust other than from the assets belonging to such Series or Class, nor except as specifically provided in Section 1 of Article XI hereof, shall any Shareholder of any particular Series or Class otherwise have any right or claim against the assets belonging to any other Series or Class except to the extent that such Shareholder has such a right or claim hereunder as a Shareholder of such other Series or Class.

(d) <u>Voting</u>. Notwithstanding any of the other provisions of this Declaration, including, without limitation, Section 1 of Article VIII, only Shareholders of a particular Series or Class shall be entitled to vote on any matters affecting such Series or Class. Except with respect to matters as to which any particular Series or Class is affected, all of the Shares of each Series or Class shall, on matters as to which such Series or Class is entitled to vote, vote with other Series or Classes so entitled as a single class. Notwithstanding the foregoing, with respect to matters which would otherwise be voted on by two or more Series or Classes as a single class, the Trustees may, in their sole discretion, submit such matters to the Shareholders of any or all such Series or Classes, separately.

(e) <u>Fraction</u>. Any fractional Share or a Series or Class shall carry proportionately all the rights and obligations of a whole Share of that Series or Class, including rights with respect to voting, receipt of dividends and distributions, redemption of Shares and termination of the Trust or of any Series or Class.

(f) <u>Exchange Privilege</u>. The Trustees shall have the authority to provide that the holders of Shares of any Series or Class shall have the right to exchange said Shares for Shares of one or more other Series or Classes in accordance with such requirements and procedures as may be established by the Trustees.

(g) <u>Combination of Series or Classes</u>. The Trustees shall have the authority, without the approval of the Shareholders of any Series or Class, unless otherwise required by applicable law, to combine the assets and liabilities belonging to a single Series or Class with the assets and liabilities of one or more other Series or Classes.

(h) <u>Elimination of Series or Classes</u>. At any time that there are no Shares outstanding of any particular Series or Class previously established or designated, the Trustees may amend this Declaration of trust to abolish that Series or Class and to rescind the establishment and designation of thereof.

<u>ARTICLE IV</u>

<u>THE TRUSTEES</u>

<u>Section 1. Management of the Trust.</u> 

The business and affairs of the Trust shall be managed by the Trustees, and they shall have all powers necessary and desirable to carry out that responsibility. The Trustees who shall serve as Trustees are the undersigned.

<u>Section 2. Election of Trustees by Shareholders.</u> 

Unless otherwise required by the 1940 Act or any court or regulatory body of competent jurisdiction, or unless the Trustees determine otherwise, a Trustee shall be elected by the Trustees, and the Shareholders shall have no right to elect Trustees.

<u>Section 3. Term of Office of Trustees.</u> 

The Trustees shall hold office during the lifetime of this Trust, and until its termination as hereinafter provided; except (a) that any Trustee may resign his trust by written instrument signed by him and delivered to the other Trustees, which shall take effect upon such delivery or upon such later date as is specified therein; (b) that any Trustee may be removed t any time by written instrument signed by at least two-thirds of the number of Trustees prior to such removal, specifying the date when such removal shall be effective; (c) that any Trustee who requests in writing to be retired or who has become mentally or physically incapacitated may be retired by written instrument signed by a majority of the other Trustees, specifying the date of his retirement; and (d) a Trustee may be removed at any special meeting of Shareholders of the Trust by a vote of two-thirds of the outstanding Shares. Any removals shall be effective as to the Trust and each Series and Class hereunder.

<u>Section 4. Termination of Service and Appointment of Trustees.</u> 

In case of the death, resignation, retirement, removal or mental or physical incapacity of any of the Trustees, or in case a vacancy shall, by reason of an increase in number, or for any other reason, exist, the remaining Trustees shall fill such vacancy by appointment such other person as they in their discretion shall see fit. Such appointment shall be effected by the signing of a written instrument by a majority of Trustees in office. Within three months of such appointment, the Trustees shall cause notice of such appointment to be mailed to each Shareholder at his address as recorded on the books of the Trust. An appointment of a Trustee may be made by the Trustees then in office and notice thereof mailed to Shareholder as aforesaid in anticipation of a vacancy to occur by reason of retirement, resignation or increase in number of Trustees effective at a later date, provided that such appointment shall become effective only at or after the effective date of said retirement, resignation or increase in number of Trustees. As soon as any Trustee so appointed shall have accepted this Trust, the trust estate shall vest in the new Trustee or Trustees, together with the continuing Trustees, without any further act or conveyance, and he shall be deemed a Trustee hereunder. Any appointment authorized by this Section 4 is subject to the provisions of Section 16(a) of the 1940 Act.

<u>Section 5. Number of Trustees.</u> 

The number of Trustees, not less than three (3) nor more than twenty (20) serving hereunder at any time shall be determined by the Trustees themselves.

Whenever a vacancy in the Board of Trustees shall occur, until such vacancy is filled or while any Trustee is physically or mentally incapacitated, the other Trustees shall have all the powers hereunder and the certificate signed by a majority of the other Trustees of such vacancy, absence or incapacity, shall be conclusive, provided, however, that no vacancy which reduces the number of Trustees below three (3) shall remain unfilled for a period longer than six calendar months.

<u>Section 6. Effect of Death, Resignation, etc. of a Trustee.</u> 

The death, resignation, retirement, removal, or mental or physical incapacity of the Trustees, or any of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust.

Section 7. <u>Ownership of the Trust</u>.

The assets belonging to each Series or Class or the Trust shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustee. All of the assets belonging to each Series or Class of the Trust shall at all times be considered as vested in the Trustees. No Shareholder shall be deemed to have a severable ownership in any individual asset belonging to any Series or Class of the Trust or any right of partition or possession thereof, but each Shareholder shall have a proportionate individual beneficial interest in a Series or Class.

<u>ARTICLE V</u>

<u>POWERS OF THE TRUSTEES</u>

<u>Section 1. Powers.</u> 

The Trustees in all instances shall act as principals, and are and shall be free from the control of the Shareholders. The Trustees shall have full power and authority to do any and all acts and to make and execute any and all contracts and instruments that they may consider necessary or appropriate in connection with the management of the Trust or a Series or Class. The Trustees shall not be bound or limited by present or future laws or customs in regard to trust investments, but shall have full authority and power to make any and all investments which they, in their uncontrolled discretion, shall deem proper to accomplish the purpose of this Trust. Without limiting the foregoing, the Trustees shall have the following specific powers and authority, subject to any applicable limitation in this Declaration of Trust or in the By-Laws of the Trust.

(a) To buy, and invest funds in their hands in, securities including, but not limited to, common stocks, preferred stocks, bonds, debentures, warrants and rights to purchase securities, certificates of beneficial interest, money market instruments, notes or other evidences or indebtedness issued by any corporation, trust or association, domestic or foreign, or issued or guaranteed by the United States of America or any agency of instrumentality thereof, by the government of any foreign country, by any State of the United States, or by any political subdivision or agency or instrumentality of any State or foreign country, or in "when-issued" or "delayed-delivery" contracts for any such securities, or in any repurchase agreement (agreements under which the seller agrees at the time of sale to repurchase the security at an agreed time and price), or retain assets belonging to each and every Series or Class in cash, and from time to time change the investments of the assets belonging to each Series or Class;

(b) To adopt By-Laws not inconsistent with the Declaration of Trust providing for the conduct of the business of the Trust and to amend and repeal them to the extent that they do not reserve the right to the Shareholders;

(c) To elect and remove such officers and appoint and terminate such agents as they consider appropriate;

(d) To appoint or otherwise engage a bank or trust company as custodian of any assets belonging to any Series or Class subject to any conditions set forth in this Declaration of Trust or in the By-Laws;

(e) To appoint or otherwise engage transfer agency, dividend disbursing agents, Shareholder servicing agents, investment advisers, sub-investment adviser, principal underwriters, administrative service agents; and such other agents as the Trustees may from time to time appoint or otherwise engage;

(f) To provide for the distribution of any Shares of any Series or Class either through a principal underwriter in the manner hereinafter provided for or by the Trust itself, or both;

(g) To set record dates in the manner hereinafter provided for;

(h) To delegate such authority as they consider desirable to a committee or committees composed of Trustees, including without limitation, an Executive Committee, or to any officers of the Trust and to any agent, custodian or underwriter;

(i) To sell or exchange any or all of the assets belonging to one or more Series or Classes of the Trust, subject to the provisions of Article XII, Section 4(b) hereof;

(j) To vote or give assent, or exercise any rights of ownership, with respect to stock or other securities or property; and to execute and deliver powers of attorney to such person or persons as the Trustees shall deem proper, granting to such person or persons such power and discretion with relation to securities or property as the Trustees shall deem proper;

(k) To exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of securities;

(l) To hold any security or property in a form not indicating any trust, whether in bearer, unregistered or other negotiable form; or either in its own name or in the name of a custodian or a nominee or nominees, subject in either case to proper safeguards according to the usual practice of Massachusetts trust companies or investment companies;

(m) To consent to or participate in any plan for reorganization, consolidation or merger of any corporation or concern, any security of which belongs to any Series or Class, to consent to any contract, lease, mortgage, purchase, or sale of property by such corporation or concern, and to pay calls or subscriptions with respect to any security which belongs to any Series or Class;

(n) To engage in and to prosecute, compound, compromise, abandon, or adjust, by arbitration, or otherwise, any actions, suits, proceedings, disputes, claims, demands, and things relating to the Trust, and out of the assets belonging to any Series or Class to pay, or to satisfy, any debts, claims or expenses incurred in connection therewith, including those of litigation, upon any evidence that the Trustees may deem sufficient (such powers shall include without limitation any actions, suits, proceedings, disputes, claims, demands and things relating to the Trust wherein any of the Trustees may be named individually and the subject matter of which arises by reason of business for or on behalf of the Trust);

(o) To make distributions of income and of capital gains to Shareholders in the manner hereinafter provided for;

(p) To borrow money;

(q) From time to time to issue and sell the Shares of any Series or Class of the Trust either for cash or for property whenever and in such amounts as the Trustee may deem desirable, but subject to the limitation set forth in Section 3 of Article III;

(r) To purchase insurance of any kind, including, without limitation, insurance on behalf of any person who is or was a Trustee, Officer, employee or agent of the Trust, or is or was serving at the request of the Trust as a Trustee, Director, Officer, agent or employee of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity or arising out of his status as such. No one dealing with the Trustees shall be under any obligation to make any inquiry concerning the authority of the Trustees, or to see to the application of any payments made or property transferred to the Trustees or upon their order;

(s) To sell, exchange, lend, pledge, mortgage, hypothecate, lease, or write options with respect to or otherwise deal in any property rights relating to any or all of the assets belonging to any Series or Class; and

(t) To take action by written consent and teleconference, as provided in the By-Laws.

The Trustees shall have all of the powers set forth in this Section 1 with respect to all assets and liabilities of each Series and Class.

<u>Section 2. Principal Transactions.</u> 

The Trustees shall not cause the Trust on behalf of any Series or Class buy any securities (other than Shares) from or sell any securities (other than Shares) to, or lend any assets belonging to any Series or Class to, any Trustee or officer or employee of the Trust or any firm of which any such Trustee or officer is a member acting as principal unless permitted by the 1940 Act, but the Trust may employ any such other party or any such person or firm or company in which any such person is an interested person in any capacity not prohibited by the 1940 Act.

<u>Section 3. Trustees and Officers as Shareholders.</u> 

Any Trustee, officer or other agent of the Trust may acquire, own and dispose of shares of Shares of any Series or Class to the same extent as if he were not a Trustee, officer or agent; and the Trustees may issue and sell or cause to be issued or sold Shares of any Series or Class to and buy such Shares from any such person or any firm or company in which he is an interested person subject only to the general limitations herein contained as to the sale and purchase of such Shares; and all subject to any restrictions which may be contained in the By-Laws.

<u>Section 4. Parties to Contract.</u> 

The Trustees may enter into any contract of the character described in Article VII or in Article IX hereof or any other capacity not prohibited by the 1940 Act with any corporation, firm, trust or association, although one or more of the shareholders, Trustees, officers, employees or agents of the Trust or any Series or Class or their affiliates may be an officer, director, Trustee, shareholder or interested person of such other party to the contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship, nor shall any person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Trust or any Series or Class under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, in the absence of actual fraud. The same person (including a firm, corporation, trust or association) may be the other party to contracts entered into pursuant to Article VII or Article IX or any other capacity deemed legal under the 1940 Act, and any individual may be financially interested or otherwise an interested person or persons who are parties to any or all of the contracts mentioned in this Section 4.

<u>ARTICLE VI</u>

<u>TRUSTEES' EXPENSES AND COMPENSATION</u>

<u>Section 1. Trustee Reimbursement.</u> 

The Trustees shall be reimbursed from the assets belonging to each particular Series or Classes for all of such Trustees' expenses as such expenses are allocated to and among any one or more of the Series or Classes pursuant in Article III, Section 5(b), including, without limitation, expenses of organizing the Trust or any Series or Class and continuing its existence; fees and expenses of Trustees and Officers of the Trust; fees for investment advisory services, administrative services and principal underwriting services provided for in Article VII, Sections 1, 2 and 3; fees and expenses of preparing and printing its Registration Statements under the Securities Act of 1933 and the Investment Company Act of 1940 and any amendments thereto; expenses of registering and qualifying the Trust and any Series or Class of the Shares of any Series or Class under federal and state laws and regulations; expenses of preparing, printing and distributing prospectuses and any amendments thereof sent to shareholders, underwriters, broker-dealers and to investors who may be considering the purchase of shares; expenses of registering, licensing or other authorization of the Trust or any Series or Class as a broker-dealer and of its Officers as agents and salesmen under federal and state laws and regulations; interest expense, taxes, fees and commissions of every kind; expenses of issue (including close of shares certificates), purchase, repurchase and redemption of shares, including expenses attributable to a program of periodic issue; charges and expenses of custodians, transfer agents, dividend disbursing agents, shareholder servicing agents and registrars; printing and mailing costs; auditing, accounting and legal expenses; reports to shareholders and governmental officers and commissions; expenses of meetings of shareholders and proxy solicitations therefor; insurance expenses; association membership dues and nonrecurring items as may arise, including all losses and liabilities by them incurred in administering the Trust and any Series or Class, including expenses incurred in connection with litigation, proceedings and claims and the obligations of the Trust under Article XI hereof to indemnify its Trustees, Officers, employees, shareholders and agents, and any contract obligation to indemnify principal underwriters under Section 3 of Article VII and for the payment of such expenses, disbursements, losses and liabilities, the Trustees shall have a lien on the assets belonging to each Series or Class prior to any rights or interests of the Shareholders of any Series or Class. This section shall not preclude the Trust from directly paying any of the aforementioned fees and expenses.

<u>Section 2. Trustee Compensation.</u> 

The Trustees shall be entitled to compensation from the assets belonging to any Series or Class for their respective services as Trustees, to be determined from time to time by vote of the Trustees, and the Trustees shall also determine the compensation of all Officers, consultants and agents whom they may elect or appoint. The Trust may pay out of the assets belonging to any Series or Class any Trustee or any corporation, firm, trust or association of which a Trustee is an interested person for services rendered to the Trust in any capacity not prohibited by the 1940 Act, and such payments shall not be deemed compensation for services as a Trustee under the first sentence of this Section 2 of Article VI.

<u>ARTICLE VII</u>

<u>INVESTMENT ADVISER, ADMINISTRATIVE SERVICES,</u>

<u>PRINCIPAL UNDERWRITER AND TRANSFER AGENT</u>

<u>Section 1. Investment Adviser.</u> 

Subject to a Majority Shareholder Vote by the relevant Series or Class, the Trustees may in their discretion from time to time enter into an investment advisory contract whereby the other party to such contract shall undertake to furnish the Trustees investment advisory services for such Series or Class upon such terms and conditions and for such compensation as the Trustees may in their discretion determine. Subject to a Majority Shareholder Vote by the relevant Series or Class, the investment adviser may enter into a sub-investment advisory contract to receive investment advice and/or statistical and factual information from the sub-investment adviser upon such terms and conditions and for such compensation as the Trustees may in their discretion agree to. Notwithstanding any provisions of this Declaration of Trust, the Trustees may authorize the investment adviser or sub-investment adviser or any person furnishing administrative personnel and services as set forth in Article VII, Section 2 (subject to such general or specific instructions as the Trustees may from time to time adopt) to effect purchases, sales or exchanges of portfolio securities belonging to a Series or Class of the Trust on behalf of the Trustees or may authorize any officer or Trustee to effect such purchases, sales, or exchanges pursuant to recommendations of the investment adviser (and all without further action by the Trustees). Any such purchases, sales and exchanges shall be deemed to have been authorized by the Trustees. The Trustee may also authorize the investment adviser to determine what firms shall be employed to effect transactions in securities for the account of a Series or Class and to determine what firms shall participate in any such transactions or shall share in commissions or fees charged in connection with such transactions.

<u>Section 2. Administrative Services.</u> 

The Trustees may in their discretion from time to time contract for administrative personnel and services whereby the other party shall agree to provide the Trustees administrative personnel and services to operate the Trust or a Series or Class on a daily basis, on such terms and conditions as the Trustees may in their discretion determine. Such services may be provided by one or more entities.

<u>Section 3. Principal Underwriter.</u> 

The Trustees may in their discretion from time to time enter into an exclusive or nonexclusive contract or contracts providing for the sale of the Shares of a Series or Class to net such Series or Class not less than the amount provided in Article III, Section 3 hereof, whereby a Series or Class may either agree to sell the Shares to the other party to the contract or appoint such other party its sales agent for such shares. In either case, the contract shall be on such terms and conditions (including indemnification of principal underwriters allowable under applicable law and regulation) as the Trustees may in their discretion determine not inconsistent with the provisions of this Article VII; and such contract may also provide for the repurchase or sale of Shares of a Series or Class by such other party as principal or as agent of the Trust and may provide that the other party may maintain a market for shares of a Series or Class.

<u>Section 4. Transfer Agent.</u> 

The Trustees may in their discretion from time to time enter into transfer agency and shareholder services contracts whereby the other party shall undertake to furnish the Trustees transfer agency and shareholder services. The contracts shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Declaration of Trust or of the By-Laws. Such services may be provided by one or more entities.

<u>ARTICLE VIII</u>

<u>SHAREHOLDERS' VOTING POWERS AND MEETINGS</u>

<u>Section 1. Voting Powers.</u> 

Subject to the provisions set forth in Article III, Section 5(d), the Shareholders shall have power to vote (i) for the election of Trustees as provided in Article IV, Section 2; (ii) for the removal of Trustees as provided in Article IV, Section 3(d); (iii) with respect to any investment adviser or sub-investment adviser as provided in Article VII, Section 1; (iv) with respect to the amendment of this Declaration of Trust as provided in Article XII, Section 7; (v) to the same extent as the shareholders of a Massachusetts business corporation as to whether or not a court action, proceeding or claim should be brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders; and (vi) with respect to such additional matters relating to the Trust as may be required by law, by this Declaration of Trust, or the By-Laws of the Trust or any regulation of the Trust with the Commission or any State, or as the Trustees may consider desirable. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote, and each fractional Share shall be entitled to a proportionate fractional vote. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy. Until Shares of a Series or Class are issued, the Trustees may exercise all rights of Shareholders of such Series or Class with respect to the Trust, or such Series or Class, and may take any action required or permitted by law, this Declaration of Trust or any By-Laws of the Trust to be taken by Shareholders.

<u>Section 2. Meetings.</u> 

A Shareholders meeting shall be held as specified in Section 2 of Article IV at the principal office of the Trust or such other place as the Trustees may designate. Special meetings of the Shareholders of the Trust or of any Series or Class may be called by the Trustees or the Chief Executive Officer of the Trust and shall be called by the Trustees upon the written request of Shareholders of the Trust or such Series or Class owning at least one-tenth of the outstanding Shares of the Trust or such Series or Class entitled to vote. Shareholders shall be entitled to at least fifteen days' notice of any meeting.

<u>Section 3. Quorum and Required Vote.</u> 

Except as otherwise provided by law, to constitute a quorum for the transaction of any business at any meeting of Shareholders there must be present, in person or by proxy, holders of one-fourth of the total number of Shares of all Series and Classes of the Trust then outstanding and entitled to vote at such meeting. When any one or more Series or Classes is entitled to vote as a single Series or Class, more than fifty percent of the shares of each such Series or Class entitled to vote shall constitute a quorum at a Shareholders' meeting of that Series or Class. If a quorum, as defined above, shall not be present for the purpose of any vote that may properly come before the meeting, the Shareholders present in person or by proxy and entitled to vote at such meeting on such matter holding a majority of the Shares present entitled to vote on such matter may by vote adjourn the meeting from time to time to be held at the same place without further notice than by announcement to be given at the meeting until a quorum, as above defined, entitled to vote on such matter shall be present, whereupon any such matter may be voted upon at the meeting as though held when originally convened. Subject to any applicable requirement of law or of this Declaration of Trust or the By-Laws, a plurality of the votes cast shall elect a Trustee and all other matters shall be decided by a majority of the votes cast entitled to vote thereon.

<u>Section 4. Action by Written Consent</u>.

Subject to the provisions of the 1940 Act and other applicable law, any action taken by Shareholders may be taken without a meeting if a majority of Shareholder entitled to vote on the matter (or such larger proportion thereof shall be required by applicable law or by any express provision of this Declaration of Trust or the By-Laws) consents to the action in writing. Such consents shall be treated for all purposes as a vote taken at a meeting of Shareholders.

<u>Section 5. Additional Provisions.</u> 

The By-Laws may include further provisions for Shareholders' votes and meetings and related matters.

<u>ARTICLE IX</u>

<u>CUSTODIAN</u>

The Trustees may, in their discretion, from time to time enter into contracts providing for custodial or accounting services to the Trust or any Series or Class. The contracts shall be on the terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Declaration of Trust or of the By-Laws. Such services may be provided by one or more entities, including one or more sub-custodians.

<u>ARTICLE X</u>

<u>DISTRIBUTIONS AND REDEMPTIONS</u>

<u>Section 1. Distributions.</u>

(a) The Trustees may from time to time declare and pay dividends to the Shareholders of any Series or Class, and the amount of such dividends and the payment of them shall be wholly in the discretion of the Trustees. Such dividends may be accrued and automatically reinvested in additional Shares (or fractions thereof) of the relevant Series or Class or paid in cash or additional Shares of such Series or Class, all upon such terms and conditions as the Trustees may prescribe.

(b) The Trustees may distribute in respect of any fiscal year as ordinary dividends and as capital gains distributions, respectively, amounts sufficient to enable any Series or Class to qualify as a regulated investment company to avoid any liability for federal income taxes in respect of that year.

(c) The decision of the Trustees as to what, in accordance with good accounting practice, is income and what is principal shall be final, and except as specifically provided herein the decision of the Trustees as to what expenses and charges of any Series or Class shall be charged against principal and what against the income shall be final. Any income not distributed in any year may be permitted to accumulate and as long as not distributed may be invested from time to time in the same manner as the principal funds of any Series or Class.

(d) All dividends and distributions on Shares of a particular Series or Class shall be distributed pro rata to the holders of that Series or Class in proportion to the number of Shares of that Series or Class held by such holders and recorded on the books of the Trust or its transfer agent at the time of record established for that payment.

<u>Section 2. Redemptions and Repurchases</u>

(a) In case any Shareholder of record of the Trust at any time desires to dispose of Shares of any such Series or Class recorded in his name, he may deposit a written request (or such other form of request as the Trustees may from time to time authorize) requesting that the Trust purchase said Shares out of assets attributable to such Series or Class, together with such other instruments or authorizations to effect the transfer as the Trustees may from time to time require, at the office of the Custodian, and the Trust shall purchase said Shares out of assets attributable to such Series or Class, but only at the net asset value of such Shares (as defined in Section 4 of this Article X) determined by or on behalf of the Trustees next after said deposit, less any applicable redemption charges as the Trustees from time to time may determine.

Payment for such Shares shall be made by the Trust to the Shareholders of record within that time period required under the 1940 Act after the request (and, if required, such other instruments or authorizations of transfer) is deposited, subject to the right of the Trustees to postpone the date of payment pursuant to Section 5 of this Article X. If the redemption is postponed beyond the date on which it would normally occur by reason of a declaration by the Trustees suspending the right of redemption pursuant to Section 5 of this Article X, the right of the Shareholder to have his Shares purchased by the Trust shall be similarly suspended, and he may withdraw his request (or such other instruments or authorizations of transfer) from deposit if he so elects; or, if he does not so elect, the purchase price shall be the net asset value of his Shares, determined next after termination of such suspension and payment therefor and shall be made within the time period required under the 1940 Act.

(b) The Trust may purchase Shares of a Series or Class by agreement with the owner thereof at a price not exceeding the net asset value per Share (reduced by any redemption charge or deferred sales charge) determined (1) next after the purchase or contract of purchase is made or (2) at some later time.

(c) The Trust may pay the purchase price (reduced by any redemption charge) in whole or in part by a distribution in kind of securities from the portfolio of the relevant Series or Class, taking such securities at the same value employed in determining net asset value, and selecting the securities in such manner as the Trustees may deem fair and equitable.

<u>Section 3. Net Asset Value of Shares.</u> 

The net asset value of each Share of a Series or Class outstanding shall be determined at such time or times as may be determined by or on behalf of the Trustees. The power and duty to determine net asset value may be delegated by the Trustees from time to time to one or more of the Trustees or officers of the Trust, to the other party to any contract entered into pursuant to Section 1 or 2 of Article VII or to the custodian or to a transfer agent or other person designated by the Trustees.

The net asset value of each Shares of a Series or Class as of any particular time shall be the quotient (adjusted to the nearer cent) obtained by dividing the value, as of such time, of the net assets belonging to such Series or Class (i.e., the value of the assets belonging to such Series or Class less its liabilities belonging to such Series or Class exclusive of capital and surplus) by the total number of Shares outstanding of the Series or Class (exclusive of treasury Shares) at such time in accordance with the requirements of the 1940 Act and applicable provisions of the By-Laws of the Trust in conformity with generally accepted accounting practices and principles.

The Trustees may declare a suspension of the determination of net asset value for the whole or any part of any period in accordance with the 1940 Act.

<u>Section 4. Suspension of the Rights of Redemption.</u> 

The Trustees may declare a suspension of the right of redemption or postpone the date of payment for the whole or any part of any period in accordance with the 1940 Act

<u>Section 5. Trust's Right to Redeem Shares.</u> 

The Trust shall have the right to cause the redemption of Shares of any Series or Class in any Shareholder's account for their then current net asset value and promptly make payment to the shareholder (which will be reduced by any applicable redemption charge or deferred sales charge), if (a) at any time the total investment in the account does not have a minimum dollar value determined from time to time by the Trustees in their sole discretion, (b) at any time a Shareholder fails to furnish certified Social Security or Tax Identification Numbers, or (c) at any time the Trustees determine in their sole discretion that failure to so redeem may have materially adverse consequences to the other Shareholders or the Trust or any Series or Class thereof.

<u>ARTICLE XI</u>

<u>LIMITATION OF LIABILITY AND INDEMNIFICATION</u>

<u>Section 1. Limitation of Personal Liability and Indemnification of Shareholders.</u> 

The Trustees, officers, employees or agents of the Trust shall have no power to bind any Shareholder of any Series or Class personally or to call upon any Shareholder for the payment of any sum of money or assessment whatsoever, other than such as the Shareholder may at any time agree to pay by way of subscription to any Shares or otherwise.

No Shareholder or former Shareholder of any Series or Class shall be liable solely by reason of his being or having been a Shareholder for any debt, claim, action, demand, suit, proceeding, judgment, decree, liability or obligation of any kind, against, or with respect to the Trust or any Series or Class arising out of any action taken or omitted for or on behalf of the Trust or such Series or Class, and the Trust or such Series or Class shall be solely liable therefor and resort shall be had solely to the property of the relevant Series or Class of the Trust for the payment or performance thereof.

Each Shareholder or former Shareholder of any Series or Class (or their heirs, executors, administrators or other legal representatives or, in case of a corporate entity, its corporate or general successor) shall be entitled to indemnity and reimbursement out of the Trust property to the full extent of such liability and the costs of any litigation or other proceedings in which such liability shall have been determined, including, without limitation, the fees and disbursements of counsel if, contrary to the provision hereof, such Shareholder or former Shareholder of such Series or Class shall be held to personal liability. Such indemnification and reimbursement shall come exclusively from the assets of the relevant Series or Class.

The Trust shall, upon request by the Shareholder or former Shareholder, assume the defense of any claim made against any Shareholder for any act or obligation of the Trust or any Series or Class and satisfy any judgment thereon.

<u>Section 2. Limitation of Personal Liability of Trustees, Officers, Employees or Agents of the Trust</u>.

No Trustee, officer, employee or agent of the Trust shall have the power to bind any other Trustee, officer, employee or agent of the Trust personally. The Trustees, officers, employees or agents of the Trust incurring any debts, liabilities or obligations, or in taking or omitting any other actions for or in connection with the Trust are, and each shall be deemed to be, acting as Trustee, officer, employee or agent of the Trust and not in his own individual capacity.

Trustees and officers of the Trust shall be liable for their willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee or officer, as the case may be, and for nothing else.

Each person who is or was a Trustee, officer, employee or agent of the Trust shall be entitled to indemnification out of the assets of the Trust (or any Series or Class) to the extent provided in, and subject to the provisions of, the By-Laws, provided that no indemnification shall be granted in contravention of the 1940 Act..

<u>Section 3. Express Exculpatory clauses and Instruments.</u> 

(a) All persons extending credit to, contracting with or having any claim against the Trust or a particular Series or Class shall only look to the assets of the Trust or the assets of that particular Series or Class for payment under such credit, contract or claim; and neither the Shareholders nor the Trustees nor any of the Trust's officers, employees or agents, whether past, present or future, shall be liable therefor.

(b) The Trustees shall use every reasonable means to assure that all persons having dealings with the Trust or any Series or Class shall be informed that the property of the Shareholders and Trustees, officers, employees and agents of the Trust or any Series or Class shall not be subject to claims against or obligations of the Trust or any Series or Class to any extent whatsoever. The Trustees shall cause to be inserted in any written agreement, undertaking or obligation made or issued on behalf of the Trust or any Series or Class (including certificates for Shares of any Series or Class) an appropriate reference to this Declaration, providing that neither the Shareholders, the Trustees, the officers, the employees nor any agent of the Trust or any Series or Class shall be liable thereunder, and that the other parties to such instrument shall look solely to the assets attributable to the relevant Series or Class for the payment of any claim thereunder or for the performance thereof; but the omission of such provisions from any such instrument shall not render any Shareholder, Trustee, officer, employee or agent liable, nor shall the Trustee, or any officer, agent or employee of the Trust be liable to anyone for such omission. If, notwithstanding this provision, any Shareholder, Trustee, officer, employee or against shall be held liable to any other person by reason of the omission of such provision from any such agreement, undertaking or obligation, the Shareholder, Trustee, officer, employee or agent shall be indemnified and reimbursed by the Trust.

<u>ARTICLE XII</u>

<u>MISCELLANEOUS</u>

<u>Section 1. Trust is not a Partnership.</u> 

It is hereby expressly declared that a trust and not a partnership is created hereby.

<u>Section 2. Trustee Action Binding, Expert Advice, No Bond or Surety.</u> 

The exercise by the Trustees of their powers and discretions hereunder in good faith and with reasonable care under the circumstances then prevailing, shall be binding upon everyone interested. Subject to the provisions of Article XI, the Trustees shall not be liable for errors of judgment or mistakes of fact or law. The Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust, and subject to the provisions of Article XI, shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice. The Trustees shall not be required to give any bond as such, nor any surety if a bond is required.

<u>Section 3. Establishment of Record Dates.</u> 

The Trustees may close the Share transfer books of the Trust maintained with respect to any Series or Class for a period not exceeding sixty (60) days preceding the date of any meeting of Shareholders of the Trust or such Series or Class, or the date for the payment of any dividend or the making of any distribution to Shareholders, or the date for the allotment of rights, or the date when any change or conversion or exchange of Shares of such Series or Class shall go into effect; or in lieu of closing the Share transfer books as aforesaid, the Trustees may fix in advance a date, not exceeding sixty (60) days preceding the date of any meeting of Shareholders of the Trust or such Series or Class, or the date for the payment of any dividend or the making of any distribution to Shareholders of any Series or Class, or the date for the allotment of rights, or the date when any change or conversion or exchange of Shares of the Trust or any Series or Class shall go into effect, or the last day on which the consent or dissent of Shareholders of the Trust or any Series or Class may be effectively expressed for any purpose, as a record date for the determination of the Shareholder entitled to notice of, and, to vote at, any such meeting and any adjournment thereof, or entitled to receive payment of any such dividend or distribution, or to any such allotment of rights, or to exercise the rights in respect of any such change, conversion or exchange of shares, or to exercise the right to give such consent or dissent, and in such case such Shareholder and only such Shareholder as shall be Shareholders of record on the date so fixed shall be entitled to such notice of, and to vote at, such meeting, or to receive payment of such dividend or distribution, or to receive such allotment or rights, or to exercise such rights, as the case may be, notwithstanding, after such date fixed aforesaid, any transfer of any Shares on the books of the Trust maintained with respect to such Series or Class. Nothing in the foregoing sentence shall be construed as precluding the Trustees from setting different record dates for different Series or Classes.

<u>Section 4. Termination of Trust.</u>

(a) This Trust shall continue without limitation of time but subject to the provisions of paragraphs (b), (c) and (d) of this Section 4.

(b) The Trustees, with the approval of the holders of at least two-thirds of the outstanding Shares of each Series or Class entitled to vote, and voting separately by Series or Class, may by unanimous action sell and convey the assets of the Trust or any Series or Class to another trust or corporation organized under the laws of any state of the United States, which is a diversified open-end management investment company as defined in the 1940 Act, for an adequate consideration which may include the assumption of all outstanding obligations, taxes and other liabilities, accrued or contingent, of the Trust or such Series or Class and which may include shares of beneficial interest or stock of such trust or corporation. Upon making provision for the payment of all such liabilities, by such assumption or otherwise, the Trustees shall distribute the remaining proceeds ratably among the holders of the Shares of that Series or Class of the Trust then outstanding of the Trust or such Series or Class.

(c) The Trust may at any time sell and convert into money all the assets of the Trust of such Series or Class. Upon making provision for the payment of all outstanding obligations, taxes and other liabilities, accrued or contingent belonging to each Series or Class, the Trustees shall distribute the remaining assets belonging to each Series or Class ratably among the holders of the outstanding Shares of that Series or Class.

(d) Upon completion of the distribution of the remaining proceeds of the remaining assets as provided in paragraphs (b) and (c), the Trust or the applicable Series or Class shall terminate and the Trustees shall be discharged of any and all further liabilities and duties hereunder and the right, title and interest of all parties shall be canceled and discharged.

<u>Section 5. Offices of the Trust, Filing of Copies, References, Headings.</u>

The Trust shall maintain a usual place of business in Massachusetts, which, initially, shall be c/o Donnelly, Conroy & Gelhaar, One Post Office Square, Boston, Massachusetts 02109, 2105, and shall continue to maintain an office at such address unless changed by the Trustees to another location in Massachusetts. The Trust may maintain other offices as the Trustees may from time to time determine. The original or a copy of this instrument and of each declaration of trust supplemental hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. A copy of this instrument and of each supplemental declaration of trust shall be filed by the Trustees with the Massachusetts Secretary of State and the Boston City Clerk, as well as any other governmental office where such filing may from time to time be required. Headings are placed herein for convenience of reference only and in case of any conflict, the text of this instrument, rather than the headings, shall control. This instrument may be executed in any number of counterparts each of which shall be deemed an original.

<u>Section 6. Applicable Law.</u> 

The Trust set forth in this instrument is created under and is to be governed by and construed and administered according to the laws of the Commonwealth of Massachusetts. The Trust shall be of the type commonly called a Massachusetts business trust, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust.

<u>Section 7. Amendments - - General.</u> 

All rights granted to the Shareholders under this Declaration of Trust are granted subject to the reservation of the right to amend this Declaration of Trust as herein provided, except that no amendment shall repeal the limitations on personal liability of any Shareholder or Trustee or repeal the prohibition of assessment upon the Shareholders without the express consent of each Shareholder or Trustee involved. Subject to the foregoing, the provisions of this Declaration of Trust (whether or not related to the rights of Shareholders) may be amended at any time, so long as such amendment is or purports to be applicable and so long as such amendment is not in contravention of applicable law, including the 1940 Act, by an instrument in writing signed by a majority of the then Trustees (or by an officer of the Trust pursuant to the vote of a majority of such Trustees). Any amendment to this Declaration of Trust that adversely affects the rights of Shareholders may be adopted at any time by an instrument signed in writing by a majority of the then Trustees (or by an officer of the Trust pursuant to the vote of a majority of such Trustees) when authorized to do so by the vote of the Shareholders holding a majority of the Shares entitled to vote. Subject to the foregoing, any such amendment shall be effective as provided in the instrument containing the terms of such amendment or, if there is no provision therein with respect to effectiveness, upon the execution of such instrument and of a certificate (which may be a part of such instrument) executed by a Trustee or officer to the effect that such amendment has been duly adopted. Copies of the amendment to this Declaration of Trust shall be filed as specified in Section 5 of this Article XII. A restated Declaration of Trust, integrating into a single instrument all of the provisions of the Declaration of Trust which are then in effect and operative, may be executed from time to time by a majority of the Trustees and shall be effective upon filing as specified in Section 5.

<u>Section 8. Amendments - - Series.</u> 

The establishment and designation of any Series or Class of Shares in addition to those established and designated in Section 5 of Article III hereof shall be effective upon the execution by a majority of the then Trustees of an amendment to this Declaration of Trust, taking the form of a complete restatement or otherwise, setting forth such establishment and designation and the relative rights and preferences of any such Series or Class, or as otherwise provided in such instrument.

Without limiting the generality of the foregoing, the Declaration of Trust may be amended to:

(a) create one or more Series or Classes of Shares (in addition to any Series or Classes already existing or otherwise) with such rights and preferences and such eligibility requirements for investment therein as the Trustees shall determine and reclassify any or all outstanding Shares as Shares of particular Series or Classes in accordance with such eligibility requirements;

(b) combine two or more Series or Classes of Shares into a single Series or Class on such terms and conditions as the Trustees shall determine;

(c) change or eliminate any eligibility requirements for investment in Shares of any Series or Class, including without limitation the power to provide for the issue of Shares of any Series or Class in connection with any merger or consolidation of the Trust with another Trust or company or any acquisition by the Trust of part or all of the assets of another trust or company;

(d) change the designation of any Series or Class of Shares;

(e) change the method of allocating dividends among the various Series and Classes of Shares;

(f) allocate any specific assets or liabilities of the Trust or any specific items of income or expense of the Trust to one or more Series and Classes of Shares; and

(g) specifically allocate assets to any or all Series or Classes of Shares or create one or more additional Series or Classes of Shares which are preferred over all other Series or Classes of Shares in respect to assets specifically allocated thereto or any dividends paid by the Trustees with respect to any net income, however determined, earned from the investment or reinvestment or any assets so allocated or otherwise and provide for any special voting or other rights with respect to such Series or Classes.

<u>Section 9. Use of Name</u>.

The Trust acknowledges that Federated Investors has reserved the right to grant the non-exclusive use of the name "Federated Institutional Trust" or any derivative thereof to any other investment company, investment company portfolio, investment adviser, distributor, or other business enterprise, and to withdraw from the Trust one or more Series or Classes any right to the use of the name "Federated Institutional Trust."

IN WITNESS WHEREOF, the undersigned have executed this instrument the day and year first above written.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>/s/ John F. Donahue</u> | &nbsp;&nbsp;<u>/s/ Marjorie P. Smuts</u> |
| &nbsp;&nbsp;John F. Donahue | &nbsp;&nbsp;Marjorie P. Smuts |
| &nbsp;&nbsp;<u>/s/ William J. Copeland</u> | &nbsp;&nbsp;<u>/s/ Gregor F. Meyer</u> |
| &nbsp;&nbsp;William J. Copeland | &nbsp;&nbsp;Gregor F. Meyer |
| &nbsp;&nbsp;<u>/s/ James E. Dowd</u> | &nbsp;&nbsp;<u>/s/ Wesley W. Posvar</u> |
| &nbsp;&nbsp;James E. Dowd | &nbsp;&nbsp;Wesley W. Posvar |
| &nbsp;&nbsp;<u>/s/ Lawrence D. Ellis, M.D.</u> | &nbsp;&nbsp;<u>/s/ Peter E. Madden</u> |
| &nbsp;&nbsp;Lawrence D. Ellis, M.D. | &nbsp;&nbsp;Peter E. Madden |
| &nbsp;&nbsp;<u>/s/ Edward L. Flaherty, Jr.</u> | &nbsp;&nbsp;<u>/s/ John T. Conroy, Jr.</u> |
| &nbsp;&nbsp;Edward L. Flaherty, Jr. | &nbsp;&nbsp;John T. Conroy, Jr. |

---

FEDERATED INSTITUTIONAL TRUST

Amendment No. 3

DECLARATION OF TRUST

dated June 17, 1994

THIS Declaration of Trust is amended as follows:

Delete the first paragraph of Section 5 in Article III from the Declaration of Trust and substitute in its place the following:

<u>"Section 5. Establishment and Designation of Series or Class</u>.

Without limiting the authority of the Trustees set forth in Article XII, Section 8, *inter alia*, to establish and designate any additional Series or Class or to modify the rights and preferences of any existing Series or Class, the Series of the trust shall be and is established and designated as, Federated Institutional Short Duration Government Fund."

The undersigned hereby certify that the above stated Amendment is a true and correct Amendment to the Declaration of Trust, as adopted by the Board of Trustees on the 1st day of July, 1997.

WITNESS the due execution hereof this 1st day of July, 1997.

---

| | |
|:---|:---|
| &nbsp;&nbsp;/s/ John F. Donahue |  |
| &nbsp;&nbsp;John F. Donahue | &nbsp;&nbsp;Edward L. Flaherty, Jr. |
| &nbsp;&nbsp;/s/ Thomas G. Bigley | &nbsp;&nbsp;/s/ Peter E. Madden |
| &nbsp;&nbsp;Thomas G. Bigley | &nbsp;&nbsp;Peter E. Madden |
| &nbsp;&nbsp;/s/ John T. Conroy, Jr. | &nbsp;&nbsp;/s/ John E. Murray, Jr. |
| &nbsp;&nbsp;John T. Conroy, Jr. | &nbsp;&nbsp;John E. Murray, Jr. |
| &nbsp;&nbsp;William J. Copeland | &nbsp;&nbsp;Wesley W. Posvar |
|  | &nbsp;&nbsp;/s/ Marjorie P. Smuts |
| &nbsp;&nbsp;James E. Dowd | &nbsp;&nbsp;Marjorie P. Smuts |
| &nbsp;&nbsp;/s/ Lawrence D. Ellis, M.D. |  |
| &nbsp;&nbsp;Lawrence D. Ellis, M.D. | &nbsp;&nbsp;Gregor F. Meyer |

---

FEDERATED INSTITUTIONAL TRUST

Amendment No. 4

DECLARATION OF TRUST

dated June 9, 1994

THIS Declaration of Trust is amended as follows:

Delete the first paragraph of Section 5 in Article III from the Declaration of Trust and substitute in its place the following:

"<u>Section 5. Establishment and Designation of Series or Class</u>.

Without limiting the authority of the Trustees set forth in Article XII, Section 8, *inter alia*, to establish and designate any additional Series or Class or to modify the rights and preferences of any existing Series or Class, the Series and Classes of the Trust shall be and are established and designated as:

Federated Institutional Short Duration Government Fund

Institutional Service Shares

Institutional Shares

The undersigned hereby certify that the above stated Amendment is a true and correct Amendment to the Declaration of Trust, as adopted by the Board of Trustees on the 23rd day of February, 1998.

WITNESS the due execution hereof this 23rd day of February, 1998.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>/s/ John F. Donahue</u> | &nbsp;&nbsp;<u>/s/ Edward L. Flaherty, Jr.</u> |
| &nbsp;&nbsp;John F. Donahue | &nbsp;&nbsp;Edward L. Flaherty, Jr. |
| &nbsp;&nbsp;<u>/s/ Thomas G. Bigley</u> | &nbsp;&nbsp;<u>/s/ Peter E. Madden</u> |
| &nbsp;&nbsp;Thomas G. Bigley | &nbsp;&nbsp;Peter E. Madden |
| &nbsp;&nbsp;<u>/s/ John T. Conroy, Jr.</u> | &nbsp;&nbsp;<u>/s/ John E. Murray, Jr.</u> |
| &nbsp;&nbsp;John T. Conroy, Jr. | &nbsp;&nbsp;John E. Murray, Jr. |
| &nbsp;&nbsp;<u>/s/ William J. Copeland</u> | &nbsp;&nbsp;<u>/s/ Wesley W. Posvar</u> |
| &nbsp;&nbsp;William J. Copeland | &nbsp;&nbsp;Wesley W. Posvar |
| &nbsp;&nbsp;<u>/s/ James E. Dowd</u> | &nbsp;&nbsp;<u>/s/ Marjorie P. Smuts</u> |
| &nbsp;&nbsp;James E. Dowd | &nbsp;&nbsp;Marjorie P. Smuts |
| &nbsp;&nbsp;<u>/s/ Lawrence D. Ellis, M.D.</u> |  |
| &nbsp;&nbsp;Lawrence D. Ellis, M.D. |  |

---

FEDERATED INSTITUTIONAL TRUST

Amendment No. 5

DECLARATION OF TRUST

dated June 9, 1994

THIS Declaration of Trust is amended as follows:

Delete the first paragraph of Section 5 in Article III from the Declaration of Trust and substitute in its place the following:

"<u>Section 5. Establishment and Designation of Series or Class</u>.

Without limiting the authority of the Trustees set forth in Article XII, Section 8, *inter alia*, to establish and designate any additional Series or Class or to modify the rights and preferences of any existing Series or Class, the Series and Classes of the Trust shall be and are established and designated as:

Federated Government Ultra Short Fund

Institutional Service Shares

Institutional Shares

The undersigned hereby certify that the above stated Amendment is a true and correct Amendment to the Declaration of Trust, as adopted by the Board of Trustees on the 19th day of August, 1999.

WITNESS the due execution hereof this 19th day of August. 1999.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>/s/ John F. Donahue</u> | &nbsp;&nbsp;<u>/s/ Lawrence D. Ellis, M.D.</u> |
| &nbsp;&nbsp;John F. Donahue | &nbsp;&nbsp;Lawrence D. Ellis, M.D. |
| &nbsp;&nbsp;<u>/s/ Thomas G. Bigley</u> | &nbsp;&nbsp;<u>/s/ Peter E. Madden</u> |
| &nbsp;&nbsp;Thomas G. Bigley | &nbsp;&nbsp;Peter E. Madden |
| &nbsp;&nbsp;<u>/s/ John T. Conroy, Jr.</u> | &nbsp;&nbsp;<u>/s/ John E. Murray, Jr.</u> |
| &nbsp;&nbsp;John T. Conroy, Jr. | &nbsp;&nbsp;John E. Murray, Jr. |
| &nbsp;&nbsp;<u>/s/ Nicholas P. Constantakis</u> | &nbsp;&nbsp;<u>/s/ Marjorie P. Smuts</u> |
| &nbsp;&nbsp;Nicholas P. Constantakis | &nbsp;&nbsp;Marjorie P. Smuts |
| &nbsp;&nbsp;<u>/s/ John F. Cunningham</u> |  |
| &nbsp;&nbsp;John F. Cunningham |  |

---

FEDERATED INSTITUTIONAL TRUST

Amendment No. 6

to the

DECLARATION OF TRUST

Dated June 9, 1994

THIS Declaration of Trust is amended as follows:

A. Strike the first sentence of Section 5 of Article XII from the Declaration of Trust and substitute in its place the following:

Section 5. <u>Offices of the Trust, Filing of Copies, Headings, Counterparts</u>. The Trust shall maintain a usual place of business in Massachusetts, which shall be determined by the Trustees , and shall continue to maintain an office at such address unless changed by the Trustees to another location in Massachusetts.

The undersigned, Vice President, hereby certifies that the above-stated Amendment is a true and correct Amendment to the Declaration of Trust, as adopted by the Board of Trustees at a meeting on the 17<sup>th</sup> day of May, 2000.

WITNESS the due execution hereof this 17th day of May, 2000.

<u>/s/ Richard B. Fisher</u>

Richard B. Fisher, Vice President

FEDERATED INSTITUTIONAL TRUST

Amendment No. 7

DECLARATION OF TRUST

dated June 9, 1994

THIS Declaration of Trust is amended as follows:

Delete the first paragraph of Section 5 in Article III from the Declaration of Trust and substitute in its place the following:

"<u>Section 5. Establishment and Designation of Series or Class</u>.

Without limiting the authority of the Trustees set forth in Article XII, Section 8, *inter alia*, to establish and designate any additional Series or Class or to modify the rights and preferences of any existing Series or Class, the Series and Classes of the Trust shall be and are established and designated as:

Federated Government Ultra Short Fund

Institutional Service Shares

Institutional Shares

Federated Institutional High Yield Bond Fund

The undersigned hereby certify that the above stated Amendment is a true and correct Amendment to the Declaration of Trust, as adopted by the Board of Trustees on the <u>22nd</u> day of August, 2002.

WITNESS the due execution hereof this <u>22nd</u> day of August. 2002.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>/s/ John F. Donahue</u> | &nbsp;&nbsp;<u>/s/ Lawrence D. Ellis, M.D.</u> |
| &nbsp;&nbsp;John F. Donahue | &nbsp;&nbsp;Lawrence D. Ellis, M.D. |
| &nbsp;&nbsp;<u>/s/ Thomas G. Bigley</u> | &nbsp;&nbsp;<u>/s/ Peter E. Madden</u> |
| &nbsp;&nbsp;Thomas G. Bigley | &nbsp;&nbsp;Peter E. Madden |
| &nbsp;&nbsp;<u>/s/ John T. Conroy, Jr.</u> | &nbsp;&nbsp;<u>/s/ Charles F. Mansfield, Jr.</u> |
| &nbsp;&nbsp;John T. Conroy, Jr. | &nbsp;&nbsp;Charles F. Mansfield, Jr. |
| &nbsp;&nbsp;<u>/s/ Nicholas P. Constantakis</u> | &nbsp;&nbsp;<u>/s/ John E. Murray, Jr.</u> |
| &nbsp;&nbsp;Nicholas P. Constantakis | &nbsp;&nbsp;John E. Murray, Jr. |
| &nbsp;&nbsp;<u>/s/ John F. Cunningham</u> | &nbsp;&nbsp;<u>/s/ Marjorie P. Smuts</u> |
| &nbsp;&nbsp;John F. Cunningham | &nbsp;&nbsp;Marjorie P. Smuts |
| &nbsp;&nbsp;<u>/s/ J. Christopher Donahue</u> | &nbsp;&nbsp;<u>/s/ John S. Walsh</u> |
| &nbsp;&nbsp;J. Christopher Donahue | &nbsp;&nbsp;John S. Walsh |

---

FEDERATED INSTITUTIONAL TRUST

Amendment No. 8

DECLARATION OF TRUST

dated June 9, 1994

THIS Declaration of Trust is amended as follows:

Delete the first paragraph of Section 5 in Article III from the Declaration of Trust and substitute in its place the following:

"<u>Section 5. Establishment and Designation of Series or Class</u>.

Without limiting the authority of the Trustees set forth in Article XII, Section 8, *inter alia*, to establish and designate any additional Series or Class or to modify the rights and preferences of any existing Series or Class, the Series and Classes of the Trust shall be and are established and designated as:

Federated Government Ultrashort Duration Fund

Class A Shares

Institutional Service Shares

Institutional Shares

Federated Institutional High Yield Bond Fund

The undersigned hereby certify that the above stated Amendment is a true and correct Amendment to the Declaration of Trust, as adopted by the Board of Trustees on the 13th day of February, 2003, to be effective as of March 3, 2003.

WITNESS the due execution hereof this 13th day of February, 2003.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>/s/ John F. Donahue</u> | &nbsp;&nbsp;<u>/s/ Lawrence D. Ellis, M.D.</u> |
| &nbsp;&nbsp;John F. Donahue | &nbsp;&nbsp;Lawrence D. Ellis, M.D. |
| &nbsp;&nbsp;<u>/s/ Thomas G. Bigley</u> | &nbsp;&nbsp;<u>/s/ Peter E. Madden</u> |
| &nbsp;&nbsp;Thomas G. Bigley | &nbsp;&nbsp;Peter E. Madden |
| &nbsp;&nbsp;<u>/s/ John T. Conroy, Jr.</u> | &nbsp;&nbsp;<u>/s/ Charles F. Mansfield, Jr.</u> |
| &nbsp;&nbsp;John T. Conroy, Jr. | &nbsp;&nbsp;Charles F. Mansfield, Jr. |
| &nbsp;&nbsp;<u>/s/ Nicholas P. Constantakis</u> | &nbsp;&nbsp;<u>/s/ John E. Murray, Jr.</u> |
| &nbsp;&nbsp;Nicholas P. Constantakis | &nbsp;&nbsp;John E. Murray, Jr. |
| &nbsp;&nbsp;<u>/s/ John F. Cunningham</u> | &nbsp;&nbsp;<u>/s/ Marjorie P. Smuts</u> |
| &nbsp;&nbsp;John F. Cunningham | &nbsp;&nbsp;Marjorie P. Smuts |
| &nbsp;&nbsp;<u>/s/ J. Christopher Donahue</u> | &nbsp;&nbsp;<u>/s/ John S. Walsh</u> |
| &nbsp;&nbsp;J. Christopher Donahue | &nbsp;&nbsp;John S. Walsh |

---

FEDERATED INSTITUTIONAL TRUST

Amendment No. 9

DECLARATION OF TRUST

dated June 9, 1994

THIS Declaration of Trust is amended as follows:

Delete the first paragraph of Section 5 in Article III from the Declaration of Trust and substitute in its place the following:

"<u>Section 5. Establishment and Designation of Series or Class</u>.

Without limiting the authority of the Trustees set forth in Article XII, Section 8, *inter alia*, to establish and designate any additional Series or Class or to modify the rights and preferences of any existing Series or Class, the Series and Classes of the Trust shall be and are established and designated as:

Federated Government Ultrashort Duration Fund

Class A Shares

Institutional Service Shares

Institutional Shares

Federated Institutional High Yield Bond Fund

Federated Intermediate Government/Corporate Fund

Institutional Service Shares

Institutional Shares

The undersigned hereby certify that the above stated Amendment is a true and correct Amendment to the Declaration of Trust, as adopted by the Board of Trustees on the 20th day of May, 2005.

WITNESS the due execution hereof this 20th day of May, 2005.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>/s/ John F. Donahue</u> | &nbsp;&nbsp;<u>/s/ Lawrence D. Ellis, M.D.</u> |
| &nbsp;&nbsp;John F. Donahue | &nbsp;&nbsp;Lawrence D. Ellis, M.D. |
| &nbsp;&nbsp;<u>/s/ Thomas G. Bigley</u> | &nbsp;&nbsp;<u>/s/ Peter E. Madden</u> |
| &nbsp;&nbsp;Thomas G. Bigley | &nbsp;&nbsp;Peter E. Madden |
| &nbsp;&nbsp;<u>/s/ John T. Conroy, Jr.</u> | &nbsp;&nbsp;<u>/s/ Charles F. Mansfield, Jr.</u> |
| &nbsp;&nbsp;John T. Conroy, Jr. | &nbsp;&nbsp;Charles F. Mansfield, Jr. |
| &nbsp;&nbsp;<u>/s/ Nicholas P. Constantakis</u> | &nbsp;&nbsp;<u>/s/ John E. Murray, Jr.</u> |
| &nbsp;&nbsp;Nicholas P. Constantakis | &nbsp;&nbsp;John E. Murray, Jr. |
| &nbsp;&nbsp;<u>/s/ John F. Cunningham</u> | &nbsp;&nbsp;<u>/s/ Marjorie P. Smuts</u> |
| &nbsp;&nbsp;John F. Cunningham | &nbsp;&nbsp;Marjorie P. Smuts |
| &nbsp;&nbsp;<u>/s/ J. Christopher Donahue</u> | &nbsp;&nbsp;<u>/s/ John S. Walsh</u> |
| &nbsp;&nbsp;J. Christopher Donahue | &nbsp;&nbsp;John S. Walsh |

---

FEDERATED INSTITUTIONAL TRUST

Amendment No. 10

DECLARATION OF TRUST

dated June 9, 1994

THIS Declaration of Trust is amended as follows:

Delete the first paragraph of Section 5 in Article III from the Declaration of Trust and substitute in its place the following:

"<u>Section 5. Establishment and Designation of Series or Class</u>.

Without limiting the authority of the Trustees set forth in Article XII, Section 8, *inter alia*, to establish and designate any additional Series or Class or to modify the rights and preferences of any existing Series or Class, the Series and Classes of the Trust shall be and are established and designated as:

Federated Government Ultrashort Duration Fund

Class A Shares

Institutional Service Shares

Institutional Shares

Federated Institutional High Yield Bond Fund

Institutional Shares

Federated Intermediate Government/Corporate Fund

Institutional Service Shares

Institutional Shares

The undersigned hereby certify that the above stated Amendment is a true and correct Amendment to the Declaration of Trust, as adopted by the Board of Trustees on the 15th day of November, 2007.

WITNESS the due execution hereof this 15th day of November, 2007.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>/s/ John F. Donahue</u> | &nbsp;&nbsp;<u>/s/ Peter E. Madden</u> |
| &nbsp;&nbsp;John F. Donahue | &nbsp;&nbsp;Peter E. Madden |
| &nbsp;&nbsp;<u>/s/ Thomas G. Bigley</u> | &nbsp;&nbsp;<u>/s/ Charles F. Mansfield, Jr.</u> |
| &nbsp;&nbsp;Thomas G. Bigley | &nbsp;&nbsp;Charles F. Mansfield, Jr. |
| &nbsp;&nbsp;<u>/s/ John T. Conroy, Jr.</u> | &nbsp;&nbsp;<u>/s/ John E. Murray, Jr.</u> |
| &nbsp;&nbsp;John T. Conroy, Jr. | &nbsp;&nbsp;John E. Murray, Jr. |
| &nbsp;&nbsp;<u>/s/ Nicholas P. Constantakis</u> | &nbsp;&nbsp;<u>/s/ Thomas M. O'Neill</u> |
| &nbsp;&nbsp;Nicholas P. Constantakis | &nbsp;&nbsp;Thomas M. O'Neill |
| &nbsp;&nbsp;<u>/s/ John F. Cunningham</u> | &nbsp;&nbsp;<u>/s/ Marjorie P. Smuts</u> |
| &nbsp;&nbsp;John F. Cunningham | &nbsp;&nbsp;Marjorie P. Smuts |
| &nbsp;&nbsp;<u>/s/ J. Christopher Donahue</u> | &nbsp;&nbsp;<u>/s/ John S. Walsh</u> |
| &nbsp;&nbsp;J. Christopher Donahue | &nbsp;&nbsp;John S. Walsh |
| &nbsp;&nbsp;<u>/s/ Lawrence D. Ellis, M.D.</u> | &nbsp;&nbsp;<u>/s/ James F. Will</u> |
| &nbsp;&nbsp;Lawrence D. Ellis, M.D. | &nbsp;&nbsp;James F. Will |

---

FEDERATED INSTITUTIONAL TRUST

Amendment No. 11

DECLARATION OF TRUST

dated June 9, 1994

THIS Declaration of Trust is amended as follows:

Delete the first paragraph of Section 5 in Article III from the Declaration of Trust and substitute in its place the following:

"<u>Section 5. Establishment and Designation of Series or Class</u>.

Without limiting the authority of the Trustees set forth in Article XII, Section 8, *inter alia*, to establish and designate any additional Series or Class or to modify the rights and preferences of any existing Series or Class, the Series and Classes of the Trust shall be and are established and designated as:

Federated Government Ultrashort Duration Fund

Class A Shares

Institutional Shares

***Service Shares***

Federated Institutional High Yield Bond Fund

Institutional Shares

Federated Intermediate Government/Corporate Fund

Institutional Shares

***Service Shares***

The undersigned hereby certify that the above stated Amendment is a true and correct Amendment to the Declaration of Trust, as adopted by the Board of Trustees on the 13th day of May, 2011, to become effective on September 30, 2011.

Witness the due execution this 23<sup>rd</sup> day of August, 2011.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>/s/ John F. Donahue</u> | &nbsp;&nbsp;<u>/s/ Charles F. Mansfield, Jr.</u> |
| &nbsp;&nbsp;John F. Donahue | &nbsp;&nbsp;Charles F. Mansfield, Jr. |
| &nbsp;&nbsp;<u>/s/ Nicholas P. Constantakis</u> | &nbsp;&nbsp;<u>/s/ R. James Nicholson</u> |
| &nbsp;&nbsp;Nicholas P. Constantakis | &nbsp;&nbsp;R. James Nicholson |
| &nbsp;&nbsp;<u>/s/ John F. Cunningham</u> | &nbsp;&nbsp;<u>/s/ Thomas M. O'Neill</u> |
| &nbsp;&nbsp;John F. Cunningham | &nbsp;&nbsp;Thomas M. O'Neill |
| &nbsp;&nbsp;<u>/s/ J. Christopher Donahue</u> | &nbsp;&nbsp;<u>/s/ John S. Walsh</u> |
| &nbsp;&nbsp;J. Christopher Donahue | &nbsp;&nbsp;John S. Walsh |
| &nbsp;&nbsp;<u>/s/ Maureen Lally-Green</u> | &nbsp;&nbsp;<u>/s/ James F. Will</u> |
| &nbsp;&nbsp;Maureen Lally-Green | &nbsp;&nbsp;James F. Will |
| &nbsp;&nbsp;<u>/s/ Peter E. Madden</u> |  |
| &nbsp;&nbsp;Peter E. Madden |  |

---

FEDERATED INSTITUTIONAL TRUST

Amendment No. 12

DECLARATION OF TRUST

dated June 9, 1994

THIS Declaration of Trust is amended as follows:

Delete the first paragraph of Section 5 in Article III from the Declaration of Trust and substitute in its place the following:

"<u>Section 5. Establishment and Designation of Series or Class</u>.

Without limiting the authority of the Trustees set forth in Article XII, Section 8, *inter alia*, to establish and designate any additional Series or Class or to modify the rights and preferences of any existing Series or Class, the Series and Classes of the Trust shall be and are established and designated as:

Federated Government Ultrashort Duration Fund

Class A Shares

Institutional Shares

Service Shares

Federated Institutional High Yield Bond Fund

Institutional Shares

***Federated Short-Intermediate Total Return Bond Fund***

(formerly, Federated Intermediate Government/Corporate Fund)

***Class A Shares***

***Class R Shares***

Institutional Shares

Service Shares

The undersigned hereby certify that the above stated Amendment is a true and correct Amendment to the Declaration of Trust, as adopted by the Board of Trustees on the 14th day of November, 2013, to become effective on January 31, 2014.

Witness the due execution this <u>14th</u> day of November, 2013.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>/s/ John F. Donahue</u> | &nbsp;&nbsp;<u>/s/ Charles F. Mansfield, Jr.</u> |
| &nbsp;&nbsp;John F. Donahue | &nbsp;&nbsp;Charles F. Mansfield, Jr. |
| &nbsp;&nbsp;<u>/s/ John T. Collins</u> | &nbsp;&nbsp;<u>/s/ Thomas M. O'Neill</u> |
| &nbsp;&nbsp;John T. Collins | &nbsp;&nbsp;Thomas M. O'Neill |
| &nbsp;&nbsp;<u>/s/ J. Christopher Donahue</u> | &nbsp;&nbsp;<u>/s/ P. Jerome Richey</u> |
| &nbsp;&nbsp;J. Christopher Donahue | &nbsp;&nbsp;P. Jerome Richey |
| &nbsp;&nbsp;<u>/s/ Maureen Lally-Green</u> | &nbsp;&nbsp;<u>/s/ John S. Walsh</u> |
| &nbsp;&nbsp;Maureen Lally-Green | &nbsp;&nbsp;John S. Walsh |
| &nbsp;&nbsp;<u>/s/ Peter E. Madden</u> |  |
| &nbsp;&nbsp;Peter E. Madden |  |

---

FEDERATED INSTITUTIONAL TRUST

Amendment No. 13

DECLARATION OF TRUST

dated June 9, 1994

THIS Declaration of Trust is amended as follows:

Delete the first paragraph of Section 5 in Article III from the Declaration of Trust and substitute in its place the following:

"<u>Section 5. Establishment and Designation of Series or Class</u>.

Without limiting the authority of the Trustees set forth in Article XII, Section 8, *inter alia*, to establish and designate any additional Series or Class or to modify the rights and preferences of any existing Series or Class, the Series and Classes of the Trust shall be and are established and designated as:

Federated Government Ultrashort Duration Fund

Class A Shares

***Class R6 Shares***

Institutional Shares

Service Shares

Federated Institutional High Yield Bond Fund

***Class R6 Shares***

Institutional Shares

Federated Short-Intermediate Total Return Bond Fund

(formerly, Federated Intermediate Government/Corporate Fund)

Class A Shares

Class R Shares

Institutional Shares

Service Shares

The undersigned hereby certify that the above stated Amendment is a true and correct Amendment to the Declaration of Trust, as adopted by the Board of Trustees on the 10th day of February 2016, to become effective on March 22, 2016.

Witness the due execution this 22nd day of March 2016.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>/s/ John F. Donahue</u> | &nbsp;&nbsp;<u>/s/ Peter E. Madden</u> |
| &nbsp;&nbsp;John F. Donahue | &nbsp;&nbsp;Peter E. Madden |
| &nbsp;&nbsp;<u>/s/ John T. Collins</u> | &nbsp;&nbsp;<u>/s/ Charles F. Mansfield, Jr.</u> |
| &nbsp;&nbsp;John T. Collins | &nbsp;&nbsp;Charles F. Mansfield, Jr. |
| &nbsp;&nbsp;<u>/s/ J. Christopher Donahue</u> | &nbsp;&nbsp;<u>/s/ Thomas M. O'Neill</u> |
| &nbsp;&nbsp;J. Christopher Donahue | &nbsp;&nbsp;Thomas M. O'Neill |
| &nbsp;&nbsp;<u>/s/ G. Thomas Hough</u> | &nbsp;&nbsp;<u>/s/ P. Jerome Richey</u> |
| &nbsp;&nbsp;G. Thomas Hough | &nbsp;&nbsp;P. Jerome Richey |
| &nbsp;&nbsp;<u>/s/ Maureen Lally-Green</u> | &nbsp;&nbsp;<u>/s/ John S. Walsh</u> |
| &nbsp;&nbsp;Maureen Lally-Green | &nbsp;&nbsp;John S. Walsh |

---

FEDERATED INSTITUTIONAL TRUST

Amendment No. 14

DECLARATION OF TRUST

dated June 9, 1994

THIS Declaration of Trust is amended as follows:

Delete the first paragraph of Section 5 in Article III from the Declaration of Trust and substitute in its place the following:

"<u>Section 5. Establishment and Designation of Series or Class</u>.

Without limiting the authority of the Trustees set forth in Article XII, Section 8, *inter alia*, to establish and designate any additional Series or Class or to modify the rights and preferences of any existing Series or Class, the Series and Classes of the Trust shall be and are established and designated as:

Federated Government Ultrashort Duration Fund

Class A Shares

Class R6 Shares

Institutional Shares

Service Shares

Federated Institutional High Yield Bond Fund

Class R6 Shares

Institutional Shares

Federated Short-Intermediate Total Return Bond Fund

Class A Shares

***Class R6 Shares***

Institutional Shares

Service Shares

The undersigned hereby certify that the above stated Amendment is a true and correct Amendment to the Declaration of Trust, as adopted by the Board of Trustees on the 10th day of February, 2016, to become effective on September 1, 2016.

Witness the due execution this 12th day of August, 2016.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>/s/ John B. Fisher</u> | &nbsp;&nbsp;<u>/s/ Peter E. Madden</u> |
| &nbsp;&nbsp;John B. Fisher | &nbsp;&nbsp;Peter E. Madden |
| &nbsp;&nbsp;<u>/s/ John T. Collins</u> | &nbsp;&nbsp;<u>/s/ Charles F. Mansfield, Jr.</u> |
| &nbsp;&nbsp;John T. Collins | &nbsp;&nbsp; Charles F. Mansfield, Jr. |
| &nbsp;&nbsp;<u>/s/ J. Christopher Donahue</u> | &nbsp;&nbsp;<u>/s/ Thomas M. O'Neill</u> |
| &nbsp;&nbsp;J. Christopher Donahue | &nbsp;&nbsp;Thomas M. O'Neill |
| &nbsp;&nbsp;<u>/s/ G. Thomas Hough</u> | &nbsp;&nbsp;<u>/s/ P. Jerome Richey</u> |
| &nbsp;&nbsp;G. Thomas Hough | &nbsp;&nbsp;P. Jerome Richey |
| &nbsp;&nbsp;<u>/s/ Maureen Lally-Green</u> | &nbsp;&nbsp;<u>/s/ John S. Walsh</u> |
| &nbsp;&nbsp; Maureen Lally-Green | &nbsp;&nbsp;John S. Walsh |

---

FEDERATED INSTITUTIONAL TRUST

Amendment No. 15

DECLARATION OF TRUST

dated June 9, 1994

THIS Declaration of Trust is amended as follows:

A. Strike Section 1 of Article I from the Declaration of Trust and substitute in its place the following:

This Trust shall be known as **FEDERATED HERMES INSTITUTIONAL TRUST** and the Trustees may conduct the business of the Trust under that name or any other name as they may determine from time to time.

B. Delete the first paragraph of Section 5 in Article III from the Declaration of Trust and substitute in its place the following:

<u>Section 5. Establishment and Designation of Series or Class</u>.

Without limiting the authority of the Trustees set forth in Article XII, Section 8, *inter alia*, to establish and designate any additional Series or Class or to modify the rights and preferences of any existing Series or Class, the Series and Classes of the Trust shall be and are established and designated as:

Federated Hermes Government Ultrashort Fund

Class A Shares

Class R6 Shares

Institutional Shares

Service Shares

Federated Hermes Institutional High Yield Bond Fund

Class R6 Shares

Institutional Shares

Federated Hermes Short-Intermediate Total Return Bond Fund

Class A Shares

Class R6 Shares

Institutional Shares

Service Shares

The undersigned hereby certify that the above stated Amendment is a true and correct Amendment to the Declaration of Trust, as adopted by the Board of Trustees on the 13th day of February, 2020, to become effective on June 26, 2020.

Witness the due execution this 18th day of June, 2020.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>/s/ John T. Collins</u> | &nbsp;&nbsp;<u>/s/ Charles F. Mansfield, Jr.</u> |
| &nbsp;&nbsp;John T. Collins | &nbsp;&nbsp;Charles F. Mansfield, Jr. |
| &nbsp;&nbsp;/<u>s/ J. Christopher Donahue</u> | &nbsp;&nbsp;<u>/s/ Thomas M. O'Neill</u> |
| &nbsp;&nbsp;J. Christopher Donahue | &nbsp;&nbsp;Thomas M. O'Neill |
| &nbsp;&nbsp;<u>/s/ John B. Fisher</u> | &nbsp;&nbsp;/<u>s/ Jerome Richey</u> |
| &nbsp;&nbsp;John B. Fisher | &nbsp;&nbsp;P. Jerome Richey |
| &nbsp;&nbsp;<u>G. Thomas Hough</u> | &nbsp;&nbsp;<u>/s/ John S. Walsh</u> |
| &nbsp;&nbsp;G. Thomas Hough | &nbsp;&nbsp;John S. Walsh |
| &nbsp;&nbsp;<u>/s/ Maureen Lally-Green</u> |  |
| &nbsp;&nbsp;Maureen Lally-Green |  |

---

FEDERATED HERMES INSTITUTIONAL TRUST

Amendment No. 16

DECLARATION OF TRUST

dated June 9, 1994

THIS Declaration of Trust is amended as follows:

Delete the first paragraph of Section 5 in Article III from the Declaration of Trust and substitute in its place the following:

"<u>Section 5. Establishment and Designation of Series or Class</u>.

Without limiting the authority of the Trustees set forth in Article XII, Section 8, *inter alia*, to establish and designate any additional Series or Class or to modify the rights and preferences of any existing Series or Class, the Series and Classes of the Trust shall be and are established and designated as:

Federated Hermes Government Ultrashort Duration Fund

Class A Shares

Class R6 Shares

Institutional Shares

Service Shares

Federated Hermes Institutional High Yield Bond Fund

***Class A Shares***

***Class C Shares***

Class R6 Shares

Institutional Shares

Federated Hermes Short-Intermediate Total Return Bond Fund

Class A Shares

Class R6 Shares

Institutional Shares

Service Shares

The undersigned hereby certify that the above stated Amendment is a true and correct Amendment to the Declaration of Trust, as adopted by the Board of Trustees on the 11<sup>th</sup> day of August, 2022, to become effective on December 29<sup>th</sup>, 2022.

Witness the due execution this 11<sup>th</sup> day of August, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>/s/ John T. Collins</u> | &nbsp;&nbsp;<u>/s/ Thomas M. O'Neill</u> |
| &nbsp;&nbsp;John T. Collins | &nbsp;&nbsp;Thomas M. O'Neill |
| &nbsp;&nbsp;<u>/s/ J. Christopher Donahue</u> | &nbsp;&nbsp;<u>/s/ Madelyn A. Reilly</u> |
| &nbsp;&nbsp;J. Christopher Donahue | &nbsp;&nbsp;Madelyn A. Reilly |
| &nbsp;&nbsp;<u>/s/ John B. Fisher</u> | &nbsp;&nbsp;<u>/s/ P. Jerome Richey</u> |
| &nbsp;&nbsp;John B. Fisher | &nbsp;&nbsp;P. Jerome Richey |
| &nbsp;&nbsp;<u>/s/ G. Thomas Hough</u> | &nbsp;&nbsp;<u>/s/ John S. Walsh</u> |
| &nbsp;&nbsp;G. Thomas Hough | &nbsp;&nbsp;John S. Walsh |
| &nbsp;&nbsp;<u>/s/ Maureen Lally-Green</u> |  |
| &nbsp;&nbsp;Maureen Lally-Green |  |

---

## Ex-99.B

Exhibit 28 (b) under Form N-1A

Exhibit 3 (ii) under Item 601/Reg. S-K

**FEDERATED HERMES INSTITUTIONAL TRUST**<br> (effective as of June 29, 2020)<br> (formerly: Federated Institutional Trust)

**<br> BY-LAWS**

ARTICLE I

<u>OFFICERS AND THEIR ELECTION</u>

Section 1. <u>Officers</u>. The Officers of the Trust shall be a President, one or more Executive Vice Presidents, one or more Senior Vice Presidents, one or more Vice Presidents, a Treasurer, and a Secretary. The Board of Trustees, in its discretion, may also elect or appoint one or more Vice Chairmen of the Board of Trustees (who need not be a Trustee), and other Officers or agents, including one or more Assistant Vice Presidents, one or more Assistant Secretaries, and one or more Assistant Treasurers. An Executive Vice President, Senior Vice President or Vice President, the Secretary or the Treasurer may appoint an Assistant Vice President, an Assistant Secretary or an Assistant Treasurer, respectively, to serve until the next election of Officers. Two or more offices may be held by a single person except the offices of President and Executive Vice President, Senior Vice President or Vice President may not be held by the same person concurrently. It shall not be necessary for any Trustee or any Officer to be a holder of shares in any Series or Class of the Trust. Any officer, or such other person as the Board may appoint, may preside at meetings of the shareholders. *See Amendment #2, dated 2/23/98; and Amendment #5, dated 8/23/02; and Amendment #9, dated 1/1/06*

Section 2. <u>Election of Officers</u>. The Officers shall be elected annually by the Trustees. Each Officer shall hold office for one year and until the election and qualification of his successor, or until earlier resignation or removal. *See Amendment #2, dated 2/23/98; and Amendment #5, dated 8/23/02; and Amendment #9, dated 1/1/06*

Section 3. <u>Resignations and Removals and Vacancies.</u> Any Officer of the Trust may resign at any time by filing a written resignation with the Board of Trustees (or Chairman of the Trustees, if there is one), with the President, or with the Secretary. Any such resignation shall take effect at the time specified therein or, if no time is specified, at the time of receipt. Unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. Any Officer elected by the Board of Trustees or whose appointment has been ratified by the Board of Trustees may be removed with or without cause at any time by a majority vote of all of the Trustees. Any other employee of the Trust may be removed or dismissed at any time by the President. Any vacancy in any of the offices, whether by resignation, removal or otherwise, may be filled for the unexpired portion of the term by the President. A vacancy in the office of Assistant Vice President may be filled by a Vice President; in the office of Assistant Secretary by the Secretary; or in the office of Assistant Treasurer by the Treasurer. Any appointment to fill any vacancy shall serve subject to ratification by the Board of Trustees at its next regular meeting. *See Amendment #2, dated 2/23/98*

ARTICLE II

<u>POWERS AND DUTIES OF TRUSTEES AND OFFICERS</u>

Section 1. <u>Chairman of the Board</u>. The Board may elect from among its members a Chairman of the Board. The Chairman shall at all times be a Trustee who meets all applicable regulatory and other relevant requirements for serving in such capacity. The Chairman shall not be an officer of the Trust, but shall preside over meetings of the Board and shall have such other responsibilities in furthering the Board functions as may be assigned from time to time by the Board of Trustees or prescribed by these By-Laws. It shall be understood that the election of any Trustee as Chairman shall not impose on that person any duty, obligation, or liability that is greater than the duties, obligations, and liabilities imposed on that person as a Trustee in the absence of such election, and no Trustee who is so elected shall be held to a higher standard of care by virtue thereof. In addition, election as Chairman shall not affect in any way that Trustee's rights or entitlement to indemnification under the By-Laws or otherwise by the Trust. The Chairman shall be elected by the Board annually to hold office until his successor shall have been duly elected and shall have qualified, or until his death, or until he shall have resigned, or have been removed, as herein provided in these By-Laws. Each Trustee, including the Chairman, shall have one vote.

<u>Resignation</u>. The Chairman may resign at any time by giving written notice of resignation to the Board. Any such resignation shall take effect at the time specified in such notice, or, if the time when it shall become effective shall not be specified therein, immediately upon its receipt; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

<u>Removal</u>. The Chairman may be removed by majority vote of the Board with or without cause at any time.

<u>Vacancy</u>. Any vacancy in the office of Chairman, arising from any cause whatsoever, may be filled for the unexpired portion of the term of the office which shall be vacant by the vote of the Board.

<u>Absence</u>. If, for any reason, the Chairman is absent from a meeting of the Board, the Board may select from among its members who are present at such meeting a Trustee to preside at such meeting. *See Amendment #5, dated 8/23/02; and Amendment #9, dated 1/1/06*

Section 2. <u>Vice Chairman of the Trustees</u>. Any Vice Chairman shall perform such duties as may be assigned to him from time to time by the Trustees. The Vice Chairman need not be a Trustee. *See Amendment #5, dated 8/23/02; and Amendment #9, dated 1/1/06*

Section 3. <u>President</u>. The President shall be the principal executive officer of the Trust. He shall counsel and advise the Chairman. He shall have general supervision over the business of the Trust and policies of the Trust. He shall employ and define the duties of all employees, shall have power to discharge any such employees, shall exercise general supervision over the affairs of the Trust and shall perform such other duties as may be assigned to him from time to time by the Trustees, the Chairman or the Executive Committee. The President shall have the power to appoint one or more Assistant Secretaries or other junior officers, subject to ratification of such appointments by the Board. The President shall have the power to sign, in the name of and on behalf of the Trust, powers of attorney, proxies, waivers of notice of meeting, consents and other instruments relating to securities or other property owned by the Trust, and may, in the name of and on behalf of the Trust, take all such action as the President may deem advisable in entering into agreements to purchase securities or other property in the ordinary course of business, and to sign representation letters in the course of buying securities or other property. *See Amendment #5, dated 8/23/02; and Amendment #9, dated 1/1/06*

Section 4. <u>Vice President</u>. The Executive Vice President, Senior Vice President or Vice President, if any, in order of their rank as fixed by the Board or if not ranked, a Vice President designated by the Board, in the absence of the President shall perform all duties and may exercise any of the powers of the President subject to the control of the Trustees. Each Executive Vice President, Senior Vice President and Vice President shall perform such other duties as may be assigned to him from time to time by the Trustees, the Chairman, the President, or the Executive Committee. Each Executive Vice President, Senior Vice President and Vice President shall be authorized to sign documents on behalf of the Trust. The Executive Vice President, Senior Vice President and Vice President shall have the power to sign, in the name of and on behalf of the Trust and subject to Article VIII, Section 1, powers of attorney, proxies, waivers of notice of meeting, consents and other instruments relating to securities or other property owned by the Trust, and may, in the name of and on behalf of the Trust, take all such action as the Executive Vice President, Senior Vice President or Vice President may deem advisable in entering into agreements to purchase securities or other property in the ordinary course of business, and to sign representation letters in the course of buying securities or other property. *See Amendment #5, dated 8/23/02; and Amendment #9, dated 1/1/06*

Section 5. <u>Secretary</u>. The Secretary shall be the chief legal officer of the Trust responsible for providing legal guidance to the Trust. The Secretary shall keep or cause to be kept in books provided for that purpose the Minutes of the Meetings of Shareholders and of the Trustees; shall see that all Notices are duly given in accordance with the provisions of these By-Laws and as required by law; shall be custodian of the records and of the Seal of the Trust and see that the Seal is affixed to all documents, the execution of which on behalf of the Trust under its Seal is duly authorized; shall keep directly or through a transfer agent a register of the post office address of each shareholder of each Series or Class of the Trust, and make all proper changes in such register, retaining and filing his authority for such entries; shall see that the books, reports, statements, certificates and all other documents and records required by law are properly kept and filed; and in general shall perform all duties incident to the Office of Secretary and such other duties as may from time to time be assigned to him by the Trustees, Chairman or the Executive Committee. *See Amendment #5, dated 8/23/02*

Section 6. <u>Treasurer</u>. The Treasurer shall be the principal financial and accounting officer of the Trust responsible for the preparation and maintenance of the financial books and records of the Trust. He shall deliver all funds and securities belonging to any Series or Class to such custodian or sub-custodian as may be employed by the Trust for any Series or Class. The Treasurer shall perform such duties additional to the foregoing as the Trustees, Chairman or the Executive Committee may from time to time designate. *See Amendment #5, dated 8/23/02*

Section 7. <u>Assistant Vice President</u>. The Assistant Vice President or Vice Presidents of the Trust shall have such authority and perform such duties as may be assigned to them by the Trustees, the Executive Committee or the Chairman.

Section 8. <u>Assistant Secretaries and Assistant Treasurers</u>. The Assistant Secretary or Secretaries and the Assistant Treasurer or Treasurers shall perform the duties of the Secretary and of the Treasurer, respectively, in the absence of those Officers and shall have such further powers and perform such other duties as may be assigned to them respectively by the Trustees or the Executive Committee or the Chairman. *See Amendment #5, dated 8/23/02*

Section 9. <u>Chief Legal Officer.</u> The Chief Legal Officer shall serve as Chief Legal Officer for the Trust, solely for purposes of complying with the attorney conduct rules ("Attorney Conduct Rules") enacted by the Securities Exchange Commission pursuant to Section 307 of the Sarbanes-Oxley Act of 2002 (the "Act"). The Chief Legal Officer shall have the authority to exercise all powers permitted to be exercised by a chief legal officer pursuant to Section 307 of the Act. The Chief Legal Officer, in his sole discretion, may delegate his responsibilities as Chief Legal Officer under the Attorney Conduct Rules to another attorney or firm of attorneys. *See Amendment #6, dated 8/25/03*

Section 10. <u>Chief Compliance Officer</u>. The Chief Compliance Officer shall be responsible for administering the Trust's policies and procedures approved by the Board under Rule 38a-1 of the Investment Company Act of 1940, as amended. Notwithstanding any other provision of these By-Laws, the designation, removal and compensation of Chief Compliance Officer are subject to Rule 38a-1 under the Investment Company Act of 1940, as amended. *See Amendment #7, dated 9/21/04*

Section 11. <u>Salaries</u>. The salaries of the Officers shall be fixed from time to time by the Trustees. No officer shall be prevented from receiving such salary by reason of the fact that he is also a Trustee. *See Amendment #5, dated 8/23/02*

ARTICLE III

POWERS AND DUTIES OF THE

<u>EXECUTIVE AND OTHER COMMITTEES</u>

Section 1. <u>Executive and Other Committees</u>. The Trustees may elect from their own number an Executive Committee to consist of not less than two members. The Executive Committee shall be elected by a resolution passed by a vote of at least a majority of the Trustees then in office. The Trustees may also elect from their own number other committees from time to time, the number composing such committees and the powers conferred upon the same to be determined by vote of the Trustees.

Section 2. <u>Vacancies in Executive Committee</u>. Vacancies occurring in the Executive Committee from any cause shall be filled by the Trustees by a resolution passed by the vote of at least a majority of the Trustees then in office.

Section 3. <u>Executive Committee to Report to Trustees</u>. All action by the Executive Committee shall be reported to the Trustees at their meeting next succeeding such action.

Section 4. <u>Procedure of Executive Committee</u>. The Executive Committee shall fix its own rules of procedure not inconsistent with these By-Laws or with any directions of the Trustees. It shall meet at such times and places and upon such notice as shall be provided by such rules or by resolution of the Trustees. The presence of a majority shall constitute a quorum for the transaction of business, and in every case an affirmative vote of a majority of all the members of the Committee present shall be necessary for the taking of any action.

Section 5. <u>Powers of Executive Committee</u>. During the intervals between the Meetings of the Trustees, the Executive Committee, except as limited by the By-Laws of the Trust or by specific directions of the Trustees, shall possess and may exercise all the powers of the Trustees in the management and direction of the business and conduct of the affairs of the Trust in such manner as the Executive Committee shall deem to be in the best interests of the Trust, and shall have power to authorize the Seal of the Trust (if there is one) to be affixed to all instruments and documents requiring the same. Notwithstanding the foregoing, the Executive Committee shall not have the power to elect or remove Trustees, increase or decrease the number of Trustees, elect or remove any Officer, issue shares or recommend to shareholders any action requiring shareholder approval. *See Amendment #10, dated 6/1/13*

Section 6. <u>Compensation</u>. The members of any duly appointed committee shall receive such compensation and/or fees as from time to time may be fixed by the Trustees.

Section 7. <u>Action by Consent of the Board of Trustees, Executive Committee or Other Committee</u>. Subject to Article V, Section 2 of these By-Laws, any action required or permitted to be taken at any meeting of the Trustees, Executive Committee or any other duly appointed Committee may be taken without a meeting if consents in writing setting forth such action are signed by all members of the Board or such committee and such consents are filed with the records of the Trust. In the event of the death, removal, resignation or incapacity of any Board or committee member prior to that Trustee signing such consent, the remaining Board or committee members may re-constitute themselves as the entire Board or committee until such time as the vacancy is filled in order to fulfill the requirement that such consents be signed by all members of the Board or committee. *See Amendment #1, dated 11/18/97.*

ARTICLE IV

<u>SHAREHOLDERS MEETINGS</u>

Section 1. <u>Special Meetings</u>. A special meeting of the shareholders of the Trust or of a particular Series or Class shall be called by the Secretary whenever ordered by the Trustees, the Chairman or requested in writing by the holder or holders of at least one-tenth of the outstanding shares of the Trust or of the relevant Series or Class, entitled to vote. If the Secretary, when so ordered or requested, refuses or neglects for more than two days to call such special meeting, the Trustees, Chairman or the shareholders so requesting may, in the name of the Secretary, call the meeting by giving notice thereof in the manner required when notice is given by the Secretary.

Section 2. <u>Notices</u>. Except as above provided, notices of any special meeting of the shareholders of the Trust or a particular Series or Class, shall be given by the Secretary by delivering or mailing, postage prepaid, to each shareholder entitled to vote at said meeting, a written or printed notification of such meeting, at least fifteen days before the meeting, to such address as may be registered with the Trust by the shareholder.

Section 3. <u>Place of Meeting</u>. Meetings of the shareholders of the Trust or a particular Series or Class shall be held at such place within or without The Commonwealth of Massachusetts as may be fixed from time to time by resolution of the Trustees. *See Amendment #4, dated 5/12/98*

Section 4. <u>Action by Consent</u>. Any action required or permitted to be taken at any meeting of shareholders may be taken without a meeting, if a consent in writing, setting forth such action, is signed by all the shareholders entitled to vote on the subject matter thereof, and such consent is filed with the records of the Trust.

Section 5. <u>Proxies</u>. Any shareholder entitled to vote at any meeting of shareholders may vote either in person, by telephone, by electronic means including facsimile, or by proxy, but no proxy which is dated more than six months before the meeting named therein shall be accepted unless otherwise provided in the proxy. Every proxy shall be in writing, subscribed by the shareholder or his duly authorized agent or be in such other form as may be permitted by law, including documents conveyed by electronic transmission. Every proxy shall be dated, but need not be sealed, witnessed or acknowledged. The placing of a shareholder's name on a proxy or authorizing another to act as the shareholder's agent, pursuant to telephone or electronically transmitted instructions obtained in accordance with procedures reasonably designed to verify that such instructions have been authorized by such shareholder, shall constitute execution of a proxy by or on behalf of such shareholder. Where Shares are held of record by more than one person, any co-owner or co-fiduciary may execute the proxy or give authority to an agent, unless the Secretary of the Trust is notified in writing by any co-owner or co-fiduciary that the joinder of more than one is to be required. All proxies shall be filed with and verified by the Secretary or an Assistant Secretary of the Trust, or the person acting as Secretary of the Meeting. Unless otherwise specifically limited by their term, all proxies shall entitle the holders thereof to vote at any adjournment of such meeting but shall not be valid after the final adjournment of such meeting. *See Amendment #3, dated 2/27/98*

ARTICLE V

<u>TRUSTEES MEETINGS</u>

Section 1. <u>Special Meetings</u>. Special meetings of the Trustees shall be called by the Secretary at the written request of the Chairman or any Trustee, and if the Secretary when so requested refuses or fails for more than twenty-four hours to call such meeting, the Chairman or such Trustee may in the name of the Secretary call such meeting by giving due notice in the manner required when notice is given by the Secretary.

Section 2. <u>Regular Meetings</u>. Regular meetings of the Trustees may be held without call or notice at such places and at such times as the Trustees may from time to time determine, provided that any Trustee who is absent when such determination is made shall be given notice of the determination.

Section 3. <u>Quorum and Vote</u>. A majority of the Trustees shall constitute a quorum for the transaction of business. The act of a majority of the Trustees present at any meeting at which a quorum is present shall be the act of the Trustees unless a greater proportion is required by the Declaration of Trust or these By-Laws or applicable law. In the absence of a quorum, a majority of the Trustees present may adjourn the meeting from time to time until a quorum shall be present. Notice of any adjourned meeting need not be given.

Section 4. <u>Notices</u>. It shall be sufficient notice of a special meeting to send notice by mail to a Trustee at least forty-eight hours or by telegram, telex or telecopy or other electronic facsimile transmission method at least twenty-four hours before the meeting addressed to the Trustee at his usual or last known business or residence address or to give notice to such Trustee in person or by telephone at least twenty-four hours before the meeting. Notice of a meeting need not be given to any Trustee if a written waiver of notice, executed by such Trustee before the meeting, is filed with the records of the meeting, or to any Trustee who attends the meeting without protesting the lack of notice to such Trustee prior thereto or at its commencement. Subject to compliance with Section 15(c) of the 1940 Act, notice or waiver of notice need not specify the purpose of any special meeting.

Section 5. <u>Place of Meeting</u>. Meetings of the Trustees shall be held at such place within or without The Commonwealth of Massachusetts as fixed from time to time by resolution of the Trustees, or as the person or persons requesting said meeting to be called may designate, but any meeting may adjourn to any other place. *See Amendment #4, dated 5/12/98*

Section 6. <u>Telephonic Meeting</u>. Subject to compliance with Sections 15(c) and 32(a) of the 1940 Act, if it is impractical for the Trustees to meet in person, the Trustees may meet by means of a telephone conference circuit to which all Trustees are connected or of which all Trustees shall have waived notice, which meeting shall be deemed to have been held at a place designated by the Trustees at the meeting.

Section 7. <u>Special Action</u>. When all the Trustees shall be present at any meeting, however called, or whenever held, or shall assent to the holding of the meeting without notice, or after the meeting shall sign a written assent thereto on the record of such meeting, the acts of such meeting shall be valid as if such meeting had been regularly held.

Section 8. <u>Action by Consent</u>. Any action by the Trustees may be taken without a meeting if a written consent thereto is signed by all the Trustees and filed with the records of the Trustees' meetings. Such consent shall be treated as a vote of the Trustees for all purposes.

Section 9. <u>Compensation of Trustees</u>. The Trustees may receive a stated salary for their services as Trustees, and by resolution of Trustees a fixed fee and expenses of attendance may be allowed for attendance at each Meeting. Nothing herein contained shall be construed to preclude any Trustee from serving the Trust in any other capacity, as an officer, agent or otherwise, and receiving compensation therefor.

ARTICLE VI

<u>SHARES</u>

Section 1. <u>Certificates</u>. All certificates for shares shall be signed by the Chairman, President or any Vice President and by the Treasurer or Secretary or any Assistant Treasurer or Assistant Secretary and sealed with the seal of the Trust. The signatures may be either manual or facsimile signatures and the seal may be either facsimile or any other form of seal. Certificates for shares for which the Trust has appointed an independent Transfer Agent and Registrar shall not be valid unless countersigned by such Transfer Agent and registered by such Registrar. In case any officer who has signed any certificate ceases to be an officer of the Trust before the certificate is issued, the certificate may nevertheless be issued by the Trust with the same effect as if the officer had not ceased to be such officer as of the date of its issuance. Share certificates of each Series or Class shall be in such form not inconsistent with law or the Declaration of Trust or these By-Laws as may be determined by the Trustees.

Section 2. <u>Transfer of Shares</u>. The shares of each Series and Class of the Trust shall be transferable, so as to affect the rights of the Trust or any Series or Class, only by transfer recorded on the books of the Trust or its transfer agent, in person or by attorney.

Section 3. <u>Equitable Interest Not Recognized</u>. The Trust shall be entitled to treat the holder of record of any share or shares of a Series or Class as the absolute owner thereof and shall not be bound to recognize any equitable or other claim or interest in such share or shares of a Series or Class on the part of any other person except as may be otherwise expressly provided by law.

Section 4. <u>Lost, Destroyed or Mutilated Certificates</u>. In case any certificate for shares is lost, mutilated or destroyed, the Trustees may issue a new certificate in place thereof upon indemnity to the relevant Series or Class against loss and upon such other terms and conditions as the Trustees may deem advisable.

Section 5. <u>Transfer Agent and Registrar: Regulations</u>. The Trustees shall have power and authority to make all such rules and regulations as they may deem expedient concerning the issuance, transfer and registration of certificates for shares and may appoint a Transfer Agent and/or Registrar of certificates for shares of each Series or Class, and may require all such share certificates to bear the signature of such Transfer Agent and/or of such Registrar.

ARTICLE VII

<u>INSPECTION OF BOOKS</u>

The Trustees shall from time to time determine whether and to what extent, and at what times and places, and under what conditions and regulations the accounts and books of the Trust maintained on behalf of each Series and Class or any of them shall be open to the inspection of the shareholders of any Series or Class; and no shareholder shall have any right of inspecting any account or book or document of the Trust except that, to the extent such account or book or document relates to the Series or Class in which he is a Shareholder or the Trust generally, such Shareholder shall have such right of inspection as conferred by laws or authorized by the Trustees or by resolution of the Shareholders of the relevant Series or Class.

ARTICLE VIII

<u>AGREEMENTS, CERTAIN DELEGATION, CHECKS, DRAFTS, ENDORSEMENTS, ETC.</u>

Section 1. <u>Agreements, Etc.</u> The Trustees or the Executive Committee may authorize any Officer or Agent of the Trust to enter into any Agreement or execute and deliver any instrument in the name of the Trust on behalf of any Series or Class, and such authority may be general or confined to specific instances; and, unless so authorized by the Trustees or by the Executive Committee or by these By-Laws, no Officer, Agent or Employee shall have any power or authority to bind the Trust by any Agreement or engagement or to pledge its credit or to render it liable pecuniarily for any purpose or for any amount.

Section 2. <u>Delegation of Authority Relating to Dividends.</u> The Trustees or the Executive Committee may delegate to any Officer or Agent of the Trust the ability to authorize the payment of dividends and the ability to fix the amount and other terms of a dividend regardless of whether or not such dividend has previously been authorized by the Trustees. *See Amendment #10, dated 6/1/13*

Section 3. <u>Checks, Drafts, Etc.</u> All checks, drafts, or orders for the payment of money, notes and other evidences of indebtedness shall be signed by such Officers, Employees, or Agents, as shall from time to time be designated by the Trustees or the Executive Committee, or as may be specified in or pursuant to the agreement between the Trust on behalf of any Series or Class and the custodian appointed, pursuant to the provisions of the Declaration of Trust.

Section 4. <u>Endorsements, Assignments and Transfer of Securities</u>. All endorsements, assignments, stock powers, other instruments of transfer or directions for the transfer of portfolio securities, whether or not registered in nominee form, or belonging to any Series or Class shall be made by such Officers, Employees, or Agents as may be authorized by the Trustees or the Executive Committee.

Section 5. <u>Evidence of Authority</u>. Anyone dealing with the Trust shall be fully justified in relying on a copy of a resolution of the Trustees or of any committee thereof empowered to act in the premises which is certified as true by the Secretary or an Assistant Secretary under the seal of the Trust.

ARTICLE IX

<u>INDEMNIFICATION OF TRUSTEES AND OFFICERS</u><br> *Article IX amended in its entirety - See Amendment #8, dated 8/18/05*

Section 1. <u>Indemnification</u>. The Trust hereby agrees to indemnify each person who at any time serves as a Trustee or officer of the Trust (each such person being an "indemnitee") against any liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which he may be or may have been involved as a party or otherwise or with which he may be or may have been threatened, by virtue of his being or having been a Trustee or officer of the Trust or his serving or having served as a trustee, director, officer, partner, or fiduciary of another trust, corporation, partnership, joint venture, or other enterprise at the request of the Trust, provided, however, that no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties involved in the conduct of his position (the conduct referred to in such clauses (i) through (iv) being sometimes referred to herein as "disabling conduct").

Section 2. <u>Actions By Trustee Against The Trust</u>. Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee (i) was authorized by a majority of the Trustees or (ii) was instituted by the indemnitee to enforce his rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification.

Section 3. <u>Survival</u>. The rights to indemnification set forth herein shall continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his heirs, executors and personal and legal representatives.

Section 4. <u>Amendments</u>. No amendment or restatement of these by-laws or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.

Section 5. <u>Procedure</u>. Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither "interested persons" of the Trust (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding ("Disinterested Non-Party Trustees"), that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable (or even if obtainable, if such majority so directs) independent legal counsel in a written opinion concludes, based on a review of readily available facts (as opposed to a full trial-type inquiry) that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding paragraph (f) below.

Section 6. <u>Advances</u>. The Trust shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the Trust receives a written undertaking to reimburse the Trust if it is subsequently determined that the indemnitee is not entitled to such indemnification. In addition, at least one of the following conditions must be met: (i) the indemnitee shall provide adequate security for his undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the Disinterested Non-Party Trustees, or independent legal counsel in a written opinion, shall conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the indemnitee ultimately will be found entitled to indemnification.

Section 7. <u>Other Rights</u>. The rights accruing to any indemnitee under these provisions shall not exclude any other right which any person may have or hereafter acquire under the Declaration of Trust or the by-laws of the Trust, by contract or otherwise under law, by a vote of shareholders or Trustees who are "disinterested persons" (as defined in Section 2(a)(19) of the 1940 Act) or any other right to which he may be lawfully entitled.

Section 8. <u>Indemnification Of Employees And Agents</u>. Subject to any limitations provided by the Investment Company Act of 1940 Act or otherwise under the Declaration of Trust or the by-laws of the Trust, contract or otherwise under law, the Trust shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other persons providing services to the Trust or serving in any capacity at the request of the Trust to the full extent permitted by applicable law, provided that such indemnification has been approved by a majority of the Trustee

ARTICLE X

<u>SEAL</u>

The seal of the Trust shall consist of a flat-faced die with the word "Massachusetts", together with the name of the Trust and the year of its organization cut or engraved thereon but, unless otherwise required by the Trustees, the seal shall not be necessary to be placed on, and its absence shall not impair the validity of, any document, instrument or other paper executed and delivered by or on behalf of the Trust.

ARTICLE XI

<u>FISCAL YEAR</u>

The fiscal year of the Trust and each Series or Class shall be as designated from time to time by the Trustees.

ARTICLE XII

<u>AMENDMENTS</u>

These By-Laws may be amended by a majority vote of all of the Trustees.

ARTICLE XIII

<u>WAIVERS OF NOTICE</u>

Whenever any notice whatever is required to be given under the provisions of any statute of The Commonwealth of Massachusetts, or under the provisions of the Declaration of Trust or these By-Laws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto. A notice shall be deemed to have been given if telegraphed, cabled, or sent by wireless when it has been delivered to a representative of any telegraph, cable or wireless company with instructions that it be telegraphed, cabled, or sent by wireless. Any notice shall be deemed to be given if mailed at the time when the same shall be deposited in the mail.

ARTICLE XIV

<u>REPORT TO SHAREHOLDERS</u>

The Trustees shall at least semi-annually submit to the shareholders of each Series or Class a written financial report of the transactions of that Series or Class including financial statements which shall at least annually be certified by independent public accountants.

ARTICLE XV

BOOKS AND RECORDS

The books and records of the Trust and any Series or Class, including the stock ledger or ledgers, may be kept in or outside The Commonwealth of Massachusetts at such office or agency of the Trust as may from time to time be determined by the Trustees.

ARTICLE XVI

<u>TERMS</u>

Terms defined in the Declaration of Trust and not otherwise defined herein are used herein with the meanings set forth or referred to in the Declaration of Trust.

The following pages contain the actual amendments referenced in the preceding By-Laws

Federated Institutional Trust

Amendment No. 1

to the By-Laws

Effective November 18, 1997

Delete Article III, Section 7 and replace with the following:

<u>Action by Consent of the Board of Trustees, Executive Committee or Other Committee</u>. Subject to Article V, Section 2 of these By-Laws, any action required or permitted to be taken at any meeting of the Trustees, Executive Committee or any other duly appointed Committee may be taken without a meeting if consents in writing setting forth such action are signed by all members of the Board or such committee and such consents are filed with the records of the Trust. In the event of the death, removal, resignation or incapacity of any Board or committee member prior to that Trustee signing such consent, the remaining Board or committee members may re-constitute themselves as the entire Board or committee until such time as the vacancy is filled in order to fulfill the requirement that such consents be signed by all members of the Board or committee.

**Federated Institutional Trust**

**Amendment #2**

**to the By-Laws**

**(effective February 23, 1998)**

Delete Sections 1, 2 and 3 of Article I, OFFICERS AND THEIR ELECTION, and replace with:

Section 1. <u>Officers</u>. The Officers of the Trust shall be a President, one or more Vice Presidents, a Treasurer, and a Secretary. The Board of Trustees, in its discretion, may also elect or appoint a Chairman of the Board of Trustees (who must be a Trustee) and other Officers or agents, including one or more Assistant Vice Presidents, one or more Assistant Secretaries, and one or more Assistant Treasurers. A Vice President, the Secretary or the Treasurer may appoint an Assistant Vice President, an Assistant Secretary or an Assistant Treasurer, respectively, to serve until the next election of Officers. Two or more offices may be held by a single person except the offices of President and Vice President may not be held by the same person concurrently. It shall not be necessary for any Trustee or any Officer to be a holder of shares in any Series or Class of the Trust.

Section 2. <u>Election of Officers</u>. The Officers shall be elected annually by the Trustees. Each Officer shall hold office for one year and until the election and qualification of his successor, or until earlier resignation or removal. The Chairman of the Board of Trustees, if there is one, shall be elected annually by and from the Trustees, and serve until a successor is so elected and qualified, or until earlier resignation or removal.

Section 3. <u>Resignations and Removals and Vacancies.</u> Any Officer of the Trust may resign at any time by filing a written resignation with the Board of Trustees (or Chairman of the Trustees, if there is one), with the President, or with the Secretary. Any such resignation shall take effect at the time specified therein or, if no time is specified, at the time of receipt. Unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. Any Officer elected by the Board of Trustees or whose appointment has been ratified by the Board of Trustees may be removed with or without cause at any time by a majority vote of all of the Trustees. Any other employee of the Trust may be removed or dismissed at any time by the President. Any vacancy in any of the offices, whether by resignation, removal or otherwise, may be filled for the unexpired portion of the term by the President. A vacancy in the office of Assistant Vice President may be filled by a Vice President; in the office of Assistant Secretary by the Secretary; or in the office of Assistant Treasurer by the Treasurer. Any appointment to fill any vacancy shall serve subject to ratification by the Board of Trustees at its next regular meeting.

**Federated Institutional Trust**

**Amendment #3**

**to the By-Laws**

**(effective February 27, 1998)**

Delete Section 5 <u>Proxies</u> of Article IV <u>Shareholders' Meetings</u>, and replace with the following:

Section 5. <u>Proxies</u>. Any shareholder entitled to vote at any meeting of shareholders may vote either in person, by telephone, by electronic means including facsimile, or by proxy, but no proxy which is dated more than six months before the meeting named therein shall be accepted unless otherwise provided in the proxy. Every proxy shall be in writing, subscribed by the shareholder or his duly authorized agent or be in such other form as may be permitted by law, including documents conveyed by electronic transmission. Every proxy shall be dated, but need not be sealed, witnessed or acknowledged. The placing of a shareholder's name on a proxy or authorizing another to act as the shareholder's agent, pursuant to telephone or electronically transmitted instructions obtained in accordance with procedures reasonably designed to verify that such instructions have been authorized by such shareholder, shall constitute execution of a proxy by or on behalf of such shareholder. Where Shares are held of record by more than one person, any co-owner or co-fiduciary may execute the proxy or give authority to an agent, unless the Secretary of the Trust is notified in writing by any co-owner or co-fiduciary that the joinder of more than one is to be required. All proxies shall be filed with and verified by the Secretary or an Assistant Secretary of the Trust, or the person acting as Secretary of the Meeting. Unless otherwise specifically limited by their term, all proxies shall entitle the holders thereof to vote at any adjournment of such meeting but shall not be valid after the final adjournment of such meeting.

**Federated Institutional Trust**

**Amendment #4**

**to the By-Laws**

**(effective May 12, 1998)**

Strike Section 3 - Place of Meeting of Article IV - Shareholders' Meetings and replace it with the following:

Section 3. <u>Place of Meeting</u>. Meetings of the shareholders of the Trust or a particular Series or Class shall be held at such place within or without The Commonwealth of Massachusetts as may be fixed from time to time by resolution of the Trustees.

Strike Section 5 - Place of Meeting of Article V - Trustees' Meetings and replace it with the following:

Section 5. <u>Place of Meeting</u>. Meetings of the Trustees shall be held at such place within or without The Commonwealth of Massachusetts as fixed from time to time by resolution of the Trustees, or as the person or persons requesting said meeting to be called may designate, but any meeting may adjourn to any other place.

**Federated Institutional Trust**

**Amendment #5**

**to the By-Laws**

**(effective August 23, 2002)**

Strike Section 1 of ARTICLE I – OFFICERS AND THEIR ELECTION, and replace with the following:

Section 1. <u>Officers</u>. The Officers of the Trust shall be a President, one or more Vice Presidents, a Treasurer, and a Secretary. The Board of Trustees, in its discretion, may also elect or appoint a Chairman of the Board of Trustees (who must be a Trustee), a Vice Chairman of the Board of Trustees, and other Officers or agents, including one or more Assistant Vice Presidents, one or more Assistant Secretaries, and one or more Assistant Treasurers. A Vice President, the Secretary or the Treasurer may appoint an Assistant Vice President, an Assistant Secretary or an Assistant Treasurer, respectively, to serve until the next election of Officers. Two or more offices may be held by a single person except the offices of President and Vice President may not be held by the same person concurrently. It shall not be necessary for any Trustee or any Officer to be a holder of shares in any Series or Class of the Trust.

Strike Sections 1 through 8 of Article II, and replace with the following:

Section 1. <u>Chairman of the Trustees ("Chairman")</u>. The Chairman, if there be a Chairman, shall preside at the meetings of Shareholders and of the Board of Trustees and shall perform such other duties as may be assigned to him from time to time by the Trustees.

Section 2. <u>Vice Chairman of the Trustees ("Vice Chairman").</u> The Vice Chairman, in the absence of the Chairman, shall perform such duties as may be assigned to him from time to time by the Trustees or the Chairman. The Vice Chairman need not be a Trustee.

Section 3. <u>President</u>. The President shall be the principal executive officer of the Trust. The President, in the absence of the Chairman, shall perform all duties and may exercise any of the powers of the Chairman subject to the control of the other Trustees. He shall counsel and advise the Chairman on matters of major importance. He shall have general supervision over the business of the Trust and policies of the Trust. He shall employ and define the duties of all employees of the rust, shall have power to discharge any such employees, shall exercise general supervision over the affairs of the Trust and shall perform such other duties as may be assigned to him from time to time by the Trustees, the Chairman or the Executive Committee.

Section 4. <u>Vice President</u>. The Vice President (or if more than one, the senior Vice President) in the absence of the President shall perform all duties and may exercise any of the powers of the President subject to the control of the Trustees. Each Vice President shall perform such other duties as may be assigned to him from time to time by the Trustees, the Chairman or the Executive Committee. Each Vice President shall be authorized to sign documents on behalf of the Trust.

Section 5. <u>Secretary</u>. The Secretary shall be the chief legal officer of the Trust responsible for providing legal guidance to the Trust. The Secretary shall keep or cause to be kept in books provided for that purpose the Minutes of the Meetings of Shareholders and of the Trustees; shall see that all Notices are duly given in accordance with the provisions of these By-Laws and as required by law; shall be custodian of the records and of the Seal of the Trust and see that the Seal is affixed to all documents, the execution of which on behalf of the Trust under its Seal is duly authorized; shall keep directly or through a transfer agent a register of the post office address of each shareholder of each Series or Class of the Trust, and make all proper changes in such register, retaining and filing his authority for such entries; shall see that the books, reports, statements, certificates and all other documents and records required by law are properly kept and filed; and in general shall perform all duties incident to the Office of Secretary and such other duties as may from time to time be assigned to him by the Trustees, Chairman or the Executive Committee.

Section 6. <u>Treasurer</u>. The Treasurer shall be the principal financial and accounting officer of the Trust responsible for the preparation and maintenance of the financial books and records of the Trust. He shall deliver all funds and securities belonging to any Series or Class to such custodian or sub-custodian as may be employed by the Trust for any Series or Class. The Treasurer shall perform such duties additional to the foregoing as the Trustees, Chairman or the Executive Committee may from time to time designate.

Section 7. <u>Assistant Vice President</u>. The Assistant Vice President or Vice Presidents of the Trust shall have such authority and perform such duties as may be assigned to them by the Trustees, the Executive Committee or the Chairman.

Section 8. <u>Assistant Secretaries and Assistant Treasurers</u>. The Assistant Secretary or Secretaries and the Assistant Treasurer or Treasurers shall perform the duties of the Secretary and of the Treasurer, respectively, in the absence of those Officers and shall have such further powers and perform such other duties as may be assigned to them respectively by the Trustees or the Executive Committee or the Chairman.

Section 10. <u>Salaries</u>. The salaries of the Officers shall be fixed from time to time by the Trustees. No officer shall be prevented from receiving such salary by reason of the fact that he is also a Trustee.

**Federated Institutional Trust**

**Amendment #6**

**to the By-Laws**

**Effective August 25, 2003**

Insert the following into Article II, Power and Duties of Trustees and Officers, and renumber Section 9 as Section 10:

Section 9. <u>Chief Legal Officer.</u> The Chief Legal Officer shall serve as Chief Legal Officer for the Trust, solely for purposes of complying with the attorney conduct rules ("Attorney Conduct Rules") enacted by the Securities Exchange Commission pursuant to Section 307 of the Sarbanes-Oxley Act of 2002 (the "Act"). The Chief Legal Officer shall have the authority to exercise all powers permitted to be exercised by a chief legal officer pursuant to Section 307 of the Act. The Chief Legal Officer, in his sole discretion, may delegate his responsibilities as Chief Legal Officer under the Attorney Conduct Rules to another attorney or firm of attorneys.

**AMENDMENT #7<br> TO THE BY-LAWS<br> OF<br> FEDERATED INSTITUTIONAL TRUST**

**Effective September 21, 2004**

Insert the following into Article II, Power and Duties of Trustees and Officers and renumber Section 10 as Section 11:

Section 10. <u>Chief Compliance Officer</u>. The Chief Compliance Officer shall be responsible for administering the Trust's policies and procedures approved by the Board under Rule 38a-1 of the Investment Company Act of 1940, as amended. Notwithstanding any other provision of these By-Laws, the designation, removal and compensation of Chief Compliance Officer are subject to Rule 38a-1 under the Investment Company Act of 1940, as amended.

**AMENDMENT #8<br> TO THE BY-LAWS<br> OF<br> FEDERATED INSTITUTIONAL TRUST**

**Effective August 18, 2005**

Delete **<u>Article IX, Indemnification of Trustees and Officers</u>** in its entirety and replace with the following:

**<u>Article IX<br> Indemnification of Trustees and Officers</u>**

Section 1. <u>Indemnification</u>. The Trust hereby agrees to indemnify each person who at any time serves as a Trustee or officer of the Trust (each such person being an "indemnitee") against any liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which he may be or may have been involved as a party or otherwise or with which he may be or may have been threatened, by virtue of his being or having been a Trustee or officer of the Trust or his serving or having served as a trustee, director, officer, partner, or fiduciary of another trust, corporation, partnership, joint venture, or other enterprise at the request of the Trust, provided, however, that no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties involved in the conduct of his position (the conduct referred to in such clauses (i) through (iv) being sometimes referred to herein as "disabling conduct").

Section 2. <u>Actions By Trustee Against The Trust</u>. Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee (i) was authorized by a majority of the Trustees or (ii) was instituted by the indemnitee to enforce his rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification.

Section 3. <u>Survival</u>. The rights to indemnification set forth herein shall continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his heirs, executors and personal and legal representatives.

Section 4. <u>Amendments</u>. No amendment or restatement of these by-laws or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.

Section 5. <u>Procedure</u>. Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither "interested persons" of the Trust (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding ("Disinterested Non-Party Trustees"), that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable (or even if obtainable, if such majority so directs) independent legal counsel in a written opinion concludes, based on a review of readily available facts (as opposed to a full trial-type inquiry) that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding paragraph (f) below.

Section 6. <u>Advances</u>. The Trust shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the Trust receives a written undertaking to reimburse the Trust if it is subsequently determined that the indemnitee is not entitled to such indemnification. In addition, at least one of the following conditions must be met: (i) the indemnitee shall provide adequate security for his undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the Disinterested Non-Party Trustees, or independent legal counsel in a written opinion, shall conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the indemnitee ultimately will be found entitled to indemnification.

Section 7. <u>Other Rights</u>. The rights accruing to any indemnitee under these provisions shall not exclude any other right which any person may have or hereafter acquire under the Declaration of Trust or the by-laws of the Trust, by contract or otherwise under law, by a vote of shareholders or Trustees who are "disinterested persons" (as defined in Section 2(a)(19) of the 1940 Act) or any other right to which he may be lawfully entitled.

Section 8. <u>Indemnification Of Employees And Agents</u>. Subject to any limitations provided by the Investment Company Act of 1940 Act or otherwise under the Declaration of Trust or the by-laws of the Trust, contract or otherwise under law, the Trust shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other persons providing services to the Trust or serving in any capacity at the request of the Trust to the full extent permitted by applicable law, provided that such indemnification has been approved by a majority of the Trustees.

**AMENDMENT #9<br> TO THE BY-LAWS<br> OF<br> FEDERATED INSTITUTIONAL TRUST**

**Effective January 1, 2006**

Strike Section 1, <u>Officers</u>, and Section 2, <u>Election of Officers</u> from Article I – OFFICERS AND THEIR ELECTION, and replace with the following:

Section 1. <u>Officers</u>. The Officers of the Trust shall be a President, one or more Executive Vice Presidents, one or more Senior Vice Presidents, one or more Vice Presidents, a Treasurer, and a Secretary. The Board of Trustees, in its discretion, may also elect or appoint one or more Vice Chairmen of the Board of Trustees (who need not be a Trustee), and other Officers or agents, including one or more Assistant Vice Presidents, one or more Assistant Secretaries, and one or more Assistant Treasurers. An Executive Vice President, Senior Vice President or Vice President, the Secretary or the Treasurer may appoint an Assistant Vice President, an Assistant Secretary or an Assistant Treasurer, respectively, to serve until the next election of Officers. Two or more offices may be held by a single person except the offices of President and Executive Vice President, Senior Vice President or Vice President may not be held by the same person concurrently. It shall not be necessary for any Trustee or any Officer to be a holder of shares in any Series or Class of the Trust. Any officer, or such other person as the Board may appoint, may preside at meetings of the shareholders.

Section 2. <u>Election of Officers</u>. The Officers shall be elected annually by the Trustees. Each Officer shall hold office for one year and until the election and qualification of his successor, or until earlier resignation or removal.

Strike Sections 1, <u>Chairman of the Trustees</u>, Section 2, <u>Vice Chairman of the Trustees</u>, Section 3, <u>President</u>, and Section 4, <u>Vice President</u> from Article II – POWERS AND DUTIES OF TRUSTEES AND OFFICERS, and replace with the following:

Section 1. <u>Chairman of the Board</u>. The Board may elect from among its members a Chairman of the Board. The Chairman shall at all times be a Trustee who meets all applicable regulatory and other relevant requirements for serving in such capacity. The Chairman shall not be an officer of the Trust, but shall preside over meetings of the Board and shall have such other responsibilities in furthering the Board functions as may be assigned from time to time by the Board of Trustees or prescribed by these By-Laws. It shall be understood that the election of any Trustee as Chairman shall not impose on that person any duty, obligation, or liability that is greater than the duties, obligations, and liabilities imposed on that person as a Trustee in the absence of such election, and no Trustee who is so elected shall be held to a higher standard of care by virtue thereof. In addition, election as Chairman shall not affect in any way that Trustee's rights or entitlement to indemnification under the By-Laws or otherwise by the Trust. The Chairman shall be elected by the Board annually to hold office until his successor shall have been duly elected and shall have qualified, or until his death, or until he shall have resigned, or have been removed, as herein provided in these By-Laws. Each Trustee, including the Chairman, shall have one vote.

<u>Resignation</u>. The Chairman may resign at any time by giving written notice of resignation to the Board. Any such resignation shall take effect at the time specified in such notice, or, if the time when it shall become effective shall not be specified therein, immediately upon its receipt; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

<u>Removal</u>. The Chairman may be removed by majority vote of the Board with or without cause at any time.

<u>Vacancy</u>. Any vacancy in the office of Chairman, arising from any cause whatsoever, may be filled for the unexpired portion of the term of the office which shall be vacant by the vote of the Board.

<u>Absence</u>. If, for any reason, the Chairman is absent from a meeting of the Board, the Board may select from among its members who are present at such meeting a Trustee to preside at such meeting.

Section 2. <u>Vice Chairman of the Trustees</u>. Any Vice Chairman shall perform such duties as may be assigned to him from time to time by the Trustees. The Vice Chairman need not be a Trustee.

Section 3. <u>President</u>. The President shall be the principal executive officer of the Trust. He shall counsel and advise the Chairman. He shall have general supervision over the business of the Trust and policies of the Trust. He shall employ and define the duties of all employees, shall have power to discharge any such employees, shall exercise general supervision over the affairs of the Trust and shall perform such other duties as may be assigned to him from time to time by the Trustees, the Chairman or the Executive Committee. The President shall have the power to appoint one or more Assistant Secretaries or other junior officers, subject to ratification of such appointments by the Board. The President shall have the power to sign, in the name of and on behalf of the Trust, powers of attorney, proxies, waivers of notice of meeting, consents and other instruments relating to securities or other property owned by the Trust, and may, in the name of and on behalf of the Trust, take all such action as the President may deem advisable in entering into agreements to purchase securities or other property in the ordinary course of business, and to sign representation letters in the course of buying securities or other property.

Section 4. <u>Vice President</u>. The Executive Vice President, Senior Vice President or Vice President, if any, in order of their rank as fixed by the Board or if not ranked, a Vice President designated by the Board, in the absence of the President shall perform all duties and may exercise any of the powers of the President subject to the control of the Trustees. Each Executive Vice President, Senior Vice President and Vice President shall perform such other duties as may be assigned to him from time to time by the Trustees, the Chairman, the President, or the Executive Committee. Each Executive Vice President, Senior Vice President and Vice President shall be authorized to sign documents on behalf of the Trust. The Executive Vice President, Senior Vice President and Vice President shall have the power to sign, in the name of and on behalf of the Trust and subject to Article VIII, Section 1, powers of attorney, proxies, waivers of notice of meeting, consents and other instruments relating to securities or other property owned by the Trust, and may, in the name of and on behalf of the Trust, take all such action as the Executive Vice President, Senior Vice President or Vice President may deem advisable in entering into agreements to purchase securities or other property in the ordinary course of business, and to sign representation letters in the course of buying securities or other property.

**AMENDMENT #10<br> TO THE BY-LAWS<br> OF<br> FEDERATED INSTITUTIONAL TRUST**

**Effective June 1, 2013**

Strike Section 5. <u>Powers of Executive Committee</u> from ARTICLE III - POWERS AND DUTIES OF THE EXECUTIVE AND OTHER COMMITTEES and replace with the following:

Section 5. <u>Powers of Executive Committee</u>. During the intervals between the Meetings of the Trustees, the Executive Committee, except as limited by the By-Laws of the Trust or by specific directions of the Trustees, shall possess and may exercise all the powers of the Trustees in the management and direction of the business and conduct of the affairs of the Trust in such manner as the Executive Committee shall deem to be in the best interests of the Trust, and shall have power to authorize the Seal of the Trust (if there is one) to be affixed to all instruments and documents requiring the same. Notwithstanding the foregoing, the Executive Committee shall not have the power to elect or remove Trustees, increase or decrease the number of Trustees, elect or remove any Officer, issue shares or recommend to shareholders any action requiring shareholder approval.

Insert the following into Article VIII, Agreements, Checks, Drafts, Endorsements, etc. and renumber the remaining sections accordingly:

Section 2. <u>Delegation of Authority Relating to Dividends.</u> The Trustees or the Executive Committee may delegate to any Officer or Agent of the Trust the ability to authorize the payment of dividends and the ability to fix the amount and other terms of a dividend regardless of whether or not such dividend has previously been authorized by the Trustees.

The title of Article VIII is deleted and replaced as follows: "Agreements, Certain Delegation, Checks, Drafts, Endorsements, etc."

**AMENDMENT #11**

**TO THE BY-LAWS<br> OF<br> FEDERATED INSTITUTIONAL TRUST**

**Effective August 17, 2018**

Delete <u>Article IX, Indemnification of Trustees and Officers</u> in its entirety and replace with the following:

<u>Article IX<br> Indemnification of Trustees and Officers</u>

Section 1. <u>Indemnification</u>. The Trust hereby agrees to indemnify each person who at any time serves as a Trustee or officer of the Trust (each such person being an "indemnitee") against<u>: (a)</u> any liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which he may be or may have been involved as a party or otherwise or with which he may be or may have been threatened, by virtue of his being or having been a Trustee or officer of the Trust or his serving or having served as a trustee, director, officer, partner, or fiduciary of another trust, corporation, partnership, joint venture, or other enterprise at the request of the Trust<u>; and (b) any liabilities and expenses, including, without limitation, the cost of credit monitoring, incurred by the indemnified representative as a result of the indemnified representative, while acting in an indemnified capacity, having provided personally identifiable information, including, without limitation, birthdates, social security numbers, driver's license numbers or passport numbers, to a regulator or counterparty by or with whom the Trust, or its series, is regulated or engages in business to satisfy a legal or procedural requirement of such regulator or counterparty, including, without limitation, know-your-customer or anti-money laundering requirements, and the security of such personally identifiable information is compromised and used to the detriment of the indemnified representative</u>; provided, however, that<u>, in the case of clause (a) and clause (b),</u> no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties involved in the conduct of his position (the conduct referred to in such clauses (i) through (iv) being sometimes referred to herein as "disabling conduct").

Section 2. <u>Actions By Trustee Against The Trust</u>. Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee (i) was authorized by a majority of the Trustees or (ii) was instituted by the indemnitee to enforce his rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification.

Section 3. <u>Survival</u>. The rights to indemnification set forth herein shall continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his heirs, executors and personal and legal representatives.

Section 4. <u>Amendments</u>. No amendment or restatement of these by-laws or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.

Section 5. <u>Procedure</u>. Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither "interested persons" of the Trust (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding ("Disinterested Non-Party Trustees"), that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable (or even if obtainable, if such majority so directs) independent legal counsel in a written opinion concludes, based on a review of readily available facts (as opposed to a full trial-type inquiry) that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding paragraph (f) below.

Section 6. <u>Advances</u>. The Trust shall make advance payments in connection with the expenses of defending any action <u>or other matter</u> with respect to which indemnification might be sought hereunder if the Trust receives a written undertaking to reimburse the Trust if it is subsequently determined that the indemnitee is not entitled to such indemnification. In addition, at least one of the following conditions must be met: (i) the indemnitee shall provide adequate security for his undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the Disinterested Non-Party Trustees, or independent legal counsel in a written opinion, shall conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the indemnitee ultimately will be found entitled to indemnification.

Section 7. <u>Other Rights</u>. The rights accruing to any indemnitee under these provisions shall not exclude any other right which any person may have or hereafter acquire under the Declaration of Trust or the by-laws of the Trust, by contract or otherwise under law, by a vote of shareholders or Trustees who are "disinterested persons" (as defined in Section 2(a)(19) of the 1940 Act) or any other right to which he may be lawfully entitled.

Section 8. <u>Indemnification Of Employees And Agents</u>. Subject to any limitations provided by the Investment Company Act of 1940 Act or otherwise under the Declaration of Trust or the by-laws of the Trust, contract or otherwise under law, the Trust shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other persons providing services to the Trust or serving in any capacity at the request of the Trust to the full extent permitted by applicable law, provided that such indemnification has been approved by a majority of the Trustees.

## Ex-99.D

Exhibit 28 (d) under Form N-1A

Exhibit 10 under Item 601/Reg. S-K

 

*6/29/20 – Name changed to Federated Hermes Institutional Trust*

*3/31/99 - Adviser name changed to Federated Investment Management Company*

FEDERATED INSTITUTIONAL TRUST

INVESTMENT ADVISORY CONTACT

This Contract is made this 1st day of September, 1994 between FEDERATED MANAGEMENT, a Delaware business trust, having its principal place of business in Pittsburgh, Pennsylvania (the "Adviser"), and FEDERATED INSTITUTIONAL TRUST, a Massachusetts business trust having its principal place of business in Pittsburgh, Pennsylvania (the "Trust").

WHEREAS, the Trust is an open-end management investment company as that term is defined in the Investment Company Act of 1940 and is registered as such with the Securities and Exchange Commission; and

WHEREAS, the Adviser is engaged in the business of rendering investment advisory and management services.

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby appoints Adviser as Investment Adviser for each of the portfolios ("Funds") of the Trust on whose behalf the Trust executes an exhibit to this Contract, and Adviser accepts the appointments. Subject to the direction of the Trustees of the Trust, Adviser shall provide investment research and supervision of the investments of the Funds and conduct a continuous program of investment evaluation and of appropriate sale or other disposition and reinvestment of each Fund's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Adviser, in its supervision of the investments of each of the Funds will be guided by each of the Fund's investment objective policies and the provisions and restrictions contained in the Declaration of Trust and By-Laws of the Trust and as set forth in the Registration Statements and exhibits as may be on file with the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each Fund shall pay or cause to be paid all of its own expenses and its allocable share of Trust expenses, including, without limitation, the expenses of organizing the Trust and continuing its existence; fees and expenses of Trustees and officers of the Trust; fees for investment advisory services and administrative personnel and services; expenses incurred in the distribution of its shares ("Shares"), including expenses of administrative support services; fees and expenses of preparing and printing its Registration Statements under the Securities Act of 1933 and the Investment Company Act of 1940, as amended, and any amendments thereto; expenses of registering and qualifying the Trust, the Funds, and Shares of the Funds under federal and state laws and regulations; expenses of preparing, printing, and distributing prospectuses (and any amendments thereto) to shareholders; interest expense, taxes, fees, and commissions of every kind; expenses of issue (including cost of Share certificates), purchase, repurchase, and redemption of Shares, including expenses attributable to a program of periodic issue; charges and expenses of custodians, transfer agents, dividend disbursing agents, shareholder servicing agents, and registrars; printing and mailing costs, auditing, accounting, and legal expenses; reports to shareholders and governmental officers and commissions; expenses of meetings of Trustees and shareholders and proxy solicitations therefor; insurance expenses; association membership dues and such nonrecurring items as may arise, including all losses and liabilities incurred in administering the Trust and the Funds. Each Fund will also pay its allocable share of such extraordinary expenses as may arise including expenses incurred in connection with litigation, proceedings, and claims and the legal obligations of the Trust to indemnify its officers and Trustees and agents with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each of the Funds shall pay to Adviser, for all services rendered to each Fund by Adviser hereunder, the fees set forth in the exhibits attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The net asset value of each Fund's Shares as used herein will be calculated to the nearest 1/10th of one cent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Adviser may from time to time and for such periods as it deems appropriate reduce its compensation (and, if appropriate, assume expenses of one or more of the Funds) to the extent that any Fund's expenses exceed such lower expense limitation as the Adviser may, by notice to the Fund, voluntarily declare to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Contract shall begin for each Fund as of the date of execution of the applicable exhibit and shall continue in effect with respect to each Fund presently set forth on an exhibit (and any subsequent Funds added pursuant to an exhibit during the initial term of this Contract) for two years from the date of this Contract set forth above and thereafter for successive periods of one year, subject to the provisions for termination and all of the other terms and conditions hereof if: (a) such continuation shall be specifically approved at least annually by the vote of a majority of the Trustees of the Trust, including a majority of the Trustees who are not parties to this Contract or interested persons of any such party cast in person at a meeting called for that purpose; and (b) Adviser shall not have notified a Fund in writing at least sixty (60) days prior to the anniversary date of this Contract in any year thereafter that it does not desire such continuation with respect to that Fund. If a Fund is added after the first approval by the Trustees described above, this Contract will be effective as to that Fund upon execution of the applicable exhibit and will continue in effect until the next annual approval of this Contract by the Trustees and thereafter for successive periods of one year, subject to approval as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Notwithstanding any provision in this Contract, it may be terminated at any time with respect to any Fund, without the payment of any penalty, by the Trustees of the Trust or by a vote of the shareholders of that Fund on sixty (60) days' written notice to Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Contact may not be assigned by Adviser and shall automatically terminate in the event of any assignment. Adviser may employ or contract with such other person, persons, corporation, or corporations at its own cost and expense as it shall determine in order to assist it in carrying out this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of the obligations or duties under this Contract on the part of Adviser, Adviser shall not be liable to the Trust or to any of the Funds or to any shareholder for any act or omission in the course of or connected in any way with rendering services or for any losses that may be sustained in the purchase, holding, or sale of any security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. This Contract may be amended at any time by agreement of the parties provided that the amendment shall be approved both by the vote of a majority of the Trustees of the Trust, including a majority of the Trustees who are not parties to this Contract or interested persons of any such party to this Contract (other than as Trustees of the Trust) cast in person at a meeting called for that purpose, and, where required by Section 15(a)(2) of the Act, on behalf of a Fund by a majority of the outstanding voting securities of such Fund as defined in Section 2(a)(42) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Adviser is hereby expressly put on notice of the limitation of liability as set forth in Article XI of the Declaration of Trust and agrees that the obligations pursuant to this Contract of a particular Fund and of the Trust with respect to that particular fund be limited solely to the assets of that particular Fund, and Adviser shall not seek satisfaction of any such obligation from any other Fund, the shareholders of any Fund, the Trustees, officers, employees or agents of the Trust, or any of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Trust and the Funds are hereby expressly put on notice of the limitation of liability as set forth in the Declaration of Trust of the Adviser and agree that the obligations assumed by the Adviser pursuant to this Contract shall be limited in any case to the Adviser and its assets and, except to the extent expressly permitted by the Investment Company Act of 1940, as amended, the Trust and the Funds shall not seek satisfaction of any such obligation from the shareholders of the Adviser, the Trustees, officers, employees, or agents of the Adviser, or any of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The parties hereto acknowledge that Federated Investors has reserved the right to grant the non-exclusive use of the name "Federated") or any derivative thereof to any other investment company, investment company portfolio, investment adviser, distributor or other business enterprise, and to withdraw from the Trust and one or more of the Funds the use of the name "Federated". The name "Federated" will continue to be used by the Trust and each Fund so long as such use is mutually agreeable to Federated Investors and the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. This Contract shall be construed in accordance with and governed by the laws of the Commonwealth of Pennsylvania.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. This Contract will become binding on the parties hereto upon their execution of the attached exhibits to this Contract.

*6/29/20 – Name changed to Federated Hermes Government Ultrashort Fund*

*7/1/16 – See Amendment #1 to Exhibit A.*

*3/3/03 - Name changed to Federated Government Ultrashort Duration Fund*

*8/19/99 - Name changed to Federated Government Ultra Short Fund*

*7/1/97 - Name changed to Federated Short Duration Government Fund*

EXHIBIT A

to the

Investment Advisory Contract

Federated Institutional Short-Term Government Fund

For all services rendered by Adviser hereunder, the above-named Fund of the Trust shall pay to Adviser and Adviser agrees to accept as full compensation for all services rendered hereunder, an annual investment advisory fee equal to .40 of 1% of the average daily net assets of the Fund.

The portion of the fee based upon the average daily net assets of the Fund shall be accrued daily at the rate of 1/365th of .40 of 1% applied to the daily net assets of the Fund.

The advisory fee so accrued shall be paid to Adviser daily.

Witness the due execution hereof this 1st day of September, 1994.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Attest: | &nbsp;&nbsp;**FEDERATED MANAGEMENT** |
| &nbsp;&nbsp;<u>/s/ John W. McGonigle</u> | &nbsp;&nbsp;By:<u>/s/ J. Thomas Madden</u> |
| &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Executive Vice President |
| &nbsp;&nbsp;Attest: | &nbsp;&nbsp;**FEDERATED INSTITUTIONAL TRUST** |
| &nbsp;&nbsp;<u>/s/ S. Elliott Cohan</u> | &nbsp;&nbsp;By:<u>/s/ J. Christopher Donahue</u> |
| &nbsp;&nbsp;Assistant Secretary | &nbsp;&nbsp;Vice President |

---

*6/29/20 – Name changed to Federated Hermes Government Ultrashort Fund*

***See Amendment #2 to Exhibit A.***

AMENDMENT #1 TO EXHIBIT A

to the

Investment Advisory Contract

Federated Government Ultrashort Duration Fund

For all services rendered by Adviser hereunder, the above-named Fund of the Trust shall pay to Adviser and Adviser agrees to accept as full compensation for all services rendered hereunder, an annual investment advisory fee equal to 0.35 of 1% of the average daily net assets of the Fund.

The portion of the fee based upon the average daily net assets of the Fund shall be accrued daily at the rate of 1/365th of 0.35 of 1% applied to the daily net assets of the Fund.

The advisory fee so accrued shall be paid to Adviser daily.

Witness the due execution hereof this 8<sup>th</sup> day of June 2016.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Attest: | &nbsp;&nbsp;**FEDERATED INVESTMENT MANAGEMENT COMPANY** |
| &nbsp;&nbsp;<u>/s/ John W. McGonigle</u> | &nbsp;&nbsp;By: <u>/s/ Robert J. Ostrowski</u> |
| &nbsp;&nbsp;John W. McGonigle | &nbsp;&nbsp;Robert J. Ostrowski |
| &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Executive Vice President |
| &nbsp;&nbsp;Attest: | &nbsp;&nbsp;**FEDERATED INSTITUTIONAL TRUST** |
| &nbsp;&nbsp;<u>/s/ Edward C. Bartley</u> | &nbsp;&nbsp;By: <u>/s/ J. Christopher Donahue</u> |
| &nbsp;&nbsp;Edward C. Bartley | &nbsp;&nbsp;J. Christopher Donahue |
| &nbsp;&nbsp;Assistant Secretary | &nbsp;&nbsp;Vice President |

---

*5/14/21 – See Amendment #3 to Exhibit A.*

*6/29/20 – Name changed to Federated Hermes Government Ultrashort Fund*

AMENDMENT #2 TO EXHIBIT A

to the

Investment Advisory Contract

**Federated Government Ultrashort Duration Fund**

This Amendment #2 to Exhibit A to the Investment Advisory Contract between Federated Institutional Trust (the "Trust") and Federated Investment Management Company, approved at a board meeting on May 17, 2018, shall become effective as of June 28, 2018.

For all services rendered by Adviser hereunder, the above-named Fund of the Trust shall pay to Adviser and Adviser agrees to accept as full compensation for all services rendered hereunder, an annual investment advisory fee equal to 0.30 of 1% of the average daily net assets of the Fund.

The portion of the fee based upon the average daily net assets of the Fund shall be accrued daily at the rate of 1/365th of 0.30 of 1% applied to the daily net assets of the Fund.

The advisory fee so accrued shall be paid to Adviser daily.

Witness the due execution hereof this 1<sup>st</sup> day of June 2018.

**FEDERATED INSTITUTIONAL TRUST**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Christopher Donahue

President

**FEDERATED INVESTMENT MANAGEMENT COMPANY**

By: <u>/s/ John B. Fisher</u>

John B. Fisher

President and CEO

AMENDMENT #3 TO EXHIBIT A

to the

Investment Advisory Contract

**Federated Hermes Government Ultrashort Duration Fund**

This Amendment #2 to Exhibit A to the Investment Advisory Contract between Federated Hermes Institutional Trust (the "Trust") and Federated Investment Management Company, approved at a board meeting on May 14, 2021 , shall become effective as of August 1, 2021.

For all services rendered by Adviser hereunder, the above-named Fund of the Trust shall pay to Adviser and Adviser agrees to accept as full compensation for all services rendered hereunder, an annual investment advisory fee equal to 0.25 of 1% of the average daily net assets of the Fund.

The portion of the fee based upon the average daily net assets of the Fund shall be accrued daily at the rate of 1/365th of 0.25 of 1% applied to the daily net assets of the Fund.

The advisory fee so accrued shall be paid to Adviser daily.

Witness the due execution hereof this 1<sup>st</sup> day of June 2021.

**FEDERATED INSTITUTIONAL TRUST**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Christopher Donahue

President

**FEDERATED INVESTMENT MANAGEMENT COMPANY**

By: <u>/s/ John B. Fisher</u>

John B. Fisher

President and CEO

*6/29/20 – Name changed to Federated Hermes Institutional High Yield Bond Fund*

EXHIBIT B

to the

Investment Advisory Contract

Federated Institutional High Yield Bond Fund

For all services rendered by Adviser hereunder, the above-named Fund of the Trust shall pay to Adviser and Adviser agrees to accept as full compensation for all services rendered hereunder, an annual investment advisory fee equal to .40 of 1% of the average daily net assets of the Fund.

The portion of the fee based upon the average daily net assets of the Fund shall be accrued daily at the rate of 1/365th of .40 of 1% applied to the daily net assets of the Fund.

The advisory fee so accrued shall be paid to Adviser daily.

Witness the due execution hereof this 1st day of September, 2002.

FEDERATED INVESTMENT MANAGEMENT COMPANY

By: <u>/s/ Keith M. Schappert</u>

Name: Keith M. Schappert

Title: President

FEDERATED INSTITUTIONAL TRUST

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

Name: J. Christopher Donahue

Title: President

*6/24/13 – See Amendment #1 to Exhibit C*

EXHIBIT C

to the

Investment Advisory Contract

Federated Intermediate Government/Corporate Fund

For all services rendered by Adviser hereunder, the above-named Fund of the Trust shall pay to Adviser and Adviser agrees to accept as full compensation for all services rendered hereunder, an annual investment advisory fee equal to .40 of 1% of the average daily net assets of the Fund.

The portion of the fee based upon the average daily net assets of the Fund shall be accrued daily at the rate of 1/365th of .40 of 1% applied to the daily net assets of the Fund.

The advisory fee so accrued shall be paid to Adviser daily.

Witness the due execution hereof this 1st day of June, 2005.

FEDERATED INVESTMENT MANAGEMENT COMPANY

By: <u>/s/ Keith M. Schappert</u>

Name: Keith M. Schappert

Title: President

FEDERATED INSTITUTIONAL TRUST

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

Name: J. Christopher Donahue

Title: President

*6/29/20 – Name Changed to Federated Hermes Short-Intermediate Total Return Bond Fund*

*1/31/14 – Name changed to Federated Short-Intermediate Total Return Bond Fund*

 

AMENDMENT #1 TO EXHIBIT C

to the

Investment Advisory Contract

Federated Intermediate Government/Corporate Fund

This Amendment #1 to Exhibit C to the Investment Advisory Contract between Federated Investment Management Company and Federated Institutional Trust, approved at a board meeting on May 17, 2013, shall become effective as of June 24, 2013.

For all services rendered by Adviser hereunder, the above-named Fund of the Trust shall pay to Adviser and Adviser agrees to accept as full compensation for all services rendered hereunder, an annual investment advisory fee equal to .30 of 1% of the average daily net assets of the Fund.

The portion of the fee based upon the average daily net assets of the Fund shall be accrued daily at the rate of 1/365th of .30 of 1% applied to the daily net assets of the Fund.

The right of the Adviser as set forth in Paragraph 6 of this Contract to assume expenses of one or more of the Funds shall also apply as to any classes of the above-named Fund.

The advisory fee so accrued shall be paid to Adviser daily.

Witness the due execution hereof this 1st day of June, 2013.

**FEDERATED INSTITUTIONAL TRUST**

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

Name: J. Christopher Donahue

Title: President

**FEDERATED INVESTMENT MANAGEMENT COMPANY**

By: <u>/s/ John B. Fisher</u>

Name: John B. Fisher

Title: President and CEO

**Amendment to**

**Investment Advisory Contract**

**between**

**Federated Institutional Trust**

**and**

**Federated Investment Management Company**

This Amendment to the Investment Advisory Contract ("Agreement") dated September 1, 1994, between Federated Institutional Trust ("Fund") and Federated Investment Management Company ("Service Provider") is made and entered into as of the 1st day of June, 2001.

WHEREAS, the Fund has entered into the Agreement with the Service Provider;

WHEREAS, the Securities and Exchange Commission has adopted Regulation S-P at 17 CFR Part 248 to protect the privacy of individuals who obtain a financial product or service for personal, family or household use;

WHEREAS, Regulation S-P permits financial institutions, such as the Fund, to disclose "nonpublic personal information" ("NPI") of its "customers" and "consumers" (as those terms are therein defined in Regulation S-P) to affiliated and nonaffiliated third parties of the Fund, without giving such customers and consumers the ability to opt out of such disclosure, for the limited purposes of processing and servicing transactions (17 CFR § 248.14) ("Section 248.14 NPI"); for specified law enforcement and miscellaneous purposes (17 CFR § 248.15) ("Section 248.15 NPI") ; and to service providers or in connection with joint marketing arrangements (17 CFR § 248.13) ("Section 248.13 NPI");

WHEREAS, Regulation S-P provides that the right of a customer and consumer to opt out of having his or her NPI disclosed pursuant to 17 CFR § 248.7 and 17 CFR § 248.10 does not apply when the NPI is disclosed to service providers or in connection with joint marketing arrangements, provided the Fund and third party enter into a contractual agreement that prohibits the third party from disclosing or using the information other than to carry out the purposes for which the Fund disclosed the information (17 CFR § 248.13);

NOW, THEREFORE, the parties intending to be legally bound agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund and the Service Provider hereby acknowledge that the Fund may disclose shareholder NPI to the Service Provider as agent of the Fund and solely in furtherance of fulfilling the Service Provider's contractual obligations under the Agreement in the ordinary course of business to support the Fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Service Provider hereby agrees to be bound to use and redisclose such NPI only for the limited purpose of fulfilling its duties and obligations under the Agreement, for law enforcement and miscellaneous purposes as permitted in 17 CFR §§ 248.15, or in connection with joint marketing arrangements that the Funds may establish with the Service Provider in accordance with the limited exception set forth in 17 CFR § 248.13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Service Provider further represents and warrants that, in accordance with 17 CFR § 248.30, it has implemented, and will continue to carry out for the term of the Agreement, policies and procedures reasonably designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· insure the security and confidentiality of records and NPI of Fund customers,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· protect against any anticipated threats or hazards to the security or integrity of Fund customer records and NPI, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· protect against unauthorized access to or use of such Fund customer records or NPI that could result in substantial harm or inconvenience to any Fund customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Service Provider may redisclose Section 248.13 NPI only to: (a) the Funds and affiliated persons of the Funds ("Fund Affiliates"); (b) affiliated persons of the Service Provider ("Service Provider Affiliates") (which in turn may disclose or use the information only to the extent permitted under the original receipt); (c) a third party not affiliated with the Service Provider of the Funds ("Nonaffiliated Third Party") under the service and processing (§248.14) or miscellaneous (§248.15) exceptions, but only in the ordinary course of business to carry out the activity covered by the exception under which the Service Provider received the information in the first instance; and (d) a Nonaffiliated Third Party under the service provider and joint marketing exception (§248.13), provided the Service Provider enters into a written contract with the Nonaffiliated Third Party that prohibits the Nonaffiliated Third Party from disclosing or using the information other than to carry out the purposes for which the Funds disclosed the information in the first instance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Service Provider may redisclose Section 248.14 NPI and Section 248.15 NPI to: (a) the Funds and Fund Affiliates; (b) Service Provider Affiliates (which in turn may disclose the information to the same extent permitted under the original receipt); and (c) a Nonaffiliated Third Party to whom the Funds might lawfully have disclosed NPI directly.

6. The Service Provider is obligated to maintain beyond the termination date of the Agreement the confidentiality of any NPI it receives from the Fund in connection with the Agreement or any joint marketing arrangement, and hereby agrees that this Amendment shall survive such termination.

WITNESS the due execution hereof this 1st day of June, 2001.

**Federated Institutional Trust**

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

Name: J. Christopher Donahue

Title: President

**Federated Investment Management Company**

By: <u>/s/ G/ Andrew Bonnewell</u>

Name: G. Andrew Bonnewell

Title: Vice President

<u>LIMITED POWER OF ATTORNEY</u>

KNOW ALL MEN BY THESE PRESENTS, dated as of June 1, 2017, that Federated Institutional Trust, a business trust duly organized under the laws of the Commonwealth of Massachusetts (the "Trust"), does hereby nominate, constitute and appoint Federated Investment Management Company, a business trust duly organized under the laws of the state of Delaware (the "Adviser"), to act hereunder as the true and lawful agent and attorney-in-fact of the Trust, acting on behalf of each of the series portfolios of the Trust for which the Adviser provides advisory services and acts as investment adviser as of the date of this limited power attorney and for such series portfolios that may be established by the Trust in the future from time to (each such series portfolio being hereinafter referred to as a "Fund" and collectively as the "Funds"), for the specific purpose of executing and delivering all such agreements, instruments, contracts, assignments, bond powers, stock powers, transfer instructions, receipts, waivers, consents and other documents, and performing all such acts, as the Adviser may deem necessary or reasonably desirable, related to the acquisition, disposition and/or reinvestment of the funds and assets of a Fund of the Trust in accordance with Adviser's supervision of the investment, sale and reinvestment of the funds and assets of each Fund pursuant to the authority granted to the Adviser as investment adviser of each Fund under that certain investment advisory contract dated September 1, 1994 by and between the Adviser and the Trust (such investment advisory contract, as may be amended, supplemented or otherwise modified from time to time is hereinafter referred to as the "Investment Advisory Contract").

The Adviser shall exercise or omit to exercise the powers and authorities granted herein in each case as the Adviser in its sole and absolute discretion deems desirable or appropriate under existing circumstances. The Trust hereby ratifies and confirms as good and effectual, at law or in equity, all that the Adviser, and its officers and employees, may do by virtue hereof. However, despite the above provisions, nothing herein shall be construed as imposing a duty on the Adviser to act or assume responsibility for any matters referred to above or other matters even though the Adviser may have power or authority hereunder to do so. Nothing in this Limited Power of Attorney shall be construed (i) to be an amendment or modifications of, or supplement to, the Investment Advisory Contract, (ii) to amend, modify, limit or denigrate any duties, obligations or liabilities of the Adviser under the terms of the Investment Advisory Contract or (iii) exonerate, relieve or release the Adviser any losses, obligations, penalties, actions, judgments and suits and other costs, expenses and disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Adviser (x) under the terms of the Investment Advisory Contract or (y) at law, or in equity, for the performance of its duties as the investment adviser of any of the Funds.

The Trust hereby agrees to indemnify and save harmless the Adviser and its Trustees, officers and employees (each of the foregoing an "Indemnified Party" and collectively the "Indemnified Parties") against and from any and all losses, obligations, penalties, actions, judgments and suits and other costs, expenses and disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against an Indemnified Party, other than as a consequence of gross negligence or willful misconduct on the part of an Indemnified Party, arising out of or in connection with this Limited Power of Attorney or any other agreement, instrument or document executed in connection with the exercise of the authority granted to the Adviser herein to act on behalf of the Trust, including without limitation the reasonable costs, expenses and disbursements in connection with defending such Indemnified Party against any claim or liability related to the exercise or performance of any of the Adviser's powers or duties under this Limited Power of Attorney or any of the other agreements, instruments or documents executed in connection with the exercise of the authority granted to the Adviser herein to act on behalf of the Trust, or the taking of any action under or in connection with any of the foregoing. The obligations of the Trust under this paragraph shall survive the termination of this Limited Power of Attorney with respect to actions taken by the Adviser on behalf of the Trust during the term of this Limited Power of Attorney. No Fund shall have any joint or several obligation with any other Fund to reimburse or indemnify an Indemnified Party for any action, event, matter or occurrence performed or omitted by or on behalf of the Adviser in its capacity as agent or attorney-in-fact of Trust acting on behalf of any other Fund hereunder.

Any person, partnership, corporation or other legal entity dealing with the Adviser in its capacity as attorney-in-fact hereunder for the Trust is hereby expressly put on notice that the Adviser is acting solely in the capacity as an agent of the Trust and that any such person, partnership, corporation or other legal entity must look solely to the Trust in question for enforcement of any claim against the Trust, as the Adviser assumes no personal liability whatsoever for obligations of the Trust entered into by the Adviser in its capacity as attorney-in-fact for the Trust.

Each person, partnership, corporation or other legal entity which deals with a Fund of the Trust through the Adviser in its capacity as agent and attorney-in-fact of the Trust, is hereby expressly put on notice (i) that all persons or entities dealing with the Trust must look solely to the assets of the Fund of the Trust on whose behalf the Adviser is acting pursuant to its powers hereunder for enforcement of any claim against the Trust, as the Trustees, officers and/or agents of such Trust, the shareholders of the various classes of shares of the Trust and the other Funds of the Trust assume no personal liability whatsoever for obligations entered into on behalf of such Fund of the Trust, and (ii) that the rights, liabilities and obligations of any one Fund are separate and distinct from those of any other Fund of the Trust.

The execution of this Limited Power of Attorney by the Trust acting on behalf of the several Funds shall not be deemed to evidence the existence of any express or implied joint undertaking or appointment by and among any or all of the Funds. Liability for or recourse under or upon any undertaking of the Adviser pursuant to the power or authority granted to the Adviser under this Limited Power of Attorney under any rule of law, statute or constitution or by the enforcement of any assessment or penalty or by legal or equitable proceedings or otherwise shall be limited only to the assets of the Fund of the Trust on whose behalf the Adviser was acting pursuant to the authority granted hereunder.

The Trust hereby agrees that no person, partnership, corporation or other legal entity dealing with the Adviser shall be bound to inquire into the Adviser's power and authority hereunder and any such person, partnership, corporation or other legal entity shall be fully protected in relying on such power or authority unless such person, partnership, corporation or other legal entity has received prior written notice from the Trust that this Limited Power of Attorney has been revoked. This Limited Power of Attorney shall be revoked and terminated automatically upon the cancellation or termination of the Investment Advisory Contract between the Trust and the Adviser. Except as provided in the immediately preceding sentence, the powers and authorities herein granted may be revoked or terminated by the Trust at any time provided that no such revocation or termination shall be effective until the Adviser has received actual notice of such revocation or termination in writing from the Trust.

This Limited Power of Attorney constitutes the entire agreement between the Trust and the Adviser, may be changed only by a writing signed by both of them, and shall bind and benefit their respective successors and assigns; provided, however, the Adviser shall have no power or authority hereunder to appoint a successor or substitute attorney in fact for the Trust.

This Limited Power of Attorney shall be governed and construed in accordance with the laws of the Commonwealth of Pennsylvania without reference to principles of conflicts of laws. Without limiting any other authority expressly granted hereunder, for purposes of Pennsylvania law, this Limited Power of Attorney shall be deemed to constitute a power used in a commercial transaction which authorizes an agency relationship which is exclusively granted to facilitate transfer of stock, bonds and other assets and which may be exercised independently of any other agent designated by the Trust and includes, but is not limited to, the power to engage in stock, bond and other securities transactions as specified by 20 Pa.C.S. § 5603(k). The authority granted to the Adviser by this Limited Power of Attorney may be delegated by the Adviser to one or more successor agents or subadvisors, or to other persons the Adviser in its sole discretion determines are appropriate or necessary. If any provision hereof, or any power or authority conferred upon the Adviser herein, would be invalid or unexercisable under applicable law, then such provision, power or authority shall be deemed modified to the extent necessary to render it valid or exercisable while most nearly preserving its original intent, and no provision hereof, or power or authority conferred upon the Adviser herein, shall be affected by the invalidity or the non-exercisability of another provision hereof, or of another power or authority conferred herein.

This Limited Power of Attorney may be executed in as many identical counterparts as may be convenient and by the different parties hereto on separate counterparts. This Limited Power of Attorney shall become binding on the Trust when the Trust shall have executed at least one counterpart and the Adviser shall have accepted its appointment by executing this Limited Power of Attorney. Immediately after the execution of a counterpart original of this Limited Power of Attorney and solely for the convenience of the parties hereto, the Trust and the Adviser will execute sufficient counterparts so that the Adviser shall have a counterpart executed by it and the Trust, and the Trust shall have a counterpart executed by the Trust and the Adviser. Each counterpart shall be deemed an original and all such taken together shall constitute but one and the same instrument, and it shall not be necessary in making proof of this Limited Power of Attorney to produce or account for more than one such counterpart.

IN WITNESS WHEREOF, the Trust has caused this Limited Power of Attorney to be executed by its duly authorized officer as of the date first written above.

**Federated Instutional Trust**

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

Name: J. Christopher Donahue

Title: President

Accepted and agreed to this **June 1, 2017** 

**Federated Investment Management Company** 

By:<u>/s/ John B. Fisher</u>

Name: John B. Fisher

Title: President

## Ex-99.E

Exhibit 28 (e) under Form N-1A

Exhibit 1 under Item 601/Reg. S-K

 

*6/29/20 – Name changed to Federated Hermes Institutional Trust*

**Federated Institutional Trust**

<u>DISTRIBUTOR'S CONTRACT</u>

AGREEMENT made this 1st day of September, 1994, by and between Federated Institutional Trust (the "Trust"), a Massachusetts business trust, and FEDERATED SECURITIES CORP. ("FSC"), a Pennsylvania Corporation.

In consideration of the mutual covenants hereinafter contained, it is hereby agreed by and between the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby appoints FSC as its agent to sell and distribute shares of the Trust which may be offered in one or more series (the "Funds") consisting of one or more classes (the "Classes") of shares (the "Shares"), as described and set forth on one more exhibits to this Agreement, at the current offering price thereof as described and set forth in the current Prospectuses of the Trust. FSC hereby accepts such appointment and agree to provide such other services for the Trust, if any, and accept such compensation from the Trust, if any, as set forth in the applicable exhibit to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The sale of any Shares may be suspended without prior notice whenever in the judgment of the Trust it is in the best interest to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Neither FSC nor any other person is authorized by the Trust to give any information or to make any representation relative to any Shares other than those contained in the Registration Statement, Prospectuses, or Statements of Additional Information ("SAIs") filed with the Securities and Exchange Commission, as the same may be amended from time to time, or in any supplemental information to said Prospectuses or SAIs approved by the Trust. FSC agrees that any other information or representations other than those specified above which it or any dealer or other person who purchase Shares through FSC may make in connection with the offer or sale of Shares, shall be made entirely without liability on the part of the Trust. No person or dealer, other than FSC, is authorized to act as agent for the Trust for any purpose FSC agrees that in offering or selling Shares as agent of the Trust, it will, in all respects, duly conform to all applicable state and federal laws and the rules and regulations of the National Association of Securities Dealers, Inc., including its Rules of Fair Practice. FSC will submit to the Trust copies of all sales literature used before using the same and will not use such sales literature if disapproved by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement is effective with respect to each Class as of the date of execution of the applicable exhibit and shall continue in effect with respect to each Class presently set forth on an exhibit and any subsequent Classes added pursuant to an exhibit during the initial term of this Agreement for one year from the date set forth above, and thereafter for successive periods of one year if such continuance is approved at least annually by the Trustees of the Trust including a majority of the members of the Board of Trustees of the Trust who are not interested persons of the Trust and have no direct or indirect financial interest in the operation of any Distribution Plan relating to the Trust or in any related documents to such Plan ("Disinterested Trustees") cast in person at a meeting called for that purpose. If a Class is added after the first annual approval by the Trustees as described above, this Agreement will be effective as to that Class upon execution of the applicable exhibit and will continue in effect until the next annual approval of this Agreement by the Trustees and thereafter for successive periods of one year, subject to approval as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Agreement may be terminated with regard to a particular Fund or Class at any time, without the payment of any penalty, by the vote of a majority of the Disinterested Trustees or by a majority of the outstanding voting securities of the particular Fund or Class on not more than sixty (60) days' written notice to any other party to this Agreement. This Agreement may be terminated with regard to a particular Fund or Class by FSC on sixty (60) days' written notice to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Agreement may not be assigned by FSC and shall automatically terminate in the event of an assignment by FSC as defined in the Investment Company Act of 1940, as amended, provided, however, that FSC may employ such other person, persons, corporation, or corporations as it shall determine in order to assist it in carrying out its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. FSC shall not be liable to the Trust for anything done or omitted by it, except acts or omissions involving willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties imposed by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This Agreement may be amended at any time by mutual agreement in writing of all the parties hereto, provided that such amendment is approved by the Trustees of the Trust including a majority of the Disinterested Trustees of the Trust cast in person at a meeting called for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Agreement shall be construed in accordance with and governed by the laws of the Commonwealth of Pennsylvania.

10. (a) Subject to the conditions set forth below, the Trust agrees to indemnify and hold harmless FSC and each person, if any, who controls FSC within the meaning of Section 15 of the Securities Act of 1933 and Section 20 of the Securities Act of 1934, as amended, against any and all loss, liability, claim, damage and expense whatsoever (including but not limited to any and all expenses whatsoever reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, any Prospectuses or SAIs (as from time to time amended and supplemented) or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon and in conformity with written information furnished to the Trust about FSC by or on behalf of FSC expressly for use in the Registration Statement, any Prospectuses and SAIs and any amendment or supplement thereof.

If any action is brought against FSC or any controlling person thereof with respect to which indemnity may be sought against the Trust pursuant to the foregoing paragraph, FSC shall promptly notify the Trust in writing of the institution of such action and the Trust shall assume the defense of such action, including the employment of counsel selected by the Trust and payment of expenses. FSC or any such controlling person thereof shall have the right to employ separate counsel in any such case, but the fees and expenses of such counsel shall be at the expense of FSC or such controlling person unless the employment of such counsel shall have been authorized in writing by the Trust in connection with the defense of such action or the Trust shall not have employed counsel to have charge of the defense of such any, in any of which events such fees and expenses shall be borne by the Trust. Anything in the paragraph to the contrary notwithstanding the Trust shall be not be liable for any settlement of any such claim of action effected without its written consent. The Trust agrees promptly to notify FSC of the commencement of any litigation or proceedings against the Trust or any of its officers or Trustees or controlling persons in connection with the issue and sale of Shares or in connection with the Registration Statement, Prospectuses, or SAIs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) FSC agrees to indemnify and hold harmless the Trust, each of its Trustees, each of its officers who have signed the Registration Statement and each other person, if any, who controls the Trust within the meaning of Section 15 of the Securities Act of 1933, but only with respect to statements or omissions, if any, make in the Registration Statement or any Prospectus, SAI, or any amendment or supplement thereof in reliance upon, and in conformity with, information furnished to the Trust about FSC by or on behalf of FSC expressly for use in the Registration Statement or any Prospectus, SAI, or any amendment or supplement thereof. In case any action shall be brought against the Trust or any other person so indemnified based on the supplement thereof, and with respect to which indemnity may be sought against FSC, FSC shall have the rights and duties given to the Trust, and the Trust and each other person so indemnified shall have the rights and duties given to FSC by the provisions of subsection (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing herein contained shall be deemed to protect any person against liability to the Trust or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the duties of such person or by reason of the reckless disregard by such person of the obligations and duties of such person under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Insofar as indemnification for liabilities may be permitted pursuant to Section 17 of the Investment Company Act of 1940, as amended, for Trustees, officers, FSC and controlling persons of the Trust by the Trust pursuant to this Agreement, the Trust is aware of the position of the Securities and Exchange Commission as set forth in the Investment Company Act Release No. IC-11330. Therefore, the Trust undertakes that in addition to complying with the applicable provisions of this Agreement, in the absence of a final decision on the merits by a court or other body before which the proceeding was brought, that an indemnification payment will not be made unless in the absence of such a decision, a reasonable determination based upon factual review has been made (i) by a majority vote of a quorum of non-party Disinterested Trustees, or (ii) by independent legal counsel in a written opinion that the indemnitee was not liable for an act of willful misfeasance, bad faith, gross negligence or reckless disregard of duties. The Trust further undertakes that advancement of expenses incurred in the defense of a proceeding (upon undertaking for repayment unless it is ultimately determined that indemnification is appropriate) against an officer, Trustee, FSC or controlling person of the Trust will not be made absent the fulfillment of at least one of the following conditions: (i) the indemnitee provides security for his undertaking; (ii) the Trust is insured against losses arising by reason of any lawful advances; or (iii) a majority of a quorum of non-party Disinterested Trustees or independent legal counsel in a written opinion makes a factual determination that there is reason to believe the indemnitee will be entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. FSC is hereby expressly put on notice of the limitation of liability as set forth in the Declaration of Trust and agrees that the obligations assumed by the Trust pursuant to this Agreement shall be limited in any case to the Trust and its assets and FSC shall not seek satisfaction of any such obligation from the shareholders of the Trust, the Trustees, officers, employees or agents of the Trust, or any of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. If at any time the Shares of any Fund are offered in two or more Classes, FSC agrees to adopt compliance standards as to when a class of shares may be sold to particular investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. This Agreement will become binding on the parties hereto upon the execution of the attached exhibits to the Agreement.

 

*6/29/20—Name changed to Federated Hermes Government Ultrashort Fund*

*3/3/03 - Name changed to Federated Government Ultrashort Duration Fund*

*8/19/99 - Name changed to Federated Government Ultra Short Fund*

*3/1/98 - Redesignated as Institutional Shares*

*7/1/97 - Name changed to Federated Short Duration Government Fund*

Exhibit A

to the

Distributor's Contract

**Federated Institutional Trust**

**Federated Institutional Short-Term Government Fund**

In consideration of the mutual covenants set forth in the Distributor's Contract dated the 1st day of September, 1994, between Federated Institutional Trust and Federated Securities Corp., Federated Institutional Trust executes and delivers this Exhibit on behalf of the Fund, and with respect to the Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 1st day of September, 1994.

---

| | |
|:---|:---|
| &nbsp;&nbsp;ATTEST: | &nbsp;&nbsp;**Federated Institutional Trust** |
| &nbsp;&nbsp;<u>/s/ John W. McGonigle</u> | &nbsp;&nbsp;By: <u>/s/ Glen R. Johnson</u> |
| &nbsp;&nbsp;Secretary | &nbsp;&nbsp;President |
| &nbsp;&nbsp;ATTEST: | &nbsp;&nbsp;**Federated Securities Corp.** |
| &nbsp;&nbsp;<u>/s/ S. Elliott Cohan</u> | &nbsp;&nbsp;By: <u>/s/ Edward C. Gonzales</u> |
| &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Executive Vice President |

---

*12/1/07 - See Amendment #1 to Exhibit B*

 

*6/29/20—Name changed to Federated Hermes Government Ultrashort Fund*

*3/3/03 - Name changed to Federated Government Ultrashort Duration Fund*

*8/19/99 - Name changed to Federated Government Ultra Short Fund*

*7/1/97 - Name changed to Federated Short Duration Government Fund*

Exhibit B

to the

Distributor's Contract

FEDERATED INSTITUTIONAL TRUST

Federated Institutional Short Duration Government Fund

Institutional Service Shares

The following provisions are hereby incorporated and made part of the Distributor's Contract dated September 1, 1994, between Federated Institutional Trust and Federated Securities Corp. with respect to the Class of shares set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby appoints FSC to engage in activities principally intended to result in the sale of shares of the above-listed Class ("Shares"). Pursuant to this appointment, FSC is authorized to select a group of financial institutions ("Financial Institutions") to sell Shares at the current offering price thereof as described and set forth in the respective prospectuses of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the term of this Agreement, the Trust will pay FSC for services pursuant to this Agreement, a monthly fee computed at the annual rate of .25% of the average aggregate net asset value of the Shares held during the month. For the month in which this Agreement becomes effective or terminates, there shall be an appropriate proration of any fee payable on the basis of the number of days that the Agreement is in effect during the month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. FSC may from time-to-time and for such periods as it deems appropriate reduce its compensation to the extent any Class' expenses exceed such lower expense limitation as FSC may, by notice to the Trust, voluntarily declare to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. FSC will enter into separate written agreements with various firms to provide certain of the services set forth in Paragraph 1 herein. FSC, in its sole discretion, may pay Financial Institutions a periodic fee in respect of Shares owned from time to time by their clients or customers. The schedules of such fees and the basis upon which such fees will be paid shall be determined from time to time by FSC in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. FSC will prepare reports to the Board of Trustees of the Trust on a quarterly basis showing amounts expended hereunder including amounts paid to Financial Institutions and the purpose for such expenditures.

In consideration of the mutual covenants set forth in the Distributor's Contract dated September 1, 1994 between Federated Institutional Trust and Federated Securities Corp., Federated Institutional Trust executes and delivers this Exhibit on behalf of Federated Institutional Short Duration Government Fund, and with respect to the Institutional Service Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 1st day of March, 1998.

FEDERATED INSTITUTIONAL TRUST

By: <u>/s/ Glen R. Johnson</u>

Name: Glen R. Johnson

Title: President

FEDERATED SECURITIES CORP.

By: <u>/s/ Byron F. Bowman</u>

Name: Byron F. Bowman

Title: Vice President

 

*6/29/20—Name changed to Federated Hermes Government Ultrashort Fund*

*9/30/11 – Institutional Service Shares renamed Service Shares*

Amendment #1 to Exhibit B

to the

Distributor's Contract

FEDERATED INSTITUTIONAL TRUST

Federated Government Ultrashort Duration Fund

Institutional Service Shares

The following provisions are hereby incorporated and made part of the Distributor's Contract dated September 1, 1994, between Federated Institutional Trust and Federated Securities Corp. with respect to the Class of shares set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby appoints FSC to engage in activities principally intended to result in the sale of shares of the above-listed Class ("Shares"). Pursuant to this appointment, FSC is authorized to select a group of financial institutions ("Financial Institutions") to sell Shares at the current offering price thereof as described and set forth in the respective prospectuses of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the term of this Agreement, the Trust will pay FSC for services pursuant to this Agreement, a monthly fee computed at the annual rate of .05% of the average aggregate net asset value of the Shares held during the month. For the month in which this Agreement becomes effective or terminates, there shall be an appropriate proration of any fee payable on the basis of the number of days that the Agreement is in effect during the month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. FSC may from time-to-time and for such periods as it deems appropriate reduce its compensation to the extent any Class' expenses exceed such lower expense limitation as FSC may, by notice to the Trust, voluntarily declare to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. FSC will enter into separate written agreements with various firms to provide certain of the services set forth in Paragraph 1 herein. FSC, in its sole discretion, may pay Financial Institutions a periodic fee in respect of Shares owned from time to time by their clients or customers. The schedules of such fees and the basis upon which such fees will be paid shall be determined from time to time by FSC in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. FSC will prepare reports to the Board of Trustees of the Trust on a quarterly basis showing amounts expended hereunder including amounts paid to Financial Institutions and the purpose for such expenditures.

In consideration of the mutual covenants set forth in the Distributor's Contract dated September 1, 1994 between Federated Institutional Trust and Federated Securities Corp., Federated Institutional Trust executes and delivers this Exhibit on behalf of Federated Government Ultrashort Duration Fund, and with respect to the Institutional Service Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 1st day of December, 2007.

FEDERATED INSTITUTIONAL TRUST

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

Name: J. Christopher Donahue

Title: President

FEDERATED SECURITIES CORP.

By: <u>/s/ Thomas E. Territ</u>

Name: Thomas E. Territ

Title: President

*6/29/20 – Name changed to Federated Hermes Institutional High Yield Bond Fund*

Exhibit C

to the

Distributor's Contract

**Federated Institutional Trust**

**Federated Institutional High Yield Bond Fund**

In consideration of the mutual covenants set forth in the Distributor's Contract dated the 1st day of September, 1994, between Federated Institutional Trust and Federated Securities Corp., Federated Institutional Trust executes and delivers this Exhibit on behalf of the Fund, and with respect to the Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 1st day of September, 2002.

**Federated Institutional Trust**

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

Name: J. Christopher Donahue

Title: President

**Federated Securities Corp.**

By: <u>/s/ Peter J. Germain</u>

Name: Peter J. Germain

Title: Vice President

*6/29/20 – Name changed to Federated Hermes Government Ultrashort Fund*

 

Exhibit D

to the

Distributor's Contract

FEDERATED INSTITUTIONAL TRUST

Federated Government Ultrashort Duration Fund

Class A Shares

The following provisions are hereby incorporated and made part of the Distributor's Contract dated September 1, 1994, between Federated Institutional Trust and Federated Securities Corp. with respect to the Class of shares set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby appoints FSC to engage in activities principally intended to result in the sale of shares of the above-listed Class ("Shares"). Pursuant to this appointment, FSC is authorized to select a group of financial institutions ("Financial Institutions") to sell Shares at the current offering price thereof as described and set forth in the respective prospectuses of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the term of this Agreement, the Trust will pay FSC for services pursuant to this Agreement, a monthly fee computed at the annual rate of .25% of the average aggregate net asset value of the Shares held during the month. For the month in which this Agreement becomes effective or terminates, there shall be an appropriate proration of any fee payable on the basis of the number of days that the Agreement is in effect during the month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. FSC may from time-to-time and for such periods as it deems appropriate reduce its compensation to the extent any Class' expenses exceed such lower expense limitation as FSC may, by notice to the Trust, voluntarily declare to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. FSC will enter into separate written agreements with various firms to provide certain of the services set forth in Paragraph 1 herein. FSC, in its sole discretion, may pay Financial Institutions a periodic fee in respect of Shares owned from time to time by their clients or customers. The schedules of such fees and the basis upon which such fees will be paid shall be determined from time to time by FSC in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. FSC will prepare reports to the Board of Trustees of the Trust on a quarterly basis showing amounts expended hereunder including amounts paid to Financial Institutions and the purpose for such expenditures.

In consideration of the mutual covenants set forth in the Distributor's Contract dated September 1, 1994 between Federated Institutional Trust and Federated Securities Corp., Federated Institutional Trust executes and delivers this Exhibit on behalf of Federated Government Ultrashort Duration Fund, and with respect to the Class A Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 3rd day of March, 2003.

FEDERATED INSTITUTIONAL TRUST

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

Name: J. Christopher Donahue

Title: President

FEDERATED SECURITIES CORP.

By: <u>/s/ James F. Getz</u>

Name: James F. Getz

Title: President - Broker/Dealer

 ****

***6/29/20 – Name changed to Federated Hermes Short-Intermediate Total Return Bond Fund***

***1/31/14 – Name changed to Federated Short-Intermediate Total Return Bond Fund***

Exhibit E

to the

Distributor's Contract

**FEDERATED INSTITUTIONAL TRUST**

Federated Intermediate Government/Corporate Fund

Institutional Shares

In consideration of the mutual covenants set forth in the Distributor's Contract dated the 1st day of September, 1994, between Federated Institutional Trust and Federated Securities Corp., Federated Institutional Trust executes and delivers this Exhibit on behalf of the Fund, and with respect to the Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 1st day of June, 2005.

FEDERATED INSTITUTIONAL TRUST

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

Name: J. Christopher Donahue

Title: President

FEDERATED SECURITIES CORP.

By: <u>/s/ James F. Getz</u>

Name: James F. Getz

Title: President - Broker/Dealer

*12/1/07 - See Amendment #1 to Exhibit F*

Exhibit F

to the

Distributor's Contract

FEDERATED INSTITUTIONAL TRUST

Federated Intermediate Government/Corporate Fund

Institutional Service Shares

The following provisions are hereby incorporated and made part of the Distributor's Contract dated September 1, 1994, between Federated Institutional Trust and Federated Securities Corp. with respect to the Class of shares set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby appoints FSC to engage in activities principally intended to result in the sale of shares of the above-listed Class ("Shares"). Pursuant to this appointment, FSC is authorized to select a group of financial institutions ("Financial Institutions") to sell Shares at the current offering price thereof as described and set forth in the respective prospectuses of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the term of this Agreement, the Trust will pay FSC for services pursuant to this Agreement, a monthly fee computed at the annual rate of .25% of the average aggregate net asset value of the Shares held during the month. For the month in which this Agreement becomes effective or terminates, there shall be an appropriate proration of any fee payable on the basis of the number of days that the Agreement is in effect during the month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. FSC may from time-to-time and for such periods as it deems appropriate reduce its compensation to the extent any Class' expenses exceed such lower expense limitation as FSC may, by notice to the Trust, voluntarily declare to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. FSC will enter into separate written agreements with various firms to provide certain of the services set forth in Paragraph 1 herein. FSC, in its sole discretion, may pay Financial Institutions a periodic fee in respect of Shares owned from time to time by their clients or customers. The schedules of such fees and the basis upon which such fees will be paid shall be determined from time to time by FSC in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. FSC will prepare reports to the Board of Trustees of the Trust on a quarterly basis showing amounts expended hereunder including amounts paid to Financial Institutions and the purpose for such expenditures.

In consideration of the mutual covenants set forth in the Distributor's Contract dated September 1, 1994 between Federated Institutional Trust and Federated Securities Corp., Federated Institutional Trust executes and delivers this Exhibit on behalf of Federated Intermediate Government/Corporate Fund, and with respect to the Institutional Service Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 1st day of June, 2005.

FEDERATED INSTITUTIONAL TRUST

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

Name: J. Christopher Donahue

Title: President

FEDERATED SECURITIES CORP.

By: <u>/s/ James F. Getz</u>

Name: James F. Getz

Title: President - Broker/Dealer

 

***6/29/20 – Name changed to Federated Hermes Short-Intermediate Total Return Bond Fund***

***1/31/14 – Name changed to Federated Short-Intermediate Total Return Bond Fund***

***9/30/11 – Institutional Service Shares renamed Service Shares***

 ****

Amendment #1 to Exhibit F

to the

Distributor's Contract

FEDERATED INSTITUTIONAL TRUST

Federated Intermediate Government/Corporate Fund

Institutional Service Shares

The following provisions are hereby incorporated and made part of the Distributor's Contract dated September 1, 1994, between Federated Institutional Trust and Federated Securities Corp. with respect to the Class of shares set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby appoints FSC to engage in activities principally intended to result in the sale of shares of the above-listed Class ("Shares"). Pursuant to this appointment, FSC is authorized to select a group of financial institutions ("Financial Institutions") to sell Shares at the current offering price thereof as described and set forth in the respective prospectuses of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the term of this Agreement, the Trust will pay FSC for services pursuant to this Agreement, a monthly fee computed at the annual rate of .05% of the average aggregate net asset value of the Shares held during the month. For the month in which this Agreement becomes effective or terminates, there shall be an appropriate proration of any fee payable on the basis of the number of days that the Agreement is in effect during the month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. FSC may from time-to-time and for such periods as it deems appropriate reduce its compensation to the extent any Class' expenses exceed such lower expense limitation as FSC may, by notice to the Trust, voluntarily declare to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. FSC will enter into separate written agreements with various firms to provide certain of the services set forth in Paragraph 1 herein. FSC, in its sole discretion, may pay Financial Institutions a periodic fee in respect of Shares owned from time to time by their clients or customers. The schedules of such fees and the basis upon which such fees will be paid shall be determined from time to time by FSC in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. FSC will prepare reports to the Board of Trustees of the Trust on a quarterly basis showing amounts expended hereunder including amounts paid to Financial Institutions and the purpose for such expenditures.

In consideration of the mutual covenants set forth in the Distributor's Contract dated September 1, 1994 between Federated Institutional Trust and Federated Securities Corp., Federated Institutional Trust executes and delivers this Exhibit on behalf of Federated Intermediate Government/Corporate Fund, and with respect to the Institutional Service Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 1st day of December, 2007.

FEDERATED INSTITUTIONAL TRUST

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

Name: J. Christopher Donahue

Title: President

FEDERATED SECURITIES CORP.

By: <u>/s/ Thomas E. Territ</u>

Name: Thomas E. Territ

Title: President

 ****

***6/29/20 – Name changed to Federated Hermes Short-Intermediate Total Return Bond Fund***

***1/31/14 – Name changed to Federated Short-Intermediate Total Return Bond Fund***

Exhibit G

to the

Distributor's Contract

FEDERATED INSTITUTIONAL TRUST

Federated Intermediate Government/Corporate Fund

Class A Shares

The following provisions are hereby incorporated and made part of the Distributor's Contract dated September 1, 1994, between Federated Institutional Trust and Federated Securities Corp. with respect to the Class of shares set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby appoints FSC to engage in activities principally intended to result in the sale of shares of the above-listed Class ("Shares"). Pursuant to this appointment, FSC is authorized to select a group of financial institutions ("Financial Institutions") to sell Shares at the current offering price thereof as described and set forth in the respective prospectuses of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the term of this Agreement, the Trust will pay FSC for services pursuant to this Agreement, a monthly fee computed at the annual rate of .10% of the average aggregate net asset value of the Class A Shares held during the month. For the month in which this Agreement becomes effective or terminates, there shall be an appropriate proration of any fee payable on the basis of the number of days that the Agreement is in effect during the month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. FSC may from time-to-time and for such periods as it deems appropriate reduce its compensation to the extent any Class' expenses exceed such lower expense limitation as FSC may, by notice to the Trust, voluntarily declare to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. FSC will enter into separate written agreements with various firms to provide certain of the services set forth in Paragraph 1 herein. FSC, in its sole discretion, may pay Financial Institutions a periodic fee in respect of Shares owned from time to time by their clients or customers. The schedules of such fees and the basis upon which such fees will be paid shall be determined from time to time by FSC in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. FSC will prepare reports to the Board of Trustees of the Trust on a quarterly basis showing amounts expended hereunder including amounts paid to Financial Institutions and the purpose for such expenditures.

In consideration of the mutual covenants set forth in the Distributor's Contract dated September 1, 1994 between Federated Institutional Trust and Federated Securities Corp., Federated Institutional Trust executes and delivers this Exhibit on behalf of Intermediate Government/Corporate Fund, and with respect to the Class A Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 1st day of December, 2013.

FEDERATED INSTITUTIONAL TRUST

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

Name: J. Christopher Donahue

Title: President

FEDERATED SECURITIES CORP.

By: <u>/s/ Thomas E. Territ</u>

Name: Thomas E. Territ

Title: President

 ****

***6/29/20 – Name changed to Federated Hermes Short-Intermediate Total Return Bond Fund***

***9/1/16 – Class R Shares converted into Class R6 shares, and Class R Shares terminated***

***1/31/14 – Name changed to Federated Short-Intermediate Total Return Bond Fund***

Exhibit H

to the

Distributor's Contract

FEDERATED INSTITUTIONAL TRUST

Federated Intermediate Government/Corporate Fund

Class R Shares

The following provisions are hereby incorporated and made part of the Distributor's Contract dated September 1, 1994, between Federated Institutional Trust and Federated Securities Corp. with respect to the Class of shares set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby appoints FSC to engage in activities principally intended to result in the sale of shares of the above-listed Class ("Shares"). Pursuant to this appointment, FSC is authorized to select a group of financial institutions ("Financial Institutions") to sell Shares at the current offering price thereof as described and set forth in the respective prospectuses of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the term of this Agreement, the Trust will pay FSC for services pursuant to this Agreement, a monthly fee computed at the annual rate of .50% of the average aggregate net asset value of the Class R Shares held during the month. For the month in which this Agreement becomes effective or terminates, there shall be an appropriate proration of any fee payable on the basis of the number of days that the Agreement is in effect during the month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. FSC may from time-to-time and for such periods as it deems appropriate reduce its compensation to the extent any Class' expenses exceed such lower expense limitation as FSC may, by notice to the Trust, voluntarily declare to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. FSC will enter into separate written agreements with various firms to provide certain of the services set forth in Paragraph 1 herein. FSC, in its sole discretion, may pay Financial Institutions a periodic fee in respect of Shares owned from time to time by their clients or customers. The schedules of such fees and the basis upon which such fees will be paid shall be determined from time to time by FSC in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. FSC will prepare reports to the Board of Trustees of the Trust on a quarterly basis showing amounts expended hereunder including amounts paid to Financial Institutions and the purpose for such expenditures.

In consideration of the mutual covenants set forth in the Distributor's Contract dated September 1, 1994 between Federated Institutional Trust and Federated Securities Corp., Federated Institutional Trust executes and delivers this Exhibit on behalf of Federated Intermediate Government/Corporate Fund, and with respect to the Class R Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 1st day of December, 2013.

FEDERATED INSTITUTIONAL TRUST

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

Name: J. Christopher Donahue

Title: President

FEDERATED SECURITIES CORP.

By: <u>/s/ Thomas E. Territ</u>

Name: Thomas E. Territ

Title: President

*6/29/20 – Name changed to Federated Hermes Government Ultrashort Fund*

Exhibit I

to the

Distributor's Contract

FEDERATED INSTITUTIONAL TRUST

Federated Government Ultrashort Duration Fund

Class R6 Shares

The following provisions are hereby incorporated and made part of the Distributor's Contract dated September 1, 1994, between Federated Institutional Trust and Federated Securities Corp. ("FSC") with respect to the Class R6 Shares of Federated Government Ultrashort Duration Fund set forth above.

1. FSC is authorized to select a group of financial institutions ("Financial Institutions") to sell Shares at the current offering price thereof as described and set forth in the respective prospectuses of the Trust.

2. FSC will enter into separate written agreements with such Financial Institutions to sell Shares as set forth in Paragraph 1 herein.

In consideration of the mutual covenants set forth in the Distributor's Contract dated September 1, 1994 between Federated Institutional Trust and FSC, executes and delivers this Exhibit with respect to the Class R6 Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 1<sup>st</sup> day of March, 2016.

FEDERATED INSTITUTIONAL TRUST

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

Name: J. Christopher Donahue

Title: President

FEDERATED SECURITIES CORP.

By: <u>_/s/ Thomas E. Territ</u>

Name: Thomas E. Territ

Title: President

 **

***6/29/20 – Name changed to Federated Hermes Short-Intermediate Total Return Bond Fund***

 **

Exhibit J

to the

Distributor's Contract

**FEDERATED INSTITUTIONAL TRUST**

Federated Short-Intermediate Total Return Bond Fund

**Class R6 Shares**

The following provisions are hereby incorporated and made part of the Distributor's Contract dated September 1, 1994, between Federated Institutional Trust and Federated Securities Corp. ("FSC") with respect to the Class R6 Shares of Federated Short-Term Intermediate Total Return Fund.

1. FSC is authorized to select a group of financial institutions ("Financial Institutions") to sell Shares at the current offering price thereof as described and set forth in the respective prospectuses of the Trust.

2. FSC will enter into separate written agreements with such Financial Institutions to sell Shares as set forth in Paragraph 1 herein.

In consideration of the mutual covenants set forth in the Distributor's Contract dated September 1, 1994 between Federated Institutional Trust and FSC, executes and delivers this Exhibit with respect to the Class R6 Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 1<sup>st</sup> day of September 2016.

**FEDERATED INSTITUTIONAL TRUST**

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

Name: J. Christopher Donahue

Title: President

**FEDERATED SECURITIES CORP.**

By:<u>_/s/ Paul A. Uhlman</u>

Name: Paul A. Uhlman

Title: President

*6/29/20 – Name changed to Federated Hermes Institutional High Yield Bond Fund*

Exhibit K

to the

Distributor's Contract

**FEDERATED INSTITUTIONAL TRUST**

Federated Institutional High Yield Bond Fund

**Class R6 Shares**

The following provisions are hereby incorporated and made part of the Distributor's Contract dated September 1, 1994, between Federated Institutional Trust and Federated Securities Corp. ("FSC") with respect to the Class R6 Shares of Federated Institutional High Yield Bond Fund.

1. FSC is authorized to select a group of financial institutions ("Financial Institutions") to sell Shares at the current offering price thereof as described and set forth in the respective prospectuses of the Trust.

2. FSC will enter into separate written agreements with such Financial Institutions to sell Shares as set forth in Paragraph 1 herein.

In consideration of the mutual covenants set forth in the Distributor's Contract dated September 1, 1994 between Federated Institutional Trust and FSC, executes and delivers this Exhibit with respect to the Class R6 Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 1<sup>st</sup> day of June, 2016.

FEDERATED INSTITUTIONAL TRUST

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

Name: J. Christopher Donahue

Title: President

FEDERATED SECURITIES CORP.

By: <u>/s/Thomas E. Territ</u>

Name: Thomas E. Territ

Title: President

Exhibit L

to the

Distributor's Contract

FEDERATED HERMES INSTITUTIONAL TRUST

Federated Hermes Institutional High Yield Bond Fund

Class A Shares

The following provisions are hereby incorporated and made part of the Distributor's Contract dated September 1, 1994 (the "Agreement"), between Federated Hermes Institutional Trust (the "Trust") and Federated Securities Corp. ("FSC") with respect to the Class of shares set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby appoints FSC to engage in activities principally intended to result in the sale of shares of the above-listed Class ("Shares"). Pursuant to this appointment, FSC is authorized to select a group of financial institutions ("Financial Institutions") to sell Shares at the current offering price thereof as described and set forth in the respective prospectuses of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the term of this Agreement, the Trust will pay FSC for services pursuant to this Agreement, a monthly fee computed at the annual rate of .10% of the average aggregate net asset value of the Class A Shares held during the month. For the month in which this Agreement becomes effective or terminates, there shall be an appropriate proration of any fee payable on the basis of the number of days that the Agreement is in effect during the month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. FSC may from time to time and for such periods as it deems appropriate reduce its compensation to the extent any Class' expenses exceed such lower expense limitation as FSC may, by notice to the Trust, voluntarily declare to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. FSC will enter into separate written agreements with various firms to provide certain of the services set forth in Paragraph 1 herein. FSC, in its sole discretion, may pay Financial Institutions a periodic fee in respect of Shares owned from time to time by their clients or customers. The schedules of such fees and the basis upon which such fees will be paid shall be determined from time to time by FSC at its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. FSC will prepare reports to the Board of Trustees of the Trust on a quarterly basis showing amounts expended hereunder including amounts paid to Financial Institutions and the purpose for such expenditures.

In consideration of the mutual covenants set forth in the Distributor's Contract dated September 1, 1994, between Federated Hermes Institutional Trust and Federated Securities Corp., Federated Hermes Institutional Trust executes and delivers this Exhibit on behalf of Federated Hermes Institutional High Yield Bond Fund, and with respect to the Class A Shares thereof, first set forth in this Exhibit.

*(Signature page to follow)*

Witness the due execution hereof this 1st day of September 2022.

FEDERATED HERMES INSTITUTIONAL TRUST

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

Name: J. Christopher Donahue

Title: President

FEDERATED SECURITIES CORP.

By: <u>/s/ Paul A. Uhlman</u>

Name: Paul A. Uhlman

Title: President

Exhibit M

to the

Distributor's Contract

FEDERATED HERMES INSTITUTIONAL TRUST

Federated Hermes Institutional High Yield Bond Fund

Class C Shares

The following provisions are hereby incorporated and made part of the Distributor's Contract dated September 1, 1994 (the "Agreement"), between Federated Hermes Institutional Trust (the "Trust") and Federated Securities Corp. ("FSC") with respect to the Class of shares set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby appoints FSC to engage in activities principally intended to result in the sale of shares of the above-listed Class ("Shares"). Pursuant to this appointment, FSC is authorized to select a group of financial institutions ("Financial Institutions") to sell Shares at the current offering price thereof as described and set forth in the respective prospectuses of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the term of this Agreement, the Trust will pay FSC for services pursuant to this Agreement, a monthly fee computed at the annual rate of .10% of the average aggregate net asset value of the Class C Shares held during the month. For the month in which this Agreement becomes effective or terminates, there shall be an appropriate proration of any fee payable on the basis of the number of days that the Agreement is in effect during the month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. FSC may from time to time and for such periods as it deems appropriate reduce its compensation to the extent any Class' expenses exceed such lower expense limitation as FSC may, by notice to the Trust, voluntarily declare to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. FSC will enter into separate written agreements with various firms to provide certain of the services set forth in Paragraph 1 herein. FSC, in its sole discretion, may pay Financial Institutions a periodic fee in respect of Shares owned from time to time by their clients or customers. The schedules of such fees and the basis upon which such fees will be paid shall be determined from time to time by FSC at its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. FSC will prepare reports to the Board of Trustees of the Trust on a quarterly basis showing amounts expended hereunder including amounts paid to Financial Institutions and the purpose for such expenditures.

In consideration of the mutual covenants set forth in the Distributor's Contract dated September 1, 1994, between Federated Hermes Institutional Trust and Federated Securities Corp., Federated Hermes Institutional Trust executes and delivers this Exhibit on behalf of Federated Hermes Institutional High Yield Bond Fund, and with respect to the Class C Shares thereof, first set forth in this Exhibit.

*(Signature page to follow)*

Witness the due execution hereof this 1st day of September 2022.

FEDERATED HERMES INSTITUTIONAL TRUST

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

Name: J. Christopher Donahue

Title: President

FEDERATED SECURITIES CORP.

By: <u>/s/ Paul A. Uhlman</u>

Name: Paul A. Uhlman

Title: President

Amendment to

**Distributor's Contract**

**between**

**Federated Institutional Trust**

**and**

**Federated Securities Corp.**

This Amendment to the Distributor's Contract ("Agreement") dated September 1, 1994, between Federated Institutional Trust ("Fund") and Federated Securities Corp. ("Service Provider") is made and entered into as of the 1st day of June, 2001.

WHEREAS, the Fund has entered into the Agreement with the Service Provider;

WHEREAS, the Securities and Exchange Commission has adopted Regulation S-P at 17 CFR Part 248 to protect the privacy of individuals who obtain a financial product or service for personal, family or household use;

WHEREAS, Regulation S-P permits financial institutions, such as the Fund, to disclose "nonpublic personal information" ("NPI") of its "customers" and "consumers" (as those terms are therein defined in Regulation S-P) to affiliated and nonaffiliated third parties of the Fund, without giving such customers and consumers the ability to opt out of such disclosure, for the limited purposes of processing and servicing transactions (17 CFR § 248.14) ("Section 248.14 NPI"); for specified law enforcement and miscellaneous purposes (17 CFR § 248.15) ("Section 248.15 NPI") ; and to service providers or in connection with joint marketing arrangements (17 CFR § 248.13) ("Section 248.13 NPI");

WHEREAS, Regulation S-P provides that the right of a customer and consumer to opt out of having his or her NPI disclosed pursuant to 17 CFR § 248.7 and 17 CFR § 248.10 does not apply when the NPI is disclosed to service providers or in connection with joint marketing arrangements, provided the Fund and third party enter into a contractual agreement that prohibits the third party from disclosing or using the information other than to carry out the purposes for which the Fund disclosed the information (17 CFR § 248.13);

NOW, THEREFORE, the parties intending to be legally bound agree as follows:

1. The Fund and the Service Provider hereby acknowledge that the Fund may disclose shareholder NPI to the Service Provider as agent of the Fund and solely in furtherance of fulfilling the Service Provider's contractual obligations under the Agreement in the ordinary course of business to support the Fund and its shareholders.

2. The Service Provider hereby agrees to be bound to use and redisclose such NPI only for the limited purpose of fulfilling its duties and obligations under the Agreement, for law enforcement and miscellaneous purposes as permitted in 17 CFR §§ 248.15, or in connection with joint marketing arrangements that the Funds may establish with the Service Provider in accordance with the limited exception set forth in 17 CFR § 248.13.

3. The Service Provider further represents and warrants that, in accordance with 17 CFR § 248.30, it has implemented, and will continue to carry out for the term of the Agreement, policies and procedures reasonably designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· insure the security and confidentiality of records and NPI of Fund customers,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· protect against any anticipated threats or hazards to the security or integrity of Fund customer records and NPI, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· protect against unauthorized access to or use of such Fund customer records or NPI that could result in substantial harm or inconvenience to any Fund customer.

4. The Service Provider may redisclose Section 248.13 NPI only to: (a) the Funds and affiliated persons of the Funds ("Fund Affiliates"); (b) affiliated persons of the Service Provider ("Service Provider Affiliates") (which in turn may disclose or use the information only to the extent permitted under the original receipt); (c) a third party not affiliated with the Service Provider of the Funds ("Nonaffiliated Third Party") under the service and processing (§248.14) or miscellaneous (§248.15) exceptions, but only in the ordinary course of business to carry out the activity covered by the exception under which the Service Provider received the information in the first instance; and (d) a Nonaffiliated Third Party under the service provider and joint marketing exception (§248.13), provided the Service Provider enters into a written contract with the Nonaffiliated Third Party that prohibits the Nonaffiliated Third Party from disclosing or using the information other than to carry out the purposes for which the Funds disclosed the information in the first instance.

5. The Service Provider may redisclose Section 248.14 NPI and Section 248.15 NPI to: (a) the Funds and Fund Affiliates; (b) Service Provider Affiliates (which in turn may disclose the information to the same extent permitted under the original receipt); and (c) a Nonaffiliated Third Party to whom the Funds might lawfully have disclosed NPI directly.

6. The Service Provider is obligated to maintain beyond the termination date of the Agreement the confidentiality of any NPI it receives from the Fund in connection with the Agreement or any joint marketing arrangement, and hereby agrees that this Amendment shall survive such termination.

WITNESS the due execution hereof this 1st day of June, 2001.

**Federated Institutional Trust**

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

Name: J. Christopher Donahue

Title: President

**Federated Securities Corp.**

By: <u>/s/ David M. Taylor</u>

Name: David M. Taylor

Title: Executive Vice President

**Amendment to**

**Distributor's Contracts**

**between**

**the Federated Funds**

**and**

**Federated Securities Corp.**

This Amendment to the Distributor's Contracts (each an "Agreement" and together, the "Agreements") between the Federated Funds listed on Exhibit A, (each a "Fund" and collectively, the "Funds") and Federated Securities Corp. ("Distributor") is made and entered into as of the 1st day of October, 2003.

WHEREAS, each Fund has entered into an Agreement with the Distributor under and pursuant to which the Distributor is the principal underwriter of the shares of the Fund;

WHEREAS, the Securities and Exchange Commission and the United States Treasury Department ("Treasury Department") have adopted a series of rules and regulations arising out of the USA PATRIOT Act (together with such rules and regulations, the "Applicable Law"), specifically requiring certain financial institutions, including the Funds and the Distributor, to establish a written anti-money laundering and customer identification program ("Program");

WHEREAS, each of the Funds and the Distributor have established a Program and wish to amend the Agreements to reflect the existence of such Programs and confirm the allocation of responsibility for the performance of certain required functions;

NOW, THEREFORE, the parties intending to be legally bound agree and amend each Agreement as follows:

1. The Funds and the Distributor each represent, warrant and certify that they have established, and covenant that at all times during the existence of each respective Agreement they will maintain, a Program in compliance with Applicable Law.

2. The Funds each represent and warrant that the Funds have entered into an amendment to the agreement with the transfer agent of the Funds, pursuant to which the transfer agent has agreed to perform all activities, including the establishment and verification of customer identities as required by Applicable Law or its Program, with respect to all customers on whose behalf Distributor maintains an account with the Funds**.** 

3. Distributor covenants that it will enter into appropriate amendments to selling or other agreements with financial institutions that establish and maintain accounts with the Funds on behalf of their customers, pursuant to which such financial institutions covenant to establish and maintain a Program with respect to those customers in accordance with Applicable Law.

In all other respects, each Agreement first referenced above shall remain in full force and effect.

WITNESS the due execution hereof as of the 1st day of October, 2003.

**FUNDS**

By: <u>/s/ John W. McGonigle</u>

Name: John W. McGonigle

Title: Executive Vice President

**federated Securities Corp.**

By: <u>/s/ James F. Getz</u>

Name: James F. Getz

Title: President - Broker/Dealer

**EXHIBIT A**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Funds</u>** | &nbsp;&nbsp;**<u>Distributor's Contract Date</u>** |
| &nbsp;&nbsp;Cash Trust Series, Inc. | &nbsp;&nbsp;March 1, 1993 |
| &nbsp;&nbsp;Cash Trust Series II | &nbsp;&nbsp;January 25, 1991 |
| &nbsp;&nbsp;Edward Jones Money Market Fund | &nbsp;&nbsp;April 1, 2001 |
| &nbsp;&nbsp;Edward Jones Tax-Free Money Market Fund | &nbsp;&nbsp;March 1, 2001 |
| &nbsp;&nbsp;Federated Adjustable Rate Securities Fund | &nbsp;&nbsp;April 24, 1992 |
| &nbsp;&nbsp;Federated American Leaders Fund, Inc. | &nbsp;&nbsp;March 1, 1993 |
| &nbsp;&nbsp;Federated Equity Funds | &nbsp;&nbsp;June 1, 1995 |
| &nbsp;&nbsp;Federated Equity Income Fund, Inc. | &nbsp;&nbsp;March 1, 1993 |
| &nbsp;&nbsp;Federated Fixed Income Securities Fund, Inc. | &nbsp;&nbsp;December 24, 1991 |
| &nbsp;&nbsp;Federated GNMA Trust | &nbsp;&nbsp;May 29, 1992 |
| &nbsp;&nbsp;Federated Government Income Securities, Inc. | &nbsp;&nbsp;July 17, 1996 |
| &nbsp;&nbsp;Federated High Income Bond Fund, Inc. | &nbsp;&nbsp;March 1, 1993 |
| &nbsp;&nbsp;Federated High Yield Trust | &nbsp;&nbsp;August 1, 1989 |
| &nbsp;&nbsp;Federated Income Securities Trust | &nbsp;&nbsp;December 31, 1991 |
| &nbsp;&nbsp;Federated Income Trust | &nbsp;&nbsp;June 1, 1992 |
| &nbsp;&nbsp;Federated Index Trust | &nbsp;&nbsp;September 3, 1991 |
| &nbsp;&nbsp;Federated Institutional Trust | &nbsp;&nbsp;September 1, 1994 |
| &nbsp;&nbsp;Federated Insurance Series | &nbsp;&nbsp;December 1, 1993 |
| &nbsp;&nbsp;Federated International Series, Inc. | &nbsp;&nbsp;February 11, 1991 |
| &nbsp;&nbsp;Federated Investment Series Funds, Inc. | &nbsp;&nbsp;June 22, 1992 |
| &nbsp;&nbsp;Federated Limited Duration Government Fund, Inc. | &nbsp;&nbsp;July 22, 1991 |
| &nbsp;&nbsp;Federated Managed Allocation Portfolios | &nbsp;&nbsp;December 1, 1993 |
| &nbsp;&nbsp;Federated Municipal Opportunities Fund, Inc. | &nbsp;&nbsp;July 17, 1996 |
| &nbsp;&nbsp;Federated Municipal Securities Fund, Inc. | &nbsp;&nbsp;March 1, 1993 |
| &nbsp;&nbsp;Federated Municipal Securities Income Trust | &nbsp;&nbsp;September 9, 1991 |
| &nbsp;&nbsp;Federated Short-Term Municipal Trust | &nbsp;&nbsp;June 1, 1993 |
| &nbsp;&nbsp;Federated Stock and Bond Fund, Inc. | &nbsp;&nbsp;March 1, 1993 |
| &nbsp;&nbsp;Federated Stock Trust | &nbsp;&nbsp;August 1, 1989 |
| &nbsp;&nbsp;Federated Total Return Government Bond Fund | &nbsp;&nbsp;September 1, 1995 |
| &nbsp;&nbsp;Federated Total Return Series, Inc. | &nbsp;&nbsp;December 1, 1993 |
| &nbsp;&nbsp;Federated U.S. Government Bond Fund | &nbsp;&nbsp;August 1, 1989 |
| &nbsp;&nbsp;Federated U.S. Government Securities Fund: 1-3 Years | &nbsp;&nbsp;May 29, 1992 |
| &nbsp;&nbsp;Federated U.S. Government Securities Fund: 2-5 Years | &nbsp;&nbsp;May 29, 1992 |
| &nbsp;&nbsp;Federated World Investment Series, Inc. | &nbsp;&nbsp;March 1, 1994 |
| &nbsp;&nbsp;Intermediate Municipal Trust | &nbsp;&nbsp;June 1, 1993 |
| &nbsp;&nbsp;Money Market Obligations Trust | &nbsp;&nbsp;March 1, 1994 |

---

## Ex-99.G

Exhibit 28 (g) under Form N-1A

Exhibit 10 under Item 601/Reg. S-K

*Execution Copy*

**<u>Amended and Restated Master Custodian Agreement</u>**

This Amended and Restated Master Custodian Agreement is made as of March 1, 2017 (this "***Agreement***"), between each management investment company identified on Appendix A and each management investment company which becomes a party to this Agreement in accordance with the terms hereof (in each case, a "***Fund***"), including, if applicable, each series of the Fund identified on Appendix A and each series which becomes a party to this Agreement in accordance with the terms hereof, and State Street Bank and Trust Company, a Massachusetts trust company (the "***Custodian***"). This Agreement amends and restates the Custodian Contract between the Funds and the Custodian dated as of December 1, 1993, as amended.

*W**itnesseth:***

**Whereas,** each Fund desires for the Custodian to provide certain custodial services relating to securities and other assets of the Fund; and

**Whereas,** the Custodian is willing to provide the services upon the terms contained in this Agreement;

Section 1. <u>Definitions</u>. In addition to terms defined in Section 4.1 (Rule 17f-5 and Rule 17f-7 related definitions) or elsewhere in this Agreement, (a) terms defined in the UCC have the same meanings herein as therein and (b) the following other terms have the following meanings for purposes of this Agreement:

"***1940 Act***" means the Investment Company Act of 1940, as amended from time to time.

"***Board***" means, in relation to a Fund, the board of directors, trustees or other governing body of the Fund.

"***Client Publications***" means the general client publications of State Street Bank and Trust Company available from time to time to clients and their investment managers.

"***Deposit Account Agreement***" means the Deposit Account Agreement and Disclosure, as may be amended from time to time, issued by the Custodian and available on the Custodian's internet customer portal, "my.statestreet.com".

"***Domestic securities***" means securities held within the United States.

"***Foreign securities***" means securities held primarily outside of the United States.

"***Held outside of the United States***" means not held within the United States.

"***Held within the United States***" means (a) in relation to a security or other financial asset, the security or other financial asset (i) is a certificated security registered in the name of the Custodian or its sub-custodian, agent or nominee or is endorsed to the Custodian or its sub-custodian, agent or nominee or in blank and the security certificate is located within the United States, (ii) is an uncertificated security or other financial asset registered in the name of the Custodian or its sub-custodian, agent or nominee at an office located in the United States, or (iii) has given rise to a security entitlement of which the Custodian or its sub-custodian, agent or nominee is the entitlement holder against a U.S. Securities System or another securities intermediary for which the securities intermediary's jurisdiction is within the United States, and (b) in relation to cash, the cash is maintained in a deposit account denominated in U.S. dollars with the banking department of the Custodian or with another bank or trust company's office located in the United States.

"***Investment Advisor***" means, in relation to a Portfolio, the investment manager or investment advisor of the Portfolio.

"***On book currency***" means (a) U.S. dollars or (b) a foreign currency that, when credited to a deposit account of a customer maintained in the banking department of the Custodian or an Eligible Foreign Custodian, the Custodian maintains on its books as an amount owing as a liability by the Custodian to the customer.

"***Portfolio***" means (a) in relation to a Fund that is a series organization, a series of the Fund and (b) in relation to a Fund that is not a series organization, the Fund itself.

"***Portfolio Interests***" means beneficial interests in a Portfolio.

"***Proper Instructions***" means instructions in accordance with Section 9 received by the Custodian from a Fund, the Fund's Investment Advisor, or an individual or organization duly authorized by the Fund or the Investment Advisor. The term includes standing instructions.

"***SEC***" means the U.S. Securities and Exchange Commission.

"***Series organization***" means an organization that, pursuant to the statute under which the organization is organized, has the following characteristics: (a) the organic record of the organization provides for creation by the organization of one or more series (however denominated) with respect to specified property of the organization, and provides for records to be maintained for each series that identify the property of or associated with the series, (b) debt incurred or existing with respect to the activities of, or property of or associated with a particular series is enforceable against the property of or associated with the series only, and not against the property of or associated with the organization or of other series of the organization, and (c) debt incurred or existing with respect to the activities or property of the organization is enforceable against the property of the organization only, and not against the property of or associated with any series of the organization.

"***UCC***" means the Uniform Commercial Code of the Commonwealth of Massachusetts as in effect from time to time.

"***Underlying Portfolios***" means a group of investment companies as defined in Section 12(d)(1)(F) of the 1940 Act.

"***Underlying Shares"*** means shares or other securities, issued by a U.S. issuer, of Underlying Portfolios and other registered "investment companies" (as defined in Section 3(a)(1) of the 1940 Act), whether or not in the same "group of investment companies" (as defined in Section 12(d)(1)(G)(ii) of the 1940 Act).

"***Underlying Transfer Agent***" means State Street Bank and Trust Company or such other organization which may from time to time be appointed by the Fund to act as a transfer agent for the Underlying Portfolios and with respect to which the Custodian is provided with Proper Instructions.

"***U.S. Securities System***" means a securities depository or book-entry system authorized by the U.S. Department of the Treasury or a "clearing corporation" as defined in Section 8-102 of the UCC.

Section 2. <u>Employment of Custodian</u>.

Section 2.1 <u>General</u>. Each Fund hereby employs the Custodian as a custodian of (a) securities and cash of each of the Portfolios and (b) other assets of each of the Portfolios that the Custodian agrees to treat as financial assets. Each Fund, on behalf of each of its Portfolios, agrees to deliver to the Custodian (i) all securities and cash of the Portfolios, (ii) all other assets of each Portfolio that the Fund desires the Custodian, and the Custodian is willing, to treat as a financial asset and (iii) all cash and other proceeds of the securities and financial assets held in custody under this Agreement. The holding of confirmation statements that identify Underlying Shares as being recorded in the Custodian's name on behalf of the Portfolios will be custody for purposes of this Section 2.1. This Agreement does not require the Custodian to accept an asset for custody hereunder or to treat any asset that is not a security as a financial asset if such acceptance or treatment is inconsistent with applicable law and/or internal policies and procedures of the Custodian .

Section 2.2 <u>Sub-custodians</u>. Upon receipt of Proper Instructions, the Custodian shall on behalf of a Fund appoint one or more banks, trust companies or other entities located in the United States and designated in the Proper Instructions to act as a sub-custodian for the purposes of effecting such transactions as may be designated by the Fund in the Proper Instructions. The Custodian may place and maintain each Fund's foreign securities with foreign banking institution sub-custodians employed by the Custodian or foreign securities depositories, all in accordance with the applicable provisions of Sections 4 and 5. An entity acting in the capacity of Underlying Transfer Agent is not an agent or sub-custodian of the Custodian for purposes of this Agreement.

Section 2.3 <u>Relationship</u>. With respect to securities and other financial assets, the Custodian is a securities intermediary and the Portfolio is the entitlement holder. With respect to cash maintained in a deposit account and denominated in an "on book" currency, the Custodian is a bank and the Portfolio is the bank's customer. If cash is maintained in a deposit account with a bank other than the Custodian and the cash is denominated in an "on book" currency, the Custodian is that bank's customer. The Custodian agrees to treat the claim to the cash as a financial asset for the benefit of the Portfolio**.** The Custodian does not otherwise agree to treat cash as a financial asset. The duties of the Custodian as securities intermediary and bank set forth in the UCC are varied by the terms of this Agreement to the extent that the duties may be varied by agreement under the UCC.

Section 3. <u>Activities of the Custodian with Respect to Property Held in the United States</u>.

Section 3.1 <u>Holding Securities</u>. The Custodian may deposit and maintain securities or other financial assets of a Portfolio in a U.S. Securities System in compliance with the conditions of Rule 17f-4 under the 1940 Act. Upon receipt of Proper Instructions on behalf of a Portfolio, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Portfolio and into which account or accounts may be transferred cash or securities and other financial assets, including securities and financial assets maintained in a U.S. Securities System. The Custodian shall hold and physically segregate for the account of each Portfolio all securities and other financial assets held by the Custodian in the United States, including all domestic securities of the Portfolio, other than (a) securities or other financial assets maintained in a U.S. Securities System and (b) Underlying Shares maintained pursuant to Section 3.6 in an account of an Underlying Transfer Agent. The Custodian may at any time or times in its discretion appoint any other bank or trust company, qualified under the 1940 Act to act as a custodian, as the Custodian's agent to carry out such of the provisions of this Section as the Custodian may from time to time direct, provided, however, that prior to such appointment on behalf of a Portfolio the Custodian must first provide the Fund with written notice of such appointment. The appointment of any agent shall not relieve the Custodian of any of its duties, responsibilities or liabilities, including the standard of care set forth in Section 14.1. The Custodian may at any time or times in its discretion remove the bank or trust company as the Custodian's agent.

Section 3.2 <u>Registration of Securities</u>. Domestic securities or other financial assets held by the Custodian and that are not bearer securities shall be registered in the name of the applicable Portfolio or in the name of any nominee of a Fund on behalf of the Portfolio or of any nominee of the Custodian, or in the name or nominee name of any agent or any sub-custodian permitted hereby. All securities accepted by the Custodian on behalf of the Portfolio under the terms of this Agreement shall be in "street name" or other good delivery form. However, if a Fund directs the Custodian to maintain securities or other financial assets in "street name," the Custodian shall utilize reasonable efforts only to timely collect income due the Fund on the securities and other financial assets and to notify the Fund of relevant issuer actions including, without limitation, pendency of calls, maturities, tender or exchange offers.

Section 3.3 <u>Bank Accounts</u>. The Custodian shall open and maintain upon the terms of the Deposit Account Agreement a separate deposit account or accounts in the United States in the name of each Portfolio, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement. The Custodian shall credit to the deposit account or accounts, subject to the provisions hereof, all cash received by the Custodian from or for the account of the Portfolio, other than cash maintained by the Portfolio in a deposit account established and used in accordance with Rule 17f-3 under the 1940 Act. Funds held by the Custodian for a Portfolio may be deposited by the Custodian to its credit as Custodian in the banking department of the Custodian or in such other banks or trust companies as it may in its discretion deem necessary or desirable; provided, however, that (a) every such bank or trust company shall be qualified to act as a custodian under the 1940 Act and (b) each such bank or trust company and the funds to be deposited with each such bank or trust company shall on behalf of each applicable Portfolio of a Fund be approved by vote of a majority of the Fund's Board. The funds shall be deposited by the Custodian in its capacity as Custodian and shall be withdrawable by the Custodian only in that capacity.

Section 3.4 <u>Collection of Income</u>. Subject to the domestic securities or other financial assets held in the United States being registered as provided in Section 3.2, the Custodian shall collect on a timely basis all income and other payments with respect to the securities and other financial assets and to which a Portfolio shall be entitled either by law or pursuant to custom in the securities business. The Custodian shall collect on a timely basis all income and other payments with respect to bearer domestic securities if, on the date of payment by the issuer, the securities are held by the Custodian or its agent. The Custodian shall present for payment all income items requiring presentation as and when they become due and shall collect interest when due on securities and other financial assets held hereunder. The Custodian shall credit income to the Portfolio as such income is received or in accordance with the Custodian's then current payable date income schedule. Any credit to the Portfolio in advance of receipt may be reversed when the Custodian determines that payment will not occur in due course, and the Portfolio may be charged at the Custodian's applicable rate for time credited.

Section 3.5 <u>Delivery Out</u>. The Custodian shall release and deliver out domestic securities and other financial assets of a Portfolio held in a U.S. Securities System, or in an account at the Underlying Transfer Agent, only upon receipt of Proper Instructions on behalf of the applicable Portfolio, specifying the domestic securities or financial assets held in the United States to be delivered out and the person or persons to whom delivery is to be made. The Custodian shall pay out cash of a Portfolio upon receipt of Proper Instructions on behalf of the applicable Portfolio, specifying the amount of the payment and the person or persons to whom the payment is to be made.

Section 3.6 <u>Deposit of Fund Assets with the Underlying Transfer Agent</u>. Underlying Shares of a Fund, on behalf of a Portfolio, shall be deposited and held in an account or accounts maintained with an Underlying Transfer Agent. Each Portfolio hereby directs the Custodian to deposit and/or maintain such securities with the Underlying Transfer Agent, subject to the following provisions:

1) Upon receipt of a confirmation or statement from an Underlying Transfer Agent that the Underlying Transfer Agent is holding or maintaining Underlying Shares in the name of the Custodian (or a nominee of the Custodian) for the benefit of a Portfolio, the Custodian shall identify by book-entry that the Underlying Shares are being held by it as custodian for the benefit of the Portfolio.

2) Upon receipt of Proper Instructions to purchase Underlying Shares for the account of a Portfolio, the Custodian shall pay out cash of the Portfolio as so directed to purchase the Underlying Shares and record the payment from the account of the Portfolio on the Custodian's books and records.

3) Upon receipt of Proper Instructions for the sale or redemption of Underlying Shares for the account of a Portfolio, the Custodian shall transfer the Underlying Shares as so directed to sell or redeem the Underlying Shares, record the transfer from the account of the Portfolio on the Custodian's books and records and, upon the Custodian's receipt of the proceeds of the sale or redemption, record the receipt of the proceeds for the account of such Portfolio on the Custodian's books and records.

4) The Custodian shall not be liable to any Fund or any Portfolio for any loss or damage to any Fund or any Portfolio resulting from maintenance of Underlying Shares with Underlying Transfer Agent provided that the Custodian meets the standard of care set forth in Section 14.1.

Section 3.7 <u>Proxies</u>. The Custodian shall cause to be promptly executed by the registered holder of domestic securities or other financial assets held in the United States of a Portfolio, if the securities or other financial assets are registered otherwise than in the name of the Portfolio or a nominee of the Portfolio, all proxies, without indication of the manner in which the proxies are to be voted, and shall promptly deliver to the Fund or its delegates such proxies, all proxy soliciting materials and all notices relating to the securities or other financial assets.

Section 3.8 <u>Communications</u>. Subject to the domestic securities or other financial assets held in the United States being registered as provided in Section 3.2, the Custodian shall transmit promptly to the applicable Fund or its delegates for each Portfolio all written information received by the Custodian from issuers of the securities and other financial assets being held for the Portfolio. The Custodian shall transmit promptly to the applicable Fund or its delegates all written information (including, without limitation, pendency of calls and maturities of securities and expiration of rights in connection therewith, notices of exercise of call and put options written by the Fund, and the maturity of futures contracts purchased or sold by the Fund) received by the Custodian from issuers of the securities and other financial assets whose tender or exchange is sought and from the party or its agent making the tender or exchange offer. The Custodian shall also transmit promptly to the applicable Fund or its delegates for each Portfolio all written information received by the Custodian regarding any class action or other collective litigation relating to Portfolio securities or other financial assets issued in the United States and then held, or previously held, during the relevant class-action period during the term of this Agreement by the Custodian for the account of the Fund for the Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. The Custodian does not support class-action participation by a Fund beyond such forwarding of written information received by the Custodian to the Fund or its delegates.

Section 4. <u>Provisions Relating to Rules 17f-5 and 17f-7</u>.

Section 4.1. <u>Definitions</u>. As used in this Agreement, the following terms have the following meanings:

"***Country Risk***" means all factors reasonably related to the systemic risk of holding Foreign Assets in a particular country. The factors include but are not limited to risks arising from the country's political environment, economic and financial infrastructure (including any Eligible Securities Depository operating in the country); prevailing or developing custody, tax and settlement practices; nationalization, expropriation or other government actions; currency restrictions, devaluations or fluctuations; market conditions affecting the orderly execution of securities transactions or the value of assets; the regulation of the banking and securities industries, including changes in market rules; and laws and regulations applicable to the safekeeping and recovery of Foreign Assets held in custody in that country.

"***Covered Foreign Country***" means a country listed on Schedule A, which list of countries may be amended from time to time at the request of any Fund and with the agreement of the Foreign Custody Manager.

"***Eligible Foreign Custodian***" has the meaning set forth in Section (a)(1) of Rule 17f-5.

"***Eligible Securities Depository***" has the meaning set forth in section (b)(1) of Rule 17f-7.

"***Foreign Assets***" means, in relation to a Portfolio, any of the Portfolio's securities or other investments (including foreign currencies) for which the primary market is outside the United States, and any cash and cash equivalents that are reasonably necessary to effect transactions of the Portfolio in those investments.

"***Foreign Custody Manager***" has the meaning set forth in section (a)(3) of Rule 17f-5.

"***Foreign Securities System***" means an Eligible Securities Depository listed on Schedule B.

"***Rule 17f-5***" means Rule 17f-5 promulgated under the 1940 Act.

"***Rule 17f-7***" means Rule 17f-7 promulgated under the 1940 Act.

Section 4.2. <u>The Custodian as Foreign Custody Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 <u>Delegation</u>. Each Fund, by resolution adopted by its Board, hereby delegates to the Custodian, subject to Section (b) of Rule 17f-5, the responsibilities set forth in this Section 4.2 with respect to Foreign Assets of the Portfolios held outside the United States. The Custodian hereby accepts such delegation. By giving at least 30 days' prior written notice to the Fund, the Foreign Custody Manager may withdraw its acceptance of the delegated responsibilities generally or with respect to a Covered Foreign Country designated in the notice. Following the withdrawal, the Custodian shall have no further responsibility in its capacity as Foreign Custody Manager to the Fund generally or, as the case may be, with respect to the Covered Foreign Country so designated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 <u>Exercise of Care as Foreign Custody Manager</u>. In performing the responsibilities delegated to it, the Foreign Custody Manager shall exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of the Foreign Assets would exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 <u>Foreign Custody Arrangements</u>. The Foreign Custody Manager shall be responsible for performing the delegated responsibilities only with respect to Covered Foreign Countries. The Foreign Custody Manager shall list on Schedule A for a Covered Foreign Country each Eligible Foreign Custodian selected by the Foreign Custody Manager to maintain the Foreign Assets of the Portfolios with respect to the Covered Foreign Country. The list of Eligible Foreign Custodians may be amended from time to time upon notice in the sole discretion of the Foreign Custody Manager. This Agreement constitutes a Proper Instruction by a Fund, on behalf of each applicable Portfolio, to open an account, and to place and maintain Foreign Assets, for the Portfolio in each applicable Covered Foreign Country. The Fund, on behalf of the Portfolios, shall satisfy the account opening requirements for the Covered Foreign Country, and the delegation with respect to the Portfolio for the Covered Foreign Country will not be considered to have been accepted by the Custodian until that satisfaction. If the Foreign Custody Manager receives from the Fund Proper Instructions directing the Foreign Custody Manager to close the account, the delegation shall be considered withdrawn, and the Custodian shall immediately cease to be the Foreign Custody Manager with respect to the Portfolio for the Covered Foreign Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4 <u>Scope of Delegated Responsibilities</u>: Subject to the provisions of this Section 4.2, the Foreign Custody Manager may place and maintain Foreign Assets in the care of an Eligible Foreign Custodian selected by the Foreign Custody Manager in each applicable Covered Foreign Country. The Foreign Custody Manager shall determine that (a) the Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by the Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1) and (b) the contract between the Foreign Custody Manager and the Eligible Foreign Custodian governing the foreign custody arrangements will satisfy the requirements of Rule 17f-5(c)(2). The Foreign Custody Manager shall establish a system to monitor (i) the appropriateness of maintaining the Foreign Assets with the Eligible Foreign Custodian and (ii) the performance of the contract governing the custody arrangements. If the Foreign Custody Manager determines that the custody arrangements with an Eligible Foreign Custodian are no longer appropriate, the Foreign Custody Manager shall so notify the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5 <u>Reporting Requirements</u>. The Foreign Custody Manager shall (a) report the withdrawal of Foreign Assets from an Eligible Foreign Custodian and the placement of Foreign Assets with another Eligible Foreign Custodian by providing to the Fund's Board an amended Schedule A at the end of the calendar quarter in which the action has occurred, and (b) after the occurrence of any other material change in the foreign custody arrangements of the Portfolios described in this Section 4.2, make a written report to the Board containing a notification of the change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.6 <u>Representations</u>. The Foreign Custody Manager represents to each Fund that it is a U.S. Bank as defined in Section (a)(7) of Rule 17f-5. Each Fund represents to the Custodian that its Board has (a) determined that it is reasonable for the Board to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Portfolios and (b) considered and determined to accept such Country Risk as is incurred by placing and maintaining the Foreign Assets of each Portfolio in each Covered Foreign Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.7 <u>Termination by a Portfolio of the Custodian as Foreign Custody Manager</u>. By giving at least 30 days' prior written notice to the Custodian, a Fund, on behalf of a Portfolio, may terminate the delegation to the Custodian as the Foreign Custody Manager for the Portfolio. Following the termination, the Custodian shall have no further responsibility in its capacity as Foreign Custody Manager to the Portfolio.

Section 4.3 <u>Monitoring of Eligible Securities Depositories</u>. The Custodian shall (a) provide the Fund or its Investment Advisor with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set forth on Schedule B in accordance with Section (a)(1)(i)(A) of Rule 17f-7 and (b) monitor such risks on a continuing basis and promptly notify the Fund or its Investment Advisor of any material change in such risks, in accordance with Section (a)(1)(i)(B) of Rule 17f-7.

Section 5. <u>Activities of the Custodian with Respect to Property Held Outside the United States</u>.

Section 5.1. <u>Holding Securities</u>. Foreign securities and other financial assets held outside of the United States shall be maintained in a Foreign Securities System in a Covered Foreign Country through arrangements implemented by the Custodian or an Eligible Foreign Custodian, as applicable, in the Covered Foreign Country. The Custodian shall identify on its books as belonging to the Portfolios the foreign securities and other financial assets held by each Eligible Foreign Custodian or Foreign Securities System. The Custodian may hold foreign securities and other financial assets for all of its customers, including the Portfolios, with any Eligible Foreign Custodian in an account that is identified as the Custodian's account for the benefit of its customers; provided however, that (a) the records of the Custodian with respect to foreign securities or other financial assets of a Portfolio maintained in the account shall identify those securities and other financial assets as belonging to the Portfolio and (b) to the extent permitted and customary in the market in which the account is maintained, the Custodian shall require that securities and other financial assets so held by the Eligible Foreign Custodian be held separately from any assets of the Eligible Foreign Custodian or of other customers of the Eligible Foreign Custodian.

Section 5.2. <u>Registration of Foreign Securities</u>. Foreign securities and other financial assets held outside of the United States maintained in the custody of an Eligible Foreign Custodian and that are not bearer securities shall be registered in the name of the applicable Portfolio or in the name of the Custodian or in the name of any Eligible Foreign Custodian or in the name of any nominee of any of the foregoing. To the extent applicable, the Custodian and each Eligible Foreign Custodian shall establish and maintain current powers-of-attorney with respect to such foreign securities and other financial assets held outside of the United States to facilitate the voting of all proxies, without indication of the manner in which the proxies are to be voted, and shall promptly deliver to the Fund or its delegates such proxies, all proxy soliciting materials and all notices relating to the securities or other financial assets. The Fund on behalf of the Portfolio agrees to hold any such nominee harmless from any liability as a holder of record of the foreign securities or other financial assets. The Custodian or an Eligible Foreign Custodian reserves the right not to accept securities or other financial assets on behalf of a Portfolio under the terms of this Agreement unless the form of the securities or other financial assets and the manner in which they are delivered are in accordance with local market practice.

Section 5.3. <u>Indemnification by Eligible Foreign Custodians</u>. Each contract pursuant to which the Custodian employs an Eligible Foreign Custodian shall, to the extent possible, require the Eligible Foreign Custodian to exercise reasonable care in the performance of its duties and to indemnify and hold harmless the Custodian from and against any loss, cost, expense, liability or claim arising out of or in connection with the Eligible Foreign Custodian's performance of its obligations. At a Fund's election, a Portfolio shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against an Eligible Foreign Custodian as a consequence of any such loss, cost or expense if and to the extent that the Portfolio has not been made whole for the loss, cost or expense. In no event shall the Custodian be obligated to bring suit in its own name or to allow suit to be brought in its name.

Section 5.4 <u>Bank Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1 <u>General</u>. The Custodian shall identify on its books as for the account of the applicable Portfolio the amount of cash (including cash denominated in foreign currencies) deposited with the Custodian. The Custodian shall maintain cash deposits in on book currencies on its balance sheet. The Custodian shall be liable for such balances. If the Custodian is unable to maintain, or market practice does not facilitate the maintenance for the Portfolio of a cash balance in a currency as an on book currency, a deposit account shall be opened and maintained by the Custodian outside the United States on behalf of the Portfolio with an Eligible Foreign Custodian. The Custodian shall not maintain the cash deposit on its balance sheet. The Eligible Foreign Custodian will be liable for such balance directly to the Portfolio. All deposit accounts referred to in this Section shall be subject only to draft or order by the Custodian or, if applicable, the Eligible Foreign Custodian acting pursuant to the terms of this Agreement, and shall be withdrawable by the Custodian or the Eligible Foreign Custodian only in that capacity. Cash maintained in a deposit account and denominated in an "on book" currency will be maintained under and subject to the laws of the Commonwealth of Massachusetts. The Custodian will not have any deposit liability for deposits in any currency that is not an "on book" currency, provided, however, that Custodian shall remain liable for the acts or omissions of an Eligible Foreign Custodian in accordance with Section 14.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2 <u>Non-U.S. Branch and Non-U.S. Dollar Deposits</u>. In accordance with the laws of the Commonwealth of Massachusetts, the Custodian shall not be required to repay any deposit made at a non-U.S. branch of the Custodian or any deposit made with the Custodian and denominated in a non-U.S. dollar currency, if repayment of the deposit or the use of assets denominated in the non-U.S. dollar currency is prevented, prohibited or otherwise blocked due to (a) an act of war, insurrection or civil strife; (b) any action by a non-U.S. government or instrumentality or authority asserting governmental, military or police power of any kind, whether such authority be recognized as a de facto or a de jure government, or by any entity, political or revolutionary movement or otherwise that usurps, supervenes or otherwise materially impairs the normal operation of civil authority; or (c) the closure of a non-U.S. branch in order to prevent, in the reasonable judgment of the Custodian, harm to the employees or property of the Custodian.

Section 5.5. <u>Collection of Income</u>. The Custodian shall use reasonable commercial efforts to collect all income and other payments with respect to the Foreign Assets held hereunder to which a Portfolio shall be entitled. If extraordinary measures are required to collect the income or payment, the Fund and the Custodian shall consult as to such measures and as to the compensation and expenses of the Custodian relating to such measures. The Custodian shall credit income to the applicable Portfolio as such income is received or in accordance with the Custodian's then current payable date income schedule. Any credit to the Portfolio in advance of receipt may be reversed when the Custodian determines that payment will not occur in due course, and the Portfolio may be charged at the Custodian's applicable rate for time credited. Income on securities or other financial assets loaned other than from the Custodian's securities lending program shall be credited as received.

Section 5.6. <u>Transactions in Foreign Custody Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.1 <u>Delivery Out</u>. The Custodian or an Eligible Foreign Custodian shall release and deliver foreign securities or other financial assets held outside of the United States owned by a Portfolio and held by the Custodian or such Eligible Foreign Custodian, or in a Foreign Securities System account, only upon receipt of Proper Instructions, specifying the foreign securities to be delivered and the person or persons to whom delivery is to be made. The Custodian shall pay out, or direct the respective Eligible Foreign Custodian or the respective Foreign Securities System to pay out, cash of a Portfolio only upon receipt of Proper Instructions specifying the amount of the payment and the person or persons to whom the payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.2 <u>Market Conditions</u>. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Foreign Assets received for the account of the Portfolios and delivery of Foreign Assets maintained for the account of the Portfolios may be effected in accordance with the customary established securities trading or processing practices and procedures in the country or market in which the transaction occurs, including, without limitation, delivering Foreign Assets to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) with the expectation of receiving later payment for the Foreign Assets from such purchaser or dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.3 <u>Settlement Practices</u>. The Custodian shall provide to each Board the information with respect to custody and settlement practices in countries in which the Custodian employs an Eligible Foreign Custodian described on Schedule C at the time or times set forth on the Schedule. The Custodian may revise Schedule C from time to time, but no revision shall result in a Board being provided with substantively less information than had been previously provided on Schedule C.

Section 5.7 <u>Shareholder or Bondholder Rights</u>. The Custodian shall use reasonable commercial efforts to facilitate the exercise of voting and other shareholder and bondholder rights with respect to foreign securities and other financial assets held outside the United States, subject always to the laws, regulations and practical constraints that may exist in the country where the securities or other financial assets are issued. The Custodian may utilize Broadridge Financial Solutions, Inc. or another proxy service firm of recognized standing as its delegate to provide proxy services for the exercise of shareholder and bondholder rights. Local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of a Fund to exercise shareholder and bondholder rights.

Section 5.8. <u>Communications</u>. The Custodian shall transmit promptly to the applicable Fund written information with respect to materials received by the Custodian through Eligible Foreign Custodians from issuers of the foreign securities and other financial assets being held outside the United States for the account of a Portfolio. The Custodian shall transmit promptly to the applicable Fund written information with respect to materials so received by the Custodian from issuers of foreign securities whose tender or exchange is sought or from the party or its agent making the tender or exchange offer. The Custodian shall also transmit promptly to the Fund all written information received by the Custodian through Eligible Foreign Custodians from issuers of the foreign securities or other financial assets issued outside of the United States and being held for the account of the Portfolio regarding any class action or other collective litigation relating to the Portfolio's foreign securities or other financial assets issued outside the United States and then held, or previously held, during the relevant class-action period during the term of this Agreement by the Custodian via an Eligible Foreign Custodian for the account of the Fund for the Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. The Custodian does not support class-action participation by a Fund beyond such forwarding of written information received by the Custodian.

Section 6. <u>Foreign Exchange</u>.

Section 6.1. <u>Generally</u>. Upon receipt of Proper Instructions, which for purposes of this Section may also include security trade advices, the Custodian shall facilitate the processing and settlement of foreign exchange transactions. Such foreign exchange transactions do not constitute part of the services provided by the Custodian under this Agreement.

Section 6.2. <u>Fund Elections</u>. Each Fund (or its Investment Advisor acting on its behalf) may elect to enter into and execute foreign exchange transactions with third parties that are not affiliated with the Custodian, with State Street Global Markets, which is the foreign exchange division of State Street Bank and Trust Company and its affiliated companies ("***SSGM***"), or with a sub-custodian. Where the Fund or its Investment Advisor gives Proper Instructions for the execution of a foreign exchange transaction using an indirect foreign exchange service described in the Client Publications, the Fund (or its Investment Advisor) instructs the Custodian, on behalf of the Fund, to direct the execution of such foreign exchange transaction to SSGM or, when the relevant currency is not traded by SSGM, to the applicable sub-custodian. The Custodian shall not have any agency (except as contemplated in preceding sentence), trust or fiduciary obligation to the Fund, its Investment Advisor or any other person in connection with the execution of any foreign exchange transaction. The Custodian shall have no responsibility under this Agreement for the selection of the counterparty to, or the method of execution of, any foreign exchange transaction entered into by the Fund (or its Investment Advisor acting on its behalf) or the reasonableness of the execution rate on any such transaction.

Section 6.3. <u>Fund Acknowledgement</u> Each Fund acknowledges that in connection with all foreign exchange transactions entered into by the Fund (or its Investment Advisor acting on its behalf) with SSGM or any sub-custodian, SSGM and each such sub-custodian:

(i) shall be acting in a principal capacity and not as broker, agent or fiduciary to the Fund or its Investment Advisor;

(ii) shall seek to profit from such foreign exchange transactions, and are entitled to retain and not disclose any such profit to the Fund or its Investment Advisor; and

(iii) shall enter into such foreign exchange transactions pursuant to the terms and conditions, including pricing or pricing methodology, (a) agreed with the Fund or its Investment Advisor from time to time or (b) in the case of an indirect foreign exchange service, (i) as established by SSGM and set forth in the Client Publications with respect to the particular foreign exchange execution services selected by the Fund or the Investment Advisor or (ii) as established by the sub-custodian from time to time.

Section 6.4. <u>Transactions by State Street</u>. The Custodian or its affiliates, including SSGM, may trade based upon information that is not available to the Fund (or its Investment Advisor acting on its behalf), and may enter into transactions for its own account or the account of clients in the same or opposite direction to the transactions entered into with the Fund (or its Investment Manager), and shall have no obligation, under this Agreement, to share such information with or consider the interests of their respective counterparties, including, where applicable, the Fund or the Investment Advisor.

Section 6A. <u>Contractual Settlement Services (Purchase/Sales)</u>.

Section 6A.1 <u>General</u>. The Custodian shall, in accordance with the terms set out in this Section 6A, debit or credit the appropriate deposit account of each Portfolio on a contractual settlement basis in connection with the purchase of securities or other financial assets for the Portfolio or the receipt of the proceeds of the sale or redemption of securities or other financial assets.

Section 6A.2 <u>Provision of Services</u>. The services described in Section 6A.1 (the "***Contractual Settlement Services***") shall be provided for the securities and other financial assets and in such markets as the Custodian may advise from time to time. The Custodian may terminate or suspend any part of the provision of the Contractual Settlement Services at its sole discretion immediately upon notice to the applicable Fund on behalf of each Portfolio, including, without limitation, in the event of force majeure events affecting settlement, any disorder in markets, or other changed external business circumstances affecting the markets or the Fund.

Section 6A.3 <u>Purchase Consideration</u>. The consideration payable in connection with a purchase transaction shall be debited from the appropriate deposit account of the Portfolio as of the time and date that funds would ordinarily be required to settle the transaction in the applicable market. The Custodian shall promptly recredit the amount at the time that the Portfolio or the Fund notifies the Custodian by Proper Instruction that the transaction has been canceled.

Section 6A.4 <u>Sales and Redemptions</u>. A provisional credit of an amount equal to the net sale price for a sale or redemption of securities or other financial assets shall be made to the account of the Portfolio as if the amount had been received as of the close of business on the date on which good funds would ordinarily be immediately available in the applicable market. The provisional credit will be made conditional upon the Custodian having received Proper Instructions with respect to, or reasonable notice of, the transaction, as applicable; and the Custodian or its agent having possession of the securities of other financial assets (excluding financial assets subject to any third party lending arrangement entered into by a Portfolio) associated with the transaction in good deliverable form and not being aware of any facts which would lead the Custodian or its agent to believe that the transaction will not settle in the time period ordinarily applicable to such transactions in the applicable market.

Section 6A.5 <u>Reversals of Provisional Credits or Debits</u>. The Custodian shall have the right to reverse any provisional credit or debit given in connection with the Contractual Settlement Services at any time when the Custodian believes, in its reasonable judgment, that such transaction will not settle in accordance with its terms or amounts due pursuant thereto, will not be collectable or where the Custodian has not been provided Proper Instructions with respect thereto, as applicable. The Portfolio shall be responsible for any costs or liabilities resulting from such reversal. Upon such reversal, a sum equal to the credited or debited amount shall become immediately payable by the Portfolio to the Custodian and may be debited from any deposit or other account held for benefit of the Portfolio.

Section 7. <u>Tax Services</u>.

Section 7.1 <u>General</u>. Subject to and to the extent of receipt by the Custodian of relevant and necessary documentation and information with respect to the Portfolios that the Custodian has requested, the Custodian shall perform the following services: (a) file claims for exemptions, reductions in withholding taxes, or refunds of any tax with respect to withheld foreign (non-U.S.) taxes in instances in which such claims are appropriate; (b) withhold appropriate amounts as required by U.S. tax laws with respect to amounts received on behalf of nonresident aliens; and (c) provide to the Portfolios such information actually received by the Custodian that is reasonably requested by the Fund or could, in the Custodian's reasonable belief, assist any of the Portfolios in their submission of any reports or returns with respect to taxes. It shall be the responsibility of each Portfolio to notify the Custodian of the obligations imposed on the Portfolio or the Custodian as custodian by the tax law of countries, states and political subdivisions thereof, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting. The sole responsibility of the Custodian with regard to such tax law shall be to use reasonable efforts to assist the Portfolio with respect to any claim for exemption or refund under the tax law of countries for which the Portfolio has provided sufficient information and documentation.

Section 7.2 <u>Ownership Certificates for Tax Purposes</u>. The Custodian shall execute ownership and other certificates and affidavits for all federal and state tax purposes in connection with receipt of income or other payments with respect to domestic securities or other financial assets held within the United States of each Portfolio held by the Custodian and in connection with transfers of securities and other financial assets.

Section 7.3 <u>Authorizations</u>. The Custodian is authorized to deduct from any cash received or credited to the account of a Portfolio any taxes or levies required by any tax or other governmental authority having jurisdiction in respect of such Portfolio's transactions and to disclose any information required by any such tax or other governmental authority in relation to processing any claim for exemption from or reduction or refund of any taxes relating to Portfolio transactions and holdings.

Section 7.4 <u>Services Further Limited</u>. Other than the servicing responsibilities provided herein, the Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on any Fund, any Portfolio or the Custodian as custodian of the assets of the Fund or the Portfolio by the tax law of any country or of any state or political subdivision thereof. The Custodian shall not be considered the Fund's tax advisor or tax counsel.

Section 8. <u>Payments for Sales or Redemptions of Portfolio Interests</u>.

Section 8.1 <u>Payment for Portfolio Interests Issued</u>. The Custodian shall receive from the distributor of Portfolio Interests of a Fund or from the Fund's transfer agent (the "***Transfer Agent***") and deposit into the account of the Portfolio such payments as are received for Portfolio Interests issued or sold from time to time by the Fund. The Custodian will provide timely notification to the Fund on behalf of the Portfolio and the Transfer Agent of any receipt of the payments by the Custodian.

Section 8.2 <u>Payment for Portfolio Interests Redeemed</u>. Upon receipt of instructions from the Transfer Agent, the Custodian shall set aside funds of a Portfolio to the extent available for payment to holders of Portfolio Interests who have delivered to the Transfer Agent a request for redemption of their Portfolio Interests. The Custodian is authorized upon receipt of instructions from the Transfer Agent, if any, or from the Portfolio, to wire funds to or through a commercial bank designated by the redeeming interest holders. If the Custodian furnishes a check to a holder in payment for the redemption of the holder's Portfolio Interests and the check is drawn on the Custodian, the Custodian shall honor the check so long as the check is presented to the Custodian in accordance with the Deposit Account Agreement and such procedures and controls as are mutually agreed upon from time to time between the Fund and the Custodian.

Section 9. <u>Proper Instructions</u>.

Section 9. 1 <u>Form and Security Procedures</u>. Proper Instructions may be in writing signed by the authorized individual or individuals or may be in a tested communication or in a communication utilizing access codes effected between electro-mechanical or electronic devices or may be by such other means and utilizing such intermediary systems and utilities as may be agreed to from time to time by the Custodian and the individual or organization giving the instruction, provided that the Fund has followed any security procedures agreed to from time to time by the applicable Fund and the Custodian including, but not limited to, the security procedures selected by the Fund. The Custodian may agree to accept oral instructions, and in such case oral instructions will be considered Proper Instructions. The Fund shall cause all oral instructions to be confirmed in writing, but the Fund's failure to do so shall not affect the Custodian's authority to rely on the oral instructions, if the Custodian reasonably believes the oral instructions have been given by an individual authorized to give such instructions with respect to the transaction involved.

Section 9.2 <u>Reliance on Officer's Certificate</u>. Concurrently with the execution of this Agreement, and from time to time thereafter, as appropriate, each Fund shall deliver to the Custodian an officer's certificate setting forth the names, titles, signatures and scope of authority of all individuals authorized to give Proper Instructions or any other notice, request, direction, instruction, certificate or instrument on behalf of the Fund. The certificate may be accepted and conclusively relied upon by the Custodian and shall be considered to be in full force and effect until receipt by the Custodian of a similar certificate to the contrary and the Custodian has had a reasonable time to act thereon.

Section 9.3 <u>Untimely Proper Instructions</u>. If the Custodian is not provided with reasonable time to execute a Proper Instruction (including any Proper Instruction not to execute, or any other modification to, a prior Proper Instruction), the Custodian will use good faith efforts to execute the Proper Instruction but, provided that the Custodian meets the standard of care set forth in Section 14.1, will not be responsible or liable if the Custodian's efforts are not successful (including any inability to change any actions that the Custodian had taken pursuant to the prior Proper Instruction). The inclusion of a statement of purpose or intent (or any similar notation) in a Proper Instruction shall not impose any additional obligations on the Custodian or condition or qualify its authority to effect the Proper Instruction. The Custodian will not assume a duty to ensure that the stated purpose or intent is fulfilled and will have no responsibility or liability when it follows the Proper Instruction without regard to such purpose or intent; provided, however, the Custodian will use good faith efforts when it follows such Proper Instruction, taking into account past practices (including with respect to resolution of issues and responsibility).

Section 10. <u>Actions Permitted without Express Authority</u>.

The Custodian may in its discretion, without express authority from the applicable Fund on behalf of each Portfolio:

1) Make payments to itself or others for minor expenses of handling securities or other financial assets relating to its duties under this Agreement; provided that all such payments shall be accounted for to the Fund on behalf of the Portfolio and the Fund shall have the opportunity to review such payments and the parties shall use good faith efforts to resolve any dispute with respect to such payments;

2) Surrender securities or other financial assets in temporary form for securities or other financial assets in definitive form;

3) Endorse for collection, in the name of the Portfolio, checks, drafts and other negotiable instruments; and

4) In general, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with the securities and other financial assets of the Portfolio except as otherwise directed by the applicable Board.

Section 11. <u>Reserved</u>.

Section 12. <u>Records</u>.

The Custodian shall with respect to each Portfolio create and maintain all records relating to its activities and obligations under this Agreement in such manner as will meet the obligations of each Fund under the 1940 Act, with particular attention to Section 31 thereof and Rules 31a-1 and 31a-2 thereunder. All such records shall be the property of the Fund and shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of the Fund and employees and agents of the SEC or other regulators with jurisdiction over the Funds with respect to the Portfolios. The Custodian shall, at the Fund's request, supply the Fund with a tabulation of securities owned by each Portfolio and held by the Custodian and shall, when requested to do so by the Fund and for such compensation as shall be agreed upon between the Fund and the Custodian, include certificate numbers in such tabulations. In the event that the Custodian is requested or authorized by a Fund, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Fund by state or federal regulatory agencies, to produce the records of the Fund or the Custodian's personnel as witnesses, the Fund will pay the Custodian for the Custodian's time and expenses incurred in responding to a non-routine request, order or requirement as reasonably agreed by the Fund and the Custodian, taking into account past practices.

Section 13. <u>Fund's Independent Accountants; Reports</u>.

Section 13.1 <u>Opinions</u>. The Custodian shall take all reasonable action, as a Fund with respect to a Portfolio may from time to time request, to obtain from year to year favorable opinions from the Fund's independent accountants with respect to its activities hereunder in connection with the preparation of the Fund's Form N-1A or Form N-2, as applicable, and Form N-CEN or other monthly or annual reports to the SEC and with respect to any other requirements thereof.

Section 13.2 <u>Reports</u>. Upon reasonable request of a Fund, the Custodian shall provide the Fund with a copy of the Custodian's Service Organizational Control (SOC) 1 reports prepared in accordance with the requirements of AT section 801, *Reporting on Controls at a Service Organization* (formerly Statement on Standards for Attestation Engagements (SSAE) No. 16). The Custodian shall use commercially reasonable efforts to provide the Fund with such reports as the Fund may reasonably request or otherwise reasonably require to fulfill its duties under Rule 38a-1 of the 1940 Act or similar legal and regulatory requirements.

Section 14. <u>Custodian's Standard of Care; Exculpation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 <u>Standard of Care.</u> In carrying out the provisions of this Agreement, the Custodian shall act in good faith and without negligence, misfeasance or willful misconduct and shall be held to the exercise of reasonable care; provided, however, that the Custodian shall be held to any higher standard of care which would be imposed upon the Custodian by any applicable law or regulation, as if such above-stated higher standard of reasonable care were part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 <u>Reliance on Proper Instructions</u>. The Custodian shall be entitled conclusively to rely and act upon Proper Instructions until the Custodian has received notice of any change from the Fund and has had a reasonable time to act thereon. The Custodian may act on a Proper Instruction if it reasonably believes that it contains sufficient information and may refrain from acting on any Proper Instructions until such time that it has reasonably determined, in its sole discretion, that is has received any required clarification or authentication of Proper Instructions. The Custodian may rely upon and shall be protected in acting upon any Proper Instruction or any other instruction, notice, request, consent, certificate or other instrument or paper believed by it in good faith to be genuine and to have been properly executed by or on behalf of the applicable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 <u>Other Reliance</u>. The Custodian is authorized and instructed to reasonably rely upon the information that the Custodian receives from the Fund or any authorized third party on behalf of the Fund. The Custodian shall have no responsibility to review, confirm or otherwise assume any duty with respect to the accuracy or completeness of any information supplied to it by or on behalf of any Fund. The Custodian shall have no liability in respect of any loss, cost or expense incurred or sustained by the Fund arising from the performance of the Custodian's duties hereunder in reliance upon records that were maintained for the Fund by any individual or organization, other than the Custodian, prior to the Custodian's appointment as custodian hereunder. The Custodian shall be entitled to reasonably rely on and may act upon advice of counsel (who may be counsel for the Fund) on all matters and shall be without liability for any action reasonably taken or omitted pursuant to such advice, provided that the Custodian meets the standard of care set forth in Section 14.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 <u>Liability for Foreign Custodians</u>. The Custodian shall be liable for the acts or omissions of an Eligible Foreign Custodian to the same extent as if the action or omission were performed by the Custodian itself, taking into account the facts and circumstances and the established local market practices and laws prevailing in the particular jurisdiction in which the Fund or Portfolio elects to invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 <u>Insolvency and Country Risk</u>. The Custodian shall in no event be liable for any loss, cost or expense incurred or sustained by a Fund or Portfolio resulting from or caused by Country Risk. The Custodian shall be without liability for any loss, damage or expense caused by or resulting from the insolvency of any domestic sub-custodian or Eligible Foreign Custodian that is not a wholly-owned subsidiary of the Custodian; provided, however, that the foregoing exculpation of the Custodian with respect to the insolvency of a particular Eligible Foreign Custodian shall not be applicable if the Custodian fails to comply with its obligations under this Agreement or as a Foreign Custody Manager pursuant to Rule 17f-5 with respect to such Eligible Foreign Custodian. For the avoidance of doubt, if the Custodian has met its standard of care hereunder and has fulfilled its obligations as a Foreign Custody Manager pursuant to Rule 17f-5 with respect to an Eligible Foreign Custodian, then the Custodian shall be without liability for any loss, damage or expense caused by or resulting from the insolvency of such Eligible Foreign Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 <u>Force Majeure and Third Party Actions</u>. Except as may arise from the Custodian's gross negligence or willful misconduct, the Custodian shall be without responsibility or liability to any Fund or Portfolio for: (a) events or circumstances beyond the reasonable control of the Custodian, including, without limitation, the interruption, suspension or restriction of trading on or the closure of any currency or securities market or system, power or other mechanical or technological failures or interruptions, computer viruses or communications disruptions, work stoppages, natural disasters, acts of war, revolution, riots or terrorism or other similar force majeure events or acts; (b) errors by any Fund, its Investment Advisor or any other duly authorized person in their instructions to the Custodian; (c) the insolvency of or acts or omissions by a U.S. Securities System, Foreign Securities System, Underlying Transfer Agent or domestic sub-custodian designated pursuant to Section 2.2; (d) the failure of any Fund, its Investment Advisor, Portfolio or any duly authorized individual or organization to adhere to the Custodian's operational policies and procedures; (e) any delay or failure of any broker, agent, securities intermediary or other intermediary, central bank or other commercially prevalent payment or clearing system to deliver to the Custodian's sub-custodian or agent securities or other financial assets purchased or in the remittance or payment made in connection with securities or other financial assets sold; (f) any delay or failure of any organization in charge of registering or transferring securities or other financial assets in the name of the Custodian, any Fund, any Portfolio, the Custodian's sub-custodians, nominees or agents including non-receipt of bonus, dividends and rights and other accretions or benefits; (g) delays or inability to perform its duties due to any disorder in market infrastructure with respect to any particular security, other financial asset, U.S. Securities System or Foreign Securities System; and (h) the effect of any provision of any law or regulation or order of the United States of America, or any state thereof, or any other country, or political subdivision thereof or of any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 <u>Indirect/Special/Consequential Damages</u>. Notwithstanding Section

15.2 and any other provision of this Agreement to the contrary, in no event shall either party be liable for any indirect, incidental, consequential, special, punitive, exemplary or enhanced damages of any kind or nature whatsoever (including loss of profit goodwill, reputation, business opportunity or anticipated savings, or losses arising from any special circumstances of the other party or any other person) arising under this Agreement or under law or otherwise in connection with or in any way related to this Agreement or the subject matter hereof (including the provision of the services, and the performance, non-performance or breach of any obligation or duty owed by a party) whether or not such party (including each party's relevant affiliates) has been advised of, or otherwise might or should have anticipated, the possibility or likelihood of such damages. The limitations of liability set forth in this Section 14.7 shall apply regardless of the form or type of action in which a claim is brought or under which it is made, whether in contract, tort (including negligence of any kind), warranty, strict liability, indemnity or any other legal or equitable grounds, and shall survive failure of an exclusive remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 <u>Delivery of Property</u>. The Custodian shall not be responsible for any securities or other assets of a Portfolio which are not received by the Custodian or which are delivered out in accordance with Proper Instructions. The Custodian shall not be responsible for the title, validity or genuineness of any securities or other assets or evidence of title thereto received by it or delivered by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 <u>No Investment Advice</u>. The Custodian has no responsibility to monitor or oversee the investment activity undertaken by a Fund or its Investment Advisor or by a Portfolio. The Custodian has no duty to ensure or to inquire whether an Investment Advisor complies with any investment objectives or restrictions agreed upon between a Fund and the Investment Advisor or whether the Investment Advisor complies with its legal obligations under applicable securities laws or other laws, including laws intended to protect the interests of investors. The Custodian shall neither assess nor take any responsibility or liability for the suitability or appropriateness of the investments made by a Fund or a Portfolio or on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 <u>Communications</u>. The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with securities or other financial assets of a Portfolio at any time held by the Custodian unless (a) the Custodian or the Eligible Foreign Custodian is in actual possession of such securities or other financial assets, (b) the Custodian receives Proper Instructions with regard to the exercise of the right or power, and (c) both of the conditions referred to in the foregoing clauses (a) and (b) have been satisfied at least three business days prior to the date on which the Custodian is to take action to exercise the right or power. However, the Custodian shall nevertheless exercise its best efforts to take such action in the event that notification is received three business days or less prior to the date on which action is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 <u>Loaned Securities</u>. Income due to each Portfolio on securities or other financial assets loaned shall be the responsibility of the applicable Fund. The Custodian will have no duty or responsibility, pursuant to this Agreement, in connection with loaned securities or other financial assets, other than to provide the Fund with such information or data as may be necessary to assist the Fund in arranging for the timely delivery to the Custodian of the income to which the Portfolio is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 <u>Trade Counterparties</u>. A Fund's receipt of securities or other financial assets from a counterparty in connection with any of its purchase transactions and its receipt of cash from a counterparty in connection with any sale or redemption of securities or other financial assets will be at the Fund's sole risk, and the Custodian shall not be obligated to make demands on the Fund's behalf if the Fund's counterparty defaults. If a Fund's counterparty fails to deliver securities, other financial assets or cash, the Custodian will notify the Fund's Investment Advisor of the failure within a reasonable time after the Custodian became aware of the failure.

Section 15. <u>Compensation and Indemnification of Custodian; Security Interest</u>.

Section. 15.1 <u>Compensation</u>. The Custodian shall be entitled to reasonable compensation for its services and expenses as agreed upon from time to time between each Fund on behalf of each applicable Portfolio and the Custodian.

Section 15.2 <u>Indemnification</u>. Each Portfolio agrees to indemnify the Custodian and to hold the Custodian harmless from and against any loss, cost or expense sustained or incurred by the Custodian in acting or omitting to act under or in respect of this Agreement in good faith, without negligence and with reasonable care, including, without limitation, (a) the Custodian's compliance with Proper Instructions and (b) in connection with the provision of services to a Fund pursuant to Section 7, any obligations, including taxes, withholding and reporting requirements, claims for exemption and refund, additions for late payment, interest, penalties and other expenses, that may be assessed against the Fund, the Portfolio or the Custodian as custodian of the assets of the Fund or the Portfolio. If a Fund on behalf of a Portfolio instructs the Custodian to take any action with respect to securities or other financial assets, and the action involves the payment of money or may, in the opinion of the Custodian, result in the Custodian or its nominee assigned to the Fund or the Portfolio being liable therefor, the Fund on behalf of the Portfolio, as a prerequisite to the Custodian taking the action, shall provide to the Custodian at the Custodian's request such further indemnification in an amount and form satisfactory to the Custodian. The obligations and liabilities any Portfolio assumes shall be limited in any case to the relevant Portfolio and its assets and the Custodian shall not seek satisfaction of any obligation from the shareholders of the relevant Portfolio, any other Portfolio or its shareholders or the Trustees, officers, employees or agents of the Fund. In addition, in connection with the discharge and satisfaction of any claim made by the Custodian against a Fund involving more than one Portfolio, the Fund has the exclusive right to determine the appropriate allocations of liability for any claim between or among Portfolios.

Section 15.3 <u>Security Interest</u>. Each Fund hereby grants to the Custodian, to secure the payment and performance of the Fund's obligations under this Agreement, whether contingent or otherwise, a security interest in and right of recoupment and setoff against all cash and all securities and other financial assets at any time held for the account of a Portfolio by or through the Custodian. The obligations include, without limitation, the Fund's obligations to reimburse the Custodian if the Custodian or any of its affiliates, subsidiaries or agents advances cash or securities or other financial assets to the Fund for any purpose (including but not limited to settlements of securities or other financial assets, foreign exchange contracts and assumed settlement), or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee's own negligence, as well as the Fund's obligation to compensate the Custodian pursuant to Section 15.1 or indemnify the Custodian pursuant to Section 15.2. Should the Fund fail to reimburse or otherwise pay the Custodian any obligation under this Agreement promptly, the Custodian shall have the rights and remedies of a secured party under this Agreement, the UCC and other applicable law, including the right to utilize available cash and to sell or otherwise dispose of the Portfolio's assets to the extent necessary to obtain payment or reimbursement. The Custodian may at any time decline to follow Proper Instructions to deliver out cash, securities or other financial assets if the Custodian determines in its reasonable discretion that, after giving effect to the Proper Instructions, the cash, securities or other financial assets remaining will not have sufficient value fully to secure the Fund's payment or reimbursement obligations, whether contingent or otherwise.

Section 16. <u>Effective Period and Termination</u>.

Section 16.1 <u>Term</u>. This Agreement shall remain in full force and effect for an initial term ending February 28, 2021. After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the Initial Term or any renewal term, as the case may be. A written notice of non-renewal may be given as to a Fund or a Portfolio.

Section 16.2 <u>Termination</u>. Either party may terminate this Agreement as to a Fund or a Portfolio: (a) in the event of the other party's material breach of a material provision of this Agreement that the other party has either failed to cure, or failed to establish a remedial plan to cure that is reasonably acceptable to the non-breaching party, within 60 days' written notice being given by the non-breaching party of the breach, or (b) in the event of the appointment of a conservator or receiver for the other party, the commencement by or against the other party of a bankruptcy or insolvency case or proceeding, or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction.

Section 16.3 <u>Payments Owing to the Custodian</u>. Upon termination of this Agreement pursuant to Section 16.1 or 16.2 with respect to any Fund or Portfolio, the applicable Fund shall pay to the Custodian any compensation then due and shall reimburse the Custodian for its other reasonable costs, expenses and charges then due. Upon receipt of such payment and reimbursement, the Custodian will deliver the Fund's or Portfolio's cash and its securities and other financial assets as set forth in Section 17.

Section 16.4 <u>Reserved</u>.

Section 16.5 <u>Effect of Termination</u>. Termination of this Agreement with respect to any one particular Fund or Portfolio shall in no way affect the rights and duties under this Agreement with respect to any other Fund or Portfolio. Following termination with respect to a Fund or Portfolio, the Custodian shall have no further responsibility to forward information under Section 3.8 or 5.8. The provisions of Sections 7, 14, 15 and 17 of this Agreement shall survive termination of this Agreement. To the extent the Custodian continues to possess confidential information or records of the Fund or its agents or service providers after the termination of this Agreement, the obligations contained in Sections 12, 20.11, 20.12, and 20.13 of this Agreement shall continue until the five (5) year anniversary of the termination date of this Agreement.

Section 17. <u>Successor Custodian</u>.

Section 17.1 <u>Successor Appointed</u>. If a successor custodian shall be appointed for a Portfolio by its Board, the Custodian shall, upon termination of this Agreement and receipt of Proper Instructions, deliver to the successor custodian at the office of the Custodian, duly endorsed and in the form for transfer, all cash and all securities and other financial assets of the Portfolio then held by the Custodian hereunder and shall transfer to an account of the successor custodian all of the securities and other financial assets of the Portfolio held in a U.S. Securities System or Foreign Securities System or at the Underlying Transfer Agent.

Section 17.2 <u>No Successor Appointed</u>. If no such successor custodian shall be appointed, the Custodian shall, in like manner, upon receipt of Proper Instructions, deliver at the office of the Custodian and transfer the cash and the securities and other financial assets of the Portfolio in accordance with the Proper Instructions.

Section 17.3 <u>No Successor Appointed and No Proper Instructions</u>. If no successor custodian has been appointed and no Proper Instructions have been delivered to the Custodian on or before the termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company, which is a "bank" as defined in the 1940 Act, doing business in Boston, Massachusetts, or New York, New York, of its own selection, all cash and all securities and other financial assets of the Portfolio then held by the Custodian hereunder, and to transfer to an account of the bank or trust company all of the securities and other financial assets of the Portfolio held in any U.S. Securities System or Foreign Securities System or at the Underlying Transfer Agent. The transfer will be on such terms as are contained in this Agreement or as the Custodian may otherwise reasonably negotiate with the bank or trust company. Any compensation payable to the bank or trust company, and any cost or expense incurred by the Custodian, in connection with the transfer shall be for the account of the Portfolio.

Section 17.4 <u>Remaining Property</u>. If any cash or any securities or other financial assets of the Portfolio held by the Custodian hereunder remain held by the Custodian after the termination of this Agreement owing to the failure of the applicable Fund to provide Proper Instructions, the Custodian shall be entitled to fair compensation for its services during such period as the Custodian holds the cash or the securities or other financial assets (the existing agreed-to compensation at the time of termination shall be one indicator of what is considered fair compensation). The provisions of this Agreement relating to the duties, exculpation and indemnification of the Custodian shall apply in favor of the Custodian during such period.

Section 17.5 <u>Reserves</u>. Notwithstanding the foregoing provisions of this Section 17, the Custodian may retain cash or securities or other financial assets of the Fund or Portfolio as a reserve reasonably established by the Custodian to secure the payment or performance of any obligations of the Fund or Portfolio secured by a security interest or right of recoupment or setoff in favor of the Custodian.

Section 18. [Reserved]

Section 19. <u>Loan Services Addendum</u>. If a Fund directs the Custodian in writing to perform loan services, the Custodian and the Fund will be bound by the terms of the Loan Services Addendum attached hereto. The Fund shall reimburse Custodian for its fees and expenses related thereto as agreed upon from time to time in writing by the Fund and the Custodian.

Section 20. <u>General</u>.

Section 20.1 <u>Governing Law</u>. Any and all matters in dispute between the parties hereto, whether arising from or relating to this Agreement, shall be governed by and construed in accordance with laws of the Commonwealth of Massachusetts, without giving effect to any conflict of laws rules. Likewise, the law applicable to all issues in Article 2(1) of the Hague Convention on the Law Applicable to Certain Rights in respect of Securities Held with an Intermediary is the law in force in the Commonwealth of Massachusetts.

Section 20.2 [Reserved]

Section 20.3 <u>Prior Agreements; Amendments</u>. This Agreement supersedes the December 1, 1993 Custodian Contract, as amended, between each Fund on behalf of each of the Fund's Portfolios and the Custodian relating to the custody of the Fund's assets. This Agreement may be amended at any time in writing by mutual agreement of the parties hereto.

Section 20.4 <u>Assignment</u>. This Agreement may not be assigned by (a) any Fund without the written consent of the Custodian or (b) the Custodian without the written consent of each applicable Fund. However, without the consent of any Fund or any Portfolio, the Custodian may assign this Agreement to a successor of all or a substantial portion of its business, or to a party controlling, controlled by or under common control with the Custodian. Notwithstanding the foregoing, the Custodian may employ, engage, associate or contract with such person or persons, including, without limitation, affiliates and subsidiaries of the Custodian, as the Custodian may deem desirable to assist it in performing certain of its non-custodial obligations under this Agreement without the consent of any Fund; <u>provided, however</u>, that the compensation of such person or persons shall be paid by the Custodian and that the Custodian shall be as fully responsible to the Fund for the acts and omissions of any such person or persons as it is for its own acts and omissions under this Agreement.

Section 20.5 <u>Interpretive and Additional Provisions.</u> In connection with the operation of this Agreement, the Custodian and each Fund on behalf of each of the Portfolios, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions shall contravene any applicable laws or regulations or any provision of a Fund's organic record and Prospectus. No interpretive or additional provisions made as provided in the preceding sentence shall be an amendment of this Agreement.

Section 20.6 <u>Additional Funds and Portfolios</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.1 <u>Additional Fund</u>. If any management investment company in addition to those listed on Appendix A desires the Custodian to render services as custodian under the terms of this Agreement, the management investment company shall so notify the Custodian in writing. If the Custodian agrees in writing to provide the services, the management investment company shall become a Fund hereunder and be bound by all terms and conditions and provisions hereof including, without limitation, the representations and warranties set forth in Section 20.7 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.2 <u>Additional Portfolio</u>. If any Fund establishes a series in addition to the Portfolios set forth on Appendix A with respect to which the Fund desires the Custodian to render services as custodian under the terms of this Agreement, the Fund shall so notify the Custodian in writing. If the Custodian agrees in writing to provide the services, the series shall become a Portfolio hereunder.

Section 20.7 <u>The Parties; Representations and Warranties</u>. All references in this Agreement to the "Fund" are to each of the management investment companies listed on Appendix A, and each management investment company made subject to this Agreement in accordance with Section 20.6 above, individually, as if this Agreement were between the individual Fund and the Custodian. In the case of a series organization, all references in this Agreement to the "Portfolio" are to the individual series of the series organization on behalf of the individual series. Any reference in this Agreement to "the parties" shall mean the Custodian and such other individual Fund as to which the matter pertains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.7.1 <u>Fund Representations and Warranties</u>. Each Fund hereby represents and warrants that (a) it is duly organized and validly existing in good standing in its jurisdiction of organization; (b) it has the requisite power and authority under applicable law and its organic record to enter into and perform this Agreement; (c) all requisite proceedings have been taken to authorize it to enter into and perform this Agreement; (d) no legal or administrative proceedings have been instituted or threatened which would materially impair the Fund's ability to perform its duties and obligations under this Agreement; and (e) its entering into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Fund or any law or regulation applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.7.2 <u>Custodian Representations and Warranties</u>. The Custodian hereby represents and warrants that (a) it is a trust company, duly organized and validly existing under the laws of the Commonwealth of Massachusetts; (b) it has the requisite power and authority to carry on its business in the Commonwealth of Massachusetts; (c) all requisite proceedings have been taken to authorize it to enter into and perform this Agreement; (d) no legal or administrative proceedings have been instituted or threatened which would materially impair the Custodian's ability to perform its duties and obligations under this Agreement; and (e) its entering into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Custodian or any law or regulation applicable to it.

Section 20.8 <u>Notices</u>. Any notice, instruction or other communication required to be given hereunder will, unless otherwise provided in this Agreement, be in writing and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized delivery service, to the parties at the following addresses or such other addresses as may be notified by any party from time to time.

---

| | |
|:---|:---|
| &nbsp;&nbsp;To any Fund: | &nbsp;&nbsp;c/o Federated Investors, Inc. |
|  | &nbsp;&nbsp;Federated Investors Tower - 21st Floor |
|  | &nbsp;&nbsp;1001 Liberty Avenue |
|  | &nbsp;&nbsp;Pittsburgh, PA 15222-3779 |
|  | &nbsp;&nbsp;Attention: Lori Hensler, Director of Funds Financial Services |
|  | &nbsp;&nbsp;Telephone: 412-288-1277 |
|  | &nbsp;&nbsp;Telecopy: 412-288-8668 |
| &nbsp;&nbsp;with a copy to: | &nbsp;&nbsp;Federated Investors, Inc. |
|  | &nbsp;&nbsp;Federated Investors Tower - 17th Floor |
|  | &nbsp;&nbsp;1001 Liberty Avenue |
|  | &nbsp;&nbsp;Pittsburgh, PA 15222-3779 |
|  | &nbsp;&nbsp;Attention: Chief Legal Officer |
|  | &nbsp;&nbsp;Telephone: 412-288-6331 |
|  | &nbsp;&nbsp;Telecopy: 412-288-8668 |
|  | &nbsp;&nbsp;Federated Investors Tower - 17th Floor |
| &nbsp;&nbsp;To the Custodian: | &nbsp;&nbsp;State Street Bank and Trust Company |
|  | &nbsp;&nbsp;1 Iron Street |
|  | &nbsp;&nbsp;Boston, MA 02110 |
|  | &nbsp;&nbsp;Attention: Andrea Griffin |
|  | &nbsp;&nbsp;Telephone: 617-662-3590 |
|  | &nbsp;&nbsp;Telecopy: 617-375-4279 |
| &nbsp;&nbsp;with a copy to: | &nbsp;&nbsp;State Street Bank and Trust Company |
|  | &nbsp;&nbsp;Legal Division – Global Services Americas |
|  | &nbsp;&nbsp;One Lincoln Street |
|  | &nbsp;&nbsp;Boston, MA 02111 |
|  | &nbsp;&nbsp;Attention: Senior Vice President and Senior Managing Counsel |

---

Section 20.9 <u>Counterparts</u>. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement*.* Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received in electronically transmitted form.

Section 20.10 <u>Severability; No Waiver</u>. If any provision of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. The failure of a party hereto to insist upon strict adherence to any term of this Agreement on any occasion or the failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any the term, right or remedy or a waiver of any other rights or remedies, and no single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy.

Section 20.11 <u>Confidentiality</u>. All information provided under this Agreement by or on behalf of a party or its agents or service providers (the "Disclosing Party") to the other party (the "Receiving Party") regarding the Disclosing Party's business and operations shall be treated as confidential. Subject to Section 20.12 below, all confidential information provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under the Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 20.12 below), including financial and operational management and reporting, risk management, legal and regulatory compliance and client service management. The foregoing shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Custodian or its affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose is expressly permitted under applicable law or regulation to disclose for a legitimate business purpose subject to confidentiality obligation, or has received the prior written consent of the Disclosing Party providing the information, which consent shall not be unreasonably withheld*.* A Receiving Party shall protect confidential information of a Disclosing Party at least to the same degree as the Receiving Party protects its own confidential information. All confidential information, provided by a Disclosing Party shall remain the property of such Disclosing Party. All confidential information, together with any copies thereof, in whatever form, shall, upon the Disclosing Party's written request, be returned to the Disclosing Party or destroyed, at the Receiving Party's election; <u>provided,</u> that the Receiving Party shall be permitted to retain all or any portion of the confidential information, in accordance with the confidentiality obligations specified in this Agreement, to the extent required by applicable law or regulatory authority or to the extent required by the Receiving Party's internal policies and in accordance with its customary practices for backup and storage.

Section 20.12 <u>Use of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Custodian (which term for purposes of this Section 20.12 includes each of its parent company, branches and affiliates ("***Affiliates***")) may collect and store information regarding a Fund and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Fund and the Custodian or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (c) below, the Custodian and/or its Affiliates (except those Affiliates or business divisions principally engaged in the business of asset management) may use any data or other information ("***Data***") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Fund and the Custodian or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Fund, and publish, sell, distribute or otherwise commercialize the Data; provided that, unless the Fund otherwise consents, Data is combined or aggregated with information relating to (i) other customers of the Custodian and/or its Affiliates or (ii) information derived from other sources, in each case such that any published information will be displayed in a manner designed to prevent attribution to or identification of such Data with the Fund. The Fund agrees that Custodian and/or its Affiliates may seek to profit and realize economic benefit from the commercialization and use of the Data, that such benefit will constitute part of the Custodian's compensation for services under this Agreement or such other agreement, and the Custodian and/or its Affiliates shall be entitled to retain and not be required to disclose the amount of such economic benefit and profit to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as expressly contemplated by this Agreement, nothing in this Section 20.12 shall limit the confidentiality and data-protection obligations of the Custodian and its Affiliates under this Agreement and applicable law. The Custodian shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 20.12 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

Section 20.13 <u>Data Privacy.</u> The Custodian will implement and maintain a written information security program that contains appropriate security measures generally consistent with industry standard practices aligned with a security framework appropriate for a large financial services company to safeguard the personal information of the Funds' shareholders, employees, directors and officers that the Custodian receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. The term, "***personal information***", as used in this Section, means (a) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (i) Social Security or other tax identification number, (ii) driver's license number, (iii) state identification card number, (iv) debit or credit card number, (v) financial account number or (vi) personal identification number or password that would permit access to a person's account, (b) any combination of any of the foregoing that would allow a person to log onto or access an individual's account, or (c) any other non-public personal information within the meaning of applicable law or regulation. "Personal Information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public (except to the extent applicable law in a particular jurisdiction does not exclude such publicly available information from protection as personal information).

Section 20.14 <u>Reproduction of Documents</u>. This Agreement and all schedules, addenda, exhibits, appendices, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. Any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

Section 20.15 <u>Regulation GG</u>. Each Fund represents and warrants that it does not engage in an "Internet gambling business," as such term is defined in Section 233.2(r) of Federal Reserve Regulation GG (12 CFR 233) and covenants that it shall not engage in an Internet gambling business. In accordance with Regulation GG, each Fund is hereby notified that "restricted transactions," as such term is defined in Section 233.2(y) of Regulation GG, are prohibited in any dealings with the Custodian pursuant to this Agreement or otherwise between or among any party hereto.

Section 20.16 <u>Shareholder Communications Election</u>. SEC Rule 14b-2 requires banks that hold securities, as that term is used in federal securities laws, for the account of customers to respond to requests by issuers of securities for the names, addresses and holdings of beneficial owners of securities of that issuer held by the bank unless the beneficial owner has expressly objected to disclosure of this information. In order to comply with the rule, as may be applicable, the Custodian needs each Fund to indicate whether it authorizes the Custodian to provide such Fund's name, address, and share position to requesting companies whose securities the Fund owns. If a Fund tells the Custodian "no," the Custodian will not provide this information to requesting companies. If a Fund tells the Custodian "yes" or does not check either "yes" or "no" below, the Custodian is required by the rule, as applicable, to treat the Fund as consenting to disclosure of this information for all securities owned by the Fund or any funds or accounts established by the Fund. For a Fund's protection, the Rule, as applicable, prohibits the requesting company from using the Fund's name and address for any purpose other than corporate communications. Please indicate below whether the Fund consents or objects by checking one of the alternatives below.

YES [ ] The Custodian is authorized to release the Fund's name, address, and share positions.

NO [X] The Custodian is not authorized to release the Fund's name, address, and share positions.

Section 20.17 <u>Business Continuity/Disaster Recovery</u>. In the event of equipment failure, work stoppage, governmental action, communication disruption or other impossibility of performance beyond the Custodian's control, the Custodian shall take reasonable steps to minimize service interruptions. Specifically, Custodian shall implement reasonable procedures to prevent the loss of data and to recover from service interruptions caused by equipment failure or other circumstances with resumption of all substantial elements of services in a timeframe sufficient to meet business requirements. The Custodian shall enter into and shall maintain in effect at all times during the term of this Agreement with appropriate parties one or more agreements making reasonable provision for (i) periodic back-up of the computer files and data with respect to the Fund; and (ii) emergency use of electronic data processing equipment to provide services under this Agreement. Custodian shall test the ability to recover to alternate data processing equipment in accordance with State Street program standards, and provide a high level summary of business continuity test results to the Fund upon request. Custodian will remedy any material deficiencies in accordance with State Street program standards. Upon reasonable advance notice, and at no cost to Custodian, the Fund retains the right to review Custodian's business continuity, crisis management, disaster recovery, and third-party vendor management processes and programs (including discussions with the relevant subject matter experts and an on-site review of the production facilities used) related to delivery of the service no more frequently than an annual basis. Upon reasonable request, the Custodian also shall discuss with senior management of the Fund any business continuity/disaster recovery plan of the Custodian and/or provide a high-level presentation summarizing such plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.18 <u>Anti-Money Laundering</u>. With respect to the Fund's offering and sale of Interests at any time, and for all subsequent transfers of such interests, the Fund or its delegate shall, directly or indirectly and to the extent required by law: (i) conduct know your customer/client identity due diligence with respect to potential investors and transferees in the Interests and shall obtain and retain due diligence records for each investor and transferee; (ii) use its best efforts to ensure that each investor's and any transferee's funds used to purchase Interests shall not be derived from, nor the product of, any criminal activity; (iii) if requested, provide periodic written verifications that such investors/transferees have been checked against the United States Department of the Treasury Office of Foreign Assets Control database for any non-compliance or exceptions; and (iv) perform its obligations under this Section in accordance with all applicable anti-money laundering laws and regulations. In the event that the Custodian has received advice from counsel that access to underlying due diligence records pertaining to the investors/transferees is necessary to ensure compliance by the Custodian with relevant anti-money laundering (or other applicable) laws or regulations, the Fund shall, upon receipt of written request from the Custodian, provide the Custodian with copies of such due diligence records.

[Remainder of page intentionally left blank.]

**<u>Signature Page</u>**

**In Witness Whereof**, each of the parties has caused this Agreement to be executed in its name and behalf by its duly authorized representative under seal as of the date first above-written.

**EACH OF THE MANAGEMENT INVESTMENT COMPANIES AND SERIES** 

**SET FORTH ON APPENDIX A HERETO**

By: <u>/s/ Lori A. Hensler</u>

Name: Lori A. Hensler

Title: Fund Treasurer

**STATE STREET BANK AND TRUST COMPANY**

By:<u>/s/ Andrew Erickson</u>

Name: Andrew Erickson

Title: Executive Vice President

**APPENDIX A**

**to**

**<u>Master Custodian Agreement</u>**

(revised as of June 1, 2021)

<u>Management Investment Companies Registered with the SEC and Portfolios thereof, If Any</u>

**Federated Hermes Adjustable Rate Securities Trust** 

Federated Hermes Adjustable Rate Fund

**Federated Hermes Adviser Series:**

Federated Hermes Conservative Microshort Fund

Federated Hermes Conservative Municipal Microshort Fund

Federated Hermes MDT Market Neutral Fund

**Federated Hermes Equity Income Fund, Inc.** 

**Federated Hermes Global Allocation Fund**

**Federated Hermes Government Income Securities, Inc.**

**Federated Hermes Government Income Trust**

Federated Hermes Government Income Fund

**Federated Hermes High Income Bond Fund, Inc.**

**Federated Hermes Total Return Bond Fund** 

**Federated Hermes Short-Term Government Trust**

Federated Hermes Short-Term Government Fund

**Federated Hermes Short-Intermediate Government Trust**

Federated Hermes Short-Intermediate Government Fund

**Federated Hermes Core Trust:**

Bank Loan Core Fund

Mortgage Core Fund

High Yield Bond Core Fund

Emerging Markets Core Fund

**Federated Hermes Core Trust III:**

Project and Trade Finance Core Fund

**Federated Hermes Equity Funds:**

Federated Hermes Clover Small Value Fund

Federated Hermes Kaufmann Fund

Federated Hermes Kaufmann Large Cap Fund

Federated Hermes Kaufmann Small Cap Fund

Federated Hermes MDT Mid Cap Growth Fund

Federated Hermes Prudent Bear Fund

Federated Hermes Strategic Value Dividend Fund

**Federated Hermes Fixed Income Securities, Inc.:**

Federated Hermes Strategic Income Fund

**Federated Hermes High Yield Trust**

Federated Hermes Opportunistic High Yield Bond Fund

**Federated Hermes Income Securities Trust:**

Federated Hermes Capital Income Fund

Federated Hermes Floating Rate Strategic Income Fund

Federated Hermes Fund for U.S. Government Securities

Federated Hermes Intermediate Corporate Bond Fund

Federated Hermes Real Return Bond Fund

Federated Hermes Short-Term Income Fund

**Federated Hermes Index Trust:**

Federated Hermes Max-Cap Index Fund

Federated Hermes Mid-Cap Index Fund

**Federated Hermes Institutional Trust:**

Federated Hermes Government Ultrashort Fund

Federated Hermes Institutional High Yield Bond Fund

Federated Hermes Short-Intermediate Total Return Bond Fund

**Federated Hermes Insurance Series:**

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes High Income Bond Fund II

Federated Hermes Kaufmann Fund II

Federated Hermes Managed Volatility Fund II

Federated Hermes Government Money Fund II

Federated Hermes Quality Bond Fund II

**Federated Hermes Investment Series Funds, Inc.:**

Federated Hermes Corporate Bond Fund

**Federated Hermes Managed Pool Series:**

Federated Hermes Corporate Bond Strategy Portfolio

Federated Hermes High-Yield Strategy Portfolio

Federated Hermes Mortgage Strategy Portfolio

**Federated Herme**s **MDT Series:**

Federated Hermes MDT All Cap Core Fund

Federated Hermes MDT Balanced Fund

Federated Hermes MDT Large Cap Growth Fund

Federated Hermes MDT Small Cap Growth Fund

Federated Hermes MDT Small Cap Core Fund

**Federated Hermes Project and Trade Finance Tender Fund**

**Federated Total Return Series, Inc.:**

Federated Hermes Select Total Return Bond Fund

Federated Hermes Total Return Bond Fund

Federated Hermes Ultrashort Bond Fund

**Federated Hermes Money Market Obligations Trust:**

Federated Hermes California Municipal Cash Trust

Federated Hermes Government Obligations Fund

Federated Hermes Municipal Obligations Fund

Federated Hermes New York Municipal Cash Trust

Federated Hermes Prime Cash Obligations Fund

Federated Hermes Institutional Prime Obligations Fund

Federated Hermes Tax-Free Obligations Fund

Federated Hermes Institutional Tax-Free Cash Trust

Federated Hermes Treasury Obligations Fund

Federated Hermes Trust for U.S. Treasury Obligations

[ ]

Appendix A

<u>Management Investment Companies Registered with the SEC and Portfolios thereof, If Any</u>

Federated Hermes Adjustable Rate Securities Trust

Federated Hermes Equity Income Fund, Inc.

Federated Hermes Global Allocation Fund

Federated Hermes Government Income Securities, Inc.

Federated Hermes Government Income Trust

Federated Hermes High Income Bond Fund, Inc.

Federated Hermes Total Return Government Bond Fund

Federated Hermes Short-Term Government Trust

Federated Hermes Short-Intermediate Government Trust

**Federated Hermes Core Trust:**

Bank Loan Core Fund

Mortgage Core Fund

High Yield Bond Core Fund

Emerging Markets Core Fund

**Federated Hermes Core Trust III:**

Project and Trade Finance Core Fund

**Federated Hermes Equity Funds:**

Federated Hermes Clover Small Value Fund

Federated Hermes Kaufmann Fund

Federated Hermes Kaufmann Large Cap Fund

Federated Hermes Kaufmann Small Cap Fund

Federated Hermes MDT Mid Cap Growth Fund

Federated Hermes Prudent Bear Fund

Federated Hermes Strategic Value Dividend Fund

**Federated** Hermes **Fixed Income Securities, Inc.:**

Federated Hermes Strategic Income Fund

**Federated Hermes High Yield Trust**

Federated Hermes Equity Advantage Fund

Federated Hermes Opportunistic High Yield Bond Fund

**Federated Hermes Income Securities Trust:**

Federated Hermes Capital Income Fund

Federated Hermes Floating Rate Strategic Income Fund

Federated Hermes Fund for U.S. Government Securities

Federated Hermes Intermediate Corporate Bond Fund

Federated Hermes Real Return Bond Fund

Federated Hermes Short-Term Income Fund

**Federated Hermes Index Trust:**

Federated Hermes Max-Cap Index Fund

Federated Hermes Mid-Cap Index Fund

**Federated Hermes Institutional Trust:**

Federated Hermes Government Ultrashort Fund

Federated Hermes Institutional High Yield Bond Fund

Federated Hermes Short-Intermediate Total Return Bond Fund

**Federated Hermes Insurance Series:**

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes High Income Bond Fund II

Federated Hermes Hermes Kaufmann Fund II

Federated Managed Volatility Fund II

Federated Hermes Government Money Fund II

Federated Hermes Quality Bond Fund II

**Federated Hermes Investment Series Funds, Inc.:**

Federated Hermes Corporate Bond Fund

**Federated Hermes Managed Pool Series:**

Federated Hermes Corporate Bond Strategy Portfolio

Federated Hermes High-Yield Strategy Portfolio

Federated Hermes Managed Volatility Strategy Portfolio

Federated Hermes Mortgage Strategy Portfolio

**Federated Hermes MDT Series:**

Federated Hermes MDT All Cap Core Fund

Federated Hermes MDT Balanced Fund

Federated Hermes MDT Large Cap Growth Fund

Federated Hermes MDT Small Cap Growth Fund

Federated Hermes MDT Small Cap Core Fund

**Federated Hermes Project and Trade Finance Tender Fund**

**Federated Hermes Total Return Series, Inc.:**

Federated Hermes Select Total Return Bond Fund

Federated Hermes Total Return Bond Fund

Federated Hermes Ultrashort Bond Fund

**Federated Hermes Money Market Obligations Trust:**

Federated Hermes California Municipal Cash Trust

Federated Hermes Connecticut Municipal Cash Trust

Federated Hermes Florida Municipal Cash Trust

Federated Hermes Georgia Municipal Cash Trust

Federated Hermes Government Obligations Fund

Federated Hermes Massachusetts Municipal Cash Trust

Federated Hermes Michigan Municipal Cash Trust

Federated Hermes Municipal Obligations Fund

Federated Hermes New York Municipal Cash Trust

Federated Hermes Ohio Municipal Cash Trust

Federated Hermes Pennsylvania Municipal Cash Trust

Federated Hermes Prime Cash Obligations Fund

Federated Hermes Institutional Prime Obligations Fund

Federated Hermes Tax-Free Obligations Fund

Federated Hermes Institutional Tax-Free Cash Trust

Federated Hermes Treasury Obligations Fund

Federated Hermes Trust for U.S. Treasury Obligations

Federated Hermes Virginia Municipal Cash Trust

Appendix B

[ ]

**<u>LOAN SERVICES ADDENDUM</u>**

**<u>TO AMENDED AND RESTATED</u>**

**<u>MASTER CUSTODIAN AGREEMENT</u>**

ADDENDUM to that certain Amended and Restated Master Custodian Agreement, dated March 1, 2017, as amended (the "***Custodian Agreement***") by and among each fund (a "***Fund***") identified on Appendix A thereto or made subject thereto pursuant to Section 20.6 thereof and State Street Bank and Trust Company, including its subsidiaries and other affiliates (the "***Custodian***"). As used in this Addendum, the term "***Fund***", in relation to a Loan (as defined below), includes a Portfolio on whose behalf the Fund acts with respect to the Loan.

The following provisions will apply with respect to interests in commercial loans, including loan participations, whether the loans are bilateral or syndicated and whether any obligor is located in or outside of the United States (collectively, "***Loans***"), made or acquired by a Fund on behalf of one or more of its Portfolios.

Section 1. <u>Payment Custody</u>. If a Fund wishes the Custodian to receive payments directly with respect to a Loan for credit to the bank account maintained by the Custodian for the Fund under the Custodian Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Fund will cause the Custodian to be named as the Fund's nominee for payment purposes under the relevant financing documents, e.g., in the case of a syndicated loan, the administrative contact for the agent bank, and otherwise provide for the payment to the Custodian of the payments with respect to the Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Custodian will credit to the bank account maintained by the Custodian for the Fund under the Custodian Agreement any payment on or in respect of the Loan actually received by the Custodian and identified as relating to the Loan, but with any amount credited being conditional upon clearance and actual receipt by the Custodian of final payment.

Section 2. <u>Monitoring</u>. If a Fund wishes the Custodian to monitor payments on and forward notices relating to a Loan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Fund will deliver, or cause to be delivered, to the Custodian a schedule identifying the amount and due dates of the scheduled principal payments, the scheduled interest payment dates and related payment amount information, and such other information with respect to the Loan as the Custodian may reasonably require in order to perform its services hereunder (collectively, "***Loan Information***"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Custodian will (i) if the amount of a principal, interest, fee or other payment with respect to the Loan is not received by the Custodian on the date on which the amount is scheduled to be paid as reflected in the Loan Information, use best efforts to notify the agent of the obligor and/or any other intermediary banks of the obligor's failure to make timely payment, and (ii) if such payment is not received, promptly notify the Fund (or the Investment Manager on its behalf) of such obligor's failure to make the loan payment, and (iii) provide a report to the Fund that the payment has not been received and (iv) if the Custodian receives any consent solicitation, notice of default or similar notice from any syndication agent, lead or obligor on the Loan, undertake reasonable efforts to forward the notice to the Fund.

Section 3. <u>Exculpation of the Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Payment Custody and Monitoring.* The Custodian will have no liability for any delay or failure by the Fund or any third party in providing Loan Information to the Custodian or for any inaccuracy or incompleteness of any Loan Information. The Custodian will have no obligation to verify, investigate, recalculate, update or otherwise confirm the accuracy or completeness of any Loan Information or other information or notices received by the Custodian in respect of the Loan. The Custodian will be entitled to (i) rely upon the Loan Information provided to it by or on behalf of the Fund or any other information or notices that the Custodian may receive from time to time from any syndication agent, lead or obligor or any similar party with respect to the Loan and (ii) update its records on the basis of such information or notices as may from time to time be received by the Custodian.

 

(b) *Any Service*. The Custodian will have no obligation to (i) determine whether any necessary steps have been taken or requirements have been met for the Fund to have acquired good or record title to a Loan, (ii) ensure that the Fund's acquisition of the Loan has been authorized by the Fund, (iii) collect past due payments on the Loan, preserve any rights against prior parties, exercise any right or perform any obligation in connection with the Loan (including taking any action in connection with any consent solicitation, notice of default or similar notice received from any syndication agent, lead or obligor on the Loan) or otherwise take any other action to enforce the payment obligations of any obligor on the Loan, (iv) become itself the record title holder of the Loan or (v) make any advance of its own funds with respect to the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Miscellaneous.* The Custodian will not be considered to have been or be charged with knowledge of the sale of a Loan by the Fund, unless and except to the extent that the Custodian shall have received written notice of the sale from the Fund and the proceeds of the sale have been received by the Custodian for credit to the bank account maintained by the Custodian for the Fund under the Custodian Agreement. If any question arises as to the Custodian's duties under this Addendum, the Custodian may request instructions from the Fund and will be entitled at all times to refrain from taking any action unless it has received Proper Instructions from the Fund. The Custodian will in all events have no liability, risk or cost for any action taken or omitted with respect to the Loan pursuant to Proper Instructions. The Custodian will have no responsibilities or duties whatsoever with respect to the Loan except as are expressly set forth in this Addendum.

Global Custody Network

Schedule A

**D** **ECEMBER 31, 2016**

---

| | | |
|:---|:---|:---|
| **M** **ARKET** | **S** **UBCUSTODIAN** | **A** **DDRESS** |
| &nbsp;&nbsp;**A** **lbania** | &nbsp;&nbsp;Raiffeisen Bank sh.a. | &nbsp;&nbsp;Blv. "Bajram Curri" ETC – Kati 14<br> Tirana, Albania |
| &nbsp;&nbsp;**A** **rgentina** | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;Bartolome Mitre 530<br> 1036 Buenos Aires, Argentina |
| &nbsp;&nbsp;**A** **ustralia** | &nbsp;&nbsp;The Hongkong and Shanghai Banking Corporation Limited | &nbsp;&nbsp;HSBC Securities Services <br> Level 3, 10 Smith St., <br> Parramatta, NSW 2150, Australia |
| &nbsp;&nbsp;**A** **ustria** | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;Fleischmarkt 1 <br> A-1010 Vienna, Austria |
| &nbsp;&nbsp;**A** **ustria** | &nbsp;&nbsp;UniCredit Bank Austria AG | &nbsp;&nbsp;Custody Department / Dept. 8398-TZ Julius Tandler Platz 3 <br> A-1090 Vienna, Austria |
| &nbsp;&nbsp;**Bahrain** | &nbsp;&nbsp;HSBC Bank Middle East Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;&nbsp;1st Floor, Bldg. #2505 <br> Road # 2832, Al Seef 428 <br> Kingdom of Bahrain |
| &nbsp;&nbsp;**Bangladesh** | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;Silver Tower, Level 7 <br> 52 South Gulshan Commercial Area <br> Gulshan 1, Dhaka 1212, Bangladesh |
| &nbsp;&nbsp;**Belgium** | &nbsp;&nbsp;Deutsche Bank AG, Netherlands (operating through its Amsterdam branch with support from its Brussels branch) | &nbsp;&nbsp;De Entrees 99-197 <br> 1101 HE Amsterdam, Netherlands |
| &nbsp;&nbsp;**Benin** | &nbsp;&nbsp;via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | &nbsp;&nbsp;23, Bld de la République <br> 17 BP 1141 Abidjan 17 Côte d'Ivoire |
| &nbsp;&nbsp;**Bermuda** | &nbsp;&nbsp;HSBC Bank Bermuda Limited | &nbsp;&nbsp;6 Front Street <br> Hamilton, HM06, Bermuda |
| &nbsp;&nbsp;**F** **ederation of Bosnia and Herzegovina** | &nbsp;&nbsp;UniCredit Bank d.d. | &nbsp;&nbsp;Zelenih beretki 24 <br> 71 000 Sarajevo <br> Federation of Bosnia and Herzegovina |
| &nbsp;&nbsp;**Botswana** | &nbsp;&nbsp;Standard Chartered Bank Botswana Limited | &nbsp;&nbsp;4th Floor, Standard Chartered House <br> Queens Road <br> The Mall <br> Gaborone, Botswana |
| &nbsp;&nbsp;**Brazil** | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;AV Paulista 1111 <br> São Paulo, SP 01311-920 Brazil |
| &nbsp;&nbsp;**Bulgaria** | &nbsp;&nbsp;Citibank Europe plc, Bulgaria Branch | &nbsp;&nbsp;Serdika Offices, 10th floor <br> 48 Sitnyakovo Blvd. <br> 1505 Sofia, Bulgaria |
| &nbsp;&nbsp;**Bulgaria** | &nbsp;&nbsp;UniCredit Bulbank AD | &nbsp;&nbsp;7 Sveta Nedelya Square <br> 1000 Sofia, Bulgaria |
| &nbsp;&nbsp;**Burkina Faso** | &nbsp;&nbsp;via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | &nbsp;&nbsp;23, Bld de la République <br> 17 BP 1141 Abidjan 17 Côte d'Ivoire |
| &nbsp;&nbsp;**Canada** | &nbsp;&nbsp;State Street Trust Company Canada | &nbsp;&nbsp;30 Adelaide Street East, Suite 800 <br> Toronto, ON Canada M5C 3G6 |
| &nbsp;&nbsp;**Chile** | &nbsp;&nbsp;Itaú CorpBanca S.A. | &nbsp;&nbsp;Presidente Riesco Street # 5537 <br> Floor 18 <br> Las Condes, Santiago de Chile |
| &nbsp;&nbsp;**P** **eople's Republic of China** | &nbsp;&nbsp;HSBC Bank (China) Company Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;&nbsp;33rd Floor, HSBC Building, Shanghai IFC <br> 8 Century Avenue <br> Pudong, Shanghai, China (200120) |
| &nbsp;&nbsp;**P** **eople's Republic of China** | &nbsp;&nbsp;China Construction Bank Corporation (for A-share market only) | &nbsp;&nbsp;No.1 Naoshikou Street Chang An Xing Rong Plaza Beijing 100032-33, China |
| &nbsp;&nbsp;**P** **eople's Republic of China** | &nbsp;&nbsp;Citibank N.A. (for Shanghai – Hong Kong Stock Connect market only) | &nbsp;&nbsp;39/F., Champion Tower <br> 3 Garden Road <br> Central, Hong Kong |
| &nbsp;&nbsp;**P** **eople's Republic of China** | &nbsp;&nbsp;The Hongkong and Shanghai Banking Corporation Limited (for Shanghai – Hong Kong Stock Connect market only) | &nbsp;&nbsp;Level 30, <br> HSBC Main Building <br> 1 Queen's Road <br> Central, Hong Kong |
| &nbsp;&nbsp;**P** **eople's Republic of China** | &nbsp;&nbsp;Standard Chartered Bank (Hong Kong) Limited (for Shanghai – Hong Kong Stock Connect market) | &nbsp;&nbsp;&nbsp;15th Floor Standard Chartered Tower <br> 388 Kwun Tong Road <br> Kwun Tong, Hong Kong |
| &nbsp;&nbsp;**Colombia** | &nbsp;&nbsp;Cititrust Colombia S.A. Sociedad Fiduciaria | &nbsp;&nbsp;Carrera 9A, No. 99-02 <br> Bogotá DC, Colombia |
| &nbsp;&nbsp;**Costa Rica** | &nbsp;&nbsp;Banco BCT S.A. | &nbsp;&nbsp;160 Calle Central <br> Edificio BCT <br> San José, Costa Rica |
| &nbsp;&nbsp;**Croatia** | &nbsp;&nbsp;Privredna Banka Zagreb d.d. | &nbsp;&nbsp;Custody Department <br> Radnička cesta 50 <br> 10000 Zagreb, Croatia |
| &nbsp;&nbsp;**Croatia** | &nbsp;&nbsp;Zagrebacka Banka d.d. | &nbsp;&nbsp;Savska 60 <br> 10000 Zagreb, Croatia |
| &nbsp;&nbsp;**C** **yprus** | &nbsp;&nbsp;BNP Paribas Securities Services, S.C.A., Greece (operating through its Athens branch) | &nbsp;&nbsp;2 Lampsakou Str. <br> 115 28 Athens, Greece |
| &nbsp;&nbsp;**Czech Republic** | &nbsp;&nbsp;Československá obchodní banka, a.s. | &nbsp;&nbsp;Radlická 333/150 <br> 150 57 Prague 5, Czech Republic |
| &nbsp;&nbsp;**Czech Republic** | &nbsp;&nbsp;UniCredit Bank Czech Republic and Slovakia, a.s. | &nbsp;&nbsp; BB Centrum – FILADELFIE Želetavská 1525/1 140 92 Praha 4 - Michle, Czech Republic<br>|
| &nbsp;&nbsp;**Denmark** | &nbsp;&nbsp;Nordea Bank AB (publ), Sweden (operating through its subsidiary, Nordea Bank Danmark A/S) | &nbsp;&nbsp;Strandgade 3 <br> 0900 Copenhagen C, Denmark |
| &nbsp;&nbsp;**Denmark** | &nbsp;&nbsp;Skandinaviska Enskilda Banken AB (publ), Sweden (operating through its Copenhagen branch) | &nbsp;&nbsp;Bernstorffsgade 50 <br> 1577 Copenhagen, Denmark |
| &nbsp;&nbsp;**E** **gypt** | &nbsp;&nbsp;HSBC Bank Egypt S.A.E. (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;&nbsp;6th Floor <br> 306 Corniche El Nil <br> Maadi <br> Cairo, Egypt |
| &nbsp;&nbsp;**E** **stonia** | &nbsp;&nbsp;AS SEB Pank | &nbsp;&nbsp;Tornimäe 2 <br> 15010 Tallinn, Estonia |
| &nbsp;&nbsp;**F** **inland** | &nbsp;&nbsp;Nordea Bank AB (publ), Sweden (operating through its subsidiary, Nordea Bank Finland Plc.) | &nbsp;&nbsp;Satamaradankatu 5 <br> 00500 Helsinki, Finland |
| &nbsp;&nbsp;**F** **inland** | &nbsp;&nbsp;Skandinaviska Enskilda Banken AB (publ), Sweden (operating through its Helsinki branch) | &nbsp;&nbsp;Securities Services <br> Box 630 <br> SF-00101 Helsinki, Finland |
| &nbsp;&nbsp;**F** **rance** | &nbsp;&nbsp;Deutsche Bank AG, Netherlands (operating through its Amsterdam branch with support from its Paris branch) | &nbsp;&nbsp;De Entrees 99-197 <br> 1101 HE Amsterdam, Netherlands |
| &nbsp;&nbsp;**Republic of Georgia** | &nbsp;&nbsp;JSC Bank of Georgia | &nbsp;&nbsp;29a Gagarini Str. Tbilisi 0160, Georgia |
| &nbsp;&nbsp;**G** **ermany** | &nbsp;&nbsp;State Street Bank International GmbH | &nbsp;&nbsp;Brienner Strasse 59 <br> 80333 Munich, Germany |
|  | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;Alfred-Herrhausen-Allee 16-24 <br> D-65760 Eschborn, Germany |
| &nbsp;&nbsp;**Gh** **ana** | &nbsp;&nbsp;Standard Chartered Bank Ghana Limited | &nbsp;&nbsp;P. O. Box 768 <br> 1st Floor <br> High Street Building <br> Accra, Ghana |
| &nbsp;&nbsp;**G** **reece** | &nbsp;&nbsp;BNP Paribas Securities Services, S.C.A. | &nbsp;&nbsp;2 Lampsakou Str. <br> 115 28 Athens, Greece |
| &nbsp;&nbsp;**Gu** **inea-Bissau** | &nbsp;&nbsp;via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | &nbsp;&nbsp;23, Bld de la République <br> 17 BP 1141 Abidjan 17 Côte d'Ivoire |
| &nbsp;&nbsp;**Hong Kong** | &nbsp;&nbsp;Standard Chartered Bank (Hong Kong) Limited | &nbsp;&nbsp;&nbsp;15th Floor Standard Chartered Tower <br> 388 Kwun Tong Road <br> Kwun Tong, Hong Kong |
| &nbsp;&nbsp;**Hungary** | &nbsp;&nbsp;Citibank Europe plc Magyarországi Fióktelepe | &nbsp;&nbsp;7 Szabadság tér, Bank Center <br> Budapest, H-1051 Hungary |
| &nbsp;&nbsp;**Hungary** | &nbsp;&nbsp;UniCredit Bank Hungary Zrt. | &nbsp;&nbsp;6th Floor <br> Szabadság tér 5-6 <br> H-1054 Budapest, Hungary |
| &nbsp;&nbsp;**Iceland** | &nbsp;&nbsp;Landsbankinn hf. | &nbsp;&nbsp;Austurstræti 11 <br> 155 Reykjavik, Iceland |
| &nbsp;&nbsp;**India** | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;Block B1, 4th Floor, Nirlon Knowledge Park <br> Off Western Express Highway <br> Goregaon (E) <br> Mumbai 400 063, India |
| &nbsp;&nbsp;**India** | &nbsp;&nbsp;The Hongkong and Shanghai Banking Corporation Limited | &nbsp;&nbsp;11F, Building 3, NESCO - IT Park, NESCO Complex, <br> Western Express Highway <br> Goregaon (East), Mumbai 400 063, India |
| &nbsp;&nbsp;**Indonesia** | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;Deutsche Bank Building, 4th floor <br> Jl. Imam Bonjol, No. 80 <br> Jakarta 10310, Indonesia |
| &nbsp;&nbsp;**Ireland** | &nbsp;&nbsp;State Street Bank and Trust Company, United Kingdom branch | &nbsp;&nbsp;525 Ferry Road <br> Edinburgh EH5 2AW, Scotland |
| &nbsp;&nbsp;**Israel** | &nbsp;&nbsp;Bank Hapoalim B.M. | &nbsp;&nbsp;50 Rothschild Boulevard <br> Tel Aviv, Israel 61000 |
| &nbsp;&nbsp;**Italy** | &nbsp;&nbsp;Deutsche Bank S.p.A. | &nbsp;&nbsp;Investor Services <br> Via Turati 27 – 3rd Floor <br> 20121 Milan, Italy |
| &nbsp;&nbsp;**Ivory Coast** | &nbsp;&nbsp;Standard Chartered Bank Côte d'Ivoire S.A. | &nbsp;&nbsp;23, Bld de la République <br> 17 BP 1141 Abidjan 17 Côte d'Ivoire |
| &nbsp;&nbsp;**Japan** | &nbsp;&nbsp;Mizuho Bank, Limited | &nbsp;&nbsp;Shinagawa Intercity Tower A <br> 2-15-1, Konan, Minato-ku <br> Tokyo 108-6009, Japan |
| &nbsp;&nbsp;**Japan** | &nbsp;&nbsp;The Hongkong and Shanghai Banking Corporation Limited | &nbsp;&nbsp;HSBC Building <br> 11-1 Nihonbashi 3-chome, Chuo-ku <br> Tokyo 1030027, Japan |
| &nbsp;&nbsp;**Jordan** | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;Shmeissani Branch <br> Al-Thaqafa Street, Building # 2 <br> P.O. Box 926190 <br> Amman 11110, Jordan |
| &nbsp;&nbsp;**Kazakhstan** | &nbsp;&nbsp;JSC Citibank Kazakhstan | &nbsp;&nbsp;Park Palace, Building A, <br> 41 Kazibek Bi street, <br> Almaty 050010, Kazakhstan |
| &nbsp;&nbsp;**Kenya** | &nbsp;&nbsp;Standard Chartered Bank Kenya Limited | &nbsp;&nbsp;Custody Services <br> Standard Chartered @ Chiromo, Level 5 <br> 48 Westlands Road <br> P.O. Box 40984 – 00100 GPO Nairobi, Kenya |
| &nbsp;&nbsp;**Republic of Korea** | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;18th Fl., Young-Poong Building <br> 41 Cheonggyecheon-ro <br> Jongro-ku-, Seoul 03188, Korea |
| &nbsp;&nbsp;**Republic of Korea** | &nbsp;&nbsp;The Hongkong and Shanghai Banking Corporation Limited | &nbsp;&nbsp;5F <br> HSBC Building #37 <br> Chilpae-ro <br> Jung-gu, Seoul 04511, Korea |
| &nbsp;&nbsp;**Kuwait** | &nbsp;&nbsp;HSBC Bank Middle East Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;Kuwait City, Sharq Area Abdulaziz Al Sager Street Al Hamra Tower, 37F <br> P. O. Box 1683, Safat 13017, Kuwait |
| &nbsp;&nbsp;**L** **atvia** | &nbsp;&nbsp;AS SEB banka | &nbsp;&nbsp;Unicentrs, Valdlauči <br> LV-1076 Kekavas pag., Rigas raj., Latvia |
| &nbsp;&nbsp;**L** **ebanon** | &nbsp;&nbsp;HSBC Bank Middle East Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;St. Georges Street, Minet El-Hosn <br> Beirut 1107 2080, Lebanon |
| &nbsp;&nbsp;**L** **ithuania** | &nbsp;&nbsp;AB SEB bankas | &nbsp;&nbsp;Gedimino av. 12 <br> LT 2600 Vilnius, Lithuania |
| &nbsp;&nbsp;**M** **alawi** | &nbsp;&nbsp;Standard Bank Limited | &nbsp;&nbsp;Kaomba Centre <br> Cnr. Victoria Avenue & Sir Glyn Jones <br> Road <br> Blantyre, Malawi |
| &nbsp;&nbsp;**M** **alaysia** | &nbsp;&nbsp;Deutsche Bank (Malaysia) Berhad | &nbsp;&nbsp;Domestic Custody Services <br> Level 20, Menara IMC <br> 8 Jalan Sultan Ismail <br> 50250 Kuala Lumpur, Malaysia |
| &nbsp;&nbsp;**M** **alaysia** | &nbsp;&nbsp;Standard Chartered Bank Malaysia Berhad | &nbsp;&nbsp;Menara Standard Chartered <br> 30 Jalan Sultan Ismail <br> 50250 Kuala Lumpur, Malaysia |
| &nbsp;&nbsp;**M** **ali** | &nbsp;&nbsp;via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | &nbsp;&nbsp;23, Bld de la République <br> 17 BP 1141 Abidjan 17 Côte d'Ivoire |
| &nbsp;&nbsp;**M** **auritius** | &nbsp;&nbsp;The Hongkong and Shanghai Banking Corporation Limited | &nbsp;&nbsp;6F HSBC Centre <br> 18 CyberCity <br> Ebene, Mauritius |
| &nbsp;&nbsp;**M** **exico** | &nbsp;&nbsp;Banco Nacional de México, S.A. | &nbsp;&nbsp;3er piso, Torre Norte <br> Act. Roberto Medellín No. 800 <br> Col. Santa Fe <br> Mexico, DF 01219 |
| &nbsp;&nbsp;**M** **orocco** | &nbsp;&nbsp;Citibank Maghreb | &nbsp;&nbsp;Zénith Millénium Immeuble1 <br> Sidi Maârouf – B.P. 40 <br> Casablanca 20190, Morocco |
| &nbsp;&nbsp;**Namibia** | &nbsp;&nbsp;Standard Bank Namibia Limited | &nbsp;&nbsp;Standard Bank Center <br> Cnr. Werner List St. and Post St. Mall <br> 2nd Floor <br> Windhoek, Namibia |
| &nbsp;&nbsp;**Netherlands** | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;De Entrees 99-197 <br> 1101 HE Amsterdam, Netherlands |
| &nbsp;&nbsp;**New Zealand** | &nbsp;&nbsp;The Hongkong and Shanghai Banking Corporation Limited | &nbsp;&nbsp;HSBC House <br> Level 7, 1 Queen St. <br> Auckland 1010, New Zealand |
| &nbsp;&nbsp;**Niger** | &nbsp;&nbsp;via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | &nbsp;&nbsp;23, Bld de la République <br> 17 BP 1141 Abidjan 17 Côte d'Ivoire |
| &nbsp;&nbsp;**Nigeria** | &nbsp;&nbsp;Stanbic IBTC Bank Plc. | &nbsp;&nbsp;Plot 1712 <br> Idejo St <br> Victoria Island, <br> Lagos 101007, Nigeria |
| &nbsp;&nbsp;**Norway** | &nbsp;&nbsp;Nordea Bank AB (publ), Sweden (operating through its subsidiary, Nordea Bank Norge ASA) | &nbsp;&nbsp;Essendropsgate 7 <br> 0368 Oslo, Norway |
| &nbsp;&nbsp;**Norway** | &nbsp;&nbsp;Skandinaviska Enskilda Banken AB (publ), Sweden (operating through its Oslo branch) | &nbsp;&nbsp;P.O. Box 1843 Vika <br> Filipstad Brygge 1 <br> N-0123 Oslo, Norway |
| &nbsp;&nbsp;**Om** **an** | &nbsp;&nbsp;HSBC Bank Oman S.A.O.G. (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;&nbsp;2nd Floor Al Khuwair <br> PO Box 1727 PC 111 <br> Seeb, Oman |
| &nbsp;&nbsp;**P** **akistan** | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;Unicentre – Unitowers I.I. Chundrigar Road P.O. Box 4925 <br> Karachi - 74000, Pakistan |
| &nbsp;&nbsp;**P** **anama** | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;Boulevard Punta Pacifica Torre de las Americas Apartado <br> Panama City, Panama 0834-00555 |
| &nbsp;&nbsp;**P** **eru** | &nbsp;&nbsp;Citibank del Perú, S.A. | &nbsp;&nbsp;&nbsp;Canaval y Moreyra 480 <br> 3rd Floor, San Isidro <br> Lima 27, Perú |
| &nbsp;&nbsp;**P** **hilippines** | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;Global Transaction Banking <br> Tower One, Ayala Triangle <br> 1226 Makati City, Philippines |
| &nbsp;&nbsp;**P** **oland** | &nbsp;&nbsp;Bank Handlowy w Warszawie S.A. | &nbsp;&nbsp;ul. Senatorska 16 <br> 00-293 Warsaw, Poland |
| &nbsp;&nbsp;**P** **oland** | &nbsp;&nbsp;Bank Polska Kasa Opieki S.A. | &nbsp;&nbsp;31 Zwirki I Wigury Street <br> 02-091, Warsaw, Poland |
| &nbsp;&nbsp;**P** **ortugal** | &nbsp;&nbsp;Deutsche Bank AG, Netherlands (operating through its Amsterdam branch with support from its Lisbon branch) | &nbsp;&nbsp;De Entrees 99-197 <br> 1101 HE Amsterdam, Netherlands |
| &nbsp;&nbsp;**P** **uerto Rico** | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;1 Citibank Drive, Lomas Verdes Avenue <br> San Juan, Puerto Rico 00926 |
| &nbsp;&nbsp;**Q** **atar** | &nbsp;&nbsp;HSBC Bank Middle East Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;2 Fl Ali Bin Ali Tower <br> Building no.: 150 <br> Airport Road <br> Doha, Qatar |
| &nbsp;&nbsp;**Romania** | &nbsp;&nbsp;Citibank Europe plc, Dublin – Romania Branch | &nbsp;&nbsp;8, Iancu de Hunedoara Boulevard <br> 712042, Bucharest Sector 1, Romania |
| &nbsp;&nbsp;**Russia** | &nbsp;&nbsp;AO Citibank | &nbsp;&nbsp;8-10 Gasheka Street, Building 1 <br> 125047 Moscow, Russia |
| &nbsp;&nbsp;**S** **audi Arabia** | &nbsp;&nbsp;HSBC Saudi Arabia Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;HSBC Head Office <br> 7267 Olaya - Al Murooj <br> Riyadh 12283-2255 <br> Kingdom of Saudi Arabia |
| &nbsp;&nbsp;**S** **enegal** | &nbsp;&nbsp;via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | &nbsp;&nbsp;23, Bld de la République <br> 17 BP 1141 Abidjan 17 Côte d'Ivoire |
| &nbsp;&nbsp;**S** **erbia** | &nbsp;&nbsp;UniCredit Bank Serbia JSC | &nbsp;&nbsp;Rajiceva 27-29 <br> 11000 Belgrade, Serbia |
| &nbsp;&nbsp;**S** **ingapore** | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;3 Changi Business Park Crescent <br> #07-00, Singapore 486026 |
| &nbsp;&nbsp;**S** **ingapore** | &nbsp;&nbsp;United Overseas Bank Limited | &nbsp;&nbsp;156 Cecil Street <br> FEB Building #08-03 <br> Singapore 069544 |
| &nbsp;&nbsp;**S** **lovak Republic** | &nbsp;&nbsp;UniCredit Bank Czech Republic and Slovakia, a.s. | &nbsp;&nbsp;Ŝancová 1/A <br> 813 33 Bratislava, Slovak Republic |
| &nbsp;&nbsp;**S** **lovenia** | &nbsp;&nbsp;UniCredit Banka Slovenija d.d. | &nbsp;&nbsp;Šmartinska 140 <br> SI-1000 Ljubljana, Slovenia |
| &nbsp;&nbsp;**S** **outh Africa** | &nbsp;&nbsp;FirstRand Bank Limited | &nbsp;&nbsp;Mezzanine Floor <br> 3 First Place Bank City <br> Corner Simmonds & Jeppe Sts. Johannesburg 2001 <br> Republic of South Africa |
| &nbsp;&nbsp;**S** **outh Africa** | &nbsp;&nbsp;Standard Bank of South Africa Limited | &nbsp;&nbsp;&nbsp;3rd Floor, 25 Pixley Ka Isaka Seme St. Johannesburg 2001 <br> Republic of South Africa |
| &nbsp;&nbsp;**S** **pain** | &nbsp;&nbsp;Deutsche Bank S.A.E. | &nbsp;&nbsp;Calle de Rosario Pino 14-16, Planta 1 <br> 28020 Madrid, Spain |
| &nbsp;&nbsp;**Sr** **i Lanka** | &nbsp;&nbsp;The Hongkong and Shanghai Banking Corporation Limited | &nbsp;&nbsp;24, Sir Baron Jayatilake Mawatha <br> Colombo 01, Sri Lanka |
| &nbsp;&nbsp;**Republic of Srpska** | &nbsp;&nbsp;UniCredit Bank d.d. | &nbsp;&nbsp;Zelenih beretki 24 <br> 71 000 Sarajevo <br> Federation of Bosnia and Herzegovina |
| &nbsp;&nbsp;**S** **waziland** | &nbsp;&nbsp;Standard Bank Swaziland Limited | &nbsp;&nbsp;Standard House, Swazi Plaza <br> Mbabane, Swaziland H101 |
| &nbsp;&nbsp;**S** **weden** | &nbsp;&nbsp;Nordea Bank AB (publ) | &nbsp;&nbsp;Smålandsgatan 17 <br> 105 71 Stockholm, Sweden |
| &nbsp;&nbsp;**S** **weden** | &nbsp;&nbsp;Skandinaviska Enskilda Banken AB (publ) | &nbsp;&nbsp;Sergels Torg 2 <br> SE-106 40 Stockholm, Sweden |
| &nbsp;&nbsp;**S** **witzerland** | &nbsp;&nbsp;Credit Suisse (Switzerland) Limited | &nbsp;&nbsp;Uetlibergstrasse 231 <br> 8070 Zurich, Switzerland |
| &nbsp;&nbsp;**S** **witzerland** | &nbsp;&nbsp;UBS Switzerland AG | &nbsp;&nbsp;Max-Högger-Strasse 80-82 <br> CH-8048 Zurich-Alstetten, Switzerland |
| &nbsp;&nbsp;**T** **aiwan - R.O.C.** | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;296 Ren-Ai Road <br> Taipei 106 Taiwan, Republic of China |
|  | &nbsp;&nbsp;Standard Chartered Bank (Taiwan) Limited | &nbsp;&nbsp;168 Tun Hwa North Road <br> Taipei 105, Taiwan, Republic of China |
| &nbsp;&nbsp;**T** **anzania** | &nbsp;&nbsp;Standard Chartered Bank (Tanzania) Limited | &nbsp;&nbsp;1 Floor, International House <br> Corner Shaaban Robert St and Garden <br> Ave <br> PO Box 9011 <br> Dar es Salaam, Tanzania |
| &nbsp;&nbsp;**T** **hailand** | &nbsp;&nbsp;Standard Chartered Bank (Thai) Public Company Limited | &nbsp;&nbsp;&nbsp;Sathorn Nakorn Tower <br> 14th Floor, Zone B <br> 90 North Sathorn Road <br> Silom, Bangkok 10500, Thailand |
| &nbsp;&nbsp;**T** **ogo** | &nbsp;&nbsp;via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | &nbsp;&nbsp;23, Bld de la République <br> 17 BP 1141 Abidjan 17 Côte d'Ivoire |
| &nbsp;&nbsp;**T** **unisia** | &nbsp;&nbsp;Union Internationale de Banques | &nbsp;&nbsp;65 Avenue Bourguiba <br> 1000 Tunis, Tunisia |
| &nbsp;&nbsp;**T** **urkey** | &nbsp;&nbsp;Citibank, A.Ş. | &nbsp;&nbsp;Tekfen Tower <br> Eski Buyukdere Caddesi 209 <br> Kat 3 <br> Levent 34394 Istanbul, Turkey |
| &nbsp;&nbsp;**T** **urkey** | &nbsp;&nbsp;Deutsche Bank A.Ş. | &nbsp;&nbsp;Eski Buyukdere Caddesi <br> Tekfen Tower No. 209 <br> Kat: 17 4 <br> Levent 34394 Istanbul, Turkey |
| &nbsp;&nbsp;**Uganda** | &nbsp;&nbsp;Standard Chartered Bank Uganda Limited | &nbsp;&nbsp;5 Speke Road <br> P.O. Box 7111 <br> Kampala, Uganda |
| &nbsp;&nbsp;**Ukraine** | &nbsp;&nbsp;PJSC Citibank | &nbsp;&nbsp;16-g Dilova St. <br> Kyiv 03150, Ukraine |
| &nbsp;&nbsp;**United Arab Emirates Dubai Financial Market** | &nbsp;&nbsp;HSBC Bank Middle East Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;HSBC Securities Services <br> Emaar Square <br> Level 3, Building No. 5 <br> P O Box 502601 <br> Dubai, United Arab Emirates |
| &nbsp;&nbsp;**United Arab Emirates Dubai International Financial Center** | &nbsp;&nbsp;HSBC Bank Middle East Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;HSBC Securities Services <br> Emaar Square <br> Level 3, Building No. 5 <br> P O Box 502601 <br> Dubai, United Arab Emirates |
| &nbsp;&nbsp;**United Arab Emirates Abu Dhabi** | &nbsp;&nbsp;HSBC Bank Middle East Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;HSBC Securities Services <br> Emaar Square <br> Level 3, Building No. 5 <br> P O Box 502601 <br> Dubai, United Arab Emirates |
| &nbsp;&nbsp;**United Kingdom** | &nbsp;&nbsp;State Street Bank and Trust Company, United Kingdom branch | &nbsp;&nbsp;525 Ferry Road <br> Edinburgh EH5 2AW, Scotland |
| &nbsp;&nbsp;**Uruguay** | &nbsp;&nbsp;Banco Itaú Uruguay S.A. | &nbsp;&nbsp;Zabala 1463 <br> 11000 Montevideo, Uruguay |
| &nbsp;&nbsp;**V** **enezuela** | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;Centro Comercial El Recreo <br> Torre Norte, Piso 19 <br> Avenida Casanova <br> Caracas, Venezuela 1050 |
| &nbsp;&nbsp;**V** **ietnam** | &nbsp;&nbsp;HSBC Bank (Vietnam) Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;Centre Point <br> 106 Nguyen Van Troi Street <br> Phu Nhuan District <br> Ho Chi Minh City, Vietnam |
| &nbsp;&nbsp;**Z** **ambia** | &nbsp;&nbsp;Standard Chartered Bank Zambia Plc. | &nbsp;&nbsp;Standard Chartered House <br> Cairo Road <br> P.O. Box 32238 <br> 10101, Lusaka, Zambia |
| &nbsp;&nbsp;**Z** **imbabwe** | &nbsp;&nbsp;Stanbic Bank Zimbabwe Limited (as delegate of Standard Bank of South Africa Limited) | &nbsp;&nbsp;3rd Floor <br> Stanbic Centre <br> 59 Samora Machel Avenue <br> Harare, Zimbabwe |

---

Depositories Operating in Network Markets Schedule B

**D** **ECEMBER 31, 2016**

---

| | | |
|:---|:---|:---|
| **M** **ARKET** | **DEPOSITORY** | **TYPES OF SECURITIES** |
| &nbsp;&nbsp;**A** **lbania** | &nbsp;&nbsp;Bank of Albania | &nbsp;&nbsp;Government debt |
| &nbsp;&nbsp;**A** **rgentina** | &nbsp;&nbsp;Caja de Valores S.A. | &nbsp;&nbsp;Equities, government and corporate bonds, and corporate money market instruments |
| &nbsp;&nbsp;**A** **ustralia** | &nbsp;&nbsp;Austraclear Limited | &nbsp;&nbsp;Government securities, corporate bonds, and corporate money market instruments |
| &nbsp;&nbsp;**A** **ustria** | &nbsp;&nbsp;OeKB Central Securities Depository GmbH | &nbsp;&nbsp;All securities listed on Wiener Börse AG, the Vienna Stock Exchange (as well as virtually all other Austrian securities) |
| &nbsp;&nbsp;**Bahrain** | &nbsp;&nbsp;Clearing, Settlement, Depository and Registry System of the Bahrain Bourse | &nbsp;&nbsp;Equities |
| &nbsp;&nbsp;**Bangladesh** | &nbsp;&nbsp;Bangladesh Bank | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**Bangladesh** | &nbsp;&nbsp;Central Depository Bangladesh Limited | &nbsp;&nbsp;Equities and corporate bonds |
| &nbsp;&nbsp;**Belgium** | &nbsp;&nbsp;Euroclear Belgium | &nbsp;&nbsp;Equities and most corporate bonds |
| &nbsp;&nbsp;**Belgium** | &nbsp;&nbsp;National Bank of Belgium | &nbsp;&nbsp;Government securities, corporate bonds, and money market instruments |
| &nbsp;&nbsp;**Benin** | &nbsp;&nbsp;Dépositaire Central – Banque de Règlement | &nbsp;&nbsp;All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**Benin** | &nbsp;&nbsp;Banque Centrale des Etats d'Afrique de l'Ouest | &nbsp;&nbsp;Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**Bermuda** | &nbsp;&nbsp;Bermuda Securities Depository | &nbsp;&nbsp;Equities, corporate bonds |
| &nbsp;&nbsp;**F** **ederation of Bosnia and Herzegovina** | &nbsp;&nbsp;Registar vrijednosnih papira u Federaciji Bosne i Hercegovine, d.d. | &nbsp;&nbsp;Equities, corporate bonds, government securities, money market instruments |
| &nbsp;&nbsp;**Botswana** | &nbsp;&nbsp;Bank of Botswana | &nbsp;&nbsp;Government debt |
| &nbsp;&nbsp;**Botswana** | &nbsp;&nbsp;Central Securities Depository Company of Botswana Ltd. | &nbsp;&nbsp;Equities and corporate bonds |
| &nbsp;&nbsp;**Brazil** | &nbsp;&nbsp;Central de Custódia e de Liquidação Financeira de Títulos Privados (CETIP) | &nbsp;&nbsp;Corporate debt and money market instruments |
| &nbsp;&nbsp;**Brazil** | &nbsp;&nbsp;Companhia Brasileira de Liquidação e Custódia (CBLC) | &nbsp;&nbsp;All equities listed on BM&F BOVESPA S.A. and SOMA, and non-financial corporate bonds traded at BM&F BOVESPA S.A. |
| &nbsp;&nbsp;**Brazil** | &nbsp;&nbsp;Sistema Especial de Liquidação e de Custódia (SELIC) | &nbsp;&nbsp;Government debt issued by the central bank and the National Treasury |
| &nbsp;&nbsp;**Bulgaria** | &nbsp;&nbsp;Bulgarian National Bank | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**Bulgaria** | &nbsp;&nbsp;Central Depository AD | &nbsp;&nbsp;Eligible equities and corporate bonds |
| &nbsp;&nbsp;**Burkina Faso** | &nbsp;&nbsp;Dépositaire Central – Banque de Règlement | &nbsp;&nbsp;All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**Burkina Faso** | &nbsp;&nbsp;Banque Centrale des Etats d'Afrique de l'Ouest | &nbsp;&nbsp;Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**Canada** | &nbsp;&nbsp;The Canadian Depository for Securities Limited | &nbsp;&nbsp;All book-entry eligible securities, including government securities, equities, corporate bonds, money market instruments, strip bonds, and asset- backed securities |
| &nbsp;&nbsp;**Chile** | &nbsp;&nbsp;Depósito Central de Valores S.A. | &nbsp;&nbsp;Government securities, equities, corporate bonds, mortgage-backed securities, and money market instruments |
| &nbsp;&nbsp;**P** **eople's Republic of China** | &nbsp;&nbsp;China Securities Depository and Clearing Corporation Limited, Shanghai and Shenzhen Branches | &nbsp;&nbsp;A shares, B shares, Treasury bonds, local government bonds, enterprise bonds, corporate bonds, open and closed-end funds, convertible bonds, and warrants |
| &nbsp;&nbsp;**P** **eople's Republic of China** | &nbsp;&nbsp;China Central Depository and Clearing Co., Ltd. | &nbsp;&nbsp;Bonds traded through the China Interbank Bond Market (CIBM), including Treasury bonds, local government bonds, policy bank bonds, central bank bills, medium-term notes, commercial paper, enterprise bonds, and commercial bank bonds |
| &nbsp;&nbsp;**Colombia** | &nbsp;&nbsp;Depósito Central de Valores | &nbsp;&nbsp;Securities issued by the central bank and the Republic of Colombia |
| | &nbsp;&nbsp;Depósito Centralizado de Valores de Colombia S.A. (DECEVAL) | &nbsp;&nbsp;Equities, corporate bonds, money market instruments |
| &nbsp;&nbsp;**Costa Rica** | &nbsp;&nbsp;Interclear Central de Valores S.A. | &nbsp;&nbsp;Securities traded on Bolsa Nacional de Valores |
| &nbsp;&nbsp;**Croatia** | &nbsp;&nbsp;Središnje klirinško depozitarno društvo d.d. | &nbsp;&nbsp;Eligible equities, corporate bonds, government securities, and corporate money market instruments |
| &nbsp;&nbsp;**C** **yprus** | &nbsp;&nbsp;Central Depository and Central Registry | &nbsp;&nbsp;Equities, corporate bonds, dematerialized government securities, corporate money market instruments |
| &nbsp;&nbsp;**Czech Republic** | &nbsp;&nbsp;Centrální depozitář cenných papírů, a.s. | &nbsp;&nbsp;All dematerialized equities, corporate debt, and government debt, excluding Treasury bills |
| &nbsp;&nbsp;**Czech Republic** | &nbsp;&nbsp;Czech National Bank | &nbsp;&nbsp;Treasury bills |
| &nbsp;&nbsp;**Denmark** | &nbsp;&nbsp;VP Securities A/S | &nbsp;&nbsp;Equities, government securities, corporate bonds, corporate money market instruments, warrants |
| &nbsp;&nbsp;**E** **gypt** | &nbsp;&nbsp;Central Bank of Egypt | &nbsp;&nbsp;Treasury bills |
| &nbsp;&nbsp;**E** **gypt** | &nbsp;&nbsp;Misr for Central Clearing, Depository and Registry S.A.E. | &nbsp;&nbsp;Eligible equities, corporate bonds, and Treasury bonds |
| &nbsp;&nbsp;**E** **stonia** | &nbsp;&nbsp;AS Eesti Väärtpaberikeskus | &nbsp;&nbsp;All registered equity and debt securities |
| &nbsp;&nbsp;**F** **inland** | &nbsp;&nbsp;Euroclear Finland | &nbsp;&nbsp;Equities, corporate bonds, government securities, money market instruments |
| &nbsp;&nbsp;**F** **rance** | &nbsp;&nbsp;Euroclear France | &nbsp;&nbsp;Government securities, equities, bonds, and money market instruments |
| &nbsp;&nbsp;**Republic of Georgia** | &nbsp;&nbsp;Georgian Central Securities Depository | &nbsp;&nbsp;Equities, corporate bonds, and money market instruments |
| &nbsp;&nbsp;**Republic of Georgia** | &nbsp;&nbsp;National Bank of Georgia | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**G** **ermany** | &nbsp;&nbsp;Clearstream Banking AG, Frankfurt | &nbsp;&nbsp;Equities, government securities, corporate bonds, money market instruments, warrants, investment funds, and index certificates |
| &nbsp;&nbsp;**Gh** **ana** | &nbsp;&nbsp;Central Securities Depository (Ghana) Limited | &nbsp;&nbsp;Government securities and Bank of Ghana securities; equities and corporate bonds |
| &nbsp;&nbsp;**G** **reece** | &nbsp;&nbsp;Bank of Greece, System for Monitoring Transactions in Securities in Book-Entry Form | &nbsp;&nbsp;Government debt |
| &nbsp;&nbsp;**G** **reece** | &nbsp;&nbsp;Hellenic Central Securities Depository | &nbsp;&nbsp;Eligible listed equities, government debt, and corporate bonds |
| &nbsp;&nbsp;**Gu** **inea-Bissau** | &nbsp;&nbsp;Dépositaire Central – Banque de Règlement | &nbsp;&nbsp;All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| | &nbsp;&nbsp;Banque Centrale des Etats d'Afrique de l'Ouest | &nbsp;&nbsp;Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**Hong Kong** | &nbsp;&nbsp;Central Moneymarkets Unit | &nbsp;&nbsp;Government debt (i.e., exchange fund bills and notes issued by the HKMA), other private debt, and money market instruments |
| &nbsp;&nbsp;**Hong Kong** | &nbsp;&nbsp;Hong Kong Securities Clearing Company Limited | &nbsp;&nbsp;Securities listed or traded on the Stock Exchange of Hong Kong Limited |
| &nbsp;&nbsp;**Hungary** | &nbsp;&nbsp;KELER Központi Értéktár Zrt. | &nbsp;&nbsp;Government securities, equities, corporate bonds, and investment fund notes |
| &nbsp;&nbsp;**Iceland** | &nbsp;&nbsp;Nasdaq verðbréfamiðstöð hf. | &nbsp;&nbsp;Government securities, equities, corporate bonds, and money market instruments |
| &nbsp;&nbsp;**India** | &nbsp;&nbsp;Central Depository Services (India) Limited | &nbsp;&nbsp;Eligible equities, debt securities, and money market instruments |
| &nbsp;&nbsp;**India** | &nbsp;&nbsp;National Securities Depository Limited | &nbsp;&nbsp;Eligible equities, debt securities, and money market instruments |
| &nbsp;&nbsp;**India** | &nbsp;&nbsp;Reserve Bank of India | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**Indonesia** | &nbsp;&nbsp;Bank Indonesia | &nbsp;&nbsp;Sertifikat Bank Indonesia (central bank certificates), Surat Utang Negara (government debt instruments), and Surat Perbendaharaan Negara (Treasury bills) |
| &nbsp;&nbsp;**Indonesia** | &nbsp;&nbsp;PT Kustodian Sentral Efek Indonesia | &nbsp;&nbsp;Equities, corporate bonds, and money market instruments |
| &nbsp;&nbsp;**Ireland** | &nbsp;&nbsp;Euroclear UK & Ireland Limited | &nbsp;&nbsp;GBP- and EUR-denominated money market instruments |
| &nbsp;&nbsp;**Ireland** | &nbsp;&nbsp;Euroclear Bank S.A./N.V. | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**Israel** | &nbsp;&nbsp;Tel Aviv Stock Exchange Clearing House Ltd. (TASE Clearing House) | &nbsp;&nbsp;Government securities, equities, corporate bonds and trust fund units |
| &nbsp;&nbsp;**Italy** | &nbsp;&nbsp;Monte Titoli S.p.A. | &nbsp;&nbsp;Equities, corporate debt, government debt, money market instruments, and warrants |
| &nbsp;&nbsp;**Ivory Coast** | &nbsp;&nbsp;Dépositaire Central – Banque de Règlement | &nbsp;&nbsp;All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**Ivory Coast** | &nbsp;&nbsp;Banque Centrale des Etats d'Afrique de l'Ouest | &nbsp;&nbsp;Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**Japan** | &nbsp;&nbsp;Bank of Japan – Financial Network System | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**Japan** | &nbsp;&nbsp;Japan Securities Depository Center (JASDEC) Incorporated | &nbsp;&nbsp;Equities, corporate bonds, and corporate money market instruments |
| &nbsp;&nbsp;**Jordan** | &nbsp;&nbsp;Central Bank of Jordan | &nbsp;&nbsp;Treasury bills, government bonds, development bonds, and public entity bonds |
| &nbsp;&nbsp;**Jordan** | &nbsp;&nbsp;Securities Depository Center | &nbsp;&nbsp;Equities and corporate bonds |
| &nbsp;&nbsp;**Kazakhstan** | &nbsp;&nbsp;Central Securities Depository | &nbsp;&nbsp;Government securities, equities, corporate bonds, and money market instruments |
| &nbsp;&nbsp;**Kenya** | &nbsp;&nbsp;Central Bank of Kenya | &nbsp;&nbsp;Treasury bills and Treasury bonds |
| &nbsp;&nbsp;**Kenya** | &nbsp;&nbsp;Central Depository and Settlement Corporation Limited | &nbsp;&nbsp;Equities and corporate debt |
| &nbsp;&nbsp;**Republic of Korea** | &nbsp;&nbsp;Korea Securities Depository | &nbsp;&nbsp;Equities, government securities, corporate bonds and money market instruments |
| &nbsp;&nbsp;**Kuwait** | &nbsp;&nbsp;Kuwait Clearing Company | &nbsp;&nbsp;Money market instruments, equities, and corporate bonds |
| &nbsp;&nbsp;**L** **atvia** | &nbsp;&nbsp;Latvian Central Depository | &nbsp;&nbsp;Equities, government securities, corporate bonds, and money market instruments |
| &nbsp;&nbsp;**L** **ebanon** | &nbsp;&nbsp;Banque du Liban | &nbsp;&nbsp;Government securities and certificates of deposit issued by the central bank |
| &nbsp;&nbsp;**L** **ebanon** | &nbsp;&nbsp;Custodian and Clearing Center of Financial Instruments for Lebanon and the Middle East (Midclear) S.A.L. | &nbsp;&nbsp;Equities, corporate bonds and money market instruments |
| &nbsp;&nbsp;**L** **ithuania** | &nbsp;&nbsp;Central Securities Depository of Lithuania | &nbsp;&nbsp;All securities available for public trading |
| &nbsp;&nbsp;**M** **alawi** | &nbsp;&nbsp;Reserve Bank of Malawi | &nbsp;&nbsp;Reserve Bank of Malawi bills and Treasury bills |
| &nbsp;&nbsp;**M** **alaysia** | &nbsp;&nbsp;Bank Negara Malaysia | &nbsp;&nbsp;Treasury bills, Bank Negara Malaysia bills, Malaysian government securities, private debt securities, and money market instruments |
| &nbsp;&nbsp;**M** **alaysia** | &nbsp;&nbsp;Bursa Malaysia Depository Sdn. Bhd. | &nbsp;&nbsp;Securities listed on Bursa Malaysia Securities Berhad |
| &nbsp;&nbsp;**M** **ali** | &nbsp;&nbsp;Dépositaire Central – Banque de Règlement | &nbsp;&nbsp;All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**M** **ali** | &nbsp;&nbsp;Banque Centrale des Etats d'Afrique de l'Ouest | &nbsp;&nbsp;Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**M** **auritius** | &nbsp;&nbsp;Bank of Mauritius | &nbsp;&nbsp;Government debt (traded through primary dealers) |
| &nbsp;&nbsp;**M** **auritius** | &nbsp;&nbsp;Central Depository and Settlement Co. Limited | &nbsp;&nbsp;Listed and unlisted equity and debt securities (corporate debt and T-bills traded on the exchange) |
| &nbsp;&nbsp;**M** **exico** | &nbsp;&nbsp;S.D. Indeval, S.A. de C.V. | &nbsp;&nbsp;All securities |
| &nbsp;&nbsp;**M** **orocco** | &nbsp;&nbsp;Maroclear | &nbsp;&nbsp;Eligible listed equities, corporate and government debt, certificates of deposit, commercial paper |
| &nbsp;&nbsp;**Namibia** | &nbsp;&nbsp;Bank of Namibia | &nbsp;&nbsp;Treasury bills |
| &nbsp;&nbsp;**Netherlands** | &nbsp;&nbsp;Euroclear Nederland | &nbsp;&nbsp;Government securities, equities, corporate bonds, corporate money market instruments, and stripped government bonds |
| &nbsp;&nbsp;**New Zealand** | &nbsp;&nbsp;New Zealand Central Securities Depository Limited | &nbsp;&nbsp;Government securities, equities, corporate bonds, and money market instruments |
| &nbsp;&nbsp;**Niger** | &nbsp;&nbsp;Dépositaire Central – Banque de Règlement | &nbsp;&nbsp;All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**Niger** | &nbsp;&nbsp;Banque Centrale des Etats d'Afrique de l'Ouest | &nbsp;&nbsp;Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**Nigeria** | &nbsp;&nbsp;Central Bank of Nigeria | &nbsp;&nbsp;Treasury bills and government bonds |
| &nbsp;&nbsp;**Nigeria** | &nbsp;&nbsp;Central Securities Clearing System Limited | &nbsp;&nbsp;Equities and corporate bonds traded on the Nigeria Stock Exchange |
| &nbsp;&nbsp;**Norway** | &nbsp;&nbsp;Verdipapirsentralen | &nbsp;&nbsp;All listed securities |
| &nbsp;&nbsp;**Om** **an** | &nbsp;&nbsp;Muscat Clearing & Depository Company S.A.O.G. | &nbsp;&nbsp;Equities, corporate bonds, government debt |
| &nbsp;&nbsp;**P** **akistan** | &nbsp;&nbsp;Central Depository Company of Pakistan Limited | &nbsp;&nbsp;Equities and corporate bonds |
| &nbsp;&nbsp;**P** **akistan** | &nbsp;&nbsp;State Bank of Pakistan | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**P** **anama** | &nbsp;&nbsp;Central Latinoamericana de Valores, S.A. (LatinClear) | &nbsp;&nbsp;Equities, government and corporate debt, commercial paper, short-term securities |
| &nbsp;&nbsp;**P** **eru** | &nbsp;&nbsp;CAVALI S.A. Institución de Compensación y Liquidación de Valores | &nbsp;&nbsp;All securities in book-entry form traded on the stock exchange |
| &nbsp;&nbsp;**P** **hilippines** | &nbsp;&nbsp;Philippine Depository & Trust Corporation | &nbsp;&nbsp;Eligible equities and debt |
| &nbsp;&nbsp;**P** **hilippines** | &nbsp;&nbsp;Registry of Scripless Securities (ROSS) of the Bureau of the Treasury | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**P** **oland** | &nbsp;&nbsp;Rejestr Papierów Wartościowych | &nbsp;&nbsp;Treasury bills |
| &nbsp;&nbsp;**P** **oland** | &nbsp;&nbsp;Krajowy Depozyt Papierów Wartościowych, S.A. | &nbsp;&nbsp;Equities, corporate bonds, corporate money market instruments, Treasury bonds, warrants, and futures contracts |
| &nbsp;&nbsp;**P** **ortugal** | &nbsp;&nbsp;INTERBOLSA - Sociedad Gestora de Sistemas de Liquidação e de Sistemas Centralizados de Valores Mobiliários, S.A. | &nbsp;&nbsp;All local Portuguese instruments |
| &nbsp;&nbsp;**Q** **atar** | &nbsp;&nbsp;Qatar Central Securities Depository | &nbsp;&nbsp;Equities, government bonds and Treasury bills listed on the Qatar Exchange |
| &nbsp;&nbsp;**Romania** | &nbsp;&nbsp;National Bank of Romania | &nbsp;&nbsp;Treasury bills and bonds |
| &nbsp;&nbsp;**Romania** | &nbsp;&nbsp;S.C. Depozitarul Central S.A. | &nbsp;&nbsp;Bursa de Valori Bucuresti- (Bucharest Stock Exchange-) listed equities, corporate bonds, government bonds, and municipal bonds |
| &nbsp;&nbsp;**Russia** | &nbsp;&nbsp;National Settlement Depository | &nbsp;&nbsp;Eligible equities, Obligatsii Federal'nogo Zaima (OFZs), and corporate debt denominated in RUB |
| &nbsp;&nbsp;**S** **audi Arabia** | &nbsp;&nbsp;Saudi Arabian Monetary Authority | &nbsp;&nbsp;Government securities and Saudi government development bonds (SGDBs) |
| &nbsp;&nbsp;**S** **audi Arabia** | &nbsp;&nbsp;Tadawul Central Securities Depository | &nbsp;&nbsp;Equities |
| &nbsp;&nbsp;**S** **enegal** | &nbsp;&nbsp;Dépositaire Central – Banque de Règlement | &nbsp;&nbsp;All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**S** **enegal** | &nbsp;&nbsp;Banque Centrale des Etats d'Afrique de l'Ouest | &nbsp;&nbsp;Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**S** **erbia** | &nbsp;&nbsp;Central Securities Depository and Clearinghouse | &nbsp;&nbsp;All instruments |
| &nbsp;&nbsp;**S** **ingapore** | &nbsp;&nbsp;Monetary Authority of Singapore | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**S** **ingapore** | &nbsp;&nbsp;The Central Depository (Pte.) Limited | &nbsp;&nbsp;Eligible listed equities and eligible private debt traded in Singapore |
| &nbsp;&nbsp;**S** **lovak Republic** | &nbsp;&nbsp;Centrálny depozitár cenných papierov SR, a.s. | &nbsp;&nbsp;All dematerialized securities |
| &nbsp;&nbsp;**S** **lovenia** | &nbsp;&nbsp;KDD – Centralna klirinško depotna družba d.d. | &nbsp;&nbsp;All publicly traded securities |
| &nbsp;&nbsp;**S** **outh Africa** | &nbsp;&nbsp;Strate (Pty) Ltd. | &nbsp;&nbsp;Eligible equities, government securities, corporate bonds, money market instruments, and warrants |
| &nbsp;&nbsp;**S** **pain** | &nbsp;&nbsp;IBERCLEAR | &nbsp;&nbsp;Government securities, equities, warrants, money market instruments, and corporate bonds |
| &nbsp;&nbsp;**Sr** **i Lanka** | &nbsp;&nbsp;Central Bank of Sri Lanka | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**Sr** **i Lanka** | &nbsp;&nbsp;Central Depository System (Pvt) Limited | &nbsp;&nbsp;Equities and corporate bonds |
| &nbsp;&nbsp;**Republic of Srpska** | &nbsp;&nbsp;Central Registry of Securities in the Republic of Srpska JSC | &nbsp;&nbsp;Government securities, equities, and corporate and municipal bonds |
| &nbsp;&nbsp;**S** **waziland** | &nbsp;&nbsp;Central Bank of Swaziland | &nbsp;&nbsp;Treasury bills and Treasury bonds |
| &nbsp;&nbsp;**S** **weden** | &nbsp;&nbsp;Euroclear Sweden | &nbsp;&nbsp;Government securities, equities, bonds, money market instruments, derivatives, exchange traded funds, and warrants |
| &nbsp;&nbsp;**S** **witzerland** | &nbsp;&nbsp;SIX SIS AG | &nbsp;&nbsp;Government securities, equities, corporate bonds, money market instruments, derivatives, mutual funds, and warrants |
| &nbsp;&nbsp;**T** **aiwan - R.O.C.** | &nbsp;&nbsp;Central Bank of the Republic of China (Taiwan) | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**T** **aiwan - R.O.C.** | &nbsp;&nbsp;Taiwan Depository and Clearing Corporation | &nbsp;&nbsp;Listed equities, short-term bills, and corporate bonds |
| &nbsp;&nbsp;**T** **anzania** | &nbsp;&nbsp;Central Depository System (CDS), a department of the Dar es Salaam Stock Exchange | &nbsp;&nbsp;Equities and corporate bonds |
| &nbsp;&nbsp;**T** **hailand** | &nbsp;&nbsp;Thailand Securities Depository Company Limited | &nbsp;&nbsp;Government securities, equities and corporate bonds |
| &nbsp;&nbsp;**T** **ogo** | &nbsp;&nbsp;Dépositaire Central – Banque de Règlement | &nbsp;&nbsp;All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**T** **ogo** | &nbsp;&nbsp;Banque Centrale des Etats d'Afrique de l'Ouest | &nbsp;&nbsp;Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**T** **unisia** | &nbsp;&nbsp;Tunisie Clearing | &nbsp;&nbsp;All eligible listed securities |
| &nbsp;&nbsp;**T** **urkey** | &nbsp;&nbsp;Central Bank of Turkey | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**T** **urkey** | &nbsp;&nbsp;Central Registry Agency | &nbsp;&nbsp;Equities, corporate bonds, money market instruments, mutual fund certificates, exchange traded funds |
| &nbsp;&nbsp;**Uganda** | &nbsp;&nbsp;Bank of Uganda | &nbsp;&nbsp;Treasury bills and Treasury bonds |
| &nbsp;&nbsp;**Uganda** | &nbsp;&nbsp;Securities Central Depository | &nbsp;&nbsp;Equities, corporate bonds |
| &nbsp;&nbsp;**Ukraine** | &nbsp;&nbsp;National Depository of Ukraine | &nbsp;&nbsp;Equities, bonds, and money market instruments |
| &nbsp;&nbsp;**United Arab Emirates – Abu Dhabi** | &nbsp;&nbsp;Clearing, Settlement, Depository and Registry department of the Abu Dhabi Securities Exchange | &nbsp;&nbsp;Equities, government securities, and corporate debt |
| &nbsp;&nbsp;**United Arab Emirates – Dubai Financial Market** | &nbsp;&nbsp;Clearing, Settlement and Depository Division, a department of the Dubai Financial Market | &nbsp;&nbsp;Equities, government securities, and corporate debt listed on the DFM |
| &nbsp;&nbsp;**United Arab Emirates – Dubai International Financial Center** | &nbsp;&nbsp;Central Securities Depository, owned and operated by NASDAQ Dubai Limited | &nbsp;&nbsp;Equities, corporate bonds, and corporate money market instruments |
| &nbsp;&nbsp;**United Kingdom** | &nbsp;&nbsp;Euroclear UK & Ireland Limited | &nbsp;&nbsp;GBP- and EUR-denominated money market instruments |
| &nbsp;&nbsp;**Uruguay** | &nbsp;&nbsp;Banco Central del Uruguay | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**V** **enezuela** | &nbsp;&nbsp;Banco Central de Venezuela | &nbsp;&nbsp;Government securities |
|  | &nbsp;&nbsp;Caja Venezolana de Valores | &nbsp;&nbsp;Equities and corporate bonds |
| &nbsp;&nbsp;**V** **ietnam** | &nbsp;&nbsp;Vietnam Securities Depository | &nbsp;&nbsp;Equities, government bonds, T-bills, corporate bonds, and public fund certificates |
| &nbsp;&nbsp;**Z** **ambia** | &nbsp;&nbsp;Bank of Zambia | &nbsp;&nbsp;Treasury bills and Treasury bonds |
|  | &nbsp;&nbsp;LuSE Central Shares Depository Limited | &nbsp;&nbsp;Treasury bonds, corporate bonds, and equities |
| &nbsp;&nbsp;**Z** **imbabwe** | Chengetedzai Depository Company Limited | &nbsp;&nbsp;Equities and corporate bonds |
|  | Reserve Bank of Zimbabwe | &nbsp;&nbsp;Treasury bills and Treasury bonds |

---

**TRANSNATIONAL DEPOSITORIES**

**E** **uroclear Bank S.A./N.V.** Domestic securities from more than 40 markets

**Clearstream Banking, S.A.** Domestic securities from more than 50 markets

**G** **lobal Custody Network Publications**

Schedule C

---

| | |
|:---|:---|
| &nbsp;&nbsp; **P** **ublication / Type of Information**<br> (scheduled update frequency) | &nbsp;&nbsp;**Brief Description** |
| &nbsp;&nbsp; **T** **he Guide to Custody in World Markets**<br> (regular <u>m</u><u>y</u><u>.statestreet.com</u> updates) | &nbsp;&nbsp;An overview of settlement and safekeeping procedures, custody practices, and foreign investor considerations for the markets in which State Street offers custodial services. |
| &nbsp;&nbsp; **G** **lobal Custody Network Review**<br> (updated annually on <u>m</u><u>y</u><u>.statestreet.com</u>) | &nbsp;&nbsp;Information relating to Foreign Subcustodians in State Street's Global Custody Network. The Review stands as an integral part of the materials that State Street provides to its U.S. mutual fund clients to assist them in complying with SEC Rule 17f-5. The Review also gives insight into State Street's market expansion and Foreign Subcustodian selection processes, as well as the procedures and controls used to monitor the financial condition and performance of our Foreign Subcustodian banks. |

| &nbsp;&nbsp; **G** **lobal Legal Survey**<br> (updated annually on <u>m</u><u>y</u><u>.statestreet.com</u>) | &nbsp;&nbsp; With respect to each market in which State Street offers custodial services, opinions relating to whether local law restricts:<br>(i) access of a fund's independent public accountants to books and records of a Foreign Subcustodian or Foreign Securities System,<br>(ii) a fund's ability to recover in the event of bankruptcy or insolvency of a Foreign Subcustodian or Foreign Securities System,<br>(iii) a fund's ability to recover in the event of a loss by a Foreign Subcustodian or Foreign Securities System, and<br>(iv) the ability of a foreign investor to convert cash and cash equivalents to U.S. dollars. |
| &nbsp;&nbsp; **S** **ubcustodian Agreements**<br> (available on CD-ROM annually) | &nbsp;&nbsp;Copies of the contracts that State Street has entered into with each Foreign Subcustodian that maintains U.S. mutual fund assets in the markets in which State Street offers custodial services. |
| &nbsp;&nbsp; **G** **lobal Market Bulletin**<br> (daily or as necessary via email and on <u>m</u><u>y</u><u>.statestreet.com</u>) | &nbsp;&nbsp;Information on changing settlement and custody conditions in markets where State Street offers custodial services. Includes changes in market and tax regulations, depository developments, dematerialization information, as well as other market changes that may impact State Street's clients. |
| **Fo** **reign Custody Risk Advisories** (provided as necessary and on <u>m</u><u>y</u><u>.statestreet.com</u>) | &nbsp;&nbsp;For those markets where State Street offers custodial services that exhibit special risks or infrastructures impacting custody, State Street maintains market advisories to highlight those unique market factors which might impact our ability to offer recognized custody service levels. |
| &nbsp;&nbsp; **Fo** **reign Custody Manager Material**<br> **Change Notices**<br> (quarterly or as necessary and on my.statestreet.com) | &nbsp;&nbsp;Informational letters and accompanying materials, pursuant to our role as Foreign Custody Manager, confirming State Street's foreign custody arrangements, including a summary of material changes with Foreign Subcustodians that have occurred during the previous quarter. The notices also identify any material changes in the custodial risks associated with maintaining assets with Foreign Securities Depositories. |

---

Please contact GlobalMarketInformation@statestreet.com with questions about this document.

The information contained in this document has been carefully researched and is believed to be reliable as of the publication date. Due to the complexities of the markets and changing conditions, however, State Street cannot guarantee that it is complete or accurate in every respect. This document should not be construed or used as a substitute for appropriate legal or investment counsel. Specific advice should be sought on matters relevant to the investment activities of the reader. This application contains proprietary information and is fully protected by relevant copyright laws worldwide.

Copyright 2017 State Street Corporation

www.statestreet.com

[ ]

![](image_001.jpg)

January 19, 2021

State Street Bank and Trust Company<br> 1 Iron Street<br> Boston, MA 02110<br> Attention: Andrea Griffin, Vice President

Re: <u>FEDERATED HERMES ADVISER SERIES (the "Company")</u>

Ladies and Gentlemen:

Please be advised that the undersigned Company has established new Funds to be known as Federated Hermes Conservative Municipal Microshort Fund, and Federated Hermes Conservative Microshort Fund, respectively (the "Funds").

In accordance with Section 20.6, the Additional Funds and Portfolios provision, of the Master Custodian Agreement dated as of March 1, 2017, as amended, modified, or supplemented from time to time (the "Agreement"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("State Street"), the undersigned Company hereby requests that State Street act as Custodian for the new Funds under the terms of the Agreement, and that Appendix A to the Agreement is hereby amended and restated as set forth on Exhibit A attached hereto. In connection with such request, the undersigned Company hereby confirms, as of the date hereof, its representations and warranties set forth in Section 20.7.1 of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Company.

Sincerely,

**FEDERATED HERMES ADVISER SERIES**<br> on behalf of:

**FEDERATED HERMES CONSERVATIVE MUNICIPAL MICROSHORT FUND**, and

**FEDERATED HERMES CONSERVATIVE MICROSHORT FUND**

By: <u>/s/ Lori A. Hensler</u> 

Name: <u>Lori A. Hensler</u> 

Title: <u>Treasurer</u> , Duly Authorized

**Agreed and Accepted:**

**STATE STREET BANK AND TRUST COMPANY**

By: <u>/s/ Stefanie Mansfield</u> 

Name: <u>Stefanie Mansfield</u> 

Title: <u>Managing Director</u> , Duly Authorized

Effective Date: <u>January 19, 2021</u>![](image_002.jpg)

September 1, 2021

State Street Bank and Trust Company

1Iron Street

Boston, MA 02110

Attention: Andrea Griffin, Vice President

Re: <u>FEDERATED HERMES ADVISER SERIES (the "Company")</u>

Ladies and Gentlemen:

Please be advised that the undersigned Company has established a new Fund to be known as Federated Hermes MDT Market Neutral Fund (the "Fund").

In accordance with Section 20.6, the Additional Funds and Portfolios provision, of the Master Custodian Agreement dated as of March 1, 2017, as amended, modified, or supplemented from time to time (the "Agreement"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("State Street"), the undersigned Company hereby requests that State Street act as Custodian for the new Funds under the terms of the Agreement, and that Appendix A to the Agreement is hereby amended and restated as set forth on Exhibit A attached hereto. In connection with such request, the undersigned Company hereby confirms, as of the date hereof, its representations and warranties set forth in Section 20.7.1 of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Company.

Sincerely,

**FEDERATED HERMES ADVISER SERIES**

on behalf of:

**Federated Hermes MDT Market Neutral Fund**

By: <u>/s/ Lori A. Hensler</u>

Name: <u>Lori A. Hensler</u>

Title: <u>Treasurer, Duly Authorized</u>

**Agreed and Accepted:**

**STATE STREET BANK AND TRUST COMPANY**

By: <u>/s/ Suzanne M. Hinckley</u>

Name: <u>Suzanne M. Hinckley</u>

Title: <u>Senior Vice President,</u> Duly Authorized

Effective Date: <u>September 15, 2021</u>

**[FEDERATED HERMES LETTERHEAD]**

December 1, 2023

State Street Bank and Trust Company

One Congress Street

Boston, MA, 02114

Attention: Stefanie Mansfield, Managing Director

**Re: Each Federated Hermes exchange traded fund identified on Exhibit A hereto (each, a "*Federated Hermes ETF Fund*")**

Stefanie:

In accordance with Section 20.6.1, the Additional Funds provision of the Master Custodian Agreement dated as of March 1, 2017 (as amended, the "***Agreement***") between each management investment company identified on Appendix A thereto and State Street Bank and Trust Company ("***State Street***"), each undersigned Federated Hermes ETF Fund hereby requests that your bank act as its Custodian under the terms of the Agreement. In connection with such request, each Federated Hermes ETF Fund hereby confirms to you, as of the date hereof, the representations and warranties set forth in Section 20.7.1 of the Agreement. An updated Appendix A to the Agreement reflecting this addition is attached.

Kindly indicate your acceptance of the foregoing by executing two copies of this letter agreement, returning one to us and retaining one for your records.

Sincerely,

each Federated Hermes Investment Company identified on Exhibit A Hereto

By: /s/ Lori Hensler

Name: Lori Hensler

Title: Treasurer , Duly Authorized

**Agreed and Accepted:**

**STATE STREET BANK AND TRUST COMPANY**

By:/s/Stefanie B. Mansfield

Name: Stefanie B. Mansfield

Title: Managing Director

Effective Date: December 1, 2023

**APPENDIX A**

**TO**

**<u>Master Custodian Agreement Dated March 1, 2017</u>**

**<u>(Revised as of [March 1, 2024)</u>**

<u>MANAGEMENT INVESTMENT COMPANIES REGISTERED WITH THE SEC AND PORTFOLIOS THEREOF, IF ANY</u> 

Federated Hermes Equity Income Fund, Inc.

Federated Hermes Global Allocation Fund

**Federated Hermes Adjustable Rate Securities Trust:** 

Federated Hermes Adjustable Rate Fund

**Federated Hermes Government Income Trust:** 

Federated Hermes Government Income Fund

**Federated Hermes Sustainable High Yield Bond Fund, Inc.**<br> *(formerly Federated Hermes High Income Bond Fund, Inc.)*

**Federated Hermes Total Return Government Bond Fun**d

**Federated Hermes Short-Term Government Trust:** 

Federated Hermes Short-Term Government Fund

**Federated Hermes Short-Intermediate Government Trust:** 

Federated Hermes Short-Intermediate Government Fund

**Federated Hermes Core Trust:** 

Bank Loan Core Fund

Mortgage Core Fund

High Yield Bond Core Fund

Emerging Markets Core Fund

**Federated Hermes Core Trust III:** 

Project and Trade Finance Core Fund<br>

**Federated Hermes Equity Funds:** 

Federated Hermes Clover Small Value Fund

Federated Hermes Kaufmann Fund

Federated Hermes Kaufmann Large Cap Fund

Federated Hermes Kaufmann Small Cap Fund

Federated Hermes MDT Mid Cap Growth Fund

Federated Hermes Prudent Bear Fund

**Federated Hermes Fixed Income Securities, Inc.:** 

Federated Hermes Strategic Income Fund

**Federated Hermes High Yield Trust:** 

Federated Hermes Opportunistic High Yield Bond Fund

**Federated Hermes Income Securities Trust:** 

Federated Hermes Capital Income Fund

Federated Hermes Floating Rate Strategic Income Fund

Federated Hermes Fund for U.S. Government Securities

Federated Hermes Intermediate Corporate Bond Fund

Federated Hermes Inflation Protected Securities Fund

Federated Hermes Short-Term Income Fund

**Federated Hermes Institutional Trust:** 

Federated Hermes Government Ultra Short Fund

Federated Hermes Institutional High Yield Bond Fund

Federated Hermes Short-Intermediate Total Return Bond Fund

**Federated Hermes Insurance Series:** 

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes High Income Bond Fund II

Federated Hermes Kaufmann Fund II

Federated Hermes Managed Volatility Fund II

Federated Hermes Government Money Fund II

Federated Hermes Quality Bond Fund II

**Federated Hermes Investment Series Funds, Inc.:** 

Federated Hermes Corporate Bond Fund

**Federated Hermes Managed Pool Series:** 

Federated Hermes Corporate Bond Strategy Portfolio

Federated Hermes High-Yield Strategy Portfolio

Federated Hermes Mortgage Strategy Portfolio

**Federated Herme**s **MDT Series:** 

Federated Hermes MDT All Cap Core Fund

Federated Hermes MDT Balanced Fund

Federated Hermes MDT Large Cap Growth Fund

Federated Hermes MDT Small Cap Growth Fund

Federated Hermes MDT Small Cap Core Fund

**Federated Hermes Project and Trade Finance Tender Fund** 

**Federated Hermes Total Return Series, Inc.:** 

Federated Hermes Core Bond Fund

Federated Hermes Total Return Bond Fund

Federated Hermes Ultrashort Bond Fund

**Federated Hermes Money Market Obligations Trust:** 

Federated Hermes Government Obligations Fund

Federated Hermes Municipal Obligations Fund

Federated Hermes New York Municipal Cash Trust

Federated Hermes Prime Cash Obligations Fund

Federated Hermes Institutional Prime Obligations Fund

Federated Hermes Tax-Free Obligations Fund

Federated Hermes Institutional Tax-Free Cash Trust

Federated Hermes Treasury Obligations Fund

Federated Hermes Trust for U.S. Treasury Obligations

**Federated Hermes ETF Funds:** 

**Federated Hermes ETF Trust:**

Federated Hermes Short Duration Corporate ETF

Federated Hermes Short Duration High Yield ETF

**Federated Hermes Total Return Bond ETF**

## Ex-99.H

Exhibit 28 (h) (1) (a) under Form N-1A

Exhibit 10 under Item 601/Reg. S-K

SERVICES AGREEMENT

THIS AGREEMENT, dated and effective as of January 1, 2004 (this "Agreement") between FEDERATED INVESTMENT MANAGEMENT COMPANY, a Delaware statutory trust (the "Adviser"), and FEDERATED ADVISORY SERVICES COMPANY, a Delaware statutory trust ("FASC"),

WITNESSETH:

WHEREAS, the Adviser serves pursuant to advisory or subadvisory agreements ("Advisory Agreements") as investment advisor or subadvisor to investment companies registered under the Investment Company Act of 1940 (the "1940 Act") and/or separate accounts not required to be so registered (collectively, "Accounts"); and

WHEREAS, the Adviser desires to engage FASC to provide certain services to Adviser in connection with the services to be provided by the Adviser under the Advisory Agreements;

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Services</u>. FASC agrees to provide to the Adviser the services indicated in Exhibit A to this Agreement (the "Services").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Fees</u>. For its Services under this Agreement, Adviser agrees to pay FASC the Services Fees calculated and payable in accordance with Exhibit B to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Records</u>. FASC shall create and maintain all necessary books and records in accordance with all applicable laws, rules and regulations, including but not limited to records required by Section 31(a) of the 1940 Act and the rules thereunder, as the same may be amended from time to time, pertaining to the Services performed by it and not otherwise created and maintained by another party. Where applicable, such records shall be maintained by FASC for the periods and in the places required by Rule 31a-2 under the 1940 Act. The books and records pertaining to any Account which are in the possession of FAS shall be the property of such Account. The Account, or its owners or authorized representatives, shall have access to such books and records at all times during FASC's normal business hours. Upon reasonable request, copies of any such books and records shall be provided promptly by FASC to the Account or the Account's owners or authorized representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Limitation of Liability and Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) FASC shall not be responsible for any error of judgment or mistake of law or for any loss suffered by the Advisor or any Account in connection with the matters to which this Agreement relates, except a loss resulting from willful malfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser shall indemnify FASC and shall hold FASC harmless from and against any liability to any Account or to any other person which may incurred by or asserted against FASC for any action taken or omitted by it in performing the Services in accordance with the above standards, and any expenses (including the reasonable fees and expenses of its counsel) which may be incurred by FASC in investigating or defending itself against the assertion of any such liability. FASC shall give prompt notice to the Adviser of the assertion of any claim or liability which is reasonably likely to result in a claim for indemnification under this Section; provided that the failure to give such notice, or any delay in giving such notice, shall not lessen the obligation of the Adviser to indemnify FASC except to the extent it results in actual prejudice. The Adviser shall have the option, by notice to FASC, to assume the defense of any claim which may be the subject of indemnification hereunder. In the event such notice is given, the Adviser shall assume the defense of the claim, and FASC shall cooperate with the Adviser in such defense, subject to the obligation of the Adviser to reimburse FASC for the expenses resulting therefrom. In the event Adviser gives notice that it will assume the defense of any claim, the Adviser shall not be obligated to indemnify FASC for any further legal or other expenses incurred in investigating or defending such claim, except those incurred at the request of the Adviser or its counsel. FASC shall in no event compromise or settle any claim for which it may seek indemnification hereunder, except with the prior written consent of the Adviser or unless the Adviser fails, within 30 days after notice of the terms of such settlement, to notify FASC that it has assumed the defense of such claim and will indemnify FASC for any liability resulting therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser and FASC are each hereby expressly put on notice of the limitation of liability set forth in the Declaration of Trust of the other party. Each party agrees that the obligations of the other party pursuant to this Agreement shall be limited solely to such party and its assets, and neither party shall seek satisfaction of any such obligation from the shareholders, trustees, officers, employees or agents of the other party, or any of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the remaining provisions of this Section, the term of this Agreement shall begin on the effective date first above written and shall continue until terminated by mutual agreement of the parties hereto or by either party on not less than 60 days' written notice to the other party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, to the extent that the Services to be provided with respect to any Account which is registered as an investment company under the 1940 Act (herein referred to as a "registered investment company") are services referred to in the definition of "investment advisor" under Section 202(a)(11) of the Investment Company Act of 1940 (herein referred to as "investment advisory services"), then with respect to such Account, this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall not commence until the effective date of its approval by the board of directors or trustees ("Board") of such Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall continue from year to year thereafter, subject to the provisions for termination and all other terms and conditions hereof, only if such continuation shall be specifically approved at least annually by a majority of the Board, including a majority of the members of the Board who are not parties to this Agreement or interested persons of any such party (other than as members of the Board) cast in person at a meeting called for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) may be terminated at any time without the payment of any penalty by the Board or by a vote of a majority of the outstanding voting securities (as defined in Section 2(a)(42) of the 1940 Act) of the Account on 60 days' written notice to the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) shall automatically terminate in the event of (A) its assignment (as defined in the 1940 Act) or (B) termination of the Advisory Agreement for any reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Amendment</u>. This Agreement may be amended at any time by mutual written agreement of the parties hereto; provided, however, that no Amendment to this Agreement shall be effective with respect to any investment advisory services to be provided to any Account which is registered investment company unless, to the extent required by Section 15(a)(2) of the 1940 Act, such amendment has been approved both by the vote of a majority of the Board of the Account, including a majority of the members of the Board who are not parties to this Agreement or interested persons of any such party (other than as members of the Board), cast in person at a meeting called for that purpose and, where required by Section 15(a)(2) of the 1940 Act, on behalf of the Account by a majority of the outstanding voting securities of such Account as defined in Section 2(a)(42) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Section Headings; Counterparts</u>. The underlined Section headings in this Agreement are for convenience of reference only and shall not affect its construction or interpretation. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement.

IN WITNESS WHEREOF, the parties hereto, through their duly authorized officers, have executed this Agreement as of the effective date first above written.

---

| | |
|:---|:---|
| &nbsp;&nbsp; FEDERATED INVESTMENT MANAGEMENT COMPANY<br> By: <u>/s/ G. Andrew Bonnewell</u><br> Name: G. Andrew Bonnewell<br> Title: Vice President | &nbsp;&nbsp; FEDERATED ADVISORY SERVICES COMPANY<br> By: <u>/s/ Keith M. Schappert</u> <br> Name: Keith M. Schappert<br> Title: President |

---

EXHIBIT A

DESCRIPTION OF SERVICES

The following are the categories of Services to be provided by FASC to the Adviser pursuant to the Agreement:

1. <u>Performance attribution</u>. Performance attribution enables portfolio managers and senior management to identify the specific drivers behind each portfolio's performance. Performance attribution analysts are responsible for data integrity, creation of attribution reports and maintenance of attribution models.

2. <u>Administration and Risk Management</u>. Employees of Federated Advisory Services Company provide support to portfolio managers and other employees of affiliated advisers. Such services may include development of risk management programs, production of portfolio and compliance reports for clients and/or fund Boards, completion of required broker and custody documentation, development and documentation of operational procedures, coordination of proxy voting activities, on-site support of hardware and software, etc.

Categories 1 and 2 above shall not be treated as "investment advisory services" for purposes of Section 5(b) of the Agreement.

EXHIBIT B

CALCULATION AND PAYMENT OF SERVICES FEES

For each Category of Services referenced in Exhibit A, Adviser shall pay FASC a Services Fee, payable monthly in arrears, determined according to the following formula:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Services Fee | = | Cost of Services | x | &nbsp;&nbsp;<u>Adviser's Assets under Management</u><br> Total Assets Under Management | x | (1 + Applicable Margin) |

---

Where:

"Cost of Services" is FASC's total Operating Costs incurred in providing the applicable Category of Services during the month to all investment advisers for which FASC provides that Category of Services.

"Adviser's Assets under Management" is the total average assets under management for the month for all Accounts or portions thereof for which the Adviser acts as investment adviser or subadvisor and which utilize the Category of Services.

"Total Assets under Management" is the total average assets under management for the month for all Accounts or portions thereof for which all investment advisers (including the Adviser) to which FASC provides that Category of Services act as investment adviser or subadviser and which utilize the Category of Services.

"Applicable Margin" is 0.10.

"Operating Costs" means all operating expenses and non-operating expenses of FASC for the cost center(s) providing the applicable Category of Services.

AMENDMENT TO SERVICES AGREEMENT<br>

This AMENDMENT TO SERVICES AGREEMENT, dated and effective as of March 30, 2009 (this "Amendment"), is made between FEDERATED INVESTMENT MANAGEMENT COMPANY, a Delaware statutory trust (the "Adviser"), and FEDERATED ADVISORY SERVICES COMPANY, a Delaware statutory trust ("FASC"). Capitalized terms used, but not defined, in this Amendment have the meanings given to such terms in the Services Agreement (as defined below).

RECITALS

WHEREAS, the Adviser and FASC have entered into that certain Services Agreement dated as of January 1, 2004 (as amended, the "Services Agreement"), pursuant to which FASC provides certain performance attribution, administration and risk management, equity trading and transaction settlement, fundamental analysis, and quantitative analysis services to Adviser in connection with Adviser providing investment advisory or sub-advisory services to investment companies registered under the Investment Company Act of 1940 ("1940 Act") and/or separate accounts not required to be so registered (collectively, "Accounts"); and

WHEREAS, the Adviser and FASC desire to amend the Services indicated in Exhibit A to the Services Agreement, solely with respect to Accounts that are not investment companies registered under the 1940 Act, to provide that, as part of the administration and risk management services provided by FASC, FASC may provide certain coordination of client portfolios and related fixed income trade execution implementation and administration services to Adviser when Adviser is acting as adviser or sub-adviser with respect to such Accounts.

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment to Exhibit A to Services Agreement</u>. Solely with respect to Accounts that are not investment companies registered under the 1940 Act, the section of Exhibit A to the Services Agreement entitled "Administration and Risk Management" shall be, and hereby is, deleted in its entirety and replaced with the following:

"2. <u>Administration and Risk Management</u>. Employees of Federated Advisory Services Company provide support to portfolio managers and other employees of affiliated advisers. Such services may include development of risk management programs, production of portfolio and compliance reports for clients and/or fund Boards, coordination of client portfolios and related fixed income trade execution implementation and administration, completion of required broker and custody documentation, development and documentation of operational procedures, coordination of proxy voting activities, on-site support of hardware and software, etc."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>. This Amendment shall be effective as of the date first above written upon its execution and delivery by each of the parties hereto. The Services Agreement, as amended by this Amendment with respect to Accounts that are not investment companies registered under the 1940 Act, shall remain in full force and effect. The Services Agreement also shall remain in full force and effect without amendment with respect to Accounts that are investment companies under the 1940 Act. This Amendment shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. This Amendment may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Amendment and all of which, when taken together, will be deemed to constitute one and the same agreement.

IN WITNESS WHEREOF, the parties hereto, through their duly authorized officers, have executed this Amendment as of the date first above written.

---

| | |
|:---|:---|
| &nbsp;&nbsp;FEDERATED INVESTMENT MANAGEMENT COMPANY | &nbsp;&nbsp;FEDERATED ADVISORY SERVICES COMPANY |
| &nbsp;&nbsp;By: <u>/s/ John B. Fisher</u> | &nbsp;&nbsp;By: <u>/s/ J. Christopher Donahue</u> |
| &nbsp;&nbsp;Name: <u>John B. Fisher</u> | &nbsp;&nbsp;Name: <u>J. Christopher Donahue</u> |
| &nbsp;&nbsp;Title: <u>President</u> | &nbsp;&nbsp;Title: <u>Chairman</u> |

---

SECOND AMENDMENT TO SERVICES AGREEMENT

This SECOND AMENDMENT TO SERVICES AGREEMENT, dated and effective as of March 1, 2016, (this "Second Amendment"), is made between FEDERATED INVESTMENT MANAGEMENT COMPANY, a Delaware statutory trust (the "Adviser"), and FEDERATED ADVISORY SERVICES COMPANY, a Delaware statutory trust ("FASC"). Capitalized terms used, but not defined, in this Amendment have the meanings given to such terms in the Services Agreement (as defined below).

RECITALS

WHEREAS, the Adviser and FASC have entered into that certain Services Agreement dated as of January 1, 2004 (as amended, the "Services Agreement"), pursuant to which FASC provides certain performance attribution and administration and risk management services to Adviser in connection with Adviser providing investment advisory or sub-advisory services to investment companies registered under the Investment Company Act of 1940 ("1940 Act") and/or separate accounts not required to be so registered (collectively, "Accounts");

WHEREAS, the Adviser and FASC have entered into the Amendment to Services Agreement dated as of March 30, 2009 (the "Amendment"), pursuant to which the Services indicated in Exhibit A to the Services Agreement were amended solely with respect to Accounts that are not investment companies registered under the 1940 Act, to provide that, as part of the administration and risk management services provided by FASC, FASC may provide certain coordination of client portfolios and related fixed income trade execution implementation and administration services to Adviser when Adviser is acting as adviser or sub-adviser with respect to such Accounts; and

WHEREAS, the Adviser and FASC desire to amend the Services indicated in Exhibit A to the Services Agreement, as amended, solely with respect to Accounts for which the Adviser trades in equity securities, equity derivatives and other related equity investments as part of the investment strategy for the Account, to provide that FASC may provide equity trading and transaction settlement, fundamental analysis and quantitative analysis services to Adviser when Adviser is acting as adviser or sub-adviser with respect to such Accounts.

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Second Amendment to Exhibit A to Services Agreement</u>. Exhibit A to the Services Agreement shall be, and here by is, supplemented with the following:

"3. <u>Equity Trading and Transaction Settlement</u>. The equity trading desks execute buy and sell order based on instructions provided by affiliated advisers. The trading staff either places orders electronically or contacts brokers to place orders, find liquidity and seek price levels. Upon completion of a transaction, the transaction settlement group works with the broker and the account custodian to ensure timely and accurate exchange of securities and monies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Fundamental Analysis</u>. The equity investment analysts provide independent research and analysis of specific companies within a sector. Typically, analysis includes review of published reports, interviews of company management, on-site observation of company operations, and the use of various financial models. In addition, analysts read trade journals, attend industry conferences, and focus on trends within the sector and industry. Based on this proprietary analysis, the analyst makes buy, sell or hold recommendations to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Quantitative Analysis</u>. Quantitative analysts develop and apply financial models designed to enable equity portfolio managers and fundamental analysts to screen potential and current investments, assess relative risk and enhance performance relative to benchmarks and peers.

To the extent that such services are to be provided with respect to any Account which is a registered investment company, Categories 3, 4 and 5 above shall be treated as "investment advisory services" for purposes of Section 5(b) of the Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>. This Second Amendment shall be effective as of the date first above written upon its execution and delivery by each of the parties hereto. The Services Agreement, as amended by the Amendment and this Second Amendment with respect to Accounts for which the Adviser trades in equity securities, equity derivatives and other related equity investments as part of the investment strategy for the Account, shall remain in full force and effect. The Services Agreement, as amended by the Amendment, also shall remain in full force and effect without this Second Amendment with respect to Accounts for which the Adviser does not trade in equity securities, equity derivatives and other related equity investments as part of the investment strategy for the Account. This Second Amendment shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. This Second Amendment may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Second Amendment and all of which, when taken together, will be deemed to constitute one and the same agreement.

IN WITNESS WHEREOF, the parties hereto, through their duly authorized officers, have executed this Second Amendment as of the date first above written.

---

| | |
|:---|:---|
| &nbsp;&nbsp;FEDERATED INVESTMENT MANAGEMENT COMPANY | &nbsp;&nbsp;FEDERATED ADVISORY SERVICES COMPANY |
| &nbsp;&nbsp;By: <u>/s/ John B. Fisher</u> | &nbsp;&nbsp;By: <u>/s/ J. Christopher Donahue</u> |
| &nbsp;&nbsp;Name: <u>John B. Fisher</u> | &nbsp;&nbsp;Name: <u>J. Christopher Donahue</u> |
| &nbsp;&nbsp;Title: <u>President</u> | &nbsp;&nbsp;Title: <u>Chairman</u> |

---

<u>LIMITED POWER OF ATTORNEY</u>

KNOW ALL MEN BY THESE PRESENTS, dated as of January 1, 2004, that **FEDERATED INVESTMENT MANAGEMENT COMPANY**, a statutory trust duly organized under the laws of the State of Delaware (the "Adviser"), does hereby nominate, constitute and appoint **FEDERATED ADVISORY SERVICES COMPANY**, a statutory trust duly organized under the laws of the State of Delaware ("FASC"), to act hereunder as the true and lawful agent and attorney-in-fact of the Adviser, acting on behalf of each of the funds or accounts for which Adviser acts as investment adviser or subadviser shown on Schedule 1 attached hereto and incorporated by reference herein (each such fund or account being hereinafter referred to as a "Fund" and collectively as the "Funds"), for the specific purpose of executing and delivering all such agreements, instruments, contracts, assignments, bond powers, stock powers, transfer instructions, receipts, waivers, consents and other documents, and performing all such acts, as Adviser, or FASC acting as agent for the Adviser pursuant to the Services Agreement dated as of January 1, 2004 between the Adviser and FASC (such agreement, as may be amended, supplemented or otherwise modified from time to time is hereinafter referred to as the "Services Agreement"), may deem necessary or reasonably desirable, related to the acquisition, disposition and/or reinvestment of the funds and assets of a Fund in accordance with Adviser's supervision of the investment, sale and reinvestment of the funds and assets of each Fund pursuant to the authority granted to the Adviser as investment adviser or subadviser of each Fund under the Adviser's investment advisory or subadvisory contract for such Fund (such investment advisory or subadvisory contract, as may be amended, supplemented or otherwise modified from time to time is hereinafter referred to as the "Investment Advisory Contract").

The Adviser hereby ratifies and confirms as good and effectual, at law or in equity, all that FASC, and its officers and employees, may do by virtue hereof. However, despite the above provisions, nothing herein shall be construed as imposing a duty on FASC to act or assume responsibility for any matters referred to above or other matters even though FASC may have power or authority hereunder to do so. Nothing in this Limited Power of Attorney shall be construed (i) to be an amendment or modifications of, or supplement to, the Investment Advisory Contract, (ii) to amend, modify, limit or denigrate any duties, obligations or liabilities of the Adviser under the terms of the Investment Advisory Contract or (iii) exonerate, relieve or release the Adviser from any losses, obligations, penalties, actions, judgments and suits and other costs, expenses and disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Adviser (x) under the terms of the Investment Advisory Contract or (y) at law, or in equity, for the performance of its duties as the investment adviser or subadviser of any of the Funds.

The Adviser hereby agrees to indemnify and save harmless FASC and its trustees, officers and employees (each of the foregoing an "Indemnified Party" and collectively the "Indemnified Parties") against and from any and all losses, obligations, penalties, actions, judgments and suits and other costs, expenses and disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against an Indemnified Party, other than as a consequence of gross negligence or willful misconduct on the part of an Indemnified Party, arising out of or in connection with this Limited Power of Attorney or any other agreement, instrument or document executed in connection with the exercise of the authority granted to FASC herein to act on behalf of the Adviser, including without limitation the reasonable costs, expenses and disbursements in connection with defending such Indemnified Party against any claim or liability related to the exercise or performance of any of FASC's powers or duties under this Limited Power of Attorney or any of the other agreements, instruments or documents executed in connection with the exercise of the authority granted to FASC herein to act on behalf of the Adviser, or the taking of any action under or in connection with any of the foregoing. The obligations of the Adviser under this paragraph shall survive the termination of this Limited Power of Attorney with respect to actions taken by FASC on behalf of the Adviser during the term of this Limited Power of Attorney.

Any person, partnership, corporation or other legal entity dealing with FASC in its capacity as attorney-in-fact hereunder for the Adviser on behalf of any Fund is hereby expressly put on notice that FASC is acting solely in the capacity as an agent of the Adviser as agent for the Fund and that any such person, partnership, corporation or other legal entity must look solely to the Fund in question for enforcement of any claim against the Fund, as FASC assumes no personal liability whatsoever for obligations of the Fund entered into by FASC in its capacity as attorney-in-fact for the Adviser.

Each person, partnership, corporation or other legal entity which deals with a Fund through FASC in its capacity as agent and attorney-in-fact of the Adviser, is hereby expressly put on notice (i) that all persons or entities dealing with the Fund must look solely to the assets of the Fund on whose behalf FASC is acting pursuant to its powers hereunder for enforcement of any claim against the Fund, as the trustees, officers and/or agents of such Fund, the shareholders of the various classes of shares of the Fund, and the other Funds of the trust or corporation of which a Fund may be a series, assume no personal liability whatsoever for obligations entered into on behalf of such Fund, and (ii) that the rights, liabilities and obligations of any one Fund are separate and distinct from those of any other Fund.

The execution of this Limited Power of Attorney by the Adviser acting on behalf of the several Funds shall not be deemed to evidence the existence of any express or implied joint undertaking or appointment by and among any or all of the Funds. Liability for or recourse under or upon any undertaking of FASC pursuant to the power or authority granted to FASC under this Limited Power of Attorney under any rule of law, statute or constitution or by the enforcement of any assessment or penalty or by legal or equitable proceedings or otherwise shall be limited only to the assets of the Fund on whose behalf FASC was acting pursuant to the authority granted hereunder.

The Adviser hereby agrees that no person, partnership, corporation or other legal entity dealing with FASC shall be bound to inquire into FASC's power and authority hereunder and any such person, partnership, corporation or other legal entity shall be fully protected in relying on such power or authority unless such person, partnership, corporation or other legal entity has received prior written notice from the Adviser that this Limited Power of Attorney has been revoked. This Limited Power of Attorney shall be revoked and terminated automatically upon the cancellation or termination of the Services Agreement or as to any Fund upon the cancellation or termination of the Adviser's Investment Advisory Contract for such Fund. Except as provided in the immediately preceding sentence, the powers and authorities herein granted may be revoked or terminated by the Adviser at any time provided that no such revocation or termination shall be effective until FASC has received actual notice of such revocation or termination in writing from the Adviser.

This Limited Power of Attorney constitutes the entire agreement between the Adviser and FASC and may be changed only by a writing signed by both of them, except that the Adviser may at any time change the list of Funds to which this Limited Power of Attorney relates by executing and delivering to FASC a later dated version of Schedule 1. This Limited Power of Attorney shall bind and benefit the respective successors and assigns of the Adviser and FASC; provided, however, that FASC shall have no power or authority hereunder to appoint a successor or substitute attorney in fact for the Adviser or any Fund.

This Limited Power of Attorney shall be governed and construed in accordance with the laws of the Commonwealth of Pennsylvania without reference to principles of conflicts of laws. If any provision hereof, or any power or authority conferred upon FASC herein, would be invalid or unexercisable under applicable law, then such provision, power or authority shall be deemed modified to the extent necessary to render it valid or exercisable while most nearly preserving its original intent, and no provision hereof, or power or authority conferred upon FASC herein, shall be affected by the invalidity or the non-exercisability of another provision hereof, or of another power or authority conferred herein.

This Limited Power of Attorney may be executed in as many identical counterparts as may be convenient and by the different parties hereto on separate counterparts. This Limited Power of Attorney shall become binding on the Adviser when the Adviser shall have executed at least one counterpart and FASC shall have accepted its appointment by executing this Limited Power of Attorney. Immediately after the execution of a counterpart original of this Limited Power of Attorney and solely for the convenience of the parties hereto, the Adviser and FASC will execute sufficient counterparts so that FASC shall have a counterpart executed by it and the Adviser, and the Adviser shall have a counterpart executed by the Adviser and FASC. Each counterpart shall be deemed an original and all such taken together shall constitute but one and the same instrument, and it shall not be necessary in making proof of this Limited Power of Attorney to produce or account for more than one such counterpart.

IN WITNESS WHEREOF, the Adviser has caused this Limited Power of Attorney to be executed by its duly authorized officer as of the date first written above.

**FEDERATED INVESTMENT MANAGEMENT COMPANY** 

By: <u>/s/ Keith M. Schappert</u> 

Name Keith M. Schappert

Title: President

Accepted and agreed to this

January 1, 2004

**FEDERATED ADVISORY SERVICES COMPANY**

By: <u>/s/ G. Andrew Bonnewell</u> 

Name: G. Andrew Bonnewell

Title: Vice President

Schedule 1

to Limited Power of Attorney

dated as of January 1, 2004

(revised February 1, 2025)

by **FEDERATED INVESTMENT MANAGEMENT COMPANY** (the Adviser "),

acting on behalf of each of the funds and accounts listed below, and appointing

**FEDERATED ADVISORY SERVICES COMPANY**

the attorney-in-fact of the Adviser

**<u>List of Funds and Accounts</u>**

Emerging Markets Core Fund

Bank Loan Core Fund

Federated Hermes Adjustable Rate Fund

Federated Hermes Corporate Bond Fund

Federated Hermes California Municipal Cash Trust

Federated Hermes Capital Reserves Fund

Federated Hermes Conservative Microshort Fund

Federated Hermes Conservative Municipal Microshort Fund

Federated Hermes Corporate Bond Strategy Portfolio

Federated Hermes Emerging Market Debt Fund

Federated Hermes Floating Rate Strategic Income Fund

Federated Hermes Fund for U.S. Government Securities

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes Government Income Fund

Federated Hermes Government Obligations Fund

Federated Hermes Government Obligations Tax-Managed Fund

Federated Hermes Government Reserves Fund

Federated Hermes Government Ultrashort Fund

Federated Hermes SDG Engagement High Yield Credit Fund

Federated Hermes High Income Bond Fund II

Federated Hermes Sustainable High Yield Bond Fund, Inc.

Federated Hermes High Yield Strategy Portfolio

Federated Hermes Opportunistic High Yield Bond Fund

Federated Hermes Institutional High Yield Bond Fund

Federated Hermes Intermediate Corporate Bond Fund

Federated Hermes Intermediate Municipal Fund

Federated Hermes International Bond Strategy Portfolio

Federated Hermes Managed Volatility Fund II

Federated Mortgage Core Portfolio

Federated Hermes Core Bond Fund

Federated Hermes Mortgage Strategy Portfolio

Federated Hermes Municipal Bond Fund, Inc.

Federated Hermes Municipal High Yield Advantage Fund

Federated Hermes Municipal Obligations Fund

Federated Hermes Municipal Ultrashort Fund

Federated Hermes New York Municipal Cash Trust

Federated Hermes Ohio Municipal Income Fund

Federated Hermes Pennsylvania Municipal Income Fund

Federated Hermes Premier Municipal Income Fund

Federated Hermes Prime Cash Obligations Fund

Federated Hermes Government Money Fund II

Federated Hermes Institutional Prime Obligations Fund

Project and Trade Finance Core Fund

Federated Hermes Project and Trade Finance Tender Fund

Federated Hermes Quality Bond Fund II

Federated Hermes Inflation Protected Securities Fund

Federated Hermes Short Duration Corporate ETF

Federated Hermes Short Duration High Yield ETF

Federated Hermes Short-Intermediate Municipal Fund

Federated Hermes Short-Intermediate Total Return Bond Fund

Federated Hermes Short-Term Income Fund

Federated Hermes Strategic Income Fund

Federated Hermes Tax-Free Obligations Fund

Federated Hermes Institutional Tax-Free Cash Trust

Federated Hermes Total Return Bond Fund

Federated Hermes Total Return Government Bond Fund

Federated Trade Finance Income Fund

Federated Hermes Treasury Obligations Fund

Federated Hermes Trust for U.S. Treasury Obligations

Federated Hermes Short-Term Government Fund

Federated Hermes Short-Intermediate Government Fund

Federated Hermes U.S. Treasury Cash Reserves

Federated Hermes Ultrashort Bond Fund

High Yield Core Bond Fund

Azzad Wise Capital Fund

City National Rochdale Fixed Income Opportunities Portfolio

Edward Jones Money Market Fund

NVIT Federated High Income Bond Fund

Northwestern Mutual Series Fund HY Bond Portfolio

Ohio National High Income Bond Portfolio

Ohio National Core Plus Bond Portfolio

SunAmerica Series Trust Corporate Bond Portfolio

## Ex-99.H

Exhibit 28 (h) (1) (b) under Form N-1A

Exhibit 10 under Item 601/Reg. S-K

**SECOND AMENDED AND RESTATED SERVICES AGREEMENT**

**THIS AGREEMENT**, amended and restated as of December 1, 2001, is entered into between each Fund listed on Schedule 1, as may be amended from time to time, severally and not jointly, and Federated Shareholder Services Company, ("FSSC"). Unless otherwise defined herein, Section 10 sets forth the definition of capitalized terms used in this Agreement.

**WHEREAS,** Schedule 1 to this Agreement sets forth the classes of Shares for which the Funds will compensate persons who agree to provide services to Shareholders and assist in the maintenance of Shareholder accounts ("Services");

**WHEREAS**, FSSC and certain of the Funds entered into a Shareholder Services Agreement dated March 1, 1994 and amended September 1, 1995, (the "Prior Agreement") which provided for FSSC to enter into agreements for Services with third parties ("Third-Party Agreements") and to utilize fees received under the Prior Agreement to compensate third parties pursuant to such Third-Party Agreements;

**WHEREAS,** it is contemplated that hereafter, the Funds will compensate third-parties for Services directly, and that FSSC will no longer enter into Third-Party Agreements;

**WHEREAS**, FSSC will continue to compensate third parties pursuant to any Third-Party Agreements and the Funds will continue to make payments to FSSC to fund those obligations; and

**WHEREAS,** FSSC will also receive fees for Services it provides to Shareholders under this Agreement.

**NOW THEREFORE**, the parties agree to amend and restate the Agreement as follows:

**SECTION 1. Agreement to Provide Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Services**. FSSC agrees to provide Services for Shareholders of the Funds that have fully-disclosed accounts in the Funds for which either (i) Federated Securities Corp. or any other affiliate of FSSC is the dealer of record; or (ii) for which the dealer of record does not provide Services (collectively, the "FSSC Accounts"). FSSC shall also provide Services or cause Services to be provided to Shareholders whose accounts are subject to Third-Party Agreements. Services shall include, but are not limited to, telephone, mail or electronic communications with Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Delivery of Disclosure Documents**. Upon request by a customer that is a Shareholder of the Funds, FSSC will send a copy of the current Prospectus (and, if expressly requested, Statement of Additional Information), annual report or semi-annual report for any Fund ("Disclosure Documents") to the customer within three (3) business days of such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Funds will furnish to FSSC at the Funds' own expense such number of copies of the then-current Disclosure Documents as FSSC requests to satisfy its obligations under this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) FSSC covenants to the Funds that it will not make any representations concerning any Shares other than those contained in the Disclosure Documents of the applicable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The parties may agree from time to time to set appropriate security procedures and to perform electronically certain of their obligations under this Agreement, including without limitation the delivery of requested Disclosure Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) FSSC shall not have any obligation to pay the cost of producing or delivering Disclosure Documents or any other costs incurred by the Funds in connection with the Services provided hereunder.

**SECTION 2. Service Fees Payable to FSSC** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the term of this Agreement, FSSC will be entitled to receive from each Fund as full compensation for Services rendered hereunder a fee calculated daily at an annual rate, as set forth Schedule 1 to this Agreement, of up to 0.25% of average net assets held in FSSC Accounts of each Fund. Service fees paid by the Funds are in addition to other fees paid by the Funds such as those paid pursuant to an Agreement for Fund Accounting Services, Administrative Services, Transfer Agency Services and Custody Services Procurement and fees paid pursuant to each Fund's Distributor's Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For so long as any Third-Party Agreement remains in effect, FSSC shall be entitled to receive fees from the Funds calculated daily at an annual rate, as set forth in Schedule 1 to this Agreement, of up to 0.25% on the average net assets held in accounts of each Fund for which Services are provided by such third-parties which amount shall be paid by FSSC in accordance with such Third-Party Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Funds shall pay service fees to FSSC in accordance with their regular payment schedules. For the payment period in which this Agreement becomes effective or terminates with respect to any Fund, there shall be an appropriate proration of the fee on the basis of the number of days that this Agreement is in effect with respect to such Fund during the period.

**SECTION 3. Agreements with Other Service Providers**

Each Fund hereby appoints FSSC as the Fund's agent to enter into agreements with financial intermediaries that are not registered as broker/dealers under the 1934 Act (each an "Unregistered Intermediary") to provide Services to their customers that are Shareholders of the Fund. Each Fund agrees to pay Service Fees at an annual rate as set forth in Schedule 1 to this Agreement of up to 0.25% of the average net assets held in Fund accounts for which an Unregistered Intermediary has agreed to provide Services. Any such accounts shall not be treated as FSSC Accounts for purposes of this Agreement.

**SECTION 4. Representations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each party represents and warrants to the other party that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Status.** It is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation and, if relevant under such laws, in good standing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Powers.** It has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and has taken all necessary action to authorize such execution, delivery and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **No Violation or Conflict.** Such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any contractual restriction binding on or affecting it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Obligations Binding.** Its obligations under this Agreement constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors' rights generally and subject, as to enforceability, to equitable principles of general application regardless of whether enforcement is sought in a proceeding in equity or law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Compliance with Laws.** It will comply in all material respects with all applicable laws and orders to which it may be subject if failure to so comply would materially impair its ability to perform its obligations under this Agreement.

**SECTION 5. Indemnification and Limitation of Liability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or duties hereunder on the part of FSSC and its trustees, officers, employees, agents and representatives, the Funds agree to indemnify FSSC and its trustees, officers, employees, agents and representatives against any and all claims, demands, liabilities and reasonable expenses (including attorneys' fees), related to or otherwise connected with (i) any breach by the Funds of any provision of this Agreement; or (ii) any action by a Fund's Shareholder against FSSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) FSSC shall not be liable for any error of judgment or mistake of law or for any loss suffered by any Fund in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement. In no event shall FSSC be liable for indirect or consequential damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any person, even though also an officer, trustee, partner, employee or agent of FSSC, who may be or become an officer, employee or agent of any Fund or a member of a Fund's Board, shall be deemed, when rendering services to such Fund or acting on any business of such Fund (other than services or business in connection with the duties of FSSC hereunder) to be rendering such services to or acting solely for such Fund and not as an officer, trustee, partner, employee or agent or one under the control or direction of FSSC even though paid by FSSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) FSSC is expressly put on notice of the limitation of liability as set forth in the Declaration of Trust of each Fund that is a Massachusetts business trust and agrees that the obligations assumed by each such Fund pursuant to this Agreement shall be limited in any case to such Fund and its assets and that FSSC shall not seek satisfaction of any such obligations from the Shareholders of such Fund, the Trustees, Officers, Employees or Agents of such Fund, or any of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The provisions of this Section shall survive the termination of this Agreement.

**SECTION 6. Privacy Policy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties acknowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Securities and Exchange Commission has adopted Regulation S-P at 17 CFR Part 248 to protect the privacy of individuals who obtain a financial product or service for personal, family or household use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Regulation S-P permits financial institutions, such as the Funds, to disclose "nonpublic personal information" ("NPI") of its "customers" and "consumers" (as those terms are therein defined in Regulation S-P) to affiliated and nonaffiliated third parties of the Funds, without giving such customers and consumers the ability to opt out of such disclosure, for the limited purposes of processing and servicing transactions (17 CFR § 248.14); for specified law enforcement and miscellaneous purposes (17 CFR § 248.15); and to service providers or in connection with joint marketing arrangements (17 CFR § 248.13); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Regulation S-P provides that the right of a customer and consumer to opt out of having his or her NPI disclosed pursuant to 17 CFR § 248.7 and 17 CFR § 248.10 does not apply when the NPI is disclosed to service providers or in connection with joint marketing arrangements, provided the Fund and third party enter into a contractual agreement that prohibits the third party from disclosing or using the information other than to carry out the purposes for which the Fund disclosed the information (17 CFR § 248.13).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties agree that the Funds may disclose Shareholder NPI to FSSC as agent of the Funds and solely in furtherance of fulfilling FSSC's contractual obligations under the Agreement in the ordinary course of business to support the Funds and their Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) FSSC hereby agrees to be bound to use and redisclose such NPI only for the limited purpose of fulfilling its duties and obligations under the Agreement, for law enforcement and miscellaneous purposes as permitted in 17 CFR §248.15, or in connection with joint marketing arrangements that the Funds may establish with FSSC in accordance with the limited exception set forth in 17 CFR 248.13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) FSSC represents and warrants that, in accordance with 17 CFR § 248.30, it has implemented, and will continue to carry out for the term of the Agreement, policies and procedures reasonably designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Insure the security and confidentiality of records and NPI of Fund customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Protect against any anticipated threats or hazards to the security or integrity of Fund customer records and NPI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Protect against unauthorized access or use of such Fund customer records or NPI that could result in substantial harm or inconvenience to any Fund customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) FSSC may redisclose Section 248.13 NPI only to: (a) the Funds and affiliated persons of the Funds ("Fund Affiliates"); (b) affiliated persons of FSSC ("Service Provider Affiliates") (which in turn may disclose or use the information only to the extent permitted under the original receipt); (c) a third party not affiliated with FSSC or the Funds ("Nonaffiliated Third Party") under the service and processing (§248.14) or miscellaneous (§248.15) exceptions, but only in the ordinary course of business to carry out the activity covered by the exception under which FSSC received the information in the first instance; and (d) a Nonaffiliated Third Party under the service provider and joint marketing exception (§248.13), provided FSSC enters into a written contract with the Nonaffiliated Third Party that prohibits the Nonaffiliated Third Party from disclosing or using the information other than to carry out the purposes for which the Funds disclosed the information in the first instance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) FSSC may redisclose Section 248.14 NPI and Section 248.15 NPI to: (a) the Funds and Fund Affiliates; (b) Service Provider Affiliates (which in turn may disclose the information to the same extent permitted under the original receipt); and (c) a Nonaffiliated Third Party to whom the Funds might lawfully have disclosed NPI directly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The provisions of this Section shall survive the termination of the Agreement.

**SECTION 7. Notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All notices of any kind to be given hereunder shall be given in writing and delivered by personal delivery or by postage prepaid, registered or certified United States first class mail, return receipt requested, overnight courier services, or by fax or e-mail (with confirming copy by mail).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise notified in writing, all notices to any Fund shall be given or sent to such Fund at:

5800 Corporate Drive

Pittsburgh, Pennsylvania 15237-7000

Attention: President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless otherwise notified in writing, all notices to FSSC shall be given or sent to:

Federated Investors Tower

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

Attention: President

**SECTION 8. Assignments and No Third-Party Rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for any Third-Party Agreements entered into prior to the date of this Agreement, this Agreement will not be assigned or subcontracted by either party, without prior written consent of the other party, except that either party may assign or subcontract this Agreement to an affiliate controlled, controlled by, or under common control with the assigning or subcontracting party without such consent. Subject to the preceding, this Agreement will apply to, be binding in all respects upon, and inure to the benefit of permitted assigns and subcontractors of the parties. In no event shall the Funds be obligated to make any payment under this Agreement to any person other than FSSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing expressed or referred to in this Agreement will be construed to give anyone other than the parties to this Agreement any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement. This Agreement and all of its provisions and conditions are for the sole and exclusive benefit of the parties to this Agreement and their permitted assigns and subcontractors.

**SECTION 9. Force Majeure**

If either party is unable to carry out any of its obligations under this Agreement because of conditions beyond its reasonable control, including, but not limited to, acts of war or terrorism, work stoppages, fire, civil disobedience, delays associated with hardware malfunction or availability, riots, rebellions, storms, electrical failures, acts of God, and similar occurrences ("Force Majeure"), this Agreement will remain in effect and the non-performing party's obligations shall be suspended without liability for a period equal to the period of the continuing Force Majeure (which period shall not exceed fifteen (15) business days), provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the non-performing party gives the other party prompt notice describing the Force Majeure, including the nature of the occurrence and its expected duration and, where reasonably practicable, continues to furnish regular reports with respect thereto during the period of Force Majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the suspension of obligations is of no greater scope and of no longer duration than is required by the Force Majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no obligations of either party that accrued before the Force Majeure are excused as a result of the Force Majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the non-performing party uses all reasonable efforts to remedy its inability to perform as quickly as possible.

**SECTION 10. Definition of Terms**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**1934 Act**" means the Securities Exchange Act of 1934, and "**1940 Act**" means the Investment Company Act of 1940, in each case as amended and in effect at the relevant time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Fund**" means an investment company registered under the 1940 Act and, in the case of a "series company" as defined in Rule 18f-2(a) under the 1940 Act, each individual portfolio of the series company, set forth on Schedule 1 to this Agreement from time to time. "**Funds**" means the Funds listed on Schedule 1 collectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Prospectus**" means, with respect to any Shares the most recent Prospectus and Statement of Additional Information ("SAI") and any supplement thereto, pursuant to which a Fund publicly offers the Shares; provided, however, that this definition shall not be construed to require FSC, Dealer or any Fund to deliver any SAI other than at the express request of Dealer's customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Shares**" means (1) shares of beneficial interest in a Fund organized as a business trust; and (2) shares of capital stock in a Fund organized as a corporation. With respect to a Fund that has established separate classes of Shares in accordance with Rule 18f-3 under the 1940 Act, Shares refers to the relevant class. "**Shareholder**" means the beneficial owner of any Share.

**SECTION 11. Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be terminated by either party by giving the other party at least sixty (60) days' written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be amended only by a writing signed by both parties, provided that, any Fund may amend Schedule 1 from time to time by sending a copy of the amended Schedule to FSSC. Any such amendment shall be effective ten (10) days after notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement constitutes (along with its Schedules) a complete and exclusive statement of the terms of the agreement between the parties and supersedes any prior agreement with respect to its subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement has been entered into between FSSC and each Fund severally and not jointly, and the provisions this Agreement shall apply separately to each Fund. No Fund shall be obligated to make any payments to FSSC under this Agreement other than with respect to its Shares. No breach of this Agreement by a Fund, or by FSSC against a Fund, shall constitute a breach of this Agreement with respect to any other Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be executed by different parties on separate counterparts, each of which, when so executed and delivered, shall be an original, and all such counterparts shall together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any provision of this Agreement is held invalid or unenforceable, the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid and unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Agreement will be governed by the laws of the Commonwealth of Pennsylvania, without regard to conflicts of laws principles thereof. Any action or proceeding seeking to enforce any provision of, or based on any right arising out of, this Agreement may be brought against the parties in the courts of the Commonwealth of Pennsylvania, County of Allegheny, or, if it has or can acquire jurisdiction, in the United States District Court for the Western District of Pennsylvania, and each of the parties consents to the jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection to venue laid therein. Each party waives its right to a jury trial.

**IN WITNESS WHEREOF,** the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Attest: | &nbsp;&nbsp;**Funds (listed on Schedule 1)** |
| &nbsp;&nbsp;<u>/s/ John W. McGonigle</u> | &nbsp;&nbsp;By:<u>/s/ John F. Donahue</u> |
| &nbsp;&nbsp;John W. McGonigle | &nbsp;&nbsp;John F. Donahue |
| &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Chairman |
| &nbsp;&nbsp;Attest: | &nbsp;&nbsp;**Federated Shareholder Services Company** |
| &nbsp;&nbsp;<u>/s/ Timothy S. Johnson</u> | &nbsp;&nbsp;By: <u>/s/ Arthur L. Cherry, Jr.</u> |
| &nbsp;&nbsp;Timothy S. Johnson | &nbsp;&nbsp;Arthur L. Cherry, Jr. |
| &nbsp;&nbsp;Secretary |  |

---

**SCHEDULE 1**

**TO SECOND AMENDED AND RESTATED SERVICES AGREEMENT**

**(4/1/2025)**

The following lists the Funds and Shares subject to the Second Amended and Restated Services Agreement ("Agreement") which have the *ability to charge the maximum 0.25%* Service Fee payable by the Funds pursuant to the Agreement.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FEDERATED HERMES ADJUSTABLE RATE SECURITIES TRUST** |  |
| &nbsp;&nbsp;Federated Hermes Adjustable Rate Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**FEDERATED HERMES ADVISER SERIES** | &nbsp;&nbsp;**FEDERATED HERMES ADVISER SERIES** |
| &nbsp;&nbsp;Federated Hermes Emerging Markets Equity Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;Federated Hermes Conservative Microshort Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;Federated Hermes Conservative Municipal Microshort Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;Federated Hermes SDG Engagement Equity Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;Federated Hermes SDG Engagement High Yield Credit Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;Federated Hermes US SMID Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;Federated Hermes International Equity Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;Federated Hermes International Growth Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;Federated Hermes MDT Large Cap Value Fund | &nbsp;&nbsp;Service Shares |
|  | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes MDT Market Neutral Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;**FEDERATED HERMES EQUITY FUNDS** | &nbsp;&nbsp;**FEDERATED HERMES EQUITY FUNDS** |
| &nbsp;&nbsp;Federated Hermes Clover Small Value Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes International Strategic Value Dividend Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes Kaufmann Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;Federated Hermes Kaufmann Large Cap Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes Kaufmann Small Cap Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes MDT Mid Cap Growth Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes Prudent Bear Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes Strategic Value Dividend Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;**FEDERATED HERMES EQUITY INCOME FUND, INC.** | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;**FEDERATED HERMES FIXED INCOME SECURITIES, INC.** | &nbsp;&nbsp;**FEDERATED HERMES FIXED INCOME SECURITIES, INC.** |
| &nbsp;&nbsp;Federated Hermes Municipal Ultrashort Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;Federated Hermes Strategic Income Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;**FEDERATED HERMES GLOBAL ALLOCATION FUND** | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;**FEDERATED HERMES GOVERNMENT INCOME TRUST** | &nbsp;&nbsp;**FEDERATED HERMES GOVERNMENT INCOME TRUST** |
| &nbsp;&nbsp;Federated Hermes Government Income Fund | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**FEDERATED HERMES SUSTAINABLE HIGH YIELD BOND FUND, INC.** | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;**FEDERATED HERMES HIGH YIELD TRUST** |  |
| &nbsp;&nbsp;Federated Hermes Opportunistic High Yield Fund | &nbsp;&nbsp;Service Shares |
|  | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;**FEDERATED HERMES INCOME SECURITIES TRUST** | &nbsp;&nbsp;**FEDERATED HERMES INCOME SECURITIES TRUST** |
| &nbsp;&nbsp;Federated Hermes Capital Income Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;Federated Hermes Floating Rate Strategic Income Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class A1 Shares |
| &nbsp;&nbsp;Federated Hermes Fund for U.S. Government Securities | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;Federated Hermes Intermediate Corporate Bond Fund | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;Federated Hermes Muni and Stock Advantage Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;Federated Hermes Inflation Protected Securities Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;Federated Hermes Short-Term Income Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class A2 Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**FEDERATED HERMES INDEX TRUST** | &nbsp;&nbsp;**FEDERATED HERMES INDEX TRUST** |
| &nbsp;&nbsp;Federated Hermes Max-Cap Index Fund | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;Federated Hermes Mid-Cap Index Fund | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**FEDERATED HERMES INSTITUTIONAL TRUST** | &nbsp;&nbsp;**FEDERATED HERMES INSTITUTIONAL TRUST** |
| &nbsp;&nbsp;Federated Hermes Government Ultrashort Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;Federated Hermes Institutional High Yield Bond Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes Short-Intermediate Total Return Bond Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**FEDERATED HERMES INSURANCE SERIES** | &nbsp;&nbsp;**FEDERATED HERMES INSURANCE SERIES** |
| &nbsp;&nbsp;Federated Hermes Fund for US Government Securities II |  |
| &nbsp;&nbsp;Federated Hermes High Income Bond Fund II | &nbsp;&nbsp;Primary Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;Federated Hermes Kaufmann Fund II | &nbsp;&nbsp;Primary Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;Federated Hermes Managed Volatility Fund II |  |
| &nbsp;&nbsp;Federated Hermes Government Money Fund II | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**FEDERATED HERMES INVESTMENT SERIES FUNDS, INC.** | &nbsp;&nbsp;**FEDERATED HERMES INVESTMENT SERIES FUNDS, INC.** |
| &nbsp;&nbsp;Federated Hermes Corporate Bond Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;**FEDERATED HERMES MDT SERIES** | &nbsp;&nbsp;**FEDERATED HERMES MDT SERIES** |
| &nbsp;&nbsp;Federated Hermes MDT All Cap Core Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes MDT Large Cap Growth Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes MDT Small Cap Core Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes MDT Small Cap Growth Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes MDT Balanced Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;**FEDERATED HERMES MUNICIPAL BOND FUND, INC.** | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class F Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**FEDERATED HERMES MUNICIPAL SECURITIES INCOME TRUST** | &nbsp;&nbsp;**FEDERATED HERMES MUNICIPAL SECURITIES INCOME TRUST** |
| &nbsp;&nbsp;Federated Hermes Municipal High Yield Advantage Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;Federated Hermes Ohio Municipal Income Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class F Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;Federated Hermes Pennsylvania Municipal Income Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**FEDERATED HERMES SHORT-INTERMEDIATE DURATION MUNICIPAL TRUST** |  |
| &nbsp;&nbsp;Federated Hermes Short-Intermediate Municipal Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class A2 Shares |
|  | &nbsp;&nbsp;Institutional shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**FEDERATED HERMES TOTAL RETURN GOVERNMENT BOND FUND** | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**FEDERATED HERMES TOTAL RETURN SERIES, INC.** | &nbsp;&nbsp;**FEDERATED HERMES TOTAL RETURN SERIES, INC.** |
| &nbsp;&nbsp;Federated Hermes Core Bond Fund | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;Federated Hermes Total Return Bond Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;Federated Hermes Ultrashort Bond Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**FEDERATED HERMES SHORT-TERM GOVERNMENT TRUST** |  |
| &nbsp;&nbsp;Federated Hermes Short-Term Government Fund | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**FEDERATED HERMES SHORT-INTERMEDIATE GOVERNMENT TRUST** |  |
| &nbsp;&nbsp;Federated Hermes Short-Intermediate Government Fund | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**FEDERATED HERMES WORLD INVESTMENT SERIES, INC.** | &nbsp;&nbsp;**FEDERATED HERMES WORLD INVESTMENT SERIES, INC.** |
| &nbsp;&nbsp;Federated Hermes Emerging Market Debt Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes International Leaders Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes International Small-Mid Company Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;**FEDERATED HERMES INTERMEDIATE MUNICIPAL TRUST** | &nbsp;&nbsp;**FEDERATED HERMES INTERMEDIATE MUNICIPAL TRUST** |
| &nbsp;&nbsp;Federated Hermes Intermediate Municipal Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**FEDERATED HERMES MONEY MARKET OBLIGATIONS TRUST** | &nbsp;&nbsp;**FEDERATED HERMES MONEY MARKET OBLIGATIONS TRUST** |
| &nbsp;&nbsp;Federated Hermes California Municipal Cash Trust | &nbsp;&nbsp;Capital Shares |
|  | &nbsp;&nbsp;Cash II Shares |
|  | &nbsp;&nbsp;Cash Series Shares |
|  | &nbsp;&nbsp;Wealth Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;Federated Hermes Capital Reserves Fund |  |
| &nbsp;&nbsp;Federated Hermes Government Obligations Fund | &nbsp;&nbsp;Advisor Shares |
|  | &nbsp;&nbsp;Administrative Shares |
|  | &nbsp;&nbsp;Capital Shares |
|  | &nbsp;&nbsp;Cash II Shares |
|  | &nbsp;&nbsp;Cash Series Shares |
|  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Select Shares |
|  | &nbsp;&nbsp;Service Shares |
|  | &nbsp;&nbsp;Trust Shares |
|  | &nbsp;&nbsp;SDG Shares |
| &nbsp;&nbsp;Federated Hermes Government Obligations Tax-Managed Fund | &nbsp;&nbsp;Automated Shares |
|  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;Federated Hermes Government Reserves Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class F Shares |
|  | &nbsp;&nbsp;Class P Shares |
| &nbsp;&nbsp;Federated Hermes Municipal Obligations Fund | &nbsp;&nbsp;Automated Shares |
|  | &nbsp;&nbsp;Capital Shares |
|  | &nbsp;&nbsp;Cash II Shares |
|  | &nbsp;&nbsp;Cash Series Shares |
|  | &nbsp;&nbsp;Wealth Shares |
|  | &nbsp;&nbsp;Investment Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;Federated Hermes New York Municipal Cash Trust | &nbsp;&nbsp;Cash II Shares |
|  | &nbsp;&nbsp;Cash Series Shares |
|  | &nbsp;&nbsp;Service Shares |
|  | &nbsp;&nbsp;Wealth Shares |
| &nbsp;&nbsp;Federated Hermes Prime Cash Obligations Fund | &nbsp;&nbsp;Advisor Shares |
|  | &nbsp;&nbsp;Automated Shares |
|  | &nbsp;&nbsp;Capital Shares |
|  | &nbsp;&nbsp;Cash II Shares |
|  | &nbsp;&nbsp;Cash Series Shares |
|  | &nbsp;&nbsp;Class R Shares |
|  | &nbsp;&nbsp;Wealth Shares |
|  | &nbsp;&nbsp;Service Shares |
|  | &nbsp;&nbsp;Trust Shares |
| &nbsp;&nbsp;Federated Hermes Institutional Prime Obligations Fund | &nbsp;&nbsp;Capital Shares |
|  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;Federated Hermes Tax-Free Obligations Fund | &nbsp;&nbsp;Advisor Shares |
|  | &nbsp;&nbsp;Service Shares |
|  | &nbsp;&nbsp;Wealth Shares |
| &nbsp;&nbsp;Federated Hermes Institutional Tax-Free Cash Trust | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Premier Shares |
| &nbsp;&nbsp;Federated Hermes Treasury Obligations Fund | &nbsp;&nbsp;Administrative Shares |
|  | &nbsp;&nbsp;Advisor Shares |
|  | &nbsp;&nbsp;Automated Shares |
|  | &nbsp;&nbsp;Capital Shares |
|  | &nbsp;&nbsp;Cash Management Shares |
|  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Premier Shares |
|  | &nbsp;&nbsp;Select Shares |
|  | &nbsp;&nbsp;Service Shares |
|  | &nbsp;&nbsp;Trust Shares |
| &nbsp;&nbsp;Federated Hermes Trust for U.S. Treasury Obligations | &nbsp;&nbsp;Cash II Shares |
|  | &nbsp;&nbsp;Cash Series Shares |
|  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;Federated Hermes U.S. Treasury Cash Reserves | &nbsp;&nbsp;Advisor Shares |
|  | &nbsp;&nbsp;Administrative Shares |
|  | &nbsp;&nbsp;Cash Reserves Shares |
|  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Premier Shares |
|  | &nbsp;&nbsp;Select Shares |
|  | &nbsp;&nbsp;Service Shares |

---

## Ex-99.H

Exhibit 28 (h) (2) under Form N-1A

Exhibit 10 under Item 601/Reg. S-K

**Services Agreement**

This Services Agreement (the "<u>Agreement</u>") is entered into and effective as of June 1, 2022 (the "<u>Effective Date</u>") by and between:

1. **DST Asset Manager Solutions, Inc.,** a corporation organized in the Commonwealth of Massachusetts (referred to herein as "DST" or the "Transfer Agent"), and

2. Each of the investment vehicles listed in <u>Schedule A</u> (each, a "<u>Fund</u>" and collectively, the "<u>Funds</u>");

The Funds and DST each may be referred to individually as a "<u>Party</u>" or collectively as "<u>Parties</u>."

**1.** **<u>Definitions; Interpretation</u>**

1.1. As used in this Agreement, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Action</u>" means any civil, criminal, regulatory or administrative lawsuit, allegation, demand, claim, counterclaim, action, dispute, sanction, suit, request, inquiry, investigation, arbitration or proceeding, in each case, made, asserted, commenced or threatened by any Person (including any Government Authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Affiliate</u>" means, with respect to any Person, any other Person that is controlled by, controls, or is under common control with such Person and "control" of a Person means: (i) ownership of, or possession of the right to vote, more than 25% of the outstanding voting equity of that Person or (ii) the right to control the appointment of the board of directors or analogous governing body, management or executive officers of that Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Authorized Person</u>" has the meaning set forth in Schedule B "Services" hereto, Section B.1.A(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Business Day</u>" means a day other than a Saturday or Sunday on which the New York Stock Exchange is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Claim</u>" means any Action arising out of the subject matter of, or in any way related to, this Agreement, its formation or the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Fund Data</u>" means all information Fund, including data related to securities trades and other transaction data, investment returns, issue descriptions, and Market Data provided by the Fund and all output and derivatives thereof, necessary to enable DST to perform the Services, but excluding DST Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Confidential Information</u>" means any information about the Fund or DST, including this Agreement, and any third party information that either Party is required to keep confidential, including Customer Information, except for information that (i) is or becomes part of the public domain without breach of this Agreement by the receiving Party, (ii) was rightfully acquired from a third party, or is developed independently, by the receiving Party, or (iii) is generally known by Persons in the technology, securities, or financial services industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Customer Information</u>" means all the customer identifying data however collected or received, including without limitation, through "cookies" or non-electronic means pertaining to or identifiable to the Fund's shareholders, prospective shareholders and plan administrators (collectively, "Fund Customers"), including without limitation, (i) name, address, email address, passwords, account numbers, personal financial information, personal preferences, demographic data, marketing data, data about securities transactions, credit data or any other identification data; or (ii) any data otherwise submitted in the process of registering for a Fund service. For the avoidance of doubt, Customer Information shall include, without limitation, all "nonpublic personal information," as defined under the GLB Act and all "personal information" as defined in the Mass Privacy Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Data Supplier</u>" means a third party supplier of Market Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>DST Associates</u>" means DST and each of its Affiliates, members, shareholders, directors, officers, partners, employees, agents, successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>DST Property</u>" means all hardware, software, source code, data, report designs, spreadsheet formulas, information gathering or reporting techniques, know-how, technology and all other property commonly referred to as intellectual property used by DST in connection with its performance of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>GLB Act</u>" means the Gramm-Leach-Bliley Act of 1999 (Public Law 106-102, 113 Stat. 1138)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Governing Documents</u>" means the constitutional documents of an entity and, with respect to the Fund, the Fund's prospectus and statement of additional information and all minutes of meetings of the board of directors or analogous governing body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Government Authority</u>" means any relevant administrative, judicial, executive, legislative or other governmental or intergovernmental entity, department, agency, commission, board, bureau or court, and any other regulatory or self-regulatory organizations, in any country or jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Law</u>" means statutes, rules, regulations, interpretations and orders of any Government Authority that are applicable to the party upon which compliance with such Law is being required or to its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Losses</u>" means any and all compensatory, direct, indirect, special, incidental, consequential, punitive, exemplary, enhanced or other damages, settlement payments, attorneys' fees, costs, damages, charges, expenses, interest, applicable taxes or other losses of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Market Data</u>" means any third party market and reference data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Mass Privacy Act</u>" means the Massachusetts Standards for the Protection of Personal Information, 201 CMR 17.00, et seq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Person</u>" means any natural person or corporate or unincorporated entity or organization and that person's personal representatives, successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Services</u>" means the services listed in <u>Schedule A</u>, as may be amended, or under such other service Schedules, which may be added to this Agreement by the Parties from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>Service Schedules</u>" has the meaning set forth in Section 2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Third Party Claim</u>" means a Claim (i) brought by any Person other than the indemnifying Party or (ii) brought by a Party on behalf of or that could otherwise be asserted by a third party.

1.2. Other capitalized terms used in this Agreement but not defined in this Section 1 shall have the meanings ascribed thereto.

1.3. Section and Schedule headings shall not affect the interpretation of this Agreement. This Agreement includes the schedules and appendices hereto. In the event of a conflict between this Agreement and a schedule or appendix, the former shall control, except to the extent that such schedule or appendix expressly provides otherwise as to the services under such schedule or appendix.

1.4. Words in the singular include the plural and words in the plural include the singular. The words "including," "includes," "included" and "include", when used, are deemed to be followed by the words "without limitation." Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "hereof," "herein" and "hereunder" and words of analogous import shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

1.5. The Parties' duties and obligations are governed by and limited to the express terms and conditions of this Agreement, and shall not be modified, supplemented, amended or interpreted in accordance with, any industry custom or practice, or any internal policies or procedures of any Party that are not referenced in this Agreement or the applicable Schedule. The Parties have mutually negotiated the terms hereof and there shall be no presumption of law relating to the interpretation of contracts against the drafter.

**2.** **<u>Services and Fees</u>**

2.1. Subject to the terms of this Agreement, DST will perform, with reasonable care, skill, prudence and diligence, and in accordance with applicable Law, for the Fund and, if and to the extent specifically set forth therein, the Services set forth in <u>Schedule B</u> and such other service schedules as may be added to this Agreement by the Parties (collectively, the "<u>Service Schedules</u>"). DST shall be under no duty or obligation to perform any service except as specifically listed in the Service Schedules, or take any other action except as specifically listed in a Service Schedules to this Agreement, or this Agreement, and no other duties or obligations, including, valuation related, fiduciary or analogous duties or obligations, shall be implied. Fund requests to change the Services, will only be binding on DST when they are reflected in an amendment to the Service Schedules. For the avoidance of doubt DST agrees to amend the Service Schedules if necessitated by a change in applicable Law or a change to the Governing Documents of the Fund. For clarification, this will include costs related changes to the software, systems or processes used by DST to provide the Services necessitated by change in applicable Law; provided in such case the Fund will only be responsible for its pro-rata share of such cost.

2.2. In carrying out its duties and obligations pursuant to this Agreement, some or all Services may, with the Fund's prior written consent, be delegated by DST to one or more of its Affiliates or other Persons (and any Fund consent to such delegation, if any, shall not be unreasonably revoked or withheld in respect of any such delegations), provided that such Persons are selected in good faith and with reasonable care and are monitored by DST. If DST delegates any Services, (i) such delegation shall not relieve DST of its duties and obligations hereunder, (ii) such delegation shall be subject to a written agreement obliging the delegate to comply with the relevant delegated duties and obligations of DST, and (iii) DST will identify such agents and the Services delegated and will update the Fund when making any material changes in sufficient detail to enable the Fund to revoke its consent to a particular arrangement.

2.3. [ ]

2.4. Charges attendant to the development of reasonable changes to the TA2000 System requested by the Fund ("Client Requested Software") shall be at DST's standard rates and fees in effect at the time as set forth in the Fee Letter. If the cost to DST of operating the TA2000 System is increased by the addition of Client Requested Software, DST shall be entitled to increase its fees by an amount to be mutually agreed upon in the Fee Letter.

**3.** **<u>Fund Responsibilities</u>**

3.1. The management and control of the Fund are vested exclusively in the Fund's governing body (e.g., the board of directors or trustees for a Fund that is a mutual fund or the Trustee for a Fund that is a collective trust, as applicable) and such officers and agents as may be appointed by the board from time to time, subject to the terms and provisions of the Fund's Governing Documents. The Fund's governing body and the duly appointed officers and agents appointed by the governing body on behalf of the Fund will make all decisions, perform all management functions relating to the operation of the Fund and shall authorize all Transactions. Without limiting the foregoing, the Fund shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designate properly qualified individuals to oversee the Services and establish and maintain internal controls, including monitoring the ongoing activities of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluate the accuracy, and accept responsibility for the results, of the Services, review and approve all reports, analyses and records resulting from the Services and inform DST of any errors that it is in a position to identify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Provide DST with timely and accurate information required by DST in order to perform the Services and its duties and obligations hereunder.

3.2. Without limiting DST's obligations to comply with applicable Law and the Fund's Governing Documents, the Fund is responsible for ensuring that it complies with Law and its respective Governing Documents. It is the Fund's responsibility to provide all final Fund Governing Documents as of the Effective Date. The Fund will notify DST in writing of any changes to the Fund Governing Documents, with the exception of minutes of meetings of the board of directors, that may materially impact the Services prior to such changes taking effect. DST is not responsible for monitoring compliance by the Fund with (i) Law, or (ii) its respective Governing Documents.

3.3. In the event that Market Data is supplied to or through DST Associates in connection with the Services, the Market Data is proprietary to Data Suppliers and is provided on a limited internal-use license basis. Market Data may: (i) only be used by the Fund in connection with the Services and (ii) not be disseminated by the Fund or used to populate internal systems in lieu of obtaining a data license. Access to and delivery of Market Data is dependent on the Data Suppliers and may be interrupted or discontinued with or without notice. Notwithstanding anything in this Agreement to the contrary, neither DST nor any Data Supplier shall be liable to the Fund or any other Person for any Losses with respect to Market Data, reliance by DST Associates or the Fund on Market Data or the provision of Market Data in connection with this Agreement.

3.4. The Fund shall deliver, and procure that its agents, counsel, advisors, auditors, and any other Persons promptly deliver to DST all Fund Data. The Fund shall arrange with each such Person to deliver such information and materials on a timely basis, and DST will not be required to enter any agreements with that Person in order for DST to provide the Services.

3.5. Notwithstanding anything in this Agreement to the contrary, so long as they act in good faith and without negligence, willful misconduct or fraud, DST Associates shall be entitled to rely on the authenticity, completeness and accuracy of information and communications received by DST Associates from Authorized Persons, or Proper Instructions from the Fund in connection with the performance of the Services and DST's duties and obligations hereunder, without further enquiry or liability.

**4.** **<u>Term</u>**

4.1. The initial term of this Agreement will be from the Effective Date through February 28, 2027 ("<u>Initial Term</u>"). Thereafter, this Agreement will automatically renew for successive terms of 1 year each unless either DST or the Fund provides the other with a written notice of termination at least 180 calendar days prior to the commencement of any successive term (such periods, in the aggregate, the "<u>Term</u>").

**5. <u>Termination</u>**

5.1. DST or the Fund also may, by written notice to the other, terminate this Agreement for cause if any of the following events occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund breaches any material term, condition or provision of this Agreement, which breach, if capable of being cured, is not cured within 60 calendar days after DST gives the Fund written notice of such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) DST breaches any material term, condition or provision of this Agreement, which breach, if capable of being cured, is not cured within 60 calendar days after the Fund gives DST written notice of such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The other Party (i) terminates or suspends its business, (ii) becomes insolvent, admits in writing its inability to pay its debts as they mature, makes an assignment for the benefit of creditors, or becomes subject to direct control of a trustee, receiver or analogous authority, or (iii) becomes subject to any bankruptcy, insolvency or analogous proceeding or (iv) where the other Party is the Fund, material changes in the Fund's Governing Documents or the assumptions set forth in the Fee Letter are mutually agreed by both parties in writing to materially affect the Services or to be materially adverse to DST.

If any such event occurs, the termination will become effective immediately or on the date stated in the written notice of termination, which date shall not be greater than 90 calendar days after the event.

5.2. [ ]

5.3. Upon receipt of a termination notice from the Fund, subject to the receipt by DST of all undisputed, properly invoiced, and then-due fees, charges and expenses, DST shall continue to provide the Services up to the effective date of the termination notice; thereafter, DST shall have no obligation to perform any services of any type unless and to the extent set forth in an amendment to this Agreement executed by DST. In the event of the termination of this Agreement, DST shall provide reasonable exit assistance to the Fund in converting the Fund's records from DST's systems to whatever services or systems are designated by the Fund (the "Deconversion"); provided that all fees, charges and expenses have been paid, including any fees required under <u>Section 5.4</u> for the balance of the unexpired portion of the Term, if applicable. The Deconversion is subject to the recompense of DST for such assistance at its standard rates and fees in effect at the time and to a reasonable time frame for performance as agreed to by the parties. As used herein "reasonable exit assistance" shall not include requiring DST (i) to assist any new service or system provider to modify, to alter, to enhance, or to improve such provider's system, or to provide any new functionality to such provider's system, (ii) to disclose any protected information of DST, including the proprietary information of DST or its affiliates, or (iii) to develop Deconversion software, to modify any of DST's software, or to otherwise alter the format of the data as maintained on any provider's systems.

5.4. [ ]

5.5. In the event that the Fund wishes to retain DST to perform additional transition or related post-termination services, including providing additional data and reports, the Fund and DST shall agree in writing to the additional services and related fees and expenses in an amendment to this Agreement. To the extent any services are performed by DST for the Fund after the termination of this Agreement, all of the provisions of this Agreement except portions that are inapplicable to such continuing services shall survive the termination of this Agreement for so long as those services are performed. Termination of this Agreement shall not affect: (i) any liabilities or obligations of any Party arising before such termination (including payment of fees and expenses) or (ii) any damages or other remedies to which a Party may be entitled for breach of this Agreement or otherwise. Sections 2.3, 5, 6, 8, 9, 10, 11, 12, and 13 of this Agreement shall survive the termination of this Agreement.

**6.** **<u>Standard of Care, Limitation of Liability and Indemnification</u>**

6.1. [ ]

6.2 DST shall not be responsible for, and the Fund shall, subject to the provisions of Section 6.1 above, indemnify, defend and hold harmless DST and its directors, officers, employees, agents, subcontractors, Affiliates and subsidiaries (the "DST Indemnitees") from and against direct Losses (including legal fees and costs to enforce this provision) that may at any time be asserted against or incurred by any of them in connection with Third Party Claims solely arising out of or in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All actions of DST or DST Indemnitees required to be taken pursuant to this Agreement (including the defense of any lawsuit in a DST's name or the name of a DST Indemnitee), provided that such actions were taken in good faith and without negligence, willful misconduct or fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund's lack of good faith, negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The reliance upon, and any subsequent use of or action taken or omitted, by DST, or DST Indemnitees on: (i) any information, records, documents, data, stock certificates or services, which are received by DST or DST Indemnitees by hard copy, machine readable input, facsimile, data entry, email, electronic instructions, or other similar means authorized by the Fund, and which have been prepared, maintained or performed by the Fund or any other person or firm on behalf of the Fund including but not limited to any broker-dealer, TPA or previous transfer agent; (ii) any Proper Instructions (as defined below); (iii) any written instructions or opinions of the Fund's legal counsel with respect to any matter arising in connection with the services to be performed by DST under this Agreement that are provided to DST by the Fund after consultation by the Fund with such legal counsel and that expressly allow DST to rely upon such instructions or opinions; or (iv) any paper or document, reasonably believed to be genuine, authentic, or signed by the proper person or persons with the authority to provide instructions to DST hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The offer or sale of Shares in violation of federal or state securities laws or regulations requiring that such Shares be registered, or in violation of any stop order or other determination or ruling by any federal or any state agency with respect to the offer or sale of such Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The acceptance of facsimile or email transaction requests on behalf of individual shareholders of the Fund from broker-dealers, TPAs or the Fund, and the reliance by DST or DST Indemnitees on the broker-dealer, TPA or the Fund ensuring that the original source documentation is in good order and properly retained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The negotiation and processing of any checks, wires and ACH transmissions including without limitation for deposit into, or credit to, the Fund's demand deposit accounts maintained by DST; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The entering into or the carrying out of any obligations under, any NSCC agreements required for the transmission of Fund or Fund shareholder data through the NSCC clearing systems.

When used in this Agreement, the term <u>"Proper Instructions"</u> shall mean a writing signed or initialed by one or more persons as shall have been authorized from time to time by the board of directors/trustees of each Fund (the <u>"Board")</u> and with respect to which a written confirmation of such authorization shall have been filed with DST by the Fund. Each such writing shall set forth the specific transaction or type of transaction involved. Oral instructions ("Oral Instructions") will be deemed to be Proper Instructions if (a) they otherwise comply with the definition thereof and (b) DST reasonably believes them to have been given by a person authorized to give such instructions with respect to the transaction involved. The Fund shall promptly confirm all Oral Instructions or cause such Oral Instructions given by a third party who is authorized to give such Oral Instructions, to be promptly confirmed in writing. Proper Instructions may include communications effected through electro-mechanical or electronic devices. Proper Instructions, oral or written, may only be amended or changed in writing, including without limitation through electro-mechanical or electronic device.

6.3 DST shall, subject to the provisions of Section 6.1 above, indemnify, defend and hold harmless the Fund and its directors, officers, employee, agents, subcontractors, Affiliates and subsidiaries (the "<u>Fund Indemnitees</u>") from and against direct Losses (including legal fees and costs to enforce this provision) that may at any time be asserted against or incurred by any of them in connection with third party claims arising solely out of or in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) DST's failure to perform the Services in accordance with the terms of this Agreement in good faith and without negligence or willful misconduct or fraud in the performance of its obligations under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a claim that any aspect of the Services or systems provided under, and used within the scope of, this Agreement infringes any U.S. patent, copyright, trade secret or other intellectual property rights. With respect to any claims under this Section 6.3(b), DST may, in its sole discretion, either (i) procure for the Fund a right to continue to use such service or system, (ii) replace or modify the service or system so as to be non-infringing without materially affecting the functions of the service or system, or (iii) if, in DST's reasonable discretion, the actions described in (i) and (ii) are not capable of being accomplished on commercially reasonable terms, terminate this Agreement with respect to the affected service or system. Notwithstanding the foregoing, DST shall have no liability or obligation of indemnity for any claim which is based upon a modification of a service or system by anyone other than DST, use of such service or system other than in accordance with the terms of this Agreement, or use of such service or system in combination with other software or hardware not provided by DST if infringement could have been avoided by not using the service or system in combination with such other software or hardware

6.4 In order that the indemnification provisions contained in this Section 6 shall apply, upon the assertion of a claim for which one party may be required to indemnify the other party, the indemnified party shall promptly notify the indemnifying party of such assertion and shall keep the indemnifying party advised with respect to all developments concerning such claim. The indemnifying party shall have the option to participate with the indemnified party in the defense of such claim or to defend against said claim in its own name or in the name of the indemnified party. The indemnified party shall in no case confess any claim or make any compromise in any case in which the indemnifying party may be required to indemnify the indemnified party except with the indemnifying party's prior written consent.

**7.** **<u>Representations, Warranties and Covenants</u>**

7.1. Each Party represents and warrants to each other Party that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a legal entity duly created, validly existing and in good standing under the Law of the jurisdiction in which it is created and is in good standing in each other jurisdiction where the failure to be in good standing would have a material adverse effect on its business or its ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 3.3 with respect to licenses from a Data Supplier, which may be terminated at any time, it has all necessary legal power and authority to own, lease and operate its assets and to carry on its business as presently conducted and as it will be conducted pursuant to this Agreement and will comply in all material respects with all Law to which it may be subject, and to the best of its knowledge and belief, it is not subject to any Action that would prevent it from performing its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has all necessary legal power and authority to enter into this Agreement, the execution of which has been duly authorized and will not violate the terms of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Person signing on its behalf has the authority to contractually bind it to the terms and conditions in this Agreement and that this Agreement constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with its terms.

7.2. The Fund represents and warrants to DST that (i) Proper Instructions are consistent with the Governing Documents of Fund and other corporate actions thereof and (ii) it will promptly notify DST of (1) any Action against it and (2) changes (or pending changes) in applicable Law or the Governing Documents of the Fund that are relevant to the Services.

7.3. DST represents and warrants to the Fund that (i) it is in compliance with federal securities law requirements in all material respects with respect to its business, including but not limited to applicable Law, and is in good standing as a registered transfer agent under Section 17A(c)(2) of the Securities Exchange Act of 1934, as amended.

7.4. DST maintains, and covenants that during the Term hereof, it shall maintain a Financial Institution Bond (FIB) insurance policy covering losses resulting from theft committed by employees, a cyber liability insurance policy (or shall maintain cyber liability coverage through other insurance policies set forth herein), and a Professional Liability insurance policy covering errors and omissions by DST in the performance of services for the Funds, with all aforementioned policies with such limits and with such carriers, deemed appropriate and commercially reasonable in terms of coverage and policy limits by DST's management in light of DST's duties and responsibilities hereunder. Upon the request of the Funds, DST shall provide certificates of insurance as evidence that such coverages are in place.

**8. <u>Fund Data</u>**

8.1. The Fund (i) will provide or ensure that other Persons provide all Fund Data to DST in an electronic format that is acceptable to DST (or as otherwise agreed in writing) and (ii) confirm that each has the right to so share such Fund Data. As between DST and the Fund, all Fund Data shall remain the property of the applicable Fund. Fund Data shall not be used or disclosed by DST other than in connection with providing the Services and as permitted under <u>Section 11</u>. Subject to the terms of this Agreement, DST shall be permitted to act upon instructions from an Authorized Person with respect to the disclosure or disposition of Fund Data but may refuse to act upon such instructions where it doubts, reasonably and in good faith, the authenticity or authority of such instructions.

8.2. DST shall keep records relating to the services to be performed hereunder, in the form and manner as it may deem advisable. To the extent required by Section 31 of the 1940 Act, DST agrees that all such records prepared or maintained by DST relating to the services to be performed by DST hereunder are the property of the Fund and will be preserved, maintained and made available in accordance with the Act, and will be surrendered promptly to the Fund on and in accordance with its request. For the avoidance of doubt, the preceding sentence shall apply to any Funds that are collective trusts as if they were 1940 Act registered funds. DST shall maintain and store such records for a rolling period of 7 years starting from the date that such records were created, or such longer period as required by applicable Law or its internal policies or until such earlier time as it returns such records to the Fund.

**9. <u>Data Protection</u>**

9.1. From time to time and in connection with the Services DST may obtain access to certain personal information from the Fund (including, without limitation, Customer Information). Personal information relating to the Fund and its Affiliates, directors, officers, employees, agents, current and prospective Fund shareholders, plan sponsors and plan participants may be processed by DST and its Affiliates. Each Fund consents to the transmission and processing of such information within and outside the United States in accordance with applicable Law.

9.2. DST will notify the Fund without undue delay after becoming aware of any confirmed unauthorized access to, or acquisition, use, loss, destruction, alteration or compromise of Confidential Information (including, without limitation, Customer Information) of the Fund ("Security Breach") maintained on DST's computers, hardware, networks or systems, including any third party data centers, or of any Security Breach occurring at any sub-custodian, agent or service provider of DST, and will provide reasonable assistance to the Fund in its notification of that breach to the relevant supervisory authority and those individuals impacted, as required by applicable Law. DST will not disclose or use Personal Information obtained from or on behalf of the Fund except in accordance with the lawful instructions of the Fund to carry out DST's obligations under, or as otherwise permitted pursuant to the terms of, its agreements with the Fund and to comply with applicable Law.

9.3. Notwithstanding anything to the contrary contained in Section 13.3, DST shall maintain at a location other than its normal location appropriate redundant facilities for operational back up in the event of a power failure, disaster or other interruption. DST shall continuously back up Fund records and shall store the back up in a secure manner at a location other than its normal location, so that, in the event of a power failure, disaster or other interruption at such normal location, the Fund records, will be maintained intact and will enable DST to perform under this Agreement. DST will maintain a comprehensive business continuity plan and will provide an executive summary of such plan upon reasonable request of the Fund. Without limiting the foregoing, DST will test the adequacy of its business continuity plan at least annually and upon request, the Fund may participate in such test. Upon request by the Fund, DST will provide the Fund with a letter assessing the most recent business continuity test results. In the event of a business disruption that materially impacts DST's provision of services under this Agreement, DST will promptly notify the Fund of the disruption and the steps being implemented under the business continuity plan. Upon reasonable request, DST also shall discuss with senior management of the Fund (or personnel authorized by the Fund's senior management) the business continuity/disaster recovery plan of DST and/or provide a high-level presentation summarizing such plan.

9.4. DST shall deliver to the Funds on an annual basis and subject to customary disclaimers and indemnities required by the audit firms that prepare such reports a copy of a report prepared under Statement on SSAE No. 18 Service Organization Controls 1 (SOC 1) Type II, as applicable to DST's application servers, database servers and related systems and equipment upon which Fun Confidential Information, Client Data, and/or Personal Data is maintained.

9.5. DST also agrees to implement commercially reasonable software and other appropriate measures to scan for, detect and prevent the transmission from DST's computers, hardware, networks and systems of any virus, malware, Trojan horse, worm, time bomb, drop dead device, or other malicious code.

**10. <u>DST Property</u>**

10.1 DST Property is and shall remain the property of DST or, when applicable, its Affiliates or suppliers. The Fund shall not acquire any license or right to use, sell, disclose, or otherwise exploit or benefit in any manner from, any DST Property, except as specifically set forth herein. The Fund shall not (unless required by Law) either before or after the termination of this Agreement, disclose to any Person not authorized by DST to receive the same, any information concerning the DST Property and shall use reasonable efforts to prevent any such disclosure. This Agreement shall not be construed as granting DST any ownership rights in the Customer Information.

**11. <u>Confidentiality</u>**

11.1 Each Party shall not at any time disclose to any Person any Confidential Information concerning the business, affairs, customers, clients or suppliers of the other Party or its Affiliates, except as permitted by this Section 11.

11.2 Each Party may disclose the other Party's Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of the Fund, to each of its Affiliates, directors, officers, employees and agents ("<u>Fund Representative</u>") who need to know such information for the purpose of carrying out its duties under, or receiving the benefits of or enforcing, this Agreement. The Fund shall ensure compliance by Fund Representatives with Section 11.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of DST, to Fund and each DST Associate, Fund Representative, investor, bank or broker, counterparty or agent thereof, or payment infrastructure provider who needs to know such information for the purpose of carrying out DST's duties under or enforcing this Agreement. DST shall ensure compliance by DST Associates with Section 11.1 but shall not be responsible for such compliance by any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As may be required by applicable law or regulation, or pursuant to any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process; provided that the disclosing Party (i) where reasonably practicable and to the extent legally permissible, provides the other Party with prompt written notice of the required disclosure so that the other Party may seek a protective order or take other analogous action, (ii) discloses no more of the other Party's Confidential Information than reasonably necessary and (iii) reasonably cooperates with actions of the other Party in seeking to protect its Confidential Information at that other Party's expense.

11.3 Neither Party shall use the other Party's Confidential Information for any purpose other than to perform its obligations under this Agreement. Each Party may retain a record of the other Party's Confidential Information for 7 years or as required by Law.

11.4 DST's ultimate parent company is subject to U.S. federal and state securities Law and may make disclosures that do not contain Confidential Information as it deems necessary to comply with such Law.

11.5 DST shall have no obligation to use Confidential Information of, or data obtained with respect to, any other client of DST in connection with the Services.

11.6 Upon the prior written consent of the Fund, DST shall have the right to identify Fund in connection with its marketing-related activities and in its marketing materials as a client of DST. Upon the prior written consent of DST, Fund shall have the right to identify DST and to describe the Services and the material terms of this Agreement in the offering documents of Fund. This Agreement shall not prohibit DST from using any Fund or Management data (including Client Data) in tracking and reporting on DST's clients generally or making public statements about such subjects as its business or industry; provided that neither Fund nor Management is named in such public statements without its prior written consent. If the Services include the distribution by DST of notices or statements to investors, DST may, upon advance notice to Fund, include reasonable notices describing those terms of this Agreement relating to DST and its liability and the limitations thereon; if investor notices are not sent by DST but rather by Fund or some other Person, Fund will reasonably cooperate with any request by DST to include such notices. The Fund shall not, in any communications with any Person, whether oral or written, make any representations stating or implying that DST is (i) providing valuations with respect to the securities, products or services of Fund, or verifying any valuations, (ii) verifying the existence of any assets in connection with the investments, products or services of Fund, or (iii) acting as a fiduciary, investment advisor, tax preparer or advisor, custodian or bailee with respect to Fund or any of its assets, investors or customers.

11.7 In the event the Fund obtains information from DST or the TA2000 System which is not intended for the Fund, the Fund agrees to (i) immediately, and in no case more than twenty-four (24) hours after discovery thereof, notify DST that unauthorized information has been made available to the Fund; (ii) not knowingly review, disclose, release, or in any way, use such unauthorized information; (iii) provide DST reasonable assistance in retrieving such unauthorized information and/or destroy such unauthorized information; and (iv) deliver to DST a certificate executed by an authorized officer of the Fund certifying that all such unauthorized information in the Fund's possession or control has been delivered to DST or destroyed as required by this provision.

11.8 DST and the Fund acknowledge that their obligation to protect Confidential Information is essential to the business interest of the Fund and DST, respectively, and that the disclosure of such information in breach of this Agreement may cause the Fund or DST immediate, substantial and irreparable harm, the value of which would be difficult to determine. Accordingly, the parties agree that, in addition to any other remedies that may be available in law, equity, or otherwise for the disclosure or use of Confidential Information in breach of this Agreement, the disclosing party shall be entitled to seek and obtain a temporary restraining order, injunctive relief, or other equitable relief against the continuance of such breach.

11.9 DST shall maintain reasonable safeguards for maintaining in confidence any and all Fund Confidential Information, including, without limitation, the policies and procedures described in Section 11.7(ii). DST shall not, at any time, use any such Fund Confidential Information for any purpose other than as specifically authorized by this Agreement, or in writing by the Fund.

11.10 DST has implemented and maintains, and at a minimum agrees to comply with and continue to comply with, at each service location physical and information security and data protection safeguards against the destruction, loss, theft, unauthorized access, unauthorized use, or alteration of the Fund's Confidential Information in the possession of DST that will be no less rigorous than those described in the Information Security Schedule attached hereto as Appendix 2 and from time to time enhanced in accordance with changes in regulatory requirements. DST will, at a minimum, update its policies to remain compliant with applicable regulatory requirements, including, without limitation, the GLBA and the Mass Privacy Act. DST will meet with the Fund, at its request, on an annual basis to discuss information security safeguards. If DST or its agents discover or are notified that someone has violated security relating to the Fund's Confidential Information DST will promptly (a) notify the Fund of such violation, and (b) if the applicable Confidential Information was in the possession or under the control of DST or its agents at the time of such violation, DST will promptly (i) investigate, contain and address the violation, (ii) provide the Funds with information on the steps being taken to reduce the risk of a reoccurrence of such violation, and (iii) without limiting (and subject to) this Agreement, if requested by the Fund based on the facts and circumstances of the incident, provide credit monitoring, or other similar services or remedies as required by applicable law, for a one-year period (or such shorter or longer period required by applicable law) to shareholders of the Fund or others affected by the violation.

11.11 DST shall maintain systems located in DST's facilities that host Fund data or provide services under the Agreement in an environment that is designed to be physically secure and to allow access only to authorized individuals. A secure environment includes the availability of onsite security personnel on a 24 x 7 basis or equivalent means of monitoring locations supporting the delivery of services under the Agreement.

11.12 Section 11 shall not restrict the Fund from sharing information received from DST pursuant to Section 9.2 of this Agreement regarding information security threats including, without limitation, virus, malware, Trojan horse, worm, time bomb, drop dead device, or other malicious code, with third parties for the purpose of evaluating and enhancing the Fund's information security; provided that such third parties are subject to a written agreement with the Fund to keep any such information confidential.

**12. <u>Notices</u>**

12.1 Except as otherwise provided herein, all notices required or permitted under this Agreement or required by Law shall be effective only if in writing and delivered: (i) personally, (ii) by registered mail, postage prepaid, return receipt requested, (iii) by receipted prepaid courier, (iv) by any confirmed facsimile or (v) by any electronic mail, to the relevant address or number listed below (or to such other address or number as a Party shall hereafter provide by notice to the other Parties). Notices shall be deemed effective when received by the Party to whom notice is required to be given.

**If to DST:**

DST Asset Manager Solutions, Inc.

333 W. 11<sup>th</sup> Street, 5<sup>th</sup> Floor

Kansas City, MO 64105

Attention: Legal Department

**<br> If to the Fund:**

[Name of Fund]

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15237

Attention: President

With a copy to:

Federated Investors, Inc.

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222

Attention: General Counsel

**13.** **<u>Miscellaneous</u>**

13.1 <u>Amendment; Modification</u>. This Agreement may not be amended or modified except in writing signed by an authorized representative of each Party. No DST Associate has authority to bind DST in any way to any oral covenant, promise, representation or warranty concerning this Agreement, the Services or otherwise.

13.2 <u>Assignment</u>. Neither this Agreement nor any rights under this Agreement may be assigned or otherwise transferred by the Fund, in whole or in part, whether directly or by operation of Law, without the prior written consent of DST. DST may assign or otherwise transfer this Agreement: (i) to a successor in the event of a change in control of DST, (ii) to an Affiliate or (iii) in connection with an assignment or other transfer of a material part of DST's business, provided that the DST gives the Fund sixty (60) days' prior written notice of such assignment or transfer and such assignment or transfer does not impair the provision of services under this Agreement in any material respect, and the assignee or transferee agrees to be bound by all terms of this Agreement in place of DST. If DST assigns or transfers this Agreement pursuant to this Section 13.2 to an entity that is not an Affiliate of DST without the written consent of the Fund, the Fund shall have the option, exercisable for ninety (90) days after receiving written notice of such assignment or transfer (or for such longer period as may be mutually agreed by the Parties), to terminate this Agreement. Any attempted delegation, transfer or assignment prohibited by this Agreement shall be null and void. An acquisition, merger, reorganization, or change of control of a Fund resulting in the Fund as the surviving entity shall not be deemed to cause an assignment hereunder.

13.3 <u>Choice of Law; Choice of Forum</u>. This Agreement shall be interpreted in accordance with and governed by the Law of the Commonwealth of Massachusetts. The courts of the Commonwealth of Massachusetts and the United States District Court for the Commonwealth of Massachusetts shall have exclusive jurisdiction to settle any Claim. Each Party submits to the exclusive jurisdiction of such courts and waives to the fullest extent permitted by Law all rights to a trial by jury.

13.4 <u>Counterparts; Signatures</u>. This Agreement may be executed in counterparts, each of which when so executed will be deemed to be an original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and shall be binding to the same extent as if original signatures were exchanged.

13.5 <u>Entire Agreement</u>. This Agreement (including any schedules, attachments, amendments and addenda hereto) contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes all previous communications, representations, understandings and agreements, either oral or written, between the Parties with respect thereto. This Agreement sets out the entire liability of DST Associates related to the Services and the subject matter of this Agreement, and no DST Associate shall have any liability to the Fund or any other Person for, and the Fund hereby waives to the fullest extent permitted by applicable law recourse under, tort, misrepresentation or any other legal theory other than contract or equity.

13.6 <u>Force Majeure</u>. A Party will not be responsible for any Losses of property in their possession or for any failure to fulfill its duties or obligations hereunder if such Loss or failure is caused, directly or indirectly, by war, terrorist action, riot, rebellion, acts of God, strike, power failure, computer error or failure, delay or breakdown in communications or electronic transmission systems, or other analogous events reasonably beyond its control. DST shall use commercially reasonable efforts to minimize the effects on the Services of any such event. Nothing in this Section 13.6 shall relieve DST of its obligations set forth in Section 9.3.

13.7 <u>Non-Exclusivity</u>. The duties and obligations of DST hereunder shall not preclude DST from providing services of a comparable or different nature to any other Person and to receive economic or other benefits in connection therewith. The Fund understands that DST may have commercial relationships with Data Suppliers and other providers of technology, data or other services that are used by the Fund.

13.8 <u>No Partnership</u>. Nothing in this Agreement is intended to, or shall be deemed to, constitute a partnership or joint venture of any kind between or among any of the Parties.

13.9 <u>No Solicitation</u>. During the term of this Agreement and for a period of 12 months thereafter, the Fund will not directly or indirectly solicit the services of, or otherwise attempt to employ or engage any employee of DST or its Affiliates without the consent of DST; provided, however, that the foregoing shall not prevent the Fund from soliciting employees through general advertising not targeted specifically at any or all DST Associates. If the Fund employs or engages any DST Associate during the term of this Agreement or the period of 12 months thereafter in contravention of this Section 13.9, the Fund agrees to pay for any fees and expenses (including recruiters' fees) incurred by DST or its Affiliates in hiring replacement personnel as well as any other remedies available to DST.

13.9 <u>No Warranties</u>. Except as expressly listed herein, DST makes no warranties, whether express, implied, contractual or statutory with respect to the Services. DST disclaims all implied warranties of merchantability and fitness for a particular purpose with respect to the Services. All warranties, conditions and other terms implied by Law are, to the fullest extent permitted by Law, excluded from this Agreement.

13.10 <u>Severance</u>. If any provision (or part thereof) of this Agreement is or becomes invalid, illegal or unenforceable, the provision shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not practical, the relevant provision shall be deemed deleted. Any such modification or deletion of a provision shall not affect the validity, legality and enforceability of the rest of this Agreement. If a Party gives notice to another Party of the possibility that any provision of this Agreement is invalid, illegal or unenforceable, the Parties shall negotiate to amend such provision so that, as amended, it is valid, legal and enforceable and achieves the intended commercial result of the original provision.

13.11 <u>Testimony</u>. If DST is required by a third party subpoena or otherwise, to produce documents, testify or provide other evidence regarding the Services, this Agreement or the operations of the Fund in any Action to which the Fund is a party or otherwise related to the Fund, the Fund shall reimburse DST for all costs and expenses, including the time of its professional staff at DST's standard rates and the cost of legal representation, that DST reasonably incurs in connection therewith.

13.12 <u>Third Party Beneficiaries</u>. This Agreement is entered into for the sole and exclusive benefit of the Parties and will not be interpreted in such a manner as to give rise to or create any rights or benefits of or for any other Person.

13.13 <u>Waiver</u>. No failure or delay by a Party to exercise any right or remedy provided under this Agreement or by Law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No exercise (or partial exercise) of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy.

13.14 <u>Cooperation with Respect to Examinations and Audits</u>. DST shall provide assistance to and cooperate with the Fund with respect to any federal or state government-directed examinations and with the Fund's internal or external auditors in connection with any Fund-directed audits. For purposes of such examinations and audits, at the request of the Fund, DST will use all reasonable efforts to make available, during normal business hours of DST's facilities, all records and Policies solely as they directly pertain to DST's activities under or pursuant to this Agreement. Such audits and examinations shall be conducted at the Fund's expense and in a manner that will not interfere with DST's normal and customary conduct of its business activities. To the extent practicable, the Fund shall make every effort to coordinate Fund-directed audits so as to minimize the inconvenience to DST and, except as otherwise agreed by the parties, no more frequently than once a year. In connection with any Fund-directed audit, the Fund shall not physically access DST's systems and shall not conduct any testing on such systems. With respect to Fund-directed audits, DST shall provide such assistance in accordance with reasonable procedures and at reasonable frequencies, and the Fund shall provide reasonable advance notice of not less than three (3) business days to DST of such audits, and to the extent possible, of such examinations. DST may require any persons seeking access to its facilities to provide reasonable evidence of their authority. With respect to Fund- directed audits, DST may require such persons to execute a confidentiality agreement before granting access. On an annual basis, DST will provide the Fund with copies of its SOC 1 report.

 

*[Signatures appear on next page.]*

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **DST ASSET MANAGER SOLUTIONS, INC.** | &nbsp;&nbsp; **DST ASSET MANAGER SOLUTIONS, INC.** | **BY EACH OF THE FEDERATED FUNDS LISTED ON SCHEDULE A (OTHER THAN COLLECTIVE TRUSTS), SEVERALLY AND NOT JOINTLY** | **BY EACH OF THE FEDERATED FUNDS LISTED ON SCHEDULE A (OTHER THAN COLLECTIVE TRUSTS), SEVERALLY AND NOT JOINTLY** |
| &nbsp;&nbsp; <br> By: | /s/Rahul Kanwar | &nbsp;&nbsp; <br> By: | /s/Peter J. Germain |
| &nbsp;&nbsp; <br> Name: | Rahul Kanwar | &nbsp;&nbsp; <br> Name: | Peter J. Germain |
| &nbsp;&nbsp; <br> Title: | President/COO | &nbsp;&nbsp; <br> Title: | Secretary |

---

---

| | |
|:---|:---|
| **BY EACH OF THE FEDERATED FUNDS THAT ARE COLLECTIVE TRUSTS, SEVERALLY AND NOT JOINTLY** | **BY EACH OF THE FEDERATED FUNDS THAT ARE COLLECTIVE TRUSTS, SEVERALLY AND NOT JOINTLY** |
| &nbsp;&nbsp; <br> By: | /s/Richard A. Novak |
| &nbsp;&nbsp; <br> Name: | Richard A. Novak |
| &nbsp;&nbsp; <br> Title: | President |

---

**Schedule A**

**Funds**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Date added to the contract | &nbsp;&nbsp;REGISTRANT NAME | &nbsp;&nbsp;SERIES NAME<br> (if applicable) | &nbsp;&nbsp;Transfer Agent Fund Number | &nbsp;&nbsp;Class |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Adjustable Rate Securities Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ADJUSTABLE RATE FUND | &nbsp;&nbsp;96 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ADJUSTABLE RATE FUND | &nbsp;&nbsp;325 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;8/31/2017 | &nbsp;&nbsp;Federated Hermes Adviser Series |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKETS EQUITY FUND | &nbsp;&nbsp;813 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKETS EQUITY FUND | &nbsp;&nbsp;818 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CONSERV MICROSHORT | &nbsp;&nbsp;564 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CONSERV MUNI MICRO | &nbsp;&nbsp;567 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL EQUITY FUND | &nbsp;&nbsp;934 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL EQUITY FUND | &nbsp;&nbsp;935 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL SMALL CAP FUND | &nbsp;&nbsp;939 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL SMALL CAP FUND | &nbsp;&nbsp;944 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL DEVELOPED EQUITY FUND | &nbsp;&nbsp;443 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL DEVELOPED EQUITY FUND | &nbsp;&nbsp;444 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT EQUITY FUND | &nbsp;&nbsp;431 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT EQUITY FUND | &nbsp;&nbsp;441 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT EQUITY FUND | &nbsp;&nbsp;442 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT HY CREDIT FUND | &nbsp;&nbsp;669 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT HY CREDIT FUND | &nbsp;&nbsp;672 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL EQUITY FUND | &nbsp;&nbsp;713 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL EQUITY FUND | &nbsp;&nbsp;714 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL EQUITY FUND | &nbsp;&nbsp;717 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL EQUITY FUND | &nbsp;&nbsp;718 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL GROWTH FUND | &nbsp;&nbsp;728 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL GROWTH FUND | &nbsp;&nbsp;778 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;426 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;428 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;429 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;419 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;420 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;422 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;425 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES U.S. SMID FUND | &nbsp;&nbsp;165 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES U.S. SMID FUND | &nbsp;&nbsp;187 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MARKET NEUTRAL FUND | &nbsp;&nbsp;299 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MARKET NEUTRAL FUND | &nbsp;&nbsp;315 | &nbsp;&nbsp;IS |
|  | &nbsp;&nbsp;Federated Hermes Core Trust: |  |  |  |
| &nbsp;&nbsp;3/21/2016 |  | &nbsp;&nbsp;EMERGING MARKETS CORE FUND | &nbsp;&nbsp;812 |  |
| &nbsp;&nbsp;8/16/2010 |  | &nbsp;&nbsp;BANK LOAN CORE FUND | &nbsp;&nbsp;850 |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;MORTGAGE CORE FUND | &nbsp;&nbsp;938 |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;HIGH YIELD BOND CORE FUND | &nbsp;&nbsp;871 |  |
|  | &nbsp;&nbsp;Federated Hermes Core Trust III: |  |  |  |
| &nbsp;&nbsp;3/1/2008 |  | &nbsp;&nbsp;PROJECT AND TRADE FINANCE CORE FUND | &nbsp;&nbsp;148 |  |
|  | &nbsp;&nbsp;Federated Hermes Equity Funds: |  |  |  |
| &nbsp;&nbsp;12/1/2008 |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;639 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;658 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;659 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;670 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;539 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;3/1/2008 |  | &nbsp;&nbsp;FEDERATED HERMES INTL STRATEGIC VAL DIV FUND | &nbsp;&nbsp;432 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL STRATEGIC VAL DIV FUND | &nbsp;&nbsp;433 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL STRATEGIC VAL DIV FUND | &nbsp;&nbsp;434 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL STRATEGIC VAL DIV FUND | &nbsp;&nbsp;466 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;66 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;67 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;70 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;74 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;123 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;9/17/2007 |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;352 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;353 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;355 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;354 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;401 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;163 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;146 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;757 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;758 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;759 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;154 | &nbsp;&nbsp;R |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MDT MID CAP GROWTH FUND | &nbsp;&nbsp;677 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MID CAP GROWTH FUND | &nbsp;&nbsp;650 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MID CAP GROWTH FUND | &nbsp;&nbsp;656 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MID CAP GROWTH FUND | &nbsp;&nbsp;679 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;9/1/2008 |  | &nbsp;&nbsp;FEDERATED HERMES PRUDENT BEAR FUND | &nbsp;&nbsp;409 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRUDENT BEAR FUND | &nbsp;&nbsp;415 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRUDENT BEAR FUND | &nbsp;&nbsp;418 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;12/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC VALUE DIVIDEND | &nbsp;&nbsp;661 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC VALUE DIVIDEND | &nbsp;&nbsp;663 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC VALUE DIVIDEND | &nbsp;&nbsp;662 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC VALUE DIVIDEND | &nbsp;&nbsp;251 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Equity Income Fund Inc. |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;34 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;629 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;241 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;326 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;849 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;304 | &nbsp;&nbsp;F |
|  | &nbsp;&nbsp;Federated Hermes Fixed Income Securities, Inc.: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MUNI ULTRASHORT FUND | &nbsp;&nbsp;253 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI ULTRASHORT FUND | &nbsp;&nbsp;254 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI ULTRASHORT FUND | &nbsp;&nbsp;230 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;652 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;382 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;383 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;381 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;414 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;653 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;6/1/2008 | &nbsp;&nbsp;Federated Hermes Global Allocation Fund |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;373 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;608 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;894 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;232 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;11 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;879 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Government Income Securities, Inc. |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV INCOME SECURITIES | &nbsp;&nbsp;166 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV INCOME SECURITIES | &nbsp;&nbsp;171 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV INCOME SECURITIES | &nbsp;&nbsp;21 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV INCOME SECURITIES | &nbsp;&nbsp;615 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Government Income Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT INCOME FUND | &nbsp;&nbsp;36 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT INCOME FUND | &nbsp;&nbsp;102 | &nbsp;&nbsp;ss |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes High Income Bond Fund, Inc. |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND FUND | &nbsp;&nbsp;630 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND FUND | &nbsp;&nbsp;492 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND FUND | &nbsp;&nbsp;242 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND FUND | &nbsp;&nbsp;317 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND FUND | &nbsp;&nbsp;491 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes High Yield Trust: |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;77 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;113 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;120 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;430 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;38 | &nbsp;&nbsp;ss |
|  | &nbsp;&nbsp;Federated Hermes Income Securities Trust: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;312 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;631 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;244 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;374 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;300 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;830 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;9/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES FLTG RATE STR INCOME FUND | &nbsp;&nbsp;701 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FLTG RATE STR INCOME FUND | &nbsp;&nbsp;693 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FLTG RATE STR INCOME FUND | &nbsp;&nbsp;687 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FLTG RATE STR INCOME FUND | &nbsp;&nbsp;188 | &nbsp;&nbsp;A1 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES | &nbsp;&nbsp;601 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES | &nbsp;&nbsp;238 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES | &nbsp;&nbsp;309 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES | &nbsp;&nbsp;614 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INTERM CORP BOND FUND | &nbsp;&nbsp;303 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERM CORP BOND FUND | &nbsp;&nbsp;348 | &nbsp;&nbsp;ss |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;888 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;887 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;889 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;901 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;876 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES INFL PROTECTED SEC FD | &nbsp;&nbsp;183 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INFL PROTECTED SEC FD | &nbsp;&nbsp;184 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INFL PROTECTED SEC FD | &nbsp;&nbsp;185 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;***FEDERATED HERMES INFL PROTECTED SEC FD*** | &nbsp;&nbsp;***327*** | &nbsp;&nbsp;***R6*** |
| &nbsp;&nbsp;7/18/2004 |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;292 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;65 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;638 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;607 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;579 | &nbsp;&nbsp;A2 |
|  | &nbsp;&nbsp;Federated Hermes Index Trust: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MAX-CAP INDEX FUND | &nbsp;&nbsp;39 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MAX-CAP INDEX FUND | &nbsp;&nbsp;895 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MAX-CAP INDEX FUND | &nbsp;&nbsp;281 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MAX-CAP INDEX FUND | &nbsp;&nbsp;867 | &nbsp;&nbsp;C |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MID-CAP INDEX FUND | &nbsp;&nbsp;156 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MID-CAP INDEX FUND | &nbsp;&nbsp;153 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MID-CAP INDEX FUND | &nbsp;&nbsp;151 | &nbsp;&nbsp;ss |
|  | &nbsp;&nbsp;Federated Hermes Institutional Trust |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GOV ULTRASHORT DUR FUND | &nbsp;&nbsp;969 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV ULTRASHORT DUR FUND | &nbsp;&nbsp;891 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV ULTRASHORT DUR FUND | &nbsp;&nbsp;840 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV ULTRASHORT DUR FUND | &nbsp;&nbsp;626 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INSTL HIGH YIELD BOND FUND | &nbsp;&nbsp;900 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTL HIGH YIELD BOND FUND | &nbsp;&nbsp;221 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;6/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT TOTAL RETURN BOND | &nbsp;&nbsp;114 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT TOTAL RETURN BOND | &nbsp;&nbsp;63 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT TOTAL RETURN BOND | &nbsp;&nbsp;107 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT TOTAL RETURN BOND | &nbsp;&nbsp;127 | &nbsp;&nbsp;R6 |
|  | &nbsp;&nbsp;Federated Hermes Insurance Series |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MANAGED VOLATILITY FUND II | &nbsp;&nbsp;333 | &nbsp;&nbsp;P |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MANAGED VOLATILITY FUND II | &nbsp;&nbsp;403 | &nbsp;&nbsp;S |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES II | &nbsp;&nbsp;334 | &nbsp;&nbsp;-- |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND II | &nbsp;&nbsp;250 | &nbsp;&nbsp;S |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND II | &nbsp;&nbsp;336 | &nbsp;&nbsp;p |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND II | &nbsp;&nbsp;953 | &nbsp;&nbsp;p |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND II | &nbsp;&nbsp;957 | &nbsp;&nbsp;s |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT MONEY FUND II | &nbsp;&nbsp;330 | &nbsp;&nbsp;s |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT MONEY FUND II | &nbsp;&nbsp;402 | &nbsp;&nbsp;p |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES QUALITY BOND II | &nbsp;&nbsp;921 | &nbsp;&nbsp;p |
|  |  | &nbsp;&nbsp;FEDERATED HERMES QUALITY BOND II | &nbsp;&nbsp;929 | &nbsp;&nbsp;s |
|  | &nbsp;&nbsp;Federated Hermes International Series, Inc.: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL TOTAL RETURN BOND FD | &nbsp;&nbsp;152 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL TOTAL RETURN BOND FD | &nbsp;&nbsp;240 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL TOTAL RETURN BOND FD | &nbsp;&nbsp;316 | &nbsp;&nbsp;A |
|  | &nbsp;&nbsp;Federated Hermes Investment Series Funds, Inc.: |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;641 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;642 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;643 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;655 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;671 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;198 | &nbsp;&nbsp;F |
|  | &nbsp;&nbsp;Federated Hermes Managed Pool Series: |  |  |  |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND STRATEGY PORTFOLIO | &nbsp;&nbsp;157 |  |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES HIGH-YIELD STRATEGY PORTFOLIO | &nbsp;&nbsp;744 |  |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES INTL BOND STRATEGY PORT | &nbsp;&nbsp;742 |  |
| &nbsp;&nbsp;12/1/2014 |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL DIV STRATEGY | &nbsp;&nbsp;569 |  |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES MORTGAGE STRATEGY PORT | &nbsp;&nbsp;743 |  |
|  | &nbsp;&nbsp;Federated Hermes MDT Series: |  |  |  |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT ALL CAP CORE FUND | &nbsp;&nbsp;210 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT ALL CAP CORE FUND | &nbsp;&nbsp;224 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT ALL CAP CORE FUND | &nbsp;&nbsp;226 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT ALL CAP CORE FUND | &nbsp;&nbsp;233 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT BALANCED FUND | &nbsp;&nbsp;285 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT BALANCED FUND | &nbsp;&nbsp;296 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT BALANCED FUND | &nbsp;&nbsp;297 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT BALANCED FUND | &nbsp;&nbsp;314 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP GROWTH FUND | &nbsp;&nbsp;265 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP GROWTH FUND | &nbsp;&nbsp;271 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP GROWTH FUND | &nbsp;&nbsp;267 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP GROWTH FUND | &nbsp;&nbsp;269 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP CORE FUND | &nbsp;&nbsp;237 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP CORE FUND | &nbsp;&nbsp;245 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP CORE FUND | &nbsp;&nbsp;255 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP CORE FUND | &nbsp;&nbsp;223 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP GROWTH FUND | &nbsp;&nbsp;282 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP GROWTH FUND | &nbsp;&nbsp;283 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP GROWTH FUND | &nbsp;&nbsp;284 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP GROWTH FUND | &nbsp;&nbsp;231 | &nbsp;&nbsp;R6 |
|  | &nbsp;&nbsp;Federated Hermes Municipal Bond Fund, Inc: |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;141 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;375 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;602 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;243 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;384 | &nbsp;&nbsp;A |
|  | &nbsp;&nbsp;Federated Hermes Municipal Securities Income Trust: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MICHIGAN INTERM MUNICIPAL FUND | &nbsp;&nbsp;145 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MICHIGAN INTERM MUNICIPAL FUND | &nbsp;&nbsp;622 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;6/1/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;310 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;214 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;167 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;170 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;380 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OHIO MUNI INCOME | &nbsp;&nbsp;164 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OHIO MUNI INCOME | &nbsp;&nbsp;313 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OHIO MUNI INCOME | &nbsp;&nbsp;623 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES PENNSYLVANIA MUNI INCOME | &nbsp;&nbsp;311 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PENNSYLVANIA MUNI INCOME | &nbsp;&nbsp;673 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Short- Intermediate Duration Municipal Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT MUNI FUND | &nbsp;&nbsp;291 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT MUNI FUND | &nbsp;&nbsp;24 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT MUNI FUND | &nbsp;&nbsp;289 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT MUNI FUND | &nbsp;&nbsp;84 | &nbsp;&nbsp;A2 |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Total Return Government Bond Fund |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN GOVT BOND FUND | &nbsp;&nbsp;234 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN GOVT BOND FUND | &nbsp;&nbsp;648 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN GOVT BOND FUND | &nbsp;&nbsp;647 | &nbsp;&nbsp;IS |
|  | &nbsp;&nbsp;Federated Hermes Total Return Series, Inc.: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES CORE BOND FUND | &nbsp;&nbsp;835 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORE BOND FUND | &nbsp;&nbsp;837 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORE BOND FUND | &nbsp;&nbsp;890 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;328 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;288 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;893 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;225 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;404 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;405 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;406 | &nbsp;&nbsp;C |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES ULTRASHORT BOND FUND | &nbsp;&nbsp;218 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ULTRASHORT BOND FUND | &nbsp;&nbsp;838 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ULTRASHORT BOND FUND | &nbsp;&nbsp;108 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ULTRASHORT BOND FUND | &nbsp;&nbsp;344 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Short-Term Government Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM GOV'T FUND | &nbsp;&nbsp;100 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM GOV'T FUND | &nbsp;&nbsp;79 | &nbsp;&nbsp;y |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM GOV'T FUND | &nbsp;&nbsp;9 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Short-Intermediate Government Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-INTERMEDIATE GOV'T FUND | &nbsp;&nbsp;192 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-INTERMEDIATE GOV'T FUND | &nbsp;&nbsp;896 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-INTERMEDIATE GOV'T FUND | &nbsp;&nbsp;47 | &nbsp;&nbsp;IS |
|  | &nbsp;&nbsp;Federated Hermes World Investment Series, Inc.: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKET DEBT FUND | &nbsp;&nbsp;831 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKET DEBT FUND | &nbsp;&nbsp;609 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKET DEBT FUND | &nbsp;&nbsp;611 | &nbsp;&nbsp;C |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;103 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;104 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;105 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;119 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;106 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;110 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INTL SMALL-MID COMPANY FUND | &nbsp;&nbsp;695 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL SMALL-MID COMPANY FUND | &nbsp;&nbsp;697 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL SMALL-MID COMPANY FUND | &nbsp;&nbsp;682 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Intermediate Municipal Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERMEDIATE MUNI FUND | &nbsp;&nbsp;78 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERMEDIATE MUNI FUND | &nbsp;&nbsp;739 | &nbsp;&nbsp;IS |
|  | &nbsp;&nbsp;Federated Hermes Money Market Obligations Trust: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;80 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;800 | &nbsp;&nbsp;ws |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;280 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;809 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;810 | &nbsp;&nbsp;cs |
| &nbsp;&nbsp;12/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL RESERVES FUND | &nbsp;&nbsp;806 |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;386 | &nbsp;&nbsp;cs |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;385 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;805 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;158 | &nbsp;&nbsp;ADM |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;117 | &nbsp;&nbsp;PRM |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;5 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;703 | &nbsp;&nbsp;TR |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;395 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;7 | &nbsp;&nbsp;SEL |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;484 | &nbsp;&nbsp;AVR |
|  |  | &nbsp;&nbsp;***FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND*** | &nbsp;&nbsp;***707*** | &nbsp;&nbsp;***SDG*** |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GOVT OBLIGATIONS TAX-MGD FD | &nbsp;&nbsp;613 | &nbsp;&nbsp;AS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVT OBLIGATIONS TAX-MGD FD | &nbsp;&nbsp;636 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVT OBLIGATIONS TAX-MGD FD | &nbsp;&nbsp;637 | &nbsp;&nbsp;ss |
| &nbsp;&nbsp;12/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;970 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;971 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;972 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;807 | &nbsp;&nbsp;p |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;973 | &nbsp;&nbsp;F |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL MMKT MGMT | &nbsp;&nbsp;136 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL MMKT MGMT | &nbsp;&nbsp;349 | &nbsp;&nbsp;EAG |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL MMKT MGMT | &nbsp;&nbsp;58 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL MMKT MGMT | &nbsp;&nbsp;219 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSITUTIONAL PRIME OBLIGATIONS FUND | &nbsp;&nbsp;10 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSITUTIONAL PRIME OBLIGATIONS FUND | &nbsp;&nbsp;143 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSITUTIONAL PRIME OBLIGATIONS FUND | &nbsp;&nbsp;396 | &nbsp;&nbsp;ss |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;858 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;821 | &nbsp;&nbsp;cs |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;820 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;852 | &nbsp;&nbsp;ws |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;839 | &nbsp;&nbsp;IV |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;855 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;833 | &nbsp;&nbsp;AS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES NEW YORK MUNI CASH TRUST | &nbsp;&nbsp;878 | &nbsp;&nbsp;cs |
|  |  | &nbsp;&nbsp;FEDERATED HERMES NEW YORK MUNI CASH TRUST | &nbsp;&nbsp;12 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES NEW YORK MUNI CASH TRUST | &nbsp;&nbsp;825 | &nbsp;&nbsp;ws |
|  |  | &nbsp;&nbsp;FEDERATED HERMES NEW YORK MUNI CASH TRUST | &nbsp;&nbsp;111 | &nbsp;&nbsp;CII |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;857 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;911 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;851 | &nbsp;&nbsp;ws |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;854 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;909 | &nbsp;&nbsp;AS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;914 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;913 | &nbsp;&nbsp;cs |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;915 | &nbsp;&nbsp;TR |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;485 | &nbsp;&nbsp;AVR |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL PRIME VAL OBL | &nbsp;&nbsp;859 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL PRIME VAL OBL | &nbsp;&nbsp;853 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL PRIME VAL OBL | &nbsp;&nbsp;856 | &nbsp;&nbsp;ss |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES TAX-FREE OBLIGATIONS FUND | &nbsp;&nbsp;15 | &nbsp;&nbsp;ws |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TAX-FREE OBLIGATIONS FUND | &nbsp;&nbsp;397 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TAX-FREE OBLIGATIONS FUND | &nbsp;&nbsp;486 | &nbsp;&nbsp;AVR |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL TX-FREE CSH TR | &nbsp;&nbsp;42 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL TX-FREE CSH TR | &nbsp;&nbsp;73 | &nbsp;&nbsp;PRM |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;115 | &nbsp;&nbsp;AS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;862 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;68 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;398 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;702 | &nbsp;&nbsp;TR |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES TR FOR U.S. TRSY OBLIGATIONS | &nbsp;&nbsp;54 | &nbsp;&nbsp;cs |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TR FOR U.S. TRSY OBLIGATIONS | &nbsp;&nbsp;52 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TR FOR U.S. TRSY OBLIGATIONS | &nbsp;&nbsp;59 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES U.S. TREASURY CASH RSV | &nbsp;&nbsp;632 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES U.S. TREASURY CASH RSV | &nbsp;&nbsp;125 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;COLLECTIVE TRUSTS |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;4 | &nbsp;&nbsp;ISP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;25 | &nbsp;&nbsp;RP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;26 | &nbsp;&nbsp;SP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;27 | &nbsp;&nbsp;yp |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;35 | &nbsp;&nbsp;R6P |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;40 | &nbsp;&nbsp;IP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL FIXED INCOME FUND | &nbsp;&nbsp;45 |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**DST Asset Manager Solutions, Inc.** | &nbsp;&nbsp;**By each of the Federated Funds Set forth on Exhibit A.** |
| &nbsp;&nbsp;By: /s/Rahul Kanwar | &nbsp;&nbsp;By: /s/Peter Germain |
| &nbsp;&nbsp;Name: Rahul Kanwar | &nbsp;&nbsp;Name: Peter Germain |
| &nbsp;&nbsp;Title: President/COO | &nbsp;&nbsp;Title: Secretary |

---

**Schedule B**

**Transfer Agency Services**

&nbsp;&nbsp;&nbsp;&nbsp;A. <u>General</u>

&nbsp;&nbsp;&nbsp;&nbsp;1. As used in this <u>Schedule A</u>, the following additional terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "ACH" shall mean the Automated Clearing House;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Bank" shall mean a nationally or regionally known banking institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "Code" shall mean the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "DTCC" shall mean the Depository Trust Clearing Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "IRA" shall mean Individual Retirement Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "Procedures" shall collectively mean DST's transfer agency procedures manual, third party check procedures, checkwriting draft procedures, Compliance + and identity theft programs and signature guarantee procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "Program" shall mean Networking, Fund Serv or other DTCC program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) "TA2000 System" shall mean DST's TA2000<sup>TM</sup> computerized data processing system for shareholder accounting.

&nbsp;&nbsp;&nbsp;&nbsp;2. Any references to Law shall be construed to mean the Law as amended to the date of the effectiveness of the applicable provision referencing the Law.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Fund acknowledges that DST's ability to perform the Services is subject to the following dependencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fund and other Persons that are not employees or agents of DST, whose cooperation is reasonably required for DST to provide the Services, providing cooperation, information and, as applicable, instructions to DST promptly, in agreed formats, by agreed media and within agreed timeframes as required to provide the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The communications systems operated by the Fund and other Persons that are not employees or agents of DST remaining fully operational.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The accuracy and completeness of any the Fund Data or other information provided to DST in connection with the Services by any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any warranty, representation, covenant or undertaking expressly made by the Fund under or in connection with this Agreement being and remaining true, correct and discharged at all relevant times.

&nbsp;&nbsp;&nbsp;&nbsp;4. The following Services will be performed by DST and, as applicable, are contingent on the performance by the Fund of the duties and obligations listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. <u>SERVICES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Scope of Agency Services; DST Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DST utilizing the TA2000 System will perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issuing, transferring and redeeming book entry shares or cancelling share certificates as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintaining shareholder accounts on the records of the Fund on the TA2000 System in accordance with the instructions and information received by DST from the Fund, the Fund's distributor, manager or managing dealer, the Fund's investment adviser, the Fund's sponsor, the Fund's custodian, or the Fund's administrator and any other person whom the Fund names on Schedule C (each an "Authorized Person"), broker-dealers or shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) when and if a Fund participates in the DTCC, and to the extent DST supports the functionality of the applicable DTCC program:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) DST will accept and effectuate the registration and maintenance of accounts through the Program and the purchase, redemption, exchange and transfer of shares in such accounts through systems or applications offered via the Program in accordance with instructions transmitted to and received by DST by transmission from DTCC on behalf of broker-dealers and banks which have been established by, or in accordance with the instructions of, an Authorized Person, on the Dealer File maintained by DST,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issuing instructions to the Funds' banks for the settlement of transactions between the Funds and DTCC (acting on behalf of its broker-dealer and bank participants),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) providing account and transaction information from each affected Fund's records on TA2000 in accordance with the applicable Program's rules, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) maintaining shareholder accounts on TA2000 through the Programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) providing control book, also known as transaction journal and super sheet which is a daily record for the Fund of all transactions and receipts and disbursements of money and securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) preparing shareholder meeting lists as needed for use in connection with shareholder meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) withholding, as required by federal law, taxes on shareholder accounts, performing and paying backup withholding as required for all shareholders, and preparing, filing and providing, in electronic format, the applicable U.S. Treasury Department information returns or K-1 data file, as applicable, to Fund's vendor of choice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) disbursing income dividends and capital gains distributions to shareholders and recording reinvestment of dividends and distributions in shares of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) preparing and providing, in electronic format, a file to Fund's print vendor of choice in order that the vendor may prepare and send:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) confirmation forms for shareholders for all purchases and liquidations of shares of the Fund and other confirmable transactions in shareholders' accounts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) copies of shareholder statements, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shareholder reports and prospectuses provided by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) providing or making available on-line daily and monthly reports as provided by the TA2000 System and as requested by the Fund or its management company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) maintaining those records necessary to carry out DST's duties hereunder, including all information reasonably required by the Fund to account for all transactions on TA2000 in the Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) calculating the appropriate sales charge, if applicable and supported by TA2000, with respect to each purchase of the Fund shares as instructed by an Authorized Person, determining the portion of each sales charge payable to the dealer participating in a sale in accordance with schedules and instructions delivered to DST by the Fund's managing dealer or distributor or any other Authorized Person from time to time, disbursing dealer commissions collected to such dealers, deducting from all redemption proceeds any applicable contingent deferred sales charges or other appropriate fees and determining the portion of each sales charge payable to such managing dealer and disbursing such commissions to the managing dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) receiving correspondence pertaining to any former, existing or new shareholder account, processing such correspondence for proper recordkeeping, and responding to shareholder correspondence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) processing, generally on the date of receipt, purchases, redemptions, exchanges, or instructions, as applicable, to settle any mail or wire order purchases, redemptions or exchanges received in proper order as set forth in the prospectus and general exchange privilege applicable, and rejecting any requests not received in proper order (as defined by an Authorized Person or the Procedures as hereinafter defined);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) pursue and enforce any claims related to or in connection with medallion signature guarantees and undertake all such reasonable efforts to seek any required collections in connection with such medallion signature guarantee claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) provide daily data files to the Fund indicating the total number of shares issued and outstanding in each state for "blue sky" purposes as determined according to Proper Instructions delivered from time to time by the Fund to DST.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) providing to the Fund escheatment reports as requested by an Authorized Person with respect to the status of accounts and outstanding checks on TA2000; DST shall perform the following services (the "Core Escheatment Services") for, and to assist, the Fund in complying with state escheatment requirements: (i) identify and process the Fund's accounts that have returned post office mail ("RPO accounts"), inactive accounts and uncashed checks; (ii) perform all required lost shareholder searches in compliance with Rule 17Ad-17; (iii) perform all required state unclaimed property due diligence mailings based on state mailing schedules; (iv) provide pre-escheatment reports during January/February for the Fall cycle and November/December for the Spring/Summer cycles; (v) capture and maintain customer "date of last contact" and type of contact; and (vi) escheat abandoned and unclaimed assets based on applicable state dormancy periods and remittance schedules. In consideration of the performance of the Core Escheatment Services by DST, the Funds shall pay DST the Core Escheatment Service fees set forth in a separate fee letter. In addition to the Core Escheatment Services, DST has enhanced its unclaimed property administration ("UPA") services to include certain additional optional outreach capabilities DST shall provide the Outreach Services to the Fund in accordance with the terms set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) as mutually agreed upon by the parties as to the service scope and fees, answer telephone inquiries during mutually agreed upon times, each day on which the New York Stock Exchange is open for trading. DST shall answer and respond to inquiries from existing shareholders, prospective shareholders of the Fund and broker-dealers on behalf of such shareholders in accordance with the telephone scripts provided by the Fund to DST, such inquiries may include requests for information on account set-up and maintenance, general questions regarding the operation of the Fund, general account information including dates of purchases, redemptions, exchanges and account balances, requests for account access instructions and literature requests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) (where applicable) supporting Fund tender offers, including but not limited to: assistance with shareholder communication plan; coordination of tender offer materials; establishment of informational website; receipt, review and reconciliation of letters of transmittal; daily tracking, reconciliation and reporting of shares tendered; and issuing tax forms.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) in order to assist the Fund with the Fund's anti-money laundering responsibilities under the Bank Secrecy Act of 1973, US PATRIOT ACT and other applicable anti-money laundering laws, DST shall provide certain risk-based shareholder activity monitoring tools and procedures that are reasonably designed to: (i) promote the detection and reporting of potential money laundering activities; and (ii) assist in the verification of persons opening accounts with the Fund. If the Fund elects to have DST implement the anti-money laundering procedures and delegate the day-to-day operation of such anti-money laundering procedures to DST, the parties will agree to upon the applicable fees and the service scope and execute the attached appendix ("Appendix 1" entitled "AML Delegation") which may be changed from time to time subject to mutual written agreement between the parties;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) as mutually agreed upon by the parties as to the service scope and fees, provide any additional related services (i.e., pertaining to escheatments, abandoned property, garnishment orders, bankruptcy and divorce proceedings, Internal Revenue Service or state tax authority tax levies and summonses and all matters relating to the foregoing); and

 

's(xxi) upon request of the Fund and mutual agreement between the parties as to the scope and any applicable fees, DST may provide additional services to the Fund under the terms of this Schedule and the Agreement. Such services and fees shall be set forth in a writing and may be added by an amendment to, or as a statement of work under, this Schedule or the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. At the request of an Authorized Person, DST shall use reasonable efforts to provide the services set forth in Section 1.A of this Schedule A in connection with transactions (i) the processing of which transactions require DST to use methods and procedures other than those usually employed by DST to perform shareholder servicing agent services, (ii) involving the provision of information to DST after the commencement of the nightly processing cycle of the TA2000 System or (iii) which require more manual intervention by DST, either in the entry of data or in the modification or amendment of reports generated by the TA2000 System than is usually required by normal transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. DST shall use reasonable efforts to provide the same services with respect to any new, additional functions or features or any changes or improvements to existing functions or features as provided for in the Fund's instructions, prospectus or application as amended from time to time, for the Fund provided DST is advised in advance by the Fund of any changes therein and the TA2000 System and the mode of operations utilized by DST as then constituted supports such additional functions and features. If any new, additional function or feature or change or improvement to existing functions or features or new service or mode of operation measurably increases DST's cost of performing the services required hereunder at the current level of service, DST shall advise the Fund of the amount of such increase and if the Fund elects to utilize such function, feature or service, DST shall be entitled to increase its fees by the amount of the increase in costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Fund acknowledges that DST is currently using, and will continue to use, domestic or foreign DST affiliates to assist with software development and support projects for DST and/or for the Fund. As part of such support, the Fund acknowledges that such affiliates may access the Fund Confidential Information including, but not limited to, personally identifiable shareholder information (shareholder name, address, social security number, account number, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Fund shall add all new funds to the TA2000 System upon at least 60 days' prior written notice to DST provided that the requirements of the new funds are generally consistent with services then being provided by DST under the Agreement. If less than 60 days' prior notice is provided by the Fund, additional 'rush' fees may be applied by DST. Rates or charges for additional funds shall be as set forth in the Fee Letter for the remainder of the contract term except as such funds use functions, features or characteristics for which DST has imposed an additional charge as part of its standard pricing schedule. In the latter event, rates and charges shall be in accordance with DST's then-standard pricing schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The parties agree that to the extent that DST provides any services under the Agreement that relate to compliance by the Fund with the Code (or any other applicable tax law), it is the parties' mutual intent that DST will provide only printing, reproducing, and other mechanical assistance to the Fund and that DST will not make any judgments or exercise any discretion of any kind. The Fund agrees that it will provide express and comprehensive instructions to DST in connection with all of the services that are to be provided by DST under the Agreement that relate to compliance by the Fund with the Code (or any other applicable tax law), including providing responses to requests for direction that may be made from time to time by DST of the Fund in this regard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Fund instructs and authorizes DST to provide the services as set forth in the Agreement in connection with transactions on behalf of certain IRAs featuring the funds made available by the Fund. The Fund acknowledges and agrees that as part of such services, DST will act as service provider to the custodian for such IRAs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. If applicable, DST will make original issues of shares, or if shares are certificated, stock certificates upon written request of an officer of the Fund and upon being furnished with a certified copy of a resolution of the Board of Directors authorizing such original issue, evidence regarding the value of the shares, and necessary funds for the payment of any original issue tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Upon receipt of a Fund's written request, DST shall provide transmissions of shareholder activity to the print vendor selected by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. In the event that certificates for shares of the Fund shall be represented to have been lost, stolen or destroyed, DST, upon being furnished with an indemnity bond in such form and amount and with such surety as shall be reasonably satisfactory to it, is authorized to countersign a new certificate or certificates for the number of shares of the Fund represented by the lost or stolen certificate. In the event that certificates of the Fund shall be represented to have been lost, stolen, missing, counterfeited or recovered, DST shall file Form X-17F-1A as required by applicable federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Shares of stock will be transferred in accordance with the instructions of the shareholders and, upon receipt of the Fund's instructions that shares of stock be redeemed and funds remitted therefor, such redemptions will be accomplished and payments dispatched provided the shareholder instructions are deemed by DST to be duly authorized. DST reserves the right to refuse to transfer, exchange, sell or redeem shares as applicable, until it is satisfied that the request is authorized, or instructed by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. [ ]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. <u>Changes and Modifications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) DST shall have the right, at any time, to modify any systems, programs, procedures or facilities used in performing its obligations hereunder; provided that the Fund will be notified as promptly as possible prior to implementation of such modifications and that no such modification or deletion shall materially adversely change or affect the operations and procedures of the Fund in using the TA2000 System hereunder, the Services or the quality thereof, or the reports to be generated by such system and facilities hereunder, unless the Fund is given thirty (30) days' prior notice to allow the Fund to change its procedures and DST provides the Fund with revised operating procedures and controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All enhancements, improvements, changes, modifications or new features added to the TA2000 System however developed or paid for, including, without limitation, Client Requested Software (collectively, "Deliverables"), shall be, and shall remain, the confidential and exclusive property of, and proprietary to, DST. The parties recognize that during the Term of this Agreement the Fund will disclose to DST Confidential Information and DST may partly rely on such Confidential Information to design, structure or develop one or more Deliverables. Provided that, as developed, such Deliverable(s) contain no Confidential Information that identifies the Fund or any of its investors or which could reasonably be expected to be used to readily determine such identity, (i) the Fund hereby consents to DST's use of such Confidential Information to design, to structure or to determine the scope of such Deliverable(s) or to incorporate into such Deliverable(s) and that any such Deliverable(s), regardless of who paid for it, shall be, and shall remain, the sole and exclusive property of DST and (ii) the Fund hereby grants DST a perpetual, nonexclusive license to incorporate and retain in such Deliverable(s) Confidential Information of the Fund. All Confidential Information of the Fund shall be and shall remain the property of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Fund Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund agrees to use its reasonable efforts to deliver to DST in Kansas City, Missouri, as soon as they are available, all of its shareholder account records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund will provide DST written notice of any change in Authorized Personnel as set forth on Schedule C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Fund will notify DST of material changes to its Articles of Incorporation or Bylaws (e.g. in the case of recapitalization) that impact the services provided by DST under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If at any time the Fund receives notice or becomes aware of any stop order or other proceeding in any such state affecting such registration or the sale of the Fund's shares, or of any stop order or other proceeding under the federal securities laws affecting the sale of the Fund's shares, the Fund will give prompt notice thereof to DST.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DST shall perform the services under this Schedule A in conformance with DST's present procedures as set forth in its Procedures with such changes or deviations therefrom as may be from time to time required or approved by the Fund, its investment adviser or managing dealer, or its or DST's counsel and the rejection of orders or instructions not in good order in accordance with the applicable prospectus or the Procedures. Notwithstanding the foregoing, DST's obligations shall be solely as are set forth in this Schedule and any of other obligations of the Fund under applicable law that DST has not agreed to perform on the Fund's behalf under this Schedule or the Agreement shall remain the Fund's sole obligation.

&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund hereby advises DST that all of the shares of the Fund are sold by broker-dealers who have executed selling group or dealer agreements with the Fund pursuant to which agreements the affected broker-dealer has assumed all obligations and responsibilities under applicable laws with respect to customer identification procedures, identity theft and the red flag regulations and that, therefore, such obligations and responsibilities are not among the obligations and responsibilities that the Fund is employing DST to provide or fulfill. Any requirement to comply with applicable law with respect to any attempt to verify the identity of shareholders of the shares of the Fund shall remain with the Fund and the Fund's broker-dealers.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Bank Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DST, acting as agent for the Fund, is hereby authorized (1) to establish accounts in the name of, and to maintain on behalf of, the Fund, on the usual terms and conditions prevalent in the industry, including limits or caps (based on fees paid over some period of time or a flat amount, as required by the affected Bank on the maximum liability of such Banks) into which DST shall deposit the funds DST receives for payment of dividends, distributions, purchases of Fund shares, redemptions of Fund shares, commissions, corporate re-organizations (including recapitalizations or liquidations) or any other disbursements made by DST on behalf of the Fund provided for in this Schedule A, (2) to draw checks upon such accounts, to issue orders or instructions to the Bank for the payment out of such accounts as necessary or appropriate to accomplish the purposes for which such funds were provided to DST, and (3) to establish, to implement and to transact Fund business through ACH, draft processing, wire transfer and any other banking relationships, arrangements and agreements with such Bank as are necessary or appropriate to fulfill DST's obligations under the Agreement. DST, acting as agent for the Fund, is also hereby authorized to execute on behalf and in the name of the Fund, on the usual terms and conditions prevalent in the industry, including limits or caps (based on fees paid over some period of time or a flat amount, as required by the affected Bank) on the maximum liability of such Banks, agreements with banks for ACH, wire transfer, draft processing services, as well as any other services which are necessary or appropriate for DST to utilize to accomplish the purposes of this Schedule. In each of the foregoing situations the Fund shall be liable on such agreements with the Bank as if it itself had executed the agreement. Nothing in this section shall mitigate the obligations established pursuant to Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. DST is authorized and directed to stop payment of checks theretofore issued hereunder, but not presented for payment, when the payees thereof allege either that they have not received the checks or that such checks have been mislaid, lost, stolen, destroyed or through no fault of theirs, are otherwise beyond their control, and cannot be produced by them for presentation and collection, and, to issue and deliver duplicate checks in replacement thereof.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Records</u>.

DST will maintain customary transfer agent records in connection with its agency in accordance with the transfer agent recordkeeping requirements under applicable federal securities laws. Notwithstanding anything in the Agreement to the contrary, the records to be maintained and preserved by DST on the TA2000 System under the Agreement shall be maintained and preserved in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Annual Purges by August 31: DST and the Fund shall mutually agree upon a date for the annual purge of the appropriate history transactions from the Transaction History (A88) file for accounts (both regular and tax advantaged accounts) that were open as of January 1 of the current year, such purge to be complete no later than August 31. Purges completed after this date will subject the Fund to the Aged History Retention fees set forth in the Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Purge Criteria: In order to avoid the Aged History Retention fees, history data for regular or ordinary accounts (that is, non-tax advantaged accounts) must be purged if the confirmation date of the history transaction is prior to January 1 of the current year and history data for tax advantaged accounts (retirement and educational savings accounts) must be purged if the confirmation date of the history transaction is prior to January 1 of the prior year. All purged history information shall be retained on magnetic tape for 7 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Purged History Retention Options (entail an additional fee): For the additional fees set forth on the Fee Letter, or as otherwise mutually agreed, then Fund may choose (i) to place purged history information on the Purged Transaction History (A19) table or (ii) to retain history information on the Transaction History (A88) file beyond the timeframes defined above. Retaining information on the A19 table allows for viewing of this data through online facilities and E-Commerce applications. This database does not support those histories being printed on statements and reports and is not available for on request job executions.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Disposition of Books, Records and Canceled Certificates</u>.

DST may send periodically to the Fund, or to where designated by the Fund, all books, documents, and all records no longer deemed needed for current purposes, upon the understanding that such books, documents, and records will be maintained by the Fund under and in accordance with the requirements of applicable federal securities laws. Such materials will not be destroyed by the Fund without the consent of DST (which consent will not be unreasonably withheld), but will be safely stored for possible future reference.

**SCHEDULE C**

**AUTHORIZED PERSONNEL**

Pursuant to the terms of the Schedule A and the Agreement between the Fund and DST, the Fund authorizes the following Fund personnel to provide instructions to DST, and receive inquiries from DST in connection with Schedule A and the Agreement:

---

| | |
|:---|:---|
| <u>Name</u> | <u>Title</u> |
| **_____________________________** | **________________________________** |
| **_____________________________** | **________________________________** |
| **_____________________________** | **________________________________** |
| **_____________________________** | **________________________________** |
| **_____________________________** | **________________________________** |
| _____________________________ | ________________________________ |
| _____________________________ | ________________________________ |
| **_____________________________** | **________________________________** |
| **_____________________________** | **________________________________** |
| **_____________________________** | **________________________________** |
| **_____________________________** | **________________________________** |

---

This Schedule may be revised by the Fund by providing DST with a substitute Schedule C. Any such substitute Schedule C shall become effective twenty-four (24) hours after DST's receipt of the document and shall be incorporated into the Agreement.

**APPENDIX 1**

**ANTI-MONEY LAUNDERING DELEGATION**

1. <u>Delegation.</u>

&nbsp;&nbsp;&nbsp;&nbsp;1.1 In order to assist the Fund with the Fund's AML responsibilities under applicable AML laws, DST offers certain risk-based AML Procedures that are reasonably designed to: (i) promote the detection and reporting of potential money laundering activities; and (ii) assist in the verification of persons opening accounts with the Fund. The Fund has had an opportunity to review the AML Procedures with DST and desires to implement the AML Procedures as part of the Fund's overall AML program.

&nbsp;&nbsp;&nbsp;&nbsp;1.2 Accordingly, subject to the terms and conditions set forth in this Agreement, the Fund hereby instructs and directs DST to implement the AML Procedures as set forth in Section 4 below on the Fund's behalf and delegates to DST the day-to-day operation of the AML Procedures. The AML Procedures set forth in Section 4 may be amended, from time to time, by mutual agreement of the Fund and DST upon the execution by such parties of a revised Appendix 1 bearing a later date than the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;1.3 DST agrees to perform such AML Procedures, with respect to the ownership of Shares in the Fund for which DST maintains the applicable shareholder information, subject to and in accordance with the terms and conditions of this Agreement.

2. <u>Consent to Examination.</u> In connection with the performance by DST of the AML Procedures, DST understands and acknowledges that the Fund remains responsible for assuring compliance with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("**USA PATRIOT Act")** and that the records DST maintains for the Fund relating to the AML Program may be subject, from time to time, to examination and/or inspection by federal regulators in order that the regulators may evaluate such compliance. DST hereby consents to such examination and/or inspection and agrees to cooperate with such federal examiners in connection with their review. For purposes of such examination and/or inspection, DST will use its best efforts to make available, during normal business hours and on reasonable notice all required records and information for review by such examiners.

3. <u>Limitation on Delegation.</u> The Fund acknowledges and agrees that in accepting the delegation hereunder, DST is agreeing to perform only the AML Procedures, as may be amended from time to time, and is not undertaking and shall not be responsible for any other aspect of the AML Program or for the overall compliance by the Fund with the USA PATRIOT Act or for any other matters that have not been delegated hereunder. Additionally, the parties acknowledge and agree that DST shall only be responsible for performing the AML Procedures with respect to the ownership of, and transactions in, Shares in the Fund for which DST maintains the applicable Fund shareholder information.

4. <u>AML Procedures[1](#note_ftn1)</u>

&nbsp;&nbsp;&nbsp;&nbsp;4.1 Consistent with the services provided by DST and with respect to the ownership of Shares in the Fund for which DST maintains the applicable Fund shareholder information, DST shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On a daily basis, submit all new customer account registrations and registration changes against the Office of Foreign Assets Control ("OFAC") database, the Politically Exposed Persons ("PEP") database, and such other lists or databases as may be required from time to time by applicable regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Submit all account registrations through OFAC database, the PEP database, and such other lists or databases as may be required from time to time by applicable regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On a daily basis, submit special payee information from checks, outgoing wires and systematic withdrawal files through the OFAC database;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Review certain types of redemption transactions that occur within thirty-four (34) days of an account establishment, registration change, or banking information change (e.g. redemption by wire within 34 days of banking information change; rapid depletion of account balance after establishment; and redemption by check within 34 days of address change);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Review wires sent pursuant to banking instructions other than those on file with DST;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Review accounts with small balances followed by large purchases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Review accounts with frequent activity within a specified date range followed by a large redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Review purchase and redemption activity by check that meets or exceeds $100,000 threshold on any given day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Determine when a suspicious activity report ("SAR") should be filed as required by regulations applicable to mutual funds; prepare and file the SAR; provide the Fund with a copy of the SAR within a reasonable time after filing; and notify the Fund if any further communication is received from the U.S. Department of the Treasury or other law enforcement agencies regarding such filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Compare account information to any FinCEN request received by the Fund and provided to DST pursuant to USA PATRIOT Act Sec. 314(a). Provide the Fund with the necessary information for it to respond to such request within required time frame;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) Take reasonable steps to verify the identity of any person seeking to become a new customer of the Fund and notify the Fund in the event such person cannot be verified, (ii) Maintain records of the information used to verify the person's identity, as required, and (iii) Determine whether the person appears on any lists of known or suspected terrorists or terrorist organizations provided to the Fund by any government agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Except with respect to any entities excluded under applicable regulation: (i) take reasonable steps to verify the identity of legal entities seeking to become new customers of the Fund, including verifying the identity of the natural person(s) retaining ownership or controlling interest in such legal entity (the " Beneficial Owner(s)"), as such ownership and controlling interests are defined in 31 C.F.R. 1010.230, (ii) notify the Fund in the event that the identity of such Beneficial Owner(s) is not provided upon request to such entity or cannot be verified, (iii) maintain records of the information used to verify such Beneficial Owners, as required, and (iv) determine whether such persons appear on any lists of known or suspected terrorists or terrorist organizations provided to the Fund by any government agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Conduct due diligence and if required, enhanced due diligence in accordance with 31 C.F.R. 103.176(b) for new and existing correspondent accounts for foreign financial institutions (as defined in 31 C.F.R. 103.175). DST will perform an assessment of the money laundering risk presented by the account based on a consideration of relevant factors in accordance with applicable law and information provided by the foreign financial institution in a financial institution questionnaire. If an account is determined to have a medium or above risk-ranking, DST will monitor the account on a monthly basis for unusual activity. In the situation where due diligence cannot be completed with respect to an account, DST will contact the Fund's AML Officer for further instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Upon the request by the Fund, conduct due diligence to determine if the Fund is involved with any foreign jurisdiction, institution, class of transactions and a type of account designated, from time to time, by the U.S. Department of Justice in order to identify and take certain "special measures" against such entities as required under Section 311 of the USA PATRIOT Act (31 C.F.R. 103.193).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Create and retain records required under 31 CFR 103.33 in connection with the transmittals of funds in amounts equal to or in excess of $3,000, and transmit such information on the transactions to the receiving financial institutions.

4.1 In the event that DST detects activity as a result of the foregoing procedures, which necessitates the filing by DST of a SAR or other similar report or notice to OFAC, then DST shall also immediately notify the Fund, unless prohibited by applicable law.

**APPENDIX 2**

**INFORMATION SECURITY SCHEDULE** 

All capitalized terms not defined in this Information Security Schedule (this "Security Schedule") shall have the meanings ascribed to them in the Transfer Agency and Service Agreement by and between DST and each of the funds listed on Exhibit A thereto (each such fund, or series thereof, severally, and not jointly, the "Fund") dated March 1, 2022 (the "Agreement").

DST and Fund hereby agree that DST shall maintain and comply with an information security policy ("Security Policy") that satisfies the requirements set forth below; provided, that, because information security is a highly dynamic space (where laws, regulations and threats are constantly changing), DST reserves the right to make changes to its information security controls at any time and at the sole discretion of DST in a manner that it believes does not materially reduce the protection it applies to Fund Data.

From time to time, DST may subcontract services performed under the Agreement (to the extent provided for under the Agreement) or provide access to Fund Data or its network to a subcontractor or other third party; provided, that, such subcontractor or third party implements and maintains security measures DST believes are at least as stringent as those described in this Security Schedule.

For the purposes of this Schedule "prevailing industry practices and standards" refers to standards among financial institutions, including mutual funds, and third parties providing financial services to financial institutions.

**1. Objective.** 

The objective of DST's Security Policy and related information security program is to implement data security measures reasonably designed in material respects to be consistent with applicable prevailing industry practices and standards ("Objective"). In order to meet such Objective, DST uses commercially reasonable efforts to:

a. Protect the privacy, confidentiality, integrity, and availability of all confidential data and information disclosed by or on behalf of Fund to, or otherwise comes into the possession of DST, in connection with the provision of services under the Agreement and to the extent the same is deemed confidential information under the terms of the Agreement (collectively, "Fund Data"). For the avoidance of doubt, and without limiting the foregoing, "Fund Data" includes all Confidential Information of the Fund and its agents or service providers, including, without limitation all "Customer Information," as contemplated in the Agreement;

b. Protect against accidental, unauthorized, unauthenticated or unlawful access, copying, use, processing, disclosure, alteration, transfer, loss or destruction of the Fund Data;

c. Comply with applicable governmental laws, rules and regulations that are relevant to the handling, processing and use of Fund Data by DST in accordance with the Agreement; and

d. Implement customary administrative, physical, technical, procedural and organizational safeguards.

e. Implement means and technology to encrypt Fund Data, mutually acceptable between the Fund and DST, while in transit to and from DST.

**2. Risk Assessments.** 

a. **Risk Assessment** - DST shall, at least annually, perform risk assessments that are designed to identify material threats (both internal and external) against Fund Data, the likelihood of those threats Schedule 10.2 p.2 occurring and the impact of those threats upon DST organization to evaluate and analyze the appropriate level of information security safeguards ("Risk Assessments").

b. **Risk Mitigation** - DST shall use commercially reasonable efforts to manage, control and remediate threats identified in the Risk Assessments that it believes are likely to result in material unauthorized access, copying, use, processing, disclosure, alteration, transfer, loss or destruction of Fund Data, consistent with the Objective, and commensurate with the sensitivity of the Fund Data and the complexity and scope of the activities of DST pursuant to the Agreement.

c. **Security Controls Testing** - DST shall, on approximately an annual basis, engage an independent external party to conduct a review (including information security) of DST's systems that are related to the provision of services. DST shall have a process to review and evaluate high risk findings resulting from this testing.

**3. Security Controls.** Annually, upon Fund's reasonable request, DST shall provide Fund's Chief Information Security Officer or his or her designee with a summary of its corporate information security policy and an opportunity to discuss DST's information security measures, and a high level and non-confidential summary of any penetration testing related to the provision of in-scope services . DST shall review its Security Policy annually.

**4. Organizational Security.** 

a. **Responsibility** - DST shall assign responsibility for information security management to qualified personnel only.

b. **Access** - DST shall permit only those personnel performing roles supporting the provision of services under the Agreement to access Fund Data.

c. **Confidentiality** - DST personnel who have accessed or otherwise been made known of Fund Data shall maintain the confidentiality of such information in accordance with the terms of the Agreement.

d. **Training -** DST will provide information security training to its personnel on approximately an annual basis.

**5. Asset Management.** 

a. **Data Sensitivity** - DST acknowledges that it understands the sensitivity of Fund Data.

b. **External Hosting Facilities** – DST shall implement controls, consistent with applicable prevailing industry practices and standards, regarding the collection, use, storage and/or disclosure of Fund Data by an external hosting provider.

**6. Physical Security.** 

a. **Securing Physical Facilities** - DST shall maintain systems located in DST facilities that host Fund Data or provide services under the Agreement in an environment that is designed to be physically secure and to allow access only to authorized individuals. A secure environment includes the availability of onsite security personnel on a 24 x 7 basis or equivalent means of monitoring locations supporting the delivery of services under the Agreement.

b. **Physical Security of Media** - DST shall implement controls, consistent with applicable prevailing industry practices and standards, that are designed to deter the unauthorized viewing, copying, alteration or removal of any media containing Fund Data. Removable media on which Fund Data is Schedule 10.2 p.3 stored by DST (including thumb drives, CDs, and DVDs, and PDAS) will be encrypted based on DST encryption policies.

c. **Media Destruction** - DST shall destroy removable media and any mobile device (such as discs, USB drives, DVDs, back-up tapes, laptops and PDAs) containing Fund Data or use commercially reasonable efforts to render Fund Data on such physical media unintelligible if such media or mobile device is no longer intended to be used. All backup tapes that are not destroyed must meet the level of protection described in this Security Schedule until destroyed or rendered irretrievable.

d. **Paper Destruction** - DST shall shred all paper waste containing Fund Data and dispose in a secure and confidential manner making it unrecoverable.

**7. Communications and Operations Management.** 

a. **Network Penetration Testing** - DST shall, on approximately an annual basis, contract with an independent third party to conduct a network penetration test on its network having access to or holding or containing Fund Data. DST shall have a process to review and evaluate high risk findings resulting from this testing.

b. **Data Protection During Transmission -** DST shall encrypt, using an industry standard encryption algorithm, personally identifiable Fund Data when such data is transmitted.

c. **Data Loss Prevention -** DST shall implement a data leakage program that is designed to identify, detect, monitor and document Fund Data leaving DST's control without authorization in place.

d. **Malicious Code –** DST shall implement controls that are designed to detect the introduction or intrusion of malicious code on information systems handling or holding Fund Data and implement a process for removing said malicious code from information systems handling or holding Fund Data.

**8. Access Controls.** 

a. **Authorized Access** - DST shall have controls that are designed to maintain the logical separation such that access to systems hosting Fund Data and/or being used to provide services to Fund will uniquely identify each individual requiring access, grant access only to authorized personnel based on the principle of least privileges, and prevent unauthorized access to Fund Data.

b. **User Access** - DST shall have a process to promptly disable access to Fund Data by any DST personnel who no longer requires such access. DST will also promptly remove access of Fund personnel upon receipt of notification from Fund.

c. **Authentication Credential Management** - DST shall communicate authentication credentials to users in a secure manner, with a proof of identity check of the intended users.

d. **Multi-Factor Authentication for Remote Access** - DST shall use multi factor authentication and a secure tunnel, or another strong authentication mechanism, when remotely accessing DST's internal network.

**9. Use of Laptop and Mobile Devices in connection with the Agreement.** 

a. **Encryption Requirements** – DST will not locally store Fund Data on any laptops or mobile devices (e.g., Blackberries, PDAs) managed by DST.

b. **Secure Storage** - DST shall require that all laptops and mobile devices be securely stored Schedule 10.2 p.4 whenever out of the personnel's immediate possession.

c. **Inactivity Timeout** - DST shall employ access and password controls as well as inactivity timeouts of no longer than fifteen (15) minutes on laptops, desktops and mobile devices managed by DST and used by DST's personnel.

**10. Information Systems Acquisition Development and Maintenance.** a. **Fund Data** – Fund Data shall only be used by DST for the purposes specified in the Agreement. b. **Virus Management -** DST shall maintain a malware protection program designed to deter malware infections, detect the presence of malware within DST environment.

**11. Incident Event and Communications Management.** 

a. **Incident Management/Notification of Breach** - DST shall develop, implement and maintain an incident response plan that specifies actions to be taken when DST or one of its subcontractors suspects or detects that a party has gained material unauthorized access to Fund Data or systems or applications containing any Fund Data (the "Response Plan"). Such Response Plan shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **Escalation Procedures** - An escalation procedure that includes notification to senior managers and appropriate reporting to regulatory and law enforcement agencies. This procedure shall provide for reporting of incidents that compromise the confidentiality of Fund Data (including backed up data) to Fund via telephone or email (and provide a confirmatory notice in writing as soon as practicable); provided that the foregoing notice obligation is excused for such period of time as DST is prohibited by law, rule, regulation or other governmental authority from notifying Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. **Incident Reporting** - DST will use commercially reasonable efforts to promptly furnish to Fund information that DST has regarding the general circumstances and extent of such unauthorized access to the Fund Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. **Investigation and Prevention** - DST shall reasonably assist Fund in investigating of any such unauthorized access and shall use commercially reasonable efforts to: (A) cooperate with Fund in its efforts to comply with statutory notice or other legal obligations applicable to Fund or its clients arising out of unauthorized access and to seek injunctive or other equitable relief; (B) cooperate with Fund in litigation and investigations against third parties reasonably necessary to protect its proprietary rights; and (C) take reasonable actions necessary to mitigate loss from any such authorized access.

**FIRST AMENDMENT TO THE TRANSFER AGENCY SERVICES AGREEMENT**

This First Amendment (the "***First Amendment***") to the Transfer Agency and Services Agreement dated June 1, 2022 (the "***Agreement***") is entered into as of July 2 2022, 2022, between each of the investment vehicles listed on Schedule A of the Agreement, as amended hereto (the "***Funds***") and DST Asset Manager Solutions, Inc. ("***DST***", and together with the Funds, each a "***Party***" and collectively, the "***Parties***").

WHEREAS, on June 1, 2022, the Parties executed the Agreement by which the Funds agreed to engage DST to provide certain transfer agency services for the Funds and DST agreed to provide such services in accordance with and subject to the terms of the Agreement; and

WHEREAS, the Parties wish to amend Schedule A to the Agreement and make certain other changes;

NOW, THEREFORE, in consideration of the representations, warranties, covenants, and agreements set forth in the Agreement, the Parties hereby agree to enter into this First Amendment as follows:

1. Schedule A to the Agreement is deleted in its entirety and replaced by the Schedule A attached to this First Amendment.

2. The first paragraph of Appendix 2 of the Agreement is deleted in its entirety and replaced by the following text:

"All capitalized terms not defined in this Information Security Schedule (this "Security Schedule") shall have the meanings ascribed to them in the Transfer Agency and Service Agreement by and between DST and each of the funds listed on Schedule A thereto (each such fund, or series thereof, severally, and not jointly, the "Fund") dated June 1, 2022 (the "Agreement")."

*[First Amendment to the Transfer Agency and Service Agreement signature page follows.]*

IN WITNESS WHEREOF, the Parties hereto have duly executed this First Amendment as of the date first above written.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **DST ASSET MANAGER SOLUTIONS, INC.** | &nbsp;&nbsp; **DST ASSET MANAGER SOLUTIONS, INC.** | **BY EACH OF THE FEDERATED HERMES FUNDS LISTED ON SCHEDULE A (OTHER THAN COLLECTIVE TRUSTS), SEVERALLY AND NOT JOINTLY** | **BY EACH OF THE FEDERATED HERMES FUNDS LISTED ON SCHEDULE A (OTHER THAN COLLECTIVE TRUSTS), SEVERALLY AND NOT JOINTLY** |
| &nbsp;&nbsp; <br> By: | /s/ Nick Wright | &nbsp;&nbsp; <br> By: | /s/ Peter Germain |
| &nbsp;&nbsp; <br> Name: | Nick Wright | &nbsp;&nbsp; <br> Name: | Peter Germain |
| &nbsp;&nbsp; <br> Title: | Authorized Signatory | &nbsp;&nbsp; <br> Title: | Secretary |

---

---

| | |
|:---|:---|
| **BY EACH OF THE FEDERATED HERMES FUNDS THAT ARE COLLECTIVE TRUSTS, SEVERALLY AND NOT JOINTLY** | **BY EACH OF THE FEDERATED HERMES FUNDS THAT ARE COLLECTIVE TRUSTS, SEVERALLY AND NOT JOINTLY** |
| &nbsp;&nbsp; <br> By: | /s/ Richard A. Novak |
| &nbsp;&nbsp; <br> Name: | Richard A. Novak |
| &nbsp;&nbsp; <br> Title: | President |

---

*[Signature Page to the First Amendment to the Transfer Agency and Services Agreement]*

 

 

 

 

Schedule A<br> 1-Aug-24<br> Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date added to the contract** | &nbsp;&nbsp;**REGISTRANT NAME** | &nbsp;&nbsp;**SERIES NAME (if applicable)** | &nbsp;&nbsp;**Transfer Agent Fund Number** | &nbsp;&nbsp;**Class** |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Adjustable Rate Securities Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ADJUSTABLE RATE FUND | &nbsp;&nbsp;96 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ADJUSTABLE RATE FUND | &nbsp;&nbsp;325 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;8/31/2017 | &nbsp;&nbsp;Federated Hermes Adviser Series |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKETS EQUITY FUND | &nbsp;&nbsp;813 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKETS EQUITY FUND | &nbsp;&nbsp;818 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CONSERV MICROSHORT | &nbsp;&nbsp;564 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CONSERV MUNI MICRO | &nbsp;&nbsp;567 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL EQUITY FUND | &nbsp;&nbsp;934 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL EQUITY FUND | &nbsp;&nbsp;935 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT EQUITY FUND | &nbsp;&nbsp;431 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT EQUITY FUND | &nbsp;&nbsp;441 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT EQUITY FUND | &nbsp;&nbsp;442 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT HY CREDIT FUND | &nbsp;&nbsp;669 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT HY CREDIT FUND | &nbsp;&nbsp;672 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL EQUITY FUND | &nbsp;&nbsp;713 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL EQUITY FUND | &nbsp;&nbsp;714 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL EQUITY FUND | &nbsp;&nbsp;717 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL EQUITY FUND | &nbsp;&nbsp;718 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL GROWTH FUND | &nbsp;&nbsp;728 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL GROWTH FUND | &nbsp;&nbsp;778 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;426 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;428 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;429 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;419 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;422 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;425 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES U.S. SMID FUND | &nbsp;&nbsp;165 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MARKET NEUTRAL FUND | &nbsp;&nbsp;299 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MARKET NEUTRAL FUND | &nbsp;&nbsp;315 | &nbsp;&nbsp;IS |
|  | &nbsp;&nbsp;Federated Hermes Core Trust: |  |  |  |
| &nbsp;&nbsp;3/21/2016 |  | &nbsp;&nbsp;EMERGING MARKETS CORE FUND | &nbsp;&nbsp;812 |  |
| &nbsp;&nbsp;8/16/2010 |  | &nbsp;&nbsp;BANK LOAN CORE FUND | &nbsp;&nbsp;850 |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;MORTGAGE CORE FUND | &nbsp;&nbsp;938 |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;HIGH YIELD BOND CORE FUND | &nbsp;&nbsp;871 |  |
|  | &nbsp;&nbsp;Federated Hermes Core Trust III: |  |  |  |
| &nbsp;&nbsp;3/1/2008 |  | &nbsp;&nbsp;PROJECT AND TRADE FINANCE CORE FUND | &nbsp;&nbsp;148 |  |
|  | &nbsp;&nbsp;Federated Hermes Equity Funds: |  |  |  |
| &nbsp;&nbsp;12/1/2008 |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;639 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;658 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;659 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;670 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;539 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;3/1/2008 |  | &nbsp;&nbsp;FEDERATED HERMES INTL STRATEGIC VAL DIV FUND | &nbsp;&nbsp;432 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL STRATEGIC VAL DIV FUND | &nbsp;&nbsp;433 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL STRATEGIC VAL DIV FUND | &nbsp;&nbsp;434 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL STRATEGIC VAL DIV FUND | &nbsp;&nbsp;466 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;66 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;70 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;74 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;123 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;9/17/2007 |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;352 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;353 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;355 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;354 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;401 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;163 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;146 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;757 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;759 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;154 | &nbsp;&nbsp;R |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MDT MID CAP GROWTH FUND | &nbsp;&nbsp;677 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MID CAP GROWTH FUND | &nbsp;&nbsp;650 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MID CAP GROWTH FUND | &nbsp;&nbsp;656 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MID CAP GROWTH FUND | &nbsp;&nbsp;679 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;9/1/2008 |  | &nbsp;&nbsp;FEDERATED HERMES PRUDENT BEAR FUND | &nbsp;&nbsp;409 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRUDENT BEAR FUND | &nbsp;&nbsp;415 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRUDENT BEAR FUND | &nbsp;&nbsp;418 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;12/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC VALUE DIVIDEND | &nbsp;&nbsp;661 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC VALUE DIVIDEND | &nbsp;&nbsp;663 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC VALUE DIVIDEND | &nbsp;&nbsp;662 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC VALUE DIVIDEND | &nbsp;&nbsp;251 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Equity Income Fund Inc. |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;34 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;241 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;326 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;849 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;304 | &nbsp;&nbsp;F |
|  | &nbsp;&nbsp;Federated Hermes Fixed Income Securities, Inc.: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MUNI ULTRASHORT FUND | &nbsp;&nbsp;253 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI ULTRASHORT FUND | &nbsp;&nbsp;254 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI ULTRASHORT FUND | &nbsp;&nbsp;230 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;382 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;383 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;381 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;414 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;653 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;6/1/2008 | &nbsp;&nbsp;Federated Hermes Global Allocation Fund |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;608 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;894 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;232 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;11 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;879 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Government Income Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT INCOME FUND | &nbsp;&nbsp;36 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT INCOME FUND | &nbsp;&nbsp;102 | &nbsp;&nbsp;SS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Sustainable High Yield Bond Fund *(formerly Federated Hermes High Income Bond Fund, Inc)* |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SUSTAINABLE HIGH YIELD BOND FUND | &nbsp;&nbsp;492 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SUSTAINABLE HIGH YIELD BOND FUND | &nbsp;&nbsp;242 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SUSTAINABLE HIGH YIELD BOND FUND | &nbsp;&nbsp;317 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SUSTAINABLE HIGH YIELD BOND FUND | &nbsp;&nbsp;491 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes High Yield Trust: |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;77 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;113 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;120 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;430 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;38 | &nbsp;&nbsp;SS |
|  | &nbsp;&nbsp;Federated Hermes Income Securities Trust: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;312 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;244 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;374 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;300 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;830 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;9/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES FLTG RATE STR INCOME FUND | &nbsp;&nbsp;701 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FLTG RATE STR INCOME FUND | &nbsp;&nbsp;693 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FLTG RATE STR INCOME FUND | &nbsp;&nbsp;687 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES | &nbsp;&nbsp;238 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES | &nbsp;&nbsp;309 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES | &nbsp;&nbsp;614 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INTERM CORP BOND FUND | &nbsp;&nbsp;303 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERM CORP BOND FUND | &nbsp;&nbsp;348 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;*FEDERATED HERMES INTERM CORP BOND FUND* | &nbsp;&nbsp;*387* | &nbsp;&nbsp;*R6* |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;887 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;889 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;901 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;876 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES INFL PROTECTED SEC FD | &nbsp;&nbsp;183 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INFL PROTECTED SEC FD | &nbsp;&nbsp;184 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INFL PROTECTED SEC FD | &nbsp;&nbsp;185 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INFL PROTECTED SEC FD | &nbsp;&nbsp;327 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/18/2004 |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;292 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;65 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;638 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;607 | &nbsp;&nbsp;A |
|  | &nbsp;&nbsp;Federated Hermes Index Trust: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MAX-CAP INDEX FUND | &nbsp;&nbsp;39 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MAX-CAP INDEX FUND | &nbsp;&nbsp;895 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MAX-CAP INDEX FUND | &nbsp;&nbsp;281 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MAX-CAP INDEX FUND | &nbsp;&nbsp;867 | &nbsp;&nbsp;C |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MID-CAP INDEX FUND | &nbsp;&nbsp;156 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MID-CAP INDEX FUND | &nbsp;&nbsp;153 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MID-CAP INDEX FUND | &nbsp;&nbsp;151 | &nbsp;&nbsp;SS |
|  | &nbsp;&nbsp;Federated Hermes Institutional Trust |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GOV ULTRASHORT FUND | &nbsp;&nbsp;969 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV ULTRASHORT FUND | &nbsp;&nbsp;891 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV ULTRASHORT FUND | &nbsp;&nbsp;840 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV ULTRASHORT FUND | &nbsp;&nbsp;626 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTL HIGH YIELD BOND FUND | &nbsp;&nbsp;828 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTL HIGH YIELD BOND FUND | &nbsp;&nbsp;829 | &nbsp;&nbsp; C |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INSTL HIGH YIELD BOND FUND | &nbsp;&nbsp;900 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTL HIGH YIELD BOND FUND | &nbsp;&nbsp;221 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;6/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT TOTAL RETURN BOND | &nbsp;&nbsp;114 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT TOTAL RETURN BOND | &nbsp;&nbsp;63 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT TOTAL RETURN BOND | &nbsp;&nbsp;107 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT TOTAL RETURN BOND | &nbsp;&nbsp;127 | &nbsp;&nbsp;R6 |
|  | &nbsp;&nbsp;Federated Hermes Insurance Series |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MANAGED VOLATILITY FUND II | &nbsp;&nbsp;333 | &nbsp;&nbsp;P |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MANAGED VOLATILITY FUND II | &nbsp;&nbsp;403 | &nbsp;&nbsp;S |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES II | &nbsp;&nbsp;334 | &nbsp;&nbsp;-- |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVT MONEY FUND II | &nbsp;&nbsp;330 | &nbsp;&nbsp;S |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND II | &nbsp;&nbsp;250 | &nbsp;&nbsp;S |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND II | &nbsp;&nbsp;336 | &nbsp;&nbsp;P |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND II | &nbsp;&nbsp;953 | &nbsp;&nbsp;P |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND II | &nbsp;&nbsp;957 | &nbsp;&nbsp;S |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES QUALITY BOND II | &nbsp;&nbsp;921 | &nbsp;&nbsp;P |
|  |  | &nbsp;&nbsp;FEDERATED HERMES QUALITY BOND II | &nbsp;&nbsp;929 | &nbsp;&nbsp;S |
|  | &nbsp;&nbsp;Federated Hermes International Series, Inc.: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL TOTAL RETURN BOND FD | &nbsp;&nbsp;152 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL TOTAL RETURN BOND FD | &nbsp;&nbsp;240 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL TOTAL RETURN BOND FD | &nbsp;&nbsp;316 | &nbsp;&nbsp;A |
|  | &nbsp;&nbsp;Federated Hermes Investment Series Funds, Inc.: |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;641 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;643 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;655 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;671 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;198 | &nbsp;&nbsp;F |
|  | &nbsp;&nbsp;Federated Hermes Managed Pool Series: |  |  |  |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND STRATEGY PORTFOLIO | &nbsp;&nbsp;157 |  |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES HIGH-YIELD STRATEGY PORTFOLIO | &nbsp;&nbsp;744 |  |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES INTL BOND STRATEGY PORT | &nbsp;&nbsp;742 |  |
| &nbsp;&nbsp;12/1/2014 |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL DIV STRATEGY | &nbsp;&nbsp;569 |  |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES MORTGAGE STRATEGY PORT | &nbsp;&nbsp;743 |  |
|  | &nbsp;&nbsp;Federated Hermes MDT Series: |  |  |  |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT ALL CAP CORE FUND | &nbsp;&nbsp;210 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT ALL CAP CORE FUND | &nbsp;&nbsp;224 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT ALL CAP CORE FUND | &nbsp;&nbsp;226 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT ALL CAP CORE FUND | &nbsp;&nbsp;233 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT BALANCED FUND | &nbsp;&nbsp;285 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT BALANCED FUND | &nbsp;&nbsp;296 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT BALANCED FUND | &nbsp;&nbsp;297 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT BALANCED FUND | &nbsp;&nbsp;314 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP GROWTH FUND | &nbsp;&nbsp;265 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP GROWTH FUND | &nbsp;&nbsp;267 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP GROWTH FUND | &nbsp;&nbsp;269 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;*FEDERATED HERMES MDT LARGE CAP GROWTH FUND* | &nbsp;&nbsp;*199* | &nbsp;&nbsp;*R6* |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP CORE FUND | &nbsp;&nbsp;237 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP CORE FUND | &nbsp;&nbsp;245 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP CORE FUND | &nbsp;&nbsp;255 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP CORE FUND | &nbsp;&nbsp;223 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP GROWTH FUND | &nbsp;&nbsp;282 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP GROWTH FUND | &nbsp;&nbsp;283 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP GROWTH FUND | &nbsp;&nbsp;284 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP GROWTH FUND | &nbsp;&nbsp;231 | &nbsp;&nbsp;R6 |
|  | &nbsp;&nbsp;Federated Hermes Municipal Bond Fund, Inc: |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;141 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;375 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;243 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;384 | &nbsp;&nbsp;A |
|  | &nbsp;&nbsp;Federated Hermes Municipal Securities Income Trust: |  |  |  |
| &nbsp;&nbsp;6/1/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;310 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;214 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;167 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;380 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OHIO MUNI INCOME | &nbsp;&nbsp;164 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OHIO MUNI INCOME | &nbsp;&nbsp;313 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OHIO MUNI INCOME | &nbsp;&nbsp;623 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES PENNSYLVANIA MUNI INCOME | &nbsp;&nbsp;311 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PENNSYLVANIA MUNI INCOME | &nbsp;&nbsp;673 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Short- Intermediate Duration Municipal Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT MUNI FUND | &nbsp;&nbsp;291 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT MUNI FUND | &nbsp;&nbsp;24 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT MUNI FUND | &nbsp;&nbsp;289 | &nbsp;&nbsp;SS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Total Return Government Bond Fund |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN GOVT BOND FUND | &nbsp;&nbsp;234 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN GOVT BOND FUND | &nbsp;&nbsp;648 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN GOVT BOND FUND | &nbsp;&nbsp;647 | &nbsp;&nbsp;IS |
|  | &nbsp;&nbsp;Federated Hermes Total Return Series, Inc.: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES CORE BOND FUND | &nbsp;&nbsp;835 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORE BOND FUND | &nbsp;&nbsp;837 | &nbsp;&nbsp;A |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;328 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;288 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;893 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;225 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;404 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;406 | &nbsp;&nbsp;C |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES ULTRASHORT BOND FUND | &nbsp;&nbsp;218 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ULTRASHORT BOND FUND | &nbsp;&nbsp;838 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ULTRASHORT BOND FUND | &nbsp;&nbsp;108 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ULTRASHORT BOND FUND | &nbsp;&nbsp;344 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Short-Term Government Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM GOV'T FUND | &nbsp;&nbsp;100 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM GOV'T FUND | &nbsp;&nbsp;9 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Short-Intermediate Government Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-INTERMEDIATE GOV'T FUND | &nbsp;&nbsp;192 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-INTERMEDIATE GOV'T FUND | &nbsp;&nbsp;896 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-INTERMEDIATE GOV'T FUND | &nbsp;&nbsp;47 | &nbsp;&nbsp;IS |
|  | &nbsp;&nbsp;Federated Hermes World Investment Series, Inc.: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKET DEBT FUND | &nbsp;&nbsp;831 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKET DEBT FUND | &nbsp;&nbsp;609 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKET DEBT FUND | &nbsp;&nbsp;611 | &nbsp;&nbsp;C |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;103 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;105 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;119 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;106 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;110 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INTL SMALL-MID COMPANY FUND | &nbsp;&nbsp;695 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL SMALL-MID COMPANY FUND | &nbsp;&nbsp;697 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL SMALL-MID COMPANY FUND | &nbsp;&nbsp;682 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Intermediate Municipal Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERMEDIATE MUNI FUND | &nbsp;&nbsp;78 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERMEDIATE MUNI FUND | &nbsp;&nbsp;739 | &nbsp;&nbsp;IS |
|  | &nbsp;&nbsp;Federated Hermes Money Market Obligations Trust: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;80 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;800 | &nbsp;&nbsp;WS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;280 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;809 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;810 | &nbsp;&nbsp;CS |
| &nbsp;&nbsp;12/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL RESERVES FUND | &nbsp;&nbsp;806 |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;386 | &nbsp;&nbsp;CS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;385 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;805 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;158 | &nbsp;&nbsp;ADM |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;117 | &nbsp;&nbsp;PRM |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;5 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;703 | &nbsp;&nbsp;TR |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;395 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;7 | &nbsp;&nbsp;SEL |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;484 | &nbsp;&nbsp;AVR |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;707 | &nbsp;&nbsp;SDG |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GOVT OBLIGATIONS TAX-MGD FD | &nbsp;&nbsp;613 | &nbsp;&nbsp;AS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVT OBLIGATIONS TAX-MGD FD | &nbsp;&nbsp;636 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVT OBLIGATIONS TAX-MGD FD | &nbsp;&nbsp;637 | &nbsp;&nbsp;SS |
| &nbsp;&nbsp;12/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;970 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;972 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;807 | &nbsp;&nbsp;P |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;973 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSITUTIONAL PRIME OBLIGATIONS FUND | &nbsp;&nbsp;10 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSITUTIONAL PRIME OBLIGATIONS FUND | &nbsp;&nbsp;396 | &nbsp;&nbsp;SS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;858 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;821 | &nbsp;&nbsp;CS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;820 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;852 | &nbsp;&nbsp;WS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;839 | &nbsp;&nbsp;IV |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;855 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;833 | &nbsp;&nbsp;AS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES NEW YORK MUNI CASH TRUST | &nbsp;&nbsp;878 | &nbsp;&nbsp;CS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES NEW YORK MUNI CASH TRUST | &nbsp;&nbsp;12 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES NEW YORK MUNI CASH TRUST | &nbsp;&nbsp;825 | &nbsp;&nbsp;WS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES NEW YORK MUNI CASH TRUST | &nbsp;&nbsp;111 | &nbsp;&nbsp;CII |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;857 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;911 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;851 | &nbsp;&nbsp;WS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;854 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;909 | &nbsp;&nbsp;AS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;914 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;913 | &nbsp;&nbsp;CS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;915 | &nbsp;&nbsp;TR |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;485 | &nbsp;&nbsp;AVR |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES TAX-FREE OBLIGATIONS FUND | &nbsp;&nbsp;15 | &nbsp;&nbsp;WS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TAX-FREE OBLIGATIONS FUND | &nbsp;&nbsp;397 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TAX-FREE OBLIGATIONS FUND | &nbsp;&nbsp;486 | &nbsp;&nbsp;AVR |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL TX-FREE CSH TR | &nbsp;&nbsp;42 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL TX-FREE CSH TR | &nbsp;&nbsp;73 | &nbsp;&nbsp;PRM |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;583 | &nbsp;&nbsp;ADM |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;115 | &nbsp;&nbsp;AS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;577 | &nbsp;&nbsp;AVR |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;862 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;584 | &nbsp;&nbsp;CMS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;68 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;576 | &nbsp;&nbsp;PRM |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;398 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;578 | &nbsp;&nbsp;SEL |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;702 | &nbsp;&nbsp;TR |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES TR FOR U.S. TRSY OBLIGATIONS | &nbsp;&nbsp;54 | &nbsp;&nbsp;CS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TR FOR U.S. TRSY OBLIGATIONS | &nbsp;&nbsp;52 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TR FOR U.S. TRSY OBLIGATIONS | &nbsp;&nbsp;59 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TR FOR U.S. TRSY OBLIGATIONS | &nbsp;&nbsp;585 | &nbsp;&nbsp;SS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES US TRSY CASH RESERVES | &nbsp;&nbsp;575 | &nbsp;&nbsp;ADM |
|  |  | &nbsp;&nbsp;FEDERATED HERMES US TRSY CASH RESERVES | &nbsp;&nbsp;573 | &nbsp;&nbsp;AVR |
|  |  | &nbsp;&nbsp;FEDERATED HERMES US TRSY CASH RESERVES | &nbsp;&nbsp;572 | &nbsp;&nbsp;PRM |
|  |  | &nbsp;&nbsp;FEDERATED HERMES US TRSY CASH RESERVES | &nbsp;&nbsp;574 | &nbsp;&nbsp;SEL |
|  |  | &nbsp;&nbsp;FEDERATED HERMES U.S. TREASURY CASH RSV | &nbsp;&nbsp;632 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES U.S. TREASURY CASH RSV | &nbsp;&nbsp;125 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;**COLLECTIVE TRUSTS** |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;4 | &nbsp;&nbsp;ISP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;25 | &nbsp;&nbsp;RP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;26 | &nbsp;&nbsp;SP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;27 | &nbsp;&nbsp;yp |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;35 | &nbsp;&nbsp;R6P |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;40 | &nbsp;&nbsp;IP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL FIXED INCOME FUND | &nbsp;&nbsp;45 |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;SS&C GIDS, Inc.<br> (successor by assignment to DST Asset Manager Solutions, Inc.) |  |
| &nbsp;&nbsp;By: /s/ Nicholas Wright | &nbsp;&nbsp;By: /s/ Peter Germain |
| &nbsp;&nbsp;Name: Nicholas Wright | &nbsp;&nbsp;Name: Peter Germain |
| &nbsp;&nbsp;Title: Authorized Signatory | &nbsp;&nbsp;Title: Secretary |
|  | &nbsp;&nbsp;By each of the Federated Hermes Funds that are Collective Trusts, severally and not jointly. |
|  | &nbsp;&nbsp;By: /s/ Richard A. Novak |
|  | &nbsp;&nbsp;Name: Richard A. Novak |
|  | &nbsp;&nbsp;Title: President |

---

------

[1](#note_ftnref1) The accounts, transactions, items and activity reviewed in each case are subject to certain standard exclusions as set forth in written procedures of DST, which have been made available to the Fund and which may be modified from time to time.

## Ex-99.H

Exhibit 28 (h) (3) under Form N-1A

Exhibit 10 under Item 601/Reg. S-K

**FOURTH AMENDED AND RESTATED**

**AGREEMENT**

**for**

**ADMINISTRATIVE SERVICES**

This Fourth Amended and Restated Agreement for Administrative Services (the "**Agreement**") is made, severally and not jointly, as of **September 1, 2022**, by each of the registered investment companies listed on **Exhibit A** hereto, each having its principal office and place of business at 4000 Ericsson Drive, Warrendale, Pennsylvania 15086 (collectively, the "**Investment Company**"), and FEDERATED ADMINISTRATIVE SERVICES, a Delaware statutory trust, having its principal office and place of business at Federated Hermes Tower, Pittsburgh, Pennsylvania 15222-3779 ("**FAS**"). The Agreement amends and restates in its entirety that Third Amended and Restated Agreement for Administrative Services by and between the Investment Company and FAS dated September 1, 2021, as amended, (the "**Superseded Agreement**").

**WHEREAS**, each investment company subject to this Agreement is registered as a management investment company under the Investment Company Act of 1940, as amended (the "**1940 Act**"), with authorized and issued shares of capital stock or beneficial interest ("**Shares**");

**WHEREAS**, certain investment companies subject to this Agreement are "series companies" as defined in Rule 18f-2 under the 1940 Act and, as used in this Agreement, the term "**Fund**" refers to either (i) an individual portfolio of such a series company or (ii) an investment company that is not organized as a series company, and the term "**Funds**" refers to all such portfolios and investment companies, collectively;

**WHEREAS**, certain of the Funds operate as exchange traded funds (each an **"ETF"**) in accordance with Rule 6c-11 under the 1940 Act (the **"ETF Rule"**);

**WHEREAS**, Shares of each Fund other than the ETFs may be subdivided into classes (each a "**Class**") as provided in Rule 18f-3 under the 1940 Act;

**WHEREAS**, the Investment Company wishes to appoint FAS as its administrator to provide it with Administrative Services (as herein defined) and FAS desires to accept such appointment;

**WHEREAS**, Investment Company and FAS are parties to the Superseded Agreement with respect to the subject matter hereof; and

**WHEREAS**, Investment Company and FAS desire to amend the Superseded Agreement by amending and restating the same in its entirety on the terms set forth herein;

**NOW THEREFORE**, in consideration of the premises and mutual covenants herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:

**<u>Article 1. Appointment</u>.**

The Investment Company hereby appoints FAS as Administrator for the period on the terms and conditions set forth in this Agreement. FAS hereby accepts such appointment and agrees to furnish the services set forth in Article 2 of this Agreement in return for the compensation set forth in Article 5 of this Agreement.

**<u>Article 2. FAS Duties</u>.**

As Administrator, and subject to the supervision and control of the Investment Company's Board of Trustees/Directors (the "**Board**"), FAS will provide facilities, equipment, and personnel to perform or cause to be performed the following "**Administrative Services**" for operation of the business and affairs of the Investment Company and each of its Funds, as such Administrative Services are applicable to each Fund, and any additional Administrative Services that FAS shall agree in writing to perform, or cause to be performed, for the Investment Company with respect to any Fund from time to time:

**A. LEGAL AND COMPLIANCE ADMINISTRATIVE SERVICES**

1. Prepare, file, and maintain the Investment Company's governing documents and any amendments thereto, including the charter documents, the by-laws and minutes of meetings of the Board, Board Committees and Shareholders.

2. Prepare and file with the Securities and Exchange Commission (the "**SEC**") and the appropriate state securities authorities: (i) the registration statements for the Investment Company and the Investment Company's Shares and all amendments thereto, (ii) annual and semi-annual reports to shareholders and other applicable regulatory reports and communications; (iii) proxy materials; (iv) notices pursuant to Rule 24f-2; and (v) such other documents all as may be necessary to enable the Investment Company to continuously offer its shares.

3. For each Fund that is an ETF, prepare and file with NYSE Arca, Inc., the Cboe BZX Exchange, Inc., The Nasdaq Stock Market LLC (each an **"Exchange"**), as applicable, (i) an initial listing application; and (ii) such other documents, reports and filings as may be required by the applicable Exchange for the ETF to maintain the listing of its Shares on the Exchange and to otherwise comply with the rules of the Exchange.

4. Prepare and administer contracts on behalf of the Investment Company and supervise relationships with the Investment Company's other service providers, including , the Investment Company's investment advisers, sub-advisers, fund accountants, custodians, transfer agents, distributors, and in the case of ETFs, authorized participants, subject to any terms and conditions established by the Board and the requirements of the 1940 Act, such supervision may include the engagement of outside consultants from time to time, at FAS's expense, to review the relationship contracts and recommend changes designed to reduce Fund expenses.

5. Provide due diligence of the Investment Company's other service providers, including, the Investment Company's investment advisers, sub-advisers, fund accountants, custodians, transfer agents, distributors, and in the case of ETFs, authorized participants, to the extent not otherwise provided by the Investment Company's other service providers.

6. Arrange for and attend shareholders' meetings; prepare the Investment Company's representatives who will attend shareholder meetings and all necessary materials in connection with such meetings including, a written script for such meetings, minutes and any follow-up documents.

7. Provide the Investment Company with legal guidance with respect to its regulated activities, including prospectus disclosures, investment activities, affiliated transactions, investment in senior securities, sales, redemptions and exchanges, distribution of income and capital gains, distribution of Shares, Board composition, code of ethics, fidelity bond, custodial services and service provider contracts and the general application of securities laws and regulations to the Investment Company's business and provide or arrange for all other legal services that constitute Administrative Service required by the Investment Company and not otherwise provided for under this Agreement (it being understood that various legal services will be provided to the Investment Company, the Board and the Independent Trustees at the expense of the Investment Company, as described herein).

8. Supervise outside legal counsel retained at the expense of the Investment Company with respect to litigation brought by the Investment Company (including participation in class-action lawsuits) and against the Investment Company and negotiate litigation settlements and pre-litigation settlements and work-out arrangements.

9. Obtain the required documentation to be filed in connection with any lawsuits against the Investment Company and provide information and expertise on administrative matters affecting such litigation.

10. Supervise outside legal counsel retained at the expense of the Investment Company with respect to, and review all contracts, filings and required documentation concerning, the acquisition of other investment companies or the liquidation of the Fund; provide guidance on the manner such transactions should be structured to comply with applicable law and obtain at the Investment Company's expense, legal opinions and regulatory authority rulings necessary for such transactions to comply with applicable law.

11. Using reasonable judgement and subject to any terms and conditions established by the Board and the requirements of the 1940 Act and in consultation with Fund Treasury, determine on behalf of the Investment Company whether or not to participate in domestic and/or offshore class-action lawsuits in which the Investment Company is eligible to participate, and provide guidance to Fund Treasury regarding the Investment Company's participation in any such class-action lawsuits.

12. Seek formal guidance from regulatory authorities concerning the application of various regulations to the Investment Company and seek exemptive relief, where appropriate.

13. Subject to the Board's direction, coordinate meetings of the Board (and its committees), including: (i) the creation of notices, agendas, legal memoranda and administrative reports, and (ii) the review and compilation of other materials prepared by the Investment Company's adviser, distributor, portfolio accountant, custodian, transfer agent, auditor, independent counsel or other service providers to support the Board's discussions and actions taken.

14. Negotiate and secure for the Investment Company and its directors and officers: (i) a fidelity bond in an amount that is at least adequate to satisfy the requirements of the 1940 Act, (ii) directors and officer's coverage and (iii) professional liability or errors and omissions coverage, in each case, under terms that are acceptable to the Board.

15. Monitor changes in applicable regulations and make corresponding changes in, or develop new, policies and procedures for the Fund or for the applicable service provider.

16. Prepare, review and negotiate standard forms of indentures, guarantees, agreements, certificates, confirmations and other documentation relating to the legal terms of securities eligible for purchase by money market funds, provided that FAS shall not have any obligation to: (i) provide any written legal opinions regarding such securities; or (ii) prepare, review or negotiate any document for which a standard form has not been developed and accepted for use by the investment company industry.

17. Perform the following "blue sky" services, either itself or through one or more affiliated or unaffiliated service providers: (1) provide a system to monitor the total number of Shares of the Investment Company (and/or Class) sold in each State, (2) monitor the total number of Shares of such Investment Company (and/or Class) sold in each State and, where appropriate, increase the number of Shares registered in such State, (3) with respect to shareholders of the Investment Company whose shareholdings are fully-disclosed on the transfer agent's recordkeeping system, (a) identify those transactions and assets to be treated as exempt from blue sky reporting for each State and (b) verify the classification of transactions for each State on the transfer agent's recordkeeping system, and (4) with respect to shareholders of the Investment Company whose shareholdings are not fully-disclosed on the transfer agent's recordkeeping system, rely upon information provided by the relevant financial intermediary transacting for such holder of Shares in performing the obligations set forth in subsection (2) above.

18. Provide compliance services, as directed by the Investment Company's Chief Compliance Officer, which include monitoring the Investment Company's compliance with its policies and procedures, and with applicable federal, state and foreign securities laws, the rules and regulations thereunder, and the rules of the Exchanges, as applicable.

19. For each Fund that is an ETF, administer and maintain the availability of the website required for each ETF by the ETF Rule. In such capacity, FAS will, among other things, contract with a third party service provider for or otherwise arrange for access to, and publish all information required by the ETF Rule on the website on each business day in accordance with the ETF Rule and the applicable Fund policies and procedures. Such information includes: (i) before the opening of regular trading on the primary listing Exchange of the Fund's shares, the following information for each portfolio holding that will form the basis of the next calculation of the Fund's net asset value (**"NAV"**): (a) Ticker symbol, (b) CUSIP or other identifier, (c) description of holding, (d) quantity of each security or other asset held, and (e) percentage weight of the holding in the portfolio; (ii) the Fund's NAV, market price, and the premium or discount at which the it is trading, each as of the end of the prior business day, on a daily basis; (iii) the Fund's median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, over the most recent 30 calendar days; (iv) a table showing the number of days the Fund's shares traded at a premium or discount during the most recently completed calendar year and for the most recently completed calendar quarter(s) of the current year (or the life of the Fund, if shorter); (v) a line graph showing the Fund's premiums and discounts for the most recently completed calendar year and for the most recently completed calendar quarter(s) of the current year (or the life of the Fund, if shorter); and (vi) if the share premium or discount at which the Fund is trading is greater than 2% for more than seven consecutive trading days, a statement that the Fund's premium or discount, as applicable, was greater than 2% and a discussion of the factors that are reasonably believed to have materially contributed to the premium or discount (this information must be posted on the website on the day immediately after the disclosure requirement is triggered and must remain on the Fund's website for one year after its initial posting).

20. Administer the Investment Company's code of ethics.

21. Monitor the Investment Company's compliance with its investment policies, objectives and restrictions as set forth in its currently effective registration statement.

22. Implement and maintain, together with affiliated companies, a business continuation and disaster recovery program for the Investment Company.

23. Assist the Investment Company in regulatory examinations, inspections or investigations of the Investment Company.

24. Provide the following administrative and compliance services with regard Commodity Futures Trading Commission ("**CFTC**") Rule 4.5 (as may be amended from time to time): (i) monitor the Investment Company's compliance with the rule; (ii) with respect to those Funds that are required under the rule to register as 'commodity pools' from time to time (the "**Registered Funds**") prepare, file and maintain the Registered Funds' registrations with the CFTC or applicable self-regulatory authority, as appropriate; (iii) with respect to those Funds that are subject to the rule but qualify for an exemption from registration as 'commodity pools', prepare, file and monitor the companies' exemptive filings with the CFTC or applicable self-regulatory authority, as appropriate; (iv) in relation to the Registered Funds' commodity pool status, prepare, file and maintain the Registered Funds advisers' registrations as 'commodity pool operators' ("**CPOs**") and prepare and file such reports as are required to be filed by the CPOs with the CFTC or applicable self-regulatory authority, as appropriate; and (v) any additional administrative and compliance services with regard to the Investment Company's and CPOs' CFTC Rule 4.5 activities, as directed by the Investment Company's Chief Compliance Officer, from time to time (collectively, "**CFTC Rule 4.5 Administrative Services**").

25. Provide administrative and compliance support services, as requested by the Derivatives Risk Management Administrator, for those Funds that transact in derivatives, which includes monitoring compliance with policies and procedures and applicable laws, rules and regulations.

**B. FINANCIAL ADMINISTRATIVE SERVICES**

1. Prepare and file the Investment Company's tax returns.

2. Evaluate and obtain custody services from a financial institution that meets the requirements of the 1940 Act.

3. Compare, as applicable, the fund accountant's calculation of the Investment Company's net asset value, yield, dividends, fund total return and performance and total assets with the fund accountant's previous calculations and with changes in the relevant securities market on a daily basis for reasonableness of changes.

4. With respect to each Fund that is an ETF, contract for and coordinate the intra-day publication, every 15 seconds throughout the trading day, through the facilities of the Consolidated Tape Association an amount (sometimes referred to as the **"INAV"**) equal to the sum of the current value of the portfolio positions as reflected in the Fund Deposit (as defined in the Fund's prospectus) divided by the number of Fund shares outstanding.

5. Review and compare, as applicable, the calculation of the Investment Company's average maturity with the previous calculations for reasonableness of changes.

6. Support the Investment Company's investment advisers as the "Valuation Designees" under Rule 2a-5 of the 1940 Act. Evaluate and recommend the pricing services used by the Investment Company; support the fair valuation of portfolio securities as required by the Investment Company's fair valuation procedures; review and recommend changes to the Investment Company's fair valuation procedures.

7. Compare the fund accountant's calculations of the Investment Company's undistributed net income balances with the fund accountant's previous calculations for reasonableness of changes.

8. Perform daily reviews, as applicable, of the fund accountant's shadow net asset value calculations with the previous calculations for reasonableness of changes; notify designated parties, as necessary, of deviations in compliance with the Investment Company's Rule 2a-7 procedures, if any.

9. Perform monthly comparison of the fund accountant's performance calculations with previous calculations for reasonableness of changes.

10. Perform quarterly comparison of the fund accountant's projected annual fund expenses with previous projections for reasonableness of changes; prepare monthly budgets for specific expense categories to be used in monthly updates to the Investment Company's expense accruals and projections.

11. Review fund expense reports prepared by the fund accountant; monitor compliance with the expense limits stated in the prospectus fee tables, including disclosure regarding which expense categories should be accrued in addition to the expense limits.

12. Coordinate and track the payment of all fund expenses that are paid directly by the Fund by the Investment Company's fund accountant. With respect to each Fund that is an ETF, review and monitor the payment of all fund expenses paid by the investment adviser to the ETF under the terms of the Investment Advisory Agreement with the Fund to confirm payment.

13. Compare the fund accountant's calculation of dividend recommendations with previous recommendations for reasonableness of changes; consult with portfolio managers concerning recommendations for fixed dividend resolution funds.

14. Calculate and determine capital gain distributions, if any, for the Investment Company.

15. Review the fund accountant's calculations for shareholder tax reporting of assets under management (**"AUM"**) income percentages, state income percentages and government income percentages.

16. Monitor and confirm the Investment Company's status as a regulated investment company under the current Internal Revenue Code ("**IRC**"); monitor and confirm compliance with IRC section 817(h) diversification requirements, as applicable.

17. Review and/or prepare, for shareholder tax reporting purposes, as applicable, (i) calculations for qualifying dividend income (QDI), dividends received deduction (DRD), qualified business interest income for purposes of shareholders' IRC Section 163J business interest expense deductions, if applicable, and interest-related and short-term capital gain dividends (QII), (ii) IRC section 1250 gain amounts, as well as assessing compliance with various states' threshold requirements for reporting certain tax characteristics to shareholders in those states, and (iii) and monitor, review and track the tax basis of the securities in each Fund's portfolio securities, and, with respect to each Fund that is an ETF, provide such information on a real time basis to the portfolio management team for use in the portfolio management process.

18. Supervise relationship with fund financial service providers (e.g., custodians, accounting and audit firms, tax specialists, etc.) and the services provided to the Investment Company, including foreign tax reclaims, and relief at source and stamp duty refunds. Participate in the negotiation of service providers' contracts and fees for such services, and provide assistance to service providers (e.g., providing requested data), as needed.

19. Supervise fund accountant's compilation of semi-annual and annual reports in accordance with required accounting standards, and provide review and needed assistance regarding certain disclosures, auditor requests and other information to facilitate the timely completion of the annual audits. Manage the Sarbanes-Oxley Section 302 certification process and respond to related regulator inquiries as needed.

20. Manage relationships with the respective independent audit firms, including the annual negotiation of the engagement letters and fees.

21. Using reasonable judgement and subject to any terms and conditions established by the Board and the requirements of the 1940 Act and in consultation with Legal, determine on behalf of the Investment Company whether or not to participate in domestic and/or offshore class-action lawsuits in which the Investment Company is eligible to participate.

22. Coordinate the Investment Company's participation in any class-action lawsuits, including the information flow among the Investment Company's third-party class-action service provider, the relevant "Claims Administrator" in a given action, the fund accountants, and fund advisors, and assist in resolving any data discrepancies that may arise in filing a claim.

23. Processes any settlement proceeds recovered by the Investment Company as a result of a class-action lawsuits.

**C. OTHER ADMINISTRATIVE SERVICES**

1. Coordinate the layout, printing and electronic delivery of publicly disseminated prospectuses and shareholder reports, make recommendations to improve their effectiveness or reduce expenses.

2. Perform internal audit examinations in accordance with a charter adopted by the Investment Company.

3. Monitor enterprise level risks associated with the services provided herein in accordance with a charter adopted by Investment Company.

4. Develop and recommend changes in the investment strategy and operation of the Investment Company that may be in the interest of its Shareholders.

5. Provide individuals reasonably acceptable to the Board for nomination, appointment, or election as the following officers of the Investment Company, who will be responsible for the management of certain of the Investment Company's affairs as specified in the Investment Company's charter documents and by-laws, subject to direction by the Board: (i) the president and principal executive officer, (ii) the treasurer and principal financial and accounting officer; (iii) the secretary, and (iv) such other officers as are mutually agreeable.

6. For each Fund that is not an ETF, monitor trading activity to help identify market timers and recommend policies to deter market timing.

7. For each Fund that is not an ETF, review potential intermediary clients and existing intermediary clients as appropriate to determine/monitor the client's ability to adhere to the terms of any servicing agreement between the client and Investment Company.

8. For each Fund that is an ETF, review potential authorized participants and existing authorized participants as appropriate to determine/monitor the authorized participant's ability to adhere to the terms of the authorized participant agreement between the authorized participant and the Fund's distributor.

9. Review and recommend changes to the transfer agent's policies and procedures to mitigate fraud, enhance shareholder services or reduce expenses.

10. Review and recommend changes to policies and procedures and operating processes designed to reduce Fund expenses.

11. Respond to all inquiries or other communications from shareholders and other parties, not otherwise provided by the Investment Company's other service providers; if the inquiry is more properly responded to by another of the Investment Company's service providers, referring the individual making the inquiry to the appropriate person.

12. Provide services and support, as requested by the Responsible Investing Office ("**RIO**"), in relation to environmental, social and governance ("ESG") investing by the Funds, which include monitoring compliance with its policies and procedures with all applicable laws, rules and regulations.

13. Perform the following services for each Fund, as applicable, either itself or through its affiliate, Federated Shareholder Services company; (i) select and perform due diligence regarding proposed new owners of omnibus accounts as proposed recordkeeping agents for the Investment Company, (ii) enter into agreements as agent for the Investment Company, or any of them, substantially in the form most recently approved by the Board, with the registered owners of omnibus accounts for the provision of services necessary for the recordkeeping or sub-accounting of share positions held in underlying sub-accounts ("**Recordkeeping Agreements**"), together with such changes thereto as may be agreed to by FAS so long as such changes do not (a) increase the fees payable by the Investment Company under the Recordkeeping Agreements, (b) alter the indemnity obligations of the Investment Company owing to or from the Investment Company thereunder or (c) otherwise materially alter the obligations of the Investment Company under the Recordkeeping Agreements, (iii) agree, on behalf of the Investment Company, to make payments for services rendered under Recordkeeping Agreements out of the assets of the Investment Company in amounts not to exceed the amounts determined from time to time by the Board, and (iv) give instructions to the transfer agent of the Investment Company (the "**Transfer Agent**"), for and on behalf of the Investment Company as "**Proper Instructions**" of the Investment Company under and pursuant to the agreement for transfer agency services with the Transfer Agent, to perform the services of Company and/or the Investment Company under each such Recordkeeping Agreement, excepting only the indemnity obligations owning from the Investment Company or Company thereunder.

**D. SUBCONTRACTORS**

1. FAS may without further consent on the part of the Investment Company at FAS's own expense, subcontract for the performance of Administrative Services with a sub-contractor selected by FAS. FAS shall be as fully responsible to the Investment Company for the acts and omissions of any subcontractor as it is for its own acts and omissions.

***2.*** FAS shall upon instruction from the Investment Company subcontract for the performance of services under this Agreement with an agent selected by the Investment Company, other than as described in D.1. above, provided, however, that FAS shall in no way be responsible to the Investment Company for the acts and omissions of the agent and the expenses of such agent shall be the responsibility of FAS or the Investment Company, as the parties may agree from time to time.

**<u>Article 3. Records</u>.**

FAS shall create and maintain all necessary books and records in accordance with all applicable laws, rules and regulations, including records required by Section 31(a) of the 1940 Act, pertaining to the Administrative Services performed by it and not otherwise created and maintained by another party pursuant to contract with the Investment Company. Where applicable, such records shall be maintained by FAS for the periods and in the places required by Rule 31a-2 under the 1940 Act. The books and records pertaining to the Investment Company which are in the possession of FAS shall be the property of the Investment Company. The Investment Company, or the Investment Company's authorized representatives, shall have access to such books and records at all times during FAS's normal business hours. Upon the reasonable request of the Investment Company, copies of any such books and records shall be provided promptly by FAS to the Investment Company or the Investment Company's authorized representatives.

**<u>Article 4. Expenses.</u>**

A. FAS shall be responsible for all expenses (i) expressly assumed by FAS under this Agreement; (ii) incurred in the ordinary course of providing (or causing to be provided) the Administrative Services, including CFTC Rule 4.5 Administrative Services, to the Investment Company and the equipment, office space, and facilities necessary to perform its obligations under this Agreement; and (iii) incurred in maintaining its staff and personnel, including the compensation of FAS employees who serve as trustees or directors or officers of the Investment Company.

B. Each Fund shall be solely responsible for (i) all expenses expressly assumed by the Funds under this Agreement; (ii) all other fees and expenses incurred in the operation of the Funds, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) investment advisory fees and expenses associated with the investment management of the Fund's portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shareholder servicing, recordkeeping and distribution and marketing expenses of the Funds (including expenses incurred in routing shareholder services fees, recordkeeping fees and distribution fees to third-party intermediaries);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) expenses for transfer agent(s), registrar(s) and dividend disbursing agent(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) expenses for custodian(s) and related custodial services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) costs of Fund accounting services provided by third parties to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) costs of services provided by independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) costs and services of outside legal and tax counsel (other than counsel sub-contracted with by FAS to perform services under this Agreement) and counsel to the Funds and the Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) ratings agency fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) costs related to short selling (e.g., prime brokerage fees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) postage and courier expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) printing expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) expenses for XRBL tagging and regulatory document production (e.g., ArcPro) provided by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) travel and lodging expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Fund registration fees, listing fees and filing fees and other Fund organizational expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) costs, including interest expenses, commitment fees, facilities fees and unused line fees of any borrowings made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) fees payable to persons who are not FAS employees and not FAS subcontractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Fund-allocation of trade association dues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) expenses of obtaining quotations and other pricing information for calculating the value of the Fund's net assets, including the Fund-allocation of costs of independent pricing services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) expenses related to the Fund's Directors and Fund Board meetings, including travel, Director's fees and costs of electronic board books;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) fees charged by third party custodians for calculating Form N-PORT and Form N-CEN information requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) expenses incurred in connection with bankruptcies, workouts and restructures, proceedings and other claims against the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) costs of third-party legal, tax, accounting or other expert advice incurred in connection with any litigation, threatened litigation or other regulatory proceeding, by or against the Funds (including a Fund's participation in a class-action lawsuit), including third-party record-retention costs related to litigation holds; (y) professional fees associated with tax reclaims, relief at source, stamp duty or other similar services provided by vendors such as accounting and legal firms or other providers specializing in such services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other expenses approved from time to time by the Fund's Board as properly payable by the Funds (any such expenses under (i), (ii) and (iii) reasonably incurred by FAS on the Fund's behalf "**Out of Pocket Expenses**") provided that, any Out of Pocket Expenses incurred by FAS that are payable to or by an affiliate of FAS will not be duplicative of services to be provided by those affiliates under any other agreement with the Funds.

C. Notwithstanding the foregoing, FAS and the Investment Company with respect to each Fund that is an ETF acknowledge, understand and agree that the investment adviser to a Fund that is an ETF may be responsible for making payment for certain Fund expenses identified above under the unitary fee terms of the investment advisory agreement with respect to a Fund (each a **"Unitary Fee Agreement"**).

**<u>Article 5. Compensation.</u>**

A. In addition to Out of Pocket Expenses, for the Administrative Services provided hereunder, excluding CFTC Rule 4.5 Administrative Services, the Investment Company hereby agrees to pay, or to cause the Fund's investment adviser to pay in accordance with the applicable Unitary Fee Agreement, and FAS hereby agrees to accept as full compensation for such services a pro rata "**Administrative Services Fee**" at the annual rates set forth below on the average daily net assets of each Fund listed on Exhibit A to this Agreement; provided however, that no Administrative Services Fee will be charged for those Funds also listed on Exhibit B to this Agreement.

---

| | |
|:---|:---|
| **Administrative Services Fee Rate** | **Average Daily Net Assets <br> of the Investment Complex** |
| 0.100% | up to $50 billion |
| 0.075% | on assets over $50 billion |

---

For purposes of calculating the applicable breakpoint under this Agreement, "Investment Complex" is defined as those Funds listed on Exhibit A to this Agreement but not also listed on Exhibit B.

For purposes of implementing changes to the effective Administrative Services Fee rate, if any, changes to the effective rate will begin accruing on the first calendar day of the month following a calculated change equal to no less than 0.001% and only after such change remains static for at least 15 calendar days, provided the 15th day does not fall after approximately the 20th calendar day of the same month. Otherwise, any changes to the effective rate will begin accruing on the first calendar day of the second month following such calculated change.

For the CFTC Rule 4.5 Administrative Services provided hereunder, each Registered Fund agrees to pay, or to cause the Fund's investment adviser to pay in accordance with the applicable Unitary Fee Agreement, and FAS hereby agrees to accept as full compensation for such services, an annual "**Administrative Service Charge**" of $125,000 per Registered Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Administrative Services Fee, Administrative Services Charge and Out of Pocket Expenses attributable to each Fund shall be accrued by such Fund and paid to FAS by the Fund or investment adviser, as applicable, no less frequently than monthly, and shall be paid daily upon request of FAS. For the payment period in which this Agreement becomes effective or terminates with respect to any Fund, there shall be an appropriate proration of Administrative Service Fee and Administrative Service Charge payments, on the basis of the number of days that this Agreement is in effect during the month. FAS will maintain detailed information about the Administrative Services Fee, Administrative Service Charge and Out of Pocket Expenses paid by each Fund.

**<u>Article 6. Standard of Care and Indemnification.</u>**

A. FAS shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Investment Company in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its duties under this Agreement. Any person, even though also an officer, director, trustee, partner, employee or agent of FAS, who may be or become an officer, director, trustee, partner, employee or agent of the Investment Company, shall be deemed, when rendering services to the Investment Company or acting on any business of the Investment Company (other than services or business in connection with the duties of FAS hereunder) to be rendering such services to or acting solely for the Investment Company and not as an officer, director, trustee, partner, employee or agent or one under the control or direction of FAS, even though paid by FAS.

B. FAS shall be kept indemnified by the Investment Company and be without liability for any action taken or thing done by it in performing the Administrative Services in accordance with the above standards.

C. FAS shall not be responsible for and the Investment Company or Fund shall indemnify and hold FAS, including its officers, directors, shareholders and their agents, employees and affiliates, harmless against any and all losses, damages, costs, charges, counsel fees, payments, expenses and liabilities arising out of or attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The acts or omissions of any custodian, adviser, sub-adviser, fund accountant, distributor, transfer agent or other party contracted by or approved by the Investment Company or Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The reliance on or use by FAS or its agents or subcontractors of information, records and documents in proper form which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are received by FAS or its agents or subcontractors from any adviser, sub-adviser, fund accountant, distributor, transfer agent or other third party contracted by or approved by the Investment Company or Fund for use in the performance of services under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have been prepared and/or maintained by the Investment Company or its affiliates or any other person or firm on behalf of the Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The reliance on, or the carrying out by FAS or its agents or subcontractors of a Proper Instruction of the Investment Company or the Fund.

**"Proper Instruction"** means a writing signed or initialed by one or more person or persons as the Board shall have from time to time authorized. Each such writing shall set forth the specific transaction or type of transaction involved. Oral instructions will be deemed to be Proper Instructions if (a) FAS reasonably believes them to have been given by a person previously authorized in Proper Instructions to give such instructions with respect to the transaction involved, and (b) the Investment Company, or the Fund, and FAS promptly cause such oral instructions to be confirmed in writing. Proper Instructions may include communications effected directly between electro-mechanical or electronic devices provided that the Investment Company, or the Fund, and FAS are satisfied that such procedures afford adequate safeguards for the Fund's assets. Proper Instructions may only be amended in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The offer or sale of Shares in violation of any requirement under the federal securities laws or regulations or the securities laws or regulations of any state that such Shares be registered in such state or in violation of any stop order or other determination or ruling by any federal agency or any state with respect to the offer or sale of such Shares in such state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any untrue statement or alleged untrue statement of a material fact contained in the Investment Company's registration statement, any prospectus or statement of additional information ("**SAI**") (as from time to time amended or supplemented) or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon and in conformity with written information furnished to the Investment Company about FAS by or on behalf of FAS expressly for the use in the registration statement, any prospectus or SAI, or any amendment or supplement thereof.

Provided, however, that FAS shall not be protected by this Article 6.C. from liability for any act or omission resulting from FAS's willful misfeasance, bad faith, gross negligence in the performance of or reckless disregard of its duties under this Agreement.

D. At any time FAS may apply to any officer of the Investment Company or Fund for instructions, and may consult with legal counsel or the Investment Company's independent accountants with respect to any matter arising in connection with the services to be performed by FAS under this Agreement, and FAS and its agents or subcontractors shall not be liable and shall be indemnified by the Investment Company or the appropriate Fund for any action reasonably taken or omitted by it in reliance upon such instructions or upon the opinion of such counsel or independent accountant provided such action is not in violation of applicable federal or state laws or regulations.

E. The Investment Company or Fund shall not be responsible for and FAS shall indemnify and hold the Investment Company or Fund harmless against any and all losses, damages, costs, charges, counsel fees, payments, expenses and liabilities arising out of or attributable to FAS's willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or reckless disregard by it of its duties under this Agreement.

F. In order that the indemnification provisions contained in this Article 6 shall apply, upon the assertion of a claim for which any party may be required to indemnify another, the party seeking indemnification (the "**Claimant**"), shall promptly notify the indemnifying party (the "**Indemnifier**") of such assertion. It is further understood that each party will use all reasonable care to identify and notify the Indemnifier promptly concerning any situation that presents or appears likely to present the probability of such a claim for indemnification against the Indemnifier, provided that the failure to give notice as required by this paragraph 6.F. in a timely fashion shall not result in a waiver of any right to indemnification hereunder unless the Indemnifier is prejudiced thereby and then only to the extent of such prejudice. The Claimant shall permit the Indemnifier to assume the defense of any such claim or any litigation resulting from it, provided that Indemnifier's counsel that is conducting the defense of such claim or litigation shall be approved by the Claimant (which approval shall not be unreasonably withheld), and that the Claimant may participate in such defense at its expense.

The Indemnifier, in the defense of any such claim or litigation, shall not, without the consent of the Claimant, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term the giving by the alleging party or plaintiff to the Claimant of a release from all liability in respect to such claim or litigation.

**<u>Article 7. Assignment.</u>**

A. This Agreement shall inure to the benefit of and be binding upon the parties and their respective permitted successors and assigns.

B. FAS may, without further consent on the part of the Investment Company, assign its rights and obligations under this Agreement to any entity ultimately controlled by Federated Hermes, Inc.

C. Except as provided in Paragraph 7.B., FAS may not assign its rights and obligations under this Agreement, whether directly or by operation of law, without the prior written consent of the Investment Company, which consent may not be unreasonably withheld.

**<u>Article 8. Representations and Warranties.</u>**

FAS represents and warrants to the Investment Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is a statutory trust duly organized and existing and in good standing under the laws of the state of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is duly qualified to carry on its business in each jurisdiction where the nature of its business requires such qualification, and in the state of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is empowered under applicable laws and by its Declaration of Trust and by-laws to enter into and perform this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All requisite corporate proceedings have been taken to authorize it to enter into and perform its obligations under this Agreement.

**<u>Article 9. Term and Termination of Agreement.</u>**

A. This Agreement shall be effective from the date set forth above and shall continue indefinitely with respect to each Investment Company and Fund until terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Agreement may be terminated by FAS at any time, without payment of any penalty, upon eighteen (18) months' written notice to the Investment Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Agreement may be terminated by the Investment Company at any time, without payment of any penalty, upon eighteen (18) months' written notice to FAS; however, in the event, of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties by FAS, the Investment Company may terminate the Agreement upon 60 days' written notice to FAS, provided that FAS has not cured such willful misfeasance, bad faith, gross negligence or reckless disregard of its duties within the 60 day period of such notice of termination.

B. The termination of this Agreement with respect to one Investment Company or Fund shall not result in the termination of this Agreement with respect to any other Investment Company or Fund. Investment Companies that merge or dissolve during the term of the Agreement, shall, upon payment of all outstanding fees and Out of Pocket Expenses, cease to be a party on the effective date of such merger or dissolution.

C. Articles 6 and 19, 20, 21 and 22 shall survive the termination of this Agreement.

**<u>Article 10. Amendment.</u>**

This Agreement may be amended or modified only by a written agreement executed by both parties.

**<u>Article 11. Interpretive and Additional Provisions.</u>**

In connection with the operation of this Agreement, FAS and the Investment Company may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by both parties and shall be annexed hereto, provided that no such interpretive or additional provisions shall contravene any applicable federal or state regulations or any provision of any charter document.

Unless the context clearly requires otherwise, "includes," "including" and similar terms are intended to connote illustrative examples and shall be construed as being followed by ", without limitation,".

**<u>Article 12. Governing Law.</u>**

This Agreement shall be construed and the provisions hereof interpreted under and in accordance with the laws of the Commonwealth of Pennsylvania without giving effect to any conflicts or choice of laws rule or provision that would result in the application of the domestic substantive laws of any other jurisdiction.

**<u>Article 13. Notices.</u>**

Except as otherwise specifically provided herein, notices and other writings delivered or mailed postage prepaid to the Investment Company at 4000 Ericsson Drive, Warrendale, Pennsylvania 15086, or to FAS at Federated Hermes Tower, Pittsburgh, Pennsylvania, 15222-3779, or to such other address as the Investment Company or FAS may hereafter specify, shall be deemed to have been properly delivered or given hereunder to the respective address.

**<u>Article 14. Counterparts.</u>**

This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original.

**<u>Article 15. Merger of Agreement.</u>**

This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject hereof whether oral or written.

**<u>Article 16. Successor Administrator.</u>**

If a successor Administrator for the Investment Company shall be appointed by the Investment Company, FAS shall upon termination of this Agreement deliver to such successor Administrator at the office of FAS all properties of the Investment Company held by it hereunder. If no such successor Administrator shall be appointed, FAS shall at its office upon receipt of Proper Instructions deliver such properties in accordance with such instructions.

Each Fund will bear all out-of-pocket expenses arising from the transition of Administrative Services to a successor Administrator, including the expenses of moving or transmitting materials to the successor Administrator.

**<u>Article 17. Force Majeure.</u>**

If either party is unable to carry out any of its obligations under this Agreement because of conditions beyond its reasonable control, including, acts of war or terrorism, work stoppages, fire, civil disobedience, delays associated with hardware malfunction or availability, riots, rebellions, storms, electrical failures, epidemic, pandemic, acts of God, and similar occurrences ("**Force Majeure**"), this Agreement will remain in effect and the non-performing party's obligations shall be suspended without liability for a period equal to the period of the continuing Force Majeure (which such period shall not exceed fifteen (15) business days), provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the non-performing party gives the other party prompt notice describing the Force Majeure, including the nature of the occurrence and its expected duration and, where reasonably practicable, continues to furnish regular reports with respect thereto during the period of Force Majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the suspension of obligations is of no greater scope and of no longer duration than is required by the Force Majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. no obligations of either party that accrued before the Force Majeure are excused as a result of the Force Majeure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the non-performing Party uses reasonable efforts to remedy its inability to perform as quickly as possible.

**<u>Article 18. Severability.</u>**

In the event any provision of this Agreement is held illegal, void or unenforceable, the balance shall remain in effect.

**<u>Article 19. Limitations of Liability of the Board and Shareholders of the Investment Company.</u>**

The execution and delivery of this Agreement have been authorized by the Board of the Investment Company and signed by an authorized officer of the Investment Company, acting as such, and neither such authorization by the Board nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, and the obligations of this Agreement are not binding upon any member of the Board or Shareholders of the Investment Company, but bind only the property of the Fund, or Class, as provided in the Declaration of Trust.

**<u>Article 20. Limitations of Liability of Trustees and Shareholders of the Company.</u>**

The execution and delivery of this Agreement have been authorized by the Trustees of FAS and signed by an authorized officer of FAS, acting as such, and neither such authorization by such Trustees nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, and the obligations of this Agreement are not binding upon any of the Trustees or Shareholders of FAS, but bind only the property of FAS, as provided in FAS's Declaration of Trust.

**<u>Article 21. Confidential Information.</u>**

(a) **Definition.** Each party shall safeguard and hold confidential from disclosure to unauthorized parties all Confidential Information of the other party. For purposes of this Article, "**Confidential Information**" shall mean any and all non-public information which is in any way connected with, derived from or related to the business of the other party which is either designated as confidential or which, by its nature or under the circumstances surrounding its disclosure, reasonably ought to be treated as confidential, and any notes, memoranda, analyses compilations, studies and other documents, whether prepared by the party or others, to the extent they contain or otherwise reflect such information.

(b) **Exceptions.** Confidential Information shall not include information to the extent such information (i) is already known to the receiving party free of any restriction at the time obtained, including information in the public domain; (ii) is subsequently learned from an independent third party free of restriction; (iii) becomes publicly known through no breach of this Article; or (iv) is independently developed by one party without reference to information which is confidential.

(c) **Security.** Each party shall take reasonable security precautions, at least as great as the precautions it takes to protect its own confidential information, to keep confidential the Confidential Information.

(d) **Use of Information.** Confidential Information may be disclosed, reproduced, used, summarized or distributed only as necessary in the ordinary course of business to provide the services identified in the Agreement, and only as otherwise provided hereunder or as specifically required or permitted by applicable law.

**<u>Article 22. Privacy.</u>**

A. The Investment Company may disclose shareholder/customer non-public information ("**NPI**") to FAS as agent of the Investment Company and solely in furtherance of fulfilling FAS's contractual obligations under this Agreement in the ordinary course of business to support the Investment Company and its shareholders.

B. FAS hereby agrees to be bound to use and redisclose such NPI (i) for the limited purpose of fulfilling its duties and obligations under this Agreement; (ii) as permitted under Regulation S-P; and (iii) as required by any applicable federal or state law or regulation or request of or by any governmental or regulatory authority or self-regulatory organization having jurisdiction over FAS or the Investment Company.

C. FAS represents and warrants that it has implemented, and will continue to carry out for the term of this Agreement, policies and procedures in compliance with all applicable laws and regulations regarding the privacy of shareholder information which are reasonably designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. insure the security and confidentiality of records and NPI of Investment Company shareholders/customers, including encrypting such information as required by applicable federal and state laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. protect against any anticipated threats or hazards to the security or integrity of Investment Company customer records and NPI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. protect against unauthorized access to or use of such Investment Company customer records or NPI that could result in substantial harm or inconvenience to any Investment Company customer.

**<u>Article 23. Further Assurance</u>**.

Each party agrees to promptly sign all documents and take any additional actions reasonably requested by the other to accomplish the purposes of this Agreement.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed in their names and on their behalf under their seals by and through their duly authorized officers, as of the day and year first above written.

---

| |
|:---|
| **INVESTMENT COMPANIES** |
| **(listed on Exhibit A hereto)** |
| By: <u>/s/ J. Christopher Donahue</u> |
| Name: J. Christopher Donahue |
| Title: President |
| **FEDERATED ADMINISTRATIVE SERVICES** |
| By: <u>/s/ Peter J. Germain</u> |
| Name: Peter J. Germain |
| Title: President |

---

**Agreement for Administrative Services**

EXHIBIT A

This contract is for Federated Funds only.

June 1, 2025

---

| | | |
|:---|:---|:---|
| **<u>CONTRACT DATE</u>** | **<u>INVESTMENT COMPANY</u>** | |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Adjustable Rate Securities Trust** |  |
| &nbsp;&nbsp;8/1/22 | &nbsp;&nbsp;Federated Hermes Adjustable Rate Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**6/1/17** | &nbsp;&nbsp;**Federated Hermes Adviser Series** |  |
| &nbsp;&nbsp;6/1/19 | &nbsp;&nbsp;Federated Hermes Emerging Markets Equity Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;12/1/20 | &nbsp;&nbsp;Federated Hermes Conservative Microshort Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/20 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/1/20 | &nbsp;&nbsp;Federated Hermes Conservative Municipal Microshort Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/20 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/1/18 | &nbsp;&nbsp;Federated Hermes SDG Engagement Equity Fund |  |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/1/18 | &nbsp;&nbsp;Federated Hermes SDG Engagement High Yield Credit Fund |  |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;3/1/20 | &nbsp;&nbsp;Federated Hermes US SMID Fund |  |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/1/19 | &nbsp;&nbsp;Federated Hermes International Equity Fund |  |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;6/1/19 | &nbsp;&nbsp;Federated Hermes International Growth Fund |  |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;6/1/17 | &nbsp;&nbsp;Federated Hermes MDT Large Cap Value Fund |  |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;7/1/21 | &nbsp;&nbsp;Federated Hermes MDT Market Neutral Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;7/1/21 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Core Trust** |  |
| &nbsp;&nbsp;03/1/16 | &nbsp;&nbsp;Emerging Markets Core Fund |  |
| &nbsp;&nbsp;9/1/10 | &nbsp;&nbsp;Bank Loan Core Fund |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Mortgage Core Fund |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;High Yield Bond Core Fund |  |
| &nbsp;&nbsp;**3/1/08** | &nbsp;&nbsp;**Federated Hermes Core Trust III** |  |
|  | &nbsp;&nbsp;Project and Trade Finance Core Fund |  |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Equity Funds** |  |
| &nbsp;&nbsp;12/1/08 | &nbsp;&nbsp;Federated Hermes Clover Small Value Fund |  |
| &nbsp;&nbsp;12/1/08 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/08 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;12/1/08 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/29/10 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;3/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;3/1/08 | &nbsp;&nbsp;Federated Hermes International Strategic Value Dividend Fund |  |
| &nbsp;&nbsp;3/1/08 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;3/1/08 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Kaufmann Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/17/07 | &nbsp;&nbsp;Federated Hermes Kaufmann Large Cap Fund |  |
| &nbsp;&nbsp;9/17/07 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/17/07 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/17/07 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;12/30/13 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/17/07 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Kaufmann Small Cap Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/05 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;9/1/17 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/15 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes MDT Mid Cap Growth Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/06 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;12/1/09 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/1/08 | &nbsp;&nbsp;Federated Hermes Prudent Bear Fund |  |
| &nbsp;&nbsp;9/1/08 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/1/08 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/08 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/1/04 | &nbsp;&nbsp;Federated Hermes Strategic Value Dividend Fund |  |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;3/1/05 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/1/16 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Equity Income Fund, Inc.** |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;1/25/13 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;3/1/12 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**9/1/21** | &nbsp;&nbsp;**Federated Hermes ETF Trust** |  |
| &nbsp;&nbsp;9/1/21 | &nbsp;&nbsp;Federated Hermes Short Duration Corporate ETF |  |
| &nbsp;&nbsp;9/1/21 | &nbsp;&nbsp;Federated Hermes Short Duration High Yield ETF |  |
| &nbsp;&nbsp;9/1/22 | &nbsp;&nbsp;Federated Hermes U.S. Strategic Dividend ETF |  |
| &nbsp;&nbsp;12/1/23 | &nbsp;&nbsp;Federated Hermes Total Return Bond ETF |  |
| &nbsp;&nbsp;8/1/24 | &nbsp;&nbsp;Federated Hermes MDT Large Cap Core ETF |  |
| &nbsp;&nbsp;8/1/24 | &nbsp;&nbsp;Federated Hermes MDT Large Cap Growth ETF |  |
| &nbsp;&nbsp;8/1/24 | &nbsp;&nbsp;Federated Hermes MDT Large Cap Value ETF |  |
| &nbsp;&nbsp;8/1/24 | &nbsp;&nbsp;Federated Hermes Small Cap Core ETF |  |
| &nbsp;&nbsp;8/22/24 | &nbsp;&nbsp;Federated Hermes Enhanced Income ETF |  |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Fixed Income Securities, Inc.** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Strategic Income Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;1/27/17 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/07 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Municipal Ultrashort Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;3/1/19 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;**6/1/08** | &nbsp;&nbsp;**Federated Hermes Global Allocation Fund** |  |
| &nbsp;&nbsp;6/1/08 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/08 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/08 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;3/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;3/1/09 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Government Income Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Government Income Fund | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Sustainable High Yield Bond Fund, Inc.** *(formerly Federated Hermes High Income Bond Fund, Inc.)* |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;1/27/17 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;1/27/17 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes High Yield Trust** |  |
| &nbsp;&nbsp;3/1/14 | &nbsp;&nbsp;Federated Hermes Opportunistic High Yield Bond Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;3/1/14 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;4/30/10 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;6/1/13 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Income Securities Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Capital Income Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;6/1/13 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;3/1/12 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/1/10 | &nbsp;&nbsp;Federated Hermes Floating Rate Strategic Income Fund |  |
| &nbsp;&nbsp;9/1/10 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/1/10 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Fund for U.S. Government Securities |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Intermediate Corporate Bond Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Muni and Stock Advantage Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;5/29/07 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;12/1/10 |  | &nbsp;&nbsp; Institutional Shares<br>|
| &nbsp;&nbsp;12/1/05 | &nbsp;&nbsp;Federated Hermes Inflation Protected Securities Fund (formerly Federated Hermes Real Return Bond Fund) |  |
| &nbsp;&nbsp;12/1/05 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/05 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;12/1/05 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;1/1/22 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Short-Term Income Fund |  |
| &nbsp;&nbsp;12/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Institutional Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Government Ultrashort Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;3/1/16 |  | &nbsp;&nbsp; Class R6 Shares<br>|
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Institutional High Yield Bond Fund |  |
| &nbsp;&nbsp;12/1/22 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/22 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;12/1/07 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;03/1/16 |  | &nbsp;&nbsp;R6 Shares |
| &nbsp;&nbsp;6/1/05 | &nbsp;&nbsp;Federated Hermes Short-Intermediate Total Return Bond Fund |  |
| &nbsp;&nbsp;1/31/14 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/1/05 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;6/1/05 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Insurance Series** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Fund for U.S. Government Securities II |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes High Income Bond Fund II |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Primary Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Kaufmann Fund II |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Primary Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Managed Volatility Fund II |  |
| &nbsp;&nbsp;6/1/18 |  | &nbsp;&nbsp;Primary Shares |
| &nbsp;&nbsp;6/1/18 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Government Money Fund II |  |
| &nbsp;&nbsp;9/1/15 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Quality Bond Fund II |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Primary Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Investment Series Funds, Inc.** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Corporate Bond Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/07 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**12/1/05** | &nbsp;&nbsp;**Federated Hermes Managed Pool Series** |  |
| &nbsp;&nbsp;12/1/05 | &nbsp;&nbsp;Federated Hermes Corporate Bond Strategy Portfolio |  |
| &nbsp;&nbsp;12/1/05 | &nbsp;&nbsp;Federated Hermes High-Yield Strategy Portfolio |  |
| &nbsp;&nbsp;12/1/05 | &nbsp;&nbsp;Federated Hermes International Bond Strategy Portfolio |  |
| &nbsp;&nbsp;12/1/14 | &nbsp;&nbsp;Federated Hermes International Dividend Strategy Portfolio |  |
| &nbsp;&nbsp;12/1/05 | &nbsp;&nbsp;Federated Hermes Mortgage Strategy Portfolio |  |
| &nbsp;&nbsp;**7/31/06** | &nbsp;&nbsp;**Federated Hermes MDT Series** |  |
| &nbsp;&nbsp;7/31/06 | &nbsp;&nbsp;Federated Hermes MDT All Cap Core Fund |  |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;7/31/06 | &nbsp;&nbsp;Federated Hermes MDT Balanced Fund |  |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;7/31/06 | &nbsp;&nbsp;Federated Hermes MDT Large Cap Growth Fund |  |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/24 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;7/31/06 | &nbsp;&nbsp;Federated Hermes MDT Small Cap Core Fund |  |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;3/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;7/31/06 | &nbsp;&nbsp;Federated Hermes MDT Small Cap Growth Fund |  |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;3/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Municipal Bond Fund, Inc.** |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;5/29/07 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Municipal Securities Income Trust** |  |
| &nbsp;&nbsp;6/1/06 | &nbsp;&nbsp;Federated Hermes Municipal High Yield Advantage Fund |  |
| &nbsp;&nbsp;6/1/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/06 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/06 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;6/1/13 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Ohio Municipal Income Fund |  |
| &nbsp;&nbsp;9/1/08 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Pennsylvania Municipal Income Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Premier Municipal Income Fund** |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Common Shares |
| &nbsp;&nbsp;**10/1/16** | &nbsp;&nbsp;**Federated Hermes Project and Trade Finance Tender Fund** |  |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Short-Intermediate Duration Municipal Trust** |  |
|  | &nbsp;&nbsp;Federated Hermes Short-Intermediate Municipal Fund |  |
| &nbsp;&nbsp;7/1/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Total Return Government Bond Fund** |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;3/1/16 |  | &nbsp;&nbsp;R6 Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Total Return Series, Inc.** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Core Bond Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Total Return Bond Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;4/17/15 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Ultrashort Bond Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;3/1/19 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Short-Term Government Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Short-Term Government Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Short-Intermediate Government Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Short-Intermediate Government Fund |  |
|  |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes World Investment Series, Inc.** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Emerging Market Debt Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;3/1/12 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes International Leaders Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/13 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;6/1/13 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/15/10 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes International Small-Mid Company Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;3/1/08 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Intermediate Municipal Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Intermediate Municipal Fund |  |
| &nbsp;&nbsp;8/1/22 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Money Market Obligations Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes California Municipal Cash Trust |  |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Cash II Shares |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Cash Series Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Wealth Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;12/1/04 | &nbsp;&nbsp;Federated Hermes Capital Reserves Fund |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Government Obligations Fund |  |
| &nbsp;&nbsp;9/1/17 |  | &nbsp;&nbsp;Administrative Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Advisor Shares |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash II Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash Series Shares |
| &nbsp;&nbsp;12/1/15 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/1/14 |  | &nbsp;&nbsp;Premier Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Trust Shares |
| &nbsp;&nbsp;4/1/22 |  | &nbsp;&nbsp;SDG Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Government Obligations Tax Managed Fund |  |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Automated Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;12/1/04 | &nbsp;&nbsp;Federated Hermes Government Reserves Fund |  |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Class P Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Institutional Prime Obligations Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Institutional Tax-Free Cash Trust |  |
| &nbsp;&nbsp;12/1/15 |  | &nbsp;&nbsp;Premier Shares |
| &nbsp;&nbsp;12/1/15 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Municipal Obligations Fund |  |
| &nbsp;&nbsp;10/27/17 |  | &nbsp;&nbsp;Automated Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash II Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash Series Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Investment Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Wealth Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes New York Municipal Cash Trust |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Cash II Shares |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Cash Series Shares |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Wealth Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Prime Cash Obligations Fund |  |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Advisor Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Automated Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash II Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash Series Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Wealth Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Trust Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Tax-Free Obligations Fund |  |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Advisor Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Wealth Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Treasury Obligations Fund |  |
|  |  | &nbsp;&nbsp;Administrative Shares |
|  |  | &nbsp;&nbsp;Advisor Shares |
| &nbsp;&nbsp;6/13/14 |  | &nbsp;&nbsp;Automated Shares |
|  |  | &nbsp;&nbsp;Cash Management Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
|  |  | &nbsp;&nbsp;Premier Shares |
|  |  | &nbsp;&nbsp;Select Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Trust Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Trust for U.S. Treasury Obligations |  |
| &nbsp;&nbsp;8/1/25 |  | &nbsp;&nbsp;Automated Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash II Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash Series Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;7/1/23 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes U.S. Treasury Cash Reserves |  |
| &nbsp;&nbsp;7/1/23 |  | &nbsp;&nbsp;Administrative Shares |
| &nbsp;&nbsp;7/1/23 |  | &nbsp;&nbsp;Advisor Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;7/1/23 |  | &nbsp;&nbsp;Premier Shares |
| &nbsp;&nbsp;7/1/23 |  | &nbsp;&nbsp;Select Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |

---

**EXHIBIT B**

**FUNDS NOT CHARGE AN ADMINISTRATIVE SERVICES FEE**

Emerging Markets Core Fund

Mortgage Core Fund

High Yield Bond Core Fund

Bank Loan Core Fund

Project and Trade Finance Core Fund

Federated Hermes Project and Trade Finance Tender Fund

## Ex-99.H

Exhibit 28 (h) (4) under Form N-1A

Exhibit 10 under Item 601/Reg. S-K

**<u>FINANCIAL ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT</u>**

THIS AGREEMENT dated as of March 1, 2011 is made, severally and not jointly (except that the parties agree that the calculation required by Section XIII hereunder shall be joint and not several) by each of the investment companies listed on Exhibit A hereto (each, a "Trust") and State Street Bank and Trust Company ("State Street").

WHEREAS, each Trust is registered as a management investment company under the Investment Company Act of 1940, as amended (the "1940 Act") with authorized and issued shares of capital stock or beneficial interest (the "Shares");

WHEREAS, certain Trusts subject to this Agreement are "series companies" as defined in Rule 18f-2(a) under the 1940 Act and, as used in this Agreement, the term "Portfolio" refers to either (i) an individual portfolio of such a series company or (ii) an investment company that is not organized as a series company, and the term "Portfolios" refers to all such portfolios and investment companies, collectively;

WHEREAS, Shares of each Portfolio may be subdivided into "classes" as provided in Rule 18f-3 under the 1940 Act;

WHEREAS, the Trust desires to retain State Street as financial administrator (the "Financial Administrator") to furnish certain financial administrative services on behalf of the Portfolios;

WHEREAS, the Trust desires to retain State Street as accounting agent (the "Accounting Agent") to perform certain accounting and recordkeeping services on behalf of the Portfolios; and

WHEREAS, State Street is willing to perform such services on the terms provided herein.

NOW, THEREFORE, the parties agree as follows:

I. APPOINTMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Of State Street as the Financial Administrator</u>

The Trust hereby appoints State Street to act as Financial Administrator with respect to the Trust for purposes of providing certain financial administrative services for the period and on the terms set forth in this Agreement. State Street accepts such appointment and agrees to render the financial administrative services stated herein.

The Trust will initially consist of the Portfolios identified on Exhibit A hereto. In the event that the Trust establishes one or more additional Portfolios with respect to which it wishes to retain the Financial Administrator to act as financial administrator hereunder, the Trust shall notify the Financial Administrator in writing (including by facsimile or electronic mail communication). Upon such notification, such Portfolio shall become subject to the provisions of this Agreement to the same extent as the existing Portfolios, except to the extent that such provisions (including those relating to compensation and expenses payable by the Trust and its Portfolios) may be modified with respect to each additional Portfolio in writing by the Trust and the Financial Administrator at the time of the addition of the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Of State Street as the Accounting Agent</u>

The Trust hereby appoints State Street to act as Accounting Agent with respect to the Portfolios for purposes of providing certain accounting and recordkeeping services for the period and on the terms set forth in this Agreement. State Street accepts such appointment and agrees to render the accounting and recordkeeping services stated herein.

The Trust will initially consist of the Portfolios identified on Exhibit A. In the event that the Trust establishes one or more additional Portfolios with respect to which it wishes to retain the Accounting Agent to act as accounting agent hereunder, the Trust shall notify the Accounting Agent in writing (including by facsimile or electronic mail communication). Upon such notification, such Portfolio shall become subject to the provisions of this Agreement to the same extent as the existing Portfolios, except to the extent that such provisions (including those relating to compensation and expenses payable by the Trust and its Portfolios) may be modified with respect to each additional Portfolio in writing by the Trust and the Accounting Agent at the time of the addition of the Portfolio.

II. REPRESENTATIONS and WARRANTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>By State Street.</u> State Street represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is a Massachusetts trust company, duly organized and existing under the laws of The Commonwealth of Massachusetts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It has the corporate power and authority to carry on its business in The Commonwealth of Massachusetts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No legal or administrative proceedings have been instituted or threatened which would impair State Street's ability to perform its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Its entrance into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of State Street or any law or regulation applicable to it; and

It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>By the Trust.</u> The Trust represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is duly organized, existing and in good standing under the laws of the jurisdiction in which it was formed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It has the power and authority under applicable laws and by its organizational documents to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All requisite proceedings have been taken to authorize it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. With respect to each Portfolio, it is an investment company properly registered under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A registration statement under the 1940 Act (and if Shares of the Portfolio are offered publicly, under the Securities Act of 1933, as amended (the "1933 Act")) has been filed and will be effective and remain effective during the term of this Agreement. The Trust also warrants that as of the effective date of this Agreement, all necessary filings under the securities laws of the states in which the Trust offers or sells its Shares have been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. No legal or administrative proceedings have been instituted or threatened which would impair the Trust's ability to perform its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Its entrance into this Agreement will not cause a material breach or be in material conflict with any other agreement or obligation of the Trust or any law or regulation applicable to it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. As of the close of business on the date of this Agreement, the Trust is authorized to issue its Shares.

III. DUTIES of STATE STREET

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>As the Financial Administrator.</u> The Financial Administrator shall provide the following services, in each case, subject to the control, supervision and direction of the respective Trust and its Board of Trustees/Directors (the "Board") and in accordance with procedures which may be established from time to time between the Trust and the Financial Administrator (including the procedures established in the "Service Level Agreement" as defined in Section V of this Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Compile, review and deliver to the Trust, fund performance statistics including Securities and Exchange Commission (the "SEC") yields, distribution yields and total returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prepare and submit for approval by officers of the Trust a fund expense budget, review expense calculations and arrange for payment of the Trust's expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Prepare for review and approval by officers of the Trust financial information required for the Trust's annual and semi-annual reports, proxy statements and other communications required or otherwise to be sent to shareholders; review text of "President's Letter to Shareholders" and "Management's Discussion of Financial Performance" as included in shareholder reports (which shall also be subject to review by the Trust's legal counsel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prepare for review by an officer of and legal counsel for the Trust the Trust's periodic financial reports required to be filed with the SEC on Form N-SAR and financial information required by Form N-1A, Form N-2, Form N-14, Form N-Q and Form 24F-2 and such other reports, forms or filings as may be mutually agreed upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Prepare reports, including media questionnaires and mutual fund publication surveys, relating to the business and affairs of the Trust as may be mutually agreed upon and not otherwise prepared by the Trust's investment adviser, custodian, legal counsel or independent accountants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Oversee and review calculations of fees paid to State Street and to the Trust's investment adviser, shareholder servicing agent, distributor, custodian, fund administrator, fund accountant and transfer and dividend disbursing agent ("Transfer Agent"), in addition to the oversight and review of all asset based fee calculations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Prepare fund income forecasts and submit for approval by officers of the Trust, recommendations for fund income dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Maintain continuing awareness of significant emerging regulatory and legislative developments which may affect the Trust, and provide related planning assistance where requested or appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Complete monthly preferred shares "asset coverage" test (as that term is defined in Section 18(h) of the 1940 Act) (the "1940 Act Test") following the compliance procedures contained in Exhibit D attached hereto, as such Exhibit may be amended from time to time by mutual agreement of the parties (the "Compliance Procedures");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Complete monthly preferred shares basic maintenance amount test for Fitch Ratings, Ltd. ("Fitch") (the "Fitch Preferred Shares Basic Maintenance Test") following the Compliance Procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Complete monthly preferred shares basic maintenance amount test for Moody's Investors Service, Inc. ("Moody's") (the "Moody's Preferred Shares Basic Maintenance Test") following the Compliance Procedures. *See First Amendment, dated 3/1/11, effective 3/25/11*

The Financial Administrator shall provide the office facilities and the personnel required by it to perform the services contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>As the Accounting Agent.</u> The Accounting Agent shall provide the following services, in each case, subject to the control, supervision and direction of the respective Trust and its Board and in accordance with procedures which may be established from time to time between the Trust and the Accounting Agent (including the procedures established in the "Service Level Agreement" as defined in Section V of this Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Books of Account</u>. The Accounting Agent shall maintain the books of account of the Trust and shall perform the following duties in the manner prescribed by the respective Trust's currently effective prospectus, statement of additional information or other governing document, copies of which have been certified by the Secretary of the Funds and supplied to the Accounting Agent (a "Governing Document") (including the procedures established in the Service Level Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Value the assets of each Portfolio using: primarily, market quotations (including the use of matrix pricing) supplied by the independent pricing services selected by the Accounting Agent in consultation with the Trust's investment adviser (the "Adviser") and approved by the Board; secondarily, if a designated pricing service does not provide a price for a security that the Accounting Agent believes should be available by market quotation, the Accounting Agent may obtain a price by calling brokers designated by the Adviser, or if the Adviser does not supply the names of such brokers, the Accounting Agent will attempt on its own to find brokers to price the security, subject to approval by the Adviser; thirdly, for securities for which no market price is available, the Valuation Committee overseen by the Board (the "Committee") will determine a fair value in good faith; or fourthly, such other procedures as may be adopted by the Board. Consistent with Rule 2a-4 under the 1940 Act, estimates may be used where necessary or appropriate. The Accounting Agent is not the guarantor of the accuracy of the securities prices received from such pricing agents and the Accounting Agent is not liable to the Trust for errors in valuing a Portfolio's assets or calculating the net asset value (the "NAV") per share of such Portfolio or class when the calculations are based upon inaccurate prices provided by pricing agents. The Accounting Agent will provide daily to the Adviser the security prices used in calculating the NAV of each Portfolio, for its use in preparing exception reports for those prices on which the Adviser has a comment. Further, upon receipt of the exception reports generated by the Adviser, the Accounting Agent will diligently pursue communication regarding exception reports with the designated pricing agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Determine the NAV per share of each Portfolio and/or class, at the time and in the manner from time to time determined by the Board and as set forth in the Prospectus of such Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Prepare the weekly or bi-weekly mark-to-market reports and analysis in compliance with Rule 2a-7 for each of the money market portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Monitor the triggers used to determine when the ITG fair value pricing procedures may be invoked, as further detailed on attached Exhibit C (the Fair Value Pricing Authorization), and inform the appropriate Federated personnel that triggers had been met. *See First Amendment, dated 3/1/11, effective 3/25/11*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Calculate the net income of each of the Portfolios, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Calculate realized capital gains or losses of each of the Portfolios resulting from sale or disposition of assets, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Calculate the expense accruals for each fund/class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Determine the dividend factor for all daily dividend funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Maintain the general ledger and other accounts, books and financial records of the Trust, including for each Portfolio, as required under Section 31(a) of the 1940 Act and the rules thereunder in connection with the services provided by State Street

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. At the request of the Trust, prepare various reports or other financial documents in accordance with generally accepted accounting principles as required by federal, state and other applicable laws and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Such other similar services as may be reasonably requested by the Trust.

The Trust shall provide timely prior notice to the Accounting Agent of any modification in the manner in which such calculations are to be performed as prescribed in any revision to the Trust's Governing Document. The Accounting Agent shall not be responsible for any revisions to the manner in which such calculations are to be performed unless such revisions are communicated in writing to the Accounting Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Records</u>. The Accounting Agent shall create and maintain all records relating to its activities and obligations under this Agreement in such a manner as will meet the obligations of the Trust under the 1940 Act, specifically Section 31 thereof and Rules 31a-1 and 31a-2 thereunder. All such records shall be the property of the Trust and shall at all times during the regular business hours of the Accounting Agent be open for inspection by duly authorized officers, employees or agents of the Trust and employees and agents of the SEC. Subject to Section XVII.B below, the Accounting Agent shall preserve for the period required by law the records required to be maintained thereunder.

IV. DUTIES of the TRUST

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Delivery of Documents.</u> The Trust will promptly deliver, upon request, to the Financial Administrator copies of each of the following documents and all future amendments and supplements, if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust's organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust's currently effective registration statements under the 1933 Act (if applicable) and the 1940 Act and the Trust's Prospectus(es) and Statement(s) of Additional Information (collectively, the "Prospectus") relating to all Portfolios and all amendments and supplements thereto as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Certified copies of resolutions of the Board authorizing (a) the Trust to enter into this Agreement and (b) certain individuals on behalf of the Trust and its third-party agents to (i) give instructions to the Financial Administrator pursuant to this Agreement and (ii) authorize the payment of expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The investment advisory agreements between the Trust and the Advisers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Such other certificates, documents or opinions which the Financial Administrator may, in its reasonable discretion, deem necessary or appropriate in the proper performance of its duties.

The Trust shall provide, or shall cause its third-party agent to provide, timely notice to the Accounting Agent of all data reasonably required by the Accounting Agent for performance of its duties described in Section III.B hereunder. The Trust's failure to provide such timely notice shall excuse the Accounting Agent from the performance of such duties, but only to the extent the Accounting Agent's performance is prejudiced by the Trust's failure.

State Street is authorized and instructed to rely upon any and all information it receives from the Trust or its third-party agent that it reasonably believes to be genuine. State Street shall have no responsibility to review, confirm or otherwise assume any duty with respect to the accuracy or completeness of any data supplied to it by or on behalf of the Trust.

State Street shall value the Trust's securities and other assets utilizing prices obtained from sources designated by the Trust, or the Trust's duly-authorized agent, on a Price Source Authorization substantially in the form attached hereto as Exhibit B or otherwise designated by means of Proper Instructions (as such term is defined herein) (collectively, the "Authorized Price Sources"). State Street shall not be responsible for any revisions to the methods of calculation adopted by the Trust unless and until such revisions are communicated in writing to State Street.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Proper Instructions.</u> The Trust and its third-party agents shall communicate to State Street by means of Proper Instructions. Proper Instructions shall mean (i) a writing signed or initialed by one or more persons as the Board shall have from time to time authorized or (ii) a communication effected directly between the Trust or its third-party agent and State Street by electro-mechanical or electronic devices, provided that the Trust and State Street have approved such procedures. State Street may rely upon any Proper Instruction believed by it to be genuine and to have been properly issued by or on behalf of the Trust. Oral instructions shall be considered Proper Instructions if State Street reasonably believes them to have been given by a person authorized to give such instructions. The Trust and its third-party agents shall cause all oral instructions to be confirmed in accordance with clauses (i) or (ii) above, as appropriate. The Trust and its third-party agents shall give timely Proper Instructions to State Street in regard to matters affecting accounting practices and State Street's performance pursuant to this Agreement.

V. PERFORMANCE GOALS**:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Trust and State Street have developed mutually acceptable performance goals dated March 1, 2011 , and as may be amended from time to time, regarding the manner in which they expect to deliver and receive the services under this Agreement (hereinafter referred to as "Service Level Agreement"). The parties agree that such Service Level Agreement reflects performance goals and any failure to perform in accordance with the provisions thereof shall not be considered a breach of contract that gives rise to contractual or other remedies. It is the intention of the parties that the sole remedy for failure to perform in accordance with the provisions of the Service Level Agreement, or any dispute relating to performance goals set forth in the Service Level Agreement, will be a meeting of the parties to resolve the failure pursuant to the consultation procedure described in Sections V. B. and V.C. below. Notwithstanding the foregoing, the parties hereby acknowledge that any party's failure (or lack thereof) to meet the provisions of the Service Level Agreement, while not in and of itself a breach of contract giving rise to contractual or other remedies, may factor into the Trust's reasonably determined belief regarding the standard of care exercised by State Street hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Consultation Procedure. If a party hereto is unable to meet the provisions of the Service Level Agreement, or in the event that a dispute arises relating to performance goals set forth in the Service Level Agreement, either party to this Agreement shall address any concerns it may have by requiring a consultation with the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Purpose of Consultation Procedure. The purpose of the consultation procedure is to endeavor to resolve any failure to meet the provisions of the Service Level Agreement. If a consultation occurs under this Section V, all parties must negotiate in good faith to endeavor to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. implement changes which will enable the Service Level Agreement provisions to be met – such changes may include, but are not limited to, modification of either or both parties' respective operational resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. agree to alternative Service Level Agreement provisions which meet the parties' respective business requirements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. otherwise find a solution such that within a reasonable time after the consultation, the inability to meet the Service Level Agreement provision(s) is reasonably expected to be less likely to occur in the future.

VI. COMPLIANCE WITH GOVERNMENTAL RULES and REGULATIONS; RECORDS

The Trust assumes full responsibility for its compliance with all securities, tax, commodities and other laws, rules and regulations applicable to it.

VII. WARRANTIES

If, prior to the Accounting Agent's calculation of the current NAV, the Trust or its third-party agent notifies the Accounting Agent that any of its accounting services are erroneous in any material respect, the Accounting Agent shall endeavor in a timely manner to correct such failure. Third-parties that are selected by and approved by the Trust and from which the Accounting Agent may obtain certain data included in the accounting services are solely responsible for the contents of such data and the Trust agrees to make no claim against the Accounting Agent arising out of the contents of such third-party data including, but not limited to, the accuracy thereof.

VIII. FORCE MAJEURE

The parties will maintain throughout the term of this Agreement, such contingency plans as are reasonably believed to be necessary and appropriate to recover the parties' operations from the occurrence of a disaster and which are consistent with any statute or regulation to which the parties are subject that imposes business resumption and contingency planning standards. The parties agree to provide to one another a summary of their respective contingency plans as they relate to the systems used to provide the services hereunder and to provide periodic updates of such summary upon a party's reasonable request. If any party is unable to carry out any of its obligations under this Agreement because of conditions beyond its reasonable control, including, but not limited to, acts of war or terrorism, work stoppages, fire, civil disobedience, riots, rebellions, storms, electrical failures, acts of God, and similar occurrences ("Force Majeure"), this Agreement will remain in effect and the non-performing party's obligations shall be suspended without liability for a period equal to the period of the continuing Force Majeure (which such period shall not exceed fifteen (15) business days), provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) where reasonably practicable, the non-performing party gives the other party prompt notice describing the Force Majeure, including the nature of the occurrence and its expected duration and, where reasonably practicable, continues to furnish regular reports with respect thereto during the period of Force Majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the suspension of obligations is of no greater scope and of no longer duration than is required by the Force Majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) no obligations of any party that accrued before the Force Majeure are excused as a result of the Force Majeure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the non-performing Party uses reasonable efforts to remedy its inability to perform as quickly as possible.

IX. INSTRUCTIONS and ADVICE

At any time, State Street may apply to any officer of the Trust for instructions and may consult with its own legal counsel with respect to any matter arising in connection with the services to be performed by State Street under the terms of this Agreement. At any time, State Street may consult with outside counsel for the Trust or the independent accountants for the Trust ("Trust Advisers") at the expense of the Trust, provided that State Street first obtains consent of the Trust which shall not be unreasonably withheld, with respect to any matter arising in connection with the services to be performed by State Street under the terms of this Agreement. In its capacity as the Financial Administrator or as the Accounting Agent under the terms of this Agreement, State Street shall not be liable, and shall be indemnified by the Trust or appropriate Portfolio for any action taken or omitted by it in good faith reliance upon any instructions or advice provided to State Street by a Trust Adviser or upon any paper or document reasonably believed by it to be genuine and to have been signed by the proper person or persons. State Street shall not be held to have notice of any change of authority of any person until receipt of written notice thereof from the Trust. Nothing in this paragraph shall be construed as imposing upon State Street any obligation to seek such instructions or advice, or to act in accordance with such advice when received.

X. NOTICES

All notices shall be in writing and deemed given when delivered in person, by facsimile, by overnight delivery through a commercial courier service, or by registered or certified mail, return receipt requested. Notices shall be addressed to each party at its address set forth below, or such other address as the recipient may have specified by earlier notice to the sender:

---

| | |
|:---|:---|
| &nbsp;&nbsp;If to State Street: | &nbsp;&nbsp;LaFayette Corporate Center |
|  | &nbsp;&nbsp;2 Avenue de LaFayette, 4 South |
|  | &nbsp;&nbsp;Boston, MA 02111 |
|  | &nbsp;&nbsp;ATTN: Michael E. Hagerty |
|  | &nbsp;&nbsp;Telephone: (617) 662-3630 |
|  | &nbsp;&nbsp;Facsimile: (617) 662-3690 |
| &nbsp;&nbsp;With a copy to: | &nbsp;&nbsp;State Street Bank and Trust Company |
|  | &nbsp;&nbsp;2 Avenue de LaFayette, 2<sup>nd</sup> Floor |
|  | &nbsp;&nbsp;P.O. Box 5049 |
|  | &nbsp;&nbsp;Boston, MA 02206-5049 |
|  | &nbsp;&nbsp;ATTN: Mary Moran Zeven, Esq. |
|  | &nbsp;&nbsp;Telephone: (617) 662-1783 |
|  | &nbsp;&nbsp;Facsimile: (617) 662-3805 |
| &nbsp;&nbsp;If to the Trust: | &nbsp;&nbsp;4000 Ericsson Drive |
|  | &nbsp;&nbsp;Warrendale, PA 15086-7561 |
|  | &nbsp;&nbsp;ATTN: Richard A. Novak, Treasurer |
|  | &nbsp;&nbsp;Telephone: (412) 288-7045 |
|  | &nbsp;&nbsp;Facsimile: (412) 288-6788 |

---

XI. CONFIDENTIALITY

The parties hereto agree that each shall treat confidentially all information provided by each party to the other party regarding its business and operations ("Confidential Information"). All Confidential Information provided by a party hereto shall be used by the other party hereto solely for the purpose of rendering or receiving services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party. Neither party will use or disclose Confidential Information for purposes other than the activities contemplated by this Agreement or except as required by law, court process or pursuant to the lawful requirement of a governmental agency, or if the party is advised by counsel that it may incur liability for failure to make a disclosure, or except at the request or with the written consent of the other party. Notwithstanding the foregoing, each party acknowledges that the other party may provide access to and use of Confidential Information relating to the other party to the disclosing party's employees, contractors, agents, professional advisors, auditors or persons performing similar functions.

The foregoing shall not be applicable to any information (i) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (ii) that is independently derived by a party hereto without the use of any information provided by the other party hereto in connection with this Agreement, (iii) that is required in any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, or by operation of law or regulation, or (iv) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld. Furthermore, and notwithstanding anything in this Section XI to the contrary, the Accounting Agent may aggregate Portfolio data with similar data of other customers of the Accounting Agent ("Aggregated Data") and may use Aggregated Data for purposes of constructing statistical models so long as such Aggregated Data represents a sufficiently large sample that no Portfolio data can be identified either directly or by inference or implication.

If either party is required to disclose Confidential Information as a result of a court order, subpoena or similar legal duress, then that party may disclose such Confidential Information, provided that the disclosing party, if not prohibited from doing so, shall undertake reasonable efforts to give the other party prompt prior written notice upon its receipt of any such order or subpoena and provided further that failure to provide such notice shall not give rise to any liability.

The undertakings and obligations contained in this Section XI shall survive the termination or expiration of this Agreement for a period of three (3) years.

XII. LIMITATION of LIABILITY and INDEMNIFICATION

State Street shall be held to a standard of reasonable care in carrying out its duties under this Agreement. State Street shall be responsible for the performance of only such duties as are set forth in this Agreement and, except as otherwise provided under Section XVI, shall have no responsibility for the actions or activities of any other party, including other service providers. State Street shall have no liability for any error of judgment or mistake of law or for any loss or damage resulting from the performance or nonperformance of its duties hereunder unless caused by or resulting from the negligence, reckless misconduct, willful malfeasance or lack of good faith of State Street, its officers or employees and, in such event, such liability will be subject to the limitations set forth in Section XIII herein. State Street shall not be liable for any special, INdirect, incidental, or consequential damages of any kind whatsoever (including, without limitation, attorneys' fees) in any way due to the Trust's use of the services described herein or the performance of or failure to perform State Street's obligations under this Agreement. This disclaimer applies without limitation to claims regardless of the form of action, whether in contract (including negligence), strict liability, or otherwise and regardless of whether such damages are foreseeable.

The Trust, or, if applicable, the relevant Portfolio, will indemnify and hold harmless State Street and its stockholders, directors, officers, employees, agents, and representatives (collectively, the "Trust Indemnified Persons") for, and will pay to the Trust Indemnified Persons the amount of, any actual and direct damages, whether or not involving a third-party claim (collectively, the "Damages"), arising from or in connection with (i) any act or omission by State Street (or any of its affiliates) pursuant to this Agreement which does not constitute negligence, reckless misconduct, willful malfeasance or lack of good faith in fulfilling the terms and obligations of this Agreement, (ii) any act or omission by the Trust (or any of its affiliates) which constitutes a breach of any representation, warranty, term, or obligation contained in this Agreement, or (iii) any act or omission by the Trust (or any of its affiliates) which constitutes negligence, reckless misconduct, willful malfeasance, or lack of good faith in fulfilling the terms and obligations of this Agreement. The remedies provided in this paragraph are not exclusive of or limit any other remedies that may be available to State Street or any other Trust Indemnified Person.

State Street will indemnify and hold harmless the Trust, and its respective shareholders, trustees, directors, officers, agents, and representatives (collectively, the "State Street Indemnified Persons") for, and will pay to the State Street Indemnified Persons the amount of, any Damages, arising from or in connection with (i) any act or omission by State Street (or any of its affiliates) which constitutes a breach of any representation, warranty, term, or obligation contained in this Agreement or (ii) any act or omission by State Street (or any of its affiliates) which constitutes negligence, reckless misconduct, willful malfeasance, or lack of good faith in fulfilling the terms and obligations of this Agreement; provided, however, that State Street shall not be required to provide indemnification for damages arising from errors caused by inaccurate prices received from independent pricing services and reasonably relied upon by State Street. In the event that State Street is required to provide indemnification under this Section XII, its liability shall be limited as described under Section XIII below. The remedies provided in this paragraph are not exclusive of or limit any other remedies that may be available to the Trust or any other State Street Indemnified Person.

The indemnification and limitation of liability contained herein shall survive the termination of this Agreement.

XIII. EXCLUSIVE REMEDY

[ ]

XIV. SERVICES NOT EXCLUSIVE

The services of State Street to the Trust are not to be deemed exclusive and State Street shall be free to render similar services to others. State Street shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized by the Trust from time to time, have no authority to act or represent the Trust in any way or otherwise be deemed an agent of the Trust.

XV. TERM; TERMINATION; AMENDMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Term</u>. This Agreement shall become effective on the date first written above and shall remain in full force and effect for a period of four (4) years from the effective date (the "Initial Term") and shall automatically continue in full force and effect after such Initial Term unless either party terminates this Agreement by written notice to the other party at least six (6) months prior to the expiration of the Initial Term. Additionally, if State Street (or any of its affiliates) engages in (i) any act or omission which constitutes a breach of any representation, warranty, term, or obligation contained in this Agreement or (ii) any act or omission which constitutes negligence, reckless misconduct, willful malfeasance, or lack of good faith in fulfilling the terms and obligations of this Agreement, then each Trust or series thereof, shall have the right to immediately terminate this Agreement. *See Amendment dated 3/1/15*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Termination</u>. Either party may terminate this Agreement at any time after the Initial Term upon at least six (6) months' prior written notice to the other party. Termination of this Agreement with respect to any given Portfolio shall in no way affect the continued validity of this Agreement with respect to any other Portfolio. Upon termination of this Agreement, the Trust shall pay to State Street such compensation and any reimbursable expenses as may be due under the terms hereof as of the date of such termination, including reasonable out-of-pocket expenses associated with such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Amendment</u>. This Agreement may be modified or amended from time to time by the mutual agreement of the parties hereto. No amendment to this Agreement shall be effective unless it is in writing and signed by a duly authorized representative of each party. The term "Agreement", as used herein, includes all schedules and attachments hereto and any future written amendments, modifications, or supplements made in accordance herewith.

XVI. FEES, EXPENSES and EXPENSE REIMBURSEMENT

State Street shall receive from the Trust such compensation for its services provided pursuant to this Agreement as may be agreed to from time to time as set forth in the fee schedule between, and agreed upon by, the parties (the "Fee Schedule"). The parties shall review the existing Fee Schedule and an appropriate adjustment to the fee, if any, shall be negotiated by the parties within ninety (90) days in the event that (i) there is a substantial change in the number or mix of types of funds; (ii) new types of funds are offered; or (iii) there are material modifications or changes to the service delivery requirements. *See Amendment dated 3/1/15*

The fees are accrued daily and billed monthly and shall be due and payable upon receipt of the invoice. Upon the termination of this Agreement before the end of any month, the fee for the part of the month before such termination shall be prorated according to the proportion which such part bears to the full monthly period and shall be payable upon the date of termination of this Agreement. In addition, the Trust shall reimburse State Street for its out-of-pocket costs and expenses incurred in connection with this Agreement with respect to reasonable attorney's fees incurred by State Street to collect any charges due under this Agreement.

The Trust agrees to promptly reimburse State Street for any equipment and supplies specially ordered by or for the Trust (with the Trust's consent) through State Street and for any other expenses not contemplated by this Agreement that State Street may incur on the Trust's behalf at the Trust's request and with the Trust's consent.

Each party will bear all expenses that are incurred in its operation and not specifically assumed by the other party. Expenses to be borne by the Trust include, but are not limited to: Organization expenses; cost of services of independent accountants and outside legal and tax counsel (including such counsel's review of the Trust's registration statement, proxy materials, federal and state tax qualification as a regulated investment company and other reports and materials prepared by State Street under this Agreement); cost of any services contracted for by the Trust directly from parties other than State Street; cost of trading operations and brokerage fees, commissions and transfer taxes in connection with the purchase and sale of securities for the Trust; investment advisory fees; taxes, insurance premiums and other fees and expenses applicable to its operation; costs incidental to any meetings of shareholders including, but not limited to, legal and accounting fees, proxy filing fees and the costs of preparation, printing and mailing of any proxy materials; costs incidental to Board meetings, including fees and expenses of Board members; the salary and expenses of any officer, director/trustee or employee of the Trust; costs incidental to the preparation, printing and distribution of the Trust's registration statements and any amendments thereto and shareholder reports; cost of typesetting and printing of prospectuses; cost of preparation and filing of the Trust's tax returns, Form N-1A or N-2, Form N-14, Form N-Q and Form N-SAR, and all notices, registrations and amendments associated with applicable federal and state tax and securities laws; fidelity bond and directors' and officers' liability insurance; and cost of independent pricing services used in computing the Trust's NAV.

State Street is authorized to and may employ or associate with such person or persons as it may deem desirable to assist it in performing its duties under this Agreement; provided, however, that the compensation of such person or persons shall be paid by State Street and State Street shall be as fully responsible to the Trust for the acts and omissions of any such person or persons as it is for its own acts and omissions.

XVII. ASSIGNMENT; SUCCESSOR AGENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Assignment.</u> This Agreement shall not be assigned by either party without the prior written consent of the other party, except that either party may assign to a successor all of or a substantial portion of its business, or to a party controlling, controlled by, or under common control with such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Successor Agent.</u> This Agreement shall be binding on and shall inure to the benefit of each party and to their successors and permitted assigns. If a successor agent for the Trust shall be appointed by the Trust, State Street shall upon termination deliver to such successor agent all properties of the Trust held by it hereunder.

In the event that no written order designating a successor agent or Proper Instructions shall have been delivered to State Street on or before the date when such termination shall become effective, then State Street shall have the right to deliver to a bank or trust company, which is a "bank" as defined in the 1940 Act, of its own selection, having an aggregate capital, surplus, and undivided profits, as shown by its last published report, of not less than $100,000,000, all properties held by State Street under this Agreement. Thereafter, such bank or trust company shall be the successor of State Street under this Agreement.

XVIII. ENTIRE AGREEMENT

This Agreement (including all schedules and attachments hereto) constitutes the entire Agreement between the parties with respect to the subject matter hereof and terminates and supersedes all prior agreements, representations, warranties, commitments, statements, negotiations and undertakings with respect to such services to be performed hereunder whether oral or in writing.

XIX. WAIVER

The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence to that term or any term of this Agreement. Any waiver must be in writing signed by the waiving party.

XX. HEADINGS NOT CONTROLLING

Headings used in this Agreement are for reference purposes only and shall not be deemed a part of this Agreement.

XXI. SURVIVAL

After expiration or termination of this Agreement, all provisions relating to payment (Section XVI and the Fee Schedule) shall survive until completion of required payments. In addition, all provisions regarding termination (Section XV), indemnification, warranty, liability and limits thereon (Section XII and Section XIII) shall survive, unless and until the expiration of any time period specified elsewhere in this Agreement with respect to the provision in question.

XXII. SEVERABILITY

In the event any provision of this Agreement is held illegal, invalid, void or unenforceable, the balance shall remain in effect, and if any provision is inapplicable to any person or circumstance it shall nevertheless remain applicable to all other persons and circumstances.

XXIII. GOVERNING LAW; JURISDICTION

This Agreement shall be deemed to have been made in The Commonwealth of Massachusetts and shall be governed by and construed under and in accordance with the laws of The Commonwealth of Massachusetts without giving effect to its conflict of laws principles and rules. The parties agree that any dispute arising herefrom shall be subject to the exclusive jurisdiction of courts sitting in The Commonwealth of Massachusetts.

XXIV. REPRODUCTION OF DOCUMENTS

This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

XXV. <u>Regulation GG</u>

The Trust hereby represents and warrants that it does not engage in an "Internet gambling business," as such term is defined in Section 233.2(r) of Federal Reserve Regulation GG (12 CFR 233) ("Regulation GG"). The Trust hereby covenants and agrees that it shall not engage in an Internet gambling business. In accordance with Regulation GG, the Trust is hereby notified that "restricted transactions," as such term is defined in Section 233.2(y) of Regulation GG, are prohibited in any dealings with State Street pursuant to this Agreement or otherwise between or among any party hereto.

<u>xxvi. Data Privacy</u>

State Street will implement and maintain a written information security program that contains appropriate security measures to safeguard the personal information of the Portfolios' shareholders, employees, directors and/or officers that State Street receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes, "personal information" shall mean (i) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (a) social security number, (b) drivers license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit access to a person's account or (ii) any combination of the foregoing that would allow a person to log onto or access an individual's account. Notwithstanding the foregoing "personal information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public.

XXVII. REMOTE ACCESS SERVICES ADDENDUM

State Street and the Trust agree to be bound by the terms of the Remote Access Services Addendum attached hereto as Exhibit E.

XXVIII. MISCELLANEOUS

The execution and delivery of this Agreement have been authorized by the Board of the Trust and signed by an authorized officer of the Trust, acting as such, and neither such authorization by the Board nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, and the obligations of this Agreement are not binding upon any member of the Board or shareholders of the Trust, but bind only the property of the Trust, or Portfolio, as provided in the organizational documents.

Each party agrees to promptly sign all documents and take any additional actions reasonably requested by the other to accomplish the purposes of this Agreement.

***[Remainder of Page Intentionally Blank]***

**Signature Page**

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

STATE STREET BANK AND TRUST COMPANY

By: <u>/s/ Michael F. Rogers</u>

Name: Michael F. Rogers

Title: Executive Vice President

INVESTMENT COMPANIES

(Listed on Exhibit A hereto)

By: <u>/s/ Richard A. Novak</u>

Name: Richard A. Novak

Title: Treasurer

*3/1/15 – See Amendment for new Exhibit A*

**EXHIBIT A**

**TO THE FINANCIAL ADMINISTRATION ACCOUNTING AND**

**SERVICES AGREEMENT (UPDATED AS OF 1/26/15)**

Edward Jones Money Market Fund

Federated Adjustable Rate Securities Fund

Federated Equity Income Fund, Inc.

Federated Global Allocation Fund

Federated Government Income Securities, Inc.

Federated High Income Bond Fund, Inc.

Federated High Yield Trust

Federated Government Income Trust

Federated Total Return Government Bond Fund

Federated U.S. Government Securities Fund: 1-3 Years

Federated U.S. Government Securities Fund: 2-5 Years

**Cash Trust Series, Inc.:**

Federated Government Cash Series

Federated Municipal Cash Series

Federated Prime Cash Series

Federated Treasury Cash Series

**Federated Core Trust:**

Federated Bank Loan Core Fund

Federated Mortgage Core Portfolio

High Yield Bond Portfolio

**Federated Core Trust II, L.P.**

Emerging Markets Fixed Income Core Fund

**Federated Core Trust III:**

Federated Project and Trade Finance Core Fund

**Federated Equity Funds:**

Federated Clover Small Value Fund

Federated Clover Value Fund

Federated Kaufmann Fund

Federated Kaufmann Large Cap Fund

Federated Kaufmann Small Cap Fund

Federated MDT Mid Cap Growth Strategies Fund

Federated Managed Risk Fund

Federated Managed Volatility Fund

Federated Prudent Bear Fund

Federated Strategic Value Dividend Fund

**Federated Fixed Income Securities, Inc.:**

Federated Strategic Income Fund

**Federated Income Securities Trust:**

Federated Capital Income Fund

Federated Floating Rate Strategic Income Fund

Federated Fund for U.S. Government Securities

Federated Intermediate Corporate Bond Fund

Federated Real Return Bond Fund

Federated Short-Term Income Fund

**Federated Index Trust:**

Federated Max-Cap Index Fund

Federated Mid-Cap Index Fund

**Federated Institutional Trust:**

Federated Government Ultrashort Duration Fund

Federated Institutional High Yield Bond Fund

Federated Short-Intermediate Total Return Bond Fund

**Federated Insurance Series:**

Federated Fund for U.S. Government Securities II

Federated High Income Bond Fund II

Federated Kaufmann Fund II

Federated Managed Tail Risk Fund II

Federated Managed Volatility Fund II

Federated Prime Money Fund II

Federated Quality Bond Fund II

**Federated Investment Series Funds, Inc.:**

Federated Bond Fund

**Federated Managed Pool Series:**

Federated Corporate Bond Strategy Portfolio

Federated High-Yield Strategy Portfolio

Federated Managed Volatility Strategy Portfolio

Federated Mortgage Strategy Portfolio

 

**Federated MDT Series:**

Federated MDT All Cap Core Fund

Federated MDT Balanced Fund

Federated MDT Large Cap Growth Fund

Federated MDT Small Cap Growth Fund

Federated MDT Small Cap Core Fund

**Federated Total Return Series, Inc.:**

Federated Mortgage Fund

Federated Total Return Bond Fund

Federated Ultrashort Bond Fund

**Money Market Obligations Trust:**

Federated Automated Cash Management Trust

Federated California Municipal Cash Trust

Federated Connecticut Municipal Cash Trust

Federated Florida Municipal Cash Trust

Federated Georgia Municipal Cash Trust

Federated Government Obligations Fund

Federated Liberty U.S. Government Money Market Trust

Federated Massachusetts Municipal Cash Trust

Federated Master Trust

Federated Michigan Municipal Cash Trust

Federated Minnesota Municipal Cash Trust

Federated Money Market Management

Federated Municipal Obligations Fund

Federated New Jersey Municipal Cash Trust

Federated New York Municipal Cash Trust

Federated North Carolina Municipal Cash Trust

Federated Ohio Municipal Cash Trust

Federated Pennsylvania Municipal Cash Trust

Federated Prime Cash Obligations Fund

Federated Prime Obligations Fund

Federated Prime Value Obligations Fund

Federated Tax-Free Obligations Fund

Federated Tax-Free Trust

Federated Treasury Obligations Fund

Federated Trust for U.S. Treasury Obligations

Federated Virginia Municipal Cash Trust

Tax-Free Money Market Fund

**EXHIBIT B**

**PRICE SOURCE AUTHORIZATION**

**[ ]**

***Exhibit C deleted – See First Amendment, dated 3/1/11, effective 3/25/11***

 ****

**EXHIBIT C**

**FAIR VALUE PRICING AUTHORIZATION**

**[ ]**

***Exhibit D deleted – See First Amendment, dated 3/1/11, effective 3/25/11***

 ****

**EXHIBIT D**

**COMPLIANCE PROCEDURES EXHIBIT**

**[ ]**

**EXHIBIT E**

**REMOTE ACCESS SERVICES ADDENDUM**

**REMOTE ACCESS SERVICES ADDENDUM**

**TO**

**<u>FINANCIAL ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT</u>**

ADDENDUM to that certain Financial Administration and Accounting Services Agreement dated as of March 1, 2011 (the "Services Agreement") between each of the investment companies listed on Exhibit A to the Services Agreement (the "Customer") and State Street Bank and Trust Company, including its subsidiaries and affiliates ("State Street"). This Addendum is several and not joint by Customer.

State Street has developed and utilizes proprietary accounting and other systems in conjunction with the services that State Street provides to the Customer. In this regard, State Street maintains certain information in databases under its control and ownership that it makes available to its customers (the "Remote Access Services").

**The Services**

State Street agrees to provide the Customer, and its designated investment advisors, consultants or other third parties who agree to abide by the terms of this Addendum ("Authorized Designees") with access to State Street proprietary systems as may be offered from time to time (the "System") on a remote basis.

**Security Procedures**

The Customer agrees to comply, and to cause its Authorized Designees to comply, with remote access operating standards and procedures and with user identification or other password control requirements and other security devices and procedures as may be issued or required from time to time by State Street for use of the System and access to the Remote Access Services. The Customer is responsible for any use and/or misuse of the System and Remote Access Services by its Authorized Designees. The Customer agrees to advise State Street immediately in the event that it learns or has reason to believe that any person to whom it has given access to the System or the Remote Access Services has violated or intends to violate the terms of this Addendum and the Customer will cooperate with State Street in seeking injunctive or other equitable relief. The Customer agrees to discontinue use of the System and Remote Access Services, if requested, for any security reasons cited by State Street and State Street may restrict access of the System and Remote Access Services by the Customer or any Authorized Designee for security reasons or noncompliance with the terms of this Addendum at any time.

**Fees**

Fees and charges for the use of the System and the Remote Access Services and related payment terms shall be as set forth in the fee schedule in effect from time to time between the parties. The Customer shall be responsible for any tariffs, duties or taxes imposed or levied by any government or governmental agency by reason of the transactions contemplated by this Addendum, including, without limitation, federal, state and local taxes, use, value added and personal property taxes (other than income, franchise or similar taxes which may be imposed or assessed against State Street). Any claimed exemption from such tariffs, duties or taxes shall be supported by proper documentary evidence delivered to State Street.

**Proprietary Information/Injunctive Relief**

The System and Remote Access Services described herein and the databases, computer programs, screen formats, report formats, interactive design techniques, formulae, processes, systems, software, know-how, algorithms, programs, training aids, printed materials, methods, books, records, files, documentation and other information made available to the Customer by State Street as part of the Remote Access Services and through the use of the System and all copyrights, patents, trade secrets and other proprietary and intellectual property rights of State Street related thereto are the exclusive, valuable and confidential proprietary property of State Street and its relevant licensors (the "Proprietary Information"). The Customer agrees on behalf of itself and its Authorized Designees to keep the Proprietary Information confidential and to limit access to its employees and Authorized Designees (under a similar duty of confidentiality) who require access to the System for the purposes intended. The foregoing shall not apply to Proprietary Information in the public domain or required by law to be made public.

The Customer agrees to use the Remote Access Services only in connection with the proper purposes of this Addendum. The Customer will not, and will cause its employees and Authorized Designees not to, (i) permit any third party to use the System or the Remote Access Services, (ii) sell, rent, license or otherwise use the System or the Remote Access Services in the operation of a service bureau or for any purpose other than as expressly authorized under this Addendum, (iii) use the System or the Remote Access Services for any fund, trust or other investment vehicle without the prior written consent of State Street, or (iv) allow or cause any information transmitted from State Street's databases, including data from third-party sources, available through use of the System or the Remote Access Services, to be published, redistributed or retransmitted for other than use for or on behalf of the Customer, as State Street's customer.

The Customer agrees that neither it nor its Authorized Designees will modify the System in any way, enhance, copy, or otherwise create derivative works based upon the System, nor will the Customer or its Authorized Designees reverse engineer, decompile or otherwise attempt to secure the source code for all or any part of the System.

The Customer acknowledges that the disclosure of any Proprietary Information, or of any information which at law or equity ought to remain confidential, will immediately give rise to continuing irreparable injury to State Street inadequately compensable in damages at law and that State Street shall be entitled to obtain immediate injunctive relief against the breach or threatened breach of any of the foregoing undertakings, in addition to any other legal remedies which may be available.

**Limited Warranties**

State Street represents and warrants that it is the owner of and has the right to grant access to the System and to provide the Remote Access Services contemplated herein. Because of the nature of computer information technology, including but not limited to the use of the Internet, and the necessity of relying upon third party sources, and data and pricing information obtained from third parties, the System and Remote Access Services are provided "AS IS" without warranty express or implied including as to availability of the System, and the Customer and its Authorized Designees shall be solely responsible for the use of the System and Remote Access Services and investment decisions, results obtained, regulatory reports and statements produced using the Remote Access Services. State Street and its relevant licensors will not be liable to the Customer or its Authorized Designees for any direct or indirect, special, incidental, punitive or consequential damages arising out of or in any way connected with the System or the Remote Access Services, nor shall any party be responsible for delays or nonperformance under this Addendum arising out of any cause or event beyond such party's control.

EXCEPT AS EXPRESSLY SET FORTH IN THIS ADDENDUM, STATE STREET, FOR ITSELF AND ITS RELEVANT LICENSORS EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES CONCERNING THE SYSTEM AND THE SERVICES TO BE RENDERED HEREUNDER, WHETHER EXPRESS OR IMPLIED INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTIBILITY OR FITNESS FOR A PARTICULAR PURPOSE.

**Infringement**

State Street will defend or, at its option, settle any claim or action brought against the Customer to the extent that it is based upon an assertion that access to or use of the State Street proprietary systems by the Customer under this Addendum constitutes direct infringement of any United States patent or copyright or misappropriation of a trade secret, provided that the Customer notifies State Street promptly in writing of any such claim or proceeding, cooperates with State Street in the defense of such claim or proceeding and allows State Street sole control over such claim or proceeding. Should the State Street proprietary systems or any part thereof become, or in State Street's opinion be likely to become, the subject of a claim of infringement or the like under any applicable patent, copyright or trade secret laws, State Street shall have the right, at State Street's sole option, to (i) procure for the Customer the right to continue using the State Street proprietary systems, (ii) replace or modify the State Street proprietary systems so that the State Street proprietary systems becomes noninfringing with no material loss of functionality or (iii) terminate this Addendum without further obligation. This section constitutes the sole remedy to the Customer for the matters described in this section.

**Termination**

Either party to the Services Agreement may terminate this Addendum (i) for any reason by giving the other party at least one-hundred and eighty (180) days' prior written notice in the case of notice of termination by State Street to the Customer or thirty (30) days' notice in the case of notice from the Customer to State Street of termination, or (ii) immediately for failure of the other party to comply with any material term and condition of the Addendum by giving the other party written notice of termination. This Addendum shall in any event terminate within ninety (90) days after the termination of any service agreement applicable to the Customer. In the event of termination, the Customer will return to State Street all copies of documentation and other confidential information in its possession or in the possession of its Authorized Designees and immediately cease access to the System and Remote Access Services. The foregoing provisions with respect to confidentiality and infringement will survive termination for a period of three (3) years.

**Miscellaneous**

This Addendum constitutes the entire understanding of the parties to the Services Agreement with respect to access to the System and the Remote Access Services. This Addendum cannot be modified or altered except in a writing duly executed by each of State Street and the Customer and shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts.

By its execution of the Services Agreement, the Customer accepts responsibility for its and its Authorized Designees' compliance with the terms of this Addendum. The Customer indemnifies and holds State Street harmless from and against any and all costs, expenses, losses, damages, charges, counsel fees, payments and liabilities arising from any failure of the Customer or any of its Authorized Designees to abide by the terms of this Addendum.

**FIRST AMENDMENT TO**

**<u>FINANCIAL ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT</u>**

THIS FIRST AMENDMENT TO FINANCIAL ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT ("<u>Amendment</u>") is by and between each of the investment companies listed on Exhibit A to the Agreement, as defined below (each, a "Trust"), and State Street Bank and Trust Company ("State Street").

W I T N E S S E T H:

**WHEREAS**, the Trusts and State Street are parties to that certain Financial Administration and Accounting Services Agreement (the "<u>Agreement</u>") dated March 1, 2011;

**WHEREAS**, each Trust is registered as a management investment company under the Investment Company Act of 1940, as amended; and

**WHEREAS**, the Trusts and State Street desire to amend the Agreement subject to the terms and conditions set forth herein.

**NOW, THEREFORE**, in consideration of the premises and mutual covenants herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Exhibit A to the Agreement is hereby amended and updated to delete the following Funds, effective March 25, 2011:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated Municipal Ultrashort Fund, a portfolio of Federated Fixed Income Securities, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated Premier Municipal Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated Premier Intermediate Municipal Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated Short-Intermediate Duration Municipal Trust,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated Muni and Stock Advantage Fund, a portfolio of Federated Income Securities Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated International Bond Fund, a portfolio of Federated International Series, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated International Bond Strategy Portfolio, a portfolio of Federated Managed Pool Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated Emerging Market Debt Fund, a portfolio of Federated World Investment Series, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated Prudent DollarBear Fund, a portfolio of Federated Income Securities Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated InterContinental Fund, a portfolio of Federated Equity Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated International Leaders Fund, a portfolio of Federated World Investment Series, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated International Small-Mid Company Fund, a portfolio of Federated World Investment Series, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated International Strategic Value Dividend Fund, a portfolio of Federated Equity Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Agreement is hereby further amended and updated to delete Sections III. A. 9, 10 and 11 and Section III. B. 1. d., effective March 25, 2011.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Agreement shall remain in full force and effect as amended by this Amendment.

*[Remainder of Page Intentionally Left Blank]*

IN WITNESS WHEREOF, this Amendment has been executed for and on behalf of the undersigned as of March 25, 2011.

**On behalf of each of the Funds indicated on Exhibit A of the Financial Administration and Accounting Services Agreement, as amended from time to time**

By: <u>/s/ Richard A. Novak</u>

Title: Treasurer

**STATE STREET BANK AND TRUST COMPANY**

By: <u>/s/ Michael F. Rogers</u>

Title: Executive Vice President

**Amendment to Financial Administration**

**and Accounting Services Agreement**

This Amendment to Financial Administration and Accounting Services Agreement (this "Amendment") is dated as of March 1, 2015, by and among each of the investment companies listed on Exhibit A hereto (each, a "Trust") and State Street Bank and Trust Company ("State Street").

<u>RECITALS</u>

WHEREAS, the Trusts and State Street are parties to a certain Financial Administration and Accounting Services Agreement, dated as of March 1, 2011 (such agreement, together with all exhibits, schedules, and any other documents executed or delivered in connection therewith, the "Agreement"); and

WHEREAS, the parties desire to amend the Agreement on the terms and subject to the conditions hereinafter set forth.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **<u>Amendments</u>**. The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The first sentence of Section XV.A of the Agreement is deleted in its entirety and replaced as follows:

"A. <u>Term</u>. This Agreement shall become effective as of March 1, 2015 and shall remain in full force and effect for a period of four (4) years from the effective date (the "Initial Term") and shall automatically continue in full force and effect after such Initial Term unless either party terminates this Agreement by written notice to the other party at least six (6) months prior to the expiration of the Initial Term."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The first paragraph of Section XVI. of the Agreement is deleted in its entirely and replaced as follows:

"State Street shall receive from the Trust such compensation for its services provided pursuant to this Agreement as may be agreed to from time to time as set forth in the fee schedule between, and agreed upon by, the parties (the "Fee Schedule"). The parties shall review the existing Fee Schedule and an appropriate adjustment to the fee, if any, shall be negotiated by the parties within ninety (90) days in the event that (i) there is a substantial change in the number or mix of types of funds, other than a change resulting from the merging or closing of funds in the normal course of business; (ii) new types of funds are offered; or (iii) there are material modifications or changes to the service delivery requirements."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section X of the Agreement is hereby amended to amend the notice address to State Street, as follows:

"STATE STREET BANK AND TRUST COMPANY

1 Iron Street

Boston, MA 02210

Attention: Michael E. Hagerty, Senior Vice President, Mailstop CCB0700

Telephone: 617-662-3630

Facsimile: 617-662-3690

with a copy to:

STATE STREET BANK AND TRUST COMPANY

Legal Division – Global Services Americas

P.O. Box 5049

Boston, MA 02206-5039

Attention: Senior Vice President and Senior Managing Counsel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibit A to the Agreement is deleted in its entirety and replaced with the attached Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **<u>No Other Amendments</u>.** Except as expressly amended hereby, the Agreement shall continue in full force and effect in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **<u>Governing Law</u>**. This Amendment shall be deemed to have been made in The Commonwealth of Massachusetts and shall be governed by and construed under and in accordance with the laws of the Commonwealth of Massachusetts without giving effect to its conflict of laws principles and rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

[Signature Page Follows]

**IN WITNESS WHEREOF,** the parties hereto have caused this Amendment to Financial Administration and Accounting Services Agreement to be executed as of the date first written above.

**STATE STREET BANK AND TRUST COMPANY**

By: <u>/s/ Michael F. Rogers</u>

Name: Michael F. Rogers

Title: Executive Vice President

**EACH OF THE INVESTMENT COMPANIES**

**LISTED ON EXHIBIT A ATTACHED HERETO**

By: <u>/s/ Lori A. Hensler</u>

Name: Lori A. Hensler

Title: Treasurer

*See new 3/1/17 Amendment for Exhibit A*

**EXHIBIT A**

**TO THE FINANCIAL ADMINISTRATION ACCOUNTING AND**

**SERVICES AGREEMENT** 

**(Updated as of March 1, 2017)**

Federated Adjustable Rate Securities Fund

Federated Equity Income Fund, Inc.

Federated Global Allocation Fund

Federated Government Income Securities, Inc.

Federated Government Income Trust

Federated High Income Bond Fund, Inc.

Federated Total Return Government Bond Fund

Federated U.S. Government Securities Fund: 1-3 Years

Federated U.S. Government Securities Fund: 2-5 Years

**Federated Core Trust:**

Emerging Markets Core Fund

Federated Bank Loan Core Fund

Federated Mortgage Core Portfolio

High Yield Bond Portfolio

**Federated Core Trust III:**

Federated Project and Trade Finance Core Fund

**Federated Equity Funds:**

Federated Clover Small Value Fund

Federated Clover Value Fund

Federated Kaufmann Fund

Federated Kaufmann Large Cap Fund

Federated Kaufmann Small Cap Fund

Federated MDT Mid-Cap Growth Fund

Federated Managed Volatility Fund

Federated Prudent Bear Fund

Federated Strategic Value Dividend Fund

**Federated Fixed Income Securities, Inc.:**

Federated Strategic Income Fund

**Federated High Yield Trust:**

Federated Equity Advantage Fund

Federated High Yield Trust

**Federated Income Securities Trust:**

Federated Capital Income Fund

Federated Floating Rate Strategic Income Fund

Federated Fund for U.S. Government Securities

Federated Intermediate Corporate Bond Fund

Federated Real Return Bond Fund

Federated Short-Term Income Fund

**Federated Index Trust:**

Federated Max-Cap Index Fund

Federated Mid-Cap Index Fund

**Federated Institutional Trust:**

Federated Government Ultrashort Duration Fund

Federated Institutional High Yield Bond Fund

Federated Short-Intermediate Total Return Bond Fund

**Federated Insurance Series:**

Federated Managed Tail Risk Fund II

Federated Fund for U.S. Government Securities II

Federated High Income Bond Fund II

Federated Kaufmann Fund II

Federated Managed Volatility Fund II

Federated Government Money Fund II

Federated Quality Bond Fund II

**Federated Investment Series Funds, Inc.:**

Federated Bond Fund

**Federated Managed Pool Series:**

Federated Corporate Bond Strategy Portfolio

Federated High-Yield Strategy Portfolio

Federated Managed Volatility Strategy Portfolio

Federated Mortgage Strategy Portfolio

**Federated MDT Series:**

Federated MDT All Cap Core Fund

Federated MDT Balanced Fund

Federated MDT Large Cap Growth Fund

Federated MDT Small Cap Growth Fund

Federated MDT Small Cap Core Fund

**Federated Total Return Series, Inc.:**

Federated Mortgage Fund

Federated Total Return Bond Fund

Federated Ultrashort Bond Fund

**Money Market Obligations Trust:**

Federated California Municipal Cash Trust

Federated Connecticut Municipal Cash Trust

Federated Florida Municipal Cash Trust

Federated Georgia Municipal Cash Trust

Federated Government Obligations Fund

Federated Institutional Money Market Management

*Federated Institutional Prime 60-Day Max Money Market Fund* 

Federated Institutional Prime Obligations Fund

Federated Institutional Prime Value Obligations Fund

Federated Institutional Tax-Free Cash Trust

Federated Massachusetts Municipal Cash Trust

Federated Institutional Prime 60 Day Fund

Federated Michigan Municipal Cash Trust

Federated Minnesota Municipal Cash Trust

Federated Municipal Obligations Fund

Federated New Jersey Municipal Cash Trust

Federated New York Municipal Cash Trust

Federated North Carolina Municipal Cash Trust

Federated Ohio Municipal Cash Trust

Federated Pennsylvania Municipal Cash Trust

Federated Prime Cash Obligations Fund

Federated Tax-Free Obligations Fund

Federated Treasury Obligations Fund

Federated Trust for U.S. Treasury Obligations

Federated Virginia Municipal Cash Trust

**Amendment to Financial Administration** 

**and Accounting Services Agreement**

This Amendment to Financial Administration and Accounting Services Agreement (this "Amendment") is dated as of October 14, 2015, by and among each of the investment companies listed on Exhibit A hereto (each, a "Trust") and State Street Bank and Trust Company ("State Street" or "Administrator").

<u>RECITALS</u>

WHEREAS, the Trusts and State Street are parties to a certain Financial Administration and Accounting Services Agreement, dated as of March 1, 2011 (such agreement, together with all exhibits, schedules, and any other documents executed or delivered in connection therewith, the ("Agreement"); and

WHEREAS, the parties desire to amend the Agreement on the terms and subject to the conditions hereinafter set forth.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1. <u>Amendments</u>.** The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section III.A of the Agreement is hereby amended by adding the following at the end of paragraph 11:

"12. Schedules A and A(i) attached hereto as Exhibit 1 are added to the Agreement as Schedules A and A(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Exhibit A to Schedules A and A(i) is added to the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2. <u>No Other Amendments</u>.** Except as expressly amended hereby, the Agreement shall continue in full force and effect in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3. <u>Governing Law</u>.** This Amendment shall be deemed to have been made in The Commonwealth of Massachusetts and shall be governed by and construed under and in accordance with the laws of the Commonwealth of Massachusetts without giving effect to its conflict of laws principles and rules.

 **4.** This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

[Signature Page Follows]

 **IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to Financial Administration and Accounting Services Agreement to be executed as of the date first written above.

**State Street Bank and Trust Company**

By: <u>_// Gunjan Kedia //</u>_________________________________

Name: Gunjan Kedia

Title: Executive Vice President

**Each of the Investment Companies** 

**Listed on Exhibit A attached hereto**

By: __<u>//Lori Hensler//</u>________________________________

Name: Lori Hensler

Title: Fund Treasurer

**EXHIBIT A**

**TO SCHEDULES A AND A(I) OF THE FINANCIAL ADMINISTRATION ACCOUNTING AND**

**SERVICES AGREEMENT** 

**(Updated as of March 1, 2017)**

**Federated Insurance Series:**

Federated Government Money Fund II

**Money Market Obligations Trust:**

Federated California Municipal Cash Trust

Federated Connecticut Municipal Cash Trust

Federated Florida Municipal Cash Trust

Federated Georgia Municipal Cash Trust

Federated Government Obligations Fund

Federated Massachusetts Municipal Cash Trust

Federated Institutional Prime 60 Day Fund

Federated Michigan Municipal Cash Trust

Federated Minnesota Municipal Cash Trust

Federated Institutional Money Market Management

Federated Municipal Obligations Fund

Federated New Jersey Municipal Cash Trust

Federated New York Municipal Cash Trust

Federated North Carolina Municipal Cash Trust

Federated Ohio Municipal Cash Trust

Federated Pennsylvania Municipal Cash Trust

Federated Prime Cash Obligations Fund

Federated Institutional Prime Obligations Fund

Federated Institutional Prime Value Obligations Fund

Federated Tax-Free Obligations Fund

Federated Institutional Tax-Free Cash Trust

Federated Treasury Obligations Fund

Federated Trust for U.S. Treasury Obligations

Federated Virginia Municipal Cash Trust

**<u>Exhibit 1</u>**

**Schedule A**

**<u>Fund Administration Money Market Fund Services</u>**

Subject to the authorization and direction of the Trust, the Administrator will provide the money market fund services set forth on Schedule A(i) (the "Money Market Services") to the Trusts listed on Exhibit A hereto assist the Trusts in complying with certain of the compliance testing and reporting requirements applicable to the Trusts that are "money market funds" within the meaning of Rule 2a-7 under the 1940 Act.

**1.** **Evidence of Authority.** 

The Administrator is authorized and instructed to rely upon the information it receives from the Trust or any third party authorized by the Trust. The Administrator shall have no responsibility for the actions or omissions of the Trust or any third party authorized by the Trust to act on its behalf, or the completeness or accuracy of any information provided by the Trust or a third party authorized by the Trust to act on its behalf. In performing the Money Market Services**,** the Administrator shall be protected in acting upon any instructions, notice, request, consent, certificate or other instrument or paper reasonably believed by it to be genuine and to have been properly executed by or on behalf of the Trust. Instructions may be in writing signed by the authorized person or persons or may be by such other means and utilizing such intermediary systems and utilities as may be agreed from time to time by the Administrator and the person(s) or entity giving such instruction. The Administrator may act on oral instructions if the Administrator reasonably believes them to have been given by a person authorized to provide such instructions with respect to the action involved; the Trust shall cause all oral instructions to be confirmed in writing or by such other procedure approved by the Administrator and the Trust.

**2. Responsibilities of the Parties; Indemnification; Warranties and Disclaimers.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust agrees that it shall be solely responsible for any decision made or action taken in reliance on the compliance testing results, reports, forms or other data or information included in the Money Market Services provided by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Parties acknowledge that the Administrator is required to rely upon data provided by the Trust or third parties ("Data") in providing the Money Market Services. The Administrator does not own the Data, has not developed the Data, does not control the Data, and has not, and will not make any inquiry into the accuracy of any Data. Without limiting the foregoing, to the extent applicable, the Administrator will not be liable for any delays in the transmission of Forms N-MFP, Forms N-CR, reports, market-based NAVs, shareholder inflows/outflows, daily and weekly liquid assets, affiliate sponsor support flows, portfolio holdings or transmission of Data or inaccuracies of, errors in or omission of, Data in connection with the provision of the Money Market Services in each case provided by the Trust or any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. To the extent applicable, the Trust represents and warrants to the Administrator that it has the necessary licenses from each nationally recognized statistical ratings organization whose ratings are set forth in its Forms N-MFP as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. To the extent applicable, the Trust is solely responsible for determining and immediately notifying in writing the Administrator of the occurrence of one or more triggering events causing a filing on Form N-CR. The Trust is solely responsible for accurately and timely supplying the Administrator, or causing third parties to accurately and timely supply the Administrator, with all data, information and signatures in respect of each Trust that is required in order for the Administrator to file each Form N-CR, whether or not such information is specifically requested by the Administrator. The Administrator shall be without liability if the Administrator has not received by the submission deadline communicated by the Administrator to the Trust all of the Data, information and signatures it requires to submit such Form N-CR filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. To the extent applicable, the Trust acknowledges that it shall be the Trust's responsibility to retain for the periods prescribed by Rule 2a-7 (i) the compliance testing results and reports produced by the Administrator; (ii) its Forms N-MFP and Forms N-CR produced by the Administrator; and (iii) information prepared by the Administrator for posting on the Trust's website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Trust acknowledges and agrees that the Money Market Services do not constitute advice or recommendations of any kind and the Administrator is not acting in a fiduciary capacity in providing the Money Market Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Trust understands that the nature of the Money Market Services provided under this Agreement are distinct from the services provided under any other agreement between State Street Bank and Trust Company and the Trust, including any custody, fund accounting or transfer agency services agreements and, consequently, the terms of this Agreement rather than such other agreements shall govern the delivery of the Money Market Services. For the avoidance of doubt, the standard of care and liability provisions of Section XII of this Agreement shall govern the provision of the Money Market Services.

**SCHEDULE A(i)**

**Money Market Fund Compliance Testing and Reporting Services**

Subject to the authorization and direction of the Trust and, in each case where appropriate, the review and comment by the Trust's independent accountants and legal counsel, and in accordance with procedures that may be established from time to time between the Trust and the Administrator, the Administrator will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare for posting on the Trust's website daily each money market fund's market-based NAVs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Prepare for posting on the Trust's website daily each money market fund's inflows/outflows.

 

**Amendment to Financial Administration** 

**and Accounting Services Agreement**

This Amendment to the Financial Administration and Accounting Services Agreement (this "Amendment") is dated as of March 1, 2017, by and among each of the investment companies listed on Exhibit A hereto (each, a "Trust") and State Street Bank and Trust Company ("State Street").

<u>RECITALS</u>

WHEREAS, the Trusts and State Street are parties to a certain Financial Administration and Accounting Services Agreement, dated as of March 1, 2011, as amended (such agreement, together with all exhibits, schedules, and any other documents executed or delivered in connection therewith, the ("Agreement"); and

WHEREAS, the parties desire to amend the Agreement to extend the term of the Agreement by two (2) years on the terms and subject to the conditions hereinafter set forth.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1. <u>Amendments</u>.** The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The first sentence of Section XV.A of the Agreement is deleted in its entirety and replaced as follows:

"A. <u>Term</u>. This Agreement shall remain in full force and effect for an initial term ending February 28, 2021(the "Initial Term") and shall automatically continue in full force and effect after such Initial Term unless either party terminates this Agreement by written notice to the other party at least six (6) months prior to the expiration of the Initial Term."

(b) Exhibit A to the Agreement is deleted in its entirety and replaced with the attached Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2. <u>No Other Amendments</u>.** Except as expressly amended hereby, the Agreement shall continue in full force and effect in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3. <u>Governing Law</u>.** This Amendment shall be deemed to have been made in The Commonwealth of Massachusetts and shall be governed by and construed under and in accordance with the laws of the Commonwealth of Massachusetts without giving effect to its conflict of laws principles and rules.

 **4.** This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

[Signature Page Follows]

 **IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to Financial Administration and Accounting Services Agreement to be executed as of the date first written above.

**State Street Bank and Trust Company**

By: <u>/s/ Andrew Erickson</u>

Name: Andrew Erickson

Title: Executive Vice President

**Each of the Investment Companies** 

**Listed on Exhibit A attached hereto**

By: <u>/s/ Lori A. Hensler</u>

Name: Lori A. Hensler

Title: Fund Treasurer

**AMENDMENT TO THE** 

**FINANCIAL ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT**

**BETWEEN** 

**THE INVESTMENT COMPANIES LISTED ON EXHIBIT A**

**AND**

**STATE STREET BANK AND TRUST COMPANY**

AMENDMENT to the Financial Administration and Accounting Services Agreement (the "Agreement") made as of March 1, 2011, by and among State Street Bank and Trust Company ("State Street") and each of the investment companies identified on Exhibit A (each a "Trust").

WHEREAS, State Street and each Trust wish to amend the Agreement to restate Exhibit A to reflect the rebranding of each Trust;

NOW, THEREFORE, the Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Effective close of business June 26, 2020,* to restate Exhibit A as attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All other provisions, terms and conditions contained in the Agreement, as amended, shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the 6th day of July, 2020.

---

| | |
|:---|:---|
| &nbsp;&nbsp;EACH OF THE INVESTMENT COMPANIES LISTED ON EXHIBIT A ATTACHED HERETO | &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY |
| &nbsp;&nbsp;By: <u>Lori A. Hensler</u> | &nbsp;&nbsp;By: <u>/s/ Andrew Erickson</u> |
| &nbsp;&nbsp;Name: Lori A. Hensler | &nbsp;&nbsp;Name: Andrew Erickson |
| &nbsp;&nbsp;Title: Treasurer | &nbsp;&nbsp;Title: Executive Vice President |

---

**EXHIBIT A**

**to**

**<u>FINANCIAL ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT Dated March 1, 2011</u>**

**<u>(Updated as of April 1, 2021)</u>**

<u>Management Investment Companies Registered with the SEC and Portfolios thereof, If Any</u>

**Federated Hermes Equity Income Fund, Inc.** 

**Federated Hermes Global Allocation Fund**

**Federated Hermes Government Income Securities, Inc.**

**Federated Hermes Adjustable Rate Securities Trust:**

Federated Hermes Adjustable Rate Fund

**Federated Hermes Adviser Series**

Federated Hermes Conservative Microshort Fund

Federated Hermes Conservative Municipal Microshort Fund

Federated Hermes MDT Market Neutral Fund

**Federated Hermes Government Income Trust:**

Federated Hermes Government Income Fund

Federated Hermes High Income Bond Fund, Inc.

Federated Hermes Total Return Government Bond Fund

**Federated Hermes Short-Term Government Trust:**

Federated Hermes Short-Term Government Fund

**Federated Hermes Short-Intermediate Government Trust:**

Federated Hermes Short-Intermediate Government Fund

**Federated Hermes Core Trust:**

Bank Loan Core Fund

Mortgage Core Portfolio

High Yield Bond Core Fund

Emerging Markets Core Fund

**Federated Hermes Core Trust III:**

Project and Trade Finance Core Fund

**Federated Hermes ETF Trust**

Federated Hermes Short Duration Corporate ETF

Federated Hermes Short Duration High Yield ETF

**Federated Hermes Equity Funds:**

Federated Hermes Clover Small Value Fund

Federated Hermes Kaufmann Fund

Federated Hermes Kaufmann Large Cap Fund

Federated Hermes Kaufmann Small Cap Fund

Federated Hermes MDT Mid Cap Growth Fund

Federated Hermes Prudent Bear Fund

**Federated Hermes Fixed Income Securities, Inc.:**

Federated Hermes Strategic Income Fund

**Federated Hermes High Yield Trust**

Federated Hermes Opportunistic High Yield Bond Fund

**Federated Hermes Income Securities Trust:**

Federated Hermes Capital Income Fund

Federated Hermes Floating Rate Strategic Income Fund

Federated Hermes Fund for U.S. Government Securities

Federated Hermes Intermediate Corporate Bond Fund

*Federated Hermes Inflation Protected Securities Fund (formerly Federated Hermes Real Return Bond Fund)*

Federated Hermes Short-Term Income Fund

**Federated Hermes Institutional Trust:**

Federated Hermes Government Ultra Short Fund

Federated Hermes Institutional High Yield Bond Fund

Federated Hermes Short-Intermediate Total Return Bond Fund

 

**Federated Hermes Insurance Series:**

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes High Income Bond Fund II

Federated Hermes Kaufmann Fund II

Federated Hermes Managed Volatility Fund II

Federated Hermes Government Money Fund II

Federated Hermes Quality Bond Fund II

**Federated Hermes Investment Series Funds, Inc.:**

Federated Hermes Corporate Bond Fund

**Federated Hermes Managed Pool Series:**

Federated Hermes Corporate Bond Strategy Portfolio

Federated Hermes High-Yield Strategy Portfolio

Federated Hermes Mortgage Strategy Portfolio

 

**Federated Herme**s **MDT Series:**

Federated Hermes MDT All Cap Core Fund

Federated Hermes MDT Balanced Fund

Federated Hermes MDT Large Cap Growth Fund

Federated Hermes MDT Small Cap Growth Fund

Federated Hermes MDT Small Cap Core Fund

**Federated Hermes Project and Trade Finance Tender Fund**

**Federated Hermes Total Return Series, Inc.:**

Federated Hermes Select Total Return Bond Fund

Federated Hermes Total Return Bond Fund

Federated Hermes Ultrashort Bond Fund

**Federated Hermes Money Market Obligations Trust:**

Federated Hermes California Municipal Cash Trust

Federated Hermes Government Obligations Fund

Federated Hermes Institutional Money Market Management

Federated Hermes Municipal Obligations Fund

Federated Hermes New York Municipal Cash Trust

Federated Hermes Prime Cash Obligations Fund

Federated Hermes Institutional Prime Obligations Fund

Federated Hermes Institutional Prime Value Obligations Fund

Federated Hermes Tax-Free Obligations Fund

Federated Hermes Institutional Tax-Free Cash Trust

Federated Hermes Treasury Obligations Fund

Federated Hermes Trust for U.S. Treasury Obligations

**AMENDMENT TO FINANCIAL ADMINISTRATION** 

**AND ACCOUNTING SERVICES AGREEMENT**

This Amendment to the Financial Administration and Accounting Services Agreement is made this 5<sup>th</sup> day of March, 2018 (the "Amendment") by and between State Street Bank and Trust Company, a Massachusetts trust company ("State Street") and by and among each of the investment companies listed on Exhibit A thereto (each, a "Trust") and shall be effective as of March 1, 2018 and as set forth in Section 2 below. Capitalized terms used in this Amendment without definition shall have the respective meanings ascribed to such terms in the Agreement (as defined below).

WHEREAS, State Street and the Trusts entered into the Financial Administration and Accounting Services Agreement dated as of March 1, 2011 (as amended, supplemented, restated or otherwise modified from time to time, the "Agreement"); and

WHEREAS, the parties hereto wish to amend the Agreement as set forth below.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree to amend the Agreement, pursuant to the terms thereof, as follows:

1. The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Article III of the Agreement is hereby amended and restated in its entirety as follows:

"State Street shall provide the services as listed on Schedule B, subject to the authorization and direction of the Trusts and, in each case where appropriate, the review and comment by the Trusts' independent accountants and legal counsel and in accordance with procedures which may be established from time to time between the Trusts and State Street.

State Street shall perform such other services for the Trusts that are mutually agreed to by the parties from time to time, for which the Trusts will pay such fees as may be mutually agreed upon, including State Street's reasonable out-of-pocket expenses. The provision of such services shall be subject to the terms and conditions of this Agreement.

State Street shall provide the office facilities and the personnel determined by it to perform the services contemplated herein."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A new paragraph is hereby added to Section VI of the Agreement immediately following the first sentence as follows:

"In compliance with the requirements of Rule 31a-3 under the 1940 Act, State Street agrees that all records which it maintains for the Trusts shall at all times remain the property of the Trusts, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request except as otherwise provided in Section XV and subject to Section XVII.B. State Street further agrees that all records that it maintains for the Trusts pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records may be surrendered in either written or machine-readable form, at the option of State Street. In the event that State Street is requested or authorized by the Trusts, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of a Trust by state or federal regulatory agencies, to produce the records of such Trust or State Street's personnel as witnesses or deponents, each relevant Trust agrees to pay State Street for State Street's time and expenses, as well as the fees and expenses of State Street's counsel incurred in such production."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A new paragraph is hereby added to Section IX of the Agreement immediately following the first paragraph as follows:

"Pursuant to other agreements now or any time in effect between any of the Trusts (or any of their investment managers or investment advisors, on its behalf) and State Street Bank and Trust Company or its affiliates (the "Other State Street Agreements") in any capacity other than as State Street hereunder (in such other capacities, the "Bank"), the Bank may be in possession of certain information and data relating to the Trusts and/or the Portfolios that is necessary to provide the Services, including Form N-PORT and Form N-CEN Support Services. Each of the Trusts hereby acknowledges and agrees that (i) this Section IX of the Agreement serves as its consent and instruction, or Proper Instruction, as the case may be, for itself and on behalf of each Portfolio under and pursuant to such Other State Street Agreements for the Bank to provide or otherwise make available (including via platforms such as my.statestreet.com) to State Street, Trust information such as net asset values and information relating to the net assets of the Trusts, holdings and liquidity reports, registration titles, market value and other information and data related to the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Paragraph 2 of Section XI is amended and restated as follows:

"The foregoing shall not be applicable to any information (i) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (ii) that is independently derived by the party receiving the information ("Receiving Party") without the use of any information provided by the party providing information under this agreement, or any affiliate (the "Disclosing Party"), (iii) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (iv) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct State Street or its affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (v) where the party seeking to disclose is expressly permitted under applicable law or regulation to disclose for a legitimate business purpose subject to confidentiality obligation, or has received the prior written consent of the Disclosing Party providing the information, which consent shall not be unreasonably withheld. Furthermore, and notwithstanding anything in this Section XI to the contrary, the Accounting Agent may aggregate Portfolio data with similar data of other customers of the Accounting Agent ("Aggregated Data") and may use Aggregated Data for purposes of constructing statistical models so long as such Aggregated Data represents a sufficiently large sample that no Portfolio data can be identified either directly or by inference or implication.

A Receiving Party shall protect Confidential Information of a Disclosing Party at least to the same degree as the Receiving Party protects its own Confidential Information. All Confidential Information, provided by a Disclosing Party shall remain the property of such Disclosing Party. All Confidential Information, together with any copies thereof, in whatever form, shall, upon the Disclosing Party's written request, be returned to the Disclosing Party or destroyed, at the Receiving Party's election; provided, that the Receiving Party shall be permitted to retain all or any portion of the Confidential Information, in accordance with the confidentiality obligations specified in this Agreement, to the extent required by applicable law or regulatory authority or to the extent required by the Receiving Party's internal policies and in accordance with its customary practices for backup and storage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The fourth paragraph of Section XI is hereby amended and restated as follows:

"To the extent the Receiving Party continues to possess confidential information or records of the Disclosing party after the termination of this Agreement, the obligations contained in this Section XI of this Agreement shall continue until the five (5) year anniversary of the termination date of this Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The fourth paragraph of Section XVI is hereby amended and restated as follows:

"Each Trust will bear all expenses that are incurred in its operation and not specifically assumed by State Street. For the avoidance of doubt, Trust expenses not assumed by State Street include, but are not limited to: organizational expenses; cost of services of independent accountants and outside legal and tax counsel (including such counsel's review of the Registration Statement, Form N-CSR, Form N-Q or Form N-PORT (as applicable), Form N-PX, Form N-MFP, Form N-SAR or Form N-CEN (as applicable), proxy materials, federal and state tax qualification as a regulated investment company and other notices, registrations, reports, filings and materials prepared by State Street under this Agreement); cost of any services contracted for by each Trust directly from parties other than State Street; cost of trading operations and brokerage fees, commissions and transfer taxes in connection with the purchase and sale of securities for each Trust; investment advisory fees; taxes, insurance premiums and other fees and expenses applicable to its operation; costs incidental to any meetings of shareholders including, but not limited to, legal and accounting fees, proxy filing fees and the costs of preparation (e.g., typesetting, XBRL-tagging, page changes and all other print vendor and EDGAR charges, collectively referred to herein as "Preparation"), printing, distribution and mailing of any proxy materials; costs incidental to Board meetings, including fees and expenses of Board members; the salary and expenses of any officer, director\trustee or employee of each Trust; costs of Preparation, printing, distribution and mailing, as applicable, of each Trust's Registration Statements and any amendments and supplements thereto and shareholder reports; cost of Preparation and filing of each Trust's tax returns, Form N-1A, Form N-CSR, Form N-Q or Form N-PORT (as applicable), Form N-PX, Form N-MFP and Form N-SAR or Form N-CEN (as applicable), and all notices, registrations and amendments associated with applicable federal and state tax and securities laws; all applicable registration fees and filing fees required under federal and state securities laws; the cost of fidelity bond and D&O/E&O liability insurance; and the cost of independent pricing services used in computing the Trusts' or any Fund's net asset value."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Section XXVI of the Agreement is hereby deemed amended and restated as follows:

"XXVI. DATA PRIVACY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) State Street will implement and maintain a written information security program that contains appropriate security measures generally consistent with industry standard practices aligned with a security framework appropriate for a large financial services company to safeguard the personal information of the Trusts' shareholders, employees, directors and officers that State Street receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. The term, ''personal information", as used in this Section, means (a) an individual's name (first initial and last name or first name and last name), address or telephone number plus (i) Social Security or other tax identification number, (ii) driver's license number, (iii) state identification card number, (iv) debit or credit card number, (v) financial account number or (vi) personal identification number or password that would permit access to a person's account, (b) any combination of any of the foregoing that would allow a person to log onto or access an individual's account, or (c) any other non-public personal information within the meaning of applicable law or regulation. "Personal Information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public (except to the extent applicable law in a particular jurisdiction does not exclude such publicly available information from protection as personal information)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. A new Section XXIX of the Agreement is hereby added as follows:

"SECTION XXIX. USE OF DATA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the provision of the services and the discharge of its other obligations under this Agreement, State Street (which term for purposes of this Section XXIX includes each of its parent company, branches and affiliates (''Affiliates")) may collect and store information regarding a Trust and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Trusts and State Street or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as expressly contemplated by this Agreement, nothing in this Section XXIX shall limit the confidentiality and data-protection obligations of State Street and its Affiliates under this Agreement and applicable law. State Street shall cause any Affiliate, agent or service provider to which it has disclosed data and information in the performance of its services under this Agreement pursuant to this Section XXIX to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. A new Section XXX is hereby added to the Agreement as follows:

"XXX. BUSINESS CONTINUITY/DISASTER RECOVERY.

In the event of equipment failure, work stoppage, governmental action, communication disruption or other impossibility of performance beyond State Street's control, State Street shall take reasonable steps to minimize service interruptions. Specifically, State Street shall implement reasonable procedures to prevent the loss of data and to recover from service interruptions caused by equipment failure or other circumstances with resumption of all substantial elements of services in a timeframe sufficient to meet business requirements. State Street shall enter into and shall maintain in effect at all times during the term of this Agreement with appropriate parties one or more agreements making reasonable provision for (i) periodic back-up of the computer files and data with respect to the Trusts; and (ii) emergency use of electronic data processing equipment to provide services under this Agreement. State Street shall test the ability to recover to alternate data processing equipment in accordance with State Street program standards, and provide a high level summary of business continuity test results to the Trusts upon request. State Street will remedy any material deficiencies in accordance with State Street program standards. Upon reasonable advance notice, and at no cost to State Street, the Trusts retain the right to review State Street's business continuity, crisis management, disaster recovery, and third-party vendor management processes and programs (including discussions with the relevant subject matter experts and an on-site review of the production facilities used) related to delivery of the service no more frequently than an annual basis. Upon reasonable request, the State Street also shall discuss with senior management of the Trusts any business continuity/disaster recovery plan of the State Street and/or provide a high-level presentation summarizing such plan."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. New Schedules B and B2 are hereby added to the Agreement as set forth in <u>Exhibit 1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. A new Schedule B1 is hereby added to the Agreement as set forth in <u>Exhibit 1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. A new Schedule B6 (including Annex I thereto) is hereby added to the Agreement as set forth in <u>Exhibit 1</u>.

2. The provisions of this Amendment (and the terms of the Agreement as modified hereby) shall be or become effective as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Sections 1.A., 1.B., 1.C., 1.D., 1.E., 1.F., 1.G., 1.H., 1.I., 1.J. and 1.K. of this Amendment and the preparation and onboarding activities related to the Services (as defined in the Agreement), including those set forth in Section II of Schedule B6, shall be effective as of the date of this Amendment as set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Section 1.L. of this Amendment and the data aggregation, preparation of data sets and recordkeeping activities of the Services (as defined in Schedule B6) shall become effective as of the first day of the first month in which any Trust is required by applicable law (including any rules and regulations promulgated thereunder and in accordance with any interpretive releases issued by the U.S. Securities and Exchange Commission) to aggregate data and maintain records consistent with Form N-PORT (currently anticipated to be June 2018).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The filing obligations of the Services shall become effective as of the first day of the first month in which any Trust is required by applicable law (including any rules and regulations promulgated thereunder and in accordance with any interpretive releases issued by the U.S. Securities and Exchange Commission) to file Form N-PORT (currently anticipated to be April 2019).

3. Notwithstanding the first sentence of Section XV.A of the Agreement, each Trust agrees to be bound to receive from State Street the Form N-PORT and Form N-CEN Support Services and the other services as described in Schedule B6 attached hereto for at least eighteen (18) months following the date of this Amendment. The parties further agree that the foregoing commitment will be deemed the "term" for the Form N-PORT and Form N-CEN Support Services and that following the expiration of such term, the any renewal or termination provisions of Section XV will apply to the Form N-PORT and Form N-CEN Support Services in the same way as such provisions apply to all other services under the Agreement.

4. Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in full force and effect. This Amendment, including <u>Exhibit 1,</u> is incorporated in its entirety into the Agreement, and this Amendment and said Agreement shall be read and interpreted together as the Agreement.

5. This Amendment shall be construed and the provisions thereof interpreted under and in accordance with the laws of The Commonwealth of Massachusetts, without regard to its conflicts of laws provisions.

6. This Amendment may be executed in separate counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

[*Remainder of page intentionally left blank*]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their officers designated below as of the date first written above.

**Each of the Investment Companies** 

**Listed On Exhibit A TO THE AGREEMENT**

By: <u>/s/ Lori A. Hensler</u>

Name: Lori A. Hensler

Title: Treasurer

**STATE STREET BANK AND TRUST COMPANY**

By: <u>/s/ Andrew Erickson</u>

Name: Andrew Erickson

Title: Executive Vice President

**Schedule A**

**List of TRusts AND FUNDS** 

**Federated Hermes Adjustable Rate Securities Trust:**

**Federated Hermes Equity Income Fund, Inc.** 

**Federated Hermes Global Allocation Fund**

**Federated Hermes Government Income Securities, Inc.**

**Federated Hermes Government Income Trust**

**Federated Hermes High Income Bond Fund, Inc.**

**Federated Hermes Total Return Government Bond Fund** 

**Federated Hermes Short-Term Government Trust**

**Federated Hermes Short-Intermediate Government Trust**

**Federated Hermes Core Trust:**

Bank Loan Core Fund

Mortgage Core Fund

High Yield Bond Core Fund

Emerging Markets Core Fund

**Federated Hermes Core Trust III:**

Federated Hermes Project and Trade Finance Core Fund

**Federated Hermes Equity Funds:**

Federated Hermes Clover Small Value Fund

Federated Hermes Kaufmann Fund

Federated Hermes Kaufmann Large Cap Fund

Federated Hermes Kaufmann Small Cap Fund

Federated Hermes MDT Mid Cap Growth Fund

Federated Hermes Prudent Bear Fund

**Federated Hermes Fixed Income Securities, Inc.:**

Federated Hermes Strategic Income Fund

**Federated Hermes High Yield Trust**

Federated Hermes Equity Advantage Fund

Federated Hermes High Yield Trust

**Federated Hermes Income Securities Trust:**

Federated Hermes Capital Income Fund

Federated Hermes Floating Rate Strategic Income Fund

Federated Hermes Fund for U.S. Government Securities

Federated Hermes Intermediate Corporate Bond Fund

Federated Hermes Real Return Bond Fund

Federated Hermes Short-Term Income Fund

**Federated Hermes Institutional Trust:**

Federated Hermes Government Ultrashort Duration Fund

Federated Hermes Institutional High Yield Bond Fund

Federated Hermes Short-Intermediate Total Return Bond Fund

**Federated Hermes Insurance Series:**

Federated Hermes Managed Tail Risk Fund II

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes High Income Bond Fund II

Federated Hermes Kaufmann Fund II

Federated Hermes Managed Volatility Fund II

Federated Hermes Government Money Fund II

Federated Hermes Quality Bond Fund II

**Federated Hermes Investment Series Funds, Inc.:**

Federated Hermes Corporate Bond Fund

**Federated Hermes Managed Pool Series:**

Federated Hermes Corporate Bond Strategy Portfolio

Federated Hermes High-Yield Strategy Portfolio

Federated Hermes Mortgage Strategy Portfolio

 

**Federated Hermes MDT Series:**

Federated Hermes MDT All Cap Core Fund

Federated Hermes MDT Balanced Fund

Federated Hermes MDT Large Cap Growth Fund

Federated Hermes MDT Small Cap Growth Fund

Federated Hermes MDT Small Cap Core Fund

**Federated Hermes Project and Trade Finance Tender Fund**

**Federated Hermes Total Return Series, Inc.:**

Federated Hermes Select Total Return Bond Fund

Federated Hermes Total Return Bond Fund

Federated Hermes Ultrashort Bond Fund

**Money Market Obligations Trust:**

Federated Hermes California Municipal Cash Trust

Federated Hermes Georgia Municipal Cash Trust

Federated Hermes Government Obligations Fund

Federated Hermes Massachusetts Municipal Cash Trust

Federated Hermes Institutional Money Market Management

Federated Hermes Municipal Obligations Fund

Federated Hermes New York Municipal Cash Trust

Federated Hermes Pennsylvania Municipal Cash Trust

Federated Hermes Prime Cash Obligations Fund

Federated Hermes Institutional Prime Obligations Fund

Federated Hermes Institutional Prime Value Obligations Fund

Federated Hermes Tax-Free Obligations Fund

Federated Hermes Institutional Tax-Free Cash Trust

Federated Hermes Treasury Obligations Fund

Federated Hermes Trust for U.S. Treasury Obligations

Federated Hermes Virginia Municipal Cash Trust

**<u>EXHIBIT 1</u>**

FINANCIAL ADMINISTRATION

**AND ACCOUNTING SERVICES AGREEMENT**

**Schedule** **B**

**LIST OF SERVICES**

I. Fund Administration Treasury Services as described in Schedule B1 attached hereto;

II. Fund Administration Accounting Services as described in Schedule B2 attached hereto;

III. [Reserved];

IV. [Reserved];

V. [Reserved]; and

VI. Form N-PORT and Form N-CEN Support Services as described in Schedule B6 attached hereto.

**Schedule B1**

**<u>Fund Administration Treasury Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare for the review by designated officer(s) of the Trusts' financial information that will be included in the Trusts' semi-annual and annual shareholder reports (which shall also be subject to review by the Trusts' legal counsel), and other quarterly reports (as mutually agreed upon), including tax footnote disclosures where applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Coordinate the audit of the Trusts' financial statements by the Trusts' independent accountants, including the preparation of supporting audit workpapers and other schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Prepare for the review by designated officer(s) of the Trusts financial information required by Form N-1A, Form N-SAR, Form N-Q, Form N-CSR, Form N-PORT, and Form N-CEN (as applicable), proxy statements and such other reports, forms or filings as may be mutually agreed upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Prepare for the review by designated officer(s) of the Trusts annual fund expense budgets, perform accrual analyses and roll-forward calculations and recommend changes to fund expense accruals on a periodic basis, arrange for payment of the Trusts' expenses, review calculations of fees paid to the Trusts' investment adviser, custodian, fund accountant, distributor and transfer agent, and obtain authorization of accrual changes and expense payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Provide periodic testing of the Trusts with respect to compliance with the Internal Revenue Code's mandatory qualification requirements, the requirements of the 1940 Act and limitations for the Trusts contained in the Registration Statements for the Trusts as may be mutually agreed upon, including quarterly compliance reporting to the designated officer(s) of the Trusts as well as preparation of Board compliance materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Prepare and furnish total return performance information, fund performance statistics including SEC yields, and distribution yields for the Trusts, including such information on an after-tax basis, calculated in accordance with applicable U.S. securities laws and regulations, as may be reasonably requested by Trust management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Prepare and disseminate vendor survey information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Prepare and coordinate the filing of Rule 24f-2 notices, including coordination of payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Provide sub-certificates in connection with the certification requirements of the Sarbanes-Oxley Act of 2002 with respect to the services provided by the Administrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Maintain certain books and records of the Trusts as required under Rule 31a-1(b) of the 1940 Act, as may be mutually agreed upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Prepare reports, including media questionnaires and mutual fund publication surveys, relating to the business and affairs of the Trust as may be mutually agreed upon and not otherwise prepared by the Trust's investment adviser, custodian, legal counsel or independent accountants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Prepare fund income forecasts and submit for approval by officers of the Trust, recommendations for fund income dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Maintain continuing awareness of significant emerging regulatory and legislative developments which may affect the Trust, and provide related planning assistance where requested or appropriate;

**Schedule B2**

**<u>Fund Administration Accounting Services</u>**

1. <u>Books of Account</u>. Maintain the books of account of the Trusts and perform the following duties in the manner prescribed by the respective Trust's currently effective prospectus, statement of additional information or other governing document, copies of which have been certified by the Secretary of the Funds and supplied to the Accounting Agent (a "Governing Document") (including the procedures established in the Service Level Agreement):

a. Value the assets of each Portfolio using: primarily, market quotations (including the use of matrix pricing) supplied by the independent pricing services selected by the Accounting Agent in consultation with the Trust's investment adviser (the "Adviser") and approved by the Board; secondarily, if a designated pricing service does not provide a price for a security that the Accounting Agent believes should be available by market quotation, the Accounting Agent may obtain a price by calling brokers designated by the Adviser, or if the Adviser does not supply the names of such brokers, the Accounting Agent will attempt on its own to find brokers to price the security, subject to approval by the Adviser; thirdly, for securities for which no market price is available, the Valuation Committee overseen by the Board (the "Committee") will determine a fair value in good faith; or fourthly, such other procedures as may be adopted by the Board. Consistent with Rule 2a-4 under the 1940 Act, estimates may be used where necessary or appropriate. The Accounting Agent is not the guarantor of the accuracy of the securities prices received from such pricing agents and the Accounting Agent is not liable to the Trusts for errors in valuing a Portfolio's assets or calculating the net asset value (the ''NAV") per share of such Portfolio or class when the calculations are based upon inaccurate prices provided by pricing agents. The Accounting Agent will provide daily to the Adviser the security prices used in calculating the NAV of each Portfolio, for its use in preparing exception reports for those prices on which the Adviser has a comment. Further, upon receipt of the exception reports generated by the Adviser, the Accounting Agent will diligently pursue communication regarding exception reports with the designated pricing agents;

b. Determine the NAV per share of each Portfolio and/or class, at the time and in the manner from time to time determined by the Board and as set forth in the Prospectus of such Portfolio;

c. Prepare the daily mark-to-market reports and analysis incompliance with Rule 2a-7 for each of the money market portfolios.

d. Calculate the net income of each of the Portfolios, if any;

f. Calculate realized capital gains or losses of each of the Portfolios resulting from sale or disposition of assets, if any;

g. Calculate the expense accruals for each fund/class of shares;

h. Determine the dividend factor for all daily dividend funds;

i. Maintain the general ledger and other accounts, books and financial records of the Trust, including for each Portfolio, as required under Section 3l(a) of the 1940 Act and the rules thereunder in connection with the services provided by State Street;

J. At the request of the Trust, prepare various reports or other financial documents in accordance with generally accepted accounting principles as required by federal, state and other applicable laws and regulations; and

k. Such other similar services as may be reasonably requested by the Trust.

The Trusts shall provide timely prior notice to the Accounting Agent of any modification in the manner in which such calculations are to be performed as prescribed in any revision to the Trusts' Governing Document. The Accounting Agent shall not be responsible for any revisions to the manner in which such calculations are to be performed unless such revisions are communicated in writing to the Accounting Agent.

**SCHEDULE B6**

**Form N-PORT (the "Form N-PORT Services") and Form N-CEN (the "Form N-CEN Services") Support Services (collectively, the "Form N-PORT and Form N-CEN Services" or the "Services")** 

I. **<u>Services</u>**.

**(a)** **<u>Data Only N-PORT and N-CEN Solution (Aggregation of Data and Standard Report Delivery). No Filing</u>**<u>.</u>

* Subject to the receipt of all required data, documentation, assumptions, information and assistance
from the Trusts (including from any third parties with whom the Trust will need to coordinate in order to produce such data, documentation,
and information), the Administrator will use required data, documentation, assumptions, information and assistance from the Trusts, the
Administrator's internal systems and, in the case of Trusts not administered by the Administrator or its affiliates, third party
Trust administrators or other data providers, including but not limited to Third Party Data (as defined below) (collectively, the "Required
Data") to perform necessary data aggregations and calculations and prepare, as applicable: (i) agreed upon data required for the
submission of Form N-PORT and any forms adopted to replace such forms on a monthly basis or as otherwise necessary ("Form N-PORT
Data") and (ii) agreed upon data required for the submission of Form N-CEN and any forms adopted to replace such forms on an annual
basis or as otherwise necessary ("Form N-CEN Data").

* The Administrator, at the direction of and on behalf of each Trust, will electronically submit the completed Form NPORT Data and completed Form N-CEN Data to (i) each Trust, as relevant and/or (ii) the third-party filing agent for, and as designed from time to time in writing by, the Trusts (the "Agent(s)"), and will provide reasonable cooperation to the relevant Trust as reasonably requested by such Trust with respect to the Form N-PORT Data and Form N-CEN Data.

* Each Trust acknowledges and agrees that it will be responsible for (i) reviewing and approving
each such Form N-PORT Data and Form N-CEN Data, (ii) incorporating such information into such Trust's filing mechanism, and (iii)
producing an .XML file and filing such Form N-PORT Data and Form N-CEN Data with the SEC.

The Form N-PORT Data will be provided with respect to each Trust and each Fund of the Trusts as set forth in the attached <u>Annex 1</u>, which shall be executed by State Street and each Trust. The Form N-CEN Data will be provided with respect to each Trust as set forth in the attached <u>Annex 1</u>. <u>Annex 1</u> may be updated from time to time upon the written request of each Trust and by virtue of an updated <u>Annex 1</u> that is signed by all parties.

(b) **<u>Quarterly Portfolio of Investments Services</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Subject to the receipt of all Required Data, and as a component of the Services, the Administrator will use such Required Data from each Trust, State Street's internal systems, and other data providers to prepare a draft portfolio of investments (the "Portfolio of Investments"), compliant with GAAP, as of each Trusts' first and third fiscal quarter-ends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Trust acknowledges and agrees that it will be responsible for (i) reviewing and approving each such Portfolio of Investments, (ii) incorporating such information into such Trust's filing mechanism, (iii) attaching each of its Portfolio of Investments to its first and third fiscal quarter-end N-PORT filings, and (iv) submitting such Portfolios of Investments as part of such N-PORT filings electronically to the SEC.

(c) **<u>Liquidity Risk Measurement Services</u>: *Not Applicable*.**

**<u>II. Trust Duties, Representations and Covenants in Connection with the Services</u>**<u>.</u>

The provision of the Services to each Trust by State Street is subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The parties acknowledge and agree on the following matters:

The Services depend, directly or indirectly, on: (i) Required Data and (ii) information concerning each Trust or its affiliates or any Fund, pooled vehicle, security or other investment or portfolio regarding which each Trust or its affiliates provide services or is otherwise associated ("Trust Entities") that is generated or aggregated by State Street or its affiliates in connection with services performed on each Trust's behalf or otherwise prepared by State Street ("State Street Data," together with Required Data and Third Party Data (as defined below), "Services-Related Data"). State Street's obligations, responsibilities and liabilities with respect to any State Street Data used in connection with other services received by each Trust shall be as provided in such respective other agreements between State Street or its affiliates and each Trust relating to such other services (e.g., administration and/or custody services, etc.) from which the State Street Data is derived or sourced ("Other Trust Agreements"). Nothing in this Agreement or any service schedule(s) shall limit or modify State Street's or its affiliates' obligations to each Trust under the Other Trust Agreements.

In connection with the provision of the Services by State Street, each Trust acknowledges and agrees that it will be responsible for providing State Street with any information requested by State Street, including, but not limited to, the following:

(A) Arranging for the regular provision of all Required Data (including State Street Data, where applicable) and related information to State Street, in formats compatible with Administrator-provided data templates including, without limitation, Required Data and the information and assumptions required by State Street in connection with a Trust reporting profile and onboarding checklist, as it, or the information or assumptions required, may be revised at any time by State Street, in its discretion (collectively, the "Onboarding Checklist") and such other forms and templates as may be used by State Street for such purposes from time to time, for all Trusts and/or Funds receiving services under this Agreement, including but not limited to those to be reported on Form N-PORT and Form N-CEN (as determined by each Trust), including, without limitation, arranging for the provision of data from each Trust, its affiliates, third party administrators, prime brokers, custodians, and other relevant parties. If and to the extent that Required Data is already accessible to State Street (or any of its affiliates) in its capacity as administrator to one or more Trusts, State Street and each Trust will agree on the scope of the information to be extracted from State Street's or any of its affiliate's systems for purposes of State Street's provision of the Services, subject to the discretion of State Street, and State Street is hereby expressly authorized to use any such information as necessary in connection with providing the Services hereunder; and

(B) Providing all required information and assumptions not otherwise included in Trust data and assumptions provided pursuant to Section 1(A) above, including but not limited to the Required Data, as may be required in order for State Street to provide the Services.

The following are examples of certain types of information that each Trust is likely to be required to provide pursuant to Sections 1(A) and 1(B) above, and each Trust hereby acknowledges and understands that the following categories of information are merely illustrative examples, are by no means an exhaustive list of all such required information, and are subject to change as a result of any amendments to Form N-PORT and Form N-CEN:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEC filing classification of each Trust (i.e., small or large filer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Identification of any data sourced from third parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Identification of any securities reported as Miscellaneous.

2. Each Trust acknowledges that it has provided to State Street all material assumptions used by each Trust or that are expected to be used by each Trust in connection with the completion of the Services, and that it has approved all material assumptions used by State Street in the provision of the Services prior to the first use of the Services. Each Trust will also be responsible for promptly notifying State Street of any changes in any such material assumptions previously notified to State Street by each Trust or otherwise previously approved by each Trust in connection with State Street's provision of the Services. Each Trust acknowledges that the completion of the Services, and the data required thereby, requires the use of material assumptions in connection with many different categories of information and data, and the use and/or reporting thereof, including, but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment classification of positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions necessary in converting data extracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· General operational and process assumptions used by State Street in performing the Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions specific to each Trust.

Each Trust hereby acknowledges and understands that the foregoing categories of information that may involve the use of material assumptions are merely illustrative examples of certain subject matter areas in relation to which each Trust (and/or State Street on its behalf in connection with the Services) may rely on various material assumptions, and are by no means an exhaustive list of all such subject matter areas.

3. Each Trust acknowledges and agrees on the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each Trust has independently reviewed the Services (including, without limitation, the assumptions, market data, securities prices, securities valuations, tests and calculations used in the Services), and each Trust has determined that the Services are suitable for its purposes. None of State Street or its affiliates, nor their respective officers, directors, employees, representatives, agents or service providers (collectively, including State Street, "State Street Parties") make any express or implied warranties or representations with respect to the Services or otherwise.

(B) Each Trust assumes full responsibility for complying with all securities, tax, commodities and other laws, rules and regulations applicable to it. State Street is not providing, and the Services do not constitute, legal, tax, investment, or regulatory advice, or accounting or auditing services advice. Unless otherwise agreed to in writing by the parties to this Agreement, the Services are of general application and State Street is not providing any customization, guidance, or recommendations. Where each Trust uses Services to comply with any law, regulation, agreement, or other Trust obligation, State Street makes no representation that any Service complies with such law, regulation, agreement, or other obligation, and State Street has no obligation of compliance with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Each Trust may use the Services and any reports, charts, graphs, data, analyses and other results generated by State Street in connection with the Services and provided by State Street to each Trust ("Materials") (a) for the internal business purpose of each Trust relating to the applicable Service or (b) for submission to the U.S. Securities and Exchange Commission, as required, of a Form N-PORT template and a Form N-CEN update. Each Trust may also redistribute the Materials, or an excerpted portion thereof, to its investment managers, investment advisers, agents, clients, investors or participants, as applicable, that have a reasonable interest in the Materials in connection with their relationship with each Trust (each a "Permitted Person"); provided, however, (i) each Trust may not charge a fee, profit, or otherwise benefit from the redistribution of Materials to Permitted Persons, (ii) data provided by third party sources such as but not limited to market or index data ("Third Party Data") contained in the Materials may not be redistributed other than Third Party Data that is embedded in the calculations presented in the Materials and not otherwise identifiable as Third Party Data, except to the extent each Trust has separate license rights with respect to the use of such Third Party Data, or (iii) each Trust may not use the Services or Materials in any way to compete or enable any third party to compete with State Street. No Permitted Person shall have any further rights of use or redistribution with respect to, or any ownership rights in, the Materials or any excerpted portion thereof.

Except as expressly provided in this Section 3(C), each Trust, any of its affiliates, or any of their respective officers, directors, employees, investment managers, investment advisers, agents or any other third party, including any client of, or investor or participant in each Trust or any Permitted Persons (collectively, including each Trust, "Trust Parties"), may not directly or indirectly, sell, rent, lease, license or sublicense, transmit, transfer, distribute or redistribute, disclose display, or provide, or otherwise make available or permit access to, all or any part of the Services or the Materials (including any State Street Data or Third Party Data contained therein, except with respect to Third Party Data to the extent each Trust has separate license rights with respect to the use of such Third Party Data). Without limitation, Trust Parties shall not themselves nor permit any other person to in whole or in part (i) modify, enhance, create derivative works, reverse engineer, decompile, decompose or disassemble the Services or the Materials; (ii) make copies of the Services, the Materials or portions thereof; (iii) secure any source code used in the Services, or attempt to use any portions of the Services in any form other than machine readable object code; (iv) commercially exploit or otherwise use the Services or the Materials for the benefit of any third party in a service bureau or software-as-a-service environment (or similar structure), or otherwise use the Services or the Materials to perform services for any third party, including for, to, or with consultants and independent contractors; or (v) attempt any of the foregoing or otherwise use the Services or the Materials for any purpose other than as expressly authorized under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Each Trust shall limit the access and use of the Services and the Materials by any Trust Parties to a need-to-know basis and, in connection with its obligations under this Agreement, each Trust shall be responsible and liable for all acts and omissions of any Trust Parties.

(E) The Services, the Materials and all confidential information of State Street (as confidential information is defined in the Agreement and other than Third Party Data and Required Data), are the sole property of State Street. Each Trust has no rights or interests with respect to all or any part of the Services, the Materials or State Street's confidential information, other than its use and redistribution rights expressly set forth in Section 3(C) herein. Each Trust automatically and irrevocably assigns to State Street any right, title or interest that it has, or may be deemed to have, in the Services, the Materials or State Street's confidential information, including, for the avoidance of doubt and without limitation, any Trust Party feedback, ideas, concepts, comments, suggestions, techniques or know-how shared with State Street (collectively, "Feedback") and the State Street Parties shall be entitled to incorporate any Feedback in the Services or the Materials or to otherwise use such Feedback for its own commercial benefit without obligation to compensate each Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) State Street may rely on Services-Related Data used in connection with the Services without independent verification. Services-Related Data used in the Services may not be available or may contain errors, and the Services may not be complete or accurate as a result.

*[Remainder of Page Intentionally Left Blank]*

**<u>ANNEX I to SCHEDULE B6</u>**

**Each of the Investment Companies**

**Listed On Exhibit A**

Further to the Amendment dated as of March 6, 2018, effective as of March 1, 2018, to the Financial Administration and Accounting Services Agreement dated as of March 1, 2011, by and among each of the investment companies listed on Exhibit A thereto (each, a "Trust") and State Street Bank and Trust Company (the "State Street"), the Trusts and State Street mutually agree to update this <u>Annex 1</u> effective January 25, 2021 as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Form N-PORT Services** | &nbsp;&nbsp;**Service Type** |
| &nbsp;&nbsp; **FEDERATED HERMES ADJUSTABLE RATE SECURITIES FUND** <br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; **FEDERATED HERMES EQUITY INCOME FUND, INC.** <br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; **FEDERATED HERMES GLOBAL ALLOCATION FUND**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; **FEDERATED HERMES GOVERNMENT INCOME SECURITIES, INC.**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; **FEDERATED HERMES GOVERNMENT INCOME FUND**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; **FEDERATED HERMES HIGH INCOME BOND FUND, INC.**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; **FEDERATED HERMES TOTAL RETURN GOVERNMENT BOND FUND** <br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; **FEDERATED HERMES SHORT TERM GOVERNMENT FUND**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; **FEDERATED HERMES SHORT-INTERMEDIATE GOVERNMENT FUND**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; **FEDERATED HERMES CORE TRUST**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Bank Loan Core Fund<br> Mortgage Core Fund<br> High Yield Bond Core Fund<br> Emerging Markets Core Fund<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; **FEDERATED HERMES CORE TRUST III**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Project and Trade Finance Core Fund<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; **FEDERATED HERMES EQUITY FUNDS**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Federated Hermes Clover Small Value Fund<br> Federated Hermes Kaufmann Fund<br> Federated Hermes Kaufmann Large Cap Fund<br> Federated Hermes Kaufmann Small Cap Fund<br> Federated Hermes MDT Mid Cap Growth Fund<br> Federated Hermes Prudent Bear Fund | &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; **FEDERATED HERMES FIXED INCOME SECURITIES, INC.**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Federated Hermes Strategic Income Fund<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; <br> **FEDERATED HERMES HIGH YIELD TRUST**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Federated Hermes Opportunistic High Yield Bond Fund<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; **FEDERATED HERMES INCOME SECURITIES TRUST**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Federated Hermes Capital Income Fund<br> Federated Hermes Floating Rate Strategic Income Fund<br> Federated Hermes Fund for U.S. Government Securities<br> Federated Hermes Intermediate Corporate Bond Fund<br> Federated Hermes Real Return Bond Fund<br> Federated Hermes Short-Term Income Fund<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; **FEDERATED HERMES INSTITUTIONAL TRUST**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Federated Hermes Government Ultrashort Duration Fund<br> Federated Hermes Institutional High Yield Bond Fund<br> Federated Hermes Short-Intermediate Total Return Bond Fund<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; <br> **FEDERATED HERMES INSURANCE SERIES**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Federated Hermes Fund for U.S. Government Securities II<br> Federated Hermes High Income Bond Fund II<br> Federated Hermes Kaufmann Fund II<br> Federated Hermes Managed Volatility Fund II<br> Federated Hermes Quality Bond Fund II<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; **FEDERATED HERMES INVESTMENT SERIES FUNDS, INC.**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY**<br>|
| &nbsp;&nbsp;Federated Hermes Corporate Bond Fund | &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; **FEDERATED HERMES MANAGED POOL SERIES**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Federated Hermes Corporate Bond Strategy Portfolio<br> Federated Hermes High-Yield Strategy Portfolio<br> Federated Hermes Mortgage Strategy Portfolio<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; **FEDERATED HERMES MDT SERIES**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Federated Hermes MDT All Cap Core Fund<br> Federated Hermes MDT Balanced Fund<br> Federated Hermes MDT Large Cap Growth Fund<br> Federated Hermes MDT Small Cap Growth Fund<br> Federated Hermes MDT Small Cap Core Fund<br> Federated Hermes Project and Trade Finance Tender Fund<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; **FEDERATED HERMES TOTAL RETURN SERIES, INC.**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Federated Hermes Select Total Return Bond Fund<br> Federated Hermes Total Return Bond Fund<br> Federated Hermes Ultrashort Bond Fund<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp;FEDERATED HERMES ADVISER SERIES | &nbsp;&nbsp;**Standard N-PORT and N-CEN Reporting Solution (Data ONLY)** |
| &nbsp;&nbsp; Federated Hermes Conservative Municipal Microshort Fund<br> Federated Hermes Conservative Microshort Fund | &nbsp;&nbsp;**(Data ONLY)** |

---

---

| |
|:---|
| &nbsp;&nbsp; <br> **Form N-CEN Services** |
| &nbsp;&nbsp; **FEDERATED HERMES ADJUSTABLE RATE SECURITIES FUND**<br> **FEDERATED HERMES EQUITY INCOME FUND, INC.** <br> **FEDERATED HERMES GLOBAL ALLOCATION FUND**<br> **FEDERATED HERMBES GOVERNMENT INCOME SECURITIES, INC.**<br> **FEDERATED HERMES GOVERNMENT INCOME TRUST**<br> **FEDERATED HERMES HIGH INCOME BOND FUND, INC.**<br> **FEDERATED HERMES TOTAL RETURN GOVERNMENT BOND FUND** <br> **FEDERATED HERMES SHORT-TERM GOVERNMENT FUND**<br> **FEDERATED HERMES SHORT-INTERMEDIATE GOVERNMENT FUND**<br> **FEDERATED HERMES CORE TRUST**<br> **FEDERATED HERMES CORE TRUST III**<br> **FEDERATED HERMES EQUITY FUNDS**<br> **FEDERATED HERMES FIXED INCOME SECURITIES, INC.**<br> **FEDERATED HERMES HIGH YIELD TRUST**<br> **FEDERATED HERMES INCOME SECURITIES TRUST**<br> **FEDERATED HERMES INSTITUTIONAL TRUST**<br> **FEDERATED HERMES INSURANCE SERIES**<br> **FEDERATED HERMES INVESTMENT SERIES FUNDS, INC.**<br> **FEDERATED HERMES MANAGED POOL SERIES**<br> **FEDERATED HERMES MDT SERIES**<br> **FEDERATED HERMES TOTAL RETURN SERIES, INC.**<br> **FEDERATED HERMES ADVISER SERIES**<br>|

---

IN WITNESS WHEREOF, the undersigned, by their authorized representatives, have executed this <u>Annex 1</u> as of the last signature date set forth below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**EACH OF THE INVESTMENT COMPANIES LISTED ON EXHIBIT A TO THE AGREEMENT** | &nbsp;&nbsp;**STATE STREET BANK AND TRUST COMPANY** |
| &nbsp;&nbsp;By: <u>/s/ Lori A. Hensler</u> | &nbsp;&nbsp;By: <u>/s/ Stephanie Mansfield</u> |
| &nbsp;&nbsp;Name: Lori A. Hensler | &nbsp;&nbsp;Name: Stephanie Mansfield |
| &nbsp;&nbsp;Title: Treasurer | &nbsp;&nbsp;Title: Managing Director |
| &nbsp;&nbsp;Date: January 27, 2021 | &nbsp;&nbsp;Date: January 27, 2021 |

---

**<u>AMENDMENT</u>**

The terms of this AMENDMENT ("Amendment") made and effective as of April 1, 2020 will apply to each agreement listed on <u>Appendices 1-A through 1-F</u> hereto (each, an "Agreement" and collectively, the "Agreements") by and between STATE STREET BANK AND TRUST COMPANY and STATE STREET CUSTODIAL SERVICES (IRELAND) LIMITED, as applicable ("State Street") and the counterparty or counterparties to each Agreement identified on <u>Appendices 1-A through 1-F</u> hereto ("Federated Entities", collectively with State Street, the "Parties").

WHEREAS, pursuant to the Agreements, State Street has been performing, *inter alia*, custody, accounting, depositary, and/or other administration services for the Federated Entities; and

WHEREAS, the Parties wish to clarify State Street's Global Operating Model, as defined in Exhibit A.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Effective as of April 1, 2020, each Agreement shall be amended by incorporating the attached Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If any term or provision of an Agreement is contrary to or in conflict with the terms of this Amendment, this Amendment controls and such term or provision is modified or negated accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except as provided herein, no other terms or provisions of the Agreements shall be amended or modified by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

*[Signature pages follow]*

IN WITNESS WHEREOF, this Amendment, with respect to the Agreements listed on Appendix 1-A hereto, has been executed for and on behalf of the undersigned as of the day and year first written above.

**STATE STREET BANK AND TRUST COMPANY**

**By: <u>_/s/ Andrew Erickson</u>**

**Name: Andrew Erickson**

**Title: Executive Vice President**

**EACH OF THE FUNDS/MANAGEMENT INVESTMENT COMPANIES LISTED ON APPENDIX A/EXHIBIT 1 OF EACH RELEVANT AGREEMENT**

**By: <u>Lori A. Hensler</u>**

**Name: Lori A. Hensler**

**Title: Treasurer**

IN WITNESS WHEREOF, this Amendment, with respect to the Agreements listed on Appendix 1-B hereto, has been executed for and on behalf of the undersigned as of the day and year first written above.

**STATE STREET BANK AND TRUST COMPANY**

**By: <u>Andrew Erickson</u>**

**Name: Andrew Erickson**

**Title: Executive Vice President**

**FEDERATED SERVICES COMPANY**

**By: <u>Richard A. Novak</u>**

**Name: Richard A. Novak**

**Title: Treasurer**

**FII HOLDINGS, INC.**

**By: <u>Richard A. Novak</u>**

**Name: Richard A. Novak**

**Title: Treasurer**

**FEDERATED INVESTORS TRUST COMPANY**

**By: <u>Lori A. Hensler</u>**

**Name: Lori A. Hensler**

**Title: Assistant Treasurer**

**FEDERATED INVESTMENT COUNSELING**

**By: <u>Richard A. Novak</u>**

**Name: Richard A. Novak**

**Title: Assistant Treasurer**

**FEDERATED INTERNATIONAL MANAGEMENT LIMITED**

**By: <u>Richard A. Novak</u>**

**Name: Richard A. Novak**

**Title: Assistant Company Secretary**

IN WITNESS WHEREOF, this Amendment, with respect to the Agreements listed on Appendix 1-C hereto, has been executed for and on behalf of the undersigned as of the day and year first written above.

**STATE STREET BANK AND TRUST COMPANY**

**By: <u>Andrew Erickson</u>**

**Name: Andrew Erickson**

**Title: Executive Vice President**

**FEDERATED HERMES, INC. (formerly Federated Investors, Inc.)**

**By: <u>Richard A. Novak</u>**

**Name: Richard A. Novak**

**Title: Assistant Treasurer**

**FEDERATED INVESTMENT COUNSELING**

**By: <u>Richard A. Novak</u>**

**Name: Richard A. Novak**

**Title: Assistant Treasurer**

**TEXAS TREASURY SAFEKEEPING TRUST COMPANY, as Trustee of the Trusts listed on Schedule 1 of each relevant Agreement**

**By: Federated Investment Counseling, as attorney-in-fact**

**By: <u>Richard A. Novak</u>**

**Name: Richard A. Novak**

**Title: Assistant Treasurer**

IN WITNESS WHEREOF, this Amendment, with respect to the Agreements listed on Appendix 1-D hereto, has been executed for and on behalf of the undersigned as of the day and year first written above.

**STATE STREET BANK AND TRUST COMPANY** 

**By: <u>Andrew Erickson</u>**

**Name: Andrew Erickson**

**Title: Executive Vice President**

**EACH OF THE FUNDS LISTED ON APPENDIX A/SCHEDULE A OF EACH RELEVANT AGREEMENT**

**By: <u>Lori A. Hensler</u>**

**Name: Lori A. Hensler**

**Title: Treasurer**

IN WITNESS WHEREOF, this Amendment, with respect to the Agreements listed on Appendix 1-E hereto, has been executed for and on behalf of the undersigned as of the day and year first written above.

**STATE STREET BANK AND TRUST COMPANY**

**By: <u>Andrew Erickson</u>**

**Name: Andrew Erickson**

**Title: Executive Vice President**

**FEDERATED REDWOOD TRADE FINANCE FUND, L.P.**

**By: <u>Lori A. Hensler</u>**

**Name: Lori A. Hensler**

**Title: Authorized Person**

**EACH OF THE FUNDS LISTED ON APPENDIX A OF EACH RELEVANT AGREEMENT**

**By: <u>Lori A. Hensler</u>**

**Name: Lori A. Hensler**

**Title: Authorized Person**

IN WITNESS WHEREOF, this Amendment, with respect to the Agreements listed on Appendix 1-F hereto, has been executed for and on behalf of the undersigned as of the day and year first written above.

**STATE STREET CUSTODIAL SERVICES (IRELAND) LIMITED**

**By: <u>Andrew Erickson</u>**

**Name: Andrew Erickson**

**Title: Executive Vice President**

**ICBC FEDERATED FUNDS ICAV**

**By: <u>Gregory P. Dulski</u>**

**Name: Gregory P. Dulski**

**Title: Director**

**Exhibit A**

For purposes of this Exhibit A:

**"Agreement**" shall mean this Agreement or Contract as the context requires.

**"Client"** shall mean the Federated Entity or Entities receiving services pursuant to this Agreement.

**"Global Operating Model"** shall mean the global network that conducts State Street's business in multiple locations across North America, Europe and Asia with significant operational hubs in China, India and Poland, using automated processes and established globally consistent procedures, controls and training.

**"State Street**" shall mean the relevant State Street entity performing services pursuant to this Agreement.

<u>DELEGATION</u>

1. <u>Delegation</u>. Subject to Sections ‎2 and 3 below, and unless otherwise limited by this Agreement, State Street shall have the right to employ agents, subcontractors, consultants and other third parties, whether affiliated or unaffiliated, to provide or assist it in the provision of all or any part of the services performed pursuant to this Agreement (each, a "Delegate" and collectively, the "Delegates") without the consent or approval of the Client. State Street shall be responsible for the services delivered by, and the acts and omissions of, any such Delegate as if State Street had provided such services and committed such acts and omissions itself. Unless otherwise agreed in a Fee Schedule approved in writing by the Client, State Street shall be responsible for the compensation of its Delegates.

2. State Street will provide the Client with information regarding its Global Operating Model for the delivery of the services on a quarterly basis, which information shall include the identities of Delegates that perform or may perform all or any part of material services, and the locations from which such Delegates perform services, as well as such other information about its Delegates as the Client may reasonably request from time to time.

3. State Street will provide Client with 60 days' prior written notice of its intention to (i) establish a Delegate in a new location from which services will be performed and (ii) transfer services from one Delegate to another, when the Delegate does not already perform the services being transferred. Notwithstanding the foregoing commitment, State Street shall have no obligation to provide prior notice of any delegation or use of a legal entity or location on an emergency or temporary basis to the extent necessary to allow State Street to continue to provide the services during any period when State Street or any Delegate is experiencing a service interruption, outage or similar limitation (including a Force Majeure Event). In any such event, State Street shall notify the Client as soon as reasonably practicable of such temporary delegation or service location and shall take reasonable steps to return such services to the prior affiliate or such other previously notified location as soon as reasonably possible consistent with maintaining continuity of the services.

4. Nothing in this Section shall limit or restrict State Street's right to use affiliates or third parties to perform or discharge, or assist it in the performance or discharge, of any obligations or duties under this Agreement other than the provision of the services.

<u>USE OF DATA</u>

1. In connection with the provision of the services and the discharge of its other obligations under this Agreement, State Street (which term for purposes of this Section includes each of its parent company, branches and affiliates ("Affiliates")) may collect and store information regarding the Client and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary to (i) carry out the provision of services contemplated under this Agreement and other agreements between the Client and State Street or any of its Affiliates and (ii) carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management. State Street will not, without the prior agreement of the Client, provide access to Client data to third parties for their commercial use.

2. Client data may be accessed by any of State Street's affiliated operating locations which have controls designed to promote the security and confidentiality of data. All State Street affiliates, including State Street's global process centers, have consistent controls.

3. State Street remains contractually responsible for the protection of Client data while it is on its, its Affiliates' or its Delegates' systems including those owned by third party vendors. State Street conducts due diligence and ongoing monitoring of its Affiliates, Delegates and third party vendors to assess whether a control environment equivalent or superior to that maintained by State Street on its own systems is applied by such Affiliates, Delegates or third party vendors. State Street also reviews its Affiliates', Delegates' and third party vendors' controls designed to promote the security and confidentiality of Client data.

4. Except as expressly contemplated by this Agreement, nothing in this Section shall limit the confidentiality and data-protection obligations, including any privacy, information security or business continuity obligations, of State Street and its Affiliates or Delegates under this Agreement and/or applicable law. State Street shall cause any Affiliate, agent, service provider or Delegate to which it has disclosed data pursuant to this Section to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

**Appendix 1-A**

**List of Agreements covered by this Amendment**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Federated Entity | &nbsp;&nbsp;State Street Entity | &nbsp;&nbsp;Agreement | &nbsp;&nbsp;Agreement Date |
| &nbsp;&nbsp;Each Fund listed on Appendix A | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Financial Administration and Accounting Services Agreement (Federated Funds) | &nbsp;&nbsp;March 1, 2011 |
| &nbsp;&nbsp;Each management investment company identified on Appendix A | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Amended and Restated Master Custodian Agreement (Federated Funds) | &nbsp;&nbsp;March 1, 2017 |
| &nbsp;&nbsp;Each Fund listed on Exhibit 1 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;SSGX Master Agreement | &nbsp;&nbsp; August 20, 2018<br>|

---

**Appendix 1-B**

**List of Agreements covered by this Amendment**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Federated Entity | &nbsp;&nbsp;State Street Entity | &nbsp;&nbsp;Agreement | &nbsp;&nbsp;Agreement Date |
| &nbsp;&nbsp;FII Holdings, Inc. | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Custodian Agreement | &nbsp;&nbsp;May 22, 2007 |
| &nbsp;&nbsp;Federated Investors Trust Company | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Custodian Contract | &nbsp;&nbsp;October 29, 2008 |
| &nbsp;&nbsp;Federated Investors Trust Company | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Financial Administration and Accounting Services Agreement | &nbsp;&nbsp;October 29, 2008 |
| &nbsp;&nbsp;Federated International Management Limited | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Services Agreement | &nbsp;&nbsp;July 24, 2018 |
| &nbsp;&nbsp;Federated Investment Counseling, Federated Services Company | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Amended and Restated Portfolio Accounting and Sub-Administrative Services Agreement | &nbsp;&nbsp;April 1, 2020 |
| &nbsp;&nbsp;Federated Investment Counseling | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Currency Management Agreement | &nbsp;&nbsp;August 31, 2018 |

---

**Appendix 1-C**

**List of Agreements covered by this Amendment**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Federated Entity | &nbsp;&nbsp;State Street Entity | &nbsp;&nbsp;Agreement | &nbsp;&nbsp;Agreement Date |
| &nbsp;&nbsp;Federated Investors, Inc./Texas Treasury | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Custodian Contract (TexPool) | &nbsp;&nbsp;April 5, 2002 |
| &nbsp;&nbsp;Federated Investment Counseling | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Master Sub-Administration Agreement (MMDT) | &nbsp;&nbsp;March 1, 2013 |
| &nbsp;&nbsp;Federated Investment Counseling | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Master Custodian Contract (MMDT) | &nbsp;&nbsp;March 1, 2013 |

---

**Appendix 1-D**

**List of Agreements covered by this Amendment**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Federated Entity | &nbsp;&nbsp;State Street Entity | &nbsp;&nbsp;Agreement | &nbsp;&nbsp;Agreement Date |
| &nbsp;&nbsp;Each of the funds listed on Schedule A | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Master Administration Agreement (Federated Prime Private Liquidity) | &nbsp;&nbsp;April 30, 2016 |
| &nbsp;&nbsp;Each of the funds listed on Appendix A | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Master Custodian Agreement (Federated Prime Private Liquidity) | &nbsp;&nbsp;April 30, 2016 |

---

**Appendix 1-E**

**List of Agreements covered by this Amendment**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Federated Entity | &nbsp;&nbsp;State Street Entity | &nbsp;&nbsp;Agreement | &nbsp;&nbsp;Agreement Date |
| &nbsp;&nbsp;Each Fund listed on Appendix A | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Master Administration Agreement (Redwood) | &nbsp;&nbsp;January 22, 2019 |
| &nbsp;&nbsp;Each Fund listed on Appendix A | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Master Custodian Agreement (Redwood) | &nbsp;&nbsp;January 22, 2019 |
| &nbsp;&nbsp;Federated Redwood Trade Finance Fund, L.P. | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Performance & Analytics Agreement | &nbsp;&nbsp;January 22, 2019 |

---

**Appendix 1-F**

**List of Agreements covered by this Amendment**

Federated Entity <u>State Street Entity</u> <u>Agreement</u> <u>Agreement Date</u> <br> <u>ICBC Federated Funds ICAV</u> <u>State Street Custodial Services (Ireland) Limited</u> <u>Depositary Agreement</u> <u>June 20, 2018</u> <br> <u>ICBC Federated Funds ICAV</u> <u>State Street Custodial Services (Ireland) Limited</u> <u>Administration Agreement</u> <u>June 20, 2018</u>

January 19, 2021

State Street Bank and Trust Company<br> 1 Iron Street<br> Boston, MA 02110<br> Attention: Andrea Griffin, Vice President

Re: <u>FEDERATED HERMES ADVISER SERIES (the "Trust")</u>

Ladies and Gentlemen:

Please be advised that the undersigned Trust has established new Funds to be known as Federated Hermes Conservative Municipal Microshort Fund, and Federated Hermes Conservative Microshort Fund, respectively (the "Funds").

In accordance with Section 1, the Appointment provision, of the Financial Administration and Accounting Services Agreement dated as of March 1, 2011, as amended, modified, or supplemented from time to time (the "Agreement"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("State Street"), the undersigned Trust hereby requests that State Street as Financial Administrator and Accounting Agent for the new Funds under the terms of the Agreement, and that Exhibit A to the Agreement is hereby amended and restated as set forth on Appendix A attached hereto. In connection with such request, the undersigned Trust hereby confirms, as of the date hereof, its representations and warranties set forth in Section II.B of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy of the Trust.

Sincerely,

**FEDERATED HERMES ADVISER SERIES**

on behalf of:

FEDERATED HERMES CONSERVATIVE MUNICIPAL MICROSHORT FUND, and

FEDERATED HERMES CONSERVATIVE MICROSHORT FUND

By: <u>/s/ Lori A. Hensler</u> 

Name: <u>Lori A. Hensler</u> 

Title: <u>Treasurer, Duly Authorized</u> 

**Agreed and Accepted:**

**STATE STREET BANK AND TRUST COMPANY**

By: <u>/s/ Stefanie Mansfield</u> 

Name: <u>Stefanie Mansfield</u> 

Title: <u>Managing Director, Duly Authorized</u> 

Effective Date: <u>January 19, 2021</u> 

September 1, 2021

State Street Bank and Trust Company

1Iron Street

Boston, MA 02110

Attention: Andrea Griffin, Vice President

Re: <u>FEDERATED HERMES ADVISER SERIES (the "Trust")</u>

Ladies and Gentlemen:

Please be advised that the undersigned Trust has established a new Fund to be known as Federated Hermes MDT Market Neutral Fund (the "Fund").

In accordance with Section 1, the Appointment provision, of the Financial Administration and Accounting Services Agreement dated as of March 1, 2011, as amended, modified, or supplemented from time to time (the "Agreement"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("State Street"), the undersigned Trust hereby requests that State Street act as Financial Administrator and Accounting Agent for the new Fund under the terms of the Agreement, and that Exhibit A to the Agreement is hereby amended and restated as set forth on Appendix A attached hereto. In connection with such request, the undersigned Trust hereby confirms, as of the date hereof, its representations and warranties set forth in Section II.B of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Trust.

Sincerely,

**FEDERATED HERMES ADVISER SERIES**

on behalf of:

**Federated Hermes MDT Market Neutral Fund**

By: <u>/s/Lori A. Hensler</u>

Name: <u>Lori A. Hensler</u>

Title: <u>Treasurer , Duly Authorized</u>

**Agreed and Accepted:**

**STATE STREET BANK AND TRUST COMPANY**

By: <u>/s/ Suzanne M. Hinckley</u>

Name: <u>Suzanne M. Hinckley</u>

Title: <u>Senior Vice President ,</u> Duly Authorized

Effective Date: <u>September 15, 2021</u> 

**EXHIBIT A**

**TO**

**FINANCIAL ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT DATED MARCH 1, 2011**

**(<u>Updated as of December 1, 2021</u>)**

<u>MANAGEMENT INVESTMENT COMPANIES REGISTERED WITH THE SEC AND PORTFOLIOS THEREOF, IF ANY</u>

Federated Hermes Equity Income Fund, Inc.

Federated Hermes Global Allocation Fund

Federated Hermes Government Income Securities, Inc.

**Federated Hermes Adjustable Rate Securities Trust:** 

Federated Hermes Adjustable Rate Fund

**Federated Hermes Adviser Series:**

Federated Hermes Conservative Municipal Microshort Fund

Federated Hermes Conservative Microshort Fund

Federated Hermes MDT Market Neutral Fund

**Federated Hermes Government Income Trust:**

Federated Hermes Government Income Fund

Federated Hermes High Income Bond Fund, Inc.

Federated Hermes Total Return Government Bond Fund

**Federated Hermes Short-Term Government Trust:**

Federated Hermes Short-Term Government Fund

**Federated Hermes Short-Intermediate Government Trust:**

Federated Short-Intermediate Government Fund

**Federated Hermes Core Trust:**

Bank Loan Core Fund

Mortgage Core Fund

High Yield Bond Core Fund

Emerging Markets Core Fund

**Federated Hermes Core Trust III:**

Project and Trade Finance Core Fund

**Federated Hermes Equity Funds:**

Federated Hermes Clover Small Value Fund

Federated Hermes Kaufmann Fund

Federated Hermes Kaufmann Large Cap Fund

Federated Hermes Kaufmann Small Cap Fund

Federated Hermes MDT Mid Cap Growth Fund

Federated Hermes Prudent Bear Fund

**Federated Hermes Fixed Income Securities, Inc.:**

Federated Hermes Strategic Income Fund

**Federated Hermes High Yield Trust**

Federated Hermes Opportunistic High Yield Bond Fund

**Federated Hermes Income Securities Trust:**

Federated Hermes Capital Income Fund

Federated Hermes Floating Rate Strategic Income Fund

Federated Hermes Fund for U.S. Government Securities

Federated Hermes Intermediate Corporate Bond Fund

\*Federated Hermes Inflation Protected Securities Fund (formerly Federated Hermes Real Return Bond Fund)

Federated Hermes Short-Term Income Fund

**Federated Hermes Institutional Trust:**

Federated Hermes Government Ultra Short Fund

Federated Hermes Institutional High Yield Bond Fund

Federated Hermes Short-Intermediate Total Return Bond Fund

**Federated Hermes Insurance Series:**

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes High Income Bond Fund II

Federated Hermes Kaufmann Fund II

Federated Hermes Managed Volatility Fund II

Federated Hermes Government Money Fund II

Federated Hermes Quality Bond Fund II

**Federated Hermes Investment Series Funds, Inc.:**

Federated Hermes Corporate Bond Fund

**Federated Hermes Managed Pool Series:**

Federated Hermes Corporate Bond Strategy Portfolio

Federated Hermes High-Yield Strategy Portfolio

Federated Hermes Mortgage Strategy Portfolio

**Federated Hermes MDT Series:**

Federated Hermes MDT All Cap Core Fund

Federated Hermes MDT Balanced Fund

Federated Hermes MDT Large Cap Growth Fund

Federated Hermes MDT Small Cap Growth Fund

Federated Hermes MDT Small Cap Core Fund

**Federated Hermes Project and Trade Finance Tender Fund**

**Federated Hermes Total Return Series, Inc.:**

Federated Hermes Select Total Return Bond Fund

Federated Hermes Total Return Bond Fund

Federated Hermes Ultrashort Bond Fund

**Federated Hermes Money Market Obligations Trust:**

Federated Hermes California Municipal Cash Trust

Federated Hermes Government Obligations Fund

Federated Hermes Institutional Money Market Management

Federated Hermes Municipal Obligations Fund

Federated Hermes New York Municipal Cash Trust

Federated Hermes Prime Cash Obligations Fund

Federated Hermes Institutional Prime Obligations Fund

Federated Hermes Institutional Prime Value Obligations Fund

Federated Hermes Tax-Free Obligations Fund

Federated Hermes Institutional Tax-Free Cash Trust

Federated Hermes Treasury Obligations Fund

Federated Hermes Trust for U.S. Treasury Obligations

[ ]

September 1, 2021

State Street Bank and Trust Company

1Iron Street

Boston, MA 02110

Attention: Andrea Griffin, Vice President

Re: FEDERATED HERMES ADVISER SERIES (the "Trust")

Ladies and Gentlemen:

Please be advised that the undersigned Trust has established a new Fund to be known as Federated Hermes MDT Market Neutral Fund (the "Fund").

In accordance with Section 1, the Appointment provision, of the Financial Administration and Accounting Services Agreement dated as of March 1, 2011, as amended, modified, or supplemented from time to time (the "Agreement"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("State Street"), the undersigned Trust hereby requests that State Street act as Financial Administrator and Accounting Agent for the new Fund under the terms of the Agreement, and that Exhibit A to the Agreement is hereby amended and restated as set forth on Appendix A attached hereto. In connection with such request, the undersigned Trust hereby confirms, as of the date hereof, its representations and warranties set forth in Section II.B of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Trust.

Sincerely,

FEDERATED HERMES ADVISER SERIES

on behalf of:

FEDERATED HERMES MDT MARKET NEUTRAL FUND

By: /s/Lori A. Hensler

Name: Lori A. Hensler

Title: Treasurer, Duly Authorized

Agreed and Accepted:

STATE STREET BANK AND TRUST COMPANY

By: /s/ Suzanne M. Hinckley

Name: Suzanne M. Hinckley

Title: Senior Vice President, Duly Authorized

Effective Date: September 15, 2021

**[FEDERATED HERMES LETTERHEAD]**

December 1, 2023

State Street Bank and Trust Company

One Congress Street

Boston, MA, 02114

Attention: Stefanie Mansfield, Managing Director

**Re: <u>Each Federated Hermes exchange traded fund identified on Attachment A hereto (each, a "*Federated Hermes ETF Fund*")</u>**

Stefanie:

Please be advised that each Federated Hermes ETF Fund has been incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended.

In accordance with Sections 1.A. and 1.B of the Financial Administration and Accounting Services Agreement dated as of March 1, 2011 (as amended, the "***Agreement***") between each management investment company identified on Exhibit A thereto and State Street Bank and Trust Company ("State Street") each undersigned Federated Hermes ETF Fund hereby requests that State Street act as the Financial Administrator and Accounting Agent for the Federated Hermes ETF Funds as a "Trust" under the terms of the Agreement. In connection with such request, each undersigned Federated Hermes ETF Fund hereby confirms to you, as of the date hereof, the representations and warranties set forth in Section II.B of the Agreement. An updated Exhibit A to the Agreement reflecting this addition is attached.

Kindly indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to us.

Sincerely,

EACH OF THE INVESTMENT COMPANIES LISTED ON aTTACHMENT a HERETO

By: <u>/s/ Lori Hensler</u>

Name: Lori Hensler

Title: Treasurer

Agreed and Accepted:

STATE STREET BANK AND TRUST COMPANY

By: <u>/s/ Stefanie B. Mansfield</u>

Name: Stefanie B. Mansfield

Title: Managing Director/Global Relationship Management

Effective Date: December 1, 2023

**EXHIBIT A**

**TO**

**FINANCIAL ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT DATED MARCH 1, 2011**

**(Updated as of March 1, 2024)**

**MANAGEMENT INVESTMENT COMPANIES REGISTERED WITH THE SEC AND PORTFOLIOS THEREOF, IF ANY**

Federated Hermes Equity Income Fund, Inc.

Federated Hermes Global Allocation Fund

**Federated Hermes Adjustable Rate Securities Trust:** 

Federated Hermes Adjustable Rate Fund

**Federated Hermes Government Income Trust:** 

Federated Hermes Government Income Fund

**Federated Hermes Sustainable High Yield Bond Fund** *(formerly Federated Hermes High Income Bond Fund, Inc.)*

**Federated Hermes Total Return Government Bond Fund** 

**Federated Hermes Short-Term Government Trust:** 

Federated Hermes Short-Term Government Fund

**Federated Hermes Short-Intermediate Government Trust:** 

Federated Hermes Short-Intermediate Government Fund

**Federated Hermes Core Trust:** 

Bank Loan Core Fund

Mortgage Core Fund

High Yield Bond Core Fund

Emerging Markets Core Fund

**Federated Hermes Core Trust III:** 

Project and Trade Finance Core Fund<br>

**Federated Hermes Equity Funds:** 

Federated Hermes Clover Small Value Fund

Federated Hermes Kaufmann Fund

Federated Hermes Kaufmann Large Cap Fund

Federated Hermes Kaufmann Small Cap Fund

Federated Hermes MDT Mid Cap Growth Fund

Federated Hermes Prudent Bear Fund

**Federated Hermes Fixed Income Securities, Inc.:** 

Federated Hermes Strategic Income Fund

**Federated Hermes High Yield Trust:** 

Federated Hermes Opportunistic High Yield Bond Fund

**Federated Hermes Income Securities Trust:** 

Federated Hermes Capital Income Fund

Federated Hermes Floating Rate Strategic Income Fund

Federated Hermes Fund for U.S. Government Securities

Federated Hermes Intermediate Corporate Bond Fund

Federated Hermes Inflation Protected Securities Fund

Federated Hermes Short-Term Income Fund

**Federated Hermes Institutional Trust:** 

Federated Hermes Government Ultra Short Fund

Federated Hermes Institutional High Yield Bond Fund

Federated Hermes Short-Intermediate Total Return Bond Fund

**Federated Hermes Insurance Series:** 

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes High Income Bond Fund II

Federated Hermes Kaufmann Fund II

Federated Hermes Managed Volatility Fund II

Federated Hermes Government Money Fund II

Federated Hermes Quality Bond Fund II

**Federated Hermes Investment Series Funds, Inc.:** 

Federated Hermes Corporate Bond Fund

**Federated Hermes Managed Pool Series:** 

Federated Hermes Corporate Bond Strategy Portfolio

Federated Hermes High-Yield Strategy Portfolio

Federated Hermes Mortgage Strategy Portfolio

**Federated Herme**s **MDT Series:** 

Federated Hermes MDT All Cap Core Fund

Federated Hermes MDT Balanced Fund

Federated Hermes MDT Large Cap Growth Fund

Federated Hermes MDT Small Cap Growth Fund

Federated Hermes MDT Small Cap Core Fund

**Federated Hermes Project and Trade Finance Tender Fund**

**Federated Hermes Total Return Series, Inc.:** 

Federated Hermes Core Bond Fund (formerly Federated Hermes Select Total Return Bond Fund)

Federated Hermes Total Return Bond Fund

Federated Hermes Ultrashort Bond Fund

**Federated Hermes Money Market Obligations Trust:** 

Federated Hermes Government Obligations Fund

Federated Hermes Institutional Money Market Management

Federated Hermes Municipal Obligations Fund

Federated Hermes New York Municipal Cash Trust

Federated Hermes Prime Cash Obligations Fund

Federated Hermes Institutional Prime Obligations Fund

Federated Hermes Institutional Prime Value Obligations Fund

Federated Hermes Tax-Free Obligations Fund

Federated Hermes Institutional Tax-Free Cash Trust

Federated Hermes Treasury Obligations Fund

Federated Hermes Trust for U.S. Treasury Obligations

**Federated Hermes ETF Funds:** 

**Federated Hermes ETF Trust:**

Federated Hermes Short Duration Corporate ETF

Federated Hermes Short Duration High Yield ETF

Federated Hermes Total Return Bond ETF

[ ]

**AMENDMENT TO**

**FINANCIAL ADMINISTRATION**

**AND ACCOUNTING SERVICES AGREEMENT**

This Amendment to the Financial Administration and Accounting Services Agreement (the "***Amendment***") is made as of March 1, 2024, by and among each of the investment companies listed on <u>Exhibit A</u> thereto (each a "***Trust***") and State Street Bank and Trust Company ("***State Street***").

WHEREAS, the Trusts and State Street are parties to that certain Financial Administration and Accounting Services Agreement, dated as of March 1, 2011 (such agreement, together with all amendments, exhibits, schedules, and any other documents executed or delivered in connection therewith, the "***Agreement***"); and

WHEREAS, the parties desire to amend the Agreement as set forth below;

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Subsection (a.) of Schedule B1 of the Agreement is hereby amended and restated as follows:

"a. Prepare for the review by designated officer(s) of the Trust, financial information regarding the Portfolio(s) that will be included in the Trust's semi-annual and annual shareholder reports, share class level reports "Tailored Shareholder Reports" required by the Securities and Exchange Commission's rule and form amendments entitled "*Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds*" ("the Rule"), other information to be filed on Form N-CSR and other quarterly reports (as mutually agreed upon), including tax footnote disclosures, where applicable. Such semi-annual and annual shareholder reports will meet all requirements of the Rule, including iXBRL tagging and ADA compliance. State Street will provide web-ready files for posting, all required files for SEC filing and files that meet the requirements of the Trusts' printing & distribution vendor. More detailed requirements will be outlined in a subsequent Service Level Agreement to be signed by the parties to this Amendment;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Subsection (c.) of Schedule B1 of the Agreement is hereby amended and restated as follows:

"c Prepare for the review by designated officer(s) of the Trusts financial information required by Form N-1A, Form N-CSR, (as applicable), proxy statements and such other reports, forms or filings as may be mutually agreed upon;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Capitalized terms used herein without definition shall have the meanings ascribed to them in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. As compensation for the services described herein, the Trust will pay to State Street such fees as may be agreed to in writing by the Trust and State Street.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in full force and effect. This Amendment may be executed in multiple counterparts, which together shall constitute one instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

*[Signature Page Immediately Follows]*

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by their officers designated below as of the date first written above.

**EACH OF THE INVESTMENT COMPANIES LISTED ON <u>EXHIBIT A</u>**

By: <u>/s/ Lori A. Hensler</u>

Name: Lori A. Hensler

Title: Treasurer

**STATE STREET BANK AND TRUST COMPANY**

By: <u>/s/ Stefanie B. Mansfield</u>

Name: Stefanie B. Mansfield

Title: Managing Director,<br> Global Relationship Management

**STATE STREET BANK AND TRUST COMPANY**

**FEDERATED HERMES FUNDS**

**Confidential Amendment to Fee Schedule dated August 25, 2017**

**Dated as of March 1, 2024**

Reference is made to that certain Custody, Fund Accounting and Fund Administration Fee Schedule effective March 1, 2024 for services provided to the Funds pursuant to the Agreements (as amended, supplemented, restated or otherwise modified from time to time, the "Fee Schedule"). Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Fee Schedule. The parties hereto desire to amend the Fee Schedule to reference the services described herein.

**I. Amendment**

A. Section II (Fund Accounting and Administration) of the Fee Schedule is amended to add the following fee:

9. Tailored Shareholder Reporting Fees

Standard Tailored Shareholder Reporting: Data and Report Creation<br> (per class/per Fund /per Year) $[ ]

**II. Effectiveness**

This Amendment shall become effective March 1, 2024.

**III. General**

This Amendment is intended to modify and amend the Fee Schedule and the terms of this Amendment and the Fee Schedule are to be construed to be cumulative and not exclusive to each other. The Fee Schedule, as amended hereby, is hereby ratified and confirmed and remains in full force and effect.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>EACH OF THE FUNDS WHICH ARE A PARTY TO THE AGREEMENTS, AS APPLICABLE</u>** | &nbsp;&nbsp;**<u>STATE STREET BANK AND TRUST COMPANY</u>** |
| &nbsp;&nbsp; BY: /s/ Lori A. Hensler<br> NAME: Lori A. Hensler<br> TITLE Assistant Treasurer | &nbsp;&nbsp; BY: /s/ Stefanie B. Mansfield<br> NAME: Stefanie B. Mansfield<br> TITLE: Managing Director,<br> Global Relationship Management |

---

## Ex-99.J

Exhibit 28 (j) (1) under Form N-1A

Exhibit 23 under Item 601/Reg. S-K

Consent of Independent Registered Public Accounting Firm

We consent to the references to our firm under the captions "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" in the Statement of Additional Information, each dated July 31, 2025, and each included in this Post-Effective Amendment No. 121 to the Registration Statement (Form N-1A, File No. 033-54445) of Federated Hermes Institutional Trust (the "Registration Statement").

We also consent to the incorporation by reference of our report dated July 23, 2025, with respect to the financial statements and financial highlights of Federated Hermes Government Ultrashort Fund (one of the portfolios constituting Federated Hermes Institutional Trust) included in the Annual Report to Shareholders (Form N-CSR) for the year ended May 31, 2025, into this Registration Statement, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

Boston, Massachusetts

July 23, 2025

## Ex-99.M

Exhibit 28 (m) under Form N-1A

Exhibit 1 under Item 601/Reg. S-K

 

 

*6/29/20 – Name Changed to Federated Hermes Institutional Trust*

**FEDERATED INSTITUTIONAL TRUST**

DISTRIBUTION PLAN

This Distribution Plan ("Plan") is adopted as of the 12<sup>th</sup> day of February, 2004, by the Board of Trustees of **Federated Institutional Trust** (the "Trust"), a Massachusetts business trust with respect to certain classes of shares ("Classes") of the portfolios of the Trust (the "Funds") set forth in exhibits hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Plan is adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended ("Act"), so as to allow the Trust to make payments as contemplated herein, in conjunction with the distribution of Classes of the Funds ("Shares") and pursuant to the "Distributor's Contract" entered into by the Trust and FSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Plan is designed to finance activities of Federated Securities Corp. ("FSC") principally intended to result in the sale of Shares to include: (a) providing incentives to financial institutions ("Financial Institutions") to sell Shares and; (b) advertising and marketing of Shares to include preparing, printing and distributing prospectuses and sales literature to prospective shareholders and with Financial Institutions. The Plan is also designed to cover the costs of administrative services performed in connection with the sale of Shares, but are not limited to shareholder services, recordkeeping services and educational services, as well as the costs of implementing and operating the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. As compensation for services provided pursuant to this Plan, FSC will be paid a fee in respect of the following Classes set forth on the exhibits to this Agreement. FSC may use all or any of the fees received pursuant to the Plan to pay any of the expenses associated with the activities under Paragraph 2 hereof whether incurred directly, or through Financial Institutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any payments by FSC to Financial Institutions with funds received as compensation under this Plan will be made pursuant to an agreement entered into by FSC and the Financial Institution ("Financial Institution Agreement"). FSC has the right (i) to select, in its sole discretion, the Financial Institutions to participate in the Plan and (ii) to terminate without cause and in its sole discretion any Financial Institution Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Quarterly in each year that this Plan remains in effect, FSC shall prepare and furnish to the Board of Trustees of the Trust, and the Board of Trustees shall review, a written report of the amounts expended under the Plan and the purpose for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Plan shall become effective with respect to each Class (i) after approval as required by Rule 12b-1 under the Act as in effect on the date of the execution hereof; and (ii) upon execution of an exhibit adopting this Plan with respect to such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Plan shall remain in effect with respect to each Class presently set forth on an exhibit and any subsequent Classes added pursuant to an exhibit during the initial year of this Plan for the period of one year from the date set forth above and may be continued thereafter if this Plan is approved with respect to each Class at least annually by a majority of the Trust's Board of Trustees and a majority of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on such Plan. If this Plan is adopted with respect to a Class after the first annual approval by the Trustees as described above, this Plan will be effective as to that Class upon execution of the applicable exhibit pursuant to the provisions of paragraph 6(ii) above and will continue in effect until the next annual approval of this Plan by the Trustees and thereafter for successive periods of one year subject to approval as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. All material amendments to this Plan must be approved by a vote of the Board of Trustees of the Trust and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Plan may not be amended in order to increase materially the costs which the Classes may bear for distribution pursuant to the Plan without being approved by a majority vote of the outstanding voting securities of the Classes as defined in Section 2(a)(42) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. This Plan may be terminated with respect to a particular Class at any time by: (a) a majority vote of the Disinterested Trustees; or (b) a vote of a majority of the outstanding voting securities of the particular Class as defined in Section 2(a)(42) of the Act; or (c) by FSC on 60 days' notice to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. While this Plan shall be in effect, the selection and nomination of Disinterested Trustees of the Trust shall be committed to the discretion of the Disinterested Trustees then in office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. All agreements with any person relating to the implementation of this Plan, including, but not limited to Financial Institution Agreements, shall be in writing and any agreement related to this Plan shall be subject to termination, without penalty, pursuant to the provisions of Paragraph 10 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. This Plan shall be construed in accordance with and governed by the laws of the Commonwealth of Pennsylvania.

 

*6/29/20 – Name changed to Federated Hermes Government Ultrashort Fund*

EXHIBIT A

to the

Distribution Plan

**FEDERATED INSTITUTIONAL TRUST:**

**Federated Government Ultrashort Duration Fund**

**Class A Shares**

This Distribution Plan is adopted as of the 12<sup>th</sup> day of February, 2004, by Federated Institutional Trust with respect to the Class A Shares of the portfolio of the Trust set forth above.

As compensation for the services provided pursuant to this Plan, FSC will be paid a monthly fee computed at the annual rate of 0.25 of 1% of the average aggregate net asset value of the Class A Shares of Federated Institutional Trust held during the month.

Witness the due execution hereof this 1<sup>st</sup> day of March, 2004**.**

**FEDERATED INSTITUTIONAL TRUST**

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

Name: J. Christopher Donahue

Title: President

*6/29/20 – Name changed to Federated Hermes Government Ultrashort Fund*

Amendment #1 to EXHIBIT A

to the

Distribution Plan

**FEDERATED INSTITUTIONAL TRUST:**

**Federated Government Ultrashort Duration Fund**

**Class A Shares**

This Distribution Plan is adopted as of the 12<sup>th</sup> day of February, 2004, by Federated Institutional Trust with respect to the Class A Shares of the portfolio of the Trust set forth above.

Effective December 1, 2019, the monthly fee paid to FSC as compensation for the services provided to Class A Shares of Federated Government Ultrashort Duration Fund pursuant to Exhibit A to this Plan is eliminated.

Witness the due execution hereof this 1<sup>st</sup> day of December, 2019**.**

**FEDERATED INSTITUTIONAL TRUST**

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

Name: J. Christopher Donahue

Title: President

 

*12/1/07 - See Amendment #1 to Exhibit B*

 

EXHIBIT B

to the

Distribution Plan

**FEDERATED INSTITUTIONAL TRUST:**

**Federated Government Ultrashort Duration Fund**

**Institutional Service Shares**

This Distribution Plan is adopted as of the 12<sup>th</sup> day of February, 2004, by Federated Institutional Trust with respect to the Institutional Service Shares of the portfolio of the Trust set forth above.

As compensation for the services provided pursuant to this Plan, FSC will be paid a monthly fee computed at the annual rate of 0.25 of 1% of the average aggregate net asset value of the Institutional Shares of Federated Institutional Trust held during the month.

Witness the due execution hereof this 1<sup>st</sup> day of March, 2004**.**

**FEDERATED INSTITUTIONAL TRUST**

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

Name: J. Christopher Donahue

Title: President

*6/29/20 – Name changed to Federated Hermes Government Ultrashort Fund*

*9/30/11 – Institutional Service Shares changed to Service Shares*

Amendment #1 to EXHIBIT B

to the

Distribution Plan

**FEDERATED INSTITUTIONAL TRUST:**

**Federated Government Ultrashort Duration Fund**

**Institutional Service Shares**

This Amendment #1 to Exhibit B to the Distribution Plan is adopted as of the 15th day of November, 2007, by Federated Institutional Trust with respect to the Institutional Service Shares of the portfolio of the Trust set forth above.

As compensation for the services provided pursuant to this Plan, FSC will be paid a monthly fee computed at the annual rate of 0.05 of 1% of the average aggregate net asset value of the Institutional Service Shares of Federated Government Ultrashort Duration Fund held during the month.

Witness the due execution hereof this 1<sup>st</sup> day of December, 2007**.**

**FEDERATED INSTITUTIONAL TRUST**

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

Name: J. Christopher Donahue

Title: President

*<u>12/1/07 - See Amendment #1 to Exhibit C</u>*

<u>EXHIBIT C</u>

<u>to the</u>

<u>Distribution Plan</u>

**<u>FEDERATED INSTITUTIONAL TRUST:</u>**

**<u>Federated Intermediate Government/Corporate Fund</u>**

**<u>Institutional Service Shares</u>**

<u>This Amendment to the Distribution Plan is adopted as of the 20th day of May, 2005, by Federated Institutional Trust with respect to the Institutional Service Shares of the portfolio of the Trust set forth above.</u>

<u>As compensation for the services provided pursuant to this Plan, FSC will be paid a monthly fee computed at the annual rate of 0.25 of 1% of the average aggregate net asset value of the Institutional Shares of Federated Institutional Trust held during the month.</u>

<u>Witness the due execution hereof this 1<sup>st</sup> day of June, 2005**.**</u>

**<u>FEDERATED INSTITUTIONAL TRUST</u>**

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

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

<u>Title: President</u>

 

*6/29/20 – Name changed to Federated Hermes Short-Intermediate Total Return Bond Fund*

*1/31/14 – Name changed to Federated Short-Intermediate Total Return Bond Fund*

*9/30/11 – Institutional Service Shares changed to Service Shares*

 

 

 

Amendment #1 to EXHIBIT C

to the

Distribution Plan

**FEDERATED INSTITUTIONAL TRUST:**

**Federated Intermediate Government/Corporate Fund**

**Institutional Service Shares**

This Amendment #1 to Exhibit C to the Distribution Plan is adopted as of the 15th day of November, 2007, by Federated Institutional Trust with respect to the Institutional Service Shares of the portfolio of the Trust set forth above.

As compensation for the services provided pursuant to this Plan, FSC will be paid a monthly fee computed at the annual rate of 0.05 of 1% of the average aggregate net asset value of the Institutional Shares of Federated Intermediate Government/Corporate Fund held during the month.

Witness the due execution hereof this 1<sup>st</sup> day of December, 2007.

**FEDERATED INSTITUTIONAL TRUST**

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

Name: J. Christopher Donahue

Title: President

 

*6/29/20 – Name changed to Federated Hermes Short-Intermediate Total Return Bond Fund*

*1/31/14 – Name changed to Federated Short-Intermediate Total Return Bond Fund*

*9/30/11 – Institutional Service Shares changed to Service Shares*

 

 

 

Amendment #2 to EXHIBIT C

to the

Distribution Plan

**FEDERATED INSTITUTIONAL TRUST:**

**Federated Intermediate Government/Corporate Fund**

**Institutional Service Shares**

This Amendment #1 to Exhibit C to the Distribution Plan is adopted as of the 15th day of November, 2007, by Federated Institutional Trust with respect to the Institutional Service Shares of the portfolio of the Trust set forth above.

Effective December 1, 2019, the monthly fee paid to FSC as compensation for the services provided to Service Shares of Federated Short-Intermediate Total Return Bond Fund pursuant to Exhibit C to this plan is eliminated.

Witness the due execution hereof this 1<sup>st</sup> day of December, 2019.

**FEDERATED INSTITUTIONAL TRUST**

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

Name: J. Christopher Donahue

Title: President

 

*6/29/20 – Name changed to Federated Hermes Short-Intermediate Total Return Bond Fund*

 

*<u>12/1/19 - See Amendment #1 to Exhibit D.</u>*

*1/31/14 – Name changed to Federated Short-Intermediate Total Return Bond Fund*

 

EXHIBIT D

to the

Distribution Plan

**FEDERATED INSTITUTIONAL TRUST:**

Federated Intermediate Government/Corporate Fund

**Class A Shares**

This Exhibit to the Distribution Plan is adopted as of the 14th day of November, 2013, by Federated Institutional Trust with respect to the Class A Shares of the portfolio of the Trust set forth above.

As compensation for the services provided pursuant to this Plan, FSC will be paid a monthly fee computed at the annual rate of 0.10 of 1% of the average aggregate net asset value of the Class A Shares of Federated Intermediate Government/Corporate Fund held during the month.

Witness the due execution hereof this 1<sup>st</sup> day of December, 2013.

**FEDERATED INSTITUTIONAL TRUST**

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

Name: J. Christopher Donahue

Title: President

 

 

*6/29/20 – Name changed to Federated Hermes Short-Intermediate Total Return Bond Fund*

*1/31/14 – Name changed to Federated Short-Intermediate Total Return Bond Fund*

 

 

 

Amendment #1 to EXHIBIT D

to the

Distribution Plan

**FEDERATED INSTITUTIONAL TRUST:**

Federated Intermediate Government/Corporate Fund

**Class A Shares**

This Exhibit to the Distribution Plan is adopted as of the 14th day of November, 2013, by Federated Institutional Trust with respect to the Class A Shares of the portfolio of the Trust set forth above.

As compensation for the services provided pursuant to this Plan, FSC will be paid a monthly fee computed at the annual rate of 0.05 of 1% of the average aggregate net asset value of the Class A Shares of Federated Intermediate Government/Corporate Fund held during the month.

Witness the due execution hereof this 1<sup>st</sup> day of December, 2019.

**FEDERATED INSTITUTIONAL TRUST**

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

Name: J. Christopher Donahue

Title: President

 

*6/29/20 – Name changed to Federated Hermes Short-Intermediate Total Return Bond Fund*

*9/1/16 – Class R Shares converted to Class R6 Shares and Class R Shares terminated*

*1/31/14 – Name changed to Federated Short-Intermediate Total Return Bond Fund*

 

EXHIBIT E

to the

Distribution Plan

**FEDERATED INSTITUTIONAL TRUST:**

Federated Intermediate Government/Corporate Fund

**Class R Shares**

This Exhibit to the Distribution Plan is adopted as of the 14th day of November, 2013, by Federated Institutional Trust with respect to the Class R Shares of the portfolio of the Trust set forth above.

As compensation for the services provided pursuant to this Plan, FSC will be paid a monthly fee computed at the annual rate of 0.50 of 1% of the average aggregate net asset value of the Class R Shares of Federated Intermediate Government/Corporate Fund held during the month.

Witness the due execution hereof this 1<sup>st</sup> day of December, 2013.

**FEDERATED INSTITUTIONAL TRUST**

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

Name: J. Christopher Donahue

Title: President

EXHIBIT F

to the

Distribution Plan

**FEDERATED HERMES INSTITUTIONAL TRUST:**

Federated Hermes Institutional High Yield Bond Fund

**Class C Shares**

This Exhibit to the Distribution Plan is adopted as of the 14th day of November 2013, by Federated Institutional Trust with respect to the Class C Shares of the portfolio of the Trust set forth above.

As compensation for the services provided pursuant to this Plan, FSC will be paid a monthly fee computed at the annual rate of 0.75 of 1% of the average aggregate net asset value of the Class C Shares of Federated Hermes Institutional High Yield Bond Fund held during the month.

Witness the due execution hereof this 1<sup>st</sup> day of September 2022.

**FEDERATED HERMES INSTITUTIONAL TRUST**

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

Name: J. Christopher Donahue

Title: President

## Ex-99.N

Exhibit 28 (n) under Form N-1A

Exhibit 1 under Item 601/Reg. S-K

**MULTIPLE CLASS PLAN**

**Current as of 6/1/25**

This Multiple Class Plan (this "Plan") is adopted by the investment companies (the "Multiple Class Companies") identified in exhibits hereto (the "Class Exhibits") as offering separate classes of shares ("Classes").

**1. <u>Purpose</u>**

This Plan is adopted pursuant to Rule 18f-3 under the Investment Company Act of 1940, as amended (the "Rule"), in connection with the issuance by the Multiple Class Companies and any series thereof (collectively the "Funds") of more than one Class of shares in reliance on the Rule. In documenting the exchange features for each Class, this plan describes the arrangements whereby shares of Funds may be exchanged for or from certain other investment companies which are not part of this Plan. In documenting the separate arrangement for distribution of each Class, this Plan also sets forth the schedules for variations in sales loads and contingent deferred sales charges required by Rules 22d-1 and 6c-10, respectively. Financial intermediary-specific front-end sales load and contingent deferred sales charge ("CDSC") waivers, front-end sales load discounts and exchange features (collectively, "sales charge variations") required to be disclosed by Rule 22d-1 shall be as set forth in the prospectus of a Fund, as may be amended from time to time.

**2. <u>Separate Arrangements/Class Differences</u>**

The arrangements for shareholders services or the distribution of shares, or both, for each Class shall be set forth in the applicable Class Exhibit hereto.

**3. <u>Expense Allocations</u>**

Each Class shall be allocated those shareholder service fees and fees and expenses payable under a Rule 12b-1 Plan specified in the Class Exhibit. In addition the following expenses may be specifically allocated to each Class to the extent that the Fund's officers determine that such expenses are actually incurred in a different amount by that Class, or that the Class receives services of a different kind or to a different degree than other Classes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer agent fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) printing and postage expenses related to preparing and distributing materials such as shareholder reports, prospectuses, and proxies to current shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) blue sky registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) SEC registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the expense of administrative personnel and services as required to support the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) litigation or other legal expenses relating solely to one Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) other expenses incurred on behalf of the Class or for events or activities pertaining exclusively to the Class.

**4. <u>Conversion and Exchange Features</u>**

The conversion and exchange features for shares of each Class shall be as set forth in the applicable Class Exhibit hereto.

**5. <u>Amendment</u>**

Any material amendment of this Plan or any Class Exhibit hereto by any Multiple Class Company is subject to the approval of a majority of the directors/trustees of the applicable Multiple Class Company and a majority of the directors/trustees of the Multiple Class Company who are not interested persons of the Multiple Class Company, pursuant to the Rule.

**Class A Shares Exhibit**

**To**

**Multiple Class Plan**

**(2/1/25)**

**1. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Class A Shares will consist of sales and shareholder servicing by financial intermediaries in consideration of the payment of a portion of the applicable sales load ("dealer reallowance")and a shareholder service fee. When indicated on the Schedule to this Exhibit, the principal underwriter and financial intermediaries may also receive payments for distribution and/or administrative services under a 12b-1 Plan. In connection with this basic arrangement, Class A Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class A Shares** |
| **Sales Load** | Up to 5.5% of the public offering price, as set forth in the attached Schedules |
| **Contingent Deferred Sales Charge ("CDSC")** | 0.00% |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Redemption Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class A Shares as described in Section 3 of the Plan |

---

**2. CONVERSION AND EXCHANGE PRIVILEGES**

For purposes of Rule 18f-3, Class A Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Class A Shares that are not subject to a contingent deferred sales charge ("**CDSC**") based upon the redemption of a "Large Ticket" purchase made within 24 months may be converted to any other Share Class within the same Fund, provided that shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Class A Shares may be exchanged for Class A Shares of any other Fund |

---

 ****

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**3. EXCEPTIONS TO BASIC ARRANGEMENTS**

For purposes of Rules 22d-1 and 6c-10 under the Act, unless otherwise specified on the Schedule to this Exhibit, the scheduled variations in sales loads and contingent deferred sales charges are as follows:

(A) BASIC SALES LOAD SCHEDULE

The basic schedule of sales loads for Class A Shares of Funds so designated on the Schedule to this Exhibit is as follows:

---

| | |
|:---|:---|
| **Purchase Amount** | **Sales Load as a Percentage of Public Offering Price** |
| Less than $50,000 | 5.50% |
| $50,000 but less than $100,000 | 4.50% |
| $100,000 but less than $250,000 | 3.75% |
| $250,000 but less than $500,000 | 2.50% |
| $500,000 but less than $1 million | 2.00% |
| $1 million or greater | 0.00% |

---

(B) FIXED INCOME SALES LOAD SCHEDULE

The schedule of sales loads for Class A Shares of Funds so designated on the Schedule to this Exhibit is as follows:

---

| | |
|:---|:---|
| **Purchase Amount** | **Sales Charge as a Percentage of Public Offering Price** |
| Less than $100,000 | 4.50% |
| $100,000 but less than $250,000 | 3.75% |
| $250,000 but less than $500,000 | 2.50% |
| $500,000 but less than $1 million | 2.00% |
| $1 million or greater | 0.00% |

---

(C) MODIFIED FIXED INCOME SALES LOAD SCHEDULE

The schedule of sales loads for Class A Shares of Funds so designated on the Schedule to this Exhibit is as follows:

---

| | |
|:---|:---|
| **Purchase Amount** | **Sales Charge as a Percentage of Public Offering Price** |
| Less than $100,000 | 1.00% |
| $100,000 or greater | 0.00% |

---

(D) MONEY MARKET AND ULTRASHORT BOND LOAD SCHEDULE

The Schedule of sales loads for Class A Shares of Funds so designated on the Schedule to this Exhibit is as follows:

---

| | |
|:---|:---|
| **Purchase Amount** | **Sales Charge as a Percentage of Public Offering Price** |
| **Purchase Amount** | **Sales Charge as a Percentage of Public Offering Price** |
| All purchases | 0.00% |

---

(E) "LARGE TICKET" PURCHASES

Unless otherwise indicated on the Schedule to this Exhibit, a financial intermediary that places an order to purchase $1,000,000 or more of Class A Shares shall receive from the principal underwriter an advance commission equal to 75 basis points (0.75%) of the public offering price. In such event, notwithstanding anything to the contrary in the Plan or this Exhibit, such Class A Shares shall be subject to a contingent deferred sales charge upon redemption within 24 months of purchase equal to 75 basis points (0.75%) of the lesser of (x) the purchase price of the Class A Shares or (y) the redemption price of the Class A Shares. Any contingent deferred sales charge received upon redemption of Class A Shares shall be paid to the principal underwriter in consideration of the advance commission.

(F) REDUCING OR ELIMINATING THE SALES LOAD

Contingent upon notification to the Fund's principal underwriter or transfer agent, in applying the exceptions set forth in this Section 3, the purchase amount shall take into account:

&nbsp;&nbsp;&nbsp;&nbsp;· Discounts achieved by combining concurrent purchases of and/or current investment in Class A, Class B, Class C, Class F, and Class R Shares, made or held by (or on behalf of) the investor, the investor's spouse, and the investor's children under age 21 (regardless of whether the purchases or investments are made or held directly or through an investment professional or through a single-participant retirement account); provided that such purchases and investments can be linked using tax identification numbers (TINs), social security numbers (SSNs), or Broker Identification Numbers (BINs); and

· Letters of intent to purchase a certain amount of Class A Shares within a thirteen month period.

(G) waiver of sales load

Continent upon notification to the Fund's Transfer Agent, no sales load shall be assessed on purchases of Class A Shares made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· within 120 days of redeeming shares of an equal or greater amount;

· through a program offered by a Financial Intermediary that provides for the purchase of Shares without imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement or other fee-based program offered by the Financial Intermediary) and where the Financial Intermediary has agreed with the principal underwriter not to receive a dealer reallowance on purchases under such program;

· with reinvested dividends or capital gains;

· or Class A Shares, issued in connection with the merger, consolidation, or acquisition of the assets of another fund. Further, no sales load shall be assessed on purchases of Shares made by a shareholder that originally became a shareholder of a Federated Fund pursuant to the terms of an agreement and plan of reorganization which permits shareholders to acquire Shares at NAV provided that such Shares are held directly with the Fund's transfer agent. If the Shares are held through a financial intermediary the sales charge waiver will not apply;

· by Federated Life Members (Federated shareholders who originally were issued shares through the "Liberty Account", which was an account for the Liberty Family of Funds on February 28, 1987, or who invested through an affinity group prior to August 1, 1987, into the Liberty Account);

· by Directors, Trustees, employees, former employees and sales representatives of the Fund, the Adviser, the principal underwriter and their affiliates, employees of any investment professional that sells Shares according to a sales agreement with the principal underwriter, by the immediate family members of the above persons, and by trusts, pensions or profit-sharing plans for the above persons; and

· pursuant to the exchange privilege. However, this sales charge waiver may not apply to Class A Shares purchased pursuant to the exchange privilege if a shareholder did not previously pay a sales load upon its initial purchase of Class A Shares.

(H) WAIVER OF CONTINGENT DEFFERED SALES CHARGE ON LARGE-TICKET PURCHASES

Contingent upon notification to the Fund's principal underwriter or transfer agent, no CDSC will be imposed on redemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· following the death of the last surviving shareholder on the account, or the post-purchase disability of all registered shareholder(s), as defined in Section 72(m)(7) of the Internal Revenue Code.

· due to the termination of a trust following the death of the trustor/grantor or beneficiary, provided that the trust document specifically states that the trust is terminated upon the death

· representing minimum required distributions ("RMD") from an Individual Retirement Account or other retirement plan as required under the Internal Revenue Code;

· of Shares originally purchased through a financial intermediary that did not receive an advance commission on the purchase;

· of Shares that were reinvested within 120 days of a previous redemption;

· of Shares held by the Directors, Trustees, employees, former employees and sales representatives of the Fund, the Adviser, the principal underwriter and their affiliates, employees of any investment professional that sells Shares according to a sales agreement with the principal underwriter, by the immediate family members of the above persons, and by trusts, pension or profit-sharing plans for the above persons;

· of Shares originally purchased through a program offered by a Financial Intermediary that provides for the purchase of Shares without imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement, or other fee-based program offered by the Financial Intermediary) and where the Financial Intermediary has agreed with the principal underwriter not to receive an advanced commission on purchases under such program;

· of Shares purchased with reinvested dividends or capital gains;

· imposed by the Fund when it closes an account for not meeting the minimum balance requirements; and

· of Shares which were purchased pursuant to an exchange privilege if the Shares were held for the applicable CDSC holding period.

(I) SALES CHARGE WAIVERS FOR SHAREHOLDERS PURCHASING THROUGH CERTAIN FINANCIAL INTERMEDIARIES

Financial intermediary sales charge variations required to be disclosed by Rule 22d-1 shall be as set forth in the prospectus of a Fund, as may be amended from time to time.

**4. SPECIAL OFFER PROGRAM**

[NOTE: The 30 month CDSC period connected with of this program expired in September of 2002]

During the Special Offer Program which took place in March, 2000, the sales load was waived on purchases of Class A Shares of Federated Aggressive Growth Fund, Federated Communications Technology Fund, Federated Large Cap Growth Fund, and Federated International Small Company Fund (the "Special Offer Funds"). Instead, the principal underwriter paid an advance commission of 2.00% of the offering price of the Special Offer Funds to intermediaries participating in the Special Offer Program. Class A Shares purchased through this Special Offer were subject to a CDSC of 2.00% on redemptions which occurred within 30 months after the purchase, which amount was to be paid to the principal underwriter in consideration for advancing the commission to intermediaries. Class A Shares of the Special Offer Funds purchased during the Special Offer Program could be exchanged with Class A Shares of other Special Offer Funds with no imposition of a sales load or CDSC fee. Class A Shares of the Special Offer Funds purchased during the Special Offer Program which were exchanged for Class A Shares of other Funds during the 30 month CDSC period incurred the CDSC fee upon redemption. However, no sales load was charged for such an exchange.

**5. REDEMPTION FEE**

For purposes of Rule 11a-3 under the Act, any redemption fee received upon the redemption or exchange of Class A Shares will be applied to fees incurred or amount expended in connection with such redemption or exchange. The balance of any redemption fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to (i) non-participant directed redemptions or exchanges involving Class A Shares held in retirement plans established under Section 401(a) or 401(k) of the Internal Revenue Code (the "Code"), custodial plan accounts established under Section 493(b)(7) of the Code, or deferred compensation plans established under Section 457 of the Code; (ii) redemptions or exchanges involving Class A Shares held in plans administered as college savings programs under Section 529 of the Code***;*** and (iii) Class A Shares redeemed due to the death of the last surviving shareholder on the account.

*(schedule of funds listed on next page)*

**Schedule of Funds<br> Offering Class A Shares**

The Funds set forth on this Schedule each offer Class A Shares on the terms set forth in the Class A Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**1. CLASS A SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> **Series** | &nbsp;&nbsp; **12b-1**<br> **Fee** | &nbsp;&nbsp; **Redemption** <br> **Fee** |
| **Federated Adjustable Rate Securities Trust** | | |
| Federated Hermes Adjustable Rate Fund |  |  |
| **Federated Hermes Adviser Series** |  |  |
| Federated Hermes Emerging Markets Equity Fund | 0.05% |  |
| Federated Hermes International Equity Fund | 0.05% |  |
| Federated Hermes US SMID Fund | 0.05% |  |
| Federated Hermes SDG Engagement Equity Fund | 0.05% |  |
| Federated Hermes SDG Engagement High Yield Credit Fund | 0.05% |  |
| Federated Hermes International Growth Fund | 0.05% |  |
| Federated Hermes MDT Large Cap Value Fund | 0.05% |  |
| Federated Hermes MDT Market Neutral Fund | 0.05% |  |
| **Federated Hermes Equity Funds** |  |  |
| Federated Hermes Clover Small Value Fund | 0.05% |  |
| Federated Hermes International Strategic Value Dividend Fund | 0.05% |  |
| Federated Hermes Kaufmann Fund | 0.25% |  |
| Federated Hermes Kaufmann Large Cap Fund | 0.25% |  |
| Federated Hermes Kaufmann Small Cap Fund | 0.25% |  |
| Federated Hermes MDT Mid Cap Growth Fund |  |  |
| Federated Hermes Prudent Bear Fund | 0.05% |  |
| Federated Hermes Strategic Value Dividend Fund | 0.05% |  |
| **Federated Hermes Equity Income Fund, Inc.** | 0.05% |  |
| **Federated Hermes Global Allocation Fund** |  |  |
| **Federated Hermes High Yield Trust** |  |  |
| Federated Hermes Equity Advantage Fund | 0.05% |  |
| **Federated Hermes Income Securities Trust** |  |  |
| Federated Hermes Capital Income Fund |  |  |
| Federated Hermes Floating Rate Strategic Income Securities Fund |  |  |
| Federated Hermes Muni and Stock Advantage Fund | 0.05% |  |
| Federated Hermes Inflation Protected Securities Fund | 0.05% |  |
| **Federated Hermes Intermediate Municipal Trust** |  |  |
| Federated Hermes Intermediate Municipal Fund |  |  |
| **Federated Hermes MDT Series** |  |  |
| Federated Hermes MDT All Cap Core Fund | 0.05% |  |
| Federated Hermes MDT Balanced Fund | 0.05% |  |
| Federated Hermes MDT Large Cap Growth Fund | 0.05% |  |
| Federated Hermes MDT Small Cap Core Fund | 0.05% |  |
| Federated Hermes MDT Small Cap Growth Fund | 0.05% |  |
| **Federated Hermes World Investment Series, Inc.** |  |  |
| Federated Hermes International Leaders Fund | 0.05% |  |
| Federated Hermes International Small-Mid Company Fund | 0.05% |  |

---

**2. CLASS A SHARES SUBJECT TO THE FIXED INCOME LOAD SCHEDULE**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> **Series** | &nbsp;&nbsp; **12b-1**<br> **Fee** | &nbsp;&nbsp; **Redemption** <br> **Fee** |
| **Federated Hermes Fixed Income Securities, Inc.** | | |
| Federated Hermes Strategic Income Fund |  |  |
| **Federated Hermes Sustainable High Yield Bond Fund, Inc., (formerly, Federated Hermes High Income Bond Fund, Inc.)** |  | 2% on shares redeemed or exchanged within 90 days of purchase |
| **Federated Hermes High Yield Trust** |  |  |
| Federated Hermes Opportunistic High Yield Bond Fund | 0.05% | 2% on shares redeemed or exchanged within 90 days of purchase |
| **Federated Hermes Income Securities Trust** |  |  |
| Federated Hermes Fund for U.S. Government Securities |  |  |
| Federated Hermes Floating Rate Strategic Income Fund |  |  |
| **Federated Hermes Investment Series Funds, Inc.** |  |  |
| Federated Hermes Corporate Bond Fund | 0.05% |  |
| **Federated Hermes Municipal Bond Fund, Inc.** |  |  |
| **Federated Hermes Municipal Securities Income Trust** |  |  |
| Federated Hermes Municipal High Yield Advantage Fund | 0.05% |  |
| Federated Hermes Ohio Municipal Income Fund | 0.05% |  |
| Federated Hermes Pennsylvania Municipal Income Fund | 0.05% |  |
| **Federated Hermes Total Return Series, Inc.** |  |  |
| Federated Hermes Core Bond Fund | 0.05% |  |
| **Federated Hermes World Investment Series, Inc.** |  |  |
| Federated Hermes Emerging Market Debt Fund |  |  |

---

**3. Class A Shares Subject to the MODIFIED FIXED INCOME Sales Load Schedule**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> **Series** | &nbsp;&nbsp; **12b-1**<br> **Fee** | **Redemption Fee** |
| **Federated Hermes Income Securities Trust** | | |
| Federated Hermes Floating Rate Strategic Income Fund | 0.05% |  |
| Federated Hermes Short-Term Income Fund | 0.05% |  |
| **Federated Hermes Institutional Trust** |  |  |
| Federated Hermes Short-Intermediate Total Return Bond Fund | 0.05% |  |
| Federated Hermes Institutional High Yield Bond Fund |  |  |
| &nbsp;&nbsp; **Federated Hermes Short-Intermediate Duration Municipal Trust**<br> Federated Hermes Short-Intermediate Municipal Fund | 0.05% |  |

---

**4. Class A Shares Subject to the Money Market AND ULTRASHORT BOND Load Schedule**

---

| | | |
|:---|:---|:---|
| **Multiple Class Company** | &nbsp;&nbsp; **12b-1**<br> **Fee** | **Redemption Fee** |
| **Federated Hermes Adviser Series** | | |
| Federated Hermes Conservative Microshort Fund | 0.25% |  |
| Federated Hermes Conservative Municipal Microshort Fund | 0.25% |  |
| **Federated Hermes Fixed Income Securities, Inc.** |  |  |
| Federated Hermes Municipal Ultrashort Fund |  |  |
| **Federated Hermes Institutional Trust** |  |  |
| Federated Hermes Government Ultrashort Fund |  |  |
| **Federated Hermes Total Return Series, Inc.** |  |  |
| Federated Hermes Ultrashort Bond Fund |  |  |
| **Federated Hermes Money Market Obligations Trust** |  |  |
| Federated Hermes Government Reserves Fund | 0.45% |  |

---

**5. Class A Shares Not Participating in the Large Ticket Purchase Program**

---

| | |
|:---|:---|
| **Multiple Class Company** | Series |
| **Federated Hermes Fixed Income Securities, Inc.** | Federated Hermes Municipal Ultrashort Fund |
| **Federated Hermes Income Securities Trust** | Federated Hermes Short-Term Income Fund |
|  | Federated Hermes Floating Rate Strategic Income Fund |
| **Federated Hermes Institutional Trust** | Federated Hermes Government Ultrashort Fund |
| **Federated Hermes Short-Intermediate Duration Municipal Trust** |  |
| **Federated Hermes Total Return Series, Inc.** | Federated Hermes Ultrashort Bond Fund |

---

**CLASS A1 SHARES EXHIBIT TO**

**MULTIPLE CLASS PLAN**

**(9/1/23)**

**1.** **SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION**

A1 Shares are available for shareholders investing through certain financial intermediaries that have entered into an agreement with the Funds' distributor who has approved them for the sale of A1 Shares. A1 Shares may also be purchased directly from the Fund in certain circumstances. For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Class A1 Shares will consist of sales and shareholder servicing by financial intermediaries in consideration of the payment of a portion of the applicable sales load ("dealer reallowance") and a shareholder service fee. When indicated on the Schedule to this Exhibit, the principal underwriter and financial intermediaries may also receive payments for distribution and/or administrative services under a 12b-l Plan. In connection with this basic arrangement, Class A1 Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class A1 Shares** |
| **Sales Load** | Up to 2.00% of the public offering price |
| **Contingent Deferred Sales Charge ("CDSC")** | 0.00% |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Redemption Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class A1 Shares as described in Section 3 of the Plan |

---

**2.** **CONVERSION AND EXCHANGE PRIVILEGES**

For purposes of Rule 18f-3, Class A1 Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Class A1 Shares may be converted to any other Share Class of the same Fund, provided that shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Class A1 Shares may be exchanged for Class A or Class A1 Shares of any other Fund. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**3.** **EXCEPTIONS TO BASIC ARRANGEMENTS**

For purposes of Rules 22d-l and 6c-10 under the Act, unless otherwise specified on the Schedule to this Exhibit, the scheduled variations in sales loads and contingent deferred sales charges are as follows:

(A) BASIC SALES LOAD SCHEDULE

The basic schedule of sales loads for Class A1 Shares of Funds so designated on the Schedule to this Exhibit is as follows:

---

| | |
|:---|:---|
| **Purchase Amount** | **Sales Charge as a Percentage of Public Offering Price** |
| Less than $100,000 | 2.00% |
| $100,000 but less than $250,000 | 1.50% |
| $250,000 but less than $500,000 | 1.00% |
| $500,000 or greater | 0.00% |

---

(B) REDUCING OR ELIMINATING THE SALES LOAD

Contingent upon notification to the Fund's principal underwriter or transfer agent, in applying the exceptions set forth in this Section 3, the purchase amount shall take into account:

• Discounts achieved by combining concurrent purchases of and/or current investment in Class A, Class A1, Class B, Class C, Class F, and Class R Shares, made or held by (or on behalf of) the investor, the investor's spouse, and the investor's children under age 21 (regardless of whether the purchases or investments are made or held directly or through an investment professional or through a single- participant retirement account); provided that such purchases and investments can be linked using tax identification numbers (TINs), social security numbers (SSNs), or Broker Identification Numbers (BINs); and

• Letters of intent to purchase a certain amount of Class A1 Shares within a thirteen month period.

(C) WAIVER OF SALES LOAD

Continent upon notification to the Fund's Transfer Agent, no sales load shall be assessed on purchases of Class A1 Shares made:

• within 120 days of redeeming shares of an equal or greater amount;

• through a program offered by a Financial Intermediary that provides for the purchase of Shares without imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement or other fee-based program offered by the Financial Intermediary) and where the Financial Intermediary has agreed with the principal underwriter not to receive a dealer reallowance on purchases under such program;

• with reinvested dividends or capital gains;

• or Class A1 Shares, issued in connection with the merger, consolidation, or acquisition of the assets of another fund. Further, no sales load shall be assessed on purchases of Shares made by a shareholder that originally became a shareholder of a Federated Fund pursuant to the terms of an agreement and plan of reorganization which permits shareholders to acquire Shares at NAV provided that such Shares are held directly with the Fund' s transfer agent. If the Shares are held through a financial intermediary the sales charge waiver will not apply;

• by Federated Life Members (Federated shareholders who originally were issued shares through the "Liberty Account", which was an account for the Liberty Family of Funds on February 28, 1987, or who invested through an affinity group prior to August 1, 1987, into the Liberty Account);

• by Directors, Trustees, employees, former employees and sales representatives of the Fund, the Adviser, the principal underwriter and their affiliates, employees of any investment professional that sells Shares according to a sales agreement with the principal underwriter, by the immediate family members of the above persons, and by trusts, pensions or profit-sharing plans for the above persons; and

• pursuant to the exchange privilege.

**4.** **REDEMPTION FEE**

For purposes of Rule 11a-3 under the Act, any redemption fee received upon the redemption or exchange of Class A1 Shares will be applied to fees incurred or amount expended in connection with such redemption or exchange. The balance of any redemption fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to (i) non-participant directed redemptions or exchanges involving Class A1 Shares held in retirement plans established under Section 40l(a) or 40l(k) of the Internal Revenue Code (the "Code"), custodial plan accounts established under Section 493(b)(7) of the Code, or deferred compensation plans established under Section 457 of the Code; (ii) redemptions or exchanges involving Class A1 Shares held in plans administered as college savings programs under Section 529 of the Code; and (iii) Class A1 Shares redeemed due to the death of the last surviving shareholder on the account.

**SCHEDULE OF FUNDS OFFERING CLASS A1 SHARES**

The Funds set forth on this Schedule each offer Class A1 Shares on the terms set forth in the Class A1 Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**1.** **CLASS A1 SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company** <br> **Series** | **12b-l Fee** | **Redemption Fee** |

---

**CLASS A2 SHARES**

**EXHIBIT TO**

**MULTIPLE CLASS PLAN**

**(9/1/23)**

**1.** **SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION**

Class A2 ("A2") Shares are available exclusively for shareholders investing through certain financial intermediaries that have entered into an agreement with the Fund's distributor who has approved them for the sale of A2 Shares. For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Class A2 Shares will consist of sales and shareholder servicing by financial intermediaries in consideration of the payment of a portion of the applicable sales load ("dealer reallowance") and an advance commission of up to 0.50% of the public offering price, paid by the principal underwriter. Financial intermediaries may also provide shareholder services and may receive shareholder services fees therefor. When indicated on the Schedule to this Exhibit, the principal underwriter and financial intermediaries may also receive payments for distribution and/or administrative services under a 12b-l Plan. In consideration of advancing commissions, the principal underwriter will receive the contingent deferred sales charges paid upon redemption of Class A2 Shares and payments made under the 12b-1 Plan for eighteen months following the purchase. In connection with this basic arrangement, Class A2 Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class A2 Shares** |
| **Sales Load** | Up to 1.50% of the public offering price |
| **Contingent Deferred Sales Charge ("CDSC")** | 0.50% of the share price at the time of purchase or redemption, whichever is lower, if redeemed within eighteen months following purchase |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Redemption Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class A2 Shares as described in Section 3 of the Plan |

---

**2.** **CONVERSION AND EXCHANGE PRIVILEGES**

For purposes of Rule 18f-3, Class A2 Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Class A2 Shares may be converted to any other Share Class of the same Fund, provided: (i) the Class A2 Shares are no longer subject to a CDSC or the financial intermediary agrees to reimburse the Fund's distributor the CDSC otherwise payable upon the sale of such Class A2 Shares; and (ii) the shareholder meets the investment minimum and eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Class A2 Shares may be exchanged for Class A or Class A2 Shares of any other Fund. However, if a shareholder exchanges into Class A Shares and subsequently redeems prior to the full CDSC period applicable to Class A2 Shares, the CDSC will be applied to such redemption. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**3.** **EXCEPTIONS TO BASIC ARRANGEMENTS**

For purposes of Rules 22d-l and 6c-10 under the Act, unless otherwise specified on the Schedule to this Exhibit, the scheduled variations in sales loads and contingent deferred sales charges are as follows:

(D) BASIC SALES LOAD SCHEDULE

The basic schedule of sales loads for Class A2 Shares of Funds so designated on the Schedule to this Exhibit is as follows:

---

| | |
|:---|:---|
| **Purchase Amount** | **Sales Charge as a Percentage of Public Offering Price** |
| Less than $100,000 | 1.50% |
| $100,000 but less than $250,000 | 1.25% |
| $250,000 but less than $500,000 | 1.00% |
| $500,000 or greater | 0.00% |

---

(E) "LARGE TICKET" PURCHASES

Unless otherwise indicated on the Schedule to this Exhibit, a financial intermediary that places an order to purchase $500,000 or more of Class A2 Shares shall receive from the principal underwriter an advance commission equal to 50 basis points (0.50%) of the public offering price, except that an order to purchase $20 million or more of Class A2 Shares shall carry a 25 basis points (0.25%) advance commission. In such event, notwithstanding anything to the contrary in the Plan or this Exhibit, such Class A2 Shares shall be subject to a contingent deferred sales charge upon redemption within 18 months of purchase equal to 50 basis points (0.50%) of the lesser of (x) the purchase price of the Class A2 Shares or (y) the redemption price of the Class A2 Shares. Any contingent deferred sales charge received upon redemption of Class A2 Shares shall be paid to the principal underwriter in consideration of the advance commission.

(F) REDUCING OR ELIMINATING THE SALES LOAD

Contingent upon notification to the Fund's principal underwriter or transfer agent, in applying the exceptions set forth in this Section 3, the purchase amount shall take into account:

• Discounts achieved by combining concurrent purchases of and/or current investment in Class A, Class A1, Class A2, Class B, Class C, Class F, and Class R Shares, made or held by (or on behalf of) the investor, the investor's spouse, and the investor's children under age 21 (regardless of whether the purchases or investments are made or held directly or through an investment professional or through a single- participant retirement account); provided that such purchases and investments can be linked using tax identification numbers (TINs), social security numbers (SSNs), or Broker Identification Numbers (BINs); and

• Letters of intent to purchase a certain amount of Class A2 Shares within a thirteen month period.

(G) WAIVER OF SALES LOAD

Continent upon notification to the Fund's Transfer Agent, no sales load shall be assessed on purchases of Class A2 Shares made:

• within 120 days of redeeming shares of an equal or greater amount;

• through a program offered by a Financial Intermediary that provides for the purchase of Shares without imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement or other fee-based program offered by the Financial Intermediary) and where the Financial Intermediary has agreed with the principal underwriter not to receive a dealer reallowance on purchases under such program;

• with reinvested dividends or capital gains;

• or Class A2 Shares, issued in connection with the merger, consolidation, or acquisition of the assets of another fund. Further, no sales load shall be assessed on purchases of Shares made by a shareholder that originally became a shareholder of a Federated Fund pursuant to the terms of an agreement and plan of reorganization which permits shareholders to acquire Shares at NAV provided that such Shares are held directly with the Fund' s transfer agent. If the Shares are held through a financial intermediary the sales charge waiver will not apply;

• by Federated Life Members (Federated shareholders who originally were issued shares through the "Liberty Account", which was an account for the Liberty Family of Funds on February 28, 1987, or who invested through an affinity group prior to August 1, 1987, into the Liberty Account);

• by Directors, Trustees, employees, former employees and sales representatives of the Fund, the Adviser, the principal underwriter and their affiliates, employees of any investment professional that sells Shares according to a sales agreement with the principal underwriter, by the immediate family members of the above persons, and by trusts, pensions or profit-sharing plans for the above persons; and

• pursuant to the exchange privilege.

(H) WAIVER OF CONTINGENT DEFERRED SALES CHARGE ON LARGE-TICKET PURCHASES

Contingent upon notification to the Fund's principal underwriter or transfer agent, no CDSC will be imposed on redemptions.

• following the death of the last surviving shareholder on the account, or the post-purchase disability of all registered shareholder(s), as defined in Section 72(m)(7) of the Internal Revenue Code.

• due to the termination of a trust following the death of the trustor/grantor or beneficiary, provided that the trust document specifically states that the trust is terminated upon the death

• representing minimum required distributions ("RMD") from an Individual Retirement Account or other retirement plan as required under the Internal Revenue Code;

• of Shares originally purchased through a financial intermediary that did not receive an advance commission on the purchase;

• of Shares that were reinvested within 120 days of a previous redemption;

• of Shares held by the Directors, Trustees, employees, former employees and sales representatives of the Fund, the Adviser, the principal underwriter and their affiliates, employees of any investment professional that sells Shares according to a sales agreement with the principal underwriter, by the immediate family members of the above persons, and by trusts, pension or profit-sharing plans for the above persons;

• of Shares originally purchased through a program offered by a Financial Intermediary that provides for the purchase of Shares without imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement, or other fee-based program offered by the Financial Intermediary) and where the Financial Intermediary has agreed with the principal underwriter not to receive an advanced commission on purchases under such program;

• of Shares purchased with reinvested dividends or capital gains;

• imposed by the Fund when it closes an account for not meeting the minimum balance requirements; and

• of Shares which were purchased pursuant to an exchange privilege if the Shares were held for the applicable CDSC holding period.

(I) SALES CHARGE WAIVERS FOR SHAREHOLDERS PURCHASING THROUGH CERTAIN FINANCIAL INTERMEDIARIES

Financial intermediary sales charge variations required to be disclosed by Rule 22d-1 shall be set forth in the prospectus of a Fund, as may be amended from time to time.

**4.** **REDEMPTION FEE**

For purposes of Rule 11a-3 under the Act, any redemption fee received upon the redemption or exchange of Class A2 Shares will be applied to fees incurred or amount expended in connection with such redemption or exchange. The balance of any redemption fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to (i) non-participant directed redemptions or exchanges involving Class A2 Shares held in retirement plans established under Section 40l(a) or 40l(k) of the Internal Revenue Code (the "Code"), custodial plan accounts established under Section 493(b)(7) of the Code, or deferred compensation plans established under Section 457 of the Code; (ii) redemptions or exchanges involving Class A2 Shares held in plans administered as college savings programs under Section 529 of the Code; and (iii) Class A2 Shares redeemed due to the death of the last surviving shareholder on the account.

**SCHEDULE OF FUNDS OFFERING CLASS A2 SHARES**

The Funds set forth on this Schedule each offer Class A2 Shares on the terms set forth in the Class A2 Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**1.** **CLASS A2 SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> **Series** | **12b-l Fee** | **Redemption Fee** |

---

**Administrative Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised 8/1/24)**

**1. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Administrative ("ADM") Shares will consist of sales and shareholder servicing by financial intermediaries. The principal underwriter and financial intermediaries may receive payments for distribution and/or administrative services under a Rule 12b-1 Plan and financial intermediaries may also receive shareholder service fees for services provided. In connection with this basic arrangement, ADM Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated ADM Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | As set forth in the attached Schedule |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of ADM Shares as described in Section 3 of the Plan |

---

**2. CONVERSION AND EXCHANGE PRIVILEGES**

For purposes of Rule 18f-3, ADM Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, ADM Shares may be converted to any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | ADM Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust,* and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

 ****

An exchange will be treated as a redemption and a subsequent purchase, and will be a taxable transaction. Exchange privileges may be modified or terminated at any time. A conversion of classes should not result in a realization for tax purposes.

**Schedule of Funds<br> Offering ADM Shares**

The Funds set forth on this Schedule each offer ADM Shares on the terms set forth in the ADM Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**1. ADM SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> **Series** | **12b-1 Fee** | **Shareholder Service Fee** |
| **Federated Hermes Money Market Obligations Trust** | | |
| Federated Hermes Government Obligations Fund | 0.25% | Up to 0.25%, with 0.05% of the service fee being active upon the initial offering of the ADM Shares and 0.20% remaining dormant until approved by the Fund's Board |
| Federated Hermes Treasury Obligations Fund | &nbsp;&nbsp; 0.05% (active)<br> 0.05% (dormant) | 0.25% |
| Federated Hermes U.S. Treasury Cash Reserves | &nbsp;&nbsp; 0.05% (active)<br> 0.05% (dormant) | 0.25% |

---

**ADVISoR Shares Exhibit**

**To**

**Multiple Class Plan**

**(9/1/24)**

**1. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION**

Advisor ("AVR") Shares are available exclusively for shareholders investing through certain financial intermediaries that have entered into an agreement with the Funds' distributor who has approved them for the sale of AVR Shares. For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the AVR Shares will consist of sales and shareholder servicing by financial intermediaries. In connection with this basic arrangement, AVR Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated AVR Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of AVR Shares as described in Section 3 of the Plan |

---

**2. CONVERSION AND EXCHANGE PRIVILEGES**

For purposes of Rule 18f-3, AVR Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, AVR Shares may be converted to any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | AVR Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust,* and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

 ****

An exchange will be treated as a redemption and a subsequent purchase, and will be a taxable transaction. Exchange privileges may be modified or terminated at any time.

**Schedule of Funds<br> Offering AVR Shares**

The Funds set forth on this Schedule each offer AVR Shares on the terms set forth in the AVR Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**1. AVR SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> **Series** | **12b-1 Fee** |
| **Federated Hermes Money Market Obligations Trust** | |
| Federated Hermes Government Obligations Fund |  |
| Federated Hermes Prime Cash Obligations Fund |  |
| Federated Hermes Tax-Free Obligations Fund |  |
| Federated Hermes Treasury Obligations Fund |  |
| Federated Hermes U.S. Treasury Cash Reserves |  |

---

**AUTOMATED Shares Exhibit**

**To**

**Multiple Class Plan**

**(revised 6/1/25)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Automated Shares will consist of sales and shareholder servicing by financial intermediaries. Financial intermediaries may receive shareholder service fees for services provided. In connection with this basic arrangement, Automated Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Automated Shares** |
| **Sales Load** |  |
| &nbsp;&nbsp; **Contingent Deferred** <br> **Sales Charge ("CDSC")<br>** <br>|  |
| &nbsp;&nbsp; **Shareholder Service Fee**<br>| Up to 25 basis points (0.25%) of the average daily net asset value |
| **Recordkeeping Fee** | Up to 10 basis points (0.10%) of the average daily net asset value |
| **12b-1 Fee** |  |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Automated Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Automated Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privileges:** | Automated Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust,* and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered, after the payment of any redemption fees to the Fund. Exchanges shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds<br> Offering AUTOMATED Shares**

The Funds set forth on this Schedule each offer Automated Shares on the terms set forth in the Automated Shares Exhibit to the Multiple Class Plan.

---

| |
|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> **Series** |
| **Federated Hermes Money Market Obligations Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Municipal Obligations Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Prime Cash Obligations Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Obligations Tax-Managed Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Trust for U.S. Treasury Obligations |

---

**EFFECTIVE 2-3-23 – B SHARES converted TO A SHARES**

**Class B Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised 2/3/2023)**

1. Separate Arrangement And Expense Allocation

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Class B Shares will consist of sales by financial intermediaries in consideration of the payment of an advance commission paid by the principal underwriter. Financial intermediaries may perform shareholder services and receive a shareholder service fee for their services. In consideration of advancing commissions and/or the provision of shareholder services, the principal underwriter may receive the contingent deferred sales charges paid upon redemption of Class B Shares, and/or shareholder service fees and/or fees under a 12b-1 plan. In connection with this basic arrangement, Class B Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class B Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** | &nbsp;&nbsp;Up to 5.5% of the share price at the time of purchase or redemption, whichever is lower |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | Up to 75 basis points (0.75%) of the average daily net asset value |
| **Redemption Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class B Shares as described in Section 3 of the Plan |

---

2. Conversion and Exchange Privileges

For purposes of Rule 18f-3, Class B Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Conversion Rights:** | &nbsp;&nbsp;After Class B Shares have been held for eight years from the date of purchase, they will automatically convert into Class A Shares. |
| &nbsp;&nbsp;**Exchange Privilege:** | &nbsp;&nbsp;Class B Shares may be exchanged for Class B Shares of any other fund. |

---

In any conversion or exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

3. Exceptions to Basic Arrangements

For purposes of Rules 6c-10 and 22d-1 under the Act, unless otherwise specified on the Schedule to this Exhibit, the scheduled variations in contingent deferred sales charges payable upon redemption are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(A) BASIC CDSC SCHEDULE

---

| | |
|:---|:---|
| &nbsp;&nbsp;Shares Held Up to: To: | &nbsp;&nbsp;Have A CDSC Of: |
| &nbsp;&nbsp;1 year | &nbsp;&nbsp;5.50% |
| &nbsp;&nbsp;2 years | &nbsp;&nbsp;4.75% |
| &nbsp;&nbsp;3 years | &nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;4 years | &nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;5 years | &nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;6 years | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;7 years | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;8 years | &nbsp;&nbsp;Convert to Class A Shares |

---

&nbsp;&nbsp;&nbsp;&nbsp;(B) WAIVER OF CDSC

Contingent upon notification to the Fund's principal underwriter or transfer agent, no CDSC will be imposed on redemptions:

· following the death of the last surviving shareholder or post-purchase disability, as defined in Section 72(m)(7) of the Internal Revenue Code of 1986;

· due to the termination of a trust following the death of the trustor/grantor or beneficiary, provided that the trust document specifically states that the trust is terminated upon the death

· representing minimum required distributions ("RMD") from an Individual Retirement Account or other retirement plan as required under the Internal Revenue Code;

· of Shares that were reinvested within 120 days of a previous redemption;

· of Shares held by the Directors, Trustees, employees, former employees and sales representatives of the Fund, the Adviser, the principal underwriter and their affiliates, employees of any investment professional that sells Shares according to a sales agreement with the principal underwriter, by the immediate family members of the above persons, and by trusts, pension or profit-sharing plans for the above persons;

· of Shares originally purchased through a program offered by a Financial Intermediary that provides for the purchase of Shares without imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement, or other fee-based program offered by the Financial Intermediary) and where the Financial Intermediary has agreed with the principal underwriter not to receive an advanced commission on purchases under such program;

· of Shares purchased with reinvested dividends or capital gains;

· imposed by the Fund when it closes an account for not meeting the minimum balance requirements; and

· of Shares which were purchased pursuant to an exchange privilege if the Shares were held for the applicable CDSC holding period.

(C) SYSTEMATIC WITHDRAWAL PROGRAM

Contingent upon notification to the principal underwriter or the Fund's transfer agent, no CDSC will be imposed on redemptions that are qualifying redemptions of Class B Shares under a Systematic Withdrawal Program as described in the applicable prospectus and statement of additional information.

(D) SALES CHARGE WAIVERS FOR SHAREHOLDERS PURCHASING THROUGH CERTAIN FINANCIAL INTERMEDIARIES

Financial intermediary sales charge variations required to be disclosed by Rule 22d-1 shall be as set forth in the prospectus of a Fund, as may be amended from time to time.

4. Redemption Fee

For purposes of Rule 11a-3 under the Act, any redemption fee received upon the redemption or exchange of Class B Shares will be applied to fees incurred or amount expended in connection with such redemption or exchange. The balance of any redemption fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to (i) non-participant directed redemptions or exchanges involving Class B Shares held in retirement plans established under Section 401(a) or 401(k) of the Internal Revenue Code (the "Code"), custodial plan accounts established under Section 493(b)(7) of the Code, or deferred compensation plans established under Section 457 of the Code; (ii) redemptions or exchanges involving Class B Shares held in plans administered as college savings programs under Section 529 of the Code; and (iii) Class B Shares redeemed due to the death of the last surviving shareholder on the account.

**<u>All B Shares converted to A Shares on February 3, 2023.</u>**

**Schedule of Funds<br> Offering Class B Shares**

The Funds set forth on this Schedule each offer Class B Shares on the terms set forth in the Class B Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**CLASS B SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | | |
|:---|:---|:---|
| **Multiple Class Company<br> Series** | **12b-1 Fee** | **Redemption Fee** |

---

**Class C Shares Exhibit**

**To**

**Multiple Class Plan**

**(revised 2/1/25)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Class C Shares will consist of sales by financial intermediaries in consideration of an advance commission of up to 1.00% of the public offering price, paid by the principal underwriter. Financial intermediaries may also provide shareholder services and may receive shareholder services fees therefor. Additionally, the principal underwriter and financial intermediaries may receive distribution and/or administrative service fees under the 12b-1 Plan. In cases where the principal underwriter has advanced a commission to the financial intermediary, such 12b-1 fees will be paid to the financial intermediary beginning in the thirteenth month after purchase. In consideration of advancing commissions, the principal underwriter will receive the contingent deferred sales charges paid upon redemption of Class C Shares and payments made under the 12b-1 Plan for twelve months following the purchase. In connection with this basic arrangement, Class C Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class C Shares** |
| **Contingent Deferred Sales Charge ("CDSC")** | &nbsp;&nbsp;1.00% of the share price at the time of purchase or redemption, whichever is lower if redeemed within twelve months following purchase |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Redemption Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class C Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Class C Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Conversion Rights:** | &nbsp;&nbsp; At the election of the shareholder, Class C Shares that are not subject to a contingent deferred sales charge ("**CDSC**") may be converted to any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. For Class C Shares purchased through a financial intermediary after **June 30, 2017**, such shares may only be converted to another Share Class of the same Fund if: (i) the Class C Shares are no longer subject to a CDSC or the financial intermediary agrees to reimburse the Fund's distributor the CDSC otherwise payable upon the sale of such Class C Shares; (ii) the shareholder meets the investment minimum and eligibility requirements for the Share Class into which the conversion is sought, as applicable; and (iii) (A) the conversion is made to facilitate the shareholder's participation in a self-directed brokerage account for a fee-based advisory program offered by the intermediary, or (B) the conversion is part of a multiple-client transaction through a particular financial intermediary as pre-approved by the Fund's Administrator.<br> After Class C Shares have been held for ***eight*** years from the date of purchase, they will automatically convert into Class A Shares on the next monthly conversion processing date, provided that the Fund or financial intermediary, record keeper, or platform has records confirming that the Class C Shares have been held for at least ***eight*** years and that Class A Shares are available for purchase. The financial intermediary, record keeper, or platform shall provide, upon the Fund's request, representations that it has records confirming that the Class C Shares have been held for at least ***eight*** years and that Class A Shares are available for purchase. For Class C Shares acquired in an exchange from another Fund, the date of purchase will be based on the initial purchase of the Class C Shares of the prior Fund." |
| &nbsp;&nbsp;**Exchange Privileges:** | &nbsp;&nbsp;Class C Shares may be exchanged for Class C Shares of any other Fund. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**3. Exceptions to Basic Arrangements**

For purposes of Rules 22d-1 and 6c-10 under the Act, unless otherwise specified on the Schedule to this Exhibit, the scheduled variations contingent deferred sales charges are as follows:

(A) WAIVER OF CDSC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· following the death of the last surviving shareholder on the account, or post-purchase disability of all registered shareholder(s), as defined in Section 72(m)(7) of the Internal Revenue Code;

· due to the termination of a trust following the death of the trustor/grantor or beneficiary, provided that the trust document specifically states that the trust is terminated upon the death

· representing minimum required distributions ("RMD") from an Individual Retirement Account or other retirement plan as required under the Internal Revenue Code;

· of Shares originally purchased through a financial intermediary that did not receive an advance commission on the purchase;

· of Shares that were reinvested within 120 days of a previous redemption;

· of Shares held by the Directors, Trustees, employees, former employees and sales representatives of the Fund, the Adviser, the principal underwriter and their affiliates, employees of any investment professional that sells Shares according to a sales agreement with the principal underwriter, by the immediate family members of the above persons, and by trusts, pension or profit-sharing plans for the above persons;

· of Shares originally purchased through a program offered by a Financial Intermediary that provides for the purchase of Shares without imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement, or other fee-based program offered by the Financial Intermediary) and where the Financial Intermediary has agreed with the principal underwriter not to receive an advanced commission on purchases under such program;

· of Shares purchased with reinvested dividends or capital gains;

· imposed by the Fund when it closes an account for not meeting the minimum balance requirements; and

· of Shares which were purchased pursuant to an exchange privilege if the Shares were held for the applicable CDSC holding period.

(B) SALES CHARGE WAIVERS FOR SHAREHOLDERS PURCHASING THROUGH CERTAIN FINANCIAL INTERMEDIARIES

Financial intermediary sales charge variations required to be disclosed by Rule 22d-1 shall be as set forth in the prospectus of a Fund, as may be amended from time to time.

**4. Redemption Fee**

For purposes of Rule 11a-3 under the Act, any redemption fee received upon the redemption or exchange of Class C Shares will be applied to fees incurred or amount expended in connection with such redemption or exchange. The balance of any redemption fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to (i) non-participant directed redemptions or exchanges involving Class C Shares held in retirement plans established under Section 401(a) or 401(k) of the Internal Revenue Code (the "Code"), custodial plan accounts established under Section 493(b)(7) of the Code, or deferred compensation plans established under Section 457 of the Code; (ii) redemptions or exchanges involving Class C Shares held in plans administered as college savings programs under Section 529 of the Code; and (iii) Class C Shares redeemed due to the death of the last surviving shareholder on the account.

**Schedule of Funds**

**Offering Class C Shares**

The Funds set forth on this Schedule each offer Class C Shares on the terms set forth in the Class C Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**CLASS C SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Multiple Class Company<br> Series** | &nbsp;&nbsp;**12b-1 Fee** | &nbsp;&nbsp;**Redemption Fee** |
| &nbsp;&nbsp;**Federated Hermes Adviser Series** |  |  |
| &nbsp;&nbsp;Federated Hermes Emerging Markets Equity Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes SDG Engagement Equity Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes SDG Engagement High Yield Credit Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes US SMID Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes International Equity Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes International Growth Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes MDT Large Cap Value Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes Equity Funds:** |  |  |
| &nbsp;&nbsp;Federated Hermes Clover Small Value Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;Federated Hermes International Strategic Value Dividend Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;Federated Hermes Kaufmann Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;Federated Hermes Kaufmann Large Cap Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;Federated Hermes Kaufmann Small Cap Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;Federated Hermes MDT Mid-Cap Growth Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;Federated Hermes Prudent Bear Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;Federated Hermes Strategic Value Dividend Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;**Federated Hermes Equity Income Fund, Inc.** | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;**Federated Hermes Fixed Income Securities, Inc.:** |  |  |
| &nbsp;&nbsp;Federated Hermes Strategic Income Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;**Federated Hermes Global Allocation Fund** | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;**Federated Hermes Sustainable High Yield Bond Fund, Inc. (formerly, Federated Hermes High Income Bond Fund, Inc.)** | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;2% on shares redeemed or exchanged within 90 days of purchase |
| &nbsp;&nbsp;**Federated Hermes High Yield Trust** |  |  |
| &nbsp;&nbsp;Federated Hermes Opportunistic High Yield Bond Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;2% on shares redeemed or exchanged within 90 days of purchase |
| &nbsp;&nbsp;**Federated Hermes Income Securities Trust:** |  |  |
| &nbsp;&nbsp;Federated Hermes Capital Income Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;Federated Hermes Fund for U.S. Government Securities | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;Federated Hermes Muni and Stock Advantage Fund | &nbsp;&nbsp;0.75% |  |
| Federated Hermes Inflation Protected Securities Fund *(formerly Federated Hermes Real Return Bond Fund)* | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;**Federated Hermes Index Trust** |  |  |
| &nbsp;&nbsp;Federated Hermes Max-Cap Index Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes Institutional Trust** |  |  |
| &nbsp;&nbsp;Federated Hermes Institutional High Yield Bond Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes Investment Series Funds, Inc.:** |  |  |
| &nbsp;&nbsp;Federated Hermes Corporate Bond Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes MDT Series:** |  |  |
| &nbsp;&nbsp;Federated Hermes MDT All Cap Core Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes MDT Balanced Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes MDT Large Cap Growth Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes MDT Small Cap Core Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes MDT Small Cap Growth Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes Municipal Bond Fund, Inc.** | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes Municipal Securities Income Trust:** |  |  |
| &nbsp;&nbsp;Federated Hermes Municipal High Yield Advantage Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes Total Return Series, Inc.:** |  |  |
| &nbsp;&nbsp;Federated Hermes Total Return Bond Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes World Investment Series, Inc.:** |  |  |
| &nbsp;&nbsp;Federated Hermes Emerging Market Debt Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes International Leaders Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes International Small-Mid Company Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes Money Market Obligations Trust:** |  |  |
| &nbsp;&nbsp;Federated Hermes Government Reserves Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |

---

**Capital Shares Exhibit**

**To**

**Multiple Class Plan**

(Revised 8/1/24)

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Capital Shares will consist of sales and shareholder servicing by financial intermediaries. Financial intermediaries may receive shareholder service fees for services provided. In connection with this basic arrangement, Capital Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Capital Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** |  |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Capital Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Capital Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privileges:** | Capital Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust,* and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other fund or class shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds**

**Offering Capital Shares**

The Funds set forth on this Schedule each offer Capital Shares on the terms set forth in the Capital Shares Exhibit to the Multiple Class Plan.

---

| |
|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series |
| **Federated Hermes Money Market Obligations Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes California Municipal Cash Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Obligations Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Municipal Obligations Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Prime Cash Obligations Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund |

---

**CasH II Shares Exhibit**

**To**

**Multiple Class Plan<br> (r** **evised 8/1/24)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Cash II Shares will consist of sales and shareholder servicing by financial intermediaries. The principal underwriter and financial intermediaries may receive payments for distribution and/or administrative services under a 12b-1 Plan and financial intermediaries may also receive shareholder services fees for services provided. In connection with this basic arrangement, Cash II Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Cash II Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Cash II Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Cash II Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Cash II Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust,* and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other fund or class shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds<br> Offering Cash II Shares**

The Funds set forth on this Schedule each offer Cash II Shares on the terms set forth in the Cash II Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

---

| | |
|:---|:---|
| **Multiple Class Company**<br> Series | **12b-1 Fee** |
| **Federated Hermes Money Market Obligations Trust:** | |
| Federated Hermes California Municipal Cash Trust | 0.20% |
| Federated Hermes Government Obligations Fund | 0.35% |
| Federated Hermes Municipal Obligations Fund | 0.35% |
| Federated Hermes New York Municipal Cash Trust | 0.25% |
| Federated Hermes Prime Cash Obligations Fund | 0.35% |
| Federated Hermes Trust for U.S. Treasury Obligations | 0.35% |

---

**cash management Shares Exhibit**

**To**

**Multiple Class Plan**

**8/1/24**

**1. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Cash Management Shares will consist of sales and shareholder servicing by financial intermediaries. The principal underwriter and financial intermediaries may receive payments for distribution and/or administrative services under a Rule 12b-1 Plan and financial intermediaries may also receive shareholder services fees for services provided. In connection with this basic arrangement, Cash Management Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Cash Management Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Services Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Cash Management Shares as described in Section 3 of the Plan |

---

**2. CONVERSION AND EXCHANGE PRIVILEGES**

For purposes of Rule 18f-3, Cash Management Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Conversion Rights:** | &nbsp;&nbsp;At the election of the shareholder, Shares may be converted into any other Share Class, of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| &nbsp;&nbsp;**Exchange Privilege:** | &nbsp;&nbsp;Cash Management Shares may be exchanged into any Federated Hermes fund or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

 ****

An exchange will be treated as a redemption and a subsequent purchase, and will be a taxable transaction. Exchange privileges may be modified or terminated at any time.

**Schedule of Funds<br> Offering Cash Management Shares**

The Funds set forth on this Schedule each offer Cash Management Shares on the terms set forth in the Cash Management Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**1. CASH MANAGEMENT SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | &nbsp;&nbsp;**12b-1 Fee** |
| &nbsp;&nbsp;**Money Market Obligations Trust** |  |
| &nbsp;&nbsp;Federated Hermes Treasury Obligations Fund | &nbsp;&nbsp;30 |

---

**Cash Reserve Shares Exhibit**

**To**

**Multiple Class Plan**

**12/1/2024**

**1. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION**

Cash Reserve Shares ("CRS") are available exclusively for shareholders investing through certain financial intermediaries that have entered into an agreement with the Funds' distributor who has approved them for the sale of CRS Shares. For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the CRS Shares will consist of sales and shareholder servicing by financial intermediaries. Financial intermediaries may receive shareholder service fees for services provided. In connection with this basic arrangement, CRS Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated CRS Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 10 basis points (0.10%) of the average daily net asset value. |
| **12b-1 Fee** |  |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of CRS Shares as described in Section 3 of the Plan |

---

**2. CONVERSION AND EXCHANGE PRIVILEGES**

For purposes of Rule 18f-3, CRS Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Conversion Rights:** | &nbsp;&nbsp;At the election of the shareholder, CRS Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| &nbsp;&nbsp;**Exchange Privilege:** | &nbsp;&nbsp;CRS Shares may be exchanged for into any Federated Hermes fund or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

 ****

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other fund or class shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds<br> Offering CRS Shares**

---

| |
|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series |
| &nbsp;&nbsp;**Federated Hermes Money Market Obligations Trust** |
| &nbsp;&nbsp;Federated Hermes U.S. Treasury Cash Reserves |

---

**Cash series Shares Exhibit**

**To**

**Multiple Class Plan**

**(R** **evised 8/1/24)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement for the Cash Series Shares will consist of sales and shareholder servicing by financial intermediaries. The principal underwriter and financial intermediaries may receive payments for distribution and/or administrative services under a 12b-1 Plan and financial intermediaries may receive a shareholder service fee for services provided. In connection with this basic arrangement, Cash Series Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Cash Series Shares** |
| **Sales Load** |  |
| &nbsp;&nbsp; **Contingent Deferred** <br> **Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Cash Series Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Cash Series Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privileges:** | Cash Series Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares, *Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust,* and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other fund or class shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds**

**Offering Cash Series Shares**

The Funds set forth on this Schedule each offer Cash Series Shares on the terms set forth in the Cash Series Shares Exhibit to Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

---

| | |
|:---|:---|
| **Multiple Class Company** | **12b-1 Fee** |
| **Federated Hermes Money Market Obligations Trust:** | |
| Federated Hermes California Municipal Cash Trust | 0.60% |
| Federated Hermes Government Obligations Fund | 0.60% |
| Federated Hermes Municipal Obligations Fund | 0.60% |
| Federated Hermes New York Municipal Cash Trust | 0.60% |
| Federated Hermes Prime Cash Obligations Fund | 0.60% |
| Federated Hermes Trust for U.S. Treasury Obligations | 0.60% |

---

**EAGLE Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised 8/1/24)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Eagle Shares will consist of sales and shareholder servicing by financial intermediaries. The principal underwriter and financial intermediaries may receive payments for distribution and/or administrative services under a Rule 12b-1 Plan and financial intermediaries may also receive shareholder service fees for services provided. In connection with this basic arrangement, Eagle Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Eagle Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Eagle Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Eagle Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Eagle Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares, *Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust,* and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any <u>shareholder eligibility</u> and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**Schedule of FundS**

**Offering EAGLE Shares**

The Funds set forth on this Schedule each offer Eagle Shares on the terms set forth in the Eagle Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

---

| | |
|:---|:---|
| **Multiple Class Company**<br> Series | **12b-1 Fee** |

---

**Class F Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised 3/1/24)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement for the Class F Shares will consist of sales by financial intermediaries in consideration of the payment of the sales load ("dealer reallowance"). Financial intermediaries may also provide shareholder services and may receive shareholder service fees therefor. Additionally, the principal underwriter may pay up to 100 basis points (1.00%) of the public offering price to financial intermediaries as an advance commission on sales. In consideration of advancing this payment, the principal underwriter will receive any contingent deferred sales charges paid upon redemption of Class F Shares and distribution service fees under the 12b-1 Plan on an ongoing basis. In connection with this basic arrangement Class F Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class F Shares** |
| **Sales Load** | Up to 100 basis points (1.00%) of the public offering price |
| **Contingent Deferred Sales Charge ("CDSC")** | Up to 100 basis points (1.00%) of the share price at the time of original purchase or redemption, whichever is lower |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class F Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Class F Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Class F Shares that are not subject to a contingent deferred sales charge ("CDSC") may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privileges:** | Class F Shares may be exchanged for Class F Shares of any other Fund. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated as a redemption and purchase.

**3. Exceptions to Basic Arrangements**

For purposes of Rules 22d-1 and 6c-10 under the Act, unless otherwise specified on the Schedule to this Exhibit, the scheduled variations in sales load and contingent deferred sales charges are as follows**:**

&nbsp;&nbsp;&nbsp;&nbsp;(A) BASIC SALES LOAD SCHEDULE **<sup>\*</sup>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Purchase Amount:** | **Sales Charge as Percentage of Offering Price** | **Sales Charge as a Percentage of NAV** |
| Less than $1 million | 1.00% | 1.01% |
| $1 million or greater | 0.00% | 0.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(B) CDSC SCHEDULE

Unless otherwise indicated below, the Schedule of Contingent Deferred Sales Charges for each Fund is as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Purchase Amount:** | &nbsp;&nbsp; <br> **Shares Held:** | **Contingent Deferred Sales Charge:** |
| Under $2 million | 4 years or less | 1.00% |
| $2 million but less than $5 million | 2 years or less | 0.50% |
| $5 million or greater | 1 year or less | 0.25% |

---

(C) REDUCING OR ELIMINATING THE SALES LOAD

Contingent upon notification to the Fund's principal underwriter or transfer agent, in applying the exceptions set forth in this Section 3, the purchase amount shall take into account:

&nbsp;&nbsp;&nbsp;&nbsp;· Discounts achieved by combining concurrent purchases of and/or current investment in Class A, Class B, Class C, Class F, and Class R Shares, made or held by (or on behalf of) the investor, the investor's spouse, and the investor's children under age 21 (regardless of whether the purchases or investments are made or held directly or through an investment professional or through a single-participant retirement account); provided that such purchases and investments can be linked using tax identification numbers (TINs), social security numbers (SSNs), or Broker Identification Numbers (BINs); and

· Letters of intent to purchase a certain amount of Class F Shares within a thirteen month period.

(D) WAIVER OF SALES LOAD

Contingent upon notification to the Fund's principal underwriter or transfer agent, no sales load will be assessed on purchases of Class F Shares made:

---

| |
|:---|
| within 120 days of redeeming Shares of an equal or greater amount; |
| through a financial intermediary that did not receive a dealer reallowance on the purchase; |
| by shareholders who originally became shareholders of a Fund pursuant to the terms of an agreement and plan of reorganization which permits the shareholders to acquire shares at net asset value. However, if the shareholder closes their account with the transfer agent, or if the shareholder transfers their account to another financial intermediary, the shareholder may no longer receive a sales charge waiver; |
| with reinvested dividends or capital gains; |
| by Directors, Trustees, employees, former employees and sales representatives of the Fund, the Adviser, the principal underwriter and their affiliates, employees of any investment professional that sells shares according to a sales agreement with the principal underwriter, by the immediate family members of the above persons, and by trusts, pension or profit-sharing plans for the above persons; and |
| pursuant to the exchange privilege. |

---

(E) WAIVER OF CDSC

Contingent upon notification to the Fund's principal underwriter or transfer agent, no CDSC will be imposed on redemptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· following the death of the last surviving shareholder on the account, or post-purchase disability of all registered shareholder(s), as defined in Section 72(m)(7) of the Internal Revenue Code;

· due to the termination of a trust following the death of the trustor/grantor or beneficiary, provided that the trust document specifically states that the trust is terminated upon the death

· representing minimum required distributions ("RMD") from an Individual Retirement Account or other retirement plan as required under the Internal Revenue Code;

· of Shares originally purchased through a financial intermediary that did not receive an advance commission on the purchase.

· of Shares that were reinvested within 120 days of a previous redemption of an equal or lesser amount;

· of Shares held by the Directors, Trustees, employees, former employees and sales representatives of the Fund, the Adviser, the principal underwriter and their affiliates, employees of any investment professional that sells Shares according to a sales agreement with the principal underwriter, by the immediate family members of the above persons, and by trusts, pension or profit-sharing plans for the above persons;

· of Shares originally purchased through a program offered by a Financial Intermediary that provides for the purchase of Shares without imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement, or other fee-based program offered by the Financial Intermediary) and where the Financial Intermediary has agreed with the principal underwriter not to receive an advanced commission on purchases under such program;

· of Shares purchased with reinvested dividends or capital gains;

· imposed by the Fund when it closes an account for not meeting the minimum balance requirements;

· of Shares which were purchased pursuant to an exchange privilege if the Shares were held for the applicable CDSC holding period; and

· representing a total or partial distribution from a qualified plan, which would not include account transfer, rollovers, or redemptions for the purpose of reinvestment. For these purposes, qualified plans would not include an Individual Retirement Account, Keogh Plan or custodial account following retirement.

**Schedule of Funds**

**Offering Class F Shares**

The Funds set forth on this Schedule each offer Class F Shares on the terms set forth in the Class F Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**CLASS F SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** |
| **Federated Hermes Equity Income Fund, Inc.** | 0.25% |
| &nbsp;&nbsp; **Federated Hermes Fixed Income Securities, Inc.:**<br> Federated Hermes Strategic Income Fund | &nbsp;&nbsp; <br> 0.05% |
| &nbsp;&nbsp; **Federated Hermes Income Securities Trust:**<br> Federated Hermes Capital Income Fund<br> Federated Hermes Muni and Stock Advantage Fund | &nbsp;&nbsp; <br> 0.05%<br> None |
| &nbsp;&nbsp; **Federated Hermes Investment Series Funds, Inc.:**<br> Federated Hermes Corporate Bond Fund |  |
| **Federated Hermes Municipal Bond Fund, Inc.** |  |
| &nbsp;&nbsp; **Federated Hermes Municipal Securities Income Trust:**<br> Federated Hermes Municipal High Yield Advantage Fund<br> Federated Hermes Ohio Municipal Income Fund | &nbsp;&nbsp; <br> 0.05%<br> 0.40% |
| &nbsp;&nbsp; **Federated Hermes Money Market Obligations Trust:**<br> Federated Hermes Government Reserves Fund | &nbsp;&nbsp; <br> 0.45% |

---

**Institutional/WEALTH Shares Exhibit**

**To**

**Multiple Class Plan**

**(REVISED 3/12/25)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Institutional and Wealth Shares will consist of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to money market funds, sales and shareholder servicing by financial intermediaries; and

(ii) with respect to fluctuating NAV funds, sales and shareholder servicing by financial intermediaries to the following categories of investors ("Eligible Investors");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An investor participating in a no-load platform, network or other fee-based program offered by a financial intermediary, for example, a wrap-account or retirement platform, where Federated has entered into an agreement with the intermediary;

· A trustee/director, employee or former employee of the Fund, the Adviser, the Distributor and their affiliates; an immediate family member of these individuals, or a trust, pension or profit-sharing plan for these individuals;

· An employer-sponsored retirement plan;

· A trust institution investing on behalf of its trust customers;

· A Federated Hermes Fund;

· An investor, other than a natural person, purchasing Shares directly from the Fund;

· An investor (including a natural person) who owned Shares as of December 31, 2008;

· Without regard to the initial investment minimum, an investor who acquired Institutional and/or Wealth Shares pursuant to the terms of an agreement and plan of reorganization which permits the investor to acquire such Shares; and

· Without regard to the initial investment minimum, in connection with an acquisition of an investment management or advisory business, or related investment services, products or assets, by Federated or its investment advisory subsidiaries, an investor (including a natural person) who (1) becomes a client of an investment advisory subsidiary of Federated or (2) is a shareholder or interest holder of a pooled investment vehicle or product that becomes advised or subadvised by a Federated investment advisory subsidiary as a result of such an acquisition other than as a result of a fund reorganization transaction pursuant to an agreement and plan of reorganization.

The principal underwriter and financial intermediaries may receive payments for distribution and/or administrative services under a Rule 12b-1 Plan and financial intermediaries may also receive shareholder service fees for services provided. In connection with this basic arrangement, Institutional and Wealth Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Institutional and Wealth Shares** |
| **Sales Load** |  |
| &nbsp;&nbsp; **Contingent Deferred** <br> **Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | As set forth in the attached Schedule |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Institutional and/or Wealth Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Institutional and Wealth Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Institutional and/or Wealth Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust,* and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

3. REDEMPTION FEE.

For purposes of Rule 11a-3 under the Act, any redemption fee received upon the redemption or exchange of Institutional and/or Wealth Shares will be applied to fees incurred or amount expended in connection with such redemption or exchange. The balance of any redemption fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to (i) non-participant directed redemptions or exchanges involving Institutional and/or Wealth Shares held in retirement plans established under Section 401(a) or 401(k) of the Internal Revenue Code (the "Code"), custodial plan accounts established under Section 493(b)(7) of the Code, or deferred compensation plans established under Section 457 of the Code; (ii) redemptions or exchanges involving Institutional and/or Wealth Shares held in plans administered as college savings programs under Section 529 of the Code; and (iii) Institutional and/or Wealth Shares redeemed due to the death of the last surviving shareholder on the account.

**Schedule of Funds<br> Offering institutional Shares**

The Funds set forth on this Schedule each offer Institutional Shares on the terms set forth in the Institutional/-Wealth Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** | &nbsp;&nbsp; **Shareholder**<br> **Service Fee** | **Redemption Fee** |
| **Federated Hermes Adjustable Rate Securities Trust** |  |  |  |
| **Federated Hermes Adviser Series** |  |  |  |
| Federated Hermes Emerging Markets Equity Fund | 0.00% | 0.25% |  |
| Federated Hermes Conservative Microshort Fund |  |  |  |
| Federated Hermes Conservative Municipal Microshort Fund |  |  |  |
| Federated Hermes SDG Engagement Equity Fund | 0.00% | 0.00% |  |
| Federated Hermes SDG Engagement High Yield Credit Fund | 0.00% | 0.25% |  |
| Federated Hermes US SMID Fund |  |  |  |
| Federated Hermes International Equity Fund | 0.00% | 0.25% |  |
| Federated Hermes International Growth Fund | 0.00% | 0.25% |  |
| Federated Hermes MDT Large Cap Value Fund | 0.00% | 0.25% |  |
| Federated Hermes MDT Market Neutral Fund |  |  |  |
| **Federated Hermes Equity Funds:** |  |  |  |
| Federated Hermes Clover Small Value Fund |  |  |  |
| Federated Hermes International Strategic Value Dividend Fund |  |  |  |
| Federated Hermes Kaufmann Fund |  |  |  |
| Federated Hermes Kaufmann Large Cap Fund |  |  |  |
| Federated Hermes Kaufmann Small Cap Fund |  |  |  |
| Federated Hermes MDT Mid Cap Growth Fund |  |  |  |
| Federated Hermes Prudent Bear Fund |  |  |  |
| Federated Hermes Strategic Value Dividend Fund |  |  |  |
| **Federated Hermes Equity Income Fund, Inc.** |  |  |  |
| **Federated Hermes Fixed Income Securities, Inc.:** |  |  |  |
| Federated Hermes Municipal Ultrashort Fund |  |  |  |
| Federated Hermes Strategic Income Fund |  |  |  |
| **Federated Hermes Global Allocation Fund** |  |  |  |
| **Federated Hermes Government Income Trust** |  |  |  |
| **Federated Hermes Sustainable High Yield Bond Fund, Inc.** *(formerly, Federated Hermes High Income Bond Fund, Inc.)* |  |  |  |
| **Federated Hermes High Yield Trust** |  |  |  |
| Federated Hermes Opportunistic High Yield Bond Fund |  |  |  |
| **Federated Hermes Income Securities Trust:** |  |  |  |
| Federated Hermes Capital Income Fund |  |  |  |
| Federated Hermes Floating Rate Strategic Income Fund |  |  |  |
| Federated Hermes Fund for U.S. Government Securities |  |  |  |
| Federated Hermes Intermediate Corporate Bond Fund |  | 0.25% |  |
| Federated Hermes Muni and Stock Advantage Fund |  |  |  |
| Federated Hermes Inflation Protected Securities Fund |  | 0.25% |  |
| Federated Hermes Short-Term Income Fund |  |  |  |
| **Federated Hermes Index Trust:** |  |  |  |
| Federated Hermes Max-Cap Index Fund |  | 0.25% |  |
| Federated Hermes Mid-Cap Index Fund |  |  |  |
| **Federated Hermes Institutional Trust:** |  |  |  |
| Federated Hermes Government Ultrashort Fund |  |  |  |
| Federated Hermes Short-Intermediate Total Return Bond Fund |  |  |  |
| **Federated Hermes Investment Series Fund, Inc.** |  |  |  |
| Federated Hermes Corporate Bond Fund |  |  |  |
| **Federated Hermes MDT Series:** |  |  |  |
| Federated Hermes MDT All Cap Core Fund |  |  |  |
| Federated Hermes MDT Balanced Fund |  |  |  |
| Federated Hermes MDT Large Cap Growth Fund |  |  |  |
| Federated Hermes MDT Small Cap Core Fund |  |  |  |
| Federated Hermes MDT Small Cap Growth Fund |  |  |  |
| **Federated Hermes Municipal Bond Fund, Inc.** |  |  |  |
| **Federated Hermes Municipal Securities Income Trust** |  |  |  |
| Federated Hermes Municipal High Yield Advantage Fund |  |  |  |
| Federated Hermes Ohio Municipal Income Fund |  |  |  |
| Federated Hermes Pennsylvania Municipal Income Fund |  |  |  |
| **Federated Hermes Short-Intermediate Municipal Fund** |  | 0.25% |  |
| **Federated Hermes Total Return Government Bond Fund** |  |  |  |
| **Federated Hermes Total Return Series, Inc.:** |  |  |  |
| Federated Hermes Core Fund (*formerly Federated Hermes Select Total Return Bond Fund)* |  | 0.25% |  |
| Federated Hermes Total Return Bond Fund |  |  |  |
| Federated Hermes Ultrashort Bond Fund |  | 0.25% |  |
| **Federated Hermes Short-Term Government Fund** |  | 0.25% |  |
| **Federated Hermes Short-Intermediate Government Fund** |  | 0.25% |  |
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** | &nbsp;&nbsp; **Shareholder**<br> **Service Fee** | **Redemption Fee** |
| **Federated Hermes World Investment Series, Inc.** |  |  |  |
| Federated Hermes Emerging Market Debt Fund |  |  |  |
| Federated Hermes International Leaders Fund |  |  |  |
| Federated Hermes International Small-Mid Company Fund |  |  |  |
| **Federated Hermes Intermediate Municipal Trust:** |  |  |  |
| Federated Hermes Intermediate Municipal Fund |  | 0.25% |  |
| **Federated Hermes Money Market Obligations Trust:** |  |  |  |
| Federated Hermes Government Obligations Fund |  | 0.25% |  |
| Federated Hermes Government Obligations Tax-Managed Fund |  | 0.25% |  |
| Federated Hermes Institutional Prime Obligations Fund |  | 0.25% |  |
| Federated Hermes Institutional Tax-Free Cash Trust |  | 0.25% |  |
| Federated Hermes Treasury Obligations Fund |  | 0.25% |  |
| Federated Hermes Trust for U.S. Treasury Obligations |  |  |  |
| Federated Hermes U.S. Treasury Cash Reserves |  | 0.25% |  |

---

**Schedule of Funds<br> Offering WEALTH Shares**

The Retail Money Market Funds set forth on this Schedule each offer Wealth Shares on the terms set forth in the Institutional/Wealth Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> **Series** | **12b-1 Fee** | **Shareholder Service Fee** | **Redemption Fee** |
| **Federated Hermes Money Market Obligations Trust:** | | | |
| Federated Hermes California Municipal Cash Trust |  | 0.25% |  |
| Federated Hermes Municipal Obligations Fund |  | 0.25% |  |
| Federated Hermes New York Municipal Cash Trust |  | 0.25% |  |
| Federated Hermes Prime Cash Obligations Fund |  | 0.25% |  |
| Federated Hermes Tax-Free Obligations Fund |  | 0.25% |  |

---

**investment Shares Exhibit**

**To**

**Multiple Class Plan<br> (Revised 8/1/24)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Investment Shares will consist of sales and shareholder servicing by financial intermediaries. Financial intermediaries may receive shareholder service fees for services provided. In connection with this basic arrangement, Investment Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Investment Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | ***As set forth in the attached Schedule*** |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Investment Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Investment Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Rights:** | Investment Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust* and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds**

**Offering Investment Shares**

The Funds set forth on this Schedule each offer Investment Shares on the terms set forth in the Investment Shares Exhibit to the Multiple Class Plan.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** |
| **Federated Hermes Money Market Obligations Trust:** | |
| Federated Hermes Municipal Obligations Fund | 0.25% |

---

**CLASS P Shares Exhibit<br> To<br> Multiple Class Plan<br> (** **revised 6/29/20)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Class P Shares will consist of sales and shareholder servicing by financial intermediaries. Financial intermediaries may receive shareholder service fees for services provided. In connection with this basic arrangement, Automated Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class P Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **Recordkeeping Fee** | Up to 10 basis points (0.10%) of the average daily net asset value |
| **12b-1 Fee** |  |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class P Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Class P Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | None. |
| **Exchange Privileges:** | Class P Shares may only be exchanged into *Federated Hermes Capital Reserves Fund*, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered, after the payment of any redemption fees to the Fund. Exchanges shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds<br> Offering Class P Shares**

The Funds set forth on this Schedule each offer Class P Shares on the terms set forth in the Class P Shares Exhibit to the Multiple Class Plan.

---

| |
|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series |
| **Federated Hermes Money Market Obligations Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Reserves Fund |

---

**PREMIER Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised as of 8/1/24)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Premier Shares will consist of sales and shareholder servicing by financial intermediaries. The principal underwriter and financial intermediaries may receive payments for distribution and/or administrative services under a Rule 12b-1 Plan and financial intermediaries may also receive shareholder service fees for services provided. In connection with this basic arrangement, Premier Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Premier Shares** |
| **Sales Load** |  |
| &nbsp;&nbsp; **Contingent Deferred** <br> **Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Premier Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Premier Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Premier Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust,* and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

An exchange will be treated as a redemption and a subsequent purchase, and will be a taxable transaction. Exchange privileges may be modified or terminated at any time.

S**chedule of Funds**

**Offering PREMIER Shares**

The Funds set forth on this Schedule each offer Premier Shares on the terms set forth in the Premier Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** |
| **Federated Hermes Money Market Obligations Trust:** | |
| Federated Hermes Government Obligations Fund |  |
| Federated Hermes Institutional Tax-Free Cash Trust |  |
| Federated Hermes Treasury Obligations Fund |  |
| Federated Hermes U.S. Treasury Cash Reserves |  |

---

**Primary Shares Exhibit**

**To**

**Multiple Class Plan**

**(REVISED 09/01//2022)**

**1. Separate Arrangement And Expense Allocation**

Primary Shares are available exclusively as an investment vehicle for separate accounts of participating life insurance companies offering variable life insurance policies and variable annuity contracts. For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Primary Shares will consist of institutional sales to insurance companies for Primary Share inclusion in those variable life and variable annuity product separate accounts. The insurance company distributor, underwriter or affiliated entity may provide shareholder services and receive a shareholder service fee for their services. In connection with this basic arrangement, Primary Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Primary Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Primary Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Primary Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privileges:** | None. |

---

**Schedule of Funds**

**Offering Primary Shares**

The Funds set forth on this Schedule each offer Primary Shares on the terms set forth in the Primary Shares Exhibit to the Multiple Class Plan.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** |
| **Federated Hermes Insurance Series:** | |
| Federated Hermes Managed Volatility Fund II | 0.25% |
| Federated Hermes High Income Bond Fund II |  |
| Federated Hermes Kaufmann Fund II | 0.25% |
| Federated Hermes Quality Bond Fund II | 0.25% |

---

**Class R Shares Exhibit**

**To**

**Multiple Class Plan**

**(revised 3/1/22)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement for the Class R Shares will consist of:

(i) Excepting Federated Hermes Kaufmann Fund, sales by financial intermediaries to retirement plans, with shareholder services provided by the retirement plan record keepers; and

(ii) with respect to the Federated Hermes Kaufmann Fund, (a) sales by financial intermediaries to retirement plans; (b) the issuance of Class R Shares as provided in the Plan of Reorganization between the Federated Hermes Kaufmann Fund and the Kaufmann Fund; (c) additional investments by former Kaufmann Fund shareholders and related persons; and (d) shareholder services provided by financial intermediaries.

Financial intermediaries and the principal underwriter may receive payments for distribution and/or administrative services under a Rule 12b-1 Plan, in addition, financial intermediaries may receive shareholder service fees for services provided. In connection with this basic arrangement, Class R Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class R Shares** |
| **Sales Load** |  |
| &nbsp;&nbsp; **Contingent Deferred Sales** <br> **Charge ("CDSC")** |  |
| **Redemption Fee** | As set forth in the attached Schedule. |
| **Shareholder Service Fee** | As set forth in the attached Schedule |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class R Shares as described in Section 3 of the Multiple Class Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Class R Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | *At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable.* |
| **Exchange Privilege:** | &nbsp;&nbsp; With respect to the *Federated Hermes Kaufmann Fund*, shareholders who are former shareholders of the *Federated Hermes Kaufmann Fund*, Inc. and their immediate family members or shareholders who have purchased shares through the financial intermediary relationships that existed for the Kaufmann Fund may exchange their Class R Shares for Class A Shares of any other fund. Investors who are eligible to purchase Class R Shares (e.g. 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, non-qualified deferred compensation plans and IRA rollovers from such plans, directly or through financial intermediaries as well as IRAs and investment – only 403(b) plans held through financial intermediaries may exchange their Class R Shares into Class R Shares of any other Fund. A Grandfathered Shareholder may exchange into Class R Shares of another Fund only if such shareholder is an eligible investor in the Class R Shares of that Fund.<br> With respect to the other funds, Class R Shares may be exchanged for Class R Shares, including the Kaufmann Fund. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered, after the payment of any redemption fees to the Fund. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**3. Redemption Fee**

For purposes of Rule 11a-3 under the Act, any redemption fee received upon the redemption or exchange of Class R Shares will be applied to fees incurred or amounts expended in connection with such redemption or exchange. The balance of any redemption fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to Class R Shares redeemed or exchange by employer-sponsored retirement plans.

**Schedule of Funds**

**Offering Class R Shares**

The Funds set forth on this Schedule each offer Class R Shares on the terms set forth in the Class R Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

---

| | | | |
|:---|:---|:---|:---|
| **Multiple Class Company**<br> Series | **12b-1 Fee** | **Shareholder Services Fee** | **Redemption Fee** |
| **Federated Hermes Adviser Series** | | | |
| Federated Hermes MDT Large Cap Value Fund | 0.50% |  |  |
| **Federated Hermes Equity Funds:** |  |  |  |
| Federated Hermes Kaufmann Fund | 0.50% | 0.25% |  |
| Federated Hermes Kaufmann Small Cap Fund | 0.50% |  |  |
| **Federated Hermes Equity Income Fund, Inc.** | 0.50% |  |  |
| **Federated Hermes Income Securities Trust** |  |  |  |
| Federated Hermes Capital Income Fund | 0.50% |  |  |
| **Federated Hermes Index Trust:** |  |  |  |
| Federated Hermes Max-Cap Index Fund | 0.50% |  |  |
| **Federated Hermes Short-Intermediate Government Fund** | 0.50% |  |  |
| **Federated Hermes Money Market Obligations Trust:** |  |  |  |
| Federated Hermes Prime Cash Obligations Fund | 0.50% | 0.25% |  |
| **Federated Hermes World Investment Series, Inc.** |  |  |  |
| Federated Hermes International Leaders Fund | 0.50% |  |  |

---

**CLASS R6 Shares Exhibit**

**To**

**Multiple Class Plan**

**(revised as of 12/1/24)**

**1.** **Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Class R6 Shares will consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sales and shareholder servicing by financial intermediaries to the following categories of investors ("Eligible Investors"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An investor participating in a no-load platform, network or other fee-based program offered by a financial intermediary, for example, a wrap account or retirement platform, where Federated has entered into an agreement with the intermediary;

· A trustee/director, employee or former employee of the Fund, the Adviser, the Distributor and their affiliates; an immediate family member of these individuals, or a trust, pension or profit-sharing plan for these individuals;

· An employer-sponsored retirement plan;

· A trust institution investing on behalf of its trust customers;

· An investor, other than a natural person, purchasing Shares directly from the Fund;

· A Federated Fund;

· An investor (including a natural person) who acquired R6 Shares pursuant to the terms of an agreement and plan of reorganization which permits the investor to acquire such Shares; and

· In connection with an acquisition of an investment management or advisory business, or related investment services, products or assets, by Federated or its investment advisory subsidiaries, an investor (including a natural person) who (1) becomes a client of an investment advisory subsidiary of Federated or (2) is a shareholder or interest holder of a pooled investment vehicle or product that becomes advised or subadvised by a Federated investment advisory subsidiary as a result of such an acquisition other than as a result of a fund reorganization transaction pursuant to an agreement and plan of reorganization.

In connection with this arrangement, Class R6 Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated R6 Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** |  |
| **Redemption Fee** |  |
| **12b-1 Fee** |  |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class R6 Shares. |

---

**2.** **Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Class R6 Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privileges:** | Class R6 Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust,* and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered, after the payment of any redemption fees to the Fund. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

*(schedule of funds listed on next page)*

**Schedule of Funds**

**Offering CLASS R6 Shares**

The Funds set forth on this Schedule each offer Class R6 Shares on the terms set forth in the Class R6 Shares Exhibit to the Multiple Class Plan.

---

| |
|:---|
| **Multiple Class Company** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series |
| **Federated Hermes Adviser Series** |
| Federated Hermes Emerging Markets Equity Fund |
| Federated Hermes SDG Engagement Equity Fund |
| Federated Hermes SDG Engagement High Yield Credit Fund |
| Federated Hermes International Equity Fund |
| Federated Hermes International Growth Fund |
| Federated Hermes MDT Large Cap Value Fund |
| **Federated Hermes Equity Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Clover Small Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes International Strategic Value Dividend Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Kaufmann Large Cap Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Kaufmann Small Cap Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes MDT Mid Cap Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Strategic Value Dividend Fund |
| **Federated Hermes Fixed Income Securities, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Municipal Ultrashort Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Strategic Income Fund |
| **Federated Hermes Global Allocation Fund** |
| **Federated Hermes Sustainable High Yield Bond Fund, Inc. (formerly, Federated Hermes High Income Bond Fund, Inc.)** |
| **Federated Hermes High Yield Trust** |
| Federated Hermes Opportunistic High Yield Bond Fund |
| **Federated Hermes Income Securities Trust** |
| *Federated Hermes Inflation Protected Securities Fund (formerly Federated Hermes Real Return Bond Fund.)* |
| Federated Hermes Floating Rate Strategic Income Fund |
| Federated Hermes Short-Term Income Fund |
| Federated Hermes Intermediate Corporate Bond Fund |
| **Federated Hermes Index Trust** |
| Federated Hermes Mid-Cap Index Fund |
| **Federated Hermes Institutional Trust** |
| Federated Hermes Government Ultrashort Fund |
| Federated Hermes Institutional High Yield Bond Fund |
| Federated Hermes Short-Intermediate Total Return Bond Fund |
| **Federated Hermes Investment Series Funds, Inc.** |
| Federated Hermes Corporate Bond Fund |
| **Federated Hermes MDT Series** |
| Federated Hermes MDT Small Cap Core Fund |
| Federated Hermes MDT Small Cap Growth Fund |
| Federated Hermes MDT Large Cap Growth Fund |
| Federated Hermes MDT All Cap Core Fund |
| Federated Hermes MDT Balanced Fund |
| **Federated Hermes Total Return Government Bond Fund** |
| **Federated Hermes Total Return Series, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Total Return Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Ultrashort Bond Fund |
| **Federated Hermes World Investment Series, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes International Leaders Fund |

---

**retirement Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised 8/1/24)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement for the Retirement Shares will consist of sales and shareholder servicing by financial intermediaries. Financial intermediaries may receive a shareholder service fee for services provided. In connection with this basic arrangement, Retirement Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Retirement Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** |  |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Retirement Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Retirement Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Retirement Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares, *Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust* and no-load Class A Shares of and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange.. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds**

**Offering retirement Shares**

The Funds set forth on this Schedule each offer Retirement Shares on the terms set forth in the Retirement Shares Exhibit to the Multiple Class Plan:

---

| | |
|:---|:---|
| **Multiple Class Company** | **Series** |

---

**SDG Shares Exhibit**

**To**

**Multiple Class Plan**

**(REVISED 8/1/24)**

**1. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION**

SDG Shares are available for purchase exclusively to shareholders investing through financial intermediaries that utilize electronic trading platforms that may support a filtering menu to identify funds or share classes that such intermediary has determined in its discretion offer or provide "SDG/ESG, sustainable, or impact" goals or purposes. Omnibus accounts are not permitted without prior written approval from the Fund. Fully disclosed and partially disclosed accounts are permitted. No direct fund investments are permitted. For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the SDG Shares will consist of sales and shareholder servicing by financial intermediaries. The principal underwriter and financial intermediaries may receive payments for distribution and/or administrative services under a Rule 12b-1 Plan. In connection with this basic arrangement, SDG Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated SDG Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** |  |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of SDG Shares as described in Section 3 of the Plan |

---

**2. CONVERSION AND EXCHANGE PRIVILEGES**

For purposes of Rule 18f-3, SDG Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | SDG Shares may be exchanged into any Federated Hermes fund or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

An exchange will be treated as a redemption and a subsequent purchase, and will be a taxable transaction. Exchange privileges may be modified or terminated at any time.

**Schedule of Funds<br> Offering SDG Shares**

The Funds set forth on this Schedule each offer SDG Shares on the terms set forth in the SDG Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**1. SDG SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** |
| **Money Market Obligations Trust** | |
| Federated Government Obligations Fund | None |

---

**SELECT Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised 8/1/24)**

**1. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Select Shares will consist of sales and shareholder servicing by financial intermediaries. Financial intermediaries may receive shareholder service fees for services provided. In connection with this basic arrangement, Select Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Select Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** |  |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Select Shares as described in Section 3 of the Plan |

---

**2. CONVERSION AND EXCHANGE PRIVILEGES**

For purposes of Rule 18f-3, Select Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Select Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of, *Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust,* and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchase (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other fund or class shall be treated in the same manner as a redemption and purchase.

 ****

**SCHEDULE OF FUNDS**

**OFFERING SELECT SHARES**

---

| |
|:---|
| **Multiple Class Company**<br> Series |
| **Federated Hermes Money Market Obligations Trust** |
| Federated Hermes Government Obligations Fund |
| Federated Hermes Treasury Obligations Fund |
| Federated Hermes U.S. Treasury Cash Reserves |

---

**Service Shares Exhibit**

**To**

**Multiple Class Plan<br> (revised 3/12/25)**

**1. Separate Arrangement And Expense Allocation**

With respect to Funds other than portfolios of Federated Insurance Series, for purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Service Shares will consist of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to money market funds, sales and shareholder servicing by financial intermediaries; and

(ii) with respect to fluctuating NAV funds, sales and shareholder servicing by financial intermediaries to the following categories of investors ("Eligible Investors");

---

| | |
|:---|:---|
| · | An investor participating in a wrap program or other fee-based program sponsored by a financial intermediary; |
| · | An investor participating in a no-load network or platform sponsored by a financial intermediary where Federated has entered into an agreement with the intermediary; |
| · | A trustee/director, employee or former employee of the Fund, the Adviser, the Distributor and their affiliates; an immediate family member of these individuals, or a trust, pension or profit-sharing plan for these individuals; |
| · | An employer-sponsored retirement plan; |
| · | A trust institution investing on behalf of its trust customers; |
| · **** | A Federated Fund; |
| · | An investor, other than a natural person, purchasing Shares directly from the Fund; |
| · | An investor (including a natural person) who owned Shares as of December 31, 2008; |
| · | Without regard to the initial investment minimum, an investor who acquired Service Shares pursuant to the terms of an agreement and plan of reorganization which permits the investor to acquire such Shares; and |
| · | Without regard to the initial investment minimum, in connection with an acquisition of an investment management or advisory business, or related investment services, products or assets, by Federated or its investment advisory subsidiaries, an investor (including a natural person) who (1) becomes a client of an investment advisory subsidiary of Federated or (2) is a shareholder or interest holder of a pooled investment vehicle or product that becomes advised or subadvised by a Federated investment advisory subsidiary as a result of such an acquisition other than as a result of a fund reorganization transaction pursuant to an agreement and plan of reorganization. |

---

The principal underwriter and financial intermediaries may receive payments for distribution and/or administrative services under a Rule 12b-1 Plan and financial intermediaries may also receive shareholder service fees for services provided.

With respect to portfolios of *Federated Hermes Insurance Series*, Service Shares are available exclusively as an investment vehicle for separate accounts of participating life insurance companies offering variable life insurance policies and variable annuity contracts. For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of Service Shares will consist of institutional sales to insurance companies for Service Share inclusion in those variable life insurance and annuity product separate accounts. The insurance company distributor, underwriter or other affiliated entity may provide shareholder services and receive a shareholder service fee for their services and when indicated on the Schedule to this Exhibit, may also receive payments for distribution and/or administrative services under a 12b-1 Plan.

In connection with these basic arrangements, Service Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Service Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Service Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Service Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privileges:** | &nbsp;&nbsp; For Funds other than portfolios of *Federated Hermes Insurance Series*, Service Shares may be exchanged for exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust,* and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. Service Shares may also be exchanged for shares of Investment Companies that are not subject to this Plan, as provided in the "Proprietary Fund Schedule" attached hereto.<br> With respect to portfolios of *Federated Hermes Insurance Series*: None |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered, unless Class A Shares or Class F Shares which are subject to a CDSC are being exchanged, in which case the CDSC fee will be imposed as if the Class A Shares or Class F Shares had been redeemed. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds<br> Offering Service Shares**

The Funds set forth on this Schedule each offer Service Shares on the terms set forth in the Service Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

---

| | |
|:---|:---|
| **Multiple Class Company**<br> Series | **12b-1 Fee** |
| **Federated Hermes Adviser Series** | |
| Federated Hermes MDT Large Cap Value Fund |  |
| **Federated Hermes High Yield Trust** |  |
| **Federated Hermes Government Income Trust** |  |
| Federated Hermes Government Income Fund |  |
| **Federated Hermes Income Securities Trust:** |  |
| Federated Hermes Intermediate Corporate Bond Fund | 0.25% |
| Federated Hermes Short-Term Income Fund |  |
| **Federated Hermes Index Trust** |  |
| Federated Hermes Max-Cap Index Fund | 0.30% |
| Federated Hermes Mid-Cap Index Fund |  |
| **Federated Hermes Institutional Trust:** |  |
| Federated Hermes Government Ultrashort Fund | 0.05% |
| Federated Hermes Short-Intermediate Total Return Bond Fund | 0.00% |
| **Federated Hermes Insurance Series:** |  |
| Federated Hermes Managed Volatility Fund II | 0.25% |
| Federated Hermes High Income Bond Fund II | 0.25% |
| Federated Hermes Kaufmann Fund II | 0.25% |
| Federated Hermes Quality Bond Fund II | 0.25% |
| Federated Hermes Government Money Fund II |  |
| **Federated Short-Intermediate Municipal Fund** |  |
| **Federated Hermes Total Return Government Bond Fund** | 0.25% |
| **Federated Hermes Total Return Series, Inc.:** |  |
| Federated Hermes Total Return Bond Fund | 0.25% |
| Federated Hermes Ultrashort Bond Fund |  |
| **Multiple Class Company**<br> Series | **12b-1 Fee** |
| **Federated Hermes Short-Term Government Fund** | 0.25% |
| **Federated Hermes Short-Intermediate Government Fund** | 0.05% |
| **Federated Hermes Money Market Obligations Trust:** |  |
| Federated Hermes California Municipal Cash Trust |  |
| Federated Hermes Government Obligations Fund |  |
| Federated Hermes Government Obligations Tax-Managed Fund |  |
| Federated Hermes Institutional Prime Obligations Fund |  |
| Federated Hermes Municipal Obligations Fund |  |
| Federated Hermes New York Municipal Cash Trust | 0.25% |
| Federated Hermes Prime Cash Obligations Fund |  |
| Federated Hermes Tax-Free Obligations Fund |  |
| Federated Hermes Trust for U.S. Treasury Obligations Fund |  |
| Federated Hermes Treasury Obligations Fund |  |
| Federated Hermes U.S. Treasury Cash Reserves | 0.25% |

---

**Proprietary fund schedule -<br> service shares**

Shares issued by investment companies that are not party to this Plan but that are listed on this Proprietary Fund Schedule ("Non-Plan Investment Companies") may be exchanged for Service Shares of the Funds indicated opposite their names. Such Service Shares may also be exchanged back into shares of the original Non-Plan Investment Company. In addition, indicated Service Shares purchased from a dealer party to a Dealer Agreement to sell the indicated Non-Plan Investment Company Shares may be exchanged for Shares of such Non-Plan Investment Company. In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges into any class of shares of a Non-Plan Investment Company not shown on this schedule shall be treated in the same manner as a redemption and purchase.

---

| | |
|:---|:---|
| **Multiple Class Series/Company** | **Non-Plan Investment Companies** |

---

**Class T Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised (12/1/20)**

**1. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Class T Shares will consist of sales and shareholder servicing by financial intermediaries in consideration of the payment of the applicable sales load ("dealer reallowance") and a shareholder service fee. In connection with this basic arrangement, Class T Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class T Shares** |
| **Sales Load** | Up to 2.50% of the public offering price |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** |  |
| **Redemption Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class T Shares as described in Section 3 of the Plan |

---

**2. CONVERSION AND EXCHANGE PRIVILEGES**

For purposes of Rule 18f-3, Class T Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable, and that no CDSC on the original shares purchased is owed. |
| **Exchange Privilege:** | None |

---

**3. EXCEPTIONS TO BASIC ARRANGEMENTS**

For purposes of Rules 22d-1 and 6c-10 under the Act, unless otherwise specified on the Schedule to this Exhibit, the scheduled variations in sales loads and contingent deferred sales charges are as follows:

(A) BASIC SALES LOAD SCHEDULE

The basic schedule of sales loads for Class T Shares of Funds so designated on the Schedule to this Exhibit is as follows:

---

| | |
|:---|:---|
| **Transaction Amount** | &nbsp;&nbsp; **Sales Load as a Percentage of** <br> **Public Offering Price** |
| Less than $250,000 | 2.50% |
| $250,000 but less than $500,000 | 2.00% |
| $500,000 but less than $1 million | 1.50% |
| $1 million or greater | 1.00% |

---

**4. REDEMPTION FEE**

For purposes of Rule 11a-3 under the Act, any redemption fee received upon the redemption or exchange of Class T Shares will be applied to fees incurred or amount expended in connection with such redemption or exchange. The balance of any redemption fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to (i) non-participant directed redemptions or exchanges involving Class T Shares held in retirement plans established under Section 401(a) or 401(k) of the Internal Revenue Code (the "Code"), custodial plan accounts established under Section 493(b)(7) of the Code, or deferred compensation plans established under Section 457 of the Code; (ii) redemptions or exchanges involving Class T Shares held in plans administered as college savings programs under Section 529 of the Code***;*** and (iii) Class T Shares redeemed due to the death of the last surviving shareholder on the account.

**Schedule of Funds<br> Offering Class T Shares**

The Funds set forth on this Schedule each offer Class T Shares on the terms set forth in the Class T Shares Exhibit to the Multiple Class Plan, in each case as indicated below. Actual amounts accrued may be less.

**1. CLASS A SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | &nbsp;&nbsp; **Redemption** <br> **Fee** |
| &nbsp;&nbsp;**Class T Shares were discontinued on 11-30-20.** | &nbsp;&nbsp;**Class T Shares were discontinued on 11-30-20.** |

---

**trust Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised 8/1/24)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution arrangement for the Trust Shares will consist of sales by financial intermediaries, who, along with the principal underwriter, may receive payments for distribution and/or administrative services under a 12b-1 Plan. In connection with this basic arrangement, Trust Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Trust Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Trust Shares as described in Section 3 of the Multiple Class Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Trust Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Trust Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Tax-Free Cash Trust,* **and no-load** Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

**Schedule of FundS**

**Offering Trust Shares**

The Funds set forth on this Schedule each offer Trust Shares on the terms set forth in the Trust Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** |
| **Federated Hermes Money Market Obligations Trust:** | |
| Federated Hermes Government Obligations Fund | 0.25% |
| Federated Hermes Prime Cash Obligations Fund | 0.25% |
| Federated Hermes Treasury Obligations Fund | 0.25% |

---

**Class Y Shares Exhibit**

**To**

**Multiple Class Plan**

**(REVISED 8/1/24)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement for the Class Y Shares will consist of sales to institutional purchasers requiring less distribution support activity and less shareholder services, who are also seeking low expense ratios. In connection with this basic arrangement, Class Y Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class Y Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** |  |
| **12b-1 Fee** |  |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class Y Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Class Y Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Class Y Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust,* and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds**

**Offering class Y Shares**

The Funds set forth on this Schedule each offer Class Y Shares on the terms set forth in the Class Y Shares Exhibit to the Multiple Class Plan, in each case as indicated below:

---

| | |
|:---|:---|
| **Multiple Class Company** | **Series** |

---

## Ex-99.Poa

Exhibit 28 (o) under Form N-1A

Exhibit 24 under Item 601/Reg. S-K

**POWER OF ATTORNEY**

Each person whose signature appears below hereby constitutes and appoints the Secretary and Assistant Secretaries of **FEDERATED HERMES INSTITUTIONAL TRUST** ("Trust") and each of them, their true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution for them and in their names, place and stead, in any and all capacities, to execute any and all instruments which said attorney-in-fact may deem necessary or advisable or which may be required to comply with Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Company Act of 1940, including any and all reports, forms and other filings pursuant thereto, and specifically to include the filing and effectiveness of the Trust's Registration Statement(s) on Form N-1A and any and all amendments to the Registration Statement(s) including both pre- and post-effective amendments, to be filed with the Securities and Exchange Commission by means of the Securities and Exchange Commission's electronic disclosure system known as EDGAR; and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to sign and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as each of them might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue thereof.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u>SIGNATURES</u> | &nbsp;&nbsp;<u>TITLE</u> | &nbsp;&nbsp;<u>DATE</u> |
| &nbsp;&nbsp; <br> <u>/s/ J. Christopher Donahue</u> |  |  |
| &nbsp;&nbsp;J. Christopher Donahue | &nbsp;&nbsp; Trustee and President (Principal Executive Officer)<br>| &nbsp;&nbsp;January 1, 2025 |
| &nbsp;&nbsp; <br> <u>/s/ John B. Fisher</u> |  |  |
| &nbsp;&nbsp; John B. Fisher<br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;January 1, 2025 |
| &nbsp;&nbsp;<br> <u>/s/ John G. Carson</u> |  |  |
| &nbsp;&nbsp; John G. Carson<br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;January 1, 2025 |
| &nbsp;&nbsp; <br> <u>/s/ G. Thomas Hough</u> |  |  |
| &nbsp;&nbsp; G. Thomas Hough<br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;January 1, 2025 |
| &nbsp;&nbsp; <br> <u>/s/ Karen L. Larrimer</u> |  |  |
| &nbsp;&nbsp; Karen L. Larrimer<br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;January 1, 2025 |
| &nbsp;&nbsp; <br> <u>/s/ Max Miller</u> |  |  |
| &nbsp;&nbsp; Max Miller<br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;January 1, 2025 |
| &nbsp;&nbsp; <br> <u>/s/ Frank J. Nasta</u> |  |  |
| &nbsp;&nbsp; Frank J. Nasta<br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;January 1, 2025 |
| &nbsp;&nbsp; <br> <u>/s/ Thomas M. O'Neill</u> |  |  |
| &nbsp;&nbsp; Thomas M. O'Neill<br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;January 1, 2025 |
| &nbsp;&nbsp; <br> <u>/s/ Madelyn A. Reilly</u> |  |  |
| &nbsp;&nbsp; Madelyn A. Reilly<br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;January 1, 2025 |
| &nbsp;&nbsp; <br> <u>/s/ John S. Walsh</u> |  |  |
| &nbsp;&nbsp; John S. Walsh<br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;January 1, 2025 |
| &nbsp;&nbsp; <br> <u>/s/ Jeremy D. Boughton</u> |  |  |
| &nbsp;&nbsp;Jeremy D. Boughton | &nbsp;&nbsp;Treasurer (Principal Financial Officer/Principal Accounting Officer) | &nbsp;&nbsp;January 1, 2025 |

---

## Ex-99.P

Exhibit 28 (p) under Form N-1A

Exhibit 14 under Item 601/Reg. S-K

Federated Hermes, Inc.

**Code of Ethics for Access Persons**

***Effective 11/13/2024***

 ****

**Table of Contents**

**Page**

**INTRODUCTION 1**

**1 RESPONSIBILITIES 2**

1.1 GeneralPrinciples 2

1.2 Compliance with this Code is a condition of employment 3

1.3 Personal Responsibility 3

1.4 Perceived ambiguity shall not excuse violations 4

1.5 Preclearance does not protect wrongdoing 4

**2 REPORTING REQUIREMENTS 4**

2.1 Initial Reporting Requirements 4

2.2 Quarterly Reporting Requirements 5

2.3 Annual Reporting Requirements 6

2.4 Independent Directors 6

2.5 Non-Federated Hermes Officers of Federated Hermes Funds or Proprietary Client Funds 7

2.6 Access Persons Acknowledgments of Receipt of Code of Ethics and

Amendments 8

**3 PRECLEARANCE REQUIREMENTS 8**

3.1 Preclearance of Trades 8

3.2 Duration and Revocation 9

3.3 Preclearance Does Not Protect Wrongdoing 9

3.4 Exceptions 9

3.5 Exception for Employee Stock Options of a Previous Employer 10

3.6 Federated Hermes Stock and Options Trading 11

3.7 Special Rules for Equity Transactions Based on Market Capitalization 11

**4 EXEMPT TRANSACTIONS 11**

4.1 Exempt Securities 11

4.2 Discretionary Accounts 12

**5 PROHIBITIONS AND RESTRICTIONS 12**

5.1 General Prohibitions 12

5.2 Equity Initial Public Offerings (IPOs) are Prohibited 14

5.3 Private Placements Require Prior Compliance Approval 14

5.4 Prohibition of Short-Term Profits – 60-Day Rule – Individual Securities 15

5.5 Minimum Holding Period – Designated Federated Hermes Funds 15

5.6 Prohibition on Insider Trading 16

5.7 Disclosure or Misuse of Fund Information 16

5.8 Blackout Periods - Fund Trades 16

5.9 Prior Knowledge 17

5.10 Serving as a Director or Officer of Outside Organizations 17

5.11 Excessive Trading and Market Timing 19

5.12 Independent Directors 20

5.13 Restrictions on Investment Clubs 20

5.14 Disclosure of Personal Interests 20

**6 PROHIBITIONS ON GIVING/RECEIVING GIFTS; POLITICAL AND CHARITABLE CONTRIBUTIONS 21**

**7 REVIEW, REPORTING, EDUCATION AND SANCTIONS 22**

7.1 Management Review of Investment Personnel' s Trading Activity 22

7.2 Compliance Review of Reports and Trading Activity, and this<br> Code of Ethics 23

7.3 Self-discovery and Reporting 23

7.4 Education 24

7.5 Sanctions 24

7.6 Factors For Consideration 24

7.7 Reporting of Violations 25

**8 DEFINITIONS 25**

8.1 1933 Act 25

8.2 1934 Act 25

8.3 1940 Act 25

8.4 Access Person 25

8.5 Adviser 26

8.6 Advisers Act 26

8.7 Associated Procedures 26

8.8 Automatic Investment Plan 26

8.9 Beneficial Ownership 26

8.10 Board 26

8.11 Code 27

8.12 Compliance Committee 27

8.13 Compliance Department 27

8.14 Control 27

8.15 Covered Security 27

8.16 Federal Securities Laws 27

8.17 Federated Hermes 28

8.18 Fund 28

8.19 Independent Director 28

8.20 Influence 28

8.21 Initial Public Offering 28

8.22 Investment Person; Investment Personnel 28

8.23 Private Placement 29

8.24 Purchase or Sale……………………………………………………………………….. .29

8.25 Reportable Fund 29

8.26 SEC 29

8.27 Security 29

8.28 Supervised Person 29

8.29 Underwriter 29

8.30 Vendor 30

**ADDENDUM**

Access Persons Procedures A-1

Compliance Department Procedures B-1

CODE OF ETHICS FOR ACCESS PERSONS

**Introduction**

This Code sets forth standards of conduct and professionalism that apply to all Federated Hermes persons designated as Access Persons by the Compliance Department (including all Federated Hermes, Inc. (FHI) and Federated Hermes Limited (FHL) subsidiaries). This Code was designed and established, and will be maintained and enforced, to protect Federated Hermes' clients (or Funds) by deterring misconduct and to guard against violations of the U.S. Federal Securities Laws and U.K. Financial Conduct Authority (FCA) regulations.<sup>1</sup> This Code reinforces the value that Federated Hermes places on ethical conduct. Each Access Person must comply with this Code and uphold Federated Hermes' ethical standards at all times. Each Access Person also is responsible for ensuring that spouses, children and others residing in the same household do not violate applicable provisions of this Code.

It is Federated Hermes' policy that business must be conducted in accordance with the highest fiduciary, legal and ethical standards. Federated Hermes' reputation for integrity is its most important asset and each Access Person must contribute to the care and preservation of that asset. This reputation for integrity is the cornerstone of the public's faith and trust in Federated Hermes; it is what provides Federated Hermes an opportunity to serve investors, shareholders and other stakeholders. A single Access Person's misconduct can damage Federated Hermes' hard-earned reputation.

This Code sets forth the fiduciary, legal and ethical requirements and certain "best practices" that must be satisfied to comply with this Code. This Code also establishes procedures that Access Persons must follow in order to comply with this Code. Unless stated otherwise, required communication and notifications to the Compliance Department outlined in the Code should be directed to Compliance personnel from their legacy entity (FHI Compliance for FHI Access Persons & FHL Compliance for FHL Access Persons).

Key terms are defined in Section 8 of this Code.

**Access Persons.** Access Persons are defined under Section 8.4 of this Code and include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designated employees of Federated Hermes, including those who work for any subsidiary that is an Adviser, an Underwriter for funds and employees of certain other subsidiaries. All FHL employees and employees working in the Global New York, MDT, and Cleveland offices are designated as Access Persons due to the seating proximity within the office locations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Independent Directors of a fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Designated officers of Federated Hermes funds or proprietary funds who are not employed by Federated Hermes. (*e.g.*, designated outside counsel who serve as secretary to one or more funds); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All **Investment Personnel**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any other individual designated by the Compliance Department. This may include a Federated Hermes employee or a temporary hire, vendor, consultant, service provider or other third party employee.

**Application to Access Persons.** This Code applies only to those individuals specified above, designated as Access Persons under this Code. Please note that certain requirements of this Code apply to Access Persons, while others may only apply to Investment Persons.

**Application to Household Members (Connected Person).** As noted above, each Access Person also is responsible for assuring that spouses, children or any others residing in the same household do not violate the provisions of this Code that are applicable to the Access Person (even if certain provisions of this Code do not specifically reference household members/connected persons). See the definitions of "Access Person" and "Investment Personnel" in Section 8 of this Code for further information.

This Code also applies to accounts or holdings for persons outside the household, over which the Access Person or his/her household members/connected persons has investment discretion, influence or control.

**Questions.** All Access Persons are obligated to read the requirements of this Code carefully. If you have any questions regarding how this Code applies to any conduct or practice, please contact the Compliance personnel from the legacy Federated entity. When in doubt, an Access Person should ask before taking any action.

**Compliance with Other Requirements Still Required.** This Code supersedes prior versions of this Code. This Code does not supersede, or relieve an Access Person from complying with applicable laws or with other Federated Hermes standards and corporate and departmental policies or procedures which can be found on the FHI and FHL internal website. A violation of any of these policies or procedures by an Access Person may, depending upon the circumstances, also constitute a violation of this Code.

**Sanctions for Violations of this Code.** Federated Hermes intends to enforce the provisions of this Code vigorously. A violation of this Code may subject an Access Person to sanctions as set forth in Section 7 below, and possible civil and criminal liability.

**Adoption.** Pursuant to Rule 17j-1 under the 1940 Act, Rule 204A-1 under the Advisers Act (as applicable), FCA Principle 8 (Conflicts of Interest) and FCA Conduct of Business Sourcebook (COBS 11.7) this Code has been adopted on behalf of each investment company that is served by the Board of Directors of Federated Hermes, Inc., the Federated Hermes' funds, Federated Hermes' Advisers and Federated Hermes' Underwriters.

**1 Responsibilities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 General Principles

The following general principles govern all conduct of Access Persons, whether or not the conduct also is covered by more specific standards or procedures set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Fiduciary Principles

Each Access Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (i) place the Funds' interests ahead of his or her personal interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (ii) disclose and, where possible, avoid conflicts of interest (actual or potential) and the appearance of any conflict with the Funds or any other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (iii) conduct his or her personal transactions in a manner, which is consistent with this Code and which does not interfere with Fund portfolio transactions or otherwise take unfair or inappropriate advantage of his or her position or relationship to a Fund or any other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (iv) not show inappropriate favoritism of one Fund over another Fund in a manner that would constitute a breach of fiduciary duty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (v) not accept or offer inappropriate gifts, favors, entertainment, special accommodations or other things of material value that could influence decision-making by either Federated Hermes, an Adviser, a Fund or any other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (vi) safeguard material nonpublic Fund information and control its dissemination in a manner consistent with Federated Hermes' policies and applicable legal requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (vii) otherwise act in good faith, in an open, honest, non-misleading, professional and unbiased manner, with integrity, and in a manner that instills trust and confidence and promotes independence in the investment decision-making process, in each aspect of the Access Person's professional activities and business (including, without limitation, in all disclosures, advertisements and other communications, and dealings, with Funds, shareholders and accountholders).

For example, an Access Person's failure to recommend or purchase a Covered Security for the Fund in order to purchase the Covered Security for the Access Person's personal benefit may be considered a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Legal Principles

In addition to complying with the above fiduciary principles, each Access Person must comply with State, U.S. Federal, and U.K. FCA securities laws, rules and regulations. If you have questions concerning complying with applicable law, contact your legacy Compliance Department or Federated Hermes's Deputy General Counsel.

Notwithstanding any other provision of this Code, for the avoidance of doubt, nothing herein prevents reporting possible violations of federal law or regulation to any governmental agency or entity, or making other disclosures, protected under the whistleblower provisions of federal law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Compliance with this Code is a Condition of Employment

Every Access Person must adhere to the general principles set forth in Section 1.1 above, and comply with the specific provisions and Associated Procedures of this Code and the spirit of those provisions. Literal compliance with specific provisions will not be sufficient where the transactions undertaken by an Access Person show a pattern of abuse of the Access Person's fiduciary duty or of violation of applicable legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Personal Responsibility

It is the responsibility of each Access Person to take all steps necessary before executing a personal trade, or taking other action, to verify that the trade or other action is in compliance with the provisions and intent of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Perceived Ambiguity shall not Excuse Violations

Any Access Person who believes a particular provision of this Code is ambiguous is required to contact the Compliance Department for a determination prior to executing a transaction or taking other action subject to that provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 Preclearance does not Protect Wrongdoing

Receipt of express prior preclearance approval does not exempt you from the prohibitions outlined in this Code.

**2 Reporting Requirements**

The Reporting Requirements in Sections 2.1, 2.2, and 2.3 of this Code apply to Access Persons and their household members/connected persons (generally including members of the immediate family sharing the same household, *e.g.,* a spouse and unemancipated children) and certain partnerships, trusts, corporations or other similar arrangements. Access Persons should contact the Chief Compliance Officer for further clarification if they have questions regarding the application of this Code.

Every Access Person must report (1) all Covered Securities in which the Access Person or members of his or her household have direct or indirect investment discretion, influence or control (either for the benefit of the Access Person or for any other party), (2) all transactions in those Covered Securities, and (3) all accounts in which any Covered Securities are held. An Access Person is deemed to have influence or control over a discretionary account as described in Section 4.2.

<u>NOTE</u>: All information provided by the Access Person must be current as of a date no more than 45 days before the report is required to be submitted. Failure to provide that information within the time specified (if it is not being provided directly to Compliance by the financial institution or other party) shall be deemed a violation of the Code and SEC Rules.

Covered Securities transactions of Access Persons will be reviewed for compliance with the provisions of this Code. A violation may result from either a single transaction or multiple transactions if the Compliance Department determines that the transaction(s) did not comply with provisions of this Code.

Information relating to the holdings and personal trades of Access Persons will be shared with Senior Management of Federated Hermes from time to time for purposes of reviewing Access Person trading patterns and practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Initial Reporting Requirements

Within ten (10) calendar days of becoming an Access Person**,** the Access Person is required to submit to the Compliance Department, a holdings report including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The full security name and description (i.e., type), CUSIP, SEDOL or exchange ticker symbol, number of shares and principal amount of each Covered Security held in any form, (e.g., brokerage/bank accounts, registered holdings, physical certificates, etc.) in any location, in which the Access Person or household member/connected person had any direct or indirect investment discretion, influence or control, including, without limitation, those shares of Federated Hermes funds included under this Code's definition of "Covered Security,"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All investment accounts with a financial institution or intermediary, including the name and address of any broker, dealer, bank or other financial institution holding any Securities in which the Access Person or members of his or her household/connected person have any direct or indirect investment discretion, influence or control, and the account numbers (this does not include accounts held directly with Federated Hermes' Transfer Agent or 401k Plan Administrator);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The date the Access Person submits the report.

The Compliance Department will direct the broker, dealer, bank or other financial institution maintaining each account to provide duplicate confirmations of all transactions and account statements directly to the attention of the Compliance Department, in a timely fashion. The Compliance Department also will obtain reports on accounts held directly with Federated Hermes' Transfer Agent or 401k Plan Administrator. For FHL Access Persons, if duplicate confirmations or statements cannot be obtained directly from the financial institution, the Access Person is responsible for providing the statement to the Compliance Department. Each Access Person must assure that such information is received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Quarterly Reporting Requirements

By the date specified by the Compliance Department (but in no event later than thirty (30) calendar days after the end of the calendar quarter) every Access Person must review the information recorded by the Compliance Department relating to his or her personal accounts (discretionary and non-discretionary) and all transactions in any Covered Securities, regardless of the form in which such securities are held, (e.g., brokerage/bank accounts, registered holdings, physical certificates, etc.), and each Access Person must complete and submit to the Compliance Department a quarterly Securities transaction report, using Star Compliance where available, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Identify and confirm that all Covered Security transactions during the previous calendar quarter in all accounts in which the Access Person or household members/connected persons have a direct or indirect investment discretion, influence or control, have been reported, including, without limitation, transactions in Federated Hermes funds included under this Code's definition of "Covered Security" that are held in accounts with a financial institution or intermediary (this does not include accounts held directly with Federated Hermes' Transfer Agent or 401k Plan Administrator);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Identify and confirm that all investment account information has been reported, including any new investment account(s) established during the quarter with broker-dealers, banks or other financial institutions holding any Securities in which the Access Person or members of his or her household/connected persons have any direct or indirect investment discretion, influence or control, along with the name and address of the intermediary, the date the account was established and account number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Resolve any discrepancies identified with the Compliance Department; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Record an electronic signature and date on Star Compliance or other process approved by the Compliance Department.

The information required in Section 2.2(a) above shall include at least the following information about each transaction involving a Covered Security in which the Access Person or household member/connected person had, or as a result of a transaction acquired, any direct or indirect investment discretion, influence or control: (1) the date of the transaction, (2) the full security name, description (i.e., type), CUSIP, SEDOL or exchange ticker symbol, interest rate, maturity date, number of shares and principal amount of each Covered Security held, (3) the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition), (4) the price of the Security at which the transaction was effected, and (5) the name of the broker, dealer, bank or other financial institution with or through which the transaction was effected.

An Access Person need not submit a quarterly Securities transactions report to the extent that the report would duplicate information contained in broker trade confirmations or account statements delivered to Federated Hermes so long as trade confirmations or account statements are received by the Compliance Department no later than 25 days after the end of the applicable calendar quarter.

Several advisers or brokers offer automated contribution programs where a pre-determined cash amount is invested at set time intervals into identified securities. The programs usually allow repeated investments at low cash amounts. Examples include Acorns, Betterment, and Robinhood. For participation in these programs, the Access Person preclears the initial investment into each security (if known) and communicates the predefined time interval and dollar amount to be invested in each subsequent automatic investment. Thereafter, quarterly transaction reporting/certification and preclearance need not be made for each subsequent automatic investment, however, quarterly adjusted positions in each Covered Security must reflect all investments made during each certification period since aggregate annual holdings certifications for each Covered Security would still be required. Automated investments made through such a program will not trigger a minimum 60 calendar day holding period requirement (see Section 5.5) or be subject to the short-term profits prohibition (see Section 5.4). Further voluntary investments and/or liquidations that are not identified as part of the automated program made through the same broker or adviser would require preclearance, quarterly transaction reporting/certification and would be subject to the 60 calendar day holding period requirement and short term profits prohibitions. Stock issued by Federated Hermes Inc. may not be purchased through an automated contribution program other than the Federated Hermes Inc. employee stock purchase plan.

Compliance reserves the right to evaluate the dollar amount pledged to be invested in such programs, or the subsequent trading, and if it appears the amounts or trading should be treated as a normal brokerage account subject to all requirements of the Code, or as a discretionary account (outlined in Section 4.2), Compliance may require the Access Person to change the status of the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Annual Reporting Requirements

On an annual basis and by the date specified by the Compliance Department (but in no event later than thirty (30) calendar days after a request) from the Compliance Department, every Access Person is required to provide a written acknowledgment (1) that he or she is subject to, has received a copy of and read this Code, and (2) of his or her understanding of and compliance with this Code, its requirements and Associated Procedures. At the same time, the Access Person must review a current list of Covered Securities held in the Access Person's account(s), as recorded by the Compliance Department, for accuracy, and complete and submit to the Compliance Department an annual report using Star Compliance to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Identify and confirm all Covered Securities held in any form (e.g., brokerage/bank accounts, registered holdings, physical certificates, etc.) in any location, in which the Access Person or household member/connected person had any direct or indirect investment discretion, influence or control, including the full security name and description (i.e., type), CUSIP, SEDOL or exchange ticker symbol, number of shares and principal amount of each Covered Security held, including, without limitation, those shares of Federated Hermes funds included under this Code's definition of "Covered Security," that are held in accounts with a financial institution or intermediary including all holdings in Covered Securities held through any automated contribution programs (this does not include accounts held directly with Federated Hermes' Transfer Agent or 401k Plan Administrator);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Resolve any discrepancies with the Compliance Department, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Record an electronic signature and date on Star Compliance or other process approved by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Independent Directors

Independent Directors must report all holdings and transactions in shares of all Federated Hermes funds (including Federated Hermes ETFs) included under this Code's definition of "Covered Security" that are held in accounts with a broker-dealer, bank or other financial institution or intermediary (this does not include accounts held directly with Federated Hermes' Transfer Agent or 401k Plan Administrator).

Except for holdings and transactions involving Federated Hermes funds (including Federated Hermes ETFs), an Independent Director (unless previously identified by the Compliance Department as being an Access Person who cannot take advantage of this Section) is exempt from all other reporting requirements so long as, at the time of a personal transaction in a Covered Security, such Independent Director neither knew nor, in the ordinary course of fulfilling his or her official duties as a fund director, should have known that during the 15-day period immediately before or after the director's transaction that the Covered Security was purchased or sold by the Fund, or considered for Purchase or Sale.

Any Independent Director who is identified by the Compliance Department as being an Access Person who cannot take advantage of this Section must comply with all reporting requirements applicable to Access Persons set forth in this Code or its Associated Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Non-Federated Hermes Officers of Federated Hermes Funds or Proprietary Client Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-Federated Hermes personnel serving as officers of a fund who are specifically designated as Access Persons subject to this provision shall be so notified by the Compliance Department and shall be deemed to be Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such specially designated Access Persons shall be subject to all provisions under this Code applicable to Access Persons (as applicable), except that only the following provisions apply:

Section 1 Responsibilities

Section 2 Reporting Requirements

Section 4.1 Exempt Securities

Section 4.2 Discretionary Accounts

Section 5.1 General Prohibitions

Section 5.2 Equity Initial Public Offerings (IPOs) are Prohibited

Section 5.3 Private Placements Require Prior Compliance Approval

Section 5.5 Minimum Holding Period – Designated Federated Hermes Funds

Section 5.6 Prohibition on Insider Trading

Section 5.7 Disclosure or Misuse of Fund Information

Section 5.9 Prior Knowledge

Section 5.11 Excessive Trading and Market Timing

Section 5.13 Restrictions on Investment Clubs

Section 5.14 Disclosure of Personal Interests

Section 6 Prohibitions on Giving/Receiving Gifts; Political and<br> Charitable Contributions

Section 7 Review, Reporting, Education and Sanctions

Section 8 Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each specially designated Access Person must notify the Compliance Department of any positions held on the Board of Directors of any publicly held company and any "for-profit" private company. In the event that the Access Person, thereafter, should be advised of an issue relating to any such company, the Access Person must recuse himself or herself from any discussion or consideration of such issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Violations of this Code and/or suspicious trading activity shall be reported by the Compliance Department to the Senior Manager of such Access Person. A report by the employer of the steps taken in response to the issues raised shall be requested by the Compliance Department and reported to Federated Hermes management, and, in the case of a personal transaction that conflicts with a mutual fund transaction, the fund's Audit Committee and, ultimately, the fund's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Access Persons Acknowledgments of Receipt of Code of Ethics and Amendments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Compliance Department shall provide each Access Person with a copy of this Code annually. The Compliance Department also shall provide each Access Person with a copy of any amendment to this Code promptly after such amendments are adopted (and, to the extent possible, prior to their effectiveness).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After receiving the copy of this Code or an amendment to this Code, each Access Person is required to provide the Compliance Department, within the time period prescribed by the Compliance Department, a written or electronic acknowledgment (1) that he or she has received and read this Code or such amendment, and (2) of his or her understanding of and compliance with this Code or such amendment, its requirements and any Associated Procedures.

**3 Preclearance Requirements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Preclearance of Trades

Unless subject to a preclearance exception, all Access Persons must preclear every Purchase or Sale of a Covered Security in which the Access Person or member of his or her household/connected person has any investment discretion, influence or control (including, without limitation, transactions in pension or profit-sharing plans, Equity Initial Public Offerings (IPOs) (to the extent approved as satisfying the limited exceptions in Sections 5.2(a) or (b) to the general prohibition), and Private Placements), in accordance with the Associated Procedures governing preclearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Private Placement securities must be precleared by contacting the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All other Covered Securities must be precleared using Star Compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Access Persons without access to Star Compliance must contact the Compliance Department for assistance in preclearing transactions on their behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Duration and Revocation

Preclearance approval remains in effect until the end of the following business day in the local market. Preclearance approval may be revoked at any time upon notification of revocation being provided by the Compliance Department. Any revocation shall not affect any transaction made prior to such revocation notice being delivered during a time when the preclearance approval was effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Preclearance Does Not Protect Wrongdoing

Preclearance approval and the receipt of express prior preclearance approval does not exempt an Access Person from the prohibitions outlined in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Exceptions

Preclearance requirements do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares of any registered open end investment companies, including, without limitation, Federated Hermes open-ended funds included under this Code's definition of "Covered Security" (**note that this exception does not apply to ETFs; all ETF transactions including those involving Federated Hermes ETFs must be precleared**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Involuntary purchases or sales, including mandatory corporate actions (e.g. corporate mergers, exchanges);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Automatic Investment Plans, including, without limitation, dividend reinvestment plans; automated contribution activity, or automatic payroll deduction plan purchases that are either (a) made solely with the dividend proceeds, or (b) whereby an employee purchases Securities issued by an employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exercise of rights to purchase and any sales of such rights issued by an issuer pro rata to all holders of a class of its Covered Securities, to the extent such rights were acquired from such issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Exercise of rights to tender Securities when an offer is made on a pro rata basis to all holders of a class of Covered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Gifts or charitable donations of a Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Purchases or sales in discretionary accounts (as outlined in Section 4.2) and/or purchases or sales in other accounts over which the Access Person or household member/connected person had or has no investment discretion, influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Purchases and sales of Covered Securities executed by an Independent Director.

<u>NOTE</u>: Notwithstanding anything in this Section to the contrary, Equity Initial Public Offerings (IPOs) (to the extent approved as satisfying the limited exceptions in Sections 5.2(a) or (b) to the general prohibition) and Private Placements shall in no event be exempt from the preclearance requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Exception for Employee Stock Options of a Previous Employer

Subject to the conditions indicated, an Access Person or Investment Person may exercise employee stock options for Securities of a previous employer, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Access Persons and Investment Persons who are not also Portfolio Managers, Traders or Research Analysts may exercise employee stock options for Securities of a previous employer for cash or in a cashless exercise and hold the stock thereafter without preclearance or restriction that would otherwise be imposed by concurrent fund transactions, but must report the Securities when exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investment Persons who are Portfolio Managers, Traders or Research Analysts may exercise such an employee stock option for cash or in a cashless exercise and hold the stock thereafter, without restriction that would otherwise be imposed by concurrent fund transactions after requesting and receiving in writing a determination by the Compliance Department that no material conflict of interest exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A cashless exercise of employee stock options of a previous employer may occur without regard to the 60-day rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All such exception provisions for the exercise of employee stock options shall be conditioned on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Access Persons and Investment Personnel who <u>are not</u> Portfolio Managers, Traders or Research Analysts must notify the Compliance Department of the exercise of any employee stock options within five business days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Investment Personnel who <u>are</u> Portfolio Managers, Traders or Research Analysts must request a determination in writing by the Compliance Department that no apparent material conflict of interest exists prior to the exercise of any employee stock options and may not proceed with the exercise until such determination is received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Approval of any such exercise shall be conditioned on full disclosure to the Compliance Department of all communications concerning that Security within Federated Hermes by the Access Person or Investment Person during the seven days prior to the exercise of an employee stock option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any apparent conflict of interest that is identified by the Compliance Department, before or after an exercise of employer stock options shall be reported to the President of the Advisory Companies and the Chief Executive Officer of Federated Hermes, Inc., and investigated further for determination as to whether a violation has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6** **Federated Hermes Stock and Options Trading**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Federated Hermes employees are prohibited from trading Federated Hermes Inc. stock during announced blackout periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Federated Hermes employees are prohibited from short selling Federated Hermes Inc. stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All Federated Hermes employees are further prohibited from options trading on Federated Hermes Inc. stock or purchasing Federated Hermes Inc. stock on margin without FHI Compliance Committee approval.

<u>Note</u>: Employees should refer to the Federated Hermes Policy on Trading and Confidentiality for additional details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7** **Special Rules for Equity Transactions Based on Market Capitalization**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To insure proper compliance with the Code and limit unintended preclearance mistakes, the Chief Compliance Officer, in conjunction with the President of the Advisory Companies requires all Investment Personnel to preclear all trades in equity securities of issuers having a market capitalization of less than $500 Million, which will be manually assessed by the Compliance Department and such requests will be monitored and compared to Fund holdings for any appearance of conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investment Personnel with a proposed transaction in equity securities having a market capitalization of less than $500 Million will be subject to a required manual assessment by the Compliance Department inclusive of the proposed transaction details along with confirmation that the total requested transaction in the issuer will result in 5% or less of the Investment Person's total current reported brokerage account exposure/ holdings. Compliance will review the submitted request to ensure that the proposed transaction will not result in the requesting individual's aggregate ownership exceeding the lesser of ½ of 1% of the outstanding securities of the issuer or $500,000. Additionally, the requested trade may not result in the Investment Management team, as defined in the Investment Management Organizational Chart, owning 1% or more of the outstanding securities of the issuer. Should an issue arise, the Compliance Department will review this information with the CIO - Global Equity (or Designee) to identify any holdings that might require additional special preclearance requirements and may impose a blackout or holding period of up to 90 days from the date of the last Fund trade in such security. These additional requirements will be communicated to and discussed with each affected Investment Person as they are identified.

**4 Exempt Transactions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Exempt Securities

Unless otherwise specified within this Code, purchases or sales of the following Securities are not subject to the Preclearance (Section 3) or Prohibitions and Restrictions (Section 5) sections of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Direct obligations of the Government of the United States and U. S. Government Agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bankers' acceptances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Bank certificates of deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) High quality short-term debt instruments[1](#note_ftn1), including, without limitation, repurchase agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Shares of those registered open-end investment companies and units in a regulated collective investment scheme such as a Unit Trust that are not included under this Code's definition of "Covered Security."

<u>NOTE</u>: Specified provisions of this Code are applicable to investment in Federated Hermes funds included under this Code's definition of "Covered Security."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Discretionary Accounts

Discretionary accounts over which the Access Person (or household member/connected person) has no investment discretion, but over which the Access Person retains control to designate an investment manager, are not subject to preclearance requirements (Section 3), prohibition of short-term profits (Section 5.4) or blackout periods caused by fund transactions (Section 5.8), but retain the prohibition on trading Federated Hermes stock (Section 3.6), Equity Initial Public Offerings (IPOs) (Section 5.2), the limitations of Private Placements (Section 5.3), and the minimum holding period for designated Federated Hermes Funds (Section 5.5) specified in this Code and are subject to all reporting requirements (Section 2).

It is the Access Person's responsibility to notify his or her broker or manager of these restrictions and limitations.

Access Persons establishing discretionary accounts and the individuals accepting discretionary authority over such accounts are required to acknowledge, in writing, their understanding and acceptance of the restrictions applicable to such accounts. Access Persons must provide information relating to the investment objective and any restrictions placed on his or her (or household member's/connected person's) discretionary account(s) and any changes made to those objectives or restrictions to the Compliance Department.

**5 Prohibitions and Restrictions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 General Prohibitions

Every Access Person is prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Employing any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Making any untrue statement of a material fact to the Fund or omitting to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Engaging in any manipulative practice with respect to the Fund.

<u>Examples</u>: Causing the Fund to purchase a Covered Security owned by the Access Person for the purpose of supporting or driving up the price of the Covered Security, and causing the Fund to refrain from selling a Covered Security in an attempt to protect the value of the Access Person's investment, such as an outstanding option.

Without limiting the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Access Person is prohibited from usurping investment or other business opportunities of a Fund for personal benefit (or for the inappropriate benefit of Federated Hermes). Each Access Person owes a duty to the Funds to advance the Funds' legitimate interests when the opportunity to do so arises. This duty of loyalty is violated if an Access Person personally profits (or allows Federated Hermes to inappropriately profit) from an investment or other business opportunity that rightfully belongs to a Fund. This problem could arise, for example, if an Access Person becomes aware through the use of Federated Hermes or Fund property, information or relationships of an investment opportunity (either a loan or equity transaction) in which the Fund is or may be interested, and then participates in the transaction personally or informs others of the opportunity before offering it to the Fund. An Access Person is prohibited from using Federated Hermes or Fund property, information or relationships for personal gain (or for the inappropriate gain of Federated Hermes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Access Person is prohibited from taking inappropriate or unfair advantage of his or her relationship with a Fund or a Vendor. Under this duty of fair dealing, no Access Person should take advantage of a Fund or a Vendor, or another person or entity, through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair dealing practice. All business conducted on behalf of Federated Hermes is to be done with integrity and high fiduciary, legal and ethical business standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Access Person is prohibited from misappropriating Federated Hermes or Fund assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Access Person is prohibited from taking any action to fraudulently influence, control, coerce, manipulate or mislead any independent accountants engaged in the performance of an audit of Federated Hermes' or a Fund's financial statements for the purpose of rendering such financial statements materially misleading.

(Any Access Person who is a director, officer or employee of Federated Hermes should also refer to the "Corporate Opportunities," "Fair Dealing," "Protection and Proper Use of Company Assets" and "Improper Influence on the Conduct of Audits" requirements in Federated Hermes' Code of Business Conduct and Ethics. If you have questions concerning the duty of loyalty, the duty of fair dealing, use of assets or conduct of audits, contact the Compliance Department or Federated Hermes' Deputy General Counsel.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Equity Initial Public Offerings (IPOs) are Prohibited

Access Persons may not directly or indirectly acquire Beneficial Ownership or exercise investment discretion, influence or control in any equity Security in an Initial Public Offering (IPO) without prior approval. Exceptions may be approved in the following instances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Initial Public Offerings (IPOs) relating to Securities of the employer of a spouse, when offered to all employees at the spouse's level, or the demutualization of insurance companies, banks or savings and loans, if the Access Person owned a policy or held such a prior interest or relationship in or with the issuer, are allowed, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Initial offering of diversified investment funds, including, without limitation, closed-end funds and unit investment trusts (or "UITs") are allowed.

All such exceptions require reporting and preclearance approval in accordance with the provisions of Sections 2 and 3 above.

Initial public offerings in fixed income securities are permitted, however no Access Person will be allowed to invest in a fixed income Security during a blackout period caused by a Fund trade. Note that pre-clearance is required.

A special purpose acquisition company (SPAC) is a company with no commercial operations that is formed to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company. The initial public offerings of SPACs have the same conflict of interest potential as normal equity IPOs (potential usurpation of client opportunity or being offered the opportunity to purchase in the IPO due to client activity with the underwriting broker/dealer). Therefore, purchasing the IPO of SPAC issuances is prohibited as well. Secondary trading of SPAC shares is permitted in accordance with pre-clearance, short-swing profit, and other provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Private Placements Require Prior Compliance Approval

Access Persons may not directly or indirectly acquire Beneficial Ownership or exercise investment discretion, influence or control in any Private Placement Security without prior approval. Any such transaction requires reporting and preclearance approval directly from the Compliance Department. No Access Person will be allowed to invest in a Private Placement Security in which a Fund has an investment or contemplates participation.

If an Investment Person receives prior approval and acquires a Private Placement Security, the Investment Person must disclose this investment to the Chief Investment Officer (or the Chief Investment Officer's designee) before the Investment Person may participate in any subsequent consideration of any potential investment by a Fund in the issuer of that Security.

Following a purchase by an Investment Person in an approved personal transaction, any purchase by a Fund of Securities issued by the same company (other than secondary market purchases of publicly traded Securities) will be subject to an independent review by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Prohibition of Short-Term Profits – 60 Day Rule – Individual Securities

As a general rule, personal Securities transactions of Access Persons should be for long-term investment purposes and should not be initiated for short-term profits. Profits realized on the sale of an individual Security held less than 60 days must be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) When a new purchase results in multiple lots of a Security held in personal portfolios, no lot of the same Security may be sold within 60 days if sale of any lot of the Security would result in a gain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Similarly, no Security may be purchased within 60 days of the sale of the same Security, unless the Security is purchased at a price greater than the price of any sale of the Security within the prior 60 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This prohibition applies to all transactions involving exchange traded funds (ETFS) except for any Federated Hermes exchange traded funds. Federated Hermes exchange traded funds are subject to the holding period based on FIFO outlined in Section 5.5.Similarly, no Security may be purchased within 60 days of the sale of the same Security, unless the Security is purchased at a price greater than the price of any sale of the Security within the prior 60 days.

Note: The short-term profit prohibition also applies to derivative transactions in securities. Any transaction completed to liquidate a previously established derivative position in a security (either through purchasing or selling the underlying security, assigning a derivative contract, covering margin requirements, or taking an offsetting derivative position) within 60 calendar days of the original transaction date, that results in a gain, would be a violation of the Code. Further, derivative transactions cannot have an expiration date of less than 60 calendar days at the point of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Minimum Holding Period – Designated Federated Hermes Funds

Any holding of a Federated Hermes' fund which, according to its prospectus has adopted Frequent Trading / Market Timing Policies and is subject to monitoring for Frequent Trading will be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The minimum required holding period for shares of Federated Hermes' funds subject to monitoring for Frequent Trading is 60 days, unless the particular fund has a redemption fee provision lasting for a longer period, in which case the minimum holding period will be the same as the redemption fee period. Holding periods will be measured for fund transactions for this condition on a "first in, first out" (FIFO) accounting basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the holding period specified above, shares of Federated Hermes' funds that are subject to monitoring for Frequent Trading are further subject to the limitations expressed within the prospectus regarding frequency of trading that may be deemed excessive or disruptive, including but not limited to purchases and sales within 30 days or trading that is deemed disruptive over periods longer than 30 days. Such frequent or disruptive trading may occur in the same account or more than one account; that is to say that a purchase may be made in one account and a sale in another account and still be subject to these provisions. Access persons making asset allocation adjustments (transfers between or re-balancing) to investments in Federated Hermes funds that are subject to monitoring for Frequent Trading must observe these limitations and restrictions. A violation of the Frequent Trading Policies of any Federated Hermes Fund will be treated as a violation of the Code and will be subject to sanctions imposed by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Systematic purchases (periodic contributions or 401k deferrals) or systematic or periodic withdrawals, that are part of a regular pattern, as determined by the Compliance Department, will generally not trigger a holding period violation. Similarly, required income distributions by a trust, minimum required individual retirement account (IRA) distributions and 529 Plan distributions for education expenses will not generally trigger a holding period violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Compliance Department shall be authorized to grant further exception from the required holding period in cases of exceptional hardship that could not be reasonably foreseen by an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The minimum required holding period for shares of any Federated Hermes' exchange traded funds (ETFs) is 60 calendar days (based on FIFO) and systematic purchases that are part of a regular pattern, as determined by the Compliance Department, will generally not trigger a holding period violation. Activity involving Federated Hermes exchange traded funds also requires preclearance as outlined in Section 3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 Prohibition on Insider Trading

Use of material, non-public information about any issuer of Securities by an Access Person is prohibited, regardless of whether such Securities are held by or have been recommended for any Fund. "Material non-public information" relates not only to issuers, but also includes, without limitation, an Adviser's Securities recommendations and Fund Securities holdings and transactions. In limited instances, awareness of material, non-public information relating to a specific Federated Hermes Fund, could subject certain Access Persons, as identified by the Compliance Department, to a blackout period during which those specified Access Persons would be prohibited from buying or selling shares of the Fund.

(See the Federated Hermes "Policy on Trading and Confidentiality" for more information. Also, any Access Person who is a director, officer or employee of Federated Hermes should also refer to the "Insider Trading" requirements in Federated Hermes' Code of Business Conduct and Ethics. If you have questions concerning insider trading issues, contact the Compliance Department or Federated Hermes' Deputy General Counsel.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 Disclosure or Misuse of Fund Information

Selective disclosure to third parties or misuse of any material, nonpublic Fund-related information by an access person is prohibited. No portfolio holdings or any other material, nonpublic information regarding a Fund may be disclosed, unless the same data is posted on the public website for other investors or is otherwise publicly available on a simultaneous basis. "Material" information is defined as any Fund-related information that might be expected to impact an investor's decision to buy, sell or hold a Fund or Security, and may include, without limitation, holdings, trading strategies, pending transactions, performance or performance attribution, duration, yields or other key statistics. Requests for public disclosure of previously undisclosed FHI Fund information or to release information on a more frequent schedule must be approved by the President of the Advisory Companies and the Chief Compliance Officer.

The Purchase or Sale of Federated Hermes fund shares based on material, nonpublic information about the fund's portfolio is similarly prohibited.

(See the Federated Hermes "Fund Information Disclosure Policy" or "FHL Selective Fund Disclosure Procedure" for more information. Also, any Access Person who is a director, officer or employee of Federated Hermes should also refer to the "Confidentiality" requirements in Federated Hermes' Code of Business Conduct and Ethics. If you have questions concerning disclosure or misuse of Fund information, contact the Compliance Department or Federated Hermes' Deputy General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 Blackout Periods – Fund Trades

Portfolio Managers, Research Analysts and ETF Operations Personnel identified as serving a Fund or group of Fund(s) are prohibited from purchasing or selling any Covered Security for which there is an open "buy" or "sell" order or any Covered Security that has been purchased or sold by those Fund(s) within fifteen (15) calendar days before or after the Fund purchases or sells that Security. Personal transactions that occur before transactions in those Fund(s) will be prohibited if the aggregate related open "buy" or "sell" orders and/or purchases or sells of that Covered Security by those Fund(s) are thereafter determined to have been of an amount sufficient to trigger a blackout period. Transactions of those Funds in any amount will cause personal transactions to be prohibited for fifteen days after the trades. This provision supersedes any prior preclearance.

Investment Personnel who are not among the Portfolio Managers, Research Analysts and ETF Operations Personnel identified as serving the Fund(s), as provided above, may not purchase or sell a Covered Security within seven (7) calendar days after one or more Funds have open "buy" or "sell" orders and/or purchases or sells in the same Covered Security in an amount sufficient to trigger a blackout period, subject to any prior preclearance.

All other Access Persons may not purchase or sell a Covered Security on any day during which one or more Funds have open "buy" or "sell" orders and/or purchases or sells the same Covered Security in an amount sufficient to trigger a blackout period, subject to any prior preclearance.

<u>NOTE</u>: For purposes of administering this Section, all MDT employees shall be considered Investment Personnel, but generally no MDT employees shall be considered portfolio managers, traders or research analysts.

The Compliance Department shall have discretion in determining the methodology by which blackout periods are calculated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 Prior Knowledge

No Access Person may execute a personal transaction, directly or indirectly, in any Covered Security and no prior preclearance will apply, when he or she knows, or should have known, that the Covered Security is being:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Considered for Purchase or Sale by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchased or sold by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 Serving as a Director or Officer of Outside Organizations

This Section applies to Access Persons, but not any household members/connected persons of such Access Persons.

While serving the community is a worthy objective, a director or officer of any organization has access to sensitive information and charts the course of that entity. Federated Hermes must take safeguards to shield Federated Hermes and Access Persons (including, without limitation, Investment Personnel) from even the appearance of impropriety. To that end:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Access Persons are prohibited from serving as an officer or director of any other organization unless written approval is first granted by the Compliance Committee. Prior written approval for FHL Access Persons must be granted by the Access Person's Line Manager and FHL Compliance, which will be escalated to the Compliance Committee as necessary. Approval of the Committee is not required in those situations where the organization is not-for-profit and does not issue securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Access Persons must notify the Chief Compliance Officer or Head of Regulatory Compliance in writing (by completing the Non-Federated Hermes Business or Board Activity request form) of any organization for which such Access Person serves in compliance with this Section: (1) initially upon becoming an Access Person or, (2) before they accept and begin to serve as an officer or director, and/or (3) upon resigning from any such position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If approval to serve as an officer or director of an organization is granted, an Access Person has an affirmative duty to (1) recuse himself or herself from participating in any deliberations inside Federated Hermes regarding such organization, and (2) not share non-public information of such organization with any Federated Hermes personnel (including, without limitation, any Investment Personnel).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The President of the Advisory Companies and all Investment Personnel reporting directly or indirectly to him are further prohibited from serving as an officer or director of any publicly issued or privately held issuer of a Security (whether "for profit," "not for profit," "charitable" or otherwise) that is or may become an eligible investment for a Fund unless an exception is granted by the Compliance Committee pursuant to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the case of charitable, eleemosynary, municipal or educational organizations only, if the organization has no securities outstanding or if all Chief Investment Officers confirm in writing that the securities of the issuer either are not qualified for investment by the funds or that adequate alternative investments are available, and the President of the Advisory Companies approves, then the Compliance Committee may approve service as an officer or director by an Investment Person, subject to semi-annual confirmation by the Chief Investment Officers and approval by the President of the Advisory Companies that these conditions have not changed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the instances specified in Paragraph d. (i) of this Section, above, the Compliance Department shall maintain the organization on the Funds Restricted List. Inclusion on the Restricted List shall make any security of the issuer an ineligible investment for the funds. The Compliance Department shall communicate the Restricted List to all Chief Investment Officers and the President of the Advisory Companies quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If an Investment Person, at the time of adoption of this amended provision of the Code or, in the case of a new hire, at the time of his or her employment, is serving as an officer or of a charitable or eleemosynary organization that has issued securities eligible for or owned by the funds, then the Investment Person shall recuse himself or herself from all discussions concerning possible investment by the funds in such security and may request that his or her current term in such role may be completed. The Compliance Committee may approve completion of terms under such circumstances if it deems the remaining term reasonable. Approval to continue a current term will not permit the Investment Person to begin another term on the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If a Security issued by a charitable or eleemosynary organization becomes an eligible investment for a Fund while an Investment Person is serving as an officer or director, the Investment Person shall be subject to the same terms as are provided in Paragraph (d)(iii) of this Section, above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If a Security issued by any organization that is not a charitable or eleemosynary organization becomes an eligible investment for a Fund after an Investment Person has begun serving as an officer or director, the Investment Person must immediately resign from such role and recuse himself or herself from all matters relating to the organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If an Access Person serves as an officer or director of a non-public organization, and the organization seeks to issue securities, such Access Person must, promptly after the company's intention to issue securities becomes public, take steps to notify the Chief Compliance Officer in writing. If an exception has not been reconfirmed under this Section or if continued service would be prohibited under this Section, as of the time when the organization's securities are first offered to the public, then the Access Person must immediately resign from such board and recuse himself or herself from all board matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing in this Section limits or restricts service on the Board of Federated Hermes, its subsidiaries, Federated Hermes Funds, Proprietary Funds, or other funds administered by subsidiaries of Federated Hermes.

NOTE: Any Access Person who is a director, officer or employee of Federated Hermes should also refer to the "Corporate Boards" requirements in Federated Hermes' Code of Business Conduct and Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 Excessive Trading and Market Timing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Access Persons are strongly discouraged from trading excessively. This applies to both individual Securities and registered investment company Securities included under this Code's definition of "Covered Security." The Chief Investment Officers, the President of the Advisory Companies and the Head of Trading will review the transaction volume of Investment Personnel on a quarterly basis. The transaction volume of other Access Persons will be monitored by Compliance and will be escalated to managers if it appears that transaction volume is interfering with the Access Person's obligation to Federated Hermes and/or its' clients. If trading is deemed excessive, sanctions may be imposed consistent with Section 7.5 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Access Persons are prohibited from market timing. This includes, without limitation, entering into any agreement or arrangement to permit market timing by any fund, shareholder or accountholder or in any fund, or by any broker, dealer, bank or other financial institution, person or entity. Frequent or short-term trading into and out of funds can have adverse consequences for the funds, shareholders and accountholders who use the funds as long-term investment vehicles. Such trading in significant amounts can disrupt the funds' investment strategies (e.g., by requiring the funds to sell investments at inopportune times or maintain excessive short-term or cash positions to support redemptions or cash flow needs), increase brokerage and administrative costs and affect the timing and amount of taxable gains distributed by or in respect of the funds. Such trading may also seek to profit by estimating changes in a fund's net asset value in advance of the time as of which net asset value is calculated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 Independent Directors

Notwithstanding the other restrictions or exemptions provided under this Code, Independent Directors, including FHL Independent Directors, (other than Independent Directors identified by the Compliance Department as being Access Persons subject to additional provisions of this Code) and their household members are subject only to the following Code restrictions:

Section 5.1 General Prohibitions

Section 5.5 Minimum Holding Period – Designated Federated Hermes Funds

Section 5.6 Prohibition on Insider Trading

Section 5.7 Disclosure or Misuse of Fund Information

Section 5.9 Prior Knowledge

Section 5.11 Excessive Trading and Market Timing

In order to monitor compliance with the above referenced Code provisions, Section 2.4 further requires Independent Directors to disclose holdings and transactions in certain Federated Hermes funds (including Federated Hermes ETFs) for themselves and their household members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 Restrictions on Investment Clubs

Investment Personnel who wish to participate in an investment club must request Chief Investment Officer approval prior to joining in the club activity. Names of other club members must be disclosed. The Chief Investment Officer shall notify the Compliance Department when such approval is granted.

Access Persons will be deemed to have investment discretion, influence or control in any trade by the club. All investment club activity by any Access Person will require preclearance and must be reported by duplicate confirms and statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 Disclosure of Personal Interests

All Access Persons (including, without limitation, Investment Personnel) are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Recommending, implementing or considering any Securities transaction for a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Negotiating any agreement or otherwise arranging for any relationship with any Vendor,

without having disclosed in writing to the Chief Investment Officer (in the case of Investment Personnel) (or another person designated by the Chief Investment Officer) (Chief Investment Officers shall disclose to the President of the Advisory Companies) or the Compliance Department (in the case of all other Access Persons):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any material Beneficial Ownership, business or personal relationship, or other material interest, that the Access Person has in an issuer or its affiliates, or in a Vendor, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) other material conflict of interest that the Access Person has with an issuer or its affiliates or with a Vendor.

If the Chief Investment Officer (or other designated person) or Compliance Department determines that the disclosed interest is a material conflict of interest, then the Access Person may not participate in (a) any decision-making process regarding the Securities of that issuer, or (b) any negotiations or discussions with any Vendor.

In addition to the specific requirements above, each Access Person has the responsibility to use his or her best judgment to assess objectively whether there might be even the appearance of a conflict of interest or acting for reasons of personal gain (or the inappropriate gain of Federated Hermes to the detriment of a Fund, an issuer or its affiliates or a Vendor). If you have questions regarding disclosure of personal interests and conflicts of interest, contact the Compliance Department or Federated Hermes' Deputy General Counsel).

<u>NOTE</u>: Refer also to the "Conflicts of Interest" and "Personal Financial Interests; Outside Business Interests" requirements in Federated Hermes' Code of Business Conduct and Ethics.

**6 Prohibitions on Giving/Receiving Gifts; Political and Charitable Contributions**

Access Persons are in a position of trust and must exercise great care to preserve their independence. As a general rule, no Access Person should ever receive, solicit, make or offer an inappropriate payment or anything of value in exchange for a decision involving Federated Hermes,' a Fund's or a Vendor's business. Decisions must be made in an unbiased manner. Bribery, kickbacks and other improper payments have no place in Federated Hermes' business.

Without limiting the foregoing general principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Every Access Person is prohibited from giving, either individually or in the aggregate with all other Access Persons, or receiving any gift, favor, preferential treatment, valuable consideration, or other thing of more than a de minimis value in any year to or from any Fund, or other person or entity, from, to or through whom Fund purchases or sells Securities, or an issuer of Securities or its affiliates or a Vendor. For purposes of this Code, "de minimis value" is equal to $100 in the aggregate in the US; £100 in the aggregate in the UK; and, €100 in the aggregate in Germany or less. This prohibition does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (i) salaries, wages, fees or other compensation paid, or expenses paid or reimbursed, in the usual scope of an Access Person's employment responsibilities for the Access Person's employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (ii) meals, refreshments or entertainment of reasonable value in the course of a meeting or other occasion, the purpose of which is to hold bona fide business discussions (as a guideline for FHL Access Persons, not in excess of £100 per person per day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (iii) advertising or promotional material of nominal value, such as pens, pencils, note pads, key chains, calendars and similar items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (iv) the acceptance of gifts, meals, refreshments, or entertainment of reasonable value that are related to commonly recognized events or occasions, such as a promotion, new job or recognized holiday; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (v) the acceptance of awards, from an employer to an employee, for recognition of service and accomplishment.

<u>Note</u>: Access Persons must be aware that in certain instances, gifts and/or various forms of entertainment may be subject to lower limitations or be prohibited entirely to certain individuals, including government officials, and it remains the obligation of the Access Person to verify actual limits or prohibitions with the Compliance Department, (which may further require discussion with the Legal Department) prior to making a gift or engaging in such other activities. Such activities may be limited or prohibited by federal, state, local or foreign laws.

Investment Personnel should also refer to the Investment Management Gift and Entertainment Policy and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every Access Person is prohibited from (i) making political or charitable contributions solely for the purpose of obtaining or retaining assets from, or advisory contracts or other business relationships with, federal, state, local or foreign governments or governmental agencies, or political subdivisions of any of them, or charitable organizations; and (ii) considering an Adviser's or Federated Hermes' current or anticipated business relationships as a factor in soliciting political or charitable donations.

<u>NOTE</u>: Any Access Person who is a director, officer or employee of Federated Hermes should also refer to the "Payments and Gifts" requirements in Federated Hermes' Code of Business Conduct and Ethics. Any Access Persons who are subject to the Broker-Dealer Written Supervisory Policies and Procedures also should consult those procedures for additional guidance on the receipt of gifts and gratuities. If you have questions regarding the receipt of gifts or political and charitable contributions, contact the Compliance Department or Federated Hermes' Deputy General Counsel.

**7 Review, Reporting, Education and Sanctions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Management Review of Investment Personnel's Trading Activity

The President of the Advisory Companies, the Chief Investment Officers, the Head of Trading and such additional managers as the President of the Advisory Companies may designate will receive periodic reports of investment-related activity by Investment Personnel, such as preclearance requests, executed transactions and any other activity. Personal investment data will be reviewed to determine whether the transactions conflict with any Fund activity and whether the transactions appear appropriate and consistent with the position and responsibility of the Investment Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Compliance Review of Reports and Trading Activity, and this Code of Ethics

Federated Hermes' Compliance Department will review all initial holdings reports, confirmations, quarterly transaction reports, annual holdings reports and other reports and information required to be submitted under this Code to identify improper trading activity or patterns of trading, and to otherwise seek to verify compliance with this Code. Without limiting the foregoing, the Compliance Department will review personal trading activity and trading records to identify possible violations, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delay in reporting individual investments or investment accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Failure to report individual investments or investment accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Filing false or incomplete reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Failure to preclear individual trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Executing trades that violate provisions of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Failure to comply with the receipt of gifts provision.

In addition, the review may also include (as applicable, and in the Compliance Department's discretion): (i) a comparison of personal trading to applicable restricted lists; (ii) an assessment of whether an Access Person is trading for his or her own account in the same Securities he or she is trading for Funds (and, if so, whether the Funds are receiving terms as favorable as the Access Person takes for himself or herself); (iii) an assessment of Access Person trading patterns for indications of abuse (including, without limitation, "market timing"); (iv) an analysis of any substantial disparities between the quality of performance an Access Person receives for his or her own account and that he or she receives for Funds; and (iv) an analysis of any substantial disparities between the percentage of personal trades that are profitable and the percentage that are profitable when he or she places trades for Funds.

Federated Hermes' Compliance Department also will review this Code, and the implementation, effectiveness and enforcement of this Code, at least once annually or more frequently in response to material changes in legal requirements or business practices, as contemplated by Federated Hermes' written compliance program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Self-discovery and Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Access Person is required to report violations or suspected violations by any party of this Code promptly to the Compliance Department. If the person within the Compliance Department that receives the report is not the Chief Compliance Officer, that person must report all violations reported to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Immediate disclosure by an Access Person to the Compliance Department of a self-discovered violation and correction of that violation (including, without limitation, the immediate disgorging of any gain) will generally be treated as a violation to be recorded, but not as a material violation, if the Access Person has not benefited by the transaction and the Compliance Department determines that the violation was not intentional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is Federated Hermes' policy that retaliation against Access Persons who report actual or suspected violations of this Code is prohibited. Any actual or attempted retaliation will be treated as a separate violation of this Code, which will be subject to sanction in accordance with Section 7.5 below (including, without limitation, termination).

<u>NOTE</u>: Any Access Person who is a director, officer or employee of Federated Hermes should also refer to the "Reporting of any Illegal or Unethical Behavior" requirements in Federated Hermes's Code of Business Conduct and Ethics. If you have questions concerning reporting violations, contact the Compliance Department or Federated Hermes' Deputy General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Education

From time to time the Compliance Department will schedule training sessions or may otherwise distribute educational materials regarding this Code. Access Persons are required to participate in all training sessions offered. Access Persons will be required to provide a written acknowledgment that the Access Person received, read and understood the Code and its administration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 Sanctions

Upon determining that a violation of this Code or its Associated Procedures has occurred, the Chief Compliance Officer may take such actions or impose such sanctions, if any, as may be deemed appropriate, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Issue a letter of censure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assess a fine, either nominal or substantial (not applicable to FHL employees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Require the unwinding of trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Require the disgorging of profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Disallow discretionary accounts or required preclearance of discretionary account trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prohibit or place further restrictions on personal trading or other activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Recommend suspension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Recommend a reassignment of duties or job functions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Recommend that the employment of the violator be terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 Factors for Consideration

Sanctions listed above may be assessed individually or in combination. Prior violations of the Access Person and the degree of responsibility exercised by the Access Person will be taken into consideration in the assessment of sanctions.

In instances where a member of the Access Person's household commits the violation, any sanction will be imposed on the Access Person.

If extraordinary or unforeseen circumstances exist, an appeal may be directed to the Compliance Department. Appeals are solely within the discretion of the Chief Compliance Officer. The Chief Compliance Officer shall further have full discretion and authority to make special provision under and/or interpret or apply provisions of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 Reporting of Violations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Violations of Investment Personnel and proposed sanctions will be reported to the responsible Chief Investment Officer and/or Manager. Violations of other Access Persons, and proposed sanctions, will be reported to the responsible Senior Manager. All violations and the proposed sanction will be reported to Senior Management and the Board of Directors of the Federated Hermes Funds quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any patterns or trends noted and any difficulties in administration of this Code shall be reported to Senior Management and to the Board of Directors of the Federated Hermes Funds, at least annually.

**8 Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 1933 Act

The "1933 Act" means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 1934 Act

The "1934 Act" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 1940 Act

The "1940 Act" means the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Access Person

"Access Person" means any person who participates in or who: (i) in connection with his or her duties, obtains or could obtain any information concerning recommendations on Covered Securities being made by the investment adviser to any Fund or (ii) any person who has access to nonpublic information regarding any Fund's Purchase or Sale of Securities, or nonpublic information regarding the portfolio holdings of any Reportable Fund.

"Access Person" includes, without limitation, a director, trustee, officer, managing general partner, general partner, or Investment Person of a Fund, of the Underwriter, and of the Adviser and other persons designated by the Compliance Department, any trust over which an Access Person is a trustee with investment discretion, influence or control, (either for the benefit of the Access Person or for any other party), any closely-held entity (such as a partnership, limited liability company or corporation) and any account (including, without limitation, any retirement, pension, deferred compensation or similar account) with respect to which the Access Person has investment discretion, influence or control. All FHL employees and employees working in the Global New York, MDT, and Cleveland offices are designated as Access Persons due to the seating proximity within the office locations.

Activity (including, without limitation, trading activity) by an Access Person's household members/connected persons will generally be attributed to the Access Person. (If emancipated adult children or other independent parties also reside in the household, the Access Person must either declare that the Access Person has no discretion, influence or control over the investment decisions of such other party or the Access Person must report the party as an Access Person.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Adviser

"Adviser" means any subsidiary of Federated Hermes registered as an investment adviser with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 Advisers Act

"Advisers Act" means the Investment Advisers Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 Associated Procedures

"Associated Procedures" means those procedures and/or statements that have been adopted by the Underwriter, the Adviser, a Fund or the Compliance Department, and which are designed to supplement this Code and its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 Automatic Investment Plan

"Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An "Automatic Investment Plan" includes, without limitation, a dividend reimbursement plan and automated contribution plan automatic activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 Beneficial Ownership

"Beneficial Ownership" will be attributed to an Access Person in all instances where the Access Person directly or indirectly (i) possesses the ability to purchase or sell the Covered Securities (or the ability to direct the disposition of the Covered Securities); (ii) possesses voting power (including the power to vote or to direct the voting) over such Covered Securities; or (iii) receives any benefits substantially equivalent to those of ownership. It is the intent of Federated Hermes that "Beneficial Ownership" be interpreted in the same manner as it would be under 17 C.F.R. § 240.16a-1(a)(2) in determining whether a person has Beneficial Ownership of a Security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 Board

The "Board" means, with respect to a fund, the board of directors or trustees or any other group serving a similar function that has adopted this Code on behalf of the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 Code

"Code" means this Code of Ethics and any Associated Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 Compliance Committee

"Compliance Committee" means the committee referenced under the Federated Hermes Code of Business Conduct and Ethics, consisting of, among others, the Chief Compliance Officer, the Deputy General Counsel, the Chief Audit Executive and the Chief Risk Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 Compliance Department

The "Compliance Department" means the Chief Compliance Officer of Federated Hermes and those other individuals designated by him or her as responsible for implementing this Code and the Associated Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 Control

"Control" has the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 Covered Security

"Covered Security" means any Security, or interest in a Security held in any form, not expressly excluded by provisions of this Code, including, without limitation: equity and debt Securities; derivative Securities, including, without limitation, options on and warrants to purchase equity or debt Securities; shares of closed-end investment companies; all exchange traded funds; investments in unit investment trusts; and any related instruments and Securities. "Covered Security" also means shares of any Reportable Funds and any 529 Plan or annuity employing such funds, unless specifically excluded in the paragraph below. Also included are futures, swaps and other derivative contracts.

"Covered Security" does not include: (1) direct obligations of the Government of the United States or U. S. Government Agencies (regardless of their maturities); (2) bankers' acceptances; bank certificates of deposit; commercial paper; high quality short-term debt instruments, including repurchase agreements; (3) shares of 1940 Act registered investment companies that are designated as money market funds; (4) shares issued by 1940 Act registered open-end investment companies (other than Reportable Funds) in a direct account with a mutual fund or 529 Plan or annuity offeror when that account may only hold registered open-end investment company Securities; or (5) shares issued by unit investment trusts (or "UITs") that are invested exclusively in one or more open-end funds, none of which are Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 Federal Securities Laws

"Federal Securities Laws" means (a) the 1933 Act, (b) the 1934 Act, (c) the Sarbanes-Oxley Act of 2002, (d) the 1940 Act, (e) the Advisers Act, (f) Title V of the Gramm-Leach Bliley Act, (g) any rules of the SEC promulgated under any of the statutes identified in (a) through (f) above, (h) the Bank Secrecy Act as it applies to registered mutual funds and investment advisers, and (i) any rules adopted under the Bank Secrecy Act by the SEC or the Department of Treasury. U.K Financial Conduct Authority FCA Regulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17 Federated Hermes

"Federated Hermes" means Federated Hermes, Inc. and any of its subsidiaries including Federated Hermes Limited, as the context may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18 Fund

"Fund" means (i) each investment company registered under the 1940 Act (and any series or portfolios of such company) for which an Adviser serves as an investment adviser (as defined in § 2(a)(20) of the 1940 Act or an Underwriter serves as a principal underwriter (as defined in §§ 2(a)(29) and (40) of the 1940 Act) and (ii) FCA registered collective investment schemes (ii) any other investment account or portfolio over which an Adviser exercises investment discretion (whether pursuant to a direct advisory agreement, through a managed account or "wrap fee" program, or otherwise), and (iii) any investment adviser, broker, dealer, bank, or other financial institution to which Federated Hermes provides non-discretionary investment advisory services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19 Independent Director

"Independent Director" means a member of the Federated Hermes Funds' Board who is not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20 Influence

Influence means taking an action that is reasonably expected to materially modify the independent investment decision-making of a person who controls or otherwise has investment discretion with respect to an account (whether by imposing a restraint on such decision-making ability or directing a decision).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.21 Initial Public Offering

"Initial Public Offering" means an offering of Securities registered under the 1933 Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.22 Investment Person; Investment Personnel

"Investment Person" or "Investment Personnel" means (a) Access Persons with direct responsibility and authority to make investment decisions affecting the Fund (such as portfolio managers and Chief Investment Officers) and individuals who provide information and advice to such portfolio managers (such as Securities analysts); and (b) those who assist in executing investment decisions for the Fund (such as traders) and their related staff members.

"Investment Person" or "Investment Personnel" further means any trust over which an Investment Person is a trustee with investment discretion, influence or control, (either for the benefit of the Investment Person or for any other party), any closely-held entity (such as a partnership, limited liability company or corporation) in which an Investment Person holds a Controlling interest and with respect to which he or she has investment influence or control, and any account (including, without limitation, any retirement, pension, deferred compensation or similar account) with respect to which the Access Person has investment discretion, influence or control. Investment Person is intended to include and includes persons deemed to be Supervised Persons pursuant to Rule 204A-1 under the Investments Advisers Act of 1940, as further defined hereunder.

Activity (including, without limitation, trading activity) by an Investment Person's household members will generally be attributed to the Investment Person. (If emancipated adult children or other independent parties also reside in the household, the Investment Person must either declare that the Investment Person has no discretion, influence or control over the investment decisions of such other party or the Investment Person must report the party as an Investment Person.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.23 Private Placement

"Private Placement" (or "limited offering") means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(2) or Section 4(6) of the 1933 Act or pursuant to rule 504, rule 505 or rule 506 under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.24 Purchase or Sale

"Purchase or Sale" of a Security or Covered Security includes, among other things, the writing of an option, future or other derivative contract to purchase or sell a Security or Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25 Reportable Fund

"Reportable Fund" means any 1940-Act registered open end investment company for which an Adviser serves as investment adviser as defined in Section 2(a)(2) of the 1940 Act, or any 1940-Act registered investment company whose investment adviser or principal underwriter Controls an Adviser, is Controlled by an Adviser or is under common Control with an Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.26 SEC

The "SEC" means the Securities and Exchange Commission of the United States, and any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.27 Security

"Security" or "Securities" means any security as defined in Section 2(a)(36) of the 1940 Act or Section 202(a)(18) of the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.28 Supervised Person

"Supervised Person" means directors, officers and partners of an Adviser (or other persons occupying a similar status or performing similar functions), employees of an Adviser, and any other person who provides advice on behalf of an Adviser and is subject to the Adviser's supervision and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.29 Underwriter

"Underwriter" means any subsidiary of Federated Hermes registered as a broker/dealer with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.30 Vendor

"Vendor" means any borrower, lender, tenant, landlord, supplier, service provider (including, without limitation, a service provider to a mutual fund) or other vendor of Federated Hermes (including, without limitation, any Adviser or any other affiliate), any managed account or "wrap fee" program sponsor or turnkey platform provider, or any other third party that has or is seeking a relationship with Federated Hermes (including, without limitation, any Adviser or other affiliate).

**Approved by:** <u>/s/ **John B. Fisher**</u> **Date: <u>10/21/2024</u>**

**President of the Advisory Companies**

**Approved by:** <u>/s/ **Stephen Van Meter**</u> **Date: 10/21/2024<br> Compliance**

Addendum

**ACCESS PERSONS PROCEDURES**

**1 Preclearance Approval Using Star Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Access Persons who wish to effect a personal Securities transaction, whether a purchase, sale, or other disposition, must preclear the Covered Security in Star Compliance prior to engaging in the transaction. Private Placement securities must be precleared directly through the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) When trading options, the Access Person must preclear the option and the underlying Security before entering into the option contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Based on established criteria, Star Compliance determines whether the contemplated transaction should be permitted. The primary criterion applied is whether the Covered Security is on the Federated Hermes Equity Restricted List or Open Order lists, or whether the Covered Security was traded by any of the Federated Hermes advised Funds (fund trade information is updated nightly in Star Compliance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Approval is either granted or denied immediately in Star Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If approval is denied, the contemplated personal transaction in that Covered Security is prohibited until prior approval is subsequently granted upon request in Star Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If approval is granted, the Access Person is free to effect the personal transaction in that Covered Security until the end of the next trading day only (subject to revocation as contemplated in Section 3.2 of this Code). In this regard, open orders extending beyond the next trading day (good till cancel) must be resubmitted for approval in Star Compliance to comply with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All trade requests and their dispositions are maintained in Star Compliance and reviewed by the Compliance Department in conjunction with other information provided by Access Persons in accordance with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Compliance Department reviews all potential violations identified by Star Compliance after Fund trades and personal trades have been compared and determines the appropriate action to be taken to resolve each identified violation.

**2 Federated Hermes Funds Compliance Review**

Access Persons must provide all relevant information concerning investments in Federated Hermes funds held in accounts with financial institutions or intermediaries (banks, broker-dealers, etc.) to the Compliance Department in the same manner and subject to the same timing requirements as individual Securities.

**3 Non-U.S. Based Federated Hermes Access Persons**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) FHI Access Persons who are not located in the U.S. must request preclearance approval from the Compliance Department via email. Access Persons must provide specific trade details including the issuer name, anticipated date of transaction, full name of Security (i.e., title), description (i.e., type), CUSIP or SEDOL number or exchange ticker symbol, number of shares and principal amount, interest rate and maturity date (if applicable) and the type of transaction (purchase or sale). The Compliance Department requests preclearance for the transaction through Star Compliance during normal business hours on the day the request is received. The Compliance Department notifies the Access Person via email of the results of the preclearance request.

If the trade request is approved, the Access Person must execute the trade no later than the close of business on the business day following the date of the request (subject to revocation as contemplated in Section 3.2 of this Code).

**4 Non-Federated Hermes Access Persons**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Transaction and holdings information of non-Federated Hermes officers of Federated Hermes and/or proprietary funds shall be reviewed on a quarterly basis to determine whether any patterns of conflict are exhibited with any Funds for which Federated Hermes has access to Fund transaction information, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Data relating to the trades of all personnel designated as Access Persons of a Fund for which Federated Hermes does not have access to Fund transaction information will be submitted to Compliance Department or other appropriate personnel of the Fund's adviser for review on a quarterly basis.

**COMPLIANCE DEPARTMENT PROCEDURES**

**1 Preclearance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Documentation of valid preclearance approval, including a statement that the Access Person was not aware of any consideration of a Security by research analysts or Fund portfolio managers for a recommendation, an actual Fund trade or an anticipated transaction, shall be conclusive for purposes of reviewing a personal transaction, unless additional facts or a preponderance of circumstances suggest otherwise. This conclusive presumption does not apply to research analysts covering or recommending a Covered Security involved in a Fund trade or portfolio managers of a Fund making a trade in that Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before approving a preclearance request for a Private Placement, submitted by an Access Person, the Compliance Department shall inquire of the appropriate portfolio manager(s) and head trader(s) as to whether an order is pending or expected to be entered for the same Security. In cases where an Investment Person has submitted the request for preclearance, the Compliance Department shall also notify the Chief Investment Officer to whom the Investment Person reports. The Compliance Department will notify the Access Person as to whether or not the investment has been precleared.

**2 Initial Reporting Process**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A member of the Compliance Department meets with each new Access Person and reviews this Code, the Insider Trading Policy and the procedures for preclearing personal Securities transactions through Star Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Access Person is required to complete the "Certification and Acknowledgment Form" to acknowledge his/her understanding of this Codeand return it to the designated Compliance Assistant within ten (10) calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition, the Access Person is required to complete the "Personal Security Portfolio Forms" which includes information detailed in Section 2.1 of the Code, and:

<u>NOTE</u>: Information provided by the Access Person must be current as of a date no more than 45 days before the report is submitted. Failure to provide that information within 10 calendar days is deemed a violation of the Code and SEC Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Separate forms must be completed for the Access Person and all household members as defined in Section 8.4 of this Code. The signed form(s) must be returned to the Compliance Department within ten (10) calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A member of the Compliance Department inputs current portfolio holdings information into Star Compliance as "initial" holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Compliance Department notifies each broker, dealer, bank or other financial institution that duplicate confirmations and statements for the Access Person and household members, if applicable, must be sent to the Chief Compliance Officer, effective immediately. The Compliance Department also will obtain reports on accounts held directly with Federated Hermes' Transfer Agent and 401k Plan Administrator.

**3 Quarterly Reporting Process**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the first business day after each calendar quarter end, the Compliance Assistant sends an e-mail to each Access Person giving step-by-step instructions on how to complete the quarterly reporting requirements using Star Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By the date specified by the Compliance Department (but no later than thirty (30) calendar days of the quarter end), the Access Person is required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review for accuracy all Covered Security transactions recorded during the previous calendar quarter in all personal and household member accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) review all open account information, including names of broker-dealers, banks and other financial institutions, addresses and account numbers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) notify the Compliance Department of any new accounts established with broker-dealers, banks or other financial institutions during the quarter and the date the account was established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) resolve any discrepancies with the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) record an electronic signature and date on Star Compliance.

Information provided by the Access Person must be current as of a date no more than 45 days before the report is submitted. Failure to provide that information within 10 calendar days is deemed a violation of the Code and SEC Rules.

The information required shall include the information detailed in Section 2.2 of the Code.

An Access Person need not submit a quarterly Securities transactions report to the extent that the report would duplicate information contained in broker trade confirmations or account statements delivered to Federated Hermes so long as such trade confirmations or account statements are received by the Compliance Department by the date specified by the Compliance Department (but in no later than 25 days after the end of the applicable calendar quarter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Chief Compliance Officer Stephen Van Meter reviews potential violations of the Code by any Access Person periodically during the calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Compliance Department issues memos to each Access Person involved if any personal transactions executed during the quarter appear to be violations of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Based on the facts and the Access Person's response to the memo, the Chief Compliance Officer may impose or recommend any of the sanctions identified in Section 7 of this Code.

**4 Annual Reporting Process**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At least annually, the Compliance Department requires that each Access Person read this Code and certify and acknowledge his/her understanding of this Code and its requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the quarterly reporting requirements, on an annual basis, the Compliance Department requires each Access Person to confirm and certify that the records of all Covered Securities holdings in Star Compliance are complete and accurate.

This re-certification is required to be completed by the date specified by the Compliance Department (but in no event later than thirty (30) calendar days after a request) from the Compliance Department. The Compliance Department monitors compliance with this requirement through the electronic signatures on Star Compliance.

**5 Reportable Funds Transactions**

On a quarterly basis, the Compliance Department will request and review a report of Federated Hermes Fund Securities transactions by Access Persons and Investment Personnel from both the Federated Hermes Transfer Agent and the 401k Plan Administrator and from other accounts reported by Access Persons and Investment Personnel. After reviewing these transactions, the Compliance Department will discuss any issues identified with the Access Person and management and take appropriate action, as provided by the Code.

**6 Blackout Periods – Fund Trades**

A transaction in a Covered Security by a Fund shall trigger a blackout period as specified above for Access Persons and Investment Persons, (other than the Portfolio Managers, Traders and Research Analysts serving a Fund in which such purchase or sale occurs), only if the aggregate of open orders and executed purchases and sales in the security within the Federated Hermes complex is equal to or exceeds a specified threshold on each trading day. That threshold shall be defined by asset type, as follows:

<u>Covered Security</u> <u>Threshold equal to or greater than:</u>

<u>Equity</u> 1% of the average daily volume measured over the preceding 20 trading days.

<u>Fixed Income</u>

<u>Investment Grade</u>

Corporate Obligation $250,000

State or Foreign Obligation $250,000

Municipal Obligation $250,000

<u>High Yield</u>

Corporate Obligation $100,000

State or Foreign Obligation $100,000

Municipal Obligation $100,000

An open order or executed trade in any equity Covered Security for which the average daily trading volume over the preceding 20 trading days is not available will be measured against the average daily trading volume over the preceding 30 days, if available. An open order or executed trade in any equity Covered Security for which an average daily volume cannot be determined shall trigger a blackout period. Any trades in any fixed income Covered Security not specified above shall trigger a blackout period.

**7 Reporting to the Board of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each quarter, the Compliance Department will provide reports of any violations of this Code to Senior Management and the Board of Directors of the Federated Hermes Funds. Any patterns or trends noted and any difficulties in administration of this Code shall be reported to Senior Management and, to the Board Directors of the Federated Hermes Funds, at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Compliance Department will also report any difficulties in administration of this Code and any trends or patterns of personal Securities trading which are deemed by the Compliance Department to be violations of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Compliance Department provides the Board with the job title of the Access Person; the type of violation; the details of the transaction(s); and the types of sanctions imposed, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At least annually, the Compliance Department shall certify that the Fund, investment adviser or principal underwriter, as applicable, has adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

**8 Record Keeping Requirements**

The Compliance Department maintains the following books and records in Star Compliance for a period equal to (a) no less than six (6) calendar years or (b) any longer period that may be required under applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of this Code (current and for the past five years)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a record of any violation of this Code and any action taken as a result of the violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a record of all written acknowledgments of access persons (current and for the past five years).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a record of each report made by an Access Person, including initial, quarterly and annual reporting (and including any information on a broker trade confirmation or account statement that was submitted in lieu of such reports);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a record of all Access Persons (current and for the past five years);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a record of any decision, and the reasons supporting the decision, to approve the acquisition of Securities by Access Persons in an Initial Public Offering (IPO) (to the extent approved as satisfying the limited exceptions in Sections 5.2(a) or (b) to the general prohibition) or Private Placement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a record of persons responsible for reviewing reports; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a copy of any supporting documentation used in making decisions regarding action taken by the Compliance Department with respect to personal Securities trading.

Such records will be kept in such locations, and for such periods, as required under the Advisers Act and the 1940 Act.

------

[1](#note_ftnref1) The SEC has interpreted "high quality short-term debt instruments" to mean any instrument having a maturity at issuance of less than 366 days and which is rated in one of the highest two rating categories by a Nationally Recognized Statistical Rating Organization, or which is unrated but is of comparable quality. Personal Investment Activities of Investment Company Personnel and Codes of Ethics of Investment Companies and Their Investment Advisers and Principal Underwriters, Investment Company Act Release No. 21341 (Sept. 8, 1995) [60 FR 47844 (Sept. 14, 1995)] (proposing amendments to rule 17j-1) at note 66.This definition is repeated in the footnotes to the adopting and proposing releases for the Adviser's Code of Ethics requirement under Rule 204A-1.