# EDGAR Filing Document

**Accession Number:** 0000856517
**File Stem:** 0001623632-23-000334
**Filing Date:** 2023-2
**Character Count:** 2467034
**Document Hash:** f4b5357fb8767afa46992c5ce0e2709f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001623632-23-000334.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001623632-23-000334

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 58

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Money Market Obligations Trust
- **CENTRAL INDEX KEY:** 0000856517
- **IRS NUMBER:** 251415329
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05950
- **FILM NUMBER:** 23658428

**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:** MONEY MARKET OBLIGATIONS TRUST
- **DATE OF NAME CHANGE:** 20101109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MONEY MARKET OBLIGATIONS TRUST /NEW/
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Money Market Obligations Trust
- **CENTRAL INDEX KEY:** 0000856517
- **IRS NUMBER:** 251415329
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-31602
- **FILM NUMBER:** 23658427

**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:** MONEY MARKET OBLIGATIONS TRUST
- **DATE OF NAME CHANGE:** 20101109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MONEY MARKET OBLIGATIONS TRUST /NEW/
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Federated Hermes Institutional Tax-Free Cash Trust (Series ID: S000009533)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000026054 | Premier Shares       | FTFXX           |
| C000167073 | Institutional Shares | FFTXX           |

### Federated Hermes California Municipal Cash Trust (Series ID: S000009544)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000026075 | Cash II Shares     | CALXX           |
| C000026076 | Cash Series Shares | CCSXX           |
| C000026077 | Capital Shares     | CCCXX           |
| C000026078 | Service Shares     | CACXX           |
| C000026079 | Wealth Shares      | CAIXX           |

### Federated Hermes New York Municipal Cash Trust (Series ID: S000009560)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000026114 | Cash II Shares     | NYCXX           |
| C000026115 | Cash Series Shares | FNCXX           |
| C000026116 | Service Shares     | FNTXX           |
| C000026117 | Wealth Shares      | NISXX           |

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

**1933 Act File No. 33-31602**

**1940 Act File No. 811-5950**

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**SECURITIES AND EXCHANGE COMMISSION**

Washington, DC 20549

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**Form N-1A**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

☒

**Pre-Effective Amendment No.**

☐

**Post-Effective Amendment No. 247**

☒

**and/or**

**REGISTRATION STATEMENT**

***UNDER***

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

☒

**Amendment No. 249**

☒

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**Federated Hermes Money Market Obligations Trust**

**(Exact name of Registrant as Specified in Charter)**

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**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)

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

☐

immediately upon filing pursuant to paragraph (b)

☒

On February 27, 2023 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.

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**Prospectus** 

***February 28, 2023***![](img856961661.gif)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Wealth** \| CAIXX | **Service** \| CACXX | **Cash II** \| CALXX |
|  | **Cash Series** \| CCSXX | **Capital** \| CCCXX |  |

---

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Federated Hermes California Municipal Cash Trust

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A Portfolio of Federated Hermes Money Market Obligations Trust

A money market mutual fund seeking to provide current income exempt from federal regular income tax and the personal income taxes imposed by the State of California consistent with stability of principal by investing in a portfolio of high-quality California tax-exempt securities maturing in 397 days or less.

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.

*The Fund is a Retail Money Market Fund and is only available for investment to accounts beneficially owned by natural persons.*

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

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**CONTENTS** 

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| | |
|:---|:---|
| [Fund Summary Information](#xx_d0673fd3-871d-4817-a270-52816c0873b1_1)[–](#xx_d0673fd3-871d-4817-a270-52816c0873b1_1)[Wealth Shares](#xx_d0673fd3-871d-4817-a270-52816c0873b1_1) | [1](#xx_d0673fd3-871d-4817-a270-52816c0873b1_1) |
| [Fund Summary Information](#xx_eea7cf74-0571-4bce-a4c4-d7d98ddbc74d_1)[–](#xx_eea7cf74-0571-4bce-a4c4-d7d98ddbc74d_1)[Service Shares](#xx_eea7cf74-0571-4bce-a4c4-d7d98ddbc74d_1) | [6](#xx_eea7cf74-0571-4bce-a4c4-d7d98ddbc74d_1) |
| [Fund Summary Information](#xx_b415e43d-2bfa-46e7-9d1f-241e810aae34_1)[–](#xx_b415e43d-2bfa-46e7-9d1f-241e810aae34_1)[Cash II Shares](#xx_b415e43d-2bfa-46e7-9d1f-241e810aae34_1) | [11](#xx_b415e43d-2bfa-46e7-9d1f-241e810aae34_1) |
| [Fund Summary Information](#xx_c9d3d18c-bce1-4b58-a252-3d42c209d88c_1)[–](#xx_c9d3d18c-bce1-4b58-a252-3d42c209d88c_1)[Cash Series Shares](#xx_c9d3d18c-bce1-4b58-a252-3d42c209d88c_1) | [16](#xx_c9d3d18c-bce1-4b58-a252-3d42c209d88c_1) |
| [Fund Summary Information](#xx_31dffde8-71c2-4b08-8cd4-8855bd9b3c04_1)[–](#xx_31dffde8-71c2-4b08-8cd4-8855bd9b3c04_1)[Capital Shares](#xx_31dffde8-71c2-4b08-8cd4-8855bd9b3c04_1) | [21](#xx_31dffde8-71c2-4b08-8cd4-8855bd9b3c04_1) |
| [What are the Fund's Investment Strategies?](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_1) | [26](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_1) |
| [What are the Fund's Principal Investments?](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_1) | [26](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_1) |
| [What are the Specific Risks of Investing in the Fund?](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_4) | [29](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_4) |
| [What Do Shares Cost?](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_7) | [32](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_7) |
| [How is the Fund Sold?](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_8) | [33](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_8) |
| [Payments to Financial Intermediaries](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_8) | [33](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_8) |
| [How to Purchase Shares](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_9) | [34](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_9) |
| [How to Redeem and Exchange Shares](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_11) | [36](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_11) |
| [Security and Privacy Protection](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_16) | [41](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_16) |
| [Account and Share Information](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_16) | [41](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_16) |
| [Who Manages the Fund?](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_18) | [43](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_18) |
| [Financial Information](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_19) | [44](#xx_1d622b86-2abb-4b1e-84d2-c271ce64acab_19) |
| [Appendix A: Hypothetical Investment and Expense Information](#xx_4bee2c4b-473b-4111-a314-d67fd5c57f30_1) | [50](#xx_4bee2c4b-473b-4111-a314-d67fd5c57f30_1) |

---

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Fund Summary Information–Wealth Shares

**Federated Hermes California Municipal Cash Trust (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income exempt from federal regular income tax and the personal income taxes imposed by the State of California consistent with stability of principal.

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

This table describes the fees and expenses that you may pay if you buy, hold and sell Wealth Shares (WS) 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)** 

---

| | |
|:---|:---|
|  | **WS** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) | None |
| Redemption Fee (as a percentage of amount redeemed, if applicable) | None |
| Exchange Fee | None |

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

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

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| | |
|:---|:---|
|  | **WS** |
| Management Fee | 0.30% |
| Distribution (12b-1) Fee |  |
| Other Expenses | 0.13%<sup>1</sup> <br>|
| Total Annual Fund Operating Expenses | 0.43% |
| Fee Waivers and/or Expense Reimbursements<sup>2</sup> | (0.15)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.28% |

---

The Fund may incur and pay shareholder services/account administration fees on its WS class of up to a maximum amount of 0.25%. No such fees are currently incurred and paid by the WS class of the Fund. The WS class of the Fund will not incur and pay such fees until such time as approved by the Fund's Board of Trustees (the "Trustees").

The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding acquired fund fees and expenses, extraordinary expenses, interest expense and proxy-related expenses paid by the Fund, if any) paid by the Fund's WS class (after the voluntary waivers and/or reimbursements) will not exceed 0.28% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) March 1, 2024; 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:

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| | |
|:---|:---|
| 1 Year | $44 |
| 3 Years | $138 |
| 5 Years | $241 |
| 10 Years | $542 |

---

**1**

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

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

The Fund invests primarily in a portfolio of high-quality California tax-exempt securities maturing in 397 days or less. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax and California state income tax. Interest from the Fund's investments may be subject to the federal alternative minimum tax for individuals (AMT). However, the Fund will normally invest its assets so that distributions are exempt from AMT.

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by Federated Investment Management Company (the "Adviser") to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds and tax-exempt commercial paper; and (b) interests in securities of other investment companies.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940, as amended ("Rule 2a-7"). In response to unusual circumstances, such as adverse market, economic or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate tax-exempt securities), to maintain liquidity to meet shareholder redemptions, or to accommodate cash inflows, the Adviser may leave a portion of the Fund's assets uninvested, or may invest in securities subject to state and/or federal income tax. The Fund's investment adviser may invest in securities subject to the AMT in an attempt to seek appropriate risk adjusted returns and provide diversification.

Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and California state income tax or so that 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and California state income tax.

This policy may not be changed without shareholder approval.

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

Pursuant to Rule 2a-7 the Fund is designated as a "retail" money market fund and is permitted to use amortized cost to value its portfolio securities and to transact at a stable $1.00 net asset value. As a retail money market fund, the Fund has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons. In addition, the Fund has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board determines that such liquidity fees or redemption gates are in the best interest of the Fund.

All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:

◾ **Tax-Exempt Securities Risk.** The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities.

◾ **Issuer Credit Risk.** It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may 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 strategies.

◾ **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. Economic, political and financial conditions, 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, cause the Fund to experience volatility, illiquidity, shareholder redemptions or other potentially adverse effects.

◾ **Interest Rate Risk.** Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. 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. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

**2**

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◾ **Call Risk.** The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.

◾ **Sector Risk.** A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics or by issuers located in the same state. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities.

◾ **Tax Risk.** In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax or AMT. Consult your tax professional for more information.

◾ **Liquidity Risk.** Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.

◾ **Credit Enhancement Risk.** The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit.

◾ **Risk Associated with Investing Share Purchase Proceeds.** On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

◾ **Risk Associated with use of Amortized Cost.** In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.

◾ **Additional Factors Affecting Yield.** There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. Periods of very low or negative interest rates impact, in a negative way, the Fund's ability to maintain a positive return, or yield, or pay dividends to Fund shareholders.

◾ **California Risk.** Because the Fund will invest a significant portion of its assets in securities of California issuers, an investment in the Fund may involve additional risks compared to a fully diversified money market fund that invests in multiple states, and the Fund's performance also may be negatively impacted by other local, state or regional factors. For example, natural disasters may affect the creditworthiness of municipal issuers or otherwise disrupt the local, state or regional economy or certain sectors of the economy. California's credit strength is based on its large and diverse economy, manageable debt burden and strong demographics. However, California's budget and fiscal operations face certain structural impediments and rely on revenue sources which have been historically sensitive to the economic environment. California's diverse economy is the largest in the United States and one of the largest in the world with major components including high technology, trade, entertainment, manufacturing, tourism, construction, agriculture and services. Any downturn in these sectors or related industries may adversely affect the economy of the state.

◾ **Fees & Gates Risk.** The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such a fee is not in the best interests of the Fund.

**3**

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◾ **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.

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**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 WS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns *averaged* over the stated periods. *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 FederatedInvestors.com or by calling 1-800-341-7400.

![](cmctprog0030001ws_16.jpg)

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

*Within the periods shown in the bar chart, the Fund's WS class highest quarterly return was 0.55% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended September 30, 2021).*

**Average Annual Total Return Table**

The following table represents the Fund's WS class Average Annual Total Returns for the calendar period ended December 31, 2022.

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| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **WS:** | 0.98% | 0.75% | 0.50% |

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*The Fund's WS class 7-Day Net Yield as of December 31, 2022, was 3.07%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT** 

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

**Purchase and Sale of Fund Shares** 

The minimum initial investment amount for the Fund's WS class is generally $25,000 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.

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a 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.

**4**

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The Fund operates as a retail money market fund. Accordingly, only accounts beneficially owned by natural persons ("Eligible Accounts") may be invested in the Fund. Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's Board.

Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption.

**TAX INFORMATION** 

It is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund's dividends may not be tax exempt. Dividends may be subject to state and local taxes (except for California taxes, to the extent derived from California tax-exempt investments and eligible for tax-exempt treatment under California law). Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. Any Fund distributions of capital gains are taxable at applicable capital gains rates. The Fund is generally not a suitable investment for retirement accounts. The Fund normally invests its assets so that distributions are exempt from AMT, but in certain circumstances income from the Fund may be subject to AMT.

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

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.

**5**

------

Fund Summary Information–Service Shares

**Federated Hermes California Municipal Cash Trust (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income exempt from federal regular income tax and the personal income taxes imposed by the State of California consistent with stability of principal.

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

This table describes the fees and expenses that you may pay if you buy, hold and sell Service Shares (SS) 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)** 

---

| | |
|:---|:---|
|  | **SS** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) | None |
| Redemption Fee (as a percentage of amount redeemed, if applicable) | None |
| Exchange Fee | None |

---

&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)** 

---

| | |
|:---|:---|
|  | **SS** |
| Management Fee | 0.30% |
| Distribution (12b-1) Fee |  |
| Other Expenses | 0.45% |
| Total Annual Fund Operating Expenses | 0.75% |
| Fee Waivers and/or Expense Reimbursements<sup>1</sup> | (0.22)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.53% |

---

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, extraordinary expenses, interest expense and proxy-related expenses paid by the Fund, if any) paid by the Fund's SS class (after the voluntary waivers and/or reimbursements) will not exceed 0.53% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) March 1, 2024; 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 Fund's Board of 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:

---

| | |
|:---|:---|
| 1 Year | $77 |
| 3 Years | $240 |
| 5 Years | $417 |
| 10 Years | $930 |

---

**6**

------

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

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

The Fund invests primarily in a portfolio of high-quality California tax-exempt securities maturing in 397 days or less. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax and California state income tax. Interest from the Fund's investments may be subject to the federal alternative minimum tax for individuals (AMT). However, the Fund will normally invest its assets so that distributions are exempt from AMT.

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by Federated Investment Management Company (the "Adviser") to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds and tax-exempt commercial paper; and (b) interests in securities of other investment companies.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940, as amended ("Rule 2a-7"). In response to unusual circumstances, such as adverse market, economic or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate tax-exempt securities), to maintain liquidity to meet shareholder redemptions, or to accommodate cash inflows, the Adviser may leave a portion of the Fund's assets uninvested, or may invest in securities subject to state and/or federal income tax. The Fund's investment adviser may invest in securities subject to the AMT in an attempt to seek appropriate risk adjusted returns and provide diversification.

Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and California state income tax or so that 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and California state income tax.

This policy may not be changed without shareholder approval.

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

Pursuant to Rule 2a-7 the Fund is designated as a "retail" money market fund and is permitted to use amortized cost to value its portfolio securities and to transact at a stable $1.00 net asset value. As a retail money market fund, the Fund has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons. In addition, the Fund has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board determines that such liquidity fees or redemption gates are in the best interest of the Fund.

All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:

◾ **Tax-Exempt Securities Risk.** The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities.

◾ **Issuer Credit Risk.** It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may 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 strategies.

◾ **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. Economic, political and financial conditions, 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, cause the Fund to experience volatility, illiquidity, shareholder redemptions or other potentially adverse effects.

◾ **Interest Rate Risk.** Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. 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. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

**7**

------

◾ **Call Risk.** The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.

◾ **Sector Risk.** A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics or by issuers located in the same state. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities.

◾ **Tax Risk.** In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax or AMT. Consult your tax professional for more information.

◾ **Liquidity Risk.** Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.

◾ **Credit Enhancement Risk.** The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit.

◾ **Risk Associated with Investing Share Purchase Proceeds.** On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

◾ **Risk Associated with use of Amortized Cost.** In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.

◾ **Additional Factors Affecting Yield.** There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. Periods of very low or negative interest rates impact, in a negative way, the Fund's ability to maintain a positive return, or yield, or pay dividends to Fund shareholders.

◾ **California Risk.** Because the Fund will invest a significant portion of its assets in securities of California issuers, an investment in the Fund may involve additional risks compared to a fully diversified money market fund that invests in multiple states, and the Fund's performance also may be negatively impacted by other local, state or regional factors. For example, natural disasters may affect the creditworthiness of municipal issuers or otherwise disrupt the local, state or regional economy or certain sectors of the economy. California's credit strength is based on its large and diverse economy, manageable debt burden and strong demographics. However, California's budget and fiscal operations face certain structural impediments and rely on revenue sources which have been historically sensitive to the economic environment. California's diverse economy is the largest in the United States and one of the largest in the world with major components including high technology, trade, entertainment, manufacturing, tourism, construction, agriculture and services. Any downturn in these sectors or related industries may adversely affect the economy of the state.

◾ **Fees & Gates Risk.** The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such a fee is not in the best interests of the Fund.

**8**

------

◾ **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.

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**Performance: Bar Chart and Table** 

**Risk/Return Bar Chart**

The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns *averaged* over the stated periods. *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 FederatedInvestors.com or by calling 1-800-341-7400.

![](cmctproq452552ss_12.jpg)

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

*Within the periods shown in the bar chart, the Fund's SS class highest quarterly return was 0.49% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended March 31, 2022).*

**Average Annual Total Return Table**

The following table represents the Fund's SS class Average Annual Total Returns for the calendar period ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **SS:** | 0.78% | 0.59% | 0.38% |

---

*The Fund's SS class 7-Day Net Yield as of December 31, 2022, was 2.82%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT** 

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

**Purchase and Sale of Fund Shares** 

The minimum initial investment amount for the Fund's SS class is generally $10,000 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.

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a 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.

**9**

------

The Fund operates as a retail money market fund. Accordingly, only accounts beneficially owned by natural persons ("Eligible Accounts") may be invested in the Fund. Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's Board.

Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption.

**TAX INFORMATION** 

It is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund's dividends may not be tax exempt. Dividends may be subject to state and local taxes (except for California taxes, to the extent derived from California tax-exempt investments and eligible for tax-exempt treatment under California law). Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. Any Fund distributions of capital gains are taxable at applicable capital gains rates. The Fund is generally not a suitable investment for retirement accounts. The Fund normally invests its assets so that distributions are exempt from AMT, but in certain circumstances income from the Fund may be subject to AMT.

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

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.

**10**

------

Fund Summary Information–Cash II Shares

**Federated Hermes California Municipal Cash Trust (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income exempt from federal regular income tax and the personal income taxes imposed by the State of California consistent with stability of principal.

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

This table describes the fees and expenses that you may pay if you buy, hold and sell the Fund's Cash II Shares (CII). **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)** 

---

| | |
|:---|:---|
|  | **CII** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions)<br> (as a percentage of offering price)<br>| None |
| Redemption Fee (as a percentage of amount redeemed, if applicable) | None |
| Exchange Fee | None |

---

&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)** 

---

| | |
|:---|:---|
|  | **CII** |
| Management Fee | 0.30% |
| Distribution (12b-1) Fee | 0.20% |
| Other Expenses | 0.48% |
| Total Annual Fund Operating Expenses | 0.98% |
| Fee Waivers and/or Expense Reimbursements<sup>1</sup> | (0.30)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.68% |

---

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, extraordinary expenses, interest expense and proxy-related expenses paid by the Fund, if any) paid by the Fund's CII class (after the voluntary waivers and/or reimbursements) will not exceed 0.68% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) March 1, 2024; 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 Fund's Board of 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:

---

| | |
|:---|:---|
| 1 Year | $100 |
| 3 Years | $312 |
| 5 Years | $542 |
| 10 Years | $1201 |

---

**11**

------

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

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

The Fund invests primarily in a portfolio of high-quality California tax-exempt securities maturing in 397 days or less. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax and California state income tax. Interest from the Fund's investments may be subject to the federal alternative minimum tax for individuals (AMT). However, the Fund will normally invest its assets so that distributions are exempt from AMT.

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by Federated Investment Management Company (the "Adviser") to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds and tax-exempt commercial paper; and (b) interests in securities of other investment companies.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940, as amended ("Rule 2a-7"). In response to unusual circumstances, such as adverse market, economic or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate tax-exempt securities), to maintain liquidity to meet shareholder redemptions, or to accommodate cash inflows, the Adviser may leave a portion of the Fund's assets uninvested, or may invest in securities subject to state and/or federal income tax. The Fund's investment adviser may invest in securities subject to the AMT in an attempt to seek appropriate risk adjusted returns and provide diversification.

Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and California state income tax or so that 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and California state income tax.

This policy may not be changed without shareholder approval.

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

Pursuant to Rule 2a-7 the Fund is designated as a "retail" money market fund and is permitted to use amortized cost to value its portfolio securities and to transact at a stable $1.00 net asset value. As a retail money market fund, the Fund has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons. In addition, the Fund has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board determines that such liquidity fees or redemption gates are in the best interest of the Fund.

All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:

◾ **Tax-Exempt Securities Risk.** The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities.

◾ **Issuer Credit Risk.** It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may 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 strategies.

◾ **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. Economic, political and financial conditions, 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, cause the Fund to experience volatility, illiquidity, shareholder redemptions or other potentially adverse effects.

◾ **Interest Rate Risk.** Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. 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. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

**12**

------

◾ **Call Risk.** The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.

◾ **Sector Risk.** A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics or by issuers located in the same state. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities.

◾ **Tax Risk.** In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax or AMT. Consult your tax professional for more information.

◾ **Liquidity Risk.** Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.

◾ **Credit Enhancement Risk.** The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit.

◾ **Risk Associated with Investing Share Purchase Proceeds.** On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

◾ **Risk Associated with use of Amortized Cost.** In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.

◾ **Additional Factors Affecting Yield.** There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. Periods of very low or negative interest rates impact, in a negative way, the Fund's ability to maintain a positive return, or yield, or pay dividends to Fund shareholders.

◾ **California Risk.** Because the Fund will invest a significant portion of its assets in securities of California issuers, an investment in the Fund may involve additional risks compared to a fully diversified money market fund that invests in multiple states, and the Fund's performance also may be negatively impacted by other local, state or regional factors. For example, natural disasters may affect the creditworthiness of municipal issuers or otherwise disrupt the local, state or regional economy or certain sectors of the economy. California's credit strength is based on its large and diverse economy, manageable debt burden and strong demographics. However, California's budget and fiscal operations face certain structural impediments and rely on revenue sources which have been historically sensitive to the economic environment. California's diverse economy is the largest in the United States and one of the largest in the world with major components including high technology, trade, entertainment, manufacturing, tourism, construction, agriculture and services. Any downturn in these sectors or related industries may adversely affect the economy of the state.

◾ **Fees & Gates Risk.** The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such a fee is not in the best interests of the Fund.

**13**

------

◾ **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.

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**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 CII class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns *averaged* over the stated periods. *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 FederatedInvestors.com or by calling 1-800-341-7400.

![](cmctproq452552cii_13.jpg)

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

*Within the periods shown in the bar chart, the Fund's CII class highest quarterly return was 0.45% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended March 31, 2022).*

**Average Annual Total Return Table**

The following table represents the Fund's CII class Average Annual Total Returns for the calendar period ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **CII:** | 0.68% | 0.50% | 0.32% |

---

*The Fund's CII class 7-Day Net Yield as of December 31, 2022, was 2.67%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT** 

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

**Purchase and Sale of Fund Shares** 

The minimum initial investment amount for the Fund's CII class is generally $10,000 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.

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a 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.

**14**

------

The Fund operates as a retail money market fund. Accordingly, only accounts beneficially owned by natural persons ("Eligible Accounts") may be invested in the Fund. Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's Board.

Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption.

**TAX INFORMATION** 

It is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund's dividends may not be tax exempt. Dividends may be subject to state and local taxes (except for California taxes, to the extent derived from California tax-exempt investments and eligible for tax-exempt treatment under California law). Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. Any Fund distributions of capital gains are taxable at applicable capital gains rates. The Fund is generally not a suitable investment for retirement accounts. The Fund normally invests its assets so that distributions are exempt from AMT, but in certain circumstances income from the Fund may be subject to AMT.

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

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.

**15**

------

Fund Summary Information–Cash Series Shares

**Federated Hermes California Municipal Cash Trust (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income exempt from federal regular income tax and the personal income taxes imposed by the State of California consistent with stability of principal.

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

This table describes the fees and expenses that you may pay if you buy, hold and sell Cash Series Shares (CS) 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)** 

---

| | |
|:---|:---|
|  | **CS** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) | None |
| Redemption Fee (as a percentage of amount redeemed, if applicable) | None |
| Exchange Fee | None |

---

&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)** 

---

| | |
|:---|:---|
|  | **CS** |
| Management Fee | 0.30% |
| Distribution (12b-1) Fee | 0.60% |
| Other Expenses | 0.48% |
| Total Annual Fund Operating Expenses | 1.38% |
| Fee Waivers and/or Expense Reimbursements<sup>1</sup> | (0.35)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 1.03% |

---

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, extraordinary expenses, interest expense and proxy-related expenses paid by the Fund, if any) paid by the Fund's CS class (after the voluntary waivers and/or reimbursements) will not exceed 1.03% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) March 1, 2024; 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 Fund's Board of 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:

---

| | |
|:---|:---|
| 1 Year | $140 |
| 3 Years | $437 |
| 5 Years | $755 |
| 10 Years | $1657 |

---

**16**

------

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

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

The Fund invests primarily in a portfolio of high-quality California tax-exempt securities maturing in 397 days or less. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax and California state income tax. Interest from the Fund's investments may be subject to the federal alternative minimum tax for individuals (AMT). However, the Fund will normally invest its assets so that distributions are exempt from AMT.

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by Federated Investment Management Company (the "Adviser") to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds and tax-exempt commercial paper; and (b) interests in securities of other investment companies.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940, as amended ("Rule 2a-7"). In response to unusual circumstances, such as adverse market, economic or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate tax-exempt securities), to maintain liquidity to meet shareholder redemptions, or to accommodate cash inflows, the Adviser may leave a portion of the Fund's assets uninvested, or may invest in securities subject to state and/or federal income tax. The Fund's investment adviser may invest in securities subject to the AMT in an attempt to seek appropriate risk adjusted returns and provide diversification.

Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and California state income tax or so that 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and California state income tax.

This policy may not be changed without shareholder approval.

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

Pursuant to Rule 2a-7 the Fund is designated as a "retail" money market fund and is permitted to use amortized cost to value its portfolio securities and to transact at a stable $1.00 net asset value. As a retail money market fund, the Fund has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons. In addition, the Fund has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board determines that such liquidity fees or redemption gates are in the best interest of the Fund.

All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:

◾ **Tax-Exempt Securities Risk.** The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities.

◾ **Issuer Credit Risk.** It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may 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 strategies.

◾ **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. Economic, political and financial conditions, 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, cause the Fund to experience volatility, illiquidity, shareholder redemptions or other potentially adverse effects.

◾ **Interest Rate Risk.** Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. 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. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

**17**

------

◾ **Call Risk.** The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.

◾ **Sector Risk.** A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics or by issuers located in the same state. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities.

◾ **Tax Risk.** In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax or AMT. Consult your tax professional for more information.

◾ **Liquidity Risk.** Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.

◾ **Credit Enhancement Risk.** The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit.

◾ **Risk Associated with Investing Share Purchase Proceeds.** On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

◾ **Risk Associated with use of Amortized Cost.** In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.

◾ **Additional Factors Affecting Yield.** There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. Periods of very low or negative interest rates impact, in a negative way, the Fund's ability to maintain a positive return, or yield, or pay dividends to Fund shareholders.

◾ **California Risk.** Because the Fund will invest a significant portion of its assets in securities of California issuers, an investment in the Fund may involve additional risks compared to a fully diversified money market fund that invests in multiple states, and the Fund's performance also may be negatively impacted by other local, state or regional factors. For example, natural disasters may affect the creditworthiness of municipal issuers or otherwise disrupt the local, state or regional economy or certain sectors of the economy. California's credit strength is based on its large and diverse economy, manageable debt burden and strong demographics. However, California's budget and fiscal operations face certain structural impediments and rely on revenue sources which have been historically sensitive to the economic environment. California's diverse economy is the largest in the United States and one of the largest in the world with major components including high technology, trade, entertainment, manufacturing, tourism, construction, agriculture and services. Any downturn in these sectors or related industries may adversely affect the economy of the state.

◾ **Fees & Gates Risk.** The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such a fee is not in the best interests of the Fund.

**18**

------

◾ **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.

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**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 CS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns *averaged* over the stated periods. *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 FederatedInvestors.com or by calling 1-800-341-7400.

![](cmctproq452552cs_11.jpg)

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

*Within the periods shown in the bar chart, the Fund's CS class highest quarterly return was 0.37% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended June 30, 2022).*

**Average Annual Total Return Table**

The following table represents the Fund's CS class Average Annual Total Returns for the calendar period ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **CS:** | 0.48% | 0.30% | 0.20% |

---

*The Fund's CS class 7-Day Net Yield as of December 31, 2022, was 2.32%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT** 

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

**Purchase and Sale of Fund Shares** 

The minimum initial investment amount for the Fund's CS class is generally $1,000 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.

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a 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.

**19**

------

The Fund operates as a retail money market fund. Accordingly, only accounts beneficially owned by natural persons ("Eligible Accounts") may be invested in the Fund. Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's Board.

Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption.

**TAX INFORMATION** 

It is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund's dividends may not be tax exempt. Dividends may be subject to state and local taxes (except for California taxes, to the extent derived from California tax-exempt investments and eligible for tax-exempt treatment under California law). Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. Any Fund distributions of capital gains are taxable at applicable capital gains rates. The Fund is generally not a suitable investment for retirement accounts. The Fund normally invests its assets so that distributions are exempt from AMT, but in certain circumstances income from the Fund may be subject to AMT.

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

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.

**20**

------

Fund Summary Information–Capital Shares

**Federated Hermes California Municipal Cash Trust (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income exempt from federal regular income tax and the personal income taxes imposed by the State of California consistent with stability of principal.

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

This table describes the fees and expenses that you may pay if you buy, hold and sell the Fund's Capital Shares (CAP). **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)** 

---

| | |
|:---|:---|
|  | **CAP** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) | None |
| Redemption Fee (as a percentage of amount redeemed, if applicable) | None |
| Exchange Fee | None |

---

&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)** 

---

| | |
|:---|:---|
|  | **CAP** |
| Management Fee | 0.30% |
| Distribution (12b-1) Fee |  |
| Other Expenses | 0.47% |
| Total Annual Fund Operating Expenses | 0.77% |
| Fee Waivers and/or Expense Reimbursements<sup>1</sup> | (0.39)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.38% |

---

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, extraordinary expenses, interest expense and proxy-related expenses paid by the Fund, if any) paid by the Fund's CAP class (after the voluntary waivers and/or reimbursements) will not exceed 0.38% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) March 1, 2024; 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 Fund's Board of 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:

---

| | |
|:---|:---|
| 1 Year | $79 |
| 3 Years | $246 |
| 5 Years | $428 |
| 10 Years | $954 |

---

**21**

------

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

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

The Fund invests primarily in a portfolio of high-quality California tax-exempt securities maturing in 397 days or less. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax and California state income tax. Interest from the Fund's investments may be subject to the federal alternative minimum tax for individuals (AMT). However, the Fund will normally invest its assets so that distributions are exempt from AMT.

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by Federated Investment Management Company (the "Adviser") to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds and tax-exempt commercial paper; and (b) interests in securities of other investment companies.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940, as amended ("Rule 2a-7"). In response to unusual circumstances, such as adverse market, economic or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate tax-exempt securities), to maintain liquidity to meet shareholder redemptions, or to accommodate cash inflows, the Adviser may leave a portion of the Fund's assets uninvested, or may invest in securities subject to state and/or federal income tax. The Fund's investment adviser may invest in securities subject to the AMT in an attempt to seek appropriate risk adjusted returns and provide diversification.

Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and California state income tax or so that 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and California state income tax.

This policy may not be changed without shareholder approval.

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

Pursuant to Rule 2a-7 the Fund is designated as a "retail" money market fund and is permitted to use amortized cost to value its portfolio securities and to transact at a stable $1.00 net asset value. As a retail money market fund, the Fund has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons. In addition, the Fund has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board determines that such liquidity fees or redemption gates are in the best interest of the Fund.

All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:

◾ **Tax-Exempt Securities Risk.** The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities.

◾ **Issuer Credit Risk.** It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may 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 strategies.

◾ **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. Economic, political and financial conditions, 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, cause the Fund to experience volatility, illiquidity, shareholder redemptions or other potentially adverse effects.

◾ **Interest Rate Risk.** Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. 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. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

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◾ **Call Risk.** The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.

◾ **Sector Risk.** A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics or by issuers located in the same state. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities.

◾ **Tax Risk.** In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax or AMT. Consult your tax professional for more information.

◾ **Liquidity Risk.** Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.

◾ **Credit Enhancement Risk.** The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit.

◾ **Risk Associated with Investing Share Purchase Proceeds.** On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

◾ **Risk Associated with use of Amortized Cost.** In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.

◾ **Additional Factors Affecting Yield.** There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. Periods of very low or negative interest rates impact, in a negative way, the Fund's ability to maintain a positive return, or yield, or pay dividends to Fund shareholders.

◾ **California Risk.** Because the Fund will invest a significant portion of its assets in securities of California issuers, an investment in the Fund may involve additional risks compared to a fully diversified money market fund that invests in multiple states, and the Fund's performance also may be negatively impacted by other local, state or regional factors. For example, natural disasters may affect the creditworthiness of municipal issuers or otherwise disrupt the local, state or regional economy or certain sectors of the economy. California's credit strength is based on its large and diverse economy, manageable debt burden and strong demographics. However, California's budget and fiscal operations face certain structural impediments and rely on revenue sources which have been historically sensitive to the economic environment. California's diverse economy is the largest in the United States and one of the largest in the world with major components including high technology, trade, entertainment, manufacturing, tourism, construction, agriculture and services. Any downturn in these sectors or related industries may adversely affect the economy of the state.

◾ **Fees & Gates Risk.** The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such a fee is not in the best interests of the Fund.

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◾ **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.

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You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**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 CAP class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns *averaged* over the stated periods. *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 FederatedInvestors.com or by calling 1-800-341-7400.

![](cmctproq452552cap_10.jpg)

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*Within the periods shown in the bar chart, the Fund's CAP class highest quarterly return was 0.53% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended September 30, 2021).*

**Average Annual Total Return Table**

The following table represents the Fund's CAP class Average Annual Total Returns for the calendar period ended December 31, 2022.

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| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **CAP:** | 0.90% | 0.69% | 0.45% |

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*The Fund's CAP class 7-Day Net Yield as of December 31, 2022, was 2.97%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT** 

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

**Purchase and Sale of Fund Shares** 

The minimum initial investment amount for the Fund's CAP class is generally $25,000 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.

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a 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.

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The Fund operates as a retail money market fund. Accordingly, only accounts beneficially owned by natural persons ("Eligible Accounts") may be invested in the Fund. Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's Board.

Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption.

**TAX INFORMATION** 

It is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund's dividends may not be tax exempt. Dividends may be subject to state and local taxes (except for California taxes, to the extent derived from California tax-exempt investments and eligible for tax-exempt treatment under California law). Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. Any Fund distributions of capital gains are taxable at applicable capital gains rates. The Fund is generally not a suitable investment for retirement accounts. The Fund normally invests its assets so that distributions are exempt from AMT, but in certain circumstances income from the Fund may be subject to AMT.

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

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.

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What are the Fund's Investment Strategies?

The Fund's investment objective is to provide current income exempt from federal regular income tax and the personal income taxes imposed by the State of California consistent with stability of principal. 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 invests primarily in a portfolio of high-quality California tax-exempt securities maturing in 397 days or less. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax and California state income tax. Interest from the Fund's investments may be subject to the federal alternative minimum tax for individuals (AMT). However, the Fund will normally invest its assets so that distributions are exempt from AMT.

Federated Investment Management Company (the "Adviser") actively manages the Fund's portfolio, seeking to limit the credit risk taken by the Fund and to select investments, including securities subject to the AMT with appropriate risk-adjusted returns. The Adviser also may invest in securities subject to the AMT in an attempt to provide diversification.

In response to unusual circumstances, such as adverse market, economic or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate tax-exempt securities), to maintain liquidity to meet shareholder redemptions, or to accommodate cash inflows, the Adviser may leave a portion of the Fund's assets uninvested, or may invest in securities subject to state and/or federal income tax.

The Fund seeks to invest in securities that present minimal credit risk, based on the Adviser's assessment of the issuer's credit quality, including the issuer's or guarantor's capacity to meet its financial obligations, among other factors.

The Adviser targets a dollar-weighted average portfolio maturity (WAM) range based upon its interest rate outlook and the tax-exempt securities available. The Adviser formulates its interest rate outlook by analyzing a variety of factors such as (among others): current and expected U.S. economic growth; current and expected interest rates and inflation; and the Federal Reserve's monetary policy. The Adviser structures the portfolio by investing in variable rate demand instruments and municipal notes, as well as other permissible investments as described in this Prospectus and in the Fund's Statement of Additional Information (SAI). The Adviser generally shortens the portfolio's maturity when it expects interest rates to rise and extends the maturity when it expects interest rates to fall. This strategy seeks to enhance the returns from favorable interest rate changes and reduce the effect of unfavorable changes.

The Fund will: (1) maintain a WAM of 60 days or less; and (2) maintain a weighted average life (WAL) of 120 days or less. Certain of the securities in which the Fund invests may pay interest at a rate that is periodically adjusted ("Adjustable Rate Securities"). For purposes of calculating WAM, the maturity of an Adjustable Rate Security generally will be the period remaining until its next interest rate adjustment. For purposes of calculating WAL, the maturity of an Adjustable Rate Security will be its stated final maturity, without regard to interest rate adjustments; accordingly, the 120-day WAL limitation could serve to limit the Fund's ability to invest in Adjustable Rate Securities.

Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and California state income tax or so that 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and California state income tax.

This policy may not be changed without shareholder approval.

**Temporary Investments** 

The Fund may temporarily depart from its principal investment strategies by investing its assets in taxable securities or holding cash. It may do this in response to unusual circumstances, such as: adverse market, economic or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate tax-exempt securities); to maintain liquidity to meet shareholder redemptions; or to accommodate cash inflows. It is possible that such temporary investments could affect the Fund's investment returns. If the Fund invests in taxable securities, it may receive and distribute taxable income to investors and to that extent fail to meet its investment objectives.

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.

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**TAX-EXEMPT SECURITIES** 

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Adviser to be reliable, pay interest that is not subject to federal regular income taxes. Fixed-income securities pay interest, dividends or distributions at a specified rate. The rate may be a fixed percentage of the principal or adjusted periodically. In addition, the issuer of a fixed-income security must repay the principal amount of the security, normally within a specified time. Typically, states, counties, cities and other political subdivisions and authorities issue tax-exempt securities. The market categorizes tax-exempt securities by their source of repayment. Certain of these tax-exempt securities may be subject to credit enhancement. The following describes the principal types of tax-exempt securities in which the Fund may invest.

**Variable Rate Demand Instruments (A Type of Tax-Exempt Security)** 

Variable rate demand instruments are tax-exempt securities that require the issuer or a third party, such as a dealer or bank (the "Demand Provider"), to repurchase the security for its face value upon demand. The securities also pay interest at a variable rate intended to cause the securities to trade at their face value. Some variable rate demand instruments are "conditional," so that the occurrence of certain conditions discharges the Demand Provider's obligation to repurchase the security. Other variable rate demand instruments are "unconditional," so that there are no conditions under which the Demand Provider's obligation to repurchase the security can terminate. The Fund treats variable rate demand instruments as short-term securities even though their maturity may extend beyond 397 days because, within 397 days, their variable interest rate adjusts in response to changes in market rates and the repayment of their principal amount can be demanded. Certain variable rate demand instruments that may be invested in by the Fund, referred to as "synthetic" variable rate demand instruments, have certain features, such as call features, that make it possible that the Fund will realize capital gains.

**Municipal Notes (A Type of Tax-Exempt Security)** 

Municipal notes are short-term, tax-exempt securities. Many municipalities issue such notes to fund their current operations before collecting taxes or other municipal revenues. Municipalities may also issue notes to fund capital projects prior to issuing long-term bonds. The issuers typically repay the notes at the end of their fiscal year, either with taxes, other revenues or proceeds from newly issued notes or bonds.

**General Obligation Bonds (A Type of Tax-Exempt Security)** 

General obligation bonds are supported by the issuer's power to exact property or other taxes. The issuer must impose and collect taxes sufficient to pay principal and interest on the bonds. However, the issuer's authority to impose additional taxes may be limited by its charter or state law.

**Special Revenue Bonds (A Type of Tax-Exempt Security)** 

Special revenue bonds are payable solely from specific revenues received by the issuer such as specific taxes, assessments, tolls or fees. Bondholders may not collect from the municipality's general taxes or revenues. For example, a municipality may issue bonds to build a toll road, and pledge the tolls to repay the bonds. Therefore, a shortfall in the tolls normally would result in a default on the bonds, or in certain cases, may result in a reduction in payments received in respect of the bonds.

**Private Activity Bonds (A Type of Special Revenue Bond)** 

Private activity bonds are special revenue bonds used to finance private projects. A certain percentage of the proceeds from a private activity bond is used for a private business use or a certain percentage of the debt service regarding a private activity bond is paid directly or indirectly from a private business use. A private business use is a trade or business carried on by any person or entity other than a governmental unit. Private activity bonds are secured primarily by revenues derived from loan repayments or lease payments due from the private entity, which may or may not be guaranteed by a parent company or otherwise secured. Private activity bonds generally are not secured by a pledge of the taxing power of the issuer of such bonds. For example, a municipality may issue bonds to finance a new factory to improve its local economy. The municipality would lend the proceeds from its bonds to the company using the factory, and the company would agree to make loan payments sufficient to cover interest and principal payments on the bonds. The bonds would be payable from the company's loan payments, and generally not from any other revenues of the municipality. Therefore, any default of the loan normally would result in a default on the bonds.

Types of private activity bonds include, for example: bonds issued to obtain funds to provide water, sewage and solid waste facilities, qualified residential rental projects, certain local electric, gas and other heating and cooling facilities, qualified hazardous waste facilities, high-speed intercity rail facilities, certain airports, docks, wharves and mass transportation facilities and qualified mortgages; qualified student loan bonds; qualified redevelopment bonds; and bonds used for certain organizations exempt from federal income taxation (qualified 501(c)(3) bonds).

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The interest on many types of private activity bonds is subject to the AMT. The Fund may invest in bonds the interest on which is subject to AMT.

**Tax-Exempt Commercial Paper (A Type of Tax-Exempt Security)** 

Tax-exempt commercial paper is an obligation issued by a tax-exempt issuer with a maturity of generally less than nine months. Tax-exempt issuers may issue commercial paper to pay for current expenditures or other permissible activities. Tax-exempt issuers may constantly reissue their commercial paper and use the proceeds (or other sources) to repay maturing paper. If the tax-exempt issuer cannot continue to obtain liquidity in this fashion, and if there is not another available source of liquidity, its commercial paper may default or there may be a reduction in payments received in repayment of the tax-exempt commercial paper.

**Credit Enhancement** 

The Fund may invest in tax-exempt securities with credit enhancement. Credit enhancement consists of an arrangement in which a company agrees to pay amounts due on a fixed-income security if the issuer defaults. In some cases, the company providing credit enhancement makes all payments directly to the security holders and receives reimbursement from the issuer. Normally, the credit enhancer has greater financial resources and liquidity than the issuer. For this reason, the Adviser may evaluate the credit risk of a fixed-income security based solely upon its credit enhancement.

Common types of credit enhancement include guarantees, letters of credit, bond insurance and surety bonds. Credit enhancement also includes arrangements where securities or other liquid assets secure payment of a fixed-income security. If a default occurs, these assets may be sold and the proceeds paid to the security's holders. Either form of credit enhancement reduces credit risks by providing another source of payment for a fixed-income security. The Adviser evaluates credit enhancements based on its own credit assessment standards and analysis.

**Investing in Securities of Other Investment Companies** 

The Fund may invest its assets in shares of other investment companies as an efficient means of implementing its investment strategies, managing its uninvested cash and/or other investment reasons consistent with the Fund's investment objective and investment strategies. These investments may include shares of an affiliated fund, including a money market fund or preferred shares of a closed-end fund that are eligible for purchase by money market funds (generally, because such preferred shares are structured as unconditional demand instruments with a third-party Demand Provider). Other investment companies are managed independently of the Fund and incur additional fees and/or expenses which would, therefore, be borne indirectly by the Fund in connection with any such investment. These investments also can create conflicts of interests for the Adviser to the Fund and the investment adviser to the acquired fund. For example, a conflict of interest can arise due to the possibility that the Adviser to the Fund could make a decision to redeem the Fund's investment in the acquired fund. In the case of an investment in an affiliated fund, a conflict of interest can arise if, because of the Fund's investment in the acquired fund, the acquired fund is able to garner more assets, thereby growing the acquired fund and increasing the management fees received by the investment adviser to the acquired fund, which would either be the Adviser or an affiliate of the Adviser. However, the Adviser believes that the benefits and efficiencies of making investments in other investment companies should outweigh the potential additional fees and/or expenses and resulting conflicts of interest. The Fund may invest in money market securities directly.

**OTHER INVESTMENTS, TRANSACTIONS, TECHNIQUES**

**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. The Adviser may also consider information derived from active engagements conducted by its in-house stewardship team with certain issuers or guarantors on environmental, social and governance topics. 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.

**Minimal credit risk** 

Under Rule 2a-7, money market funds, such as the Fund, may generally invest in "Eligible Securities" which include securities issued by another money market fund, government securities or securities that have a remaining maturity of no more than 397 calendar days and are determined by the fund's board or its delegate to present minimal credit risk based on an assessment of the issuer's credit quality, including the capacity of the issuer or guarantor to meet its financial obligations. The Fund's Board has adopted procedures by which the Adviser will conduct this initial and ongoing assessment, as required.

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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. These are the primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund or reduce the Fund's daily dividends. 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.

**TAX-EXEMPT SECURITIES RISK** 

The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities. Legal, economic, political or other developments may raise impairments (such as, for example, limitations under applicable law on the issuer's authority to raise taxes, prolonged budgetary processes, declining real estate values or declining tax revenues) to such issuer's budgetary flexibility, liquidity and ability to satisfy its obligations. Like other issuers and securities, the likelihood that the credit risk associated with such issuers and such securities will increase is greater during times of economic stress and financial instability.

**ISSUER Credit Risk** 

It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

Many fixed-income securities (including tax-exempt securities) receive credit ratings from NRSROs such as Fitch Rating Service, Moody's Investor Services, Inc. and Standard & Poor's 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. Ratings are just one factor that the Adviser considers in its credit assessment and analysis.

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 CREDIT RISK** 

Counterparty credit 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.

**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. Economic, political and financial conditions, or industry or economic trends and developments, may, from time to time, and for varying periods of time, cause volatility, illiquidity and/or other potentially adverse effects in the financial markets, including the fixed-income market. The commencement, continuation or ending of government policies and economic stimulus programs, changes in monetary policy, 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,

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including fixed-income securities, on a large scale across the market. This may increase redemptions from funds that hold impacted securities. Such a market event could 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.

**Epidemic and Pandemic Risk** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. This coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies, including certain Fund service providers and issuers of the Fund's investments, and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such instruments. Any such impact could adversely affect the Fund's performance.

**Interest Rate Risk** 

Prices of fixed-income securities (including tax-exempt 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.

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. Money market funds try to minimize this risk by purchasing short-term securities. Negative or very low interest rates magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, have unpredictable effects on markets and expose debt and related markets to heightened volatility and may detract from Fund performance to the extent a Fund is exposed to such interest rates and/or volatility. During periods when interest rates are low or there are negative interest rates, a Fund's yield (and total return) also is likely to be low or otherwise adversely affected or the Fund may be unable to maintain a positive return, or yield, or minimize the volatility of the Fund's NAV per share or maintain a stable NAV.

Certain of the Fund's investments may also be valued, in part, by reference to the relative relationship between interest rates on tax-exempt securities and taxable securities. With respect to the Fund's investments described in the preceding sentence, the value of such Fund investments may be negatively affected (or positively affected) when the market for tax-exempt securities underperforms (or outperforms) the market for taxable securities.

**Call Risk** 

Call risk is the possibility that an issuer may redeem a fixed-income security (including a tax-exempt security) before maturity (a "call") at a price below or above 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.

**Sector Risk** 

A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics or by issuers located in the same state. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities. Developments affecting companies with similar characteristics might include changes in interest rates, changes in economic cycles affecting credit losses and regulatory changes.

**TAX RISK** 

In order to pay interest that is exempt from federal or state/local regular income tax, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable.

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Changes or proposed changes in federal, state or local tax laws may cause the prices of tax-exempt securities to fall and/or may affect the tax-exempt status of the securities in which the Fund invests. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax or AMT. Consult your tax professional for more information.

**LIQUIDITY RISK** 

Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss. An inability to sell portfolio securities may result from adverse market developments or investor perceptions regarding the portfolio securities. While the Fund endeavors to maintain a high level of liquidity in its portfolio so that it can satisfy redemption requests, the Fund's ability to sell portfolio securities can deteriorate rapidly due to credit events affecting particular issuers or credit enhancement providers, or due to general market conditions and a lack of willing buyers.

**CREDIT ENHANCEMENT RISK** 

The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). Credit enhancement is designed to help assure timely payment of the security; it does not protect the Fund against losses caused by declines in a security's value due to changes in market conditions. Securities subject to credit enhancement generally would be assigned a lower credit rating if the rating were based primarily on the credit quality of the issuer without regard to the credit enhancement. If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded.

A single enhancement provider may provide credit enhancement to more than one of the Fund's investments. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit. Bond insurers that provide credit enhancement for large segments of the fixed-income markets, including the municipal bond market, may be more susceptible to being downgraded or defaulting during recessions or similar periods of economic stress.

**RISK ASSOCIATED WITH INVESTING SHARE PURCHASE PROCEEDS** 

On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. The larger the amount that must be invested or the greater the difference between the yield of the securities purchased and the yield of the existing investments, the greater the impact will be on the yield of the Fund. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

**RISK ASSOCIATED WITH USE OF AMORTIZED COST** 

In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce, to the extent practicable, such dilution or unfair results, including, but not limited to, considering suspending redemption of Shares and liquidating the Fund under Rule 22e-3 under the Investment Company Act of 1940.

**ADDITIONAL FACTORS AFFECTING YIELD** 

There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. A low or negative interest rate environment may prevent the Fund from providing a positive return, or yield, or paying Fund expenses out of current income and could impair the Fund's ability to maintain a stable NAV. The Fund's yield could also be negatively affected (both in absolute terms and as compared to other money market funds) by aspects of its investment program (for example, its investment policies, strategies or limitations) or its operational policies (for example, its cut-off time for purchases and redemptions of Shares).

**California Risk** 

Since the Fund invests primarily in issuers from California, the Fund may be subject to additional risks compared to a money market fund that invests in multiple states.

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California's credit strength is based on its large and diverse economy, manageable debt burden and strong demographics. However, California's financial operations face significant structural budget impediments and rely on revenue sources which have been historically sensitive to the economic environment. Past periods of dramatic revenue underperformance have resulted in significant budgetary deficits and reduced liquidity.

Since the Fund invests primarily in issuers from California, its performance also may be negatively affected by other local, state or regional factors. For example, natural disasters may affect the creditworthiness of municipal issuers or otherwise disrupt the local, state or regional economy or certain sectors of the economy. California's diverse economy is the largest in the United States and one of the largest in the world. Major components include high technology, trade, entertainment, manufacturing, tourism, construction, agriculture and services. California's location is a benefit to its trade component; however, it also leads to above average exposure to international economic conditions. Any downturn in these sectors or related industries may adversely affect the economy of the state.

**Fees & Gates Risk** 

The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such a fee is not in the best interests of the Fund.

**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.

What Do Shares Cost?

**CALCULATION OF NET ASSET VALUE**

The Fund attempts to stabilize the NAV of its Shares at $1.00 by valuing the portfolio securities using the amortized cost method. In addition, for regulatory purposes, the Fund calculates a market-based (or shadow) NAV per Share on a daily basis for purposes of confirming that its NAV continues to approximate fair value. For purposes of calculating the shadow NAV and monitoring its comparison to the amortized-cost-based NAV, pursuant to Rule 2a-5 under the Investment Company Act, the Board has designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser, acting through its "Valuation Committee" is responsible for determining the fair value of investments in the shadow NAV 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 Fund cannot guarantee that its NAV will always remain at $1.00 per Share. The Fund does not charge a front-end sales charge.

You can purchase, redeem or exchange Shares any day the NYSE is open (a "Regular Business Day"). You may also be able to purchase and redeem (but not exchange) Shares on certain days that the NYSE is closed on an unscheduled basis due to unforeseen or emergency circumstances, if the Fund's Board determines to allow Fund Share transactions on such days (a "Special Trading Day"). If the Fund declares a Special Trading Day, information regarding shareholder trading activities for the Special Trading Day (such as when NAV, and entitlement to that day's dividend, will be determined) will be available by calling the Fund at 1-800-341-7400 and will be posted on FederatedInvestors.com. **The information set forth in this Prospectus regarding times relevant to NAV determination and dividend entitlement applies only to Regular Business Days.** Please note that the times that might be specified for NAV determination and dividend entitlement on a Special Trading Day would not necessarily be the same as set forth in this Prospectus with respect to Regular Business Days. Although Federated Hermes will attempt to make such information available in advance of a particular Special Trading Day, given the nature of Special Trading Days, it may not be able to do so until the morning of the Special Trading Day.

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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 determined NAV. NAV is generally determined at 12:00 p.m., 1:00 p.m. and as of the end of regular trading on the NYSE (normally 4:00 p.m.) Eastern time each day the NYSE is open; except that on the day after Thanksgiving and Christmas Eve (when Christmas Eve falls on a weekday), the last NAV will be determined at 3:00 p.m. Eastern time. The times as of when NAV is determined, and when orders must be placed, may be changed as permitted by the SEC.

How is the Fund Sold?

The Fund's Distributor, Federated Securities Corp., markets the Shares described in this Prospectus only to accounts beneficially owned by natural persons ("Eligible Accounts"). The Fund offers the following Share classes: Wealth Shares (WS), Service Shares (SS), Cash II Shares (CII), Cash Series Shares (CS) and Capital Shares (CAP), each representing interests in a single portfolio of securities. All Share classes have different 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.).

The Fund may not be a suitable investment for retirement plans or for non-California taxpayers because it invests in California tax-exempt securities.

**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. 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.

**RULE 12b-1 FEES**

**CS & CII Classes** 

The Board has adopted a Rule 12b-1 Plan, which allows payment of marketing fees of up to 0.60% for CS class and 0.20% for CII class of average net assets to the Distributor for the sale, distribution, administration and customer servicing of the Fund's CS and CII classes. When the Distributor receives Rule 12b-1 Fees, it may pay some or all of them to financial intermediaries whose customers purchase Shares. Because these Shares pay marketing fees on an ongoing basis, your investment cost may be higher over time than other shares with different marketing fees.

**SERVICE FEES**

The Fund 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.

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

**ACCOUNT ADMINISTRATION FEES** 

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

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**RECORDKEEPING FEES** 

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** 

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** 

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, that support the sale of Shares or provide services to Fund shareholders. The amounts of these payments could be significant, and may create an incentive for the financial intermediary or its employees or associated persons to recommend or sell Shares of the Fund to you. Not all financial intermediaries receive such payments and the amount of compensation may vary by intermediary. 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 sells or may sell; 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. 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. You can ask your financial intermediary 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.

How to Purchase Shares

You may purchase Shares through a financial intermediary, directly from the Fund or through an exchange from another Federated Hermes fund. The Fund reserves the right to reject any request to purchase or exchange Shares. New investors must submit a completed New Account Form.

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

The minimum initial investment amount for is generally $1,000 for the CS class. There is no minimum subsequent investment amount.

The minimum initial investment amount is generally $10,000 for the SS and CII classes. There is no minimum subsequent investment amount.

The minimum initial investment amount is generally $25,000 for the CAP and WS classes. There is no minimum subsequent investment amount.

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.

The Fund operates as a retail money market fund. Accordingly, only accounts beneficially owned by natural persons ("Eligible Accounts") may be invested in the Fund. Examples of Eligible Accounts include accounts owned by individuals who have been issued a social security number, individuals holding accounts through omnibus accounts and natural persons investing through certain tax-advantaged accounts and trusts. These tax-advantaged accounts and trusts may include, among others: participant-directed defined contribution plans; individual retirement accounts; simplified employee pension arrangements; simple retirement accounts; custodial accounts; deferred compensation plans for government or tax-exempt organization employees; Archer medical savings accounts; college savings plans; health savings account plans; ordinary trusts and estate of natural persons; or certain other retirement and investment accounts, notwithstanding having an institutional decision maker (e.g., a plan sponsor in certain retirement arrangements or an investment adviser managing discretionary investment accounts). Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's

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Board. Pursuant to relief granted by the SEC, the Fund hereby notifies investors that it may redeem accounts that are not Eligible Accounts. Financial intermediaries will be required to take steps to remove any shareholders on behalf of whom they hold shares in the Fund that are not eligible to be invested in the Fund. Further, financial intermediaries may only submit purchase orders, if they have implemented policies and procedures reasonably designed to limit all investors on behalf of whom they submit orders to Eligible Accounts. Financial intermediaries may be required by the Fund or its shareholder servicing agent to provide a written statement or other representation that they have in place, and operate in compliance with, such policies and procedures prior to submitting purchase orders.

The Fund will not accept new accounts that are not Eligible Accounts. Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption. The Fund has adopted policies and procedures such that the Fund will be able: (a) to limit the beneficial owners of shares to natural persons; and (b) to allow the Fund to impose liquidity fees and temporarily suspend redemptions.

**THROUGH A FINANCIAL INTERMEDIARY**

Submit your purchase order to your financial intermediary. Financial intermediaries are responsible for promptly submitting purchase orders and payment to the Fund by electronic means permitted by the Fund, or according to the instructions in the sections "By Telephone" or "By Mail" below.

If your financial intermediary submits your order electronically, your order will be processed and you will be entitled to dividends pursuant to operating procedures established by the Fund. If your financial intermediary submits your order by telephone or by mail, your order will be processed and you will be entitled to dividends as outlined in the section "By Telephone" or the section "By Mail" below.

If you deal with a financial intermediary, you will have to follow the financial intermediary's procedures for transacting with the Fund. For more information about how to purchase Shares through your financial intermediary, you should contact your financial intermediary directly.

**DIRECTLY FROM THE FUND** 

**By Telephone** 

You may purchase Shares by calling the Fund at 1-800-341-7400.

Your purchase will be priced at the NAV next calculated after the Fund receives your order. Receipt of a purchase order by a financial intermediary will be deemed received by the Fund to the extent that such financial intermediary has been duly authorized by the Fund to accept such orders. If you call the Fund by 1:00 p.m. (Eastern time) and send your payment by wire by the close of the Federal Reserve wire transfer system, you will be entitled to that day's dividend.

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

If the Fund does not receive your purchase wire by the close of the Federal Reserve wire transfer system on your designated settlement date, your purchase will be canceled and you could be liable for any losses or fees incurred by the Fund or SS&C GIDS, Inc., the Fund's transfer agent.

You cannot purchase Shares by wire on days when wire transfers are restricted, even if the NYSE is open on such days (for example, Columbus Day and Veterans Day). The Fund does not consider wire purchase requests received on such days to be in proper form, and will not process such requests.

**By Mail** 

You may purchase Shares by sending your check payable to **The Federated Hermes Funds** at the following address:

The Federated Hermes Funds

P.O. Box 219318

Kansas City, MO 64121-9318

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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

430 W 7<sup>th</sup> Street

Suite 219318

Kansas City, MO 64105-1407

**Please note your account number on your check.** Payment should be made in U.S. dollars and drawn on a U.S. bank. 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 SS&C GIDS, Inc., the Fund's transfer agent. 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.

Your order will be priced at the NAV next calculated after the Fund receives your check and you will be entitled to dividends beginning on the day the check is converted into federal funds (normally the business day after the check is received).

**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 FederatedInvestors.com 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 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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund, Class A Shares without a sales charge ("no-load Class A Shares") and Class R Shares of any Fund provided that you meet any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased (if applicable), both accounts have identical registrations, and you must receive a prospectus for the fund in which you wish to exchange.

**By Online Account Services** 

You may access your accounts online to purchase Shares through FederatedInvestors.com'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 FederatedInvestors.com and select "Sign In" and "Access and Manage Investments," or call 1-800-341-7400, Option #4 to speak with a Client Service Representative.

**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.

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.

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."

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**THROUGH A FINANCIAL INTERMEDIARY** 

Submit your redemption or exchange request to your financial intermediary. Financial intermediaries are responsible for promptly submitting redemption or exchange requests to the Fund by electronic means permitted by the Fund, or according to the instructions in the sections "By Telephone" or "By Mail" below.

If your financial intermediary submits your redemption or exchange request electronically, your request will be processed and your proceeds will be paid pursuant to operating procedures established by the Fund. If your financial intermediary submits your redemption or exchange request by telephone or by mail, your request will be processed and your proceeds will be paid as outlined in the section "By Telephone" or the section "By Mail" below.

If you deal with a financial intermediary, you will have to follow the financial intermediary's procedures for transacting with the Fund. For more information about how to redeem or exchange Shares through your financial intermediary, you should contact your financial intermediary directly.

**DIRECTLY FROM THE FUND**

**By Telephone** 

You may redeem or exchange Shares by calling the Fund at 1-800-341-7400. Your redemption or exchange request will be priced at the NAV next calculated after the request is received by the Fund. Receipt of a redemption or exchange order by a financial intermediary will be deemed received by the Fund to the extent that such financial intermediary has been duly authorized by the Fund to accept such orders.

If you call the Fund by noon Eastern time, and your redemption proceeds are wired to you the same day, you will not be entitled to that day's dividend.

If you call the Fund after noon Eastern time and before the end of regular trading (normally 4:00 p.m. Eastern time) on the NYSE, you will be entitled to that day's dividend and your redemption proceeds will be sent to you the following business day.

**By Mail** 

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

Your redemption or exchange request will be priced at the NAV next calculated after the Fund receives your written request in proper form. If your redemption proceeds are wired to you the same day your order is priced, you will not be entitled to that day's dividend. If a check for your redemption proceeds is mailed to you on the next business day after your request is priced, you will be entitled to dividends through the day on which the Fund priced your request.

Send requests by mail to:

The Federated Hermes Funds

P.O. Box 219318

Kansas City, MO 64121-9318

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

The Federated Hermes Funds

430 W 7<sup>th</sup> Street

Suite 219318

Kansas City, MO 64105-1407

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.

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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 FederatedInvestors.com'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 FederatedInvestors.com 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.

◾ **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 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.

Any attempt to redeem Shares through checkwriting or debit card before the purchase instrument has cleared will be automatically rejected.

In addition, the right of redemption may be suspended, or the payment of proceeds may be delayed, 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

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◾ in which there are emergency conditions, including liquidation of the Fund, as provided in Section 22(e), and rules thereunder, of the Investment Company Act of 1940.

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

**Certain special LIMITATIONS affecting REDEMPTIONs** 

The SEC has implemented a number of requirements, including liquidity fees and temporary redemption gates, for money market funds based on the amount of Fund assets that are "weekly liquid assets," which generally includes cash, direct obligations of the U.S. government, certain other U.S. government or agency securities and securities that will mature or are subject to a demand feature that is exercisable and payable within five business days.

The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. If the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund will impose a liquidity fee of 1% on all redemptions beginning on the next business day, unless the Board, including a majority of the independent Trustees, determines that imposing such a fee would not be in the best interests of the Fund or determines that a lower or higher fee (not to exceed 2%) would be in the best interests of the Fund, which would remain in effect until weekly liquid assets return to 30% or the Board determines that the fee is no longer in the best interests of the Fund. In the event that a liquidity fee is imposed and/or redemptions are temporarily suspended, the Board may take certain other actions based on the particular facts and circumstances, including but not limited to modifying the timing and frequency of its NAV determinations. All liquidity fees payable by shareholders of the Fund would be payable to the Fund and could offset any losses realized by the Fund when seeking to honor redemption requests during times of market stress.

If liquidity fees are imposed or redemptions are temporarily suspended, the Fund will notify shareholders on the Fund's website or by press release. In addition to identifying the Fund, such notifications will include the Fund's percentage of total assets invested in weekly liquid assets, the time of implementation of the liquidity fee and/or redemption gate and details regarding the amount of the liquidity fee. The imposition and termination of a liquidity fee or redemption gate will also be reported by the Fund to the SEC on Form N-CR. If redemptions are temporarily suspended, the Fund and your financial intermediary will not accept redemption or exchange orders until the Fund has notified shareholders that the redemption gate has been lifted. Shareholders wishing to redeem or exchange shares once the redemption gate has been lifted will need to submit a new redemption or exchange request to the Fund or their financial intermediary.

All liquidity fees payable by shareholders to the Fund can be used to offset any losses realized by the Fund when seeking to honor redemption requests during times of market stress. The Fund expects to treat such liquidity fees as not constituting income to the Fund.

A liquidity fee imposed by the Fund will reduce the amount you will receive upon the redemption of your shares and will decrease the amount of any capital gain or increase the amount of any capital loss you will recognize from such redemption. Although there is some degree of uncertainty with respect to the tax treatment of liquidity fees received by money market funds, it is anticipated at this time that a liquidity fee will have no tax effect for the Fund. As the tax treatment will likely be the subject of future guidance issued by the Internal Revenue Service (IRS), the Fund will re-visit the applicable tax treatment of liquidity fees when they are received.

In addition, the right of any investor to receive payment with respect to any redemption may be suspended or the payment of the redemption proceeds postponed during any period in which the NYSE is closed (other than weekends or holidays) or trading on the NYSE is restricted or, to the extent otherwise permitted by the 1940 Act, if an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable or it is not reasonably practicable for the Fund fairly to determine the value of its net assets. In addition, the SEC may by order permit suspension of redemptions for the protection of shareholders of the Fund.

If the Fund's weekly liquid assets fall below 10% and the Board determines that it would not be in the best interests of the Fund to continue operating, the Board may suspend redemptions in the Fund and may approve the liquidation of the Fund. The Board may also suspend redemptions and liquidate the Fund if the Board determines that the deviation between its amortized cost price per share and its market-based NAV may result in material dilution or other unfair results to

**39**

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investors or existing shareholders. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to liquidate and suspend redemptions. If the Fund ceases honoring redemptions and determines to liquidate, the Fund expects that it would notify shareholders on the Fund's website or by press release. Distributions to shareholders of liquidation proceeds may occur in one or more disbursements.

Purchase orders received by the Fund after the last NAV determination of a given day, but prior to notification of the imposition of liquidity fees or a redemption gate will be cancelled unless re-confirmed. Under certain circumstances, the Fund may honor redemption or exchange orders (or pay redemptions without adding a liquidity fee to the redemption amount) if the Fund can verify that the redemption or exchange order was received in good order by the Fund or the Fund's agent before the Fund imposed liquidity fees or temporarily suspended redemptions.

**Involuntary Redemptions** 

The Fund operates as a retail money market fund. Accordingly, only Eligible Accounts may be invested in the Fund. Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's Board. Financial intermediaries will be required to take steps to remove any shareholders on behalf of whom they hold shares in the Fund that are not eligible to be invested in the Fund. Further, financial intermediaries may only submit purchase orders if they have implemented policies and procedures reasonably designed to limit all investors on behalf of whom they submit orders to Eligible Accounts. Financial intermediaries may be required by the Fund or its shareholder servicing agent to provide a written statement or other representation that they have in place, and operate in compliance with, such policies and procedures prior to submitting purchase orders. Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption.

**EXCHANGE PRIVILEGE**

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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund, no-load Class A Shares and Class R Shares of any 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.

**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.

**CHECKWRITING** 

**SS, CII, CS & CAP Classes** 

You may request checks to redeem your Fund Shares. Your account will continue to receive the daily dividend declared on the Shares being redeemed until the check is presented for payment.

**DEBIT CARD** 

**SS, CII, CS & CAP Classes** 

Effective September 30, 2016, the Fund began to reject new applications for a debit card. However, existing Fund shareholders who have a debit card will be permitted to continue to use it and, upon expiration of the debit card, will be permitted to renew the card. Debit card service is not transferable; it is applicable only to the account associated with the debit card service as of September 30, 2016. Shareholders with debit cards will continue to be subject to an annual service fee which the Fund will automatically deduct from their account.

**40**

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Any attempt to redeem Shares through checkwriting or debit card before the purchase instrument has cleared will be automatically rejected.

**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 does not issue share certificates.

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 FederatedInvestors.com'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.

**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 FederatedInvestors.com.

Account and Share Information

**ACCOUNT ACTIVITY**

You will receive periodic statements reporting all account activity, including systematic transactions, dividends and capital gains paid.

**41**

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**DIVIDENDS AND CAPITAL GAINS**

The Fund declares any dividends daily and pays them monthly to shareholders.

The Fund does not expect to realize any capital gains or losses. However, the Fund may realize capital gains on certain securities, such as synthetic variable rate demand instruments, that may be redeemed in certain circumstances at a premium to their face value. If capital gains or losses were to occur, they could result in an increase or decrease in dividends. 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.

See "Tax Information" below for information on the tax consequences of the Fund realizing a capital gain.

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 FederatedInvestors.com/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.

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:

◾ $1,000 for the CS class;

◾ $10,000 for the CII and SS classes;

◾ $25,000 for the CAP and WS 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. It is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund's dividends may not be exempt. Dividends may be subject to state and local taxes, although the Fund's dividends will be exempt from the California taxes to the extent they are derived from interest on obligations exempt from such taxes. Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. 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. Capital gains and non-exempt dividends are taxable whether paid in cash or reinvested in the Fund. Redemptions and exchanges are taxable sales. Please consult your tax adviser regarding your federal, state and local tax liability.

**42**

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**FREQUENT TRADING POLICIES**

Given the short-term nature of the Fund's investments and its use of the amortized cost method for calculating the NAV of Fund Shares, 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 a 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 FederatedInvestors.com. Such information is posted on the website five business days after both mid-month and month-end then remains posted on the website 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 until replaced by the information for the succeeding month. The summary portfolio composition information may include identification of the Fund's top 10 credit/obligor exposures, weighted average maturity, weighted average life and percentage breakdowns of the portfolio by effective maturity range and type of security. The Fund's WAM and WAL, Shadow NAV (market-based value of the Fund's portfolio), Weekly Liquid Assets and Daily Flows are posted every business day and remain posted on the website for six months thereafter.

You may also access portfolio information via the link to the Fund and share class name at FederatedInvestors.com. The Fund's Annual and Semi-Annual Shareholder Reports contain complete listings of the Fund's portfolio holdings as of the end of the Fund's second and fourth fiscal quarters. These reports are also available on the SEC's website at sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

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 FederatedInvestors.com. 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 102 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 $668.9 billion as of December 31, 2022. Federated Hermes was established in 1955 as Federated Investors, Inc. and is one of the largest investment managers in the United States with nearly 2,000 employees. Federated Hermes provides investment products to more than 11,000 investment professionals and institutions.

The Adviser advises approximately 73 registered investment companies and also manages sub-advised funds. The Adviser's assets under management totaled approximately $399.6 billion as of December 31, 2022.

**43**

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**ADVISORY FEES** 

The Fund's investment advisory contract provides for payment to the Adviser of an annual investment advisory fee of 0.30% 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 Annual and Semi-Annual Shareholder Reports for the periods ended October 31 and April 30, 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 Annual Report.

**44**

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Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income | 0.006 | 0.000<sup>1</sup> | 0.005 | 0.013 | 0.011 |
| Net realized gain (loss) | (0.000)<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |
| TOTAL FROM INVESTMENT OPERATIONS | 0.006 | 0.000<sup>1</sup> | 0.005 | 0.013 | 0.011 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (0.006) | (0.000)<sup>1</sup> | (0.005) | (0.013) | (0.011) |
| Distributions from net realized gain | (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>|
| TOTAL DISTRIBUTIONS | (0.006) | (0.000)<sup>1</sup> | (0.005) | (0.013) | (0.011) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | 0.62% | 0.02% | 0.53% | 1.28% | 1.10% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> | 0.24% | 0.13% | 0.27% | 0.28% | 0.28% |
| Net investment income | 0.67% | 0.01% | 0.54% | 1.25% | 1.10% |
| Expense waiver/reimbursement<sup>4</sup> | 0.19% | 0.29% | 0.15% | 0.14% | 0.19% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $507675 | $333923 | $584821 | $678115 | $372325 |

---

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

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 4 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|

---

Further information about the Fund's performance is contained in the Fund's Annual Report, dated October 31, 2022, which can be obtained free of charge.

**45**

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Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income | 0.005 | 0.000<sup>1</sup> | 0.004 | 0.010 | 0.008 |
| Net realized gain (loss) | (0.001)<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> |
| Total From Investment Operations | 0.004 | 0.000<sup>1</sup> | 0.004 | 0.010 | 0.008 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (0.004) | (0.000)<sup>1</sup> | (0.004) | (0.010) | (0.008) |
| Distributions from net realized gain | (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>|
| Total Distributions | (0.004) | (0.000)<sup>1</sup> | (0.004) | (0.010) | (0.008) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | 0.46% | 0.02% | 0.38% | 1.03% | 0.85% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> | 0.39% | 0.13% | 0.41% | 0.53% | 0.53% |
| Net investment income | 0.43% | 0.01% | 0.37% | 1.02% | 0.82% |
| Expense waiver/reimbursement<sup>4</sup> | 0.36% | 0.62% | 0.34% | 0.21% | 0.27% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $108627 | $106973 | $149764 | $146624 | $140179 |

---

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

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 4 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|

---

Further information about the Fund's performance is contained in the Fund's Annual Report, dated October 31, 2022, which can be obtained free of charge.

**46**

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Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income | 0.004 | 0.000<sup>1</sup> | 0.003 | 0.009 | 0.007 |
| Net realized gain (loss) | (0.000)<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |
| Total From Investment Operations | 0.004 | 0.000<sup>1</sup> | 0.003 | 0.009 | 0.007 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (0.004) | (0.000)<sup>1</sup> | (0.003) | (0.009) | (0.007) |
| Distributions from net realized gain | (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>|
| Total Distributions | (0.004) | (0.000)<sup>1</sup> | (0.003) | (0.009) | (0.007) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | 0.38% | 0.02% | 0.30% | 0.88% | 0.70% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> | 0.37% | 0.13% | 0.47% | 0.68% | 0.68% |
| Net investment income | 0.07% | 0.01% | 0.28% | 0.87% | 0.68% |
| Expense waiver/reimbursement<sup>4</sup> | 0.61% | 0.84% | 0.50% | 0.28% | 0.34% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5411 | $235112 | $262597 | $207071 | $15140 |

---

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

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 4 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|

---

Further information about the Fund's performance is contained in the Fund's Annual Report, dated October 31, 2022, which can be obtained free of charge.

**47**

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Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income | 0.002 | 0.000<sup>1</sup> | 0.001 | 0.006 | 0.003 |
| Net realized gain (loss) | (0.000)<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | (0.001) | 0.000<sup>1</sup> |
| Total From Investment Operations | 0.002 | 0.000<sup>1</sup> | 0.001 | 0.005 | 0.003 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (0.002) | (0.000)<sup>1</sup> | (0.001) | (0.005) | (0.003) |
| Distributions from net realized gain | (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>|
| Total Distributions | (0.002) | (0.000)<sup>1</sup> | (0.001) | (0.005) | (0.003) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | 0.25% | 0.02% | 0.15% | 0.53% | 0.35% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> | 0.61% | 0.13% | 0.59% | 1.03% | 1.03% |
| Net investment income | 0.25% | 0.01% | 0.16% | 0.56% | 0.32% |
| Expense waiver/reimbursement<sup>4</sup> | 0.77% | 1.24% | 0.76% | 0.34% | 0.40% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $32205 | $27742 | $33558 | $21190 | $38713 |

---

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

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 4 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|

---

Further information about the Fund's performance is contained in the Fund's Annual Report, dated October 31, 2022, which can be obtained free of charge.

**48**

------

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income | 0.005 | 0.000<sup>1</sup> | 0.005 | 0.012 | 0.010 |
| Net realized gain (loss) | (0.000)<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |
| Total From Investment Operations | 0.005 | 0.000<sup>1</sup> | 0.005 | 0.012 | 0.010 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (0.005) | (0.000)<sup>1</sup> | (0.005) | (0.012) | (0.010) |
| Distributions from net realized gain | (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>|
| Total Distributions | (0.005) | (0.000)<sup>1</sup> | (0.005) | (0.012) | (0.010) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | 0.55% | 0.02% | 0.46% | 1.18% | 1.00% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> | 0.28% | 0.13% | 0.32% | 0.38% | 0.38% |
| Net investment income | 0.45% | 0.01% | 0.44% | 1.18% | 0.99% |
| Expense waiver/reimbursement<sup>4</sup> | 0.34% | 0.49% | 0.28% | 0.24% | 0.29% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $42201 | $57216 | $126413 | $113238 | $130769 |

---

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

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 4 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|

---

Further information about the Fund's performance is contained in the Fund's Annual Report, dated October 31, 2022, which can be obtained free of charge.

**49**

------

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 ratios used in each chart are the same as stated in the "Fees and Expenses" table of this Prospectus (and thus do 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 CALIFORNIA MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - WS CLASS** |
| **ANNUAL EXPENSE RATIO: 0.43%** | **ANNUAL EXPENSE RATIO: 0.43%** | **ANNUAL EXPENSE RATIO: 0.43%** | **ANNUAL EXPENSE RATIO: 0.43%** | **ANNUAL EXPENSE RATIO: 0.43%** | **ANNUAL EXPENSE RATIO: 0.43%** |
| **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 | $10000.00 | $500.00 | $10500.00 | $43.98 | $10457.00 |
| 2 | $10457.00 | $522.85 | $10979.85 | $45.99 | $10934.88 |
| 3 | $10934.88 | $546.74 | $11481.62 | $48.09 | $11434.60 |
| 4 | $11434.60 | $571.73 | $12006.33 | $50.29 | $11957.16 |
| 5 | $11957.16 | $597.86 | $12555.02 | $52.59 | $12503.60 |
| 6 | $12503.60 | $625.18 | $13128.78 | $54.99 | $13075.01 |
| 7 | $13075.01 | $653.75 | $13728.76 | $57.51 | $13672.54 |
| 8 | $13672.54 | $683.63 | $14356.17 | $60.14 | $14297.38 |
| 9 | $14297.38 | $714.87 | $15012.25 | $62.88 | $14950.77 |
| 10 | $14950.77 | $747.54 | $15698.31 | $65.76 | $15634.02 |
| Cumulative |  | $6164.15 |  | $542.22 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - SS CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - SS CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - SS CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - SS CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - SS CLASS** | |
| **ANNUAL EXPENSE RATIO: 0.75%** | **ANNUAL EXPENSE RATIO: 0.75%** | **ANNUAL EXPENSE RATIO: 0.75%** | **ANNUAL EXPENSE RATIO: 0.75%** | **ANNUAL EXPENSE RATIO: 0.75%** | |
| **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>| <br>**Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00 | $500.00 | $10500.00 | $76.59 | $10425.00 |
| 2 | $10425.00 | $521.25 | $10946.25 | $79.85 | $10868.06 |
| 3 | $10868.06 | $543.40 | $11411.46 | $83.24 | $11329.95 |
| 4 | $11329.95 | $566.50 | $11896.45 | $86.78 | $11811.47 |
| 5 | $11811.47 | $590.57 | $12402.04 | $90.47 | $12313.46 |
| 6 | $12313.46 | $615.67 | $12929.13 | $94.31 | $12836.78 |
| 7 | $12836.78 | $641.84 | $13478.62 | $98.32 | $13382.34 |
| 8 | $13382.34 | $669.12 | $14051.46 | $102.50 | $13951.09 |
| 9 | $13951.09 | $697.55 | $14648.64 | $106.86 | $14544.01 |
| 10 | $14544.01 | $727.20 | $15271.21 | $111.40 | $15162.13 |
| Cumulative |  | $6073.10 |  | $930.32 |  |

---

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

**50**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - CII CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - CII CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - CII CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - CII CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - CII CLASS** | |
| **ANNUAL EXPENSE RATIO: 0.98%** | **ANNUAL EXPENSE RATIO: 0.98%** | **ANNUAL EXPENSE RATIO: 0.98%** | **ANNUAL EXPENSE RATIO: 0.98%** | **ANNUAL EXPENSE RATIO: 0.98%** | |
| **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>| <br>**Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00 | $500.00 | $10500.00 | $99.97 | $10402.00 |
| 2 | $10402.00 | $520.10 | $10922.10 | $103.99 | $10820.16 |
| 3 | $10820.16 | $541.01 | $11361.17 | $108.17 | $11255.13 |
| 4 | $11255.13 | $562.76 | $11817.89 | $112.52 | $11707.59 |
| 5 | $11707.59 | $585.38 | $12292.97 | $117.04 | $12178.24 |
| 6 | $12178.24 | $608.91 | $12787.15 | $121.75 | $12667.81 |
| 7 | $12667.81 | $633.39 | $13301.20 | $126.64 | $13177.06 |
| 8 | $13177.06 | $658.85 | $13835.91 | $131.73 | $13706.78 |
| 9 | $13706.78 | $685.34 | $14392.12 | $137.03 | $14257.79 |
| 10 | $14257.79 | $712.89 | $14970.68 | $142.53 | $14830.95 |
| Cumulative |  | $6008.63 |  | $1201.37 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - CS CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - CS CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - CS CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - CS CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - CS CLASS** | |
| **ANNUAL EXPENSE RATIO: 1.38%** | **ANNUAL EXPENSE RATIO: 1.38%** | **ANNUAL EXPENSE RATIO: 1.38%** | **ANNUAL EXPENSE RATIO: 1.38%** | **ANNUAL EXPENSE RATIO: 1.38%** | |
| **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** | |
| **Year** | **Hypothetical**<br> **Beginning** <br> **Investment**<br>| **Hypothetical** <br> **Performance** <br> **Earnings**<br>| **Investment** <br> **After**<br> **Returns**<br>| **Hypothetical** <br> **Expenses**<br>| <br>**Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00 | $500.00 | $10500.00 | $140.50 | $10362.00 |
| 2 | $10362.00 | $518.10 | $10880.10 | $145.58 | $10737.10 |
| 3 | $10737.10 | $536.86 | $11273.96 | $150.85 | $11125.78 |
| 4 | $11125.78 | $556.29 | $11682.07 | $156.31 | $11528.53 |
| 5 | $11528.53 | $576.43 | $12104.96 | $161.97 | $11945.86 |
| 6 | $11945.86 | $597.29 | $12543.15 | $167.84 | $12378.30 |
| 7 | $12378.30 | $618.92 | $12997.22 | $173.91 | $12826.39 |
| 8 | $12826.39 | $641.32 | $13467.71 | $180.21 | $13290.71 |
| 9 | $13290.71 | $664.54 | $13955.25 | $186.73 | $13771.83 |
| 10 | $13771.83 | $688.59 | $14460.42 | $193.49 | $14270.37 |
| Cumulative |  | $5898.34 |  | $1657.39 |  |

---

**51**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - CAP CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - CAP CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - CAP CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - CAP CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - CAP CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - CAP CLASS** |
| **ANNUAL EXPENSE RATIO: 0.77%** | **ANNUAL EXPENSE RATIO: 0.77%** | **ANNUAL EXPENSE RATIO: 0.77%** | **ANNUAL EXPENSE RATIO: 0.77%** | **ANNUAL EXPENSE RATIO: 0.77%** | **ANNUAL EXPENSE RATIO: 0.77%** |
| **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 | $10000.00 | $500.00 | $10500.00 | $78.63 | $10423.00 |
| 2 | $10423.00 | $521.15 | $10944.15 | $81.95 | $10863.89 |
| 3 | $10863.89 | $543.19 | $11407.08 | $85.42 | $11323.43 |
| 4 | $11323.43 | $566.17 | $11889.60 | $89.03 | $11802.41 |
| 5 | $11802.41 | $590.12 | $12392.53 | $92.80 | $12301.65 |
| 6 | $12301.65 | $615.08 | $12916.73 | $96.73 | $12822.01 |
| 7 | $12822.01 | $641.10 | $13463.11 | $100.82 | $13364.38 |
| 8 | $13364.38 | $668.22 | $14032.60 | $105.08 | $13929.69 |
| 9 | $13929.69 | $696.48 | $14626.17 | $109.53 | $14518.92 |
| 10 | $14518.92 | $725.95 | $15244.87 | $114.16 | $15133.07 |
| Cumulative |  | $6067.46 |  | $954.15 |  |

---

**52**

------

Notes

[PAGE INTENTIONALLY LEFT BLANK]

------

An SAI dated February 28, 2023, is incorporated by reference into this Prospectus. Additional information about the Fund and its investments is contained in the Fund's SAI and Annual and Semi-Annual Reports to shareholders as they become available. 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 without charge, and to make inquiries, call your financial intermediary or the Fund at 1-800-341-7400.

The Fund's shareholder reports will be made available on FederatedInvestors.com/FundInformation, and you will be notified and provided with a link each time a report is posted to the website. You may request to receive paper reports from the Fund or from your financial intermediary, free of charge, at any time. You may also request to receive documents through e-delivery.

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

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 California Municipal Cash Trust

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

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

or call 1-800-341-7400.

Federated Securities Corp., Distributor

*Investment Company Act File No. 811-5950* 

*CUSIP 60934N369*

*CUSIP 60934N351*

*CUSIP 60934N179*

*CUSIP 608919403*

*CUSIP 608919502*

*Q452552 (2/23)*© 2023 Federated Hermes, Inc.

------

**Statement of Additional Information**

***February 28, 2023***

![](img5e333a071.gif)

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** \| Ticker | **Wealth** \| CAIXX | **Service** \| CACXX | **Cash II** \| CALXX |
|  | **Cash Series** \| CCSXX | **Capital** \| CCCXX |  |

---

------

Federated Hermes California Municipal Cash Trust

------

A Portfolio of Federated Hermes Money Market Obligations Trust

This Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes California Municipal Cash Trust (the "Fund"), dated February 28, 2023.

This SAI incorporates by reference the Fund's Annual Report. Obtain the Prospectus or the Annual Report without charge by calling 1-800-341-7400.

---

| | |
|:---|:---|
|  | **Contents** |
| 1 | [How is the Fund Organized?](#xx_fe8cbb89-ff18-4a75-8e0f-87f4ac333ab2_1) |
| 1 | [Securities in Which the Fund Invests](#xx_fe8cbb89-ff18-4a75-8e0f-87f4ac333ab2_1) |
| 4 | [Investment Risks](#xx_fe8cbb89-ff18-4a75-8e0f-87f4ac333ab2_4) |
| 6 | [Investment Objective (and Policies) and Investment Limitations](#xx_fe8cbb89-ff18-4a75-8e0f-87f4ac333ab2_6) |
| 9 | [What Do Shares Cost?](#xx_fe8cbb89-ff18-4a75-8e0f-87f4ac333ab2_9) |
| 9 | [How is the Fund Sold?](#xx_fe8cbb89-ff18-4a75-8e0f-87f4ac333ab2_9) |
| 12 | [Purchases In-Kind](#xx_fe8cbb89-ff18-4a75-8e0f-87f4ac333ab2_12) |
| 12 | [Redemption In-Kind](#xx_fe8cbb89-ff18-4a75-8e0f-87f4ac333ab2_12) |
| 12 | [Massachusetts Partnership Law](#xx_fe8cbb89-ff18-4a75-8e0f-87f4ac333ab2_12) |
| 13 | [Share Information](#xx_fe8cbb89-ff18-4a75-8e0f-87f4ac333ab2_13) |
| 14 | [Tax Information](#xx_fe8cbb89-ff18-4a75-8e0f-87f4ac333ab2_14) |
| 14 | [Who Manages and Provides Services to the Fund?](#xx_fe8cbb89-ff18-4a75-8e0f-87f4ac333ab2_14) |
| 27 | [Financial Information](#xx_fe8cbb89-ff18-4a75-8e0f-87f4ac333ab2_27) |
| 27 | [Investment Ratings](#xx_fe8cbb89-ff18-4a75-8e0f-87f4ac333ab2_27) |
| 30 | [Addresses](#xx_56e146c6-368e-40da-b1e3-b2a4956eac94_1) |
| 31 | [Appendix A](#xx_c13de4aa-23a8-4683-954a-37d5666597e8_1) |
| 32 | [Appendix B - California State Risk](#xx_a102122b-8141-4f13-ae20-f23555ad7d61_1) |

---

Federated Hermes California Municipal Cash Trust

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com**

or call 1-800-341-7400.

Federated Securities Corp., Distributor

*G00329-02 (2/23)*© 2023 Federated Hermes, Inc.

------

How is the Fund Organized?

The Fund is a diversified portfolio of Federated Hermes Money Market Obligations Trust (the "Trust"). The Trust is an open-end, management investment company that was established under the laws of the Commonwealth of Massachusetts on October 3, 1988. The Trust may offer separate series of shares representing interests in separate portfolios of securities.

The Board of Trustees (the "Board") has established five classes of shares of the Fund, known as Service Shares, Wealth Shares, Cash II Shares, Capital Shares and Cash Series Shares ("Shares"). This SAI relates to all classes of Shares. The Fund's investment adviser is Federated Investment Management Company (the "Adviser").

Effective June 26, 2020, the Trust changed its name from Money Market Obligations Trust to Federated Hermes Money Market Obligations Trust and the Fund changed its name from Federated California Municipal Cash Trust to Federated Hermes California Municipal Cash Trust.

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 further describes the types of fixed-income securities in which the Fund may invest.

**Municipal Leases (A Type of Tax-Exempt, Fixed-Income Security)** 

Municipalities may enter into leases for equipment or facilities. In order to comply with state public financing laws, these leases are typically subject to annual appropriation. In other words, a municipality may end a lease, without penalty, by not providing for the lease payments in its annual budget. After the lease ends, the lessor can resell the equipment or facility but may lose money on the sale. The Fund may invest in securities supported by pools of municipal leases. The most common type of lease-backed securities is certificates of participation (COPs). However, the Fund may also invest directly in individual leases.

**Callable Securities (A Type of Tax-Exempt, Fixed-Income Security)** 

Certain fixed-income securities in which the Fund invests are callable at the option of the issuer. Certain callable securities invested in by the Fund also may be callable by parties other than the issuer. Callable securities are subject to call risk.

**Zero-Coupon Securities (A Type of Tax-Exempt, 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 risks and credit risks of a zero-coupon security.

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. 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, PIK securities or toggle securities.

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**Tax Increment Financing Bonds (A Type of Tax-Exempt, Fixed-Income Security)** 

Tax increment financing (TIF) bonds are payable from increases in taxes or other revenues attributable to projects within the TIF district. For example, a municipality may issue TIF bonds to redevelop a commercial area. The TIF bonds would be payable solely from any increase in sales taxes collected from merchants in the area. The bonds could fail to pay principal or interest if merchants' sales, and related tax collections, failed to increase as anticipated.

**Municipal Mortgage-Backed Securities (A Type of Tax-Exempt, Fixed-Income Security)** 

Municipal mortgage-backed securities are special revenue bonds, the proceeds of which may be used to provide mortgage loans for single family homes or to finance multifamily housing. Municipal mortgage-backed securities represent interests in pools of mortgages. The mortgages that comprise a pool normally have similar interest rates, maturities and other terms. Mortgages may have fixed or adjustable rates. Municipal mortgage-backed securities generally have fixed interest rates.

Municipal mortgage-backed securities come in a variety of forms. The simplest forms of municipal mortgage-backed securities are unstructured bonds backed by the net interest and principal payments and prepayments from the underlying mortgages. As a result, the holders assume all interest rate and prepayment risks of the underlying mortgages. Other municipal mortgage-backed securities may have more complicated financial structures.

**Other Investments, Transactions, Techniques**

**Inter-Fund Borrowing and Lending Arrangements** 

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.

**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.

**Asset Segregation** 

In order to secure its obligations in connection with special transactions, such as reverse repurchase agreements or when-issued and delayed delivery transactions, the Fund will either enter into offsetting transactions or set aside readily marketable securities in each case, as provided by the SEC or SEC staff guidance. Unless the Fund has other readily marketable assets to set aside, it cannot trade assets used to secure such obligations without terminating a special transaction. This may cause the Fund to miss favorable trading opportunities or to realize losses on special transactions.

**Temporary Investments** 

The Fund may make temporary investments in taxable, fixed-income securities and the following other taxable securities:

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

Treasury securities are direct obligations of the federal government of the United States.

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**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 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 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.

**Bank Instruments (A Type of Fixed-Income Security)** 

Bank instruments are unsecured, interest-bearing deposits with banks. Bank instruments include, but are not limited to, bank accounts, time deposits, certificates of deposit and banker's acceptances. Yankee instruments are denominated in U.S. dollars and issued by U.S. branches of foreign banks. Euro-dollar instruments are denominated in U.S. dollars and issued by non-U.S. branches of U.S. or foreign banks.

**Corporate Debt Securities (A Type of Fixed-Income Security)** 

Corporate debt securities are fixed-income securities issued by businesses. Notes, bonds, debentures and commercial paper are the most prevalent types of corporate debt securities.

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**Commercial Paper (A Type of Corporate Debt Security)** 

Commercial paper is an issuer's obligation with a maturity of less than nine months. Companies typically issue commercial paper to pay for current expenditures. Most issuers constantly reissue their commercial paper and use the proceeds (or bank loans) to repay maturing paper. If the issuer cannot continue to obtain liquidity in this fashion, its commercial paper may default.

**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 subcustodian will take possession of the securities subject to repurchase agreements. The Adviser or subcustodian 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. In addition to taxable repurchase agreements, the Fund also may invest in municipal repurchase agreements as a non-principal investment.

**Reverse Repurchase Agreements** 

Reverse repurchase agreements (which are considered a type of special transaction for asset segregation 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. In addition to taxable reverse repurchase agreements, the Fund also may invest in municipal reverse repurchase agreements as a non-principal investment.

**minimal credit risk** 

Under Rule 2a-7, money market funds, such as the Fund, may generally invest in "Eligible Securities" which include securities issued by another money market fund, government securities or securities that have a remaining maturity of no more than 397 calendar days and are determined by the fund's board or its delegate to present minimal credit risk based on an assessment of the issuer's credit quality, including the capacity of the issuer or guarantor to meet its financial obligations. The Fund's Board has adopted procedures by which the Adviser will conduct this initial and ongoing assessment, as required. Such analysis of whether a security presents minimal credit risk will include, to the extent appropriate: consideration of the security's issuer or guarantor's financial condition, sources of liquidity, ability to react to future market-wide and issuer or guarantor-specific events, including the ability to repay debt in a highly adverse situation; and strength of the issuer or guarantor's industry within the economy and relative to economic trends, as well as the issuer or guarantor's competitive position within its industry. In addition, a minimal credit risk evaluation may also include consideration of whether the price and/or yield of the security itself is similar to that of other securities in the Fund's portfolio. The Adviser will perform an ongoing review of whether each security (other than a government security) continues to present minimal credit risks.

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).

**Leverage Risk** 

Leverage risk is created when an investment exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund's risk of loss and potential for gain.

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**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. 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.

**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.

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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.

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 Policies) and Investment Limitations

The fundamental investment objective of the Fund is to provide current income exempt from federal regular income tax and the personal income taxes imposed by the State of California consistent with stability of principal.

Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and California state income tax or so that 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and California state income tax.

Only for purposes of compliance with Rule 35d-1, the Fund will invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax and California state income tax.

The fundamental investment objective and policies may not be changed by the Board without shareholder approval.

**INVESTMENT LIMITATIONS** 

**Diversification** 

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.

**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.

**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.

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**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.

**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.

**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 (the "1940 Act").

**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.

**The above limitations 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. 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.** 

**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 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 Securities** 

The Fund will not acquire securities that cannot be sold or disposed of in the ordinary course of business within seven days at approximately the value ascribed to them by the Fund if, immediately after the acquisition, the Fund would have invested more than 5% of its total assets in such securities.

**Investing in Restricted Securities** 

The Fund may invest in securities subject to restrictions on resale under the Securities Act of 1933.

**Additional Information** 

For purposes of the diversification limitation, 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."

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.

As a non-fundamental operating policy, the investment of more than 25% of the value of the Fund's total assets in any one industry will constitute "concentration." For purposes of the concentration limitation: (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, the Fund will not exclude foreign bank instruments from industry concentration limitation tests so long as the policy of the SEC remains in effect. Investments in private activity bonds will be classified according to the non-governmental entity from which the bond's principal and interest payments are principally derived. In addition, investments in certain industrial development bonds funded by activities in a single industry will be deemed to constitute investment in an industry, except when held for temporary defensive purposes.

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**REGULATORY COMPLIANCE** 

The Fund may follow non-fundamental operational policies that are more restrictive than its fundamental investment limitations, as set forth in the Prospectus and this SAI, in order to comply with applicable laws and regulations, including the provisions of and regulations under the 1940 Act. In particular, the Fund will comply with the various requirements of Rule 2a-7 (the "Rule"), which regulates money market mutual funds. The Fund may change these operational policies to reflect changes in the laws and regulations without the approval of its shareholders.

The SEC has implemented a number of requirements, including liquidity fees and temporary redemption gates, for money market funds based on the amount of Fund assets that are "weekly liquid assets," which generally includes cash, direct obligations of the U.S. government, certain other U.S. government or agency securities and securities that will mature or are subject to a demand feature that is exercisable and payable within five business days.

The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. If the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund will impose a liquidity fee of 1% on all redemptions beginning on the next business day, unless the Board, including a majority of the independent Trustees, determines that imposing such a fee would not be in the best interests of the Fund or determines that a lower or higher fee (not to exceed 2%) would be in the best interests of the Fund, which would remain in effect until weekly liquid assets return to 30% or the Board determines that the fee is no longer in the best interests of the Fund. In the event that a liquidity fee is imposed and/or redemptions are temporarily suspended, the Board may take certain other actions based on the particular facts and circumstances, including, but not limited to, modifying the timing and frequency of the Fund's NAV determinations.

If liquidity fees are imposed or redemptions are temporarily suspended, the Fund will notify shareholders on the Fund's website or by press release. In addition to identifying the Fund, such notifications will include the Fund's percentage of total assets invested in weekly liquid assets, the time of implementation of the liquidity fee and/or redemption gate and details regarding the amount of the liquidity fee. If the Board, including a majority of the independent Trustees, changes or removes a liquidity fee or a temporary redemption gate, the Fund will notify shareholders in the same manner as described above. The imposition and termination of a liquidity fee or redemption gate will also be reported by the Fund to the SEC on Form N-CR. If redemptions are temporarily suspended, the Fund and your financial intermediary will not accept redemption or exchange orders until the Fund has notified shareholders that the redemption gate has been lifted. Shareholders wishing to redeem or exchange shares once the redemption gate has been lifted will need to submit a new redemption or exchange request to the Fund or their financial intermediary.

All liquidity fees payable by shareholders to the Fund can be used to offset any losses realized by the Fund when seeking to honor redemption requests during times of market stress. The Fund expects to treat such liquidity fees as not constituting income to the Fund.

A liquidity fee imposed by the Fund will reduce the amount you will receive upon the redemption of your shares, and will decrease the amount of any capital gain or increase the amount of any capital loss you will recognize from such redemption. Although there is some degree of uncertainty with respect to the tax treatment of liquidity fees received by money market funds, it is anticipated at this time that a liquidity fee will have no tax effect on the Fund. As the tax treatment will likely be the subject of future guidance issued by the Internal Revenue Service, the Fund will re-visit the applicable treatment of liquidity fees when they are received.

If the Fund's weekly liquid assets fall below 10% and the Board determines that it would not be in the best interests of the Fund to continue operating, the Board may suspend redemptions in the Fund and may approve the liquidation of the Fund. The Board may also suspend redemptions and liquidate the Fund if the Board determines that the deviation between its amortized cost price per share and its market-based NAV may result in material dilution or other unfair results to investors or existing shareholders. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to liquidate and suspend redemptions. If the Fund ceases honoring redemptions and determines to liquidate, the Fund expects that it would notify shareholders on the Fund's website or by press release. Distributions to shareholders of liquidation proceeds may occur in one or more disbursements.

**8**

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Because the Fund operates as a money market fund and seeks to maintain a stable $1.00 price per share, a low or negative interest rate environment could impact the Fund's ability to maintain a stable $1.00 share price. During a low or negative interest rate environment, the Fund may reduce the number of shares outstanding on a pro rata basis through reverse stock splits, negative dividends or other mechanisms to seek to maintain a stable $1.00 price per share, to the extent permissible by applicable law and the Fund's organizational documents. Alternatively, if the Board determines that it is no longer in the best interests of the Fund and its shareholders to maintain a stable price of $1.00 per share, the Board has the right to discontinue the use of a stable NAV of $1.00 per share and establish a fluctuating NAV per share rounded to four decimal places. Depending on the specific measure(s) taken, these measures would result in shareholders not receiving a dividend, holding fewer shares of the Fund and/or experiencing a loss in the aggregate value of their investment in the Fund. The Fund will notify shareholders of any such change.

Purchase orders received after the last NAV determination of a given day, but prior to notification of the imposition of liquidity fees or a redemption gate will be cancelled unless re-confirmed. Under certain circumstances, the Fund may honor redemption or exchange orders (or pay redemptions without adding a liquidity fee to the redemption amount) if the Fund can verify that the redemption or exchange order was received in good order by the Fund or the Fund's agent before the Fund imposed liquidity fees or temporarily suspended redemptions.

What Do Shares Cost?

**Determining Market Value Of Securities** 

The Board has decided that the best method for determining the value of portfolio instruments is amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. The Fund uses this adjusted cost to value the investment.

Accordingly, neither the amount of daily income nor the net asset value (NAV) is affected by any unrealized appreciation or depreciation of the portfolio. In periods of declining interest rates, the indicated daily yield on Shares of the Fund, computed by dividing the annualized daily income on the Fund's portfolio by the NAV, computed as above, may tend to be higher than a similar computation made by using a method of valuation based upon market prices and estimates. In periods of rising interest rates, the opposite may be true. A low or negative interest rate environment impacts, in a negative way, the Fund's ability to provide a positive return, or yield, to its shareholders, pay expenses out of current income, and/or achieve its investment objective, including maintaining a stable NAV of $1.00 per share.

The Fund's use of the amortized cost method of valuing portfolio instruments depends on its compliance with certain conditions in the Rule. Under the Rule, the Board must establish procedures reasonably designed to stabilize the NAV per Share, as computed for purposes of distribution and redemption, at $1.00 per Share, taking into account current market conditions and the Fund's investment objective. The procedures include monitoring the relationship between the amortized cost value per Share and the NAV per Share based upon available indications of market value. The Board will decide what, if any, steps should be taken if there is a difference of more than 0.5 of 1% between the two values. The Board will take any steps it considers appropriate (such as redemption in-kind or shortening the average portfolio maturity) to minimize any material dilution or other unfair results arising from differences between the two methods of determining NAV.

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 (CASH II SHARES AND CASH SERIES 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.

**9**

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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.

For some classes of shares 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.

**Additional Payments To Financial Intermediaries**

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. 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 the 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. The same financial intermediaries may receive payments under more than one or all categories. These payments assist in the Distributor's efforts to support the sale of Shares. These payments are negotiated and may be based on such factors as: the number or value of Shares that the financial intermediary sells or may sell; 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 receive such payments and the amount of compensation may vary by intermediary. You should ask your financial intermediary 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 Wealth Share Class, the Wealth Share Class of the Fund currently does not accrue, pay or incur any shareholder services/account administration fees, although the Board of Trustees has approved the Wealth Share 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 Wealth Share Class of the Fund will not accrue, pay or incur such fees 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 sell Federated Hermes fund shares to help offset their costs associated with client account maintenance support, statement processing and transaction processing. The types of payments that the Distributor may make under this category include: payment of ticket charges on a per-transaction basis; payment of networking fees; and payment for ancillary services such as setting up funds on the financial intermediary's mutual fund trading system.

**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.

**10**

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**Marketing Support Payments** 

From time to time, the Distributor, at its expense, may provide additional compensation to financial intermediaries that sell or arrange for the sale of Shares. Such compensation, provided by the Distributor, may include financial assistance to financial intermediaries that enable the Distributor to participate in or present at conferences or seminars, sales or 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 to financial intermediaries for services rendered in connection with technology and programming set-up, platform development and maintenance or similar services and for the provision of sales-related data 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, 2022, 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 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, 2022, are not reflected. You should ask your financial intermediary for information about any additional payments it receives from the Distributor.

ADP Broker-Dealer, Inc.

American Enterprise Investment Services Inc.

American Portfolios Advisors, Inc.

Aspyre Wealth Partners

Avidian Wealth Solutions LLC

B. C. Ziegler And Company

Beam Wealth Advisors, Inc.

Benjamin F. Edwards & Company, Inc.

BMO Harris Financial Advisors, Inc.

BofA Securities, Inc.

Bolton Global Capital, Inc.

Broadridge Business Process Outsourcing, LLC

Brown Investment Advisory & Trust Company

Cadaret, Grant & Co., Inc.

Cambridge Financial Group, Inc.

CBIZ Financial Solutions, Inc.

Cetera Advisor Networks LLC

Cetera Advisors LLC

Cetera Investment Services LLC

Charles Schwab & Company, Inc.

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

Emerald Advisors, LLC

Empower Financial Services, Inc.

Envestnet PMC

FBL Marketing Services, LLC

Fidelity Investments Institutional Operations Company, Inc. (FIIOC)

Fifth Third Securities, Inc.

FIS Brokerage & Securities Services LLC

Gerber Kawasaki Wealth & Investment Management

Goldman Sachs & Co. LLC

Hancock Whitney Investment Services Inc.

HighTower Securities, LLC

Hilltop Securities, Inc.

HUB International Investment Services Inc.

The Huntington Investment Company

Huntington Securities, Inc.

IFP Securities, LLC

Insigneo Securities, LLC

Institutional Cash Distributors, LLC

Interactive Brokers LLC

J.P. Morgan Securities LLC

Janney Montgomery Scott LLC

Jefferies LLC

KeyBanc Capital Markets Inc.

Kowal Investment Group, LLC

Leafhouse Financial Advisors, LLC

Lincoln Financial Advisors Corporation

Lincoln Financial Distributors, Inc.

Lincoln Investment Planning, LLC

LPL Financial LLC

Lyrical Partners, L.P.

MML Investors

Materetsky Financial Group

Merrill Lynch, Pierce, Fenner and Smith Incorporated

Moneta Group Investment Advisors, LLC

Morgan Stanley Smith Barney LLC

National Financial Services LLC

Nationwide Investment Services Corporation

NewEdge Securities, Inc.

Northwestern Mutual Investment Services, LLC

NYLIFE Distributors LLC

Open Range Financial Group, LLC

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Oppenheimer & Company, Inc.

Paychex Securities Corp

Pensionmark Financial Group, LLC

Pershing LLC

PNC Capital Markets, LLC

PNC Investments LLC

Private Client Services, LLC

Raymond James & Associates, Inc.

Raymond James Financial Services, Inc.

RBC Capital Markets, LLC

Rise Consulting, LLC

Robert W Baird & Co. Incorporated

Rockefeller Capital Management

Royal Alliance Associates, Inc.

Sagepoint Financial, LLC

Sageview Advisory Group, LLC

Sanford C. Bernstein & Company, LLC

SBC Wealth Management

Securian Financial Services, Inc.

Securities America, Inc.

Security Distributors, LLC

Spire Securities, LLC

State Street Global Markets, LLC

Stephens Inc.

Steward Partners Investment Advisory, LLC

Stifel, Nicolaus & Company, Incorporated

Strategic Financial Partners, Ltd

TD Ameritrade, Inc.

Teachers Insurance and Annuity Association of America

The London Company of Virginia LLC

Towerpoint Wealth, LLC

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

Vining-Sparks IBG, LLC

Vision Financial Markets, LLC

Voya Financial Advisors, Inc.

Wells Fargo Clearing Services LLC

Wells Fargo Securities, LLC

Woodbury Financial Services, Inc.

WR Wealth Planners LLC

XML Financial Group

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 in determining the market value of the portfolio for purposes of its comparison with amortized cost valuation. 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.

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 Massachusetts law, shareholders could, under certain circumstances, be held personally liable for the obligations of the Trust. The Declaration of Trust provides that no shareholder or former shareholder, merely by reason of his or her being or having been a shareholder, will be subject to any personal liability in connection with Trust property or the affairs of the Trust.

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In the unlikely event a shareholder or former shareholder is held personally liable for the Trust's obligations, such shareholder will be entitled, out of the assets belonging to the applicable series, to be indemnified against all claims and reimbursed for all reasonably incurred expenses in connection with such claims. On request, the Trust will defend any claim made and pay any judgment against a shareholder from the assets belonging to the relevant series.

Share Information

**ORGANIZATION, CAPITALIZATION, VOTING RIGHTS AND OTHER MATTERS** 

The Trust is a Massachusetts business trust established under a Declaration of Trust dated October 3, 1988, as amended and restated November 11, 2015. The Trust's Declaration of Trust may be amended at any time by a majority of the Trustees. Under the Declaration of Trust, the Trustees have the authority to create and classify shares of beneficial interest in separate series and classes without further action by shareholders. Each series and class thereof may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each series represent equal proportionate interests in the assets of that series only and have identical voting, dividend, redemption, liquidation and other rights of shares in the same series except that expenses allocated to a class may be borne solely by such class as determined by the Trustees and a class may have exclusive voting rights with respect to matters affecting only that class. Shares entitle their holders to one vote per share (and fractional votes for fractional shares), are freely transferable and, except as specifically provided by the Trustees, have no preference, preemptive, appraisal, exchange, subscription or conversion rights. All shares issued are fully paid and non-assessable. In the event of a liquidation or termination of a series, each shareholder is entitled to receive his pro rata share of the net assets of that series.

It is not anticipated that the Trust will hold shareholders' meetings unless required by law or the Declaration of Trust. The Board will call special meetings of shareholders of the Trust, a series or class thereof only if required under the 1940 Act, in their discretion, or upon the written request of holders of 10% or more of the outstanding shares of the Trust or of the relevant series or class, entitled to vote at such meeting.

The Declaration of Trust provides that the Trustees may redeem shares in certain circumstances, such as when a shareholder does not meet the qualifications for ownership of a particular series or class, or when such redemptions are required to comply with applicable laws and regulations. The Declaration of Trust also provides that the Board may, without shareholder approval unless required by the 1940 Act, cause the Trust or any series or class to dissolve, convert, merge, consolidate, reorganize, sell all or any part of its assets, provided that the surviving or resulting entity is an open-end management investment company under the 1940 Act, or a series thereof. The Trust or any series or class may be terminated at any time by the Trustees by written notice to the shareholders.

**SHAREHOLDERS OF THE FUND**

As of February 7, 2023, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Service Shares: Hilltop Securities, Inc., Dallas, TX, owned approximately 60,003,766 Shares (51.97%); Band & Co, Milwaukee, WI, owned approximately 33,367,349 Shares (28.90%); and American Enterprise Inv Svc. Minneapolis, MN, owned approximately 6,833,962 Shares (5.91%).

As of February 7, 2023, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Wealth Shares: Morgan Stanley Smith Barney, Jersey City, NJ, owned approximately 249,660,849 Shares (50.15%); Raymond James, St. Petersburg, FL, owned approximately 58,212,218 (11.69%); and Love Family Trust, Sonoma, CA, owned approximately 39,695,083 (7.97%).

As of February 7, 2023, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Cash II Shares: Pershing LLC, Jersey City, NJ, owned approximately 4,035,302 Shares (73.80%); FMSBONDS Inc., Boca Roton, FL, owned approximately 1,037,629 Shares (18.97%); and J.P. Morgan Securities LLC, Brooklyn, NY, owned approximately 284,613 Shares (5.20%).

As of February 7, 2023, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Cash Series Shares: Pershing LLC, Jersey City, NJ, owned approximately 24,801,793 Shares (99.41%);

As of February 7, 2023, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Capital Shares: Pershing LLC, For the Exclusive Benefit of its Customers, Jersey City, NJ, owned approximately 42,258,765 Shares (88.70%); and Pershing LLC, Jersey City, NJ, owned approximately 4,073,000 Shares (8.54%).

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.

Hilltop Securities, Inc. is organized in the State of Delaware and is a subsidiary of Hilltop Holdings Inc., organized in the State of Delaware.

Band & Co. is a nominee name for American Family Life Insurance Company which is organized in the State of Wisconsin.

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Morgan Stanley Smith Barney is organized in the State of Delaware and is a subsidiary of Morgan Stanley, organized in the State of Delaware.

Pershing LLC is organized in the State of Delaware and is a wholly-owned subsidiary of The Bank of New York Mellon Corporation 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.

**State Taxes** 

Under existing California laws, distributions made by the Fund will not be subject to California individual income taxes to the extent that such distributions qualify as exempt-interest dividends under the California Revenue and Taxation Code, and provided further that at the close of each quarter, at least 50% of the value of the total assets of the Fund consists of obligations the interest on which is exempt from California taxation under either the Constitution or laws of California or the Constitution or laws of the United States. The Fund will furnish its shareholders with a written note designating exempt-interest dividends within 60 days after the close of its taxable year. Conversely, to the extent that distributions made by the Fund are derived from other types of obligations, such distributions will be subject to California individual income taxes.

Dividends of the Fund are not exempt from the California taxes payable by corporations.

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, 2022, the Trust comprised 16 portfolios, and the Federated Hermes Complex consisted of 33 investment companies (comprising 102 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 February 7, 2023, 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.

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**Interested Trustees Background and Compensation** 

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<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 1989<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; President, Chief Executive <br> Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, <br> Federated Investment Management Company; Trustee, Federated <br> Investment Counseling; Chairman and Director, Federated Global <br> Investment Management Corp.; Chairman and Trustee, Federated Equity <br> Management Company of Pennsylvania; Trustee, Federated Shareholder <br> Services 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 <br> Research, Ltd.; Chairman, Passport Research, Ltd.<br>| $0 | $0 |
| **Thomas R. Donahue\***<br> Birth Date: October 20, 1958<br> Trustee<br> Indefinite Term<br> Began serving: May 2016<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of certain funds in the <br> Federated Hermes Complex; Chief Financial Officer, Treasurer, Vice <br> President and Assistant Secretary, Federated Hermes, Inc.; Chairman and <br> Trustee, Federated Administrative Services; Chairman and Director, <br> Federated Administrative Services, Inc.; Trustee and Treasurer, Federated <br> Advisory Services Company; Director or Trustee and Treasurer, Federated <br> Equity Management Company of Pennsylvania, Federated Global <br> Investment Management Corp., Federated Investment Counseling, and <br> Federated Investment Management Company; Director, MDTA LLC; <br> Director, Executive Vice President and Assistant Secretary, Federated <br> Securities Corp.; Director or Trustee and Chairman, Federated Services <br> Company and Federated Shareholder Services Company; and Director and <br> President, FII Holdings, Inc.<br> **Previous Positions:** Director, Federated Hermes, Inc.; Assistant Secretary, <br> Federated Investment Management Company, Federated Global <br> Investment Management Company and Passport Research, LTD; Treasurer, <br> Passport Research, LTD; Executive Vice President, Federated Securities <br> Corp.; and Treasurer, FII Holdings, Inc.<br>| $0 | $0 |

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*Family relationships and reasons for "interested" status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are "interested" due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries.*

**Independent Trustees Background, Qualifications and Compensation** 

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **John T. Collins**<br> Birth Date: January 24, 1947<br> Trustee<br> Indefinite Term<br> Began serving: September 2013<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> Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).<br> **Other Directorships Held:** Director, KLX Energy Services Holdings, Inc. <br> (oilfield services); former Director of KLX Corp (aerospace).<br> **Qualifications:** Mr. Collins has served in several business and financial <br> management roles and directorship positions throughout his career. <br> Mr. Collins previously served as Chairman and CEO of The Collins Group, <br> Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves <br> as Chairman Emeriti, Bentley University. Mr. Collins previously served as <br> Director and Audit Committee Member, Bank of America Corp.; Director, <br> FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical <br> Center (Harvard University Affiliate Hospital).<br>| $729.39 | $385000  |

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund 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, Chair of the Audit Committee <br> of the Federated Hermes Complex; Retired.<br> **Other Directorships Held:** Director, Chair of the Audit Committee, <br> Equifax, Inc.; Lead Director, Member of the Audit and Nominating and <br> Corporate Governance Committees, Haverty Furniture Companies, Inc.; <br> formerly, Director, Member of Governance and Compensation Committees, <br> Publix Super Markets, 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 on the Business School Board of <br> Visitors for Wake Forest University, and he previously served as an <br> Executive Committee member of the United States Golf Association.<br>| $689.98 | $365000 |
| **Maureen Lally-Green**<br> Birth Date: July 5, 1949<br> Trustee<br> Indefinite Term<br> Began serving: August 2009<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Adjunct Professor Emerita of Law, Duquesne University School of <br> Law; formerly, Dean of the Duquesne University School of Law and <br> Professor of Law and Interim Dean of the Duquesne University School of <br> Law; formerly, Associate General Secretary and Director, Office of Church <br> Relations, Diocese of Pittsburgh.<br> **Other Directorships Held:** Director, CNX Resources Corporation <br> (natural gas).<br> **Qualifications:** Judge Lally-Green has served in various legal and business <br> roles and directorship positions throughout her career. Judge Lally-Green <br> previously held the position of Dean of the School of Law of Duquesne <br> University (as well as Interim Dean). Judge Lally-Green previously served as <br> Associate General Secretary for the Diocese of Pittsburgh, a member of the <br> Superior Court of Pennsylvania and as a Professor of Law, Duquesne <br> University School of Law. Judge Lally-Green was appointed by the Supreme <br> Court of Pennsylvania to serve on the Supreme Court's Board of Continuing <br> Judicial Education and the Supreme Court's Appellate Court Procedural <br> Rules Committee. Judge Lally-Green also currently holds the positions on <br> not for profit or for profit boards of directors as follows: Director and Chair, <br> UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, <br> Pennsylvania State Board of Education (public); Director, Catholic Charities, <br> Pittsburgh; and Director, CNX Resources Corporation (natural gas). Judge <br> Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy <br> Foundation of Western and Central Pennsylvania; Director, Ireland Institute <br> of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, <br> Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, <br> Pennsylvania Bar Institute; Director, Saint Vincent College; Director and <br> Chair, North Catholic High School, Inc.; Director and Vice Chair, Our <br> Campaign for the Church Alive!, Inc.; and Director and Vice Chair, Saint <br> Francis University.<br>| $622.79 | $330000  |

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **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 of the Federated Hermes <br> Complex; Sole Proprietor, Navigator Management Company (investment <br> 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; Credit Analyst and Lending <br> Officer, Fleet Bank; Director and Consultant, EZE Castle Software <br> (investment order management software); Director, Midway Pacific <br> (lumber); and Director, The Golisano Children's Museum of Naples, Florida<br>| $622.79 | $330000 |
| **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.<br>| $566.17 | $300000 |
| **P. Jerome Richey**<br> Birth Date: February 23, 1949<br> Trustee<br> Indefinite Term<br> Began serving: September 2013<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, <br> University of Pittsburgh and Executive Vice President and Chief Legal <br> Officer, CONSOL Energy Inc. (split into two separate publicly traded <br> companies known as CONSOL Energy Inc. and CNX Resources Corp.).<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Richey has served in several business and legal <br> management roles and directorship positions throughout his career. <br> Mr. Richey most recently held the positions of Senior Vice Chancellor and <br> Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as <br> Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and <br> Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey <br> previously served as Chief Legal Officer and Executive Vice President, <br> CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics <br> Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).<br>| $622.79 | $330000 |
| **John S. Walsh**<br> Birth Date: November 28, 1957<br> Trustee<br> Indefinite Term<br> Began serving: January 1999<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; President and Director, Heat Wagon, Inc. (manufacturer of <br> construction temporary heaters); President and Director, Manufacturers <br> Products, Inc. (distributor of portable construction heaters); President, <br> Portable Heater Parts, a division of 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 Vice President, Walsh & Kelly, Inc. (paving contractors).<br>| $566.17 | $300000 |

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**OFFICERS\*** 

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| | |
|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| **Principal Occupation(s) and Previous Position(s)** |
| **Lori A. Hensler**<br> Birth Date: January 6, 1967<br> Treasurer <br> Officer since: April 2013<br>| &nbsp;&nbsp; **Principal Occupations:** Principal Financial Officer and Treasurer of the Federated Hermes Complex; Senior Vice President, <br> Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, <br> Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation.<br> **Previous Positions:** Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors <br> Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, <br> Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services <br> Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., <br> Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd. and Federated MDTA, <br> LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution <br> Services, 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 General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee <br> and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative <br> Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities <br> Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; <br> and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a <br> 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>|
| **Deborah A. Cunningham**<br> Birth Date: September 15, 1959<br> Chief Investment Officer<br> Officer since: May 2004<br>| &nbsp;&nbsp; **Principal Occupations:** Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes' money market <br> products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive <br> Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and <br> holds an M.S.B.A. in Finance from Robert Morris College.<br>|
| **Mary Jo Ochson**<br> Birth Date: September 12, 1953<br> CHIEF INVESTMENT OFFICER<br> Officer since: May 2004<br>| &nbsp;&nbsp; **Principal Occupations:** Mary Jo Ochson was named Chief Investment Officer of Federated Hermes' tax-exempt, fixed-income <br> products in 2004 and Chief Investment Officer of Federated Hermes' Tax-Free Money Markets in 2010. She joined Federated <br> Hermes in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. <br> Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University <br> of Pittsburgh.<br>|

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\*

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

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

**DIRECTOR/TRUSTEE EMERITUS PROGRAM** 

The Board has created a position of Director/Trustee Emeritus, whereby an incumbent Director/Trustee who has attained the age of 75 and completed a minimum of five years of service as a director/trustee, may, in the sole discretion of the Committee of Independent Directors/Trustees ("Committee"), be recommended to the full Board of Directors/Trustees of the Fund to serve as Director/Trustee Emeritus.

A Director/Trustee Emeritus that has been approved as such receives an annual fee in an amount equal to a percent of the annual base compensation paid to a 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. 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 of Directors/Trustees each year and will be available to consult with the Committees or its representatives at reasonable times as requested by the Chairman; however, a Director/Trustee Emeritus does not have any voting rights at Board meetings and is not subject to election by shareholders of the Funds.

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The Director/Trustee Emeritus will be permitted to serve in such capacity at the pleasure of the Committee, but the annual fee will cease to be paid at the end of the calendar year during which he or she 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** 

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| | | |
|:---|:---|:---|
| **Director/Trustee Emeritus** | **Compensation**<br> **From Trust**<br> **(past fiscal year)**<br>| **Total**<br> **Compensation**<br> **Paid to**<br> **Director/Trustee**<br> **Emeritus**<sup>1</sup> <br>|
| **Peter E. Madden** | $113.02 | $60000.00 |
| **Charles F. Mansfield, Jr.** | $113.02 | $60000.00 |

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*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.*

**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.

**Committees of the Board** 

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| | | | |
|:---|:---|:---|:---|
| **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> John T. Collins<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<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; &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<br> Maureen Lally-Green<br> Thomas M. O'Neill<br> &nbsp;&nbsp;&nbsp;&nbsp;P. Jerome Richey<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 T. Collins<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough <br> Maureen Lally-Green<br> Thomas M. O'Neill<br> Madelyn A. Reilly<br> &nbsp;&nbsp;&nbsp;&nbsp;P. Jerome Richey<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>| One |

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**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.

**Board Ownership Of Shares In The Fund And In The Federated Hermes Family Of Investment Companies As Of December 31, 2022** 

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| | | |
|:---|:---|:---|
| **Interested Board**<br> **Member Name**<br>| &nbsp;&nbsp; **Dollar Range of**<br> **Shares Owned in**<br> **Federated Hermes California** <br> **Municipal Cash Trust**<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 |
| Thomas R. Donahue |  | Over $100,000 |
| **Independent Board**<br> **Member Name**<br>|  |  |
| John T. Collins |  | Over $100,000 |
| G. Thomas Hough |  | Over $100,000 |
| Maureen Lally-Green |  | Over $100,000 |
| Thomas M. O'Neill |  | Over $100,000 |
| Madelyn A. Reilly |  | Over $100,000 |
| P. Jerome Richey |  | Over $100,000 |
| John S. Walsh |  | Over $100,000 |

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\* For the calendar year ended December 31, 2021, each Trustee listed owned in the aggregate over $100,000 in the Federated Hermes Family of Investment Companies.

**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 an investor initiative in partnership with the United Nations Environment Programme Finance Initiative and the United Nations Global Compact. Commitments made as a signatory to the PRI are not legally binding, but are voluntary and aspirational. They include efforts, where consistent with our fiduciary responsibilities, to incorporate environmental, social and corporate governance (ESG) issues into investment analysis and investment decision making, to be active owners and incorporate ESG issues into our ownership policies and practices, to seek appropriate disclosure on ESG issues by the entities in which we invest, to promote acceptance and implementation of the PRI within the investment industry, to enhance our effectiveness in implementing the PRI, and to report on our activities and progress towards implementing the PRI. Being a signatory to the PRI 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.

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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 team that conducts long-term, objectives-driven dialogue with board and senior executive level representatives of approximately 1,000 unique issuers annually. It 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.

**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.

**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.

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) had 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 where this is market practice; (3) has become overboarded (more than five boards for retired executives and more than two boards for CEOs); (4) is the chair of the nominating or governance committee when the roles of chairman of the board and CEO are combined and there is no lead independent director; (5) served on the compensation committee during a period in which compensation appears excessive relative to performance and peers; or (6) 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: (7) a full slate of directors, where the directors are elected as a group and not individually,

**21**

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unless more than half of the nominees are not independent; (8) shareholder proposals to declassify the board of directors; (9) shareholder proposals to require a majority voting standard in the election of directors; (10) shareholder proposals to separate the roles of chairman of the board and CEO; (11) a proposal to require a company's audit committee to be comprised entirely of independent directors; and (12) 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 15% of the outstanding stock agree; (2) against proposals to allow shareholders to act by written consent; (3) on a case-by-case basis for proposals to adopt or amend shareholder rights plans (also known as "poison pills"); (4) in favor of shareholder proposals to eliminate supermajority requirements in company bylaws; and (5) 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.

Generally, the Adviser will vote every shareholder proposal of an environmental or social nature on a case-by-case basis. The quality of these shareholder proposals varies widely across markets. Similarly, company disclosures of their business practices related to environmental and social risks are not always adequate for investors to make risk assessments. Thus, the Adviser places great importance on company-specific analyses to determine how to vote. Above all, the Adviser will vote in a manner that would enhance the long-term value of the investment within the framework of the client's investment objectives.

The Adviser's general approach to analyzing these proposals calls for considering the literal meaning of the written proposal, 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.

On matters of capital structure, generally, the Adviser will vote proxies for U.S. issuers 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%, against proposals to create multiple-class voting structures where one class has superior voting rights to the other classes, in favor of proposals to authorize reverse stock splits unless the amount of authorized shares is not also reduced proportionately. Generally, the Adviser will vote proxies for non-U.S. issuers in favor of proposals to authorize issuance of shares with and without pre-emptive rights unless the size of the authorities would threaten to unreasonably dilute existing shareholders.

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 aligned with the client's long-term investment objectives. With respect to Say On Pay proposals, the Adviser will generally vote in favor unless the compensation 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. The Adviser supports 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.

In some markets, especially Europe, shareholders are provided a vote on the remuneration policy, which sets out the structural elements of a company's executive remuneration 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, total compensation appears excessive relative to the company's industry peer group, with local market dynamics also taken into account; 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.

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.

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.

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 study the proposed business strategies of both groups and vote in a way that maximizes expected total return for the Fund.

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 of time), 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.

**22**

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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 raises 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. However, 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.

The Adviser will take into account 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. In certain circumstances, primarily those where the Adviser's voting policy is absolute and without exception, issuer feedback will not be part of the voting decision. For example, it is the Adviser's policy to always support a shareholder proposal to separate the roles of chairman of the board and CEO. Thus, any comments from the issuer opposing this proposal would not be considered.

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

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 Operations Team (PVOT) and overseen by the PVMG. Besides voting the proxies, this work includes engaging with investee companies on corporate governance matters, managing the proxy advisory firm, soliciting voting recommendations from the Adviser's investment professionals, bringing voting recommendations to the Proxy Committee for approval, filing with regulatory agencies any required proxy voting reports, 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 issues related to corporate governance and proxy voting.

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 sometimes call for an investment professional to review the ballot question and provide a voting recommendation to the Proxy Committee (a "case-by-case vote"). 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 in order to cast proxy votes in a manner that the Proxy Committee believes is in accordance with the General Policy. The proxy advisory firm may vote any proxy as directed in the Standard Voting Instructions without further direction from the Proxy Committee. However, if the Standard Voting Instructions require case-by-case handling for a proposal, the PVOT 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 PVOT to analyze a ballot question and make the final voting decision, the PVOT 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."

**23**

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The Adviser has implemented the following procedures in order 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 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, so 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 Advisers' Conflicts of Interest** 

Proxy advisory firms may have significant business relationships with the subjects of their research and voting recommendations. For example, a proxy advisory firm board member also sits on the board of a public company for which the proxy advisory firm will write a research report. This and similar situations give rise to an actual or apparent conflict of interest.

In order to avoid concerns that the conflicting interests of the engaged proxy advisory firm have influenced 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 the proxy advisory firm on an annual basis and determine through a review of their policies and procedures and through inquiry that the proxy advisory firm has established a system of internal controls that provide reasonable assurance that their voting recommendations are not influenced by the business relationships they have with the subjects of their research.

◾ Whenever the standard voting guidelines call for voting a proposal in accordance with the proxy advisory firm recommendation and the proxy advisory firm has disclosed that they have a conflict of interest with respect to that issuer, the PVOT will take the following steps: (a) the PVOT will obtain a copy of the research report and recommendations published by another proxy advisory firm for that issuer; (b) the Director of Proxy Voting, or his designee, will review both the engaged proxy advisory firm research report and the research report of the other proxy advisory firm and determine what vote will be cast. The PVOT will report all proxies voted in this manner to the Proxy Committee on a quarterly basis. Alternatively, the PVOT 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 FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

**24**

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**Portfolio Holdings Information** 

Information concerning the Fund's portfolio holdings is available via the link to the Fund and share class name at FederatedInvestors.com/FundInformation. Such information is posted on the website five business days after both mid-month and month-end then remains posted on the website 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 until replaced by the information for the succeeding month. The summary portfolio composition information may include identification of the Fund's top 10 credit/obligor exposures, weighted average maturity, weighted average life and percentage breakdowns of the portfolio by effective maturity range and type of security. The Fund's WAM and WAL, Shadow NAV (market-based value of the Fund's portfolio), Weekly Liquid Assets and Daily Flows are posted every business day and remain posted on the website for six months thereafter.

You may also access portfolio information via the link to the Fund and share class name at FederatedInvestors.com. The Fund's Annual Shareholder Report and Semi-Annual Shareholder Report contain complete listings of the Fund's portfolio holdings as of the end of the Fund's second and fourth fiscal quarters. These reports are also available on the SEC's website at sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

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.

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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.

**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 October 31** | **2022** | **2021** | **2020** |
| Advisory Fee Earned | $2115761 | $2849071 | $3725918 |
| Advisory Fee Waived | $1377664 | $2700055 | $1907211 |
| Net Administrative Fee | $553501 | $743589 | $972976 |
| **Net 12b-1 Fee:** |  |  |  |
| Cash II Shares | $117508 | $— | $226655 |
| Cash Series Shares | $83765 | $— | $74020 |
| **Net Shareholder Services Fee:** |  |  |  |
| Service Shares | $159339 | $— | $214860 |
| Cash II Shares | $148093 | $— | $296489 |
| Capital Shares | $29729 | $— | $70834 |
| Cash Series Shares | $26929 | $— | $25790 |

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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 Fund does not participate in a securities lending program and did not engage in any securities lending activities during the Fund's most recent fiscal year.

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[Financial Information](https://www.sec.gov/Archives/edgar/data/856517/000162363222001581/0001623632-22-001581-index.htm)

The Financial Statements for the Fund for the fiscal year ended October 31, 2022, are incorporated herein by reference to the Annual Report to Shareholders of Federated Hermes California Municipal Cash Trust dated October 31, 2022.

Investment Ratings

**STANDARD & POOR'S (S&P) RATINGS** 

**S&P MUNICIPAL SHORT-TERM Note RATINGS** 

An S&P note rating reflects the liquidity factors and market access risks unique to notes.

**SP-1**—Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2**—Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3**—Speculative capacity to pay principal and interest.

**S&P DUAL RATINGS** 

S&P may assign dual ratings to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, 'AAA/A-1+' or 'A-1+/A-1'). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, 'SP-1+/A-1+'). The definitions for the long-term and the short-term ratings are provided below.

**S&P SHORT-TERM ISSUE CREDIT RATINGS** 

**A-1**—A short-term obligation rated "A-1" is rated the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2**—A short-term obligation rated "A-2" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3**—A short-term obligation rated "A-3" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely weaken an obligor's capacity to meet its financial commitments on the obligation.

**S&P LONG-TERM ISSUE CREDIT RATINGS\*** 

**\* Ratings from 'AA' to 'A' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.** 

**AAA**—An obligation rated "AAA" has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA**—An obligation rated "AA" differs from the highest rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A**—An obligation rated "A" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB**—An obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**MOODY'S INVESTORS SERVICE, INC. (MOODY'S) RATINGS** 

**Moody's SHORT-TERM MUNICIPAL OBLIGATION RATINGS** 

Moody's short-term ratings are designated Moody's Investment Grade (MIG or VMIG). (See below.) The purpose of the MIG or VMIG ratings is to provide investors with a simple system by which the relative investment qualities of short-term obligations may be evaluated.

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The Municipal Investment Grade (MIG) scale is used to rate US municipal bond anticipation notes of up to five years maturity. Municipal notes rated on the MIG scale may be secured by either pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity of the obligation, and the issuer's long-term rating is only one consideration in assigning the MIG rating.

**MIG 1**—This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support or demonstrated broad based access to the market for refinancing.

**MIG 2**—This designation denotes strong credit quality. Margins of protection are ample although not as large as in the preceding group.

**MIG 3**—This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

**MOODY'S VARIABLE RATE DEMAND NOTES (VRDNs) AND TENDER OPTION BONDS (TOBs) RATINGS** 

Short-term ratings on issues with demand features are differentiated by the use of the VMIG symbol to reflect such characteristics as payment upon periodic demand rather than fixed maturity dates and payment relying on external liquidity. In this case, two ratings are usually assigned, (for example, Aaa/VMIG-1); the first representing an evaluation of risk associated with scheduled principal and interest payments, and the second representing an evaluation of risk associated with the ability to receive purchase price upon demand ("demand feature"). The VMIG rating can be assigned a 1 or 2 designation using the same definitions described above for the MIG rating.

**VMIG 1**—This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

**VMIG 2**—This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

**VMIG 3**—This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

**MOODY'S COMMERCIAL PAPER (CP) RATINGS** 

**P-1**—Issuers (or supporting institutions) rated P-1 have a superior ability to repay short-term debt obligations.

**P-2**—Issuers (or supporting institutions) rated P-2 have a strong ability to repay short-term debt obligations.

**P-3**—Issuers (or supporting institutions) rated P-3 have an acceptable ability to repay short-term obligations.

**MOODY'S LONG-TERM DEBT RATINGS** 

**Aaa**—Obligations rated "Aaa" are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa**—Obligations rated "Aa" are judged to be of high quality and are subject to very low credit risk.

**A**—Obligations rated "A" are judged to be upper-medium grade and are subject to low credit risk.

**Baa**—Obligations rated "Baa" are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**FITCH RATINGS, INC. (FITCH)** 

**FITCH SHORT-TERM DEBT RATINGS** 

**F1**—Indicates the strongest capacity for timely payment of financial commitments relative to other issuers or obligations in the same country. Under the agency's National Rating scale, this rating is assigned to the lowest default risk relative to others in the same country or monetary union. Where the liquidity profile is particularly strong, a "+" is added to the assigned rating.

**F2**—Indicates a good capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union. However, the margin of safety is not as great as in the case of the higher ratings.

**F3**—Indicates an adequate capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

**FITCH LONG-TERM DEBT RATINGS** 

**AAA**—**Highest credit quality.** "AAA" ratings denote the lowest expectation of default risk. They are assigned only in case of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

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**AA**—**Very high credit quality.** "AA" ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A**—**High credit quality.** "A" ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB**—**Good credit quality.** "BBB" ratings indicate that expectations of a default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

**DBRS, INC. (DBRS**<sup>®</sup>**) RATINGS** 

**DBRS SHORT-TERM DEBT AND COMMERCIAL PAPER RATINGS** 

The DBRS short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner.

**R-1 (high)**—Highest credit quality. The capacity for the payment of short-term financial obligations as they fall due is exceptionally high. Unlikely to be adversely affected by future events.

**R-1 (middle)**—Superior credit quality. The capacity for payments of short-term financial obligations as they fall due is very high. Differs from R-1 (high) by a relatively modest degree. Unlikely to be significantly vulnerable to future events.

**R-1 (low)**—Good credit quality. The capacity for the payment of short-term financial obligations as they fall due is substantial. Overall strength is not as favorable as higher rating categories. May be vulnerable to future events, but qualifying negative factors are considered manageable.

**R-2 (high)**—Upper end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events.

**R-2 (middle)**—Adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be exposed to other factors that could reduce credit quality.

**R-2 (low)**—Lower end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. A number of challenges are present that could affect the issuer's ability to meet such obligations.

**R-3**—Lowest end of adequate credit quality. There is a capacity for the payment of short-term financial obligations as they fall due. May be vulnerable to future events and the certainty of meeting such obligations could be impacted by a variety of developments.

**DBRS LONG-TERM DEBT RATINGS** 

The DBRS long-term rating scale provides an opinion on the risk of default. That is, the risk that an issuer will fail to satisfy its financial obligations in accordance with the terms under which an obligations has been issued.

**AAA**—Highest quality credit. The capacity for the payment of financial obligations is exceptionally high and unlikely to be adversely affected by future events.

**AA**—Superior credit quality. The capacity for the payment of financial obligations is considered high. Credit quality differs from AAA only to a small degree. Unlikely to be significantly vulnerable to future events.

**A**—Good credit quality. The capacity for the payment of financial obligations is substantial, but of lesser credit quality than AA. May be vulnerable to future events, but qualifying negative factors are considered manageable.

**BBB**—Adequate credit quality. The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events.

**High or low** grades are used to indicate the relative standing of a credit within a particular rating category. The absence of one of these designations indicates the rating is in the middle of the category. Note that "high" and "low" grades are not used for the AAA category.

**NOT RATED** 

Certain nationally recognized statistical rating organizations (NRSROs) such as S&P and Moody's may designate certain issues as NR, meaning that the issue or obligation is not rated.

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Addresses

**Federated Hermes California Municipal Cash Trust** 

**Wealth Shares**

**Service Shares**

**Cash II Shares**

**Cash Series Shares**

**Capital 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

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Appendix A

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

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

Ernst & Young LLP

**LEGAL COUNSEL** 

Goodwin Procter LLP

K&L Gates LLP

**Financial Printer(S)** 

Donnelley Financial Solutions

**Proxy Voting Administrator** 

Glass Lewis & Co., LLC

**SECURITY PRICING SERVICES** 

Bloomberg L.P.

IHS Markit (Markit North America)

ICE Data Pricing & Reference Data, LLC

JPMorgan PricingDirect

Refinitiv US Holdings Inc.

**RATINGS AGENCIES** 

Fitch, Inc.

Moody's Investors Service, Inc.

Standard & Poor's Financial Services LLC

**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 Merrill Lynch

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

Sustainalytics U.S. Inc.

Wolters Kluwer N.V.

**31**

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Appendix B - California State Risk

**STATE SPECIFIC INFORMATION** 

***Risks of Concentration.*** The following information as to certain state specific considerations is given to investors in view of the Fund's policy of concentrating its investments in particular state issuers. Such information supplements the information in the prospectus. It is derived from sources that are generally available to investors and is believed to be accurate. Such information constitutes only a brief summary, does not purport to be a complete description and is based on information from official statements relating to securities offerings of issuers of each particular state. The Trust has not independently verified this information.

The following describes economic conditions which may not continue and could change materially. There can be no assurance that particular bond issues may not be adversely affected by changes in economic, political or other conditions.

**CALIFORNIA** 

*Information as of February 1, 2023* 

**Special Considerations Relating to California** 

**Population and Economy of the State** 

The State of California (the "State" or "California") remained the most populous state in the nation although growth slowed over the last decade, according to the 2020 U.S. Census data. The State's population in 2020 was 39.5 million, a 6.1 percent increase since 2010 but slower than its 10 percent gain in the previous decade. According to population estimates and housing data released in May 2022, California's population decreased to 39.2 million people as of January 1, 2022.

California's economy, the largest among the 50 states and one of the largest and most diverse in the world, has major components in high technology, trade, entertainment, agriculture, manufacturing, government, tourism, construction and services. The relative proportion of the various components of the California economy closely resembles the make-up of the national economy.

Similar to the nation, California's unemployment rate rose 0.2 percentage points to 4 percent in October 2022. As of October 2022, California had fully recovered all of the nearly 2.8 million nonfarm jobs lost in March and April 2020 at the peak of the COVID-19 Pandemic and was 30,800 jobs (0.2 percent) above its February 2020 level.

Year-to-date through September 2022, California permitted 122,000 units on a seasonally-adjusted annualized rate (SAAR), down 2.3 percent from a year ago in September 2021. September permits consisted of 65,000 single-family units (down 3.6 percent year over year) and 57,000 multi-family units (up 9.9 percent year over year). The statewide median price of existing single-family homes increased to $821,680 in September 2022, up 1.6 percent from September 2021. Sales of existing single-family homes in California decreased to 305,680 units (SAAR) in September 2022, down 30.2 percent from September 2021.

The primary units of local government in California are the 58 counties, which range in population from approximately 1,200 in Alpine County to over 9.9 million in Los Angeles County. Counties are responsible for the provision of many basic services, including indigent health care, welfare, jails and public safety in unincorporated areas. There are also 482 incorporated cities in California and thousands of special districts formed for education, utilities and other services. The State receives revenues from taxes, fees and other sources, the most significant of which are from personal income tax, sales and use tax, and corporation tax. Local governments are impacted by the State's collection and disbursement of revenue on a variety of programs and services, while other programs and services are primarily the responsibility of the local government. The State and local governments are also subject to certain constitutional and legislative limitations on their ability to impose new taxes. The creditworthiness of obligations issued by local California issuers may be unrelated to the creditworthiness of obligations issued by the State, and there is no obligation on the part of the State to make payment on such local obligations in the event of default.

**Fiscal Year 2022-23 State Budget** 

The 2022-23 Budget (the "Budget") was enacted on June 27, 2022. General Fund revenues for fiscal year 2022-23 are projected at $219.7 billion, which is a 3 percent decline from the 2021-22 level. General Fund expenditures for fiscal year 2022-23 are projected at $234.4 billion, an increase over the revised 2021-22 General Fund budget of $196.4 billion.

**32**

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The Budget also includes major General Fund expenditures for K-12 education, higher education, health and human services, and corrections and rehabilitation. For K-12 education programs, the Budget includes total funding of $128.6 billion ($78.6 billion General Fund and $50 billion other funds) for fiscal year 2022-23. For higher education, the Budget includes total funding of $41.6 billion ($28.6 billion General Fund and local property tax and $13 billion other funds) for fiscal year 2022-23. For health and human services, the Budget includes funding of $231.3 billion ($68 billion General Fund and $163.2 billion other funds) for fiscal year 2022-23. For corrections and rehabilitation, the Budget includes funding of $14 billion ($13.4 billion General Fund and $603.2 million other funds) for fiscal year 2022-23.

**Ratings** 

As of February 1, 2023, the following ratings for California general obligation bonds have been received from Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings ("S&P") and Fitch Ratings, Inc. ("Fitch"):

---

| | | |
|:---|:---|:---|
| **Fitch** | **Moody's** | **S&P** |
| AA | Aa2 | AA- |

---

These ratings apply to the State only and are not indicative of the ratings assigned to local governments, such as counties, cities, school districts and other local agencies.

Any explanation of the significance of such ratings may be obtained only from the rating agency furnishing such ratings. There is no assurance that such ratings will continue for any given period of time or that they will not be revised downward or withdrawn entirely if, in the judgment of the particular rating agency, circumstances so warrant.

**State of California Finances** 

The moneys of the State are segregated into the General Fund and over 1,000 other funds, including special, bond and other funds. The General Fund is the depository of most of the major revenue sources of California and is not required by law to be credited to any fund. The General Fund consists of revenues received by the State Treasury; earnings from the investment of State moneys are not allocable to another Fund. The State's major revenue sources are from personal income tax, sales and use tax, and corporation tax.

**Retirement Liabilities** 

The State participates in two principal retirement systems, the California Public Employees' Retirement System ("CalPERS") and the California State Teachers' Retirement System ("CalSTRS"). In each case, the State makes annual contributions from the General Fund, and additional contributions are made by other employers which are part of the systems, and by employees. The State's annual contribution to CalPERS is determined by the CalPERS Board of Administration, and depends upon a variety of factors, including future investment performance, actuarial assumptions, and additional potential changes in retirement benefits. The State's annual contribution to CalSTRS is set by statute, and the CalSTRS Board has limited authority to adjust the State's contribution. The State has always made its mandatory contributions. For fiscal year 2022-23, the State's contribution to CalPERS is $8.2 billion, and its contribution to CalSTRS is $3.7 billion. Both systems currently have unfunded liabilities in the tens of billions of dollars, and both systems have taken steps in recent years to address these gaps (such as by lowering the estimated investment return on system assets), which will result in increased State contributions in future years.

**Constitutional and Statutory Limitations on Taxes and Appropriations; Constraints on the State Budget Process; Future Initiatives** 

California's fiscal year begins on July 1st and ends on June 30th of the following year. Under the California Constitution, money may be drawn from the Treasury only through an appropriation made by law. The primary source of the annual expenditure is the annual Budget Act as approved by the State Legislature and signed by the Governor. The annual budget is proposed by the Governor by January 10 of each year for the next fiscal year (the "Governor's Budget"). Under State law and the State Constitution, the annual proposed Governor's Budget cannot provide for projected expenditures in excess of projected resources for the ensuing fiscal year. Following the submission of the Governor's Budget, the State Legislature takes up the proposal.

As required by the Balanced Budget Amendment ("Proposition 58") adopted by the voters in 2004, beginning with fiscal year 2004-05, the State Legislature may not pass a budget bill in which General Fund expenditures exceed estimated General Fund revenues and beginning fund balances at the time of the passage and as set forth in the budget bill. Proposition 58 also provides for mid-year adjustments in the event that the budget falls out of balance, and the Governor calls a special legislative session to address the shortfall. Proposition 58 prohibits the use of general obligation bonds, revenue bonds and certain other forms of borrowing to cover fiscal year-end budget deficits. The restriction does not apply to certain other types of borrowing, such as: (i) short-term borrowing to cover cash shortfalls in the General Fund (including revenue anticipation notes or revenue anticipation warrants), or (ii) inter-fund borrowings.

**33**

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**Litigation** 

The State is a party to numerous legal proceedings, many of which normally occur in governmental operations. The State is involved in certain other legal proceedings that, if decided against the State, might require the State to make significant future expenditures or substantially impair future revenue sources. Because of the prospective nature of these proceedings, it is not possible to predict their outcome or estimate the potential impact on the ability of the State to pay debt service costs on its obligations.

**Additional Information** 

The information herein has not been independently verified and constitutes only a brief summary of some of the general factors that may impact certain issuers of municipal bonds and does not purport to be a complete or exhaustive description of all adverse conditions to which the issuers of municipal bonds held by the Fund are subject. Information regarding the State's financial condition is included in various public documents issued by the State, such as the official statements prepared in connection with the issuance of general obligation bonds of California.

**34**

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**Prospectus** 

***February 28, 2023***

![](img669cc9231.gif)

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

---

| | |
|:---|:---|
| **Share Class** \| Ticker | **Wealth** \| CAIXX |

---

------

Federated Hermes California Municipal Cash Trust

------

A Portfolio of Federated Hermes Money Market Obligations Trust

A money market mutual fund seeking to provide current income exempt from federal regular income tax and the personal income taxes imposed by the State of California consistent with stability of principal by investing in a portfolio of high-quality California tax-exempt securities maturing in 397 days or less.

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.

*The Fund is a Retail Money Market Fund and is only available for investment to accounts beneficially owned by natural persons.*

------

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

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Fund Summary Information](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_1) | [1](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_1) |
| [What are the Fund's Investment Strategies?](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_5) | [5](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_5) |
| [What are the Fund's Principal Investments?](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_6) | [6](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_6) |
| [What are the Specific Risks of Investing in the Fund?](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_8) | [8](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_8) |
| [What Do Shares Cost?](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_11) | [11](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_11) |
| [How is the Fund Sold?](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_12) | [12](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_12) |
| [Payments to Financial Intermediaries](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_12) | [12](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_12) |
| [How to Purchase Shares](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_13) | [13](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_13) |
| [How to Redeem and Exchange Shares](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_15) | [15](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_15) |
| [Security and Privacy Protection](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_20) | [20](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_20) |
| [Account and Share Information](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_20) | [20](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_20) |
| [Who Manages the Fund?](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_22) | [22](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_22) |
| [Financial Information](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_23) | [23](#xx_fe4c6801-01a4-454b-ac2f-931da0221e8f_23) |
| [Appendix A: Hypothetical Investment and Expense Information](#xx_73344822-c886-4274-8aed-6703aed75187_1) | [25](#xx_73344822-c886-4274-8aed-6703aed75187_1) |

---

------

Fund Summary Information

**Federated Hermes California Municipal Cash Trust (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income exempt from federal regular income tax and the personal income taxes imposed by the State of California consistent with stability of principal.

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

This table describes the fees and expenses that you may pay if you buy, hold and sell Wealth Shares (WS) 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)** 

---

| | |
|:---|:---|
|  | **WS** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) | None |
| Redemption Fee (as a percentage of amount redeemed, if applicable) | None |
| Exchange Fee | None |

---

&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)** 

---

| | |
|:---|:---|
|  | **WS** |
| Management Fee | 0.30% |
| Distribution (12b-1) Fee |  |
| Other Expenses | 0.13%<sup>1</sup> <br>|
| Total Annual Fund Operating Expenses | 0.43% |
| Fee Waivers and/or Expense Reimbursements<sup>2</sup> | (0.15)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.28% |

---

The Fund may incur and pay shareholder services/account administration fees on its WS class of up to a maximum amount of 0.25%. No such fees are currently incurred and paid by the WS class of the Fund. The WS class of the Fund will not incur and pay such fees until such time as approved by the Fund's Board of Trustees (the "Trustees").

The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding acquired fund fees and expenses, extraordinary expenses, interest expense and proxy-related expenses paid by the Fund, if any) paid by the Fund's WS class (after the voluntary waivers and/or reimbursements) will not exceed 0.28% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) March 1, 2024; 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:

---

| | |
|:---|:---|
| 1 Year | $44 |
| 3 Years | $138 |
| 5 Years | $241 |
| 10 Years | $542 |

---

**1**

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

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

The Fund invests primarily in a portfolio of high-quality California tax-exempt securities maturing in 397 days or less. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax and California state income tax. Interest from the Fund's investments may be subject to the federal alternative minimum tax for individuals (AMT). However, the Fund will normally invest its assets so that distributions are exempt from AMT.

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by Federated Investment Management Company (the "Adviser") to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds and tax-exempt commercial paper; and (b) interests in securities of other investment companies.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940, as amended ("Rule 2a-7"). In response to unusual circumstances, such as adverse market, economic or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate tax-exempt securities), to maintain liquidity to meet shareholder redemptions, or to accommodate cash inflows, the Adviser may leave a portion of the Fund's assets uninvested, or may invest in securities subject to state and/or federal income tax. The Fund's investment adviser may invest in securities subject to the AMT in an attempt to seek appropriate risk adjusted returns and provide diversification.

Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and California state income tax or so that 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and California state income tax.

This policy may not be changed without shareholder approval.

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

Pursuant to Rule 2a-7 the Fund is designated as a "retail" money market fund and is permitted to use amortized cost to value its portfolio securities and to transact at a stable $1.00 net asset value. As a retail money market fund, the Fund has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons. In addition, the Fund has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board determines that such liquidity fees or redemption gates are in the best interest of the Fund.

All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:

◾ **Tax-Exempt Securities Risk.** The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities.

◾ **Issuer Credit Risk.** It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may 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 strategies.

◾ **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. Economic, political and financial conditions, 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, cause the Fund to experience volatility, illiquidity, shareholder redemptions or other potentially adverse effects.

◾ **Interest Rate Risk.** Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. 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. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

**2**

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◾ **Call Risk.** The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.

◾ **Sector Risk.** A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics or by issuers located in the same state. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities.

◾ **Tax Risk.** In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax or AMT. Consult your tax professional for more information.

◾ **Liquidity Risk.** Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.

◾ **Credit Enhancement Risk.** The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit.

◾ **Risk Associated with Investing Share Purchase Proceeds.** On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

◾ **Risk Associated with use of Amortized Cost.** In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.

◾ **Additional Factors Affecting Yield.** There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. Periods of very low or negative interest rates impact, in a negative way, the Fund's ability to maintain a positive return, or yield, or pay dividends to Fund shareholders.

◾ **California Risk.** Because the Fund will invest a significant portion of its assets in securities of California issuers, an investment in the Fund may involve additional risks compared to a fully diversified money market fund that invests in multiple states, and the Fund's performance also may be negatively impacted by other local, state or regional factors. For example, natural disasters may affect the creditworthiness of municipal issuers or otherwise disrupt the local, state or regional economy or certain sectors of the economy. California's credit strength is based on its large and diverse economy, manageable debt burden and strong demographics. However, California's budget and fiscal operations face certain structural impediments and rely on revenue sources which have been historically sensitive to the economic environment. California's diverse economy is the largest in the United States and one of the largest in the world with major components including high technology, trade, entertainment, manufacturing, tourism, construction, agriculture and services. Any downturn in these sectors or related industries may adversely affect the economy of the state.

◾ **Fees & Gates Risk.** The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such a fee is not in the best interests of the Fund.

**3**

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◾ **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.

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**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 WS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns *averaged* over the stated periods. *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 FederatedInvestors.com or by calling 1-800-341-7400.

![](cmctprog0030001ws_16.jpg)

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

*Within the periods shown in the bar chart, the Fund's WS class highest quarterly return was 0.55% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended September 30, 2021).*

**Average Annual Total Return Table**

The following table represents the Fund's WS class Average Annual Total Returns for the calendar period ended December 31, 2022.

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| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **WS:** | 0.98% | 0.75% | 0.50% |

---

*The Fund's WS class 7-Day Net Yield as of December 31, 2022, was 3.07%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT** 

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

**Purchase and Sale of Fund Shares** 

The minimum initial investment amount for the Fund's WS class is generally $25,000 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.

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a 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.

**4**

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The Fund operates as a retail money market fund. Accordingly, only accounts beneficially owned by natural persons ("Eligible Accounts") may be invested in the Fund. Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's Board.

Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption.

**TAX INFORMATION** 

It is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund's dividends may not be tax exempt. Dividends may be subject to state and local taxes (except for California taxes, to the extent derived from California tax-exempt investments and eligible for tax-exempt treatment under California law). Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. Any Fund distributions of capital gains are taxable at applicable capital gains rates. The Fund is generally not a suitable investment for retirement accounts. The Fund normally invests its assets so that distributions are exempt from AMT, but in certain circumstances income from the Fund may be subject to AMT.

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

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.

What are the Fund's Investment Strategies?

The Fund's investment objective is to provide current income exempt from federal regular income tax and the personal income taxes imposed by the State of California consistent with stability of principal. 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 invests primarily in a portfolio of high-quality California tax-exempt securities maturing in 397 days or less. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax and California state income tax. Interest from the Fund's investments may be subject to the federal alternative minimum tax for individuals (AMT). However, the Fund will normally invest its assets so that distributions are exempt from AMT.

Federated Investment Management Company (the "Adviser") actively manages the Fund's portfolio, seeking to limit the credit risk taken by the Fund and to select investments, including securities subject to the AMT with appropriate risk-adjusted returns. The Adviser also may invest in securities subject to the AMT in an attempt to provide diversification.

In response to unusual circumstances, such as adverse market, economic or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate tax-exempt securities), to maintain liquidity to meet shareholder redemptions, or to accommodate cash inflows, the Adviser may leave a portion of the Fund's assets uninvested, or may invest in securities subject to state and/or federal income tax.

The Fund seeks to invest in securities that present minimal credit risk, based on the Adviser's assessment of the issuer's credit quality, including the issuer's or guarantor's capacity to meet its financial obligations, among other factors.

The Adviser targets a dollar-weighted average portfolio maturity (WAM) range based upon its interest rate outlook and the tax-exempt securities available. The Adviser formulates its interest rate outlook by analyzing a variety of factors such as (among others): current and expected U.S. economic growth; current and expected interest rates and inflation; and the Federal Reserve's monetary policy. The Adviser structures the portfolio by investing in variable rate demand instruments and municipal notes, as well as other permissible investments as described in this Prospectus and in the Fund's Statement of Additional Information (SAI). The Adviser generally shortens the portfolio's maturity when it expects interest rates to rise and extends the maturity when it expects interest rates to fall. This strategy seeks to enhance the returns from favorable interest rate changes and reduce the effect of unfavorable changes.

The Fund will: (1) maintain a WAM of 60 days or less; and (2) maintain a weighted average life (WAL) of 120 days or less. Certain of the securities in which the Fund invests may pay interest at a rate that is periodically adjusted ("Adjustable Rate Securities"). For purposes of calculating WAM, the maturity of an Adjustable Rate Security generally will be the period remaining until its next interest rate adjustment. For purposes of calculating WAL, the maturity of an Adjustable Rate Security will be its stated final maturity, without regard to interest rate adjustments; accordingly, the 120-day WAL limitation could serve to limit the Fund's ability to invest in Adjustable Rate Securities.

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Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and California state income tax or so that 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and California state income tax.

This policy may not be changed without shareholder approval.

**Temporary Investments** 

The Fund may temporarily depart from its principal investment strategies by investing its assets in taxable securities or holding cash. It may do this in response to unusual circumstances, such as: adverse market, economic or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate tax-exempt securities); to maintain liquidity to meet shareholder redemptions; or to accommodate cash inflows. It is possible that such temporary investments could affect the Fund's investment returns. If the Fund invests in taxable securities, it may receive and distribute taxable income to investors and to that extent fail to meet its investment objectives.

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.

**TAX-EXEMPT SECURITIES** 

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Adviser to be reliable, pay interest that is not subject to federal regular income taxes. Fixed-income securities pay interest, dividends or distributions at a specified rate. The rate may be a fixed percentage of the principal or adjusted periodically. In addition, the issuer of a fixed-income security must repay the principal amount of the security, normally within a specified time. Typically, states, counties, cities and other political subdivisions and authorities issue tax-exempt securities. The market categorizes tax-exempt securities by their source of repayment. Certain of these tax-exempt securities may be subject to credit enhancement. The following describes the principal types of tax-exempt securities in which the Fund may invest.

**Variable Rate Demand Instruments (A Type of Tax-Exempt Security)** 

Variable rate demand instruments are tax-exempt securities that require the issuer or a third party, such as a dealer or bank (the "Demand Provider"), to repurchase the security for its face value upon demand. The securities also pay interest at a variable rate intended to cause the securities to trade at their face value. Some variable rate demand instruments are "conditional," so that the occurrence of certain conditions discharges the Demand Provider's obligation to repurchase the security. Other variable rate demand instruments are "unconditional," so that there are no conditions under which the Demand Provider's obligation to repurchase the security can terminate. The Fund treats variable rate demand instruments as short-term securities even though their maturity may extend beyond 397 days because, within 397 days, their variable interest rate adjusts in response to changes in market rates and the repayment of their principal amount can be demanded. Certain variable rate demand instruments that may be invested in by the Fund, referred to as "synthetic" variable rate demand instruments, have certain features, such as call features, that make it possible that the Fund will realize capital gains.

**Municipal Notes (A Type of Tax-Exempt Security)** 

Municipal notes are short-term, tax-exempt securities. Many municipalities issue such notes to fund their current operations before collecting taxes or other municipal revenues. Municipalities may also issue notes to fund capital projects prior to issuing long-term bonds. The issuers typically repay the notes at the end of their fiscal year, either with taxes, other revenues or proceeds from newly issued notes or bonds.

**General Obligation Bonds (A Type of Tax-Exempt Security)** 

General obligation bonds are supported by the issuer's power to exact property or other taxes. The issuer must impose and collect taxes sufficient to pay principal and interest on the bonds. However, the issuer's authority to impose additional taxes may be limited by its charter or state law.

**Special Revenue Bonds (A Type of Tax-Exempt Security)** 

Special revenue bonds are payable solely from specific revenues received by the issuer such as specific taxes, assessments, tolls or fees. Bondholders may not collect from the municipality's general taxes or revenues. For example, a municipality may issue bonds to build a toll road, and pledge the tolls to repay the bonds. Therefore, a shortfall in the tolls normally would result in a default on the bonds, or in certain cases, may result in a reduction in payments received in respect of the bonds.

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**Private Activity Bonds (A Type of Special Revenue Bond)** 

Private activity bonds are special revenue bonds used to finance private projects. A certain percentage of the proceeds from a private activity bond is used for a private business use or a certain percentage of the debt service regarding a private activity bond is paid directly or indirectly from a private business use. A private business use is a trade or business carried on by any person or entity other than a governmental unit. Private activity bonds are secured primarily by revenues derived from loan repayments or lease payments due from the private entity, which may or may not be guaranteed by a parent company or otherwise secured. Private activity bonds generally are not secured by a pledge of the taxing power of the issuer of such bonds. For example, a municipality may issue bonds to finance a new factory to improve its local economy. The municipality would lend the proceeds from its bonds to the company using the factory, and the company would agree to make loan payments sufficient to cover interest and principal payments on the bonds. The bonds would be payable from the company's loan payments, and generally not from any other revenues of the municipality. Therefore, any default of the loan normally would result in a default on the bonds.

Types of private activity bonds include, for example: bonds issued to obtain funds to provide water, sewage and solid waste facilities, qualified residential rental projects, certain local electric, gas and other heating and cooling facilities, qualified hazardous waste facilities, high-speed intercity rail facilities, certain airports, docks, wharves and mass transportation facilities and qualified mortgages; qualified student loan bonds; qualified redevelopment bonds; and bonds used for certain organizations exempt from federal income taxation (qualified 501(c)(3) bonds).

The interest on many types of private activity bonds is subject to the AMT. The Fund may invest in bonds the interest on which is subject to AMT.

**Tax-Exempt Commercial Paper (A Type of Tax-Exempt Security)** 

Tax-exempt commercial paper is an obligation issued by a tax-exempt issuer with a maturity of generally less than nine months. Tax-exempt issuers may issue commercial paper to pay for current expenditures or other permissible activities. Tax-exempt issuers may constantly reissue their commercial paper and use the proceeds (or other sources) to repay maturing paper. If the tax-exempt issuer cannot continue to obtain liquidity in this fashion, and if there is not another available source of liquidity, its commercial paper may default or there may be a reduction in payments received in repayment of the tax-exempt commercial paper.

**Credit Enhancement** 

The Fund may invest in tax-exempt securities with credit enhancement. Credit enhancement consists of an arrangement in which a company agrees to pay amounts due on a fixed-income security if the issuer defaults. In some cases, the company providing credit enhancement makes all payments directly to the security holders and receives reimbursement from the issuer. Normally, the credit enhancer has greater financial resources and liquidity than the issuer. For this reason, the Adviser may evaluate the credit risk of a fixed-income security based solely upon its credit enhancement.

Common types of credit enhancement include guarantees, letters of credit, bond insurance and surety bonds. Credit enhancement also includes arrangements where securities or other liquid assets secure payment of a fixed-income security. If a default occurs, these assets may be sold and the proceeds paid to the security's holders. Either form of credit enhancement reduces credit risks by providing another source of payment for a fixed-income security. The Adviser evaluates credit enhancements based on its own credit assessment standards and analysis.

**Investing in Securities of Other Investment Companies** 

The Fund may invest its assets in shares of other investment companies as an efficient means of implementing its investment strategies, managing its uninvested cash and/or other investment reasons consistent with the Fund's investment objective and investment strategies. These investments may include shares of an affiliated fund, including a money market fund or preferred shares of a closed-end fund that are eligible for purchase by money market funds (generally, because such preferred shares are structured as unconditional demand instruments with a third-party Demand Provider). Other investment companies are managed independently of the Fund and incur additional fees and/or expenses which would, therefore, be borne indirectly by the Fund in connection with any such investment. These investments also can create conflicts of interests for the Adviser to the Fund and the investment adviser to the acquired fund. For example, a conflict of interest can arise due to the possibility that the Adviser to the Fund could make a decision to redeem the Fund's investment in the acquired fund. In the case of an investment in an affiliated fund, a conflict of interest can arise if, because of the Fund's investment in the acquired fund, the acquired fund is able to garner more assets, thereby growing the acquired fund and increasing the management fees received by the investment adviser to the acquired fund, which would either be the Adviser or an affiliate of the Adviser. However, the Adviser believes that the benefits and efficiencies of making investments in other investment companies should outweigh the potential additional fees and/or expenses and resulting conflicts of interest. The Fund may invest in money market securities directly.

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**OTHER INVESTMENTS, TRANSACTIONS, TECHNIQUES**

**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. The Adviser may also consider information derived from active engagements conducted by its in-house stewardship team with certain issuers or guarantors on environmental, social and governance topics. 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.

**Minimal credit risk** 

Under Rule 2a-7, money market funds, such as the Fund, may generally invest in "Eligible Securities" which include securities issued by another money market fund, government securities or securities that have a remaining maturity of no more than 397 calendar days and are determined by the fund's board or its delegate to present minimal credit risk based on an assessment of the issuer's credit quality, including the capacity of the issuer or guarantor to meet its financial obligations. The Fund's Board has adopted procedures by which the Adviser will conduct this initial and ongoing assessment, as required.

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. These are the primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund or reduce the Fund's daily dividends. 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.

**TAX-EXEMPT SECURITIES RISK** 

The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities. Legal, economic, political or other developments may raise impairments (such as, for example, limitations under applicable law on the issuer's authority to raise taxes, prolonged budgetary processes, declining real estate values or declining tax revenues) to such issuer's budgetary flexibility, liquidity and ability to satisfy its obligations. Like other issuers and securities, the likelihood that the credit risk associated with such issuers and such securities will increase is greater during times of economic stress and financial instability.

**ISSUER Credit Risk** 

It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

Many fixed-income securities (including tax-exempt securities) receive credit ratings from NRSROs such as Fitch Rating Service, Moody's Investor Services, Inc. and Standard & Poor's 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. Ratings are just one factor that the Adviser considers in its credit assessment and analysis.

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.

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**COUNTERPARTY CREDIT RISK** 

Counterparty credit 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.

**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. Economic, political and financial conditions, or industry or economic trends and developments, may, from time to time, and for varying periods of time, cause volatility, illiquidity and/or other potentially adverse effects in the financial markets, including the fixed-income market. The commencement, continuation or ending of government policies and economic stimulus programs, changes in monetary policy, 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 across the market. This may increase redemptions from funds that hold impacted securities. Such a market event could 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.

**Epidemic and Pandemic Risk** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. This coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies, including certain Fund service providers and issuers of the Fund's investments, and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such instruments. Any such impact could adversely affect the Fund's performance.

**Interest Rate Risk** 

Prices of fixed-income securities (including tax-exempt 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.

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. Money market funds try to minimize this risk by purchasing short-term securities. Negative or very low interest rates magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, have unpredictable effects on markets and expose debt and related markets to heightened volatility and may detract from Fund performance to the extent a Fund is exposed to such interest rates and/or volatility. During periods when interest rates are low or there are negative interest rates, a Fund's yield (and total return) also is likely to be low or otherwise adversely affected or the Fund may be unable to maintain a positive return, or yield, or minimize the volatility of the Fund's NAV per share or maintain a stable NAV.

Certain of the Fund's investments may also be valued, in part, by reference to the relative relationship between interest rates on tax-exempt securities and taxable securities. With respect to the Fund's investments described in the preceding sentence, the value of such Fund investments may be negatively affected (or positively affected) when the market for tax-exempt securities underperforms (or outperforms) the market for taxable securities.

**Call Risk** 

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

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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.

**Sector Risk** 

A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics or by issuers located in the same state. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities. Developments affecting companies with similar characteristics might include changes in interest rates, changes in economic cycles affecting credit losses and regulatory changes.

**TAX RISK** 

In order to pay interest that is exempt from federal or state/local regular income tax, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable.

Changes or proposed changes in federal, state or local tax laws may cause the prices of tax-exempt securities to fall and/or may affect the tax-exempt status of the securities in which the Fund invests. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax or AMT. Consult your tax professional for more information.

**LIQUIDITY RISK** 

Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss. An inability to sell portfolio securities may result from adverse market developments or investor perceptions regarding the portfolio securities. While the Fund endeavors to maintain a high level of liquidity in its portfolio so that it can satisfy redemption requests, the Fund's ability to sell portfolio securities can deteriorate rapidly due to credit events affecting particular issuers or credit enhancement providers, or due to general market conditions and a lack of willing buyers.

**CREDIT ENHANCEMENT RISK** 

The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). Credit enhancement is designed to help assure timely payment of the security; it does not protect the Fund against losses caused by declines in a security's value due to changes in market conditions. Securities subject to credit enhancement generally would be assigned a lower credit rating if the rating were based primarily on the credit quality of the issuer without regard to the credit enhancement. If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded.

A single enhancement provider may provide credit enhancement to more than one of the Fund's investments. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit. Bond insurers that provide credit enhancement for large segments of the fixed-income markets, including the municipal bond market, may be more susceptible to being downgraded or defaulting during recessions or similar periods of economic stress.

**RISK ASSOCIATED WITH INVESTING SHARE PURCHASE PROCEEDS** 

On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. The larger the amount that must be invested or the greater the difference between the yield of the securities purchased and the yield of the existing investments, the greater the impact will be on the yield of the Fund. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

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**RISK ASSOCIATED WITH USE OF AMORTIZED COST** 

In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce, to the extent practicable, such dilution or unfair results, including, but not limited to, considering suspending redemption of Shares and liquidating the Fund under Rule 22e-3 under the Investment Company Act of 1940.

**ADDITIONAL FACTORS AFFECTING YIELD** 

There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. A low or negative interest rate environment may prevent the Fund from providing a positive return, or yield, or paying Fund expenses out of current income and could impair the Fund's ability to maintain a stable NAV. The Fund's yield could also be negatively affected (both in absolute terms and as compared to other money market funds) by aspects of its investment program (for example, its investment policies, strategies or limitations) or its operational policies (for example, its cut-off time for purchases and redemptions of Shares).

**California Risk** 

Since the Fund invests primarily in issuers from California, the Fund may be subject to additional risks compared to a money market fund that invests in multiple states.

California's credit strength is based on its large and diverse economy, manageable debt burden and strong demographics. However, California's financial operations face significant structural budget impediments and rely on revenue sources which have been historically sensitive to the economic environment. Past periods of dramatic revenue underperformance have resulted in significant budgetary deficits and reduced liquidity.

Since the Fund invests primarily in issuers from California, its performance also may be negatively affected by other local, state or regional factors. For example, natural disasters may affect the creditworthiness of municipal issuers or otherwise disrupt the local, state or regional economy or certain sectors of the economy. California's diverse economy is the largest in the United States and one of the largest in the world. Major components include high technology, trade, entertainment, manufacturing, tourism, construction, agriculture and services. California's location is a benefit to its trade component; however, it also leads to above average exposure to international economic conditions. Any downturn in these sectors or related industries may adversely affect the economy of the state.

**Fees & Gates Risk** 

The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such a fee is not in the best interests of the Fund.

**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.

What Do Shares Cost?

**CALCULATION OF NET ASSET VALUE**

The Fund attempts to stabilize the NAV of its Shares at $1.00 by valuing the portfolio securities using the amortized cost method. In addition, for regulatory purposes, the Fund calculates a market-based (or shadow) NAV per Share on a daily basis for purposes of confirming that its NAV continues to approximate fair value. For purposes of calculating the shadow NAV and monitoring its comparison to the amortized-cost-based NAV, pursuant to Rule 2a-5 under the Investment Company Act, the Board has designated the Adviser as the Fund's valuation designee to perform any fair value

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determinations 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 in the shadow NAV 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 Fund cannot guarantee that its NAV will always remain at $1.00 per Share. The Fund does not charge a front-end sales charge.

You can purchase, redeem or exchange Shares any day the NYSE is open (a "Regular Business Day"). You may also be able to purchase and redeem (but not exchange) Shares on certain days that the NYSE is closed on an unscheduled basis due to unforeseen or emergency circumstances, if the Fund's Board determines to allow Fund Share transactions on such days (a "Special Trading Day"). If the Fund declares a Special Trading Day, information regarding shareholder trading activities for the Special Trading Day (such as when NAV, and entitlement to that day's dividend, will be determined) will be available by calling the Fund at 1-800-341-7400 and will be posted on FederatedInvestors.com. **The information set forth in this Prospectus regarding times relevant to NAV determination and dividend entitlement applies only to Regular Business Days.** Please note that the times that might be specified for NAV determination and dividend entitlement on a Special Trading Day would not necessarily be the same as set forth in this Prospectus with respect to Regular Business Days. Although Federated Hermes will attempt to make such information available in advance of a particular Special Trading Day, given the nature of Special Trading Days, it may not be able to do so until the morning of the Special Trading Day.

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 determined NAV. NAV is generally determined at 12:00 p.m., 1:00 p.m. and as of the end of regular trading on the NYSE (normally 4:00 p.m.) Eastern time each day the NYSE is open; except that on the day after Thanksgiving and Christmas Eve (when Christmas Eve falls on a weekday), the last NAV will be determined at 3:00 p.m. Eastern time. The times as of when NAV is determined, and when orders must be placed, may be changed as permitted by the SEC.

How is the Fund Sold?

The Fund's Distributor, Federated Securities Corp., markets the Shares described in this Prospectus only to accounts beneficially owned by natural persons ("Eligible Accounts"). The Fund offers the following Share classes: Wealth Shares (WS), Service Shares (SS), Cash II Shares (CII), Cash Series Shares (CS) and Capital Shares (CAP), each representing interests in a single portfolio of securities. This Prospectus relates only to Wealth Shares. All Share classes have different expenses which affect their performance. Please note that certain purchase restrictions apply. Contact your financial intermediary or call 1-800-341-7400 for more information concerning the other classes.

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.).

The Fund may not be a suitable investment for retirement plans or for non-California taxpayers because it invests in California tax-exempt securities.

**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. 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.

**SERVICE FEES**

The Fund 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.

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

**ACCOUNT ADMINISTRATION FEES** 

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

**RECORDKEEPING FEES** 

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** 

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** 

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, that support the sale of Shares or provide services to Fund shareholders. The amounts of these payments could be significant, and may create an incentive for the financial intermediary or its employees or associated persons to recommend or sell Shares of the Fund to you. Not all financial intermediaries receive such payments and the amount of compensation may vary by intermediary. 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 sells or may sell; 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. 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. You can ask your financial intermediary 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.

How to Purchase Shares

You may purchase Shares through a financial intermediary, directly from the Fund or through an exchange from another Federated Hermes fund. The Fund reserves the right to reject any request to purchase or exchange Shares. New investors must submit a completed New Account Form.

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

The minimum initial investment for Fund Shares is generally $25,000. There is no minimum subsequent investment amount.

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.

The Fund operates as a retail money market fund. Accordingly, only accounts beneficially owned by natural persons ("Eligible Accounts") may be invested in the Fund. Examples of Eligible Accounts include accounts owned by individuals who have been issued a social security number, individuals holding accounts through omnibus accounts and natural persons investing through certain tax-advantaged accounts and trusts. These tax-advantaged accounts and trusts may include, among others: participant-directed defined contribution plans; individual retirement accounts; simplified

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employee pension arrangements; simple retirement accounts; custodial accounts; deferred compensation plans for government or tax-exempt organization employees; Archer medical savings accounts; college savings plans; health savings account plans; ordinary trusts and estate of natural persons; or certain other retirement and investment accounts, notwithstanding having an institutional decision maker (e.g., a plan sponsor in certain retirement arrangements or an investment adviser managing discretionary investment accounts). Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's Board. Pursuant to relief granted by the SEC, the Fund hereby notifies investors that it may redeem accounts that are not Eligible Accounts. Financial intermediaries will be required to take steps to remove any shareholders on behalf of whom they hold shares in the Fund that are not eligible to be invested in the Fund. Further, financial intermediaries may only submit purchase orders, if they have implemented policies and procedures reasonably designed to limit all investors on behalf of whom they submit orders to Eligible Accounts. Financial intermediaries may be required by the Fund or its shareholder servicing agent to provide a written statement or other representation that they have in place, and operate in compliance with, such policies and procedures prior to submitting purchase orders.

The Fund will not accept new accounts that are not Eligible Accounts. Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption. The Fund has adopted policies and procedures such that the Fund will be able: (a) to limit the beneficial owners of shares to natural persons; and (b) to allow the Fund to impose liquidity fees and temporarily suspend redemptions.

**THROUGH A FINANCIAL INTERMEDIARY**

Submit your purchase order to your financial intermediary. Financial intermediaries are responsible for promptly submitting purchase orders and payment to the Fund by electronic means permitted by the Fund, or according to the instructions in the sections "By Telephone" or "By Mail" below.

If your financial intermediary submits your order electronically, your order will be processed and you will be entitled to dividends pursuant to operating procedures established by the Fund. If your financial intermediary submits your order by telephone or by mail, your order will be processed and you will be entitled to dividends as outlined in the section "By Telephone" or the section "By Mail" below.

If you deal with a financial intermediary, you will have to follow the financial intermediary's procedures for transacting with the Fund. For more information about how to purchase Shares through your financial intermediary, you should contact your financial intermediary directly.

**DIRECTLY FROM THE FUND** 

**By Telephone** 

You may purchase Shares by calling the Fund at 1-800-341-7400.

Your purchase will be priced at the NAV next calculated after the Fund receives your order. Receipt of a purchase order by a financial intermediary will be deemed received by the Fund to the extent that such financial intermediary has been duly authorized by the Fund to accept such orders. If you call the Fund by 1:00 p.m. (Eastern time) and send your payment by wire by the close of the Federal Reserve wire transfer system, you will be entitled to that day's dividend.

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

If the Fund does not receive your purchase wire by the close of the Federal Reserve wire transfer system on your designated settlement date, your purchase will be canceled and you could be liable for any losses or fees incurred by the Fund or SS&C GIDS, Inc., the Fund's transfer agent.

You cannot purchase Shares by wire on days when wire transfers are restricted, even if the NYSE is open on such days (for example, Columbus Day and Veterans Day). The Fund does not consider wire purchase requests received on such days to be in proper form, and will not process such requests.

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**By Mail** 

You may purchase Shares by sending your check payable to **The Federated Hermes Funds** at the following address:

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

430 W 7<sup>th</sup> Street

Suite 219318

Kansas City, MO 64105-1407

**Please note your account number on your check.** Payment should be made in U.S. dollars and drawn on a U.S. bank. 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 SS&C GIDS, Inc., the Fund's transfer agent. 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.

Your order will be priced at the NAV next calculated after the Fund receives your check and you will be entitled to dividends beginning on the day the check is converted into federal funds (normally the business day after the check is received).

**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 FederatedInvestors.com 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 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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund, Class A Shares without a sales charge ("no-load Class A Shares") and Class R Shares of any Fund provided that you meet any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased (if applicable), both accounts have identical registrations, and you must receive a prospectus for the fund in which you wish to exchange.

**By Online Account Services** 

You may access your accounts online to purchase Shares through FederatedInvestors.com'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 FederatedInvestors.com and select "Sign In" and "Access and Manage Investments," or call 1-800-341-7400, Option #4 to speak with a Client Service Representative.

**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.

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.

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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. Financial intermediaries are responsible for promptly submitting redemption or exchange requests to the Fund by electronic means permitted by the Fund, or according to the instructions in the sections "By Telephone" or "By Mail" below.

If your financial intermediary submits your redemption or exchange request electronically, your request will be processed and your proceeds will be paid pursuant to operating procedures established by the Fund. If your financial intermediary submits your redemption or exchange request by telephone or by mail, your request will be processed and your proceeds will be paid as outlined in the section "By Telephone" or the section "By Mail" below.

If you deal with a financial intermediary, you will have to follow the financial intermediary's procedures for transacting with the Fund. For more information about how to redeem or exchange Shares through your financial intermediary, you should contact your financial intermediary directly.

**DIRECTLY FROM THE FUND**

**By Telephone** 

You may redeem or exchange Shares by calling the Fund at 1-800-341-7400. Your redemption or exchange request will be priced at the NAV next calculated after the request is received by the Fund. Receipt of a redemption or exchange order by a financial intermediary will be deemed received by the Fund to the extent that such financial intermediary has been duly authorized by the Fund to accept such orders.

If you call the Fund by noon Eastern time, and your redemption proceeds are wired to you the same day, you will not be entitled to that day's dividend.

If you call the Fund after noon Eastern time and before the end of regular trading (normally 4:00 p.m. Eastern time) on the NYSE, you will be entitled to that day's dividend and your redemption proceeds will be sent to you the following business day.

**By Mail** 

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

Your redemption or exchange request will be priced at the NAV next calculated after the Fund receives your written request in proper form. If your redemption proceeds are wired to you the same day your order is priced, you will not be entitled to that day's dividend. If a check for your redemption proceeds is mailed to you on the next business day after your request is priced, you will be entitled to dividends through the day on which the Fund priced your request.

Send requests by mail to:

The Federated Hermes Funds

P.O. Box 219318

Kansas City, MO 64121-9318

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

The Federated Hermes Funds

430 W 7<sup>th</sup> Street

Suite 219318

Kansas City, MO 64105-1407

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.

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**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 FederatedInvestors.com'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 FederatedInvestors.com 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.

◾ **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 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.

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In addition, the right of redemption may be suspended, or the payment of proceeds may be delayed, 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

◾ in which there are emergency conditions, including liquidation of the Fund, as provided in Section 22(e), and rules thereunder, of the Investment Company Act of 1940.

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

**Certain special LIMITATIONS affecting REDEMPTIONs** 

The SEC has implemented a number of requirements, including liquidity fees and temporary redemption gates, for money market funds based on the amount of Fund assets that are "weekly liquid assets," which generally includes cash, direct obligations of the U.S. government, certain other U.S. government or agency securities and securities that will mature or are subject to a demand feature that is exercisable and payable within five business days.

The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. If the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund will impose a liquidity fee of 1% on all redemptions beginning on the next business day, unless the Board, including a majority of the independent Trustees, determines that imposing such a fee would not be in the best interests of the Fund or determines that a lower or higher fee (not to exceed 2%) would be in the best interests of the Fund, which would remain in effect until weekly liquid assets return to 30% or the Board determines that the fee is no longer in the best interests of the Fund. In the event that a liquidity fee is imposed and/or redemptions are temporarily suspended, the Board may take certain other actions based on the particular facts and circumstances, including but not limited to modifying the timing and frequency of its NAV determinations. All liquidity fees payable by shareholders of the Fund would be payable to the Fund and could offset any losses realized by the Fund when seeking to honor redemption requests during times of market stress.

If liquidity fees are imposed or redemptions are temporarily suspended, the Fund will notify shareholders on the Fund's website or by press release. In addition to identifying the Fund, such notifications will include the Fund's percentage of total assets invested in weekly liquid assets, the time of implementation of the liquidity fee and/or redemption gate and details regarding the amount of the liquidity fee. The imposition and termination of a liquidity fee or redemption gate will also be reported by the Fund to the SEC on Form N-CR. If redemptions are temporarily suspended, the Fund and your financial intermediary will not accept redemption or exchange orders until the Fund has notified shareholders that the redemption gate has been lifted. Shareholders wishing to redeem or exchange shares once the redemption gate has been lifted will need to submit a new redemption or exchange request to the Fund or their financial intermediary.

All liquidity fees payable by shareholders to the Fund can be used to offset any losses realized by the Fund when seeking to honor redemption requests during times of market stress. The Fund expects to treat such liquidity fees as not constituting income to the Fund.

A liquidity fee imposed by the Fund will reduce the amount you will receive upon the redemption of your shares and will decrease the amount of any capital gain or increase the amount of any capital loss you will recognize from such redemption. Although there is some degree of uncertainty with respect to the tax treatment of liquidity fees received by money market funds, it is anticipated at this time that a liquidity fee will have no tax effect for the Fund. As the tax treatment will likely be the subject of future guidance issued by the Internal Revenue Service (IRS), the Fund will re-visit the applicable tax treatment of liquidity fees when they are received.

In addition, the right of any investor to receive payment with respect to any redemption may be suspended or the payment of the redemption proceeds postponed during any period in which the NYSE is closed (other than weekends or holidays) or trading on the NYSE is restricted or, to the extent otherwise permitted by the 1940 Act, if an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable or it is not reasonably practicable for the Fund fairly to determine the value of its net assets. In addition, the SEC may by order permit suspension of redemptions for the protection of shareholders of the Fund.

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If the Fund's weekly liquid assets fall below 10% and the Board determines that it would not be in the best interests of the Fund to continue operating, the Board may suspend redemptions in the Fund and may approve the liquidation of the Fund. The Board may also suspend redemptions and liquidate the Fund if the Board determines that the deviation between its amortized cost price per share and its market-based NAV may result in material dilution or other unfair results to investors or existing shareholders. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to liquidate and suspend redemptions. If the Fund ceases honoring redemptions and determines to liquidate, the Fund expects that it would notify shareholders on the Fund's website or by press release. Distributions to shareholders of liquidation proceeds may occur in one or more disbursements.

Purchase orders received by the Fund after the last NAV determination of a given day, but prior to notification of the imposition of liquidity fees or a redemption gate will be cancelled unless re-confirmed. Under certain circumstances, the Fund may honor redemption or exchange orders (or pay redemptions without adding a liquidity fee to the redemption amount) if the Fund can verify that the redemption or exchange order was received in good order by the Fund or the Fund's agent before the Fund imposed liquidity fees or temporarily suspended redemptions.

**Involuntary Redemptions** 

The Fund operates as a retail money market fund. Accordingly, only Eligible Accounts may be invested in the Fund. Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's Board. Financial intermediaries will be required to take steps to remove any shareholders on behalf of whom they hold shares in the Fund that are not eligible to be invested in the Fund. Further, financial intermediaries may only submit purchase orders if they have implemented policies and procedures reasonably designed to limit all investors on behalf of whom they submit orders to Eligible Accounts. Financial intermediaries may be required by the Fund or its shareholder servicing agent to provide a written statement or other representation that they have in place, and operate in compliance with, such policies and procedures prior to submitting purchase orders. Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption.

**EXCHANGE PRIVILEGE**

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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund, no-load Class A Shares and Class R Shares of any 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.

**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.

**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 does not issue share certificates.

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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 FederatedInvestors.com'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.

**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 FederatedInvestors.com.

Account and Share Information

**ACCOUNT ACTIVITY**

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.

The Fund does not expect to realize any capital gains or losses. However, the Fund may realize capital gains on certain securities, such as synthetic variable rate demand instruments, that may be redeemed in certain circumstances at a premium to their face value. If capital gains or losses were to occur, they could result in an increase or decrease in dividends. 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.

See "Tax Information" below for information on the tax consequences of the Fund realizing a capital gain.

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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 FederatedInvestors.com/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.

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 $25,000. 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. It is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund's dividends may not be exempt. Dividends may be subject to state and local taxes, although the Fund's dividends will be exempt from the California taxes to the extent they are derived from interest on obligations exempt from such taxes. Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. 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. Capital gains and non-exempt dividends are taxable whether paid in cash or reinvested in the Fund. 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 and its use of the amortized cost method for calculating the NAV of Fund Shares, 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 a 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.

**21**

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**PORTFOLIO HOLDINGS INFORMATION** 

Information concerning the Fund's portfolio holdings is available via the link to the Fund and share class name at FederatedInvestors.com. Such information is posted on the website five business days after both mid-month and month-end then remains posted on the website 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 until replaced by the information for the succeeding month. The summary portfolio composition information may include identification of the Fund's top 10 credit/obligor exposures, weighted average maturity, weighted average life and percentage breakdowns of the portfolio by effective maturity range and type of security. The Fund's WAM and WAL, Shadow NAV (market-based value of the Fund's portfolio), Weekly Liquid Assets and Daily Flows are posted every business day and remain posted on the website for six months thereafter.

You may also access portfolio information via the link to the Fund and share class name at FederatedInvestors.com. The Fund's Annual and Semi-Annual Shareholder Reports contain complete listings of the Fund's portfolio holdings as of the end of the Fund's second and fourth fiscal quarters. These reports are also available on the SEC's website at sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

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 FederatedInvestors.com. 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 102 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 $668.9 billion as of December 31, 2022. Federated Hermes was established in 1955 as Federated Investors, Inc. and is one of the largest investment managers in the United States with nearly 2,000 employees. Federated Hermes provides investment products to more than 11,000 investment professionals and institutions.

The Adviser advises approximately 73 registered investment companies and also manages sub-advised funds. The Adviser's assets under management totaled approximately $399.6 billion as of December 31, 2022.

**ADVISORY FEES** 

The Fund's investment advisory contract provides for payment to the Adviser of an annual investment advisory fee of 0.30% 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 Annual and Semi-Annual Shareholder Reports for the periods ended October 31 and April 30, respectively.

**22**

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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 Annual Report.

**23**

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Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income | 0.006 | 0.000<sup>1</sup> | 0.005 | 0.013 | 0.011 |
| Net realized gain (loss) | (0.000)<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |
| TOTAL FROM INVESTMENT OPERATIONS | 0.006 | 0.000<sup>1</sup> | 0.005 | 0.013 | 0.011 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (0.006) | (0.000)<sup>1</sup> | (0.005) | (0.013) | (0.011) |
| Distributions from net realized gain | (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>|
| TOTAL DISTRIBUTIONS | (0.006) | (0.000)<sup>1</sup> | (0.005) | (0.013) | (0.011) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | 0.62% | 0.02% | 0.53% | 1.28% | 1.10% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> | 0.24% | 0.13% | 0.27% | 0.28% | 0.28% |
| Net investment income | 0.67% | 0.01% | 0.54% | 1.25% | 1.10% |
| Expense waiver/reimbursement<sup>4</sup> | 0.19% | 0.29% | 0.15% | 0.14% | 0.19% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $507675 | $333923 | $584821 | $678115 | $372325 |

---

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

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 4 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|

---

Further information about the Fund's performance is contained in the Fund's Annual Report, dated October 31, 2022, which can be obtained free of charge.

**24**

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Appendix A: Hypothetical Investment and Expense Information

The following chart provides 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 chart shows 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. The 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 the chart is the same as stated in the "Fees and Expenses" table of this Prospectus (and thus do 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 CALIFORNIA MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST - WS CLASS** |
| **ANNUAL EXPENSE RATIO: 0.43%** | **ANNUAL EXPENSE RATIO: 0.43%** | **ANNUAL EXPENSE RATIO: 0.43%** | **ANNUAL EXPENSE RATIO: 0.43%** | **ANNUAL EXPENSE RATIO: 0.43%** | **ANNUAL EXPENSE RATIO: 0.43%** |
| **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 | $10000.00 | $500.00 | $10500.00 | $43.98 | $10457.00 |
| 2 | $10457.00 | $522.85 | $10979.85 | $45.99 | $10934.88 |
| 3 | $10934.88 | $546.74 | $11481.62 | $48.09 | $11434.60 |
| 4 | $11434.60 | $571.73 | $12006.33 | $50.29 | $11957.16 |
| 5 | $11957.16 | $597.86 | $12555.02 | $52.59 | $12503.60 |
| 6 | $12503.60 | $625.18 | $13128.78 | $54.99 | $13075.01 |
| 7 | $13075.01 | $653.75 | $13728.76 | $57.51 | $13672.54 |
| 8 | $13672.54 | $683.63 | $14356.17 | $60.14 | $14297.38 |
| 9 | $14297.38 | $714.87 | $15012.25 | $62.88 | $14950.77 |
| 10 | $14950.77 | $747.54 | $15698.31 | $65.76 | $15634.02 |
| Cumulative |  | $6164.15 |  | $542.22 |  |

---

**25**

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An SAI dated February 28, 2023, is incorporated by reference into this Prospectus. Additional information about the Fund and its investments is contained in the Fund's SAI and Annual and Semi-Annual Reports to shareholders as they become available. 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 without charge, and to make inquiries, call your financial intermediary or the Fund at 1-800-341-7400.

The Fund's shareholder reports will be made available on FederatedInvestors.com/FundInformation, and you will be notified and provided with a link each time a report is posted to the website. You may request to receive paper reports from the Fund or from your financial intermediary, free of charge, at any time. You may also request to receive documents through e-delivery.

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

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 California Municipal Cash Trust

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

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

or call 1-800-341-7400.

Federated Securities Corp., Distributor

*Investment Company Act File No. 811-5950* 

*CUSIP 60934N369*

*G00300-01-IS (2/23)*© 2023 Federated Hermes, Inc.

------

**Statement of Additional Information**

***February 28, 2023***

![](img552a84b31.gif)

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

---

| | |
|:---|:---|
| **Share Class** \| Ticker | **Wealth** \| CAIXX |

---

------

Federated Hermes California Municipal Cash Trust

------

A Portfolio of Federated Hermes Money Market Obligations Trust

This Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes California Municipal Cash Trust (the "Fund"), dated February 28, 2023.

This SAI incorporates by reference the Fund's Annual Report. Obtain the Prospectus or the Annual Report without charge by calling 1-800-341-7400.

---

| | |
|:---|:---|
|  | **Contents** |
| 1 | [How is the Fund Organized?](#xx_6ad59722-1096-4179-9579-1f53bcd4f0db_1) |
| 1 | [Securities in Which the Fund Invests](#xx_6ad59722-1096-4179-9579-1f53bcd4f0db_1) |
| 4 | [Investment Risks](#xx_6ad59722-1096-4179-9579-1f53bcd4f0db_4) |
| 6 | [Investment Objective (and Policies) and Investment Limitations](#xx_6ad59722-1096-4179-9579-1f53bcd4f0db_6) |
| 9 | [What Do Shares Cost?](#xx_6ad59722-1096-4179-9579-1f53bcd4f0db_9) |
| 9 | [How is the Fund Sold?](#xx_6ad59722-1096-4179-9579-1f53bcd4f0db_9) |
| 12 | [Purchases In-Kind](#xx_6ad59722-1096-4179-9579-1f53bcd4f0db_12) |
| 12 | [Redemption In-Kind](#xx_6ad59722-1096-4179-9579-1f53bcd4f0db_12) |
| 12 | [Massachusetts Partnership Law](#xx_6ad59722-1096-4179-9579-1f53bcd4f0db_12) |
| 12 | [Share Information](#xx_6ad59722-1096-4179-9579-1f53bcd4f0db_12) |
| 13 | [Tax Information](#xx_6ad59722-1096-4179-9579-1f53bcd4f0db_13) |
| 14 | [Who Manages and Provides Services to the Fund?](#xx_6ad59722-1096-4179-9579-1f53bcd4f0db_14) |
| 26 | [Financial Information](#xx_6ad59722-1096-4179-9579-1f53bcd4f0db_26) |
| 26 | [Investment Ratings](#xx_6ad59722-1096-4179-9579-1f53bcd4f0db_26) |
| 30 | [Addresses](#xx_9d51dd4a-6d8a-4799-b58e-e31492fb8131_1) |
| 31 | [Appendix A](#xx_488fc36f-668c-4ee0-893f-03ce2747096c_1) |
| 32 | [Appendix B - California State Risk](#xx_96d4612a-a9a6-48a8-9bb0-b87d63d5af2f_1) |

---

Federated Hermes California Municipal Cash Trust

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com**

or call 1-800-341-7400.

Federated Securities Corp., Distributor

*39950 (2/23)*© 2023 Federated Hermes, Inc.

------

How is the Fund Organized?

The Fund is a diversified portfolio of Federated Hermes Money Market Obligations Trust (the "Trust"). The Trust is an open-end, management investment company that was established under the laws of the Commonwealth of Massachusetts on October 3, 1988. The Trust may offer separate series of shares representing interests in separate portfolios of securities.

The Board of Trustees (the "Board") has established five classes of shares of the Fund, known as Service Shares, Wealth Shares, Cash II Shares, Capital Shares and Cash Series Shares ("Shares"). This SAI relates to Wealth Shares. The Fund's investment adviser is Federated Investment Management Company (the "Adviser").

Effective June 26, 2020, the Trust changed its name from Money Market Obligations Trust to Federated Hermes Money Market Obligations Trust and the Fund changed its name from Federated California Municipal Cash Trust to Federated Hermes California Municipal Cash Trust.

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 further describes the types of fixed-income securities in which the Fund may invest.

**Municipal Leases (A Type of Tax-Exempt, Fixed-Income Security)** 

Municipalities may enter into leases for equipment or facilities. In order to comply with state public financing laws, these leases are typically subject to annual appropriation. In other words, a municipality may end a lease, without penalty, by not providing for the lease payments in its annual budget. After the lease ends, the lessor can resell the equipment or facility but may lose money on the sale. The Fund may invest in securities supported by pools of municipal leases. The most common type of lease-backed securities is certificates of participation (COPs). However, the Fund may also invest directly in individual leases.

**Callable Securities (A Type of Tax-Exempt, Fixed-Income Security)** 

Certain fixed-income securities in which the Fund invests are callable at the option of the issuer. Certain callable securities invested in by the Fund also may be callable by parties other than the issuer. Callable securities are subject to call risk.

**Zero-Coupon Securities (A Type of Tax-Exempt, 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 risks and credit risks of a zero-coupon security.

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. 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, PIK securities or toggle securities.

**1**

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**Tax Increment Financing Bonds (A Type of Tax-Exempt, Fixed-Income Security)** 

Tax increment financing (TIF) bonds are payable from increases in taxes or other revenues attributable to projects within the TIF district. For example, a municipality may issue TIF bonds to redevelop a commercial area. The TIF bonds would be payable solely from any increase in sales taxes collected from merchants in the area. The bonds could fail to pay principal or interest if merchants' sales, and related tax collections, failed to increase as anticipated.

**Municipal Mortgage-Backed Securities (A Type of Tax-Exempt, Fixed-Income Security)** 

Municipal mortgage-backed securities are special revenue bonds, the proceeds of which may be used to provide mortgage loans for single family homes or to finance multifamily housing. Municipal mortgage-backed securities represent interests in pools of mortgages. The mortgages that comprise a pool normally have similar interest rates, maturities and other terms. Mortgages may have fixed or adjustable rates. Municipal mortgage-backed securities generally have fixed interest rates.

Municipal mortgage-backed securities come in a variety of forms. The simplest forms of municipal mortgage-backed securities are unstructured bonds backed by the net interest and principal payments and prepayments from the underlying mortgages. As a result, the holders assume all interest rate and prepayment risks of the underlying mortgages. Other municipal mortgage-backed securities may have more complicated financial structures.

**Other Investments, Transactions, Techniques**

**Inter-Fund Borrowing and Lending Arrangements** 

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.

**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.

**Asset Segregation** 

In order to secure its obligations in connection with special transactions, such as reverse repurchase agreements or when-issued and delayed delivery transactions, the Fund will either enter into offsetting transactions or set aside readily marketable securities in each case, as provided by the SEC or SEC staff guidance. Unless the Fund has other readily marketable assets to set aside, it cannot trade assets used to secure such obligations without terminating a special transaction. This may cause the Fund to miss favorable trading opportunities or to realize losses on special transactions.

**Temporary Investments** 

The Fund may make temporary investments in taxable, fixed-income securities and the following other taxable securities:

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

Treasury securities are direct obligations of the federal government of the United States.

**2**

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**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 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 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.

**Bank Instruments (A Type of Fixed-Income Security)** 

Bank instruments are unsecured, interest-bearing deposits with banks. Bank instruments include, but are not limited to, bank accounts, time deposits, certificates of deposit and banker's acceptances. Yankee instruments are denominated in U.S. dollars and issued by U.S. branches of foreign banks. Euro-dollar instruments are denominated in U.S. dollars and issued by non-U.S. branches of U.S. or foreign banks.

**Corporate Debt Securities (A Type of Fixed-Income Security)** 

Corporate debt securities are fixed-income securities issued by businesses. Notes, bonds, debentures and commercial paper are the most prevalent types of corporate debt securities.

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**Commercial Paper (A Type of Corporate Debt Security)** 

Commercial paper is an issuer's obligation with a maturity of less than nine months. Companies typically issue commercial paper to pay for current expenditures. Most issuers constantly reissue their commercial paper and use the proceeds (or bank loans) to repay maturing paper. If the issuer cannot continue to obtain liquidity in this fashion, its commercial paper may default.

**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 subcustodian will take possession of the securities subject to repurchase agreements. The Adviser or subcustodian 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. In addition to taxable repurchase agreements, the Fund also may invest in municipal repurchase agreements as a non-principal investment.

**Reverse Repurchase Agreements** 

Reverse repurchase agreements (which are considered a type of special transaction for asset segregation 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. In addition to taxable reverse repurchase agreements, the Fund also may invest in municipal reverse repurchase agreements as a non-principal investment.

**minimal credit risk** 

Under Rule 2a-7, money market funds, such as the Fund, may generally invest in "Eligible Securities" which include securities issued by another money market fund, government securities or securities that have a remaining maturity of no more than 397 calendar days and are determined by the fund's board or its delegate to present minimal credit risk based on an assessment of the issuer's credit quality, including the capacity of the issuer or guarantor to meet its financial obligations. The Fund's Board has adopted procedures by which the Adviser will conduct this initial and ongoing assessment, as required. Such analysis of whether a security presents minimal credit risk will include, to the extent appropriate: consideration of the security's issuer or guarantor's financial condition, sources of liquidity, ability to react to future market-wide and issuer or guarantor-specific events, including the ability to repay debt in a highly adverse situation; and strength of the issuer or guarantor's industry within the economy and relative to economic trends, as well as the issuer or guarantor's competitive position within its industry. In addition, a minimal credit risk evaluation may also include consideration of whether the price and/or yield of the security itself is similar to that of other securities in the Fund's portfolio. The Adviser will perform an ongoing review of whether each security (other than a government security) continues to present minimal credit risks.

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).

**Leverage Risk** 

Leverage risk is created when an investment exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund's risk of loss and potential for gain.

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**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. 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.

**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.

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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.

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 Policies) and Investment Limitations

The fundamental investment objective of the Fund is to provide current income exempt from federal regular income tax and the personal income taxes imposed by the State of California consistent with stability of principal.

Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and California state income tax or so that 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and California state income tax.

Only for purposes of compliance with Rule 35d-1, the Fund will invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax and California state income tax.

The fundamental investment objective and policies may not be changed by the Board without shareholder approval.

**INVESTMENT LIMITATIONS** 

**Diversification** 

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.

**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.

**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.

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**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.

**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.

**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 (the "1940 Act").

**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.

**The above limitations 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. 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.** 

**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 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 Securities** 

The Fund will not acquire securities that cannot be sold or disposed of in the ordinary course of business within seven days at approximately the value ascribed to them by the Fund if, immediately after the acquisition, the Fund would have invested more than 5% of its total assets in such securities.

**Investing in Restricted Securities** 

The Fund may invest in securities subject to restrictions on resale under the Securities Act of 1933.

**Additional Information** 

For purposes of the diversification limitation, 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."

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.

As a non-fundamental operating policy, the investment of more than 25% of the value of the Fund's total assets in any one industry will constitute "concentration." For purposes of the concentration limitation: (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, the Fund will not exclude foreign bank instruments from industry concentration limitation tests so long as the policy of the SEC remains in effect. Investments in private activity bonds will be classified according to the non-governmental entity from which the bond's principal and interest payments are principally derived. In addition, investments in certain industrial development bonds funded by activities in a single industry will be deemed to constitute investment in an industry, except when held for temporary defensive purposes.

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**REGULATORY COMPLIANCE** 

The Fund may follow non-fundamental operational policies that are more restrictive than its fundamental investment limitations, as set forth in the Prospectus and this SAI, in order to comply with applicable laws and regulations, including the provisions of and regulations under the 1940 Act. In particular, the Fund will comply with the various requirements of Rule 2a-7 (the "Rule"), which regulates money market mutual funds. The Fund may change these operational policies to reflect changes in the laws and regulations without the approval of its shareholders.

The SEC has implemented a number of requirements, including liquidity fees and temporary redemption gates, for money market funds based on the amount of Fund assets that are "weekly liquid assets," which generally includes cash, direct obligations of the U.S. government, certain other U.S. government or agency securities and securities that will mature or are subject to a demand feature that is exercisable and payable within five business days.

The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. If the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund will impose a liquidity fee of 1% on all redemptions beginning on the next business day, unless the Board, including a majority of the independent Trustees, determines that imposing such a fee would not be in the best interests of the Fund or determines that a lower or higher fee (not to exceed 2%) would be in the best interests of the Fund, which would remain in effect until weekly liquid assets return to 30% or the Board determines that the fee is no longer in the best interests of the Fund. In the event that a liquidity fee is imposed and/or redemptions are temporarily suspended, the Board may take certain other actions based on the particular facts and circumstances, including, but not limited to, modifying the timing and frequency of the Fund's NAV determinations.

If liquidity fees are imposed or redemptions are temporarily suspended, the Fund will notify shareholders on the Fund's website or by press release. In addition to identifying the Fund, such notifications will include the Fund's percentage of total assets invested in weekly liquid assets, the time of implementation of the liquidity fee and/or redemption gate and details regarding the amount of the liquidity fee. If the Board, including a majority of the independent Trustees, changes or removes a liquidity fee or a temporary redemption gate, the Fund will notify shareholders in the same manner as described above. The imposition and termination of a liquidity fee or redemption gate will also be reported by the Fund to the SEC on Form N-CR. If redemptions are temporarily suspended, the Fund and your financial intermediary will not accept redemption or exchange orders until the Fund has notified shareholders that the redemption gate has been lifted. Shareholders wishing to redeem or exchange shares once the redemption gate has been lifted will need to submit a new redemption or exchange request to the Fund or their financial intermediary.

All liquidity fees payable by shareholders to the Fund can be used to offset any losses realized by the Fund when seeking to honor redemption requests during times of market stress. The Fund expects to treat such liquidity fees as not constituting income to the Fund.

A liquidity fee imposed by the Fund will reduce the amount you will receive upon the redemption of your shares, and will decrease the amount of any capital gain or increase the amount of any capital loss you will recognize from such redemption. Although there is some degree of uncertainty with respect to the tax treatment of liquidity fees received by money market funds, it is anticipated at this time that a liquidity fee will have no tax effect on the Fund. As the tax treatment will likely be the subject of future guidance issued by the Internal Revenue Service, the Fund will re-visit the applicable treatment of liquidity fees when they are received.

If the Fund's weekly liquid assets fall below 10% and the Board determines that it would not be in the best interests of the Fund to continue operating, the Board may suspend redemptions in the Fund and may approve the liquidation of the Fund. The Board may also suspend redemptions and liquidate the Fund if the Board determines that the deviation between its amortized cost price per share and its market-based NAV may result in material dilution or other unfair results to investors or existing shareholders. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to liquidate and suspend redemptions. If the Fund ceases honoring redemptions and determines to liquidate, the Fund expects that it would notify shareholders on the Fund's website or by press release. Distributions to shareholders of liquidation proceeds may occur in one or more disbursements.

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Because the Fund operates as a money market fund and seeks to maintain a stable $1.00 price per share, a low or negative interest rate environment could impact the Fund's ability to maintain a stable $1.00 share price. During a low or negative interest rate environment, the Fund may reduce the number of shares outstanding on a pro rata basis through reverse stock splits, negative dividends or other mechanisms to seek to maintain a stable $1.00 price per share, to the extent permissible by applicable law and the Fund's organizational documents. Alternatively, if the Board determines that it is no longer in the best interests of the Fund and its shareholders to maintain a stable price of $1.00 per share, the Board has the right to discontinue the use of a stable NAV of $1.00 per share and establish a fluctuating NAV per share rounded to four decimal places. Depending on the specific measure(s) taken, these measures would result in shareholders not receiving a dividend, holding fewer shares of the Fund and/or experiencing a loss in the aggregate value of their investment in the Fund. The Fund will notify shareholders of any such change.

Purchase orders received after the last NAV determination of a given day, but prior to notification of the imposition of liquidity fees or a redemption gate will be cancelled unless re-confirmed. Under certain circumstances, the Fund may honor redemption or exchange orders (or pay redemptions without adding a liquidity fee to the redemption amount) if the Fund can verify that the redemption or exchange order was received in good order by the Fund or the Fund's agent before the Fund imposed liquidity fees or temporarily suspended redemptions.

What Do Shares Cost?

**Determining Market Value Of Securities** 

The Board has decided that the best method for determining the value of portfolio instruments is amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. The Fund uses this adjusted cost to value the investment.

Accordingly, neither the amount of daily income nor the net asset value (NAV) is affected by any unrealized appreciation or depreciation of the portfolio. In periods of declining interest rates, the indicated daily yield on Shares of the Fund, computed by dividing the annualized daily income on the Fund's portfolio by the NAV, computed as above, may tend to be higher than a similar computation made by using a method of valuation based upon market prices and estimates. In periods of rising interest rates, the opposite may be true. A low or negative interest rate environment impacts, in a negative way, the Fund's ability to provide a positive return, or yield, to its shareholders, pay expenses out of current income, and/or achieve its investment objective, including maintaining a stable NAV of $1.00 per share.

The Fund's use of the amortized cost method of valuing portfolio instruments depends on its compliance with certain conditions in the Rule. Under the Rule, the Board must establish procedures reasonably designed to stabilize the NAV per Share, as computed for purposes of distribution and redemption, at $1.00 per Share, taking into account current market conditions and the Fund's investment objective. The procedures include monitoring the relationship between the amortized cost value per Share and the NAV per Share based upon available indications of market value. The Board will decide what, if any, steps should be taken if there is a difference of more than 0.5 of 1% between the two values. The Board will take any steps it considers appropriate (such as redemption in-kind or shortening the average portfolio maturity) to minimize any material dilution or other unfair results arising from differences between the two methods of determining NAV.

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.

**Additional Payments To Financial Intermediaries**

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. 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 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. The same financial intermediaries may receive payments under more than one or all categories. These payments assist in the Distributor's efforts to support the sale of Shares. These payments are negotiated and may be based

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on such factors as: the number or value of Shares that the financial intermediary sells or may sell; 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 receive such payments and the amount of compensation may vary by intermediary. You should ask your financial intermediary 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 Wealth Share class, the Wealth Share class of the Fund currently does not accrue, pay or incur any shareholder services/account administration fees, although the Board of Trustees has approved the Wealth Share 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 Wealth Share class of the Fund will not accrue, pay or incur such fees 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 sell Federated Hermes fund shares to help offset their costs associated with client account maintenance support, statement processing and transaction processing. The types of payments that the Distributor may make under this category include: payment of ticket charges on a per-transaction basis; payment of networking fees; and payment for ancillary services such as setting up funds on the financial intermediary's mutual fund trading system.

**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.

**Marketing Support Payments** 

From time to time, the Distributor, at its expense, may provide additional compensation to financial intermediaries that sell or arrange for the sale of Shares. Such compensation, provided by the Distributor, may include financial assistance to financial intermediaries that enable the Distributor to participate in or present at conferences or seminars, sales or 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 to financial intermediaries for services rendered in connection with technology and programming set-up, platform development and maintenance or similar services and for the provision of sales-related data 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, 2022, 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 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, 2022, are not reflected. You should ask your financial intermediary for information about any additional payments it receives from the Distributor.

ADP Broker-Dealer, Inc.

American Enterprise Investment Services Inc.

American Portfolios Advisors, Inc.

Aspyre Wealth Partners

Avidian Wealth Solutions LLC

B. C. Ziegler And Company

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Beam Wealth Advisors, Inc.

Benjamin F. Edwards & Company, Inc.

BMO Harris Financial Advisors, Inc.

BofA Securities, Inc.

Bolton Global Capital, Inc.

Broadridge Business Process Outsourcing, LLC

Brown Investment Advisory & Trust Company

Cadaret, Grant & Co., Inc.

Cambridge Financial Group, Inc.

CBIZ Financial Solutions, Inc.

Cetera Advisor Networks LLC

Cetera Advisors LLC

Cetera Investment Services LLC

Charles Schwab & Company, Inc.

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

Emerald Advisors, LLC

Empower Financial Services, Inc.

Envestnet PMC

FBL Marketing Services, LLC

Fidelity Investments Institutional Operations Company, Inc. (FIIOC)

Fifth Third Securities, Inc.

FIS Brokerage & Securities Services LLC

Gerber Kawasaki Wealth & Investment Management

Goldman Sachs & Co. LLC

Hancock Whitney Investment Services Inc.

HighTower Securities, LLC

Hilltop Securities, Inc.

HUB International Investment Services Inc.

The Huntington Investment Company

Huntington Securities, Inc.

IFP Securities, LLC

Insigneo Securities, LLC

Institutional Cash Distributors, LLC

Interactive Brokers LLC

J.P. Morgan Securities LLC

Janney Montgomery Scott LLC

Jefferies LLC

KeyBanc Capital Markets Inc.

Kowal Investment Group, LLC

Leafhouse Financial Advisors, LLC

Lincoln Financial Advisors Corporation

Lincoln Financial Distributors, Inc.

Lincoln Investment Planning, LLC

LPL Financial LLC

Lyrical Partners, L.P.

MML Investors

Materetsky Financial Group

Merrill Lynch, Pierce, Fenner and Smith Incorporated

Moneta Group Investment Advisors, LLC

Morgan Stanley Smith Barney LLC

National Financial Services LLC

Nationwide Investment Services Corporation

NewEdge Securities, Inc.

Northwestern Mutual Investment Services, LLC

NYLIFE Distributors LLC

Open Range Financial Group, LLC

Oppenheimer & Company, Inc.

Paychex Securities Corp

Pensionmark Financial Group, LLC

Pershing LLC

PNC Capital Markets, LLC

PNC Investments LLC

Private Client Services, LLC

Raymond James & Associates, Inc.

Raymond James Financial Services, Inc.

RBC Capital Markets, LLC

Rise Consulting, LLC

Robert W Baird & Co. Incorporated

Rockefeller Capital Management

Royal Alliance Associates, Inc.

Sagepoint Financial, LLC

Sageview Advisory Group, LLC

Sanford C. Bernstein & Company, LLC

SBC Wealth Management

Securian Financial Services, Inc.

Securities America, Inc.

Security Distributors, LLC

Spire Securities, LLC

State Street Global Markets, LLC

Stephens Inc.

Steward Partners Investment Advisory, LLC

Stifel, Nicolaus & Company, Incorporated

Strategic Financial Partners, Ltd

TD Ameritrade, Inc.

Teachers Insurance and Annuity Association of America

The London Company of Virginia LLC

Towerpoint Wealth, LLC

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

Vining-Sparks IBG, LLC

Vision Financial Markets, LLC

Voya Financial Advisors, Inc.

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Wells Fargo Clearing Services LLC

Wells Fargo Securities, LLC

Woodbury Financial Services, Inc.

WR Wealth Planners LLC

XML Financial Group

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 in determining the market value of the portfolio for purposes of its comparison with amortized cost valuation. 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.

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 Massachusetts law, shareholders could, under certain circumstances, be held personally liable for the obligations of the Trust. The Declaration of Trust provides that no shareholder or former shareholder, merely by reason of his or her being or having been a shareholder, will be subject to any personal liability in connection with Trust property or the affairs of the Trust.

In the unlikely event a shareholder or former shareholder is held personally liable for the Trust's obligations, such shareholder will be entitled, out of the assets belonging to the applicable series, to be indemnified against all claims and reimbursed for all reasonably incurred expenses in connection with such claims. On request, the Trust will defend any claim made and pay any judgment against a shareholder from the assets belonging to the relevant series.

Share Information

**ORGANIZATION, CAPITALIZATION, VOTING RIGHTS AND OTHER MATTERS** 

The Trust is a Massachusetts business trust established under a Declaration of Trust dated October 3, 1988, as amended and restated November 11, 2015. The Trust's Declaration of Trust may be amended at any time by a majority of the Trustees. Under the Declaration of Trust, the Trustees have the authority to create and classify shares of beneficial interest in separate series and classes without further action by shareholders. Each series and class thereof may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each series represent equal proportionate interests in the assets of that series only and have identical voting, dividend, redemption, liquidation and other rights of shares in the same series except that expenses allocated to a class may be borne solely by such class as determined by the Trustees and a class may have exclusive voting rights with respect to matters affecting only that class. Shares entitle their holders to one vote per share (and fractional votes for fractional shares), are freely transferable and, except as specifically provided by the Trustees, have no preference, preemptive, appraisal, exchange, subscription or conversion rights. All shares issued are fully paid and non-assessable. In the event of a liquidation or termination of a series, each shareholder is entitled to receive his pro rata share of the net assets of that series.

It is not anticipated that the Trust will hold shareholders' meetings unless required by law or the Declaration of Trust. The Board will call special meetings of shareholders of the Trust, a series or class thereof only if required under the 1940 Act, in their discretion, or upon the written request of holders of 10% or more of the outstanding shares of the Trust or of the relevant series or class, entitled to vote at such meeting.

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The Declaration of Trust provides that the Trustees may redeem shares in certain circumstances, such as when a shareholder does not meet the qualifications for ownership of a particular series or class, or when such redemptions are required to comply with applicable laws and regulations. The Declaration of Trust also provides that the Board may, without shareholder approval unless required by the 1940 Act, cause the Trust or any series or class to dissolve, convert, merge, consolidate, reorganize, sell all or any part of its assets, provided that the surviving or resulting entity is an open-end management investment company under the 1940 Act, or a series thereof. The Trust or any series or class may be terminated at any time by the Trustees by written notice to the shareholders.

**SHAREHOLDERS OF THE FUND**

As of February 7, 2023, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Service Shares: Hilltop Securities, Inc., Dallas, TX, owned approximately 60,003,766 Shares (51.97%); Band & Co, Milwaukee, WI, owned approximately 33,367,349 Shares (28.90%); and American Enterprise Inv Svc. Minneapolis, MN, owned approximately 6,833,962 Shares (5.91%).

As of February 7, 2023, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Wealth Shares: Morgan Stanley Smith Barney, Jersey City, NJ, owned approximately 249,660,849 Shares (50.15%); Raymond James, St. Petersburg, FL, owned approximately 58,212,218 (11.69%); and Love Family Trust, Sonoma, CA, owned approximately 39,695,083 (7.97%).

As of February 7, 2023, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Cash II Shares: Pershing LLC, Jersey City, NJ, owned approximately 4,035,302 Shares (73.80%); FMSBONDS Inc., Boca Roton, FL, owned approximately 1,037,629 Shares (18.97%); and J.P. Morgan Securities LLC, Brooklyn, NY, owned approximately 284,613 Shares (5.20%).

As of February 7, 2023, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Cash Series Shares: Pershing LLC, Jersey City, NJ, owned approximately 24,801,793 Shares (99.41%);

As of February 7, 2023, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Capital Shares: Pershing LLC, For the Exclusive Benefit of its Customers, Jersey City, NJ, owned approximately 42,258,765 Shares (88.70%); and Pershing LLC, Jersey City, NJ, owned approximately 4,073,000 Shares (8.54%).

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.

Hilltop Securities, Inc. is organized in the State of Delaware and is a subsidiary of Hilltop Holdings Inc., organized in the State of Delaware.

Band & Co. is a nominee name for American Family Life Insurance Company which is organized in the State of Wisconsin.

Morgan Stanley Smith Barney is organized in the State of Delaware and is a subsidiary of Morgan Stanley, organized in the State of Delaware.

Pershing LLC is organized in the State of Delaware and is a wholly-owned subsidiary of The Bank of New York Mellon Corporation 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.

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**State Taxes** 

Under existing California laws, distributions made by the Fund will not be subject to California individual income taxes to the extent that such distributions qualify as exempt-interest dividends under the California Revenue and Taxation Code, and provided further that at the close of each quarter, at least 50% of the value of the total assets of the Fund consists of obligations the interest on which is exempt from California taxation under either the Constitution or laws of California or the Constitution or laws of the United States. The Fund will furnish its shareholders with a written note designating exempt-interest dividends within 60 days after the close of its taxable year. Conversely, to the extent that distributions made by the Fund are derived from other types of obligations, such distributions will be subject to California individual income taxes.

Dividends of the Fund are not exempt from the California taxes payable by corporations.

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, 2022, the Trust comprised 16 portfolios, and the Federated Hermes Complex consisted of 33 investment companies (comprising 102 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 February 7, 2023, the Fund's Board and Officers as a group owned less than 1% 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.

**Interested Trustees Background and Compensation** 

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<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 1989<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; President, Chief Executive <br> Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, <br> Federated Investment Management Company; Trustee, Federated <br> Investment Counseling; Chairman and Director, Federated Global <br> Investment Management Corp.; Chairman and Trustee, Federated Equity <br> Management Company of Pennsylvania; Trustee, Federated Shareholder <br> Services 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 <br> Research, Ltd.; Chairman, Passport Research, Ltd.<br>| $0 | $0  |

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **Thomas R. Donahue\***<br> Birth Date: October 20, 1958<br> Trustee<br> Indefinite Term<br> Began serving: May 2016<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of certain funds in the <br> Federated Hermes Complex; Chief Financial Officer, Treasurer, Vice <br> President and Assistant Secretary, Federated Hermes, Inc.; Chairman and <br> Trustee, Federated Administrative Services; Chairman and Director, <br> Federated Administrative Services, Inc.; Trustee and Treasurer, Federated <br> Advisory Services Company; Director or Trustee and Treasurer, Federated <br> Equity Management Company of Pennsylvania, Federated Global <br> Investment Management Corp., Federated Investment Counseling, and <br> Federated Investment Management Company; Director, MDTA LLC; <br> Director, Executive Vice President and Assistant Secretary, Federated <br> Securities Corp.; Director or Trustee and Chairman, Federated Services <br> Company and Federated Shareholder Services Company; and Director and <br> President, FII Holdings, Inc.<br> **Previous Positions:** Director, Federated Hermes, Inc.; Assistant Secretary, <br> Federated Investment Management Company, Federated Global <br> Investment Management Company and Passport Research, LTD; Treasurer, <br> Passport Research, LTD; Executive Vice President, Federated Securities <br> Corp.; and Treasurer, FII Holdings, Inc.<br>| $0 | $0 |

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\*

*Family relationships and reasons for "interested" status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are "interested" due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries.*

**Independent Trustees Background, Qualifications and Compensation** 

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **John T. Collins**<br> Birth Date: January 24, 1947<br> Trustee<br> Indefinite Term<br> Began serving: September 2013<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> Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).<br> **Other Directorships Held:** Director, KLX Energy Services Holdings, Inc. <br> (oilfield services); former Director of KLX Corp (aerospace).<br> **Qualifications:** Mr. Collins has served in several business and financial <br> management roles and directorship positions throughout his career. <br> Mr. Collins previously served as Chairman and CEO of The Collins Group, <br> Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves <br> as Chairman Emeriti, Bentley University. Mr. Collins previously served as <br> Director and Audit Committee Member, Bank of America Corp.; Director, <br> FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical <br> Center (Harvard University Affiliate Hospital).<br>| $729.39 | $385000 |
| **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, Chair of the Audit Committee <br> of the Federated Hermes Complex; Retired.<br> **Other Directorships Held:** Director, Chair of the Audit Committee, <br> Equifax, Inc.; Lead Director, Member of the Audit and Nominating and <br> Corporate Governance Committees, Haverty Furniture Companies, Inc.; <br> formerly, Director, Member of Governance and Compensation Committees, <br> Publix Super Markets, 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 on the Business School Board of <br> Visitors for Wake Forest University, and he previously served as an <br> Executive Committee member of the United States Golf Association.<br>| $689.98 | $365000  |

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **Maureen Lally-Green**<br> Birth Date: July 5, 1949<br> Trustee<br> Indefinite Term<br> Began serving: August 2009<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Adjunct Professor Emerita of Law, Duquesne University School of <br> Law; formerly, Dean of the Duquesne University School of Law and <br> Professor of Law and Interim Dean of the Duquesne University School of <br> Law; formerly, Associate General Secretary and Director, Office of Church <br> Relations, Diocese of Pittsburgh.<br> **Other Directorships Held:** Director, CNX Resources Corporation <br> (natural gas).<br> **Qualifications:** Judge Lally-Green has served in various legal and business <br> roles and directorship positions throughout her career. Judge Lally-Green <br> previously held the position of Dean of the School of Law of Duquesne <br> University (as well as Interim Dean). Judge Lally-Green previously served as <br> Associate General Secretary for the Diocese of Pittsburgh, a member of the <br> Superior Court of Pennsylvania and as a Professor of Law, Duquesne <br> University School of Law. Judge Lally-Green was appointed by the Supreme <br> Court of Pennsylvania to serve on the Supreme Court's Board of Continuing <br> Judicial Education and the Supreme Court's Appellate Court Procedural <br> Rules Committee. Judge Lally-Green also currently holds the positions on <br> not for profit or for profit boards of directors as follows: Director and Chair, <br> UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, <br> Pennsylvania State Board of Education (public); Director, Catholic Charities, <br> Pittsburgh; and Director, CNX Resources Corporation (natural gas). Judge <br> Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy <br> Foundation of Western and Central Pennsylvania; Director, Ireland Institute <br> of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, <br> Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, <br> Pennsylvania Bar Institute; Director, Saint Vincent College; Director and <br> Chair, North Catholic High School, Inc.; Director and Vice Chair, Our <br> Campaign for the Church Alive!, Inc.; and Director and Vice Chair, Saint <br> Francis University.<br>| $622.79 | $330000 |
| **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 of the Federated Hermes <br> Complex; Sole Proprietor, Navigator Management Company (investment <br> 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; Credit Analyst and Lending <br> Officer, Fleet Bank; Director and Consultant, EZE Castle Software <br> (investment order management software); Director, Midway Pacific <br> (lumber); and Director, The Golisano Children's Museum of Naples, Florida<br>| $622.79 | $330000 |
| **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.<br>| $566.17 | $300000  |

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **P. Jerome Richey**<br> Birth Date: February 23, 1949<br> Trustee<br> Indefinite Term<br> Began serving: September 2013<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, <br> University of Pittsburgh and Executive Vice President and Chief Legal <br> Officer, CONSOL Energy Inc. (split into two separate publicly traded <br> companies known as CONSOL Energy Inc. and CNX Resources Corp.).<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Richey has served in several business and legal <br> management roles and directorship positions throughout his career. <br> Mr. Richey most recently held the positions of Senior Vice Chancellor and <br> Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as <br> Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and <br> Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey <br> previously served as Chief Legal Officer and Executive Vice President, <br> CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics <br> Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).<br>| $622.79 | $330000 |
| **John S. Walsh**<br> Birth Date: November 28, 1957<br> Trustee<br> Indefinite Term<br> Began serving: January 1999<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; President and Director, Heat Wagon, Inc. (manufacturer of <br> construction temporary heaters); President and Director, Manufacturers <br> Products, Inc. (distributor of portable construction heaters); President, <br> Portable Heater Parts, a division of 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 Vice President, Walsh & Kelly, Inc. (paving contractors).<br>| $566.17 | $300000 |

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**OFFICERS\*** 

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| | |
|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| **Principal Occupation(s) and Previous Position(s)** |
| **Lori A. Hensler**<br> Birth Date: January 6, 1967<br> Treasurer <br> Officer since: April 2013<br>| &nbsp;&nbsp; **Principal Occupations:** Principal Financial Officer and Treasurer of the Federated Hermes Complex; Senior Vice President, <br> Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, <br> Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation.<br> **Previous Positions:** Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors <br> Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, <br> Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services <br> Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., <br> Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd. and Federated MDTA, <br> LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution <br> Services, 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 General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee <br> and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative <br> Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities <br> Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; <br> and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a <br> 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>|

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|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| **Principal Occupation(s) and Previous Position(s)** |
| **Deborah A. Cunningham**<br> Birth Date: September 15, 1959<br> Chief Investment Officer<br> Officer since: May 2004<br>| &nbsp;&nbsp; **Principal Occupations:** Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes' money market <br> products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive <br> Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and <br> holds an M.S.B.A. in Finance from Robert Morris College.<br>|
| **Mary Jo Ochson**<br> Birth Date: September 12, 1953<br> CHIEF INVESTMENT OFFICER<br> Officer since: May 2004<br>| &nbsp;&nbsp; **Principal Occupations:** Mary Jo Ochson was named Chief Investment Officer of Federated Hermes' tax-exempt, fixed-income <br> products in 2004 and Chief Investment Officer of Federated Hermes' Tax-Free Money Markets in 2010. She joined Federated <br> Hermes in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. <br> Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University <br> of Pittsburgh.<br>|

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\*

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

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

**DIRECTOR/TRUSTEE EMERITUS PROGRAM** 

The Board has created a position of Director/Trustee Emeritus, whereby an incumbent Director/Trustee who has attained the age of 75 and completed a minimum of five years of service as a director/trustee, may, in the sole discretion of the Committee of Independent Directors/Trustees ("Committee"), be recommended to the full Board of Directors/Trustees of the Fund to serve as Director/Trustee Emeritus.

A Director/Trustee Emeritus that has been approved as such receives an annual fee in an amount equal to a percent of the annual base compensation paid to a 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. 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 of Directors/Trustees each year and will be available to consult with the Committees or its representatives at reasonable times as requested by the Chairman; however, a Director/Trustee Emeritus does not have any voting rights at Board meetings and is not subject to election by shareholders of the Funds.

The Director/Trustee Emeritus will be permitted to serve in such capacity at the pleasure of the Committee, but the annual fee will cease to be paid at the end of the calendar year during which he or she 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** 

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| | | |
|:---|:---|:---|
| **Director/Trustee Emeritus** | **Compensation**<br> **From Trust**<br> **(past fiscal year)**<br>| **Total**<br> **Compensation**<br> **Paid to**<br> **Director/Trustee**<br> **Emeritus**<sup>1</sup> <br>|
| **Peter E. Madden** | $113.02 | $60000.00 |
| **Charles F. Mansfield, Jr.** | $113.02 | $60000.00 |

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*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.*

**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.

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**Committees of the Board** 

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| | | | |
|:---|:---|:---|:---|
| **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> John T. Collins<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<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; &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<br> Maureen Lally-Green<br> Thomas M. O'Neill<br> &nbsp;&nbsp;&nbsp;&nbsp;P. Jerome Richey<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 T. Collins<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough <br> Maureen Lally-Green<br> Thomas M. O'Neill<br> Madelyn A. Reilly<br> &nbsp;&nbsp;&nbsp;&nbsp;P. Jerome Richey<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>| One |

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**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.

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**Board Ownership Of Shares In The Fund And In The Federated Hermes Family Of Investment Companies As Of December 31, 2022** 

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| | | |
|:---|:---|:---|
| **Interested Board**<br> **Member Name**<br>| &nbsp;&nbsp; **Dollar Range of**<br> **Shares Owned in**<br> **Federated Hermes California** <br> **Municipal Cash Trust**<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 |
| Thomas R. Donahue |  | Over $100,000 |
| **Independent Board**<br> **Member Name**<br>|  |  |
| John T. Collins |  | Over $100,000 |
| G. Thomas Hough |  | Over $100,000 |
| Maureen Lally-Green |  | Over $100,000 |
| Thomas M. O'Neill |  | Over $100,000 |
| Madelyn A. Reilly |  | Over $100,000 |
| P. Jerome Richey |  | Over $100,000 |
| John S. Walsh |  | Over $100,000 |

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\* For the calendar year ended December 31, 2021, each Trustee listed owned in the aggregate over $100,000 in the Federated Hermes Family of Investment Companies.

**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 an investor initiative in partnership with the United Nations Environment Programme Finance Initiative and the United Nations Global Compact. Commitments made as a signatory to the PRI are not legally binding, but are voluntary and aspirational. They include efforts, where consistent with our fiduciary responsibilities, to incorporate environmental, social and corporate governance (ESG) issues into investment analysis and investment decision making, to be active owners and incorporate ESG issues into our ownership policies and practices, to seek appropriate disclosure on ESG issues by the entities in which we invest, to promote acceptance and implementation of the PRI within the investment industry, to enhance our effectiveness in implementing the PRI, and to report on our activities and progress towards implementing the PRI. Being a signatory to the PRI 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 team that conducts long-term, objectives-driven dialogue with board and senior executive level representatives of approximately 1,000 unique issuers annually. It 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.

**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.

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**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.

**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.

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) had 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 where this is market practice; (3) has become overboarded (more than five boards for retired executives and more than two boards for CEOs); (4) is the chair of the nominating or governance committee when the roles of chairman of the board and CEO are combined and there is no lead independent director; (5) served on the compensation committee during a period in which compensation appears excessive relative to performance and peers; or (6) 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: (7) 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; (8) shareholder proposals to declassify the board of directors; (9) shareholder proposals to require a majority voting standard in the election of directors; (10) shareholder proposals to separate the roles of chairman of the board and CEO; (11) a proposal to require a company's audit committee to be comprised entirely of independent directors; and (12) 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 15% of the outstanding stock agree; (2) against proposals to allow shareholders to act by written consent; (3) on a case-by-case basis for proposals to adopt or amend shareholder rights plans (also known as "poison pills"); (4) in favor of shareholder proposals to eliminate supermajority requirements in company bylaws; and (5) 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.

Generally, the Adviser will vote every shareholder proposal of an environmental or social nature on a case-by-case basis. The quality of these shareholder proposals varies widely across markets. Similarly, company disclosures of their business practices related to environmental and social risks are not always adequate for investors to make risk assessments. Thus, the Adviser places great importance on company-specific analyses to determine how to vote. Above all, the Adviser will vote in a manner that would enhance the long-term value of the investment within the framework of the client's investment objectives.

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The Adviser's general approach to analyzing these proposals calls for considering the literal meaning of the written proposal, 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.

On matters of capital structure, generally, the Adviser will vote proxies for U.S. issuers 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%, against proposals to create multiple-class voting structures where one class has superior voting rights to the other classes, in favor of proposals to authorize reverse stock splits unless the amount of authorized shares is not also reduced proportionately. Generally, the Adviser will vote proxies for non-U.S. issuers in favor of proposals to authorize issuance of shares with and without pre-emptive rights unless the size of the authorities would threaten to unreasonably dilute existing shareholders.

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 aligned with the client's long-term investment objectives. With respect to Say On Pay proposals, the Adviser will generally vote in favor unless the compensation 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. The Adviser supports 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.

In some markets, especially Europe, shareholders are provided a vote on the remuneration policy, which sets out the structural elements of a company's executive remuneration 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, total compensation appears excessive relative to the company's industry peer group, with local market dynamics also taken into account; 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.

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.

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.

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 study the proposed business strategies of both groups and vote in a way that maximizes expected total return for the Fund.

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 of time), 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.

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 raises 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. However, 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.

The Adviser will take into account 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. In certain circumstances, primarily those where the Adviser's voting policy is absolute and without exception, issuer feedback will not be part of the voting decision. For example, it is the Adviser's policy to always support a shareholder proposal to separate the roles of chairman of the board and CEO. Thus, any comments from the issuer opposing this proposal would not be considered.

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

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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 Operations Team (PVOT) and overseen by the PVMG. Besides voting the proxies, this work includes engaging with investee companies on corporate governance matters, managing the proxy advisory firm, soliciting voting recommendations from the Adviser's investment professionals, bringing voting recommendations to the Proxy Committee for approval, filing with regulatory agencies any required proxy voting reports, 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 issues related to corporate governance and proxy voting.

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 sometimes call for an investment professional to review the ballot question and provide a voting recommendation to the Proxy Committee (a "case-by-case vote"). 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 in order to cast proxy votes in a manner that the Proxy Committee believes is in accordance with the General Policy. The proxy advisory firm may vote any proxy as directed in the Standard Voting Instructions without further direction from the Proxy Committee. However, if the Standard Voting Instructions require case-by-case handling for a proposal, the PVOT 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 PVOT to analyze a ballot question and make the final voting decision, the PVOT 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 in order 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 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

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circumstances it may be appropriate for the Adviser to vote in the same proportion as all other shareholders, so 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 Advisers' Conflicts of Interest** 

Proxy advisory firms may have significant business relationships with the subjects of their research and voting recommendations. For example, a proxy advisory firm board member also sits on the board of a public company for which the proxy advisory firm will write a research report. This and similar situations give rise to an actual or apparent conflict of interest.

In order to avoid concerns that the conflicting interests of the engaged proxy advisory firm have influenced 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 the proxy advisory firm on an annual basis and determine through a review of their policies and procedures and through inquiry that the proxy advisory firm has established a system of internal controls that provide reasonable assurance that their voting recommendations are not influenced by the business relationships they have with the subjects of their research.

◾ Whenever the standard voting guidelines call for voting a proposal in accordance with the proxy advisory firm recommendation and the proxy advisory firm has disclosed that they have a conflict of interest with respect to that issuer, the PVOT will take the following steps: (a) the PVOT will obtain a copy of the research report and recommendations published by another proxy advisory firm for that issuer; (b) the Director of Proxy Voting, or his designee, will review both the engaged proxy advisory firm research report and the research report of the other proxy advisory firm and determine what vote will be cast. The PVOT will report all proxies voted in this manner to the Proxy Committee on a quarterly basis. Alternatively, the PVOT 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 FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

**Portfolio Holdings Information** 

Information concerning the Fund's portfolio holdings is available via the link to the Fund and share class name at FederatedInvestors.com/FundInformation. Such information is posted on the website five business days after both mid-month and month-end then remains posted on the website 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 until replaced by the information for the succeeding month. The summary portfolio composition information may include identification of the Fund's top 10 credit/obligor exposures, weighted average maturity, weighted average life and percentage breakdowns of the portfolio by effective maturity range and type of security. The Fund's WAM and WAL, Shadow NAV (market-based value of the Fund's portfolio), Weekly Liquid Assets and Daily Flows are posted every business day and remain posted on the website for six months thereafter.

You may also access portfolio information via the link to the Fund and share class name at FederatedInvestors.com. The Fund's Annual Shareholder Report and Semi-Annual Shareholder Report contain complete listings of the Fund's portfolio holdings as of the end of the Fund's second and fourth fiscal quarters. These reports are also available on the SEC's website at sec.gov.

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The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

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.

**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.

**25**

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| | |
|:---|:---|
| **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 October 31** | **2022** | **2021** | **2020** |
| Advisory Fee Earned | $2115761 | $2849071 | $3725918 |
| Advisory Fee Waived | $1377664 | $2700055 | $1907211 |
| Net Administrative Fee | $553501 | $743589 | $972976 |
| **Net 12b-1 Fee:** |  |  |  |
| Cash II Shares | $117508 | $— | $226655 |
| Cash Series Shares | $83765 | $— | $74020 |
| **Net Shareholder Services Fee:** |  |  |  |
| Service Shares | $159339 | $— | $214860 |
| Cash II Shares | $148093 | $— | $296489 |
| Capital Shares | $29729 | $— | $70834 |
| Cash Series Shares | $26929 | $— | $25790 |

---

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 Fund does not participate in a securities lending program and did not engage in any securities lending activities during the Fund's most recent fiscal year.

[Financial Information](https://www.sec.gov/Archives/edgar/data/856517/000162363222001581/0001623632-22-001581-index.htm)

The Financial Statements for the Fund for the fiscal year ended October 31, 2022, are incorporated herein by reference to the Annual Report to Shareholders of Federated Hermes California Municipal Cash Trust dated October 31, 2022.

Investment Ratings

**STANDARD & POOR'S (S&P) RATINGS** 

**S&P MUNICIPAL SHORT-TERM Note RATINGS** 

An S&P note rating reflects the liquidity factors and market access risks unique to notes.

**SP-1**—Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2**—Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3**—Speculative capacity to pay principal and interest.

**26**

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**S&P DUAL RATINGS** 

S&P may assign dual ratings to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, 'AAA/A-1+' or 'A-1+/A-1'). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, 'SP-1+/A-1+'). The definitions for the long-term and the short-term ratings are provided below.

**S&P SHORT-TERM ISSUE CREDIT RATINGS** 

**A-1**—A short-term obligation rated "A-1" is rated the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2**—A short-term obligation rated "A-2" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3**—A short-term obligation rated "A-3" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely weaken an obligor's capacity to meet its financial commitments on the obligation.

**S&P LONG-TERM ISSUE CREDIT RATINGS\*** 

**\* Ratings from 'AA' to 'A' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.** 

**AAA**—An obligation rated "AAA" has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA**—An obligation rated "AA" differs from the highest rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A**—An obligation rated "A" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB**—An obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**MOODY'S INVESTORS SERVICE, INC. (MOODY'S) RATINGS** 

**Moody's SHORT-TERM MUNICIPAL OBLIGATION RATINGS** 

Moody's short-term ratings are designated Moody's Investment Grade (MIG or VMIG). (See below.) The purpose of the MIG or VMIG ratings is to provide investors with a simple system by which the relative investment qualities of short-term obligations may be evaluated.

The Municipal Investment Grade (MIG) scale is used to rate US municipal bond anticipation notes of up to five years maturity. Municipal notes rated on the MIG scale may be secured by either pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity of the obligation, and the issuer's long-term rating is only one consideration in assigning the MIG rating.

**MIG 1**—This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support or demonstrated broad based access to the market for refinancing.

**MIG 2**—This designation denotes strong credit quality. Margins of protection are ample although not as large as in the preceding group.

**MIG 3**—This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

**27**

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**MOODY'S VARIABLE RATE DEMAND NOTES (VRDNs) AND TENDER OPTION BONDS (TOBs) RATINGS** 

Short-term ratings on issues with demand features are differentiated by the use of the VMIG symbol to reflect such characteristics as payment upon periodic demand rather than fixed maturity dates and payment relying on external liquidity. In this case, two ratings are usually assigned, (for example, Aaa/VMIG-1); the first representing an evaluation of risk associated with scheduled principal and interest payments, and the second representing an evaluation of risk associated with the ability to receive purchase price upon demand ("demand feature"). The VMIG rating can be assigned a 1 or 2 designation using the same definitions described above for the MIG rating.

**VMIG 1**—This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

**VMIG 2**—This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

**VMIG 3**—This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

**MOODY'S COMMERCIAL PAPER (CP) RATINGS** 

**P-1**—Issuers (or supporting institutions) rated P-1 have a superior ability to repay short-term debt obligations.

**P-2**—Issuers (or supporting institutions) rated P-2 have a strong ability to repay short-term debt obligations.

**P-3**—Issuers (or supporting institutions) rated P-3 have an acceptable ability to repay short-term obligations.

**MOODY'S LONG-TERM DEBT RATINGS** 

**Aaa**—Obligations rated "Aaa" are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa**—Obligations rated "Aa" are judged to be of high quality and are subject to very low credit risk.

**A**—Obligations rated "A" are judged to be upper-medium grade and are subject to low credit risk.

**Baa**—Obligations rated "Baa" are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**FITCH RATINGS, INC. (FITCH)** 

**FITCH SHORT-TERM DEBT RATINGS** 

**F1**—Indicates the strongest capacity for timely payment of financial commitments relative to other issuers or obligations in the same country. Under the agency's National Rating scale, this rating is assigned to the lowest default risk relative to others in the same country or monetary union. Where the liquidity profile is particularly strong, a "+" is added to the assigned rating.

**F2**—Indicates a good capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union. However, the margin of safety is not as great as in the case of the higher ratings.

**F3**—Indicates an adequate capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

**FITCH LONG-TERM DEBT RATINGS** 

**AAA**—**Highest credit quality.** "AAA" ratings denote the lowest expectation of default risk. They are assigned only in case of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA**—**Very high credit quality.** "AA" ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A**—**High credit quality.** "A" ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB**—**Good credit quality.** "BBB" ratings indicate that expectations of a default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

**28**

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**DBRS, INC. (DBRS**<sup>®</sup>**) RATINGS** 

**DBRS SHORT-TERM DEBT AND COMMERCIAL PAPER RATINGS** 

The DBRS short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner.

**R-1 (high)**—Highest credit quality. The capacity for the payment of short-term financial obligations as they fall due is exceptionally high. Unlikely to be adversely affected by future events.

**R-1 (middle)**—Superior credit quality. The capacity for payments of short-term financial obligations as they fall due is very high. Differs from R-1 (high) by a relatively modest degree. Unlikely to be significantly vulnerable to future events.

**R-1 (low)**—Good credit quality. The capacity for the payment of short-term financial obligations as they fall due is substantial. Overall strength is not as favorable as higher rating categories. May be vulnerable to future events, but qualifying negative factors are considered manageable.

**R-2 (high)**—Upper end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events.

**R-2 (middle)**—Adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be exposed to other factors that could reduce credit quality.

**R-2 (low)**—Lower end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. A number of challenges are present that could affect the issuer's ability to meet such obligations.

**R-3**—Lowest end of adequate credit quality. There is a capacity for the payment of short-term financial obligations as they fall due. May be vulnerable to future events and the certainty of meeting such obligations could be impacted by a variety of developments.

**DBRS LONG-TERM DEBT RATINGS** 

The DBRS long-term rating scale provides an opinion on the risk of default. That is, the risk that an issuer will fail to satisfy its financial obligations in accordance with the terms under which an obligations has been issued.

**AAA**—Highest quality credit. The capacity for the payment of financial obligations is exceptionally high and unlikely to be adversely affected by future events.

**AA**—Superior credit quality. The capacity for the payment of financial obligations is considered high. Credit quality differs from AAA only to a small degree. Unlikely to be significantly vulnerable to future events.

**A**—Good credit quality. The capacity for the payment of financial obligations is substantial, but of lesser credit quality than AA. May be vulnerable to future events, but qualifying negative factors are considered manageable.

**BBB**—Adequate credit quality. The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events.

**High or low** grades are used to indicate the relative standing of a credit within a particular rating category. The absence of one of these designations indicates the rating is in the middle of the category. Note that "high" and "low" grades are not used for the AAA category.

**NOT RATED** 

Certain nationally recognized statistical rating organizations (NRSROs) such as S&P and Moody's may designate certain issues as NR, meaning that the issue or obligation is not rated.

**29**

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Addresses

**Federated Hermes California Municipal Cash Trust** 

**Wealth 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

**30**

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Appendix A

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

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

Ernst & Young LLP

**LEGAL COUNSEL** 

Goodwin Procter LLP

K&L Gates LLP

**Financial Printer(S)** 

Donnelley Financial Solutions

**Proxy Voting Administrator** 

Glass Lewis & Co., LLC

**SECURITY PRICING SERVICES** 

Bloomberg L.P.

IHS Markit (Markit North America)

ICE Data Pricing & Reference Data, LLC

JPMorgan PricingDirect

Refinitiv US Holdings Inc.

**RATINGS AGENCIES** 

Fitch, Inc.

Moody's Investors Service, Inc.

Standard & Poor's Financial Services LLC

**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 Merrill Lynch

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

Sustainalytics U.S. Inc.

Wolters Kluwer N.V.

**31**

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Appendix B - California State Risk

**STATE SPECIFIC INFORMATION** 

***Risks of Concentration.*** The following information as to certain state specific considerations is given to investors in view of the Fund's policy of concentrating its investments in particular state issuers. Such information supplements the information in the prospectus. It is derived from sources that are generally available to investors and is believed to be accurate. Such information constitutes only a brief summary, does not purport to be a complete description and is based on information from official statements relating to securities offerings of issuers of each particular state. The Trust has not independently verified this information.

The following describes economic conditions which may not continue and could change materially. There can be no assurance that particular bond issues may not be adversely affected by changes in economic, political or other conditions.

**CALIFORNIA** 

*Information as of February 1, 2023* 

**Special Considerations Relating to California** 

**Population and Economy of the State** 

The State of California (the "State" or "California") remained the most populous state in the nation although growth slowed over the last decade, according to the 2020 U.S. Census data. The State's population in 2020 was 39.5 million, a 6.1 percent increase since 2010 but slower than its 10 percent gain in the previous decade. According to population estimates and housing data released in May 2022, California's population decreased to 39.2 million people as of January 1, 2022.

California's economy, the largest among the 50 states and one of the largest and most diverse in the world, has major components in high technology, trade, entertainment, agriculture, manufacturing, government, tourism, construction and services. The relative proportion of the various components of the California economy closely resembles the make-up of the national economy.

Similar to the nation, California's unemployment rate rose 0.2 percentage points to 4 percent in October 2022. As of October 2022, California had fully recovered all of the nearly 2.8 million nonfarm jobs lost in March and April 2020 at the peak of the COVID-19 Pandemic and was 30,800 jobs (0.2 percent) above its February 2020 level.

Year-to-date through September 2022, California permitted 122,000 units on a seasonally-adjusted annualized rate (SAAR), down 2.3 percent from a year ago in September 2021. September permits consisted of 65,000 single-family units (down 3.6 percent year over year) and 57,000 multi-family units (up 9.9 percent year over year). The statewide median price of existing single-family homes increased to $821,680 in September 2022, up 1.6 percent from September 2021. Sales of existing single-family homes in California decreased to 305,680 units (SAAR) in September 2022, down 30.2 percent from September 2021.

The primary units of local government in California are the 58 counties, which range in population from approximately 1,200 in Alpine County to over 9.9 million in Los Angeles County. Counties are responsible for the provision of many basic services, including indigent health care, welfare, jails and public safety in unincorporated areas. There are also 482 incorporated cities in California and thousands of special districts formed for education, utilities and other services. The State receives revenues from taxes, fees and other sources, the most significant of which are from personal income tax, sales and use tax, and corporation tax. Local governments are impacted by the State's collection and disbursement of revenue on a variety of programs and services, while other programs and services are primarily the responsibility of the local government. The State and local governments are also subject to certain constitutional and legislative limitations on their ability to impose new taxes. The creditworthiness of obligations issued by local California issuers may be unrelated to the creditworthiness of obligations issued by the State, and there is no obligation on the part of the State to make payment on such local obligations in the event of default.

**Fiscal Year 2022-23 State Budget** 

The 2022-23 Budget (the "Budget") was enacted on June 27, 2022. General Fund revenues for fiscal year 2022-23 are projected at $219.7 billion, which is a 3 percent decline from the 2021-22 level. General Fund expenditures for fiscal year 2022-23 are projected at $234.4 billion, an increase over the revised 2021-22 General Fund budget of $196.4 billion.

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The Budget also includes major General Fund expenditures for K-12 education, higher education, health and human services, and corrections and rehabilitation. For K-12 education programs, the Budget includes total funding of $128.6 billion ($78.6 billion General Fund and $50 billion other funds) for fiscal year 2022-23. For higher education, the Budget includes total funding of $41.6 billion ($28.6 billion General Fund and local property tax and $13 billion other funds) for fiscal year 2022-23. For health and human services, the Budget includes funding of $231.3 billion ($68 billion General Fund and $163.2 billion other funds) for fiscal year 2022-23. For corrections and rehabilitation, the Budget includes funding of $14 billion ($13.4 billion General Fund and $603.2 million other funds) for fiscal year 2022-23.

**Ratings** 

As of February 1, 2023, the following ratings for California general obligation bonds have been received from Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings ("S&P") and Fitch Ratings, Inc. ("Fitch"):

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| | | |
|:---|:---|:---|
| **Fitch** | **Moody's** | **S&P** |
| AA | Aa2 | AA- |

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These ratings apply to the State only and are not indicative of the ratings assigned to local governments, such as counties, cities, school districts and other local agencies.

Any explanation of the significance of such ratings may be obtained only from the rating agency furnishing such ratings. There is no assurance that such ratings will continue for any given period of time or that they will not be revised downward or withdrawn entirely if, in the judgment of the particular rating agency, circumstances so warrant.

**State of California Finances** 

The moneys of the State are segregated into the General Fund and over 1,000 other funds, including special, bond and other funds. The General Fund is the depository of most of the major revenue sources of California and is not required by law to be credited to any fund. The General Fund consists of revenues received by the State Treasury; earnings from the investment of State moneys are not allocable to another Fund. The State's major revenue sources are from personal income tax, sales and use tax, and corporation tax.

**Retirement Liabilities** 

The State participates in two principal retirement systems, the California Public Employees' Retirement System ("CalPERS") and the California State Teachers' Retirement System ("CalSTRS"). In each case, the State makes annual contributions from the General Fund, and additional contributions are made by other employers which are part of the systems, and by employees. The State's annual contribution to CalPERS is determined by the CalPERS Board of Administration, and depends upon a variety of factors, including future investment performance, actuarial assumptions, and additional potential changes in retirement benefits. The State's annual contribution to CalSTRS is set by statute, and the CalSTRS Board has limited authority to adjust the State's contribution. The State has always made its mandatory contributions. For fiscal year 2022-23, the State's contribution to CalPERS is $8.2 billion, and its contribution to CalSTRS is $3.7 billion. Both systems currently have unfunded liabilities in the tens of billions of dollars, and both systems have taken steps in recent years to address these gaps (such as by lowering the estimated investment return on system assets), which will result in increased State contributions in future years.

**Constitutional and Statutory Limitations on Taxes and Appropriations; Constraints on the State Budget Process; Future Initiatives** 

California's fiscal year begins on July 1st and ends on June 30th of the following year. Under the California Constitution, money may be drawn from the Treasury only through an appropriation made by law. The primary source of the annual expenditure is the annual Budget Act as approved by the State Legislature and signed by the Governor. The annual budget is proposed by the Governor by January 10 of each year for the next fiscal year (the "Governor's Budget"). Under State law and the State Constitution, the annual proposed Governor's Budget cannot provide for projected expenditures in excess of projected resources for the ensuing fiscal year. Following the submission of the Governor's Budget, the State Legislature takes up the proposal.

As required by the Balanced Budget Amendment ("Proposition 58") adopted by the voters in 2004, beginning with fiscal year 2004-05, the State Legislature may not pass a budget bill in which General Fund expenditures exceed estimated General Fund revenues and beginning fund balances at the time of the passage and as set forth in the budget bill. Proposition 58 also provides for mid-year adjustments in the event that the budget falls out of balance, and the Governor calls a special legislative session to address the shortfall. Proposition 58 prohibits the use of general obligation bonds, revenue bonds and certain other forms of borrowing to cover fiscal year-end budget deficits. The restriction does not apply to certain other types of borrowing, such as: (i) short-term borrowing to cover cash shortfalls in the General Fund (including revenue anticipation notes or revenue anticipation warrants), or (ii) inter-fund borrowings.

**33**

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**Litigation** 

The State is a party to numerous legal proceedings, many of which normally occur in governmental operations. The State is involved in certain other legal proceedings that, if decided against the State, might require the State to make significant future expenditures or substantially impair future revenue sources. Because of the prospective nature of these proceedings, it is not possible to predict their outcome or estimate the potential impact on the ability of the State to pay debt service costs on its obligations.

**Additional Information** 

The information herein has not been independently verified and constitutes only a brief summary of some of the general factors that may impact certain issuers of municipal bonds and does not purport to be a complete or exhaustive description of all adverse conditions to which the issuers of municipal bonds held by the Fund are subject. Information regarding the State's financial condition is included in various public documents issued by the State, such as the official statements prepared in connection with the issuance of general obligation bonds of California.

**34**

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**Prospectus** 

***February 28, 2023***

![](img9196e31e1.gif)

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

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| | | |
|:---|:---|:---|
| **Share Class** \| Ticker | **Institutional** \| FFTXX | **Premier** \| FTFXX |

---

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Federated Hermes Institutional Tax-Free Cash Trust

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A Portfolio of Federated Hermes Money Market Obligations Trust

A money market mutual fund seeking to provide dividend income exempt from federal regular income taxes while seeking relative stability of principal by investing in a portfolio of high-quality, tax-exempt securities maturing in five business days or less.

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.

*The Fund operates as a "Floating Net Asset Value" Money Market Fund.*

*The Share Price will fluctuate. It is possible to lose money by investing in the Fund.*

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

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**CONTENTS** 

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| | |
|:---|:---|
| [Fund Summary Information](#xx_c959c84f-14a1-4c51-b2e1-d455f680c01e_1)[–](#xx_c959c84f-14a1-4c51-b2e1-d455f680c01e_1)[Institutional Shares](#xx_c959c84f-14a1-4c51-b2e1-d455f680c01e_1) | [1](#xx_c959c84f-14a1-4c51-b2e1-d455f680c01e_1) |
| [Fund Summary Information](#xx_0ceab84e-7947-4fc2-ac67-bf634b5de772_1)[–](#xx_0ceab84e-7947-4fc2-ac67-bf634b5de772_1)[Premier Shares](#xx_0ceab84e-7947-4fc2-ac67-bf634b5de772_1) | [6](#xx_0ceab84e-7947-4fc2-ac67-bf634b5de772_1) |
| [What are the Fund's Investment Strategies?](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_1) | [11](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_1) |
| [What are the Fund's Principal Investments?](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_2) | [12](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_2) |
| [What are the Specific Risks of Investing in the Fund?](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_4) | [14](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_4) |
| [What Do Shares Cost?](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_7) | [17](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_7) |
| [How is the Fund Sold?](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_8) | [18](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_8) |
| [Payments to Financial Intermediaries](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_8) | [18](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_8) |
| [How to Purchase Shares](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_9) | [19](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_9) |
| [How to Redeem Shares](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_11) | [21](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_11) |
| [Security and Privacy Protection](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_15) | [25](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_15) |
| [Account and Share Information](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_16) | [26](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_16) |
| [Who Manages the Fund?](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_17) | [27](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_17) |
| [Financial Information](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_18) | [28](#xx_72ea9c18-cee1-46bd-912b-01b9f61303e2_18) |
| [Appendix A: Hypothetical Investment and Expense Information](#xx_cf9ad350-9bce-4f59-9efe-135893c59888_1) | [31](#xx_cf9ad350-9bce-4f59-9efe-135893c59888_1) |

---

------

Fund Summary Information–Institutional Shares

**Federated Hermes Institutional Tax-Free Cash Trust (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund's investment objective is to provide dividend income exempt from federal regular income taxes while seeking relative stability of principal.

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

This table describes the fees and expenses that you may pay if you buy, hold and sell Institutional Shares (IS) 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)** 

---

| | |
|:---|:---|
|  | **IS** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) | None |
| Redemption Fee (as a percentage of amount redeemed, if applicable) | None |
| Exchange Fee | None |

---

&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)** 

---

| | |
|:---|:---|
|  | **IS** |
| Management Fee | 0.20% |
| Distribution (12b-1) Fee |  |
| Other Expenses | 0.16%<sup>1</sup> |
| Total Annual Fund Operating Expenses | 0.36% |
| Fee Waivers and/or Expense Reimbursements<sup>2</sup> | (0.16)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.20% |

---

The Fund may incur and pay certain service fees (shareholder services/account administration fees) on its IS class of up to a maximum of 0.25%. The Fund will incur and pay up to 0.05% of such Fees for the IS class of the Fund. The IS class of the Fund will not incur and pay such Fees to exceed 0.05% until such time as approved by the Fund's Board of Trustees (the "Trustees").

Under the investment advisory contract, the Adviser is required to reimburse/waive the amount, limited to the amount of the management fee, by which the Fund's aggregate annual operating expenses, including the management fee, but excluding interest, taxes, brokerage commissions, expenses of registering and qualifying the Fund and its shares under federal and state laws, expenses of withholding taxes and extraordinary expenses exceed (after voluntary waivers and reimbursements) 0.45% of the Fund's IS class average daily net assets. 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 paid by the Fund, if any) paid by the Fund's IS class (after the voluntary waivers and/or reimbursements) will not exceed 0.20% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) March 1, 2024; 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.

**1**

------

**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:

---

| | |
|:---|:---|
| 1 Year | $37 |
| 3 Years | $116 |
| 5 Years | $202 |
| 10 Years | $456 |

---

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

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

The Fund invests primarily in a portfolio of high-quality, tax-exempt securities maturing in five business days or less. The Fund will invest its assets so that distributions of annual interest income are exempt from federal regular income tax. The Fund's investment adviser ("Adviser") also normally will invest the Fund's assets entirely in securities whose interest is not subject to (or not a specific preference item for purposes of) the federal alternative minimum tax for individuals (AMT), such that distributions of annual interest income are also exempt from the AMT. However, in certain circumstances (such as, for example, when there is a lack of supply of non-AMT or other tax-exempt securities or there are advantageous market conditions, or if there are changes in the tax laws relating to AMT), to pursue the Fund's investment objective, the Adviser may leave a portion of the Fund's assets uninvested, or may invest the Fund's assets in securities the interest from which may be subject to AMT, state and/or federal income tax. These acquisitions may occur in the ordinary course or in connection with Fund reorganization transactions (i.e., transactions in which the Fund acquires the portfolio securities of other mutual funds) or another event or circumstance. The Adviser actively manages the Fund's portfolio, seeking to limit the credit risk taken by the Fund and to select investments with appropriate risk-adjusted returns.

Although the Fund is a money market fund, the net asset value (NAV) of the Fund's shares will "float," fluctuating with changes in the values of the Fund's portfolio securities. Although the Fund is a floating net asset value money market fund and its share price will fluctuate, by investing in high quality securities with maturities of five business days or less, typically maintaining a weighted average portfolio maturity of approximately seven days or less and using amortized cost to value such securities when available, the Fund seeks to minimize the volatility of its NAV.

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Adviser to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds, and tax-exempt commercial paper; and (b) interests in securities of other investment companies.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").

Under normal circumstances, the Fund will invest its assets so that at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) are invested in securities the income of which will be exempt from federal regular income tax. This policy may not be changed without shareholder approval.

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

Pursuant to Rule 2a-7, the Fund is designated as an "institutional" money market fund and is required to utilize current market-based prices (except as otherwise permitted to value individual portfolio securities with remaining maturities of 60 days or less at amortized cost in accordance with SEC guidance) to value its portfolio securities and transact at a floating net asset value (NAV) that uses four-decimal-place precision ($1.0000). In addition, the Fund has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board determines such liquidity fees or redemption gates are in the best interest of the Fund.

As an institutional money market fund, the Fund will not be limited to institutional investors, but will continue to be available to retail investors as well.

**2**

------

All mutual funds take investment risks. Therefore, even though the Fund is a money market fund, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's NAV, delay the payment of redemptions by the Fund, or reduce the Fund's returns include:

◾ **Tax-Exempt Securities Risk.** The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities.

◾ **Issuer Credit Risk.** It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may 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 strategies.

◾ **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. Economic, political and financial conditions, 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, cause the Fund to experience volatility, illiquidity, shareholder redemptions or other potentially adverse effects.

◾ **Interest Rate Risk.** Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. 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. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield.

◾ **Call Risk.** The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.

◾ **Sector Risk.** A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics or by issuers located in the same state. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities.

◾ **Tax Risk.** In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax or AMT. Consult your tax professional for more information.

◾ **Liquidity Risk.** Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.

◾ **Credit Enhancement Risk.** The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit.

◾ **Risk Associated with Investing Share Purchase Proceeds.** On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

◾ **Risk Associated with use of Amortized Cost.** Under existing SEC guidance, the Fund will value its individual portfolio securities with remaining maturities of 60 days or less using its amortized cost price when such price is approximately the same (as determined by policies adopted by the Fund's Board of Trustees ("Board")) as its fair market price ("shadow price"). If a security's shadow price is not approximately the same as its amortized cost price, the Fund will generally use the shadow price to value that security. In such cases, the use of the shadow price could cause the Fund's NAV to fluctuate. See "Floating Net Asset Value Money Market Risk" below.

**3**

------

◾ **Additional Factors Affecting Yield.** There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. Periods of very low or negative interest rates impact, in a negative way, the Fund's ability to maintain a positive return, or yield, or pay dividends to Fund shareholders.

◾ **Floating Net Asset Value Money Market Risk.** The Fund will not maintain a constant NAV per share. The value of the Fund's shares will be calculated to four decimal places and will fluctuate reflecting the value of the portfolio of investments held by the Fund. It is possible to lose money by investing in the Fund.

◾ **Fees & Gates Risk.** The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such fee is not in the best interests of the Fund.

◾ **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.

You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares, they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**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 *averaged* over the stated periods. *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 FederatedInvestors.com or by calling the Fund at 1-800-341-7400.

![](ftftproq452732is_12.jpg)

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

*Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 0.57% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended December 31, 2021).* 

**4**

------

**Average Annual Total Return Table**

The following table represents the Fund's IS class Average Annual Total Returns for the calendar period ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **Since**<br> **Inception**<br>|
| **IS:** | 1.00% | 0.80% | 0.72% |
| ***Inception Date:*** |  |  | ***02/26/2016*** |

---

*The Fund's IS class 7-Day Net Yield as of December 31, 2022, was 3.51%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT** 

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

**Purchase and Sale of Fund Shares** 

The minimum initial investment amount for the Fund's IS class is generally $500,000 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.

You may purchase or redeem Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a financial intermediary or directly from the Fund, by wire or by check. Please note that certain purchase restrictions may apply. Redeem Shares through a financial intermediary or directly from the Fund by telephone at 1-800-341-7400 or by mail.

**Exchanges between the Fund and another Federated Hermes fund are not permitted.**

**TAX INFORMATION** 

It is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund's dividends may not be tax-exempt. Dividends may be subject to state and local taxes. Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. Any Fund distributions of capital gains are taxable at applicable capital gains rates. The Fund normally invests its assets so that distributions are exempt from AMT, but in certain circumstances income from the Fund may be subject to AMT.

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

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.

**5**

------

Fund Summary Information–Premier Shares

**Federated Hermes Institutional Tax-Free Cash Trust (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund's investment objective is to provide dividend income exempt from federal regular income taxes while seeking relative stability of principal.

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

This table describes the fees and expenses that you may pay if you buy, hold and sell Premier Shares (PRM) 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)** 

---

| | |
|:---|:---|
|  | **PRM** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) | None |
| Redemption Fee (as a percentage of amount redeemed, if applicable) | None |
| Exchange Fee | None |

---

&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)** 

---

| | |
|:---|:---|
|  | **PRM** |
| Management Fee | 0.20% |
| Distribution (12b-1) Fee |  |
| Other Expenses | 0.11%<sup>1</sup> |
| Total Annual Fund Operating Expenses | 0.31% |
| Fee Waivers and/or Expense Reimbursements<sup>2</sup> | (0.16)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.15% |

---

The Fund may incur and pay certain service fees (shareholder services/account administration fees) on its PRM class of up to a maximum amount of 0.25%. No such fees are currently incurred and paid by the PRM class of the Fund. The PRM class of the Fund will not incur and pay such fees until such time as approved by the Fund's Board of Trustees (the "Trustees").

Under the investment advisory contract, the Adviser is required to reimburse/waive the amount, limited to the amount of the management fee, by which the Fund's aggregate annual operating expenses, including the management fee, but excluding interest, taxes, brokerage commissions, expenses of registering and qualifying the Fund and its shares under federal and state laws, expenses of withholding taxes and extraordinary expenses exceed (after voluntary waivers and reimbursements) 0.45% of the Fund's PRM class average daily net assets. 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 paid by the Fund, if any) paid by the Fund's PRM class (after the voluntary waivers and/or reimbursements) will not exceed 0.15% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) March 1, 2024; 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.

**6**

------

**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 are as shown in the table above and 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:

---

| | |
|:---|:---|
| 1 Year | $32 |
| 3 Years | $100 |
| 5 Years | $174 |
| 10 Years | $393 |

---

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

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

The Fund invests primarily in a portfolio of high-quality, tax-exempt securities maturing in five business days or less. The Fund will invest its assets so that distributions of annual interest income are exempt from federal regular income tax. The Fund's investment adviser ("Adviser") also normally will invest the Fund's assets entirely in securities whose interest is not subject to (or not a specific preference item for purposes of) the federal alternative minimum tax for individuals (AMT), such that distributions of annual interest income are also exempt from the AMT. However, in certain circumstances (such as, for example, when there is a lack of supply of non-AMT or other tax-exempt securities or there are advantageous market conditions, or if there are changes in the tax laws relating to AMT), to pursue the Fund's investment objective, the Adviser may leave a portion of the Fund's assets uninvested, or may invest the Fund's assets in securities the interest from which may be subject to AMT, state and/or federal income tax. These acquisitions may occur in the ordinary course or in connection with Fund reorganization transactions (i.e., transactions in which the Fund acquires the portfolio securities of other mutual funds) or another event or circumstance. The Adviser actively manages the Fund's portfolio, seeking to limit the credit risk taken by the Fund and to select investments with appropriate risk-adjusted returns.

Although the Fund is a money market fund, the net asset value (NAV) of the Fund's shares will "float," fluctuating with changes in the values of the Fund's portfolio securities. Although the Fund is a floating net asset value money market fund and its share price will fluctuate, by investing in high quality securities with maturities of five business days or less, typically maintaining a weighted average portfolio maturity of approximately seven days or less and using amortized cost to value such securities when available, the Fund seeks to minimize the volatility of its NAV.

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Adviser to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds, and tax-exempt commercial paper; and (b) interests in securities of other investment companies.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").

Under normal circumstances, the Fund will invest its assets so that at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) are invested in securities the income of which will be exempt from federal regular income tax. This policy may not be changed without shareholder approval.

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

Pursuant to Rule 2a-7, the Fund is designated as an "institutional" money market fund and is required to utilize current market-based prices (except as otherwise permitted to value individual portfolio securities with remaining maturities of 60 days or less at amortized cost in accordance with SEC guidance) to value its portfolio securities and transact at a floating net asset value (NAV) that uses four-decimal-place precision ($1.0000). In addition, the Fund has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board determines such liquidity fees or redemption gates are in the best interest of the Fund.

As an institutional money market fund, the Fund will not be limited to institutional investors, but will continue to be available to retail investors as well.

**7**

------

All mutual funds take investment risks. Therefore, even though the Fund is a money market fund, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's NAV, delay the payment of redemptions by the Fund, or reduce the Fund's returns include:

◾ **Tax-Exempt Securities Risk.** The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities.

◾ **Issuer Credit Risk.** It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may 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 strategies.

◾ **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. Economic, political and financial conditions, 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, cause the Fund to experience volatility, illiquidity, shareholder redemptions or other potentially adverse effects.

◾ **Interest Rate Risk.** Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. 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. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield.

◾ **Call Risk.** The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.

◾ **Sector Risk.** A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics or by issuers located in the same state. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities.

◾ **Tax Risk.** In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax or AMT. Consult your tax professional for more information.

◾ **Liquidity Risk.** Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.

◾ **Credit Enhancement Risk.** The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit.

◾ **Risk Associated with Investing Share Purchase Proceeds.** On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

◾ **Risk Associated with use of Amortized Cost.** Under existing SEC guidance, the Fund will value its individual portfolio securities with remaining maturities of 60 days or less using its amortized cost price when such price is approximately the same (as determined by policies adopted by the Fund's Board of Trustees ("Board")) as its fair market price ("shadow price"). If a security's shadow price is not approximately the same as its amortized cost price, the Fund will generally use the shadow price to value that security. In such cases, the use of the shadow price could cause the Fund's NAV to fluctuate. See "Floating Net Asset Value Money Market Risk" below.

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◾ **Additional Factors Affecting Yield.** There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. Periods of very low or negative interest rates impact, in a negative way, the Fund's ability to maintain a positive return, or yield, or pay dividends to Fund shareholders.

◾ **Floating Net Asset Value Money Market Risk.** The Fund will not maintain a constant NAV per share. The value of the Fund's shares will be calculated to four decimal places and will fluctuate reflecting the value of the portfolio of investments held by the Fund. It is possible to lose money by investing in the Fund.

◾ **Fees & Gates Risk.** The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such fee is not in the best interests of the Fund.

◾ **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.

You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares, they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**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 PRM class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns averaged over the stated periods. *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 FederatedInvestors.com or by calling 1-800-341-7400.

![](ftftproq452732prm_8.jpg)

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

*Within the periods shown in the bar chart, the Fund's PRM class highest quarterly return was 0.58% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended December 31, 2021).* 

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**Average Annual Total Return Table**

The following table represents the Fund's PRM class Average Annual Total Returns for the calendar period ended December 31, 2022.

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| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **PRM:** | 1.05% | 0.83% | 0.52% |

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*The Fund's PRM class 7-Day Net Yield as of December 31, 2022, was 3.56%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT** 

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

**Purchase and Sale of Fund Shares** 

The minimum initial investment amount for the Fund's PRM class is generally $5 million 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.

You may purchase or redeem Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a financial intermediary or directly from the Fund, by wire or by check. Please note that certain purchase restrictions may apply. Redeem Shares through a financial intermediary or directly from the Fund by telephone at 1-800-341-7400 or by mail.

**Exchanges between the Fund and another Federated Hermes fund are not permitted.**

**TAX INFORMATION** 

It is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund's dividends may not be tax-exempt. Dividends may be subject to state and local taxes. Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. Any Fund distributions of capital gains are taxable at applicable capital gains rates. The Fund normally invests its assets so that distributions are exempt from AMT, but in certain circumstances income from the Fund may be subject to AMT.

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

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.

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What are the Fund's Investment Strategies?

The Fund's investment objective is to provide dividend income exempt from federal regular income taxes while seeking relative stability of principal. 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 invests primarily in a portfolio of high-quality, tax-exempt securities maturing in five business days or less. The Fund will invest its assets so that distributions of its annual interest income are exempt from federal regular income tax. The Fund's investment adviser ("Adviser") also normally will invest the Fund's assets entirely in securities whose interest is not subject to (or not a specific preference item for purposes of) the federal alternative minimum tax for individuals (AMT) such that distributions of annual interest income are also exempt from the AMT. However, in certain circumstances (such as, for example, when there is a lack of supply of non-AMT or other tax-exempt securities or there are advantageous market conditions, or if there are changes in the tax laws relating to AMT), to pursue the Fund's investment objective, the Adviser may leave a portion of the Fund's assets uninvested, or may invest the Fund's assets in securities the interest from which may be subject to AMT, state and/or federal income tax. These acquisitions may occur in the ordinary course or in connection with Fund reorganization transactions (i.e., transactions in which the Fund acquires the portfolio securities of other mutual funds) or another event or circumstance. The Adviser actively manages the Fund's portfolio, seeking to limit the credit risk taken by the Fund and to select investments with appropriate risk-adjusted returns.

Although the Fund is a money market fund, the net asset value (NAV) of the Fund's shares will "float," fluctuating with changes in the values of the Fund's portfolio securities. Although the Fund is a floating net asset value money market fund and its share price will fluctuate, by investing in high quality securities with maturities of five business days or less, typically maintaining a weighted average portfolio maturity of approximately seven days or less and using amortized cost to value such securities when available, the Fund seeks to minimize the volatility of its NAV.

The Fund seeks to invest in securities that present minimal credit risk, based on the Adviser's assessment of the issuer's credit quality, including the issuer's or guarantor's capacity to meet its financial obligations, among other factors.

The Adviser targets a dollar-weighted average portfolio maturity (WAM) range based upon its interest rate outlook and the tax-exempt securities available. The Adviser formulates its interest rate outlook by analyzing a variety of factors, such as (among others): current and expected U.S. economic growth; current and expected interest rates and inflation; and the Federal Reserve's monetary policy. The Adviser structures the portfolio by investing principally in variable rate demand instruments and municipal notes, as well as other permissible investments as described in this Prospectus. The Adviser generally shortens the portfolio's maturity when it expects interest rates to rise and extends the maturity when it expects interest rates to fall. This strategy seeks to enhance the returns from favorable interest rate changes and reduce the effect of unfavorable changes.

The Fund will typically: (1) maintain a WAM of approximately seven days or less; and (2) maintain a weighted average life (WAL) of approximately seven days or less. Certain of the securities in which the Fund invests may pay interest at a rate that is periodically adjusted ("Adjustable Rate Securities"). For purposes of calculating WAM, the maturity of an Adjustable Rate Security generally will be the period remaining until its next interest rate adjustment. For purposes of calculating WAL, the maturity of an Adjustable Rate Security will be its stated final maturity, without regard to interest rate adjustments; accordingly, the approximate seven-day WAL limitation could serve to limit the Fund's ability to invest in Adjustable Rate Securities.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940. Rule 2a-7, which regulates money market funds, imposes various requirements on money market funds, including, among others, regulations related to maturity, credit quality and diversification.

Under normal circumstances, the Fund will invest its assets so that at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) are invested in securities the income of which will be exempt from federal regular income tax. This policy may not be changed without shareholder approval.

**TEMPORARY INVESTMENTS** 

The Fund may temporarily depart from its principal investment strategies by investing its assets in taxable securities (including, for example, securities subject to the federal AMT) or holding cash. It may do this in response to unusual circumstances such as: adverse market, economic or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate tax-exempt securities); to maintain liquidity to meet shareholder redemptions; or to accommodate cash inflows. It is possible that such temporary investments could affect the Fund's investment returns. If the Fund invests in taxable securities, it may receive and distribute taxable income to investors and to that extent fail to meet its investment objectives.

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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.

**TAX-EXEMPT SECURITIES** 

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Adviser to be reliable, pay interest that is not subject to federal regular income taxes. Fixed-income securities pay interest, dividends or distributions at a specified rate. The rate may be a fixed percentage of the principal or adjusted periodically. In addition, the issuer of a fixed-income security must repay the principal amount of the security, normally within a specified time. Typically, states, counties, cities and other political subdivisions and authorities issue tax-exempt securities. The market categorizes tax-exempt securities by their source of repayment. Certain of these tax-exempt securities may be subject to credit enhancement. The following describes the principal types of tax-exempt securities in which the Fund may invest.

**Variable Rate Demand Instruments (A Type of Tax-Exempt Security)** 

Variable rate demand instruments are tax-exempt securities that require the issuer or a third party, such as a dealer or bank (the "Demand Provider"), to repurchase the security for its face value upon demand. The securities also pay interest at a variable rate intended to cause the securities to trade at their face value. Some variable rate demand instruments are "conditional," so that the occurrence of certain conditions discharges the Demand Provider's obligation to repurchase the security. Other variable rate demand instruments are "unconditional," so that there are no conditions under which the Demand Provider's obligation to repurchase the security can terminate. The Fund treats variable rate demand instruments as short-term securities even though their maturity may extend beyond 397 days because, within 397 days, their variable interest rate adjusts in response to changes in market rates and the repayment of their principal amount can be demanded. Certain variable rate demand instruments that may be invested in by the Fund, referred to as "synthetic" variable rate demand instruments, have certain features, such as call features, that make it possible that the Fund will realize capital gains.

**Municipal Notes (A Type of Tax-Exempt Security)** 

Municipal notes are short-term, tax-exempt securities. Many municipalities issue such notes to fund their current operations before collecting taxes or other municipal revenues. Municipalities may also issue notes to fund capital projects prior to issuing long-term bonds. The issuers typically repay the notes at the end of their fiscal year, either with taxes, other revenues or proceeds from newly issued notes or bonds.

**General Obligation Bonds (A Type of Tax-Exempt Security)** 

General obligation bonds are supported by the issuer's power to exact property or other taxes. The issuer must impose and collect taxes sufficient to pay principal and interest on the bonds. However, the issuer's authority to impose additional taxes may be limited by its charter or state law.

**Special Revenue Bonds (A Type of Tax-Exempt Security)** 

Special revenue bonds are payable solely from specific revenues received by the issuer such as specific taxes, assessments, tolls or fees. Bondholders may not collect from the municipality's general taxes or revenues. For example, a municipality may issue bonds to build a toll road, and pledge the tolls to repay the bonds. Therefore, a shortfall in the tolls normally would result in a default on the bonds, or in certain cases, may result in a reduction in payments received in respect of the bonds.

**Private Activity Bonds (A Type of Special Revenue Bond)** 

Private activity bonds are special revenue bonds used to finance private projects. A certain percentage of the proceeds from a private activity bond is used for a private business use or a certain percentage of the debt service regarding a private activity bond is paid directly or indirectly from a private business use. A private business use is a trade or business carried on by any person or entity other than a governmental unit. Private activity bonds are secured primarily by revenues derived from loan repayments or lease payments due from the private entity, which may or may not be guaranteed by a parent company or otherwise secured. Private activity bonds generally are not secured by a pledge of the taxing power of the issuer of such bonds. For example, a municipality may issue bonds to finance a new factory to improve its local economy. The municipality would lend the proceeds from its bonds to the company using the factory, and the company would agree to make loan payments sufficient to cover interest and principal payments on the bonds. The bonds would be payable from the company's loan payments, and generally not from any other revenues of the municipality. Therefore, any default of the loan normally would result in a default on the bonds.

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Types of private activity bonds include, for example: bonds issued to obtain funds to provide water, sewage and solid waste facilities, qualified residential rental projects, certain local electric, gas and other heating and cooling facilities, qualified hazardous waste facilities, high-speed intercity rail facilities, certain airports, docks, wharves and mass transportation facilities and qualified mortgages; qualified student loan bonds; qualified redevelopment bonds; and bonds used for certain organizations exempt from federal income taxation (qualified 501(c)(3) bonds).

The interest on many types of private activity bonds is subject to the AMT. However, issues are available in the marketplace that are not subject to the AMT due to qualifying tax rules.

**Tax-Exempt Commercial Paper (A Type of Tax-Exempt Security)** 

Tax-exempt commercial paper is an obligation issued by a tax-exempt issuer with a maturity of generally less than nine months. Tax-exempt issuers may issue commercial paper to pay for current expenditures or other permissible activities. Tax-exempt issuers may constantly reissue their commercial paper and use the proceeds (or other sources) to repay maturing paper. If the tax-exempt issuer cannot continue to obtain liquidity in this fashion, and if there is not another available source of liquidity, its commercial paper may default or there may be a reduction in payments received in repayment of the tax-exempt commercial paper.

**Credit Enhancement** 

The Fund may invest in tax-exempt securities with credit enhancement. Credit enhancement consists of an arrangement in which a company agrees to pay amounts due on a fixed-income security if the issuer defaults. In some cases, the company providing credit enhancement makes all payments directly to the security holders and receives reimbursement from the issuer. Normally, the credit enhancer has greater financial resources and liquidity than the issuer. For this reason, the Adviser may evaluate the credit risk of a fixed-income security based solely upon its credit enhancement.

Common types of credit enhancement include guarantees, letters of credit, bond insurance and surety bonds. Credit enhancement also includes arrangements where securities or other liquid assets secure payment of a fixed-income security. If a default occurs, these assets may be sold and the proceeds paid to the security's holders. Either form of credit enhancement reduces credit risks by providing another source of payment for a fixed-income security. The Adviser evaluates credit enhancements based on its own credit assessment standards and analysis.

**Investing in Securities of Other Investment Companies** 

The Fund may invest its assets in shares of other investment companies as an efficient means of implementing its investment strategies, managing its uninvested cash and/or other investment reasons consistent with the Fund's investment objective and investment strategies. These investments may include shares of an affiliated fund, including a money market fund or preferred shares of a closed-end fund that are eligible for purchase by money market funds (generally, because such preferred shares are structured as unconditional demand instruments with a third-party Demand Provider). Other investment companies are managed independently of the Fund and incur additional fees and/or expenses which would, therefore, be borne indirectly by the Fund in connection with any such investment. These investments also can create conflicts of interests for the Adviser to the Fund and the investment adviser to the acquired fund. For example, a conflict of interest can arise due to the possibility that the Adviser to the Fund could make a decision to redeem the Fund's investment in the acquired fund. In the case of an investment in an affiliated fund, a conflict of interest can arise if, because of the Fund's investment in the acquired fund, the acquired fund is able to garner more assets, thereby growing the acquired fund and increasing the management fees received by the investment adviser to the acquired fund, which would either be the Adviser or an affiliate of the Adviser. However, the Adviser believes that the benefits and efficiencies of making investments in other investment companies should outweigh the potential additional fees and/or expenses and resulting conflicts of interest. The Fund may invest in money market securities directly.

**OTHER INVESTMENTS, TRANSACTIONS, TECHNIQUES**

**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. The Adviser may also consider information derived from active engagements conducted by its in-house stewardship team with certain issuers or guarantors on environmental, social and governance topics. 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.

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**Minimal credit risk** 

Under Rule 2a-7, money market funds, such as the Fund, may generally invest in "Eligible Securities" which include securities issued by another money market fund, government securities or securities that have a remaining maturity of no more than 397 calendar days and are determined by the fund's board or its delegate to present minimal credit risk based on an assessment of the issuer's credit quality, including the capacity of the issuer or guarantor to meet its financial obligations. The Fund's Board has adopted procedures by which the Adviser will conduct this initial and ongoing assessment, as required.

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. These are the primary factors that may impact the Fund's NAV, delay the payment of redemptions by the Fund or reduce the Fund's daily dividends. 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.

**TAX-EXEMPT SECURITIES RISK** 

The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities. Legal, economic, political or other developments may raise impairments (such as, for example, limitations under applicable law on the issuer's authority to raise taxes, prolonged budgetary processes, declining real estate values or declining tax revenues) to such issuer's budgetary flexibility, liquidity and ability to satisfy its obligations. Like other issuers and securities, the likelihood that the credit risk associated with such issuers and such securities will increase is greater during times of economic stress and financial instability.

**ISSUER Credit Risk** 

It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

Many fixed-income securities (including tax-exempt securities) receive credit ratings from NRSROs such as Fitch Rating Service, Moody's Investor Services, Inc. and Standard & Poor's 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. Ratings are just one factor that the Adviser considers in its credit assessment and analysis.

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 CREDIT RISK** 

Counterparty credit 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.

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**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. Economic, political and financial conditions, or industry or economic trends and developments, may, from time to time, and for varying periods of time, cause volatility, illiquidity and/or other potentially adverse effects in the financial markets, including the fixed-income market. The commencement, continuation or ending of government policies and economic stimulus programs, changes in monetary policy, 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 across the market. This may increase redemptions from funds that hold impacted securities. Such a market event could 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.

**Epidemic and Pandemic Risk** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. This coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies, including certain Fund service providers and issuers of the Fund's investments, and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such instruments. Any such impact could adversely affect the Fund's performance.

**INTEREST RATE RISK** 

Prices of fixed-income securities (including tax-exempt 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.

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. Money market funds try to minimize this risk by purchasing short-term securities. Negative or very low interest rates magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, have unpredictable effects on markets and expose debt and related markets to heightened volatility and may detract from Fund performance to the extent a Fund is exposed to such interest rates and/or volatility. During periods when interest rates are low or there are negative interest rates, a Fund's yield (and total return) also is likely to be low or otherwise adversely affected or the Fund may be unable to maintain a positive return, or yield, or minimize the volatility of the Fund's NAV per share.

Certain of the Fund's investments may also be valued, in part, by reference to the relative relationship between interest rates on tax-exempt securities and taxable securities. With respect to the Fund's investments described in the preceding sentence, the value of such Fund investments may be negatively affected (or positively affected) when the market for tax-exempt securities underperforms (or outperforms) the market for taxable securities.

**Call Risk** 

Call risk is the possibility that an issuer may redeem a fixed-income security (including a tax-exempt security) before maturity (a "call") at a price below or above 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.

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**Sector Risk** 

A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities. Developments affecting companies with similar characteristics might include changes in interest rates, changes in economic cycles affecting credit losses and regulatory changes.

**TAX RISK** 

In order to pay interest that is exempt from federal income tax, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable (including, for example, under the AMT).

Changes or proposed changes in federal, state or local tax laws may cause the prices of tax-exempt securities to fall and/or may affect the tax-exempt status of the securities in which the Fund invests. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax or AMT. Consult your tax professional for more information.

**LIQUIDITY RISK** 

Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss. An inability to sell portfolio securities may result from adverse market developments or investor perceptions regarding the portfolio securities. While the Fund endeavors to maintain a high level of liquidity in its portfolio so that it can satisfy redemption requests, the Fund's ability to sell portfolio securities can deteriorate rapidly due to credit events affecting particular issuers or credit enhancement providers, or due to general market conditions and a lack of willing buyers.

**CREDIT ENHANCEMENT RISK** 

The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). Credit enhancement is designed to help assure timely payment of the security; it does not protect the Fund against losses caused by declines in a security's value due to changes in market conditions. Securities subject to credit enhancement generally would be assigned a lower credit rating if the rating were based primarily on the credit quality of the issuer without regard to the credit enhancement. If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded.

A single enhancement provider may provide credit enhancement to more than one of the Fund's investments. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit. Bond insurers that provide credit enhancement for large segments of the fixed-income markets, including the municipal bond market, may be more susceptible to being downgraded or defaulting during recessions or similar periods of economic stress.

**RISK ASSOCIATED WITH INVESTING SHARE PURCHASE PROCEEDS** 

On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. The larger the amount that must be invested or the greater the difference between the yield of the securities purchased and the yield of the existing investments, the greater the impact will be on the yield of the Fund. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

**RISK ASSOCIATED WITH USE OF AMORTIZED COST** 

Under existing SEC guidance, the Fund will value its individual portfolio securities with remaining maturities of 60 days or less using its amortized cost price when such price is approximately the same (as determined by policies adopted by the Fund's Board) as its shadow price. If a security's shadow price is not approximately the same as its amortized cost price, the Fund will generally use the shadow price to value that security. In such cases, the use of the shadow price could cause the Fund's NAV to fluctuate. See "Floating Net Asset Value Money Market Risk" below.

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**ADDITIONAL FACTORS AFFECTING YIELD** 

There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. A low or negative interest rate environment may prevent the Fund from providing a positive return, or yield, or paying Fund expenses out of current income. The Fund's yield could also be negatively affected (both in absolute terms and as compared to other money market funds) by aspects of its investment program (for example, its investment policies, strategies or limitations) or its operational policies (for example, its cut-off time for purchases and redemptions of Shares).

**Floating Net Asset Value Money Market Risk** 

The Fund will not maintain a constant NAV per share. The value of the Fund's shares will be calculated to four decimal places and will fluctuate reflecting the value of the portfolio of investments held by the Fund. It is possible to lose money by investing in the Fund.

**Fees & Gates Risk** 

The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such fee is not in the best interests of the Fund.

**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.

What Do Shares Cost?

**calculation of net asset value** 

The NAV per share is generally based on the market value of the investments held by the Fund. 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 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 FederatedInvestors.com, via online news sources and in certain newspapers.

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

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

When the Fund holds securities that trade principally in foreign markets on days the NYSE is closed, the value of the Fund's assets may change on days you cannot purchase or redeem Shares. This may also occur when the U.S. markets for fixed-income securities are open on a day the NYSE is closed. In calculating its NAV, the Fund generally values investments as follows:

◾ Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Adviser.

◾ Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium) in accordance with "Use of Amortized Cost" below.

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You can purchase or redeem Shares any day the NYSE is open (a "Regular Business Day"). You may also be able to purchase and redeem Shares on certain days that the NYSE is closed on an unscheduled basis due to unforeseen or emergency circumstances, if the Fund's Board determines to allow Fund Share transactions on such days (a "Special Trading Day"). If the Fund declares a Special Trading Day, information regarding shareholder trading activities for the Special Trading Day (such as when NAV, and entitlement to that day's dividend, will be determined) will be available by calling the Fund at 1-800-341-7400 and will be posted on FederatedInvestors.com. **The information set forth in this Prospectus regarding times relevant to NAV determination and dividend entitlement applies only to Regular Business Days.** Please note that the times that might be specified for NAV determination and dividend entitlement on a Special Trading Day would not necessarily be the same as set forth in this Prospectus with respect to Regular Business Days. Although FederatedInvestors.com will attempt to make such information available in advance of a particular Special Trading Day, given the nature of Special Trading Days, it may not be able to do so until the morning of the Special Trading Day.

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 Shares"), it is processed at the next determined NAV. NAV is determined at 1:00 p.m. (Eastern time) each day the NYSE is open. The times as of when NAV is determined, and when orders must be placed, may be changed as permitted by the SEC.

**USE OF AMORTIZED COST** 

Under the amortized cost valuation method, an investment is valued at its acquisition cost, as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date as appropriate.

In response to SEC guidance that institutional money market funds may only use the amortized cost method to value a portfolio security with a remaining maturity of 60 days or less when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation, the Board has adopted certain procedures to perform a comparison between the amortized cost price and the fair market price ("shadow price") of a portfolio security that utilizes amortized cost to value the security to ensure that amortized cost is used to value the security only where it is "approximately the same" as the security's shadow price. If the shadow price of such security is not approximately the same as the amortized cost price, generally the shadow price of the security will be used, unless otherwise permitted under the procedures. Shadow prices for individual securities are generally provided by an independent pricing service unless otherwise authorized by the procedures approved by the Board.

How is the Fund Sold?

The Fund offers the following Share classes: Institutional Shares and Premier Shares, each representing interests in a single portfolio of securities. All Share classes have different 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.)

The Fund's Distributor markets the Shares described in this Prospectus to entities holding Shares in an agency or fiduciary capacity, financial institutions, financial intermediaries and institutional investors or to individuals, directly or through financial intermediaries.

**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. 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.

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**SERVICE FEES**

The Fund 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.

The IS class of the Fund will pay no more than 0.05% Service Fees until such time as approved by the Fund's Board of Trustees.

The Fund 's Premier Shares have no present intention of paying, accruing or incurring any such Service Fees until such time as approved by the Fund's Board of Trustees.

**ACCOUNT ADMINISTRATION FEES** 

The Fund 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 IS class of the Fund will pay no more than 0.05% Account Administration Fees until such time as approved by the Fund's Board of Trustees.

The Fund's Premier Shares have no present intention of paying, accruing or incurring any such Account Administration Fees until such time as approved by the Fund's Board of Trustees.

**RECORDKEEPING FEES** 

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** 

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** 

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, that support the sale of Shares or provide services to Fund shareholders. The amounts of these payments could be significant, and may create an incentive for the financial intermediary or its employees or associated persons to recommend or sell Shares of the Fund to you. Not all financial intermediaries receive such payments and the amount of compensation may vary by intermediary. 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 sells or may sell; 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. 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. You can ask your financial intermediary 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.

How to Purchase Shares

You may purchase Shares through a financial intermediary or directly from the Fund. The Fund reserves the right to reject any request to purchase Shares. New investors must submit a completed New Account Form.

The minimum initial investment for the Fund's IS class is generally $500,000. There is no minimum subsequent investment amount.

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The minimum initial investment for the Fund's PRM class is generally $5 million. There is no minimum subsequent investment amount.

**Exchanges between the Fund and other Federated Hermes funds are not permitted.**

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

An institutional investor's minimum investment is calculated by combining all accounts it maintains with the Fund. 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.

**THROUGH A FINANCIAL INTERMEDIARY**

Submit your purchase order to your financial intermediary. Financial intermediaries are responsible for promptly submitting purchase orders and payment to the Fund by electronic means permitted by the Fund, or according to the instructions in the sections "By Telephone" or "By Mail" below.

Currently, certain financial intermediaries serve as agents for the Fund for the purpose of determining the time a trade is received in good order. Where a financial intermediary serves as agent, the order is priced at the Fund's NAV next calculated after it is accepted by the financial intermediary. In such cases, if requested by the Fund, the financial intermediary is responsible for providing information with regard to the time that such order for purchase, redemption or exchange was received. Orders submitted through a financial intermediary that has not received authorization to accept orders on the Fund's behalf are priced at the Fund's NAV next calculated after it receives the order from the financial intermediary and accepts it, which may not occur on the day submitted to the financial intermediary.

If your financial intermediary submits your order electronically, your order will be processed and you will be entitled to dividends pursuant to operating procedures established by the Fund. If your financial intermediary submits your order by telephone or by mail, your order will be processed and you will be entitled to dividends as outlined in the section "By Telephone" or the section "By Mail" below.

If you deal with a financial intermediary, you will have to follow the financial intermediary's procedures for transacting with the Fund. For more information about how to purchase Shares through your financial intermediary, you should contact your financial intermediary directly.

**DIRECTLY FROM THE FUND** 

**By Telephone** 

You may purchase Shares by calling the Fund at 1-800-341-7400.

Your purchase will be priced at the NAV next calculated after the Fund receives your order. NAV is determined at 1:00 p.m. If you call the Fund by 1:00 p.m. Eastern time and send your payment by wire by the close of the Federal Reserve wire transfer system, you will be entitled to that day's dividend. If you call the Fund after 1:00 p.m. Eastern time and send your payment by wire by the close of the Federal Reserve wire transfer system the next day, you will be entitled to the next day's trade date and dividend.

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

If the Fund does not receive your purchase wire by the close of the Federal Reserve wire transfer system on your designated settlement date, your purchase will be canceled and you could be liable for any losses or fees incurred by the Fund or SS&C GIDS, Inc., the Fund's transfer agent.

You cannot purchase Shares by wire on days when wire transfers are restricted, even if the NYSE is open on such days (for example, Columbus Day and Veterans Day). The Fund does not consider wire purchase requests received on such days to be in proper form, and will not process such requests.

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**By Mail** 

You may purchase Shares by sending your check payable to **The Federated Hermes Funds** at the following address:

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

430 W 7<sup>th</sup> Street

Suite 219318

Kansas City, MO 64105-1407

**Please note your account number on your check.** Payment should be made in U.S. dollars and drawn on a U.S. bank. 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 SS&C GIDS, Inc., the Fund's transfer agent. 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.

Your order will be priced using the final NAV calculated on the day the Fund receives your check and you will be entitled to dividends beginning on the day the check is converted into federal funds (normally the business day after the check is received).

**By Online Account Services** 

Currently, you may view your accounts online through FederatedInvestors.com's Shareholder Account Access system once you have registered for access. For more information about the services available through Shareholder Account Access, please visit FederatedInvestors.com and select "My Investments," or call 1-800-341-7400, Option #4 to speak with a Client Service Representative. Institutional shareholders should speak with their Federated Hermes relationship manager to discuss online options available.

**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.

How to Redeem Shares

You should redeem 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.

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. Financial intermediaries are responsible for promptly submitting redemption or exchange requests to the Fund by electronic means permitted by the Fund, or according to the instructions in the sections "By Telephone" or "By Mail" below.

If your financial intermediary submits your redemption or exchange request electronically, your request will be processed and your proceeds will be paid pursuant to operating procedures established by the Fund. If your financial intermediary submits your redemption or exchange request by telephone or by mail, your request will be processed and your proceeds will be paid as outlined in the section "By Telephone" or the section "By Mail" below.

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If you deal with a financial intermediary, you will have to follow the financial intermediary's procedures for transacting with the Fund. For more information about how to redeem or exchange Shares through your financial intermediary, you should contact your financial intermediary directly.

**DIRECTLY FROM THE FUND**

**By Telephone** 

You may redeem Shares by calling the Fund at 1-800-341-7400. Your redemption request will be priced at the NAV next calculated after the request is received by the Fund. NAV is determined at 1:00 p.m. The 1:00 p.m. calculation point is intended to facilitate same day settlement. Receipt of a redemption order by a financial intermediary will be deemed received by the Fund to the extent that such financial intermediary has been duly authorized by the Fund to accept such orders.

If you call the Fund by 1:00 p.m. Eastern time, and your redemption proceeds are wired to you the same day, you will not be entitled to that day's dividend.

**By Mail** 

**You may redeem Shares by mailing a written request to the Fund.** 

Your redemption request will be priced at the NAV next calculated after the Fund receives your written request in proper form. If your redemption proceeds are wired to you the same day your order is priced, you will not be entitled to that day's dividend. If a check for your redemption proceeds is mailed to you on the next business day after your request is priced, you will be entitled to dividends through the day on which the Fund priced your request.

Send requests by mail to:

The Federated Hermes Funds

P.O. Box 219318

Kansas City, MO 64121-9318

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

The Federated Hermes Funds

430 W 7<sup>th</sup> Street

Suite 219318

Kansas City, MO 64105-1407

All requests must include:

◾ Fund Name and Share Class, account number and account registration;

◾ amount to be redeemed; and

◾ signatures of all shareholders exactly as registered.

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** 

Currently, you may view your accounts online through FederatedInvestors.com's Shareholder Account Access system once you have registered for access. For more information about the services available through Shareholder Account Access, please visit FederatedInvestors.com and select "My Investments," or call 1-800-341-7400, Option #4 to speak with a Client Service Representative. Institutional shareholders should speak with their Federated Hermes relationship manager to discuss online options available.

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**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.

◾ **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 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, 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

◾ in which there are emergency conditions, including liquidation of the Fund, as provided in Section 22(e), and rules thereunder, of the Investment Company Act of 1940.

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

**CERTAIN SPECIAL LIMITATIONS AFFECTING REDEMPTIONS** 

The SEC has implemented a number of requirements, including liquidity fees and temporary redemption gates, for money market funds based on the amount of Fund assets that are "weekly liquid assets," which generally includes cash, direct obligations of the U.S. government, certain other U.S. government or agency securities and securities that will mature or are subject to a demand feature that is exercisable and payable within five business days.

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The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. If the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund will impose a liquidity fee of 1% on all redemptions beginning on the next business day, unless the Board, including a majority of the independent Trustees, determines that imposing such a fee would not be in the best interests of the Fund or determines that a lower or higher fee (not to exceed 2%) would be in the best interests of the Fund, which would remain in effect until weekly liquid assets return to 30% or the Board determines that the fee is no longer in the best interests of the Fund. In the event that a liquidity fee is imposed and/or redemptions are temporarily suspended, the Board may take certain other actions based on the particular facts and circumstances, including but not limited to modifying the timing and frequency of its NAV determinations. All liquidity fees payable by shareholders of the Fund would be payable to the Fund and could offset any losses realized by the Fund when seeking to honor redemption requests during times of market stress.

If liquidity fees are imposed or redemptions are temporarily suspended, the Fund will notify shareholders on the Fund's website or by press release. In addition to identifying the Fund, such notifications will include the Fund's percentage of total assets invested in weekly liquid assets, the time of implementation of the liquidity fee and/or redemption gate and details regarding the amount of the liquidity fee. The imposition and termination of a liquidity fee or redemption gate will also be reported by the Fund to the SEC on Form N-CR.

If redemptions are temporarily suspended, the Fund and your financial intermediary will not accept redemption orders until the Fund has notified shareholders that the redemption gate has been lifted. Shareholders wishing to redeem shares once the redemption gate has been lifted will need to submit a new redemption request to the Fund or their financial intermediary.

All liquidity fees payable by shareholders to the Fund can be used to offset any losses realized by the Fund when seeking to honor redemption requests during times of market stress. The Fund expects to treat such liquidity fees as not constituting income to the Fund.

A liquidity fee imposed by the Fund will reduce the amount you will receive upon the redemption of your shares and will decrease the amount of any capital gain or increase the amount of any capital loss you will recognize from such redemption. Although there is some degree of uncertainty with respect to the tax treatment of liquidity fees received by money market funds, it is anticipated at this time that a liquidity fee will have no tax effect for the Fund. As the tax treatment will likely be the subject of future guidance issued by the Internal Revenue Service (IRS), the Fund will re-visit the applicable tax treatment of liquidity fees when they are received.

In addition, the right of any investor to receive payment with respect to any redemption may be suspended or the payment of the redemption proceeds postponed during any period in which the NYSE is closed (other than weekends or holidays) or trading on the NYSE is restricted or, to the extent otherwise permitted by the 1940 Act, if an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable or it is not reasonably practicable for the Fund fairly to determine the value of its net assets. In addition, the SEC may by order permit suspension of redemptions for the protection of shareholders of the Fund.

If the Fund's weekly liquid assets fall below 10% of its assets on a business day, the Fund may cease honoring redemptions and liquidate at the discretion of the Board, including a majority of the independent Trustees. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to liquidate and suspend redemptions. If the Fund ceases honoring redemptions and determines to liquidate, the Fund expects that it would notify shareholders on the Fund's website or by press release. Distributions to shareholders of liquidation proceeds may occur in one or more disbursements.

Purchase orders received by the Fund after the last NAV determination of a given day but prior to notification of the imposition of liquidity fees or a redemption gate will be cancelled unless re-confirmed. Under certain circumstances, the Fund may honor redemption orders (or pay redemptions without adding a liquidity fee to the redemption amount) if the Fund can verify that the redemption order was received in good order by the Fund or the Fund's agent before the Fund imposed liquidity fees or temporarily suspended redemptions.

**24**

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**Systematic Withdrawal Program**

You may automatically redeem Shares. The minimum amount for all new or revised systematic redemptions 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.

**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, 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. 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 FederatedInvestors.com'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.

Investors are able to view accounts online but online transactions are not permitted.

**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 FederatedInvestors.com.

**25**

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Account and Share Information

**ACCOUNT ACTIVITY**

You will receive periodic statements reporting all account activity, including dividends and capital gains paid.

**DIVIDENDS AND CAPITAL GAINS**

The Fund declares any dividends daily and pays them monthly to shareholders.

The Fund does not expect to realize any capital gains or losses. However, the Fund may realize capital gains on certain securities, such as synthetic variable rate demand instruments, that may be redeemed in certain circumstances at a premium to their face value. If capital gains or losses were to occur, they could result in an increase or decrease in dividends. 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.

See "Tax Information" below for information on the tax consequences of the Fund realizing a capital gain.

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 FederatedInvestors.com/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.

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 cause the account balance to fall below:

◾ $500,000 for the IS class;

◾ $5 million for the PRM class.

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. It is anticipated that Fund distributions will be primarily dividends that are exempt from federal income tax, although a portion of the Fund's dividends may not be exempt. Dividends may be subject to state and local taxes. Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. 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. Capital gains and non-exempt dividends are taxable whether paid in cash or reinvested in the Fund.

**26**

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Redemptions are taxable sales. **When the NAV of the Fund's shares varies from $1.0000 per share, shareholders will realize a gain or loss upon the sale or redemption of such Fund shares**. Any gain resulting from the redemption of Fund shares generally will be taxable to you as either short-term or long-term capital gain, depending on how long you held your shares in the Fund. 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 a materially adverse impact on the Federated Hermes funds or their shareholders. If you plan to redeem 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 FederatedInvestors.com. Such information is posted on the website five business days after both mid-month and month-end then remains posted on the website 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 until replaced by the information for the succeeding month. The summary portfolio composition information may include identification of the Fund's top 10 credit/obligor exposures, weighted average maturity, weighted average life and percentage breakdowns of the portfolio by effective maturity range and type of security. The Fund's WAM and WAL, Shadow NAV (market-based value of the Fund's portfolio), Weekly Liquid Assets and Daily Flows are posted every business day and remain posted on the website for six months thereafter.

You may also access portfolio information via the link to the Fund and share class name at FederatedInvestors.com. The Fund's Annual and Semi-Annual Shareholder Reports contain complete listings of the Fund's portfolio holdings as of the end of the Fund's second and fourth fiscal quarters. These reports are also available on the SEC's website at sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

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 FederatedInvestors.com. 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 102 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 $668.9 billion as of December 31, 2022. Federated Hermes was established in 1955 as Federated Investors, Inc. and is one of the largest investment managers in the United States with nearly 2,000 employees. Federated Hermes provides investment products to more than 11,000 investment professionals and institutions.

The Adviser advises approximately 73 registered investment companies and also manages sub-advised funds. The Adviser's assets under management totaled approximately $399.6 billion as of December 31, 2022.

**27**

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**ADVISORY FEES** 

The Fund's investment advisory contract provides for payment to the Adviser of an annual investment advisory fee of 0.20% of the Fund's average daily net assets. Under the investment advisory contract, which is subject to annual renewal by the Fund's Board of Trustees, the Adviser will waive the amount, limited to the amount of the advisory fee, by which the Fund's aggregate annual operating expenses, including the investment advisory fee but excluding interest, taxes, brokerage commissions, expenses of registering or qualifying the Fund and its Shares under federal and state laws and regulations, expenses of withholding taxes and extraordinary expenses, exceed 0.45% of its average daily net assets. 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 Annual and Semi-Annual Shareholder Reports for the periods ended October 31 and April 30, 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 Annual Report.

**28**

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Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.0000** | **$1.0000** | **$1.0000** | **$1.0000** | **$1.0000** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income (loss) | 0.0062 | 0.0001 | 0.0060 | 0.0137 | 0.0114 |
| Net realized gain (loss) | (0.0000)<sup>1</sup> |  |  |  |  |
| Total From Investment Operations | 0.0062 | 0.0001 | 0.0060 | 0.0137 | 0.0114 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (0.0062) | (0.0001) | (0.0060) | (0.0137) | (0.0114) |
| **Net Asset Value, End of Period** | **$1.0000** | **$1.0000** | **$1.0000** | **$1.0000** | **$1.0000** |
| **Total Return**<sup>2</sup> | 0.62% | 0.01% | 0.60% | 1.38% | 1.15% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> | 0.18% | 0.08% | 0.19% | 0.20% | 0.20% |
| Net investment income | 0.75% | 0.01% | 0.64% | 1.36% | 1.17% |
| Expense waiver/reimbursement<sup>4</sup> | 0.18% | 0.29% | 0.18% | 0.16% | 0.18% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1114556 | $549366 | $735236 | $855998 | $594047 |

---

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

---

| | |
|:---|:---|
| 1 | *Represents less than $0.0001.* |
| 2 | *Based on net asset value.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 4 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|

---

Further information about the Fund's performance is contained in the Fund's Annual Report, dated October 31, 2022, which can be obtained free of charge.

**29**

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Financial Highlights–Premier Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.0000** | **$1.0000** | **$1.0000** | **$1.0000** | **$1.0000** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income (loss) | 0.0065 | 0.0001 | 0.0063 | 0.0142 | 0.0119 |
| Net realized gain (loss) | (0.0000)<sup>1</sup> |  |  |  |  |
| Total From Investment Operations | 0.0065 | 0.0001 | 0.0063 | 0.0142 | 0.0119 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (0.0065) | (0.0001) | (0.0063) | (0.0142) | (0.0119) |
| **Net Asset Value, End of Period** | **$1.0000** | **$1.0000** | **$1.0000** | **$1.0000** | **$1.0000** |
| **Total Return**<sup>2</sup> | 0.65% | 0.01% | 0.64% | 1.43% | 1.20% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> | 0.14% | 0.08% | 0.15% | 0.15% | 0.15% |
| Net investment income | 0.83% | 0.01% | 0.72% | 1.42% | 1.21% |
| Expense waiver/reimbursement<sup>4</sup> | 0.17% | 0.24% | 0.17% | 0.16% | 0.18% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $784152 | $301266 | $398163 | $515446 | $420808 |

---

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

---

| | |
|:---|:---|
| 1 | *Represents less than $0.0001.* |
| 2 | *Based on net asset value.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 4 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|

---

Further information about the Fund's performance is contained in the Fund's Annual Report, dated October 31, 2022, which can be obtained free of charge.

**30**

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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 do 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 INSTITUTIONAL TAX-FREE CASH TRUST - IS CLASS** | **FEDERATED HERMES INSTITUTIONAL TAX-FREE CASH TRUST - IS CLASS** | **FEDERATED HERMES INSTITUTIONAL TAX-FREE CASH TRUST - IS CLASS** | **FEDERATED HERMES INSTITUTIONAL TAX-FREE CASH TRUST - IS CLASS** | **FEDERATED HERMES INSTITUTIONAL TAX-FREE CASH TRUST - IS CLASS** | |
| **ANNUAL EXPENSE RATIO: 0.36%** | **ANNUAL EXPENSE RATIO: 0.36%** | **ANNUAL EXPENSE RATIO: 0.36%** | **ANNUAL EXPENSE RATIO: 0.36%** | **ANNUAL EXPENSE RATIO: 0.36%** | |
| **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>| <br>**Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00 | $500.00 | $10500.00 | $36.84 | $10464.00 |
| 2 | $10464.00 | $523.20 | $10987.20 | $38.54 | $10949.53 |
| 3 | $10949.53 | $547.48 | $11497.01 | $40.33 | $11457.59 |
| 4 | $11457.59 | $572.88 | $12030.47 | $42.20 | $11989.22 |
| 5 | $11989.22 | $599.46 | $12588.68 | $44.16 | $12545.52 |
| 6 | $12545.52 | $627.28 | $13172.80 | $46.21 | $13127.63 |
| 7 | $13127.63 | $656.38 | $13784.01 | $48.36 | $13736.75 |
| 8 | $13736.75 | $686.84 | $14423.59 | $50.60 | $14374.14 |
| 9 | $14374.14 | $718.71 | $15092.85 | $52.95 | $15041.10 |
| 10 | $15041.10 | $752.06 | $15793.16 | $55.40 | $15739.01 |
| Cumulative |  | $6184.29 |  | $455.59 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES INSTITUTIONAL TAX-FREE CASH TRUST - PRM CLASS** | **FEDERATED HERMES INSTITUTIONAL TAX-FREE CASH TRUST - PRM CLASS** | **FEDERATED HERMES INSTITUTIONAL TAX-FREE CASH TRUST - PRM CLASS** | **FEDERATED HERMES INSTITUTIONAL TAX-FREE CASH TRUST - PRM CLASS** | **FEDERATED HERMES INSTITUTIONAL TAX-FREE CASH TRUST - PRM CLASS** | |
| **ANNUAL EXPENSE RATIO: 0.31%** | **ANNUAL EXPENSE RATIO: 0.31%** | **ANNUAL EXPENSE RATIO: 0.31%** | **ANNUAL EXPENSE RATIO: 0.31%** | **ANNUAL EXPENSE RATIO: 0.31%** | |
| **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>| <br>**Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00 | $500.00 | $10500.00 | $31.73 | $10469.00 |
| 2 | $10469.00 | $523.45 | $10992.45 | $33.21 | $10960.00 |
| 3 | $10960.00 | $548.00 | $11508.00 | $34.77 | $11474.02 |
| 4 | $11474.02 | $573.70 | $12047.72 | $36.40 | $12012.15 |
| 5 | $12012.15 | $600.61 | $12612.76 | $38.11 | $12575.52 |
| 6 | $12575.52 | $628.78 | $13204.30 | $39.90 | $13165.31 |
| 7 | $13165.31 | $658.27 | $13823.58 | $41.77 | $13782.76 |
| 8 | $13782.76 | $689.14 | $14471.90 | $43.73 | $14429.17 |
| 9 | $14429.17 | $721.46 | $15150.63 | $45.78 | $15105.90 |
| 10 | $15105.90 | $755.30 | $15861.20 | $47.93 | $15814.37 |
| Cumulative |  | $6198.71 |  | $393.33 |  |

---

**31**

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An SAI dated February 28, 2023, is incorporated by reference into this Prospectus. Additional information about the Fund and its investments is contained in the Fund's SAI and Annual and Semi-Annual Reports to shareholders as they become available. 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 without charge, and to make inquiries, call your financial intermediary or the Fund at 1-800-341-7400.

The Fund's shareholder reports will be made available on FederatedInvestors.com/FundInformation, and you will be notified and provided with a link each time a report is posted to the website. You may request to receive paper reports from the Fund or from your financial intermediary, free of charge, at any time. You may also request to receive documents through e-delivery.

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

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 Institutional Tax-Free Cash Trust

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

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

or call 1-800-341-7400.

Federated Securities Corp., Distributor

*Investment Company Act File No. 811-5950* 

*CUSIP 608919486*

*CUSIP 60934N666*

*Q452732 (2/23)*© 2023 Federated Hermes, Inc.

------

**Statement of Additional Information**

***February 28, 2023***

![](imgdfe9a1631.gif)

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

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| | | |
|:---|:---|:---|
| **Share Class** \| Ticker | **Institutional** \| FFTXX | **Premier** \| FTFXX |

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Federated Hermes Institutional Tax-Free Cash Trust

------

A Portfolio of Federated Hermes Money Market Obligations Trust

This Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes Institutional Tax-Free Cash Trust (the "Fund"), dated February 28, 2023.

This SAI incorporates by reference the Fund's Annual Report. Obtain the Prospectus or the Annual Report without charge by calling 1-800-341-7400.

---

| | |
|:---|:---|
|  | **Contents** |
| 1 | [How is the Fund Organized?](#xx_2b314adb-9ab0-4883-a351-f77f2a3935dd_1) |
| 1 | [Securities in Which the Fund Invests](#xx_2b314adb-9ab0-4883-a351-f77f2a3935dd_1) |
| 4 | [Investment Risks](#xx_2b314adb-9ab0-4883-a351-f77f2a3935dd_4) |
| 6 | [Investment Objective (and Policies) and Investment Limitations](#xx_2b314adb-9ab0-4883-a351-f77f2a3935dd_6) |
| 9 | [What Do Shares Cost?](#xx_2b314adb-9ab0-4883-a351-f77f2a3935dd_9) |
| 9 | [How is the Fund Sold?](#xx_2b314adb-9ab0-4883-a351-f77f2a3935dd_9) |
| 12 | [Purchases In-Kind](#xx_2b314adb-9ab0-4883-a351-f77f2a3935dd_12) |
| 12 | [Redemption In-Kind](#xx_2b314adb-9ab0-4883-a351-f77f2a3935dd_12) |
| 12 | [Massachusetts Partnership Law](#xx_2b314adb-9ab0-4883-a351-f77f2a3935dd_12) |
| 13 | [Share Information](#xx_2b314adb-9ab0-4883-a351-f77f2a3935dd_13) |
| 13 | [Tax Information](#xx_2b314adb-9ab0-4883-a351-f77f2a3935dd_13) |
| 14 | [Who Manages and Provides Services to the Fund?](#xx_2b314adb-9ab0-4883-a351-f77f2a3935dd_14) |
| 26 | [Financial Information](#xx_2b314adb-9ab0-4883-a351-f77f2a3935dd_26) |
| 27 | [Investment Ratings](#xx_2b314adb-9ab0-4883-a351-f77f2a3935dd_27) |
| 30 | [Addresses](#xx_1fd60c82-7e70-48bd-ad23-8cf5a7e4ed49_1) |
| 31 | [Appendix](#xx_662d3a1b-6e2a-4d7e-b9d3-7486f798040f_1) |

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Federated Hermes Institutional Tax-Free Cash Trust

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com**

or call 1-800-341-7400.

Federated Securities Corp., Distributor

*8010414B (2/23)*© 2023 Federated Hermes, Inc.

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How is the Fund Organized?

The Fund is a diversified portfolio of Federated Hermes Money Market Obligations Trust ("Trust"). The Trust is an open-end, management investment company that was established under the laws of the Commonwealth of Massachusetts on October 3, 1988. The Trust may offer separate series of shares representing interests in separate portfolios of securities. The Fund, which was established on November 20, 1978, was reorganized as a portfolio of the Trust on November 1, 1999. Effective March 31, 2016, the Fund changed its name to Federated Institutional Tax-Free Cash Trust. Effective June 26, 2020, the Trust changed its name from Money Market Obligations Trust to Federated Hermes Money Market Obligations Trust, and the Fund changed its name from Federated Institutional Tax-Free Cash Trust to Federated Hermes Institutional Tax-Free Cash Trust.

The Board of Trustees has established two classes of shares of the Fund, known as Institutional Shares and Premier Shares (Shares). Effective February 26, 2016, the Fund's original shares were redesignated as Premier Shares. This SAI relates to both 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 further describes the types of fixed-income securities in which the Fund may invest.

**Municipal Leases (A Type of Tax-Exempt, Fixed-Income Security)** 

Municipalities may enter into leases for equipment or facilities. In order to comply with state public financing laws, these leases are typically subject to annual appropriation. In other words, a municipality may end a lease, without penalty, by not providing for the lease payments in its annual budget. After the lease ends, the lessor can resell the equipment or facility but may lose money on the sale. The Fund may invest in securities supported by pools of municipal leases. The most common type of lease-backed securities is certificates of participation (COPs). However, the Fund may also invest directly in individual leases.

**Callable Securities (A Type of Tax-Exempt, Fixed-Income Security)** 

Certain fixed-income securities in which the Fund invests are callable at the option of the issuer. Certain callable securities invested in by the Fund also may be callable by parties other than the issuer. Callable securities are subject to call risk.

**Zero-Coupon Securities (A Type of Tax-Exempt, 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 risks and credit risks of a zero-coupon security.

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. 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, PIK securities or toggle securities.

**1**

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**Tax Increment Financing Bonds (A Type of Tax-Exempt, Fixed-Income Security)** 

Tax increment financing (TIF) bonds are payable from increases in taxes or other revenues attributable to projects within the TIF district. For example, a municipality may issue TIF bonds to redevelop a commercial area. The TIF bonds would be payable solely from any increase in sales taxes collected from merchants in the area. The bonds could fail to pay principal or interest if merchants' sales, and related tax collections, failed to increase as anticipated.

**Municipal Mortgage-Backed Securities (A Type of Tax-Exempt, Fixed-Income Security)** 

Municipal mortgage-backed securities are special revenue bonds, the proceeds of which may be used to provide mortgage loans for single family homes or to finance multifamily housing. Municipal mortgage-backed securities represent interests in pools of mortgages. The mortgages that comprise a pool normally have similar interest rates, maturities and other terms. Mortgages may have fixed or adjustable rates. Municipal mortgage-backed securities generally have fixed interest rates.

Municipal mortgage-backed securities come in a variety of forms. The simplest forms of municipal mortgage-backed securities are unstructured bonds backed by the net interest and principal payments and prepayments from the underlying mortgages. As a result, the holders assume all interest rate and prepayment risks of the underlying mortgages. Other municipal mortgage-backed securities may have more complicated financial structures.

**Other Investments, Transactions, Techniques**

**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.

**Asset Segregation** 

In order to cover its obligations in connection with special transactions, such as reverse repurchase agreements or when-issued and delayed delivery transactions, the Fund will either enter into offsetting transactions or set aside readily marketable securities in each case, as provided by the SEC or SEC staff guidance. Unless the Fund has other readily marketable assets to set aside, it cannot trade assets used to secure such obligations without terminating a special transaction. This may cause the Fund to miss favorable trading opportunities or to realize losses on special transactions.

**Temporary Investments** 

The Fund may make temporary investments in taxable, fixed-income securities (including, for example, securities subject to the federal alternative minimum tax for individuals) and the following other taxable securities:

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

Treasury securities are direct obligations of the federal government of the United States.

**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 helps protect against credit risk, it does not eliminate it entirely or reduce other risks.

**2**

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***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 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.

**Bank Instruments (A Type of Fixed-Income Security)** 

Bank instruments are unsecured, interest-bearing deposits with banks. Bank instruments include, but are not limited to, bank accounts, time deposits, certificates of deposit and banker's acceptances. Yankee instruments are denominated in U.S. dollars and issued by U.S. branches of foreign banks. Euro-dollar instruments are denominated in U.S. dollars and issued by non-U.S. branches of U.S. or foreign banks.

**Corporate Debt Securities (A Type of Fixed-Income Security)** 

Corporate debt securities are fixed-income securities issued by businesses. Notes, bonds, debentures and commercial paper are the most prevalent types of corporate debt securities.

**Commercial Paper (A Type of Corporate Debt Security)** 

Commercial paper is an issuer's obligation with a maturity of less than nine months. Companies typically issue commercial paper to pay for current expenditures. Most issuers constantly reissue their commercial paper and use the proceeds (or bank loans) to repay maturing paper. If the issuer cannot continue to obtain liquidity in this fashion, its commercial paper may default.

**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 subcustodian will take possession of the securities subject to repurchase agreements. The Adviser or subcustodian 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.

**3**

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Repurchase agreements are subject to credit risks. In addition to taxable repurchase agreements, the Fund also may invest in municipal repurchase agreements as a non-principal investment.

**Reverse Repurchase Agreements** 

Reverse repurchase agreements (which are considered a type of special transaction for asset segregation 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. In addition to taxable reverse repurchase agreements, the Fund also may invest in municipal reverse repurchase agreements as a non-principal investment.

**minimal credit risk** 

Under Rule 2a-7, money market funds, such as the Fund, may generally invest in "Eligible Securities" which include securities issued by another money market fund, government securities or securities that have a remaining maturity of no more than 397 calendar days and are determined by the fund's board or its delegate to present minimal credit risk based on an assessment of the issuer's credit quality, including the capacity of the issuer or guarantor to meet its financial obligations. The Fund's Board has adopted procedures by which the Adviser will conduct this initial and ongoing assessment, as required. Such analysis of whether a security presents minimal credit risk will include, to the extent appropriate: consideration of the security's issuer or guarantor's financial condition, sources of liquidity, ability to react to future market-wide and issuer or guarantor-specific events, including the ability to repay debt in a highly adverse situation; and strength of the issuer or guarantor's industry within the economy and relative to economic trends, as well as the issuer or guarantor's competitive position within its industry. In addition, a minimal credit risk evaluation may also include consideration of whether the price and/or yield of the security itself is similar to that of other securities in the Fund's portfolio. The Adviser will perform an ongoing review of whether each security (other than a government security) continues to present minimal credit risks.

**Inter-Fund Borrowing AND Lending Arrangements** 

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.

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).

**Leverage Risk** 

Leverage risk is created when an investment exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund's risk of loss and potential for gain.

**4**

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**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.

**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,

**5**

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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.

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 Policies) and Investment Limitations

The fundamental investment objective of the Fund is to provide dividend income exempt from federal regular income taxes while seeking relative stability of principal.

Under normal circumstances, the Fund will invest its assets so that at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) are invested in securities the income of which will be exempt from federal regular income tax. This policy may not be changed without shareholder approval.

The fundamental investment objective and policy may not be changed by the Board without shareholder approval.

**Investment Limitations** 

**Diversification** 

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 securities of that issuer or the Fund would own more than 10% of the outstanding voting securities of that issuer.

**Borrowing Money and Issuing Senior Securities** 

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").

**Concentration** 

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, except that the Fund may concentrate its investments in short-term tax exempt securities which are guaranteed by the U.S. government, regardless of the location of the issuing municipality. Government securities, municipal securities and bank instruments are not deemed to constitute an industry.

**6**

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**Lending** 

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.

**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.

**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.

**The above limitations 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. 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.** 

**Purchases 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 Securities** 

The Fund will not acquire securities that cannot be sold or disposed of in the ordinary course of business within seven days at approximately the value ascribed to them by the Fund if, immediately after the acquisition, the Fund would have invested more than 5% of its total assets in such securities.

**Investing in Restricted Securities** 

The Fund may invest in securities subject to restrictions on resale under the federal securities laws.

**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.

**Additional Information** 

For purposes of the diversification limitation, 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."

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.

As a non-fundamental operating policy, the investment of more than 25% of the value of the Fund's total assets in any one industry will constitute "concentration." For purposes of the concentration limitation: (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.

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To conform to the current view of the SEC staff that only domestic bank instruments may be excluded from industry concentration limitations, the Fund will not exclude foreign bank instruments from industry concentration limitation tests so long as the policy of the SEC remains in effect. Investments in private activity bonds will be classified according to the non-governmental entity from which the bond's principal and interest payments are principally derived. In addition, investments in certain industrial development bonds funded by activities in a single industry will be deemed to constitute investment in an industry, except when held for temporary defensive purposes.

**REGULATORY COMPLIANCE** 

The Fund may follow non-fundamental operational policies that are more restrictive than its fundamental investment limitations, as set forth in the Prospectus and this SAI, in order to comply with applicable laws and regulations, including the provisions of and regulations under the 1940 Act. In particular, the Fund will comply with the various requirements of Rule 2a-7 (the "Rule"), which regulates money market mutual funds. The Fund may change these operational policies to reflect changes in the laws and regulations without the approval of its shareholders.

The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. If the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund will impose a liquidity fee of 1% on all redemptions beginning on the next business day, unless the Board, including a majority of the independent Trustees, determines that imposing such a fee would not be in the best interests of the Fund or determines that a lower or higher fee (not to exceed 2%) would be in the best interests of the Fund, which would remain in effect until weekly liquid assets return to 30% or the Board determines that the fee is no longer in the best interests of the Fund. In the event that a liquidity fee is imposed and/or redemptions are temporarily suspended, the Board may take certain other actions based on the particular facts and circumstances, including, but not limited to, modifying the timing and frequency of the Fund's NAV determinations.

If liquidity fees are imposed or redemptions are temporarily suspended, the Fund will notify shareholders on the Fund's website or by press release. In addition to identifying the Fund, such notifications will include the Fund's percentage of total assets invested in weekly liquid assets, the time of implementation of the liquidity fee and/or redemption gate and details regarding the amount of the liquidity fee. If the Board, including a majority of the independent Trustees, changes or removes a liquidity fee or a temporary redemption gate, the Fund will notify shareholders in the same manner as described above. The imposition and termination of a liquidity fee or redemption gate will also be reported by the Fund to the SEC on Form N-CR. If redemptions are temporarily suspended, the Fund and your financial intermediary will not accept redemption orders until the Fund has notified shareholders that the redemption gate has been lifted. Shareholders wishing to redeem shares once the redemption gate has been lifted will need to submit a new redemption request to the Fund or their financial intermediary.

All liquidity fees payable by shareholders to the Fund can be used to offset any losses realized by the Fund when seeking to honor redemption requests during times of market stress. The Fund expects to treat such liquidity fees as not constituting income to the Fund. A liquidity fee imposed by the Fund will reduce the amount you will receive upon the redemption of your shares, and will decrease the amount of any capital gain or increase the amount of any capital loss you will recognize from such redemption. Although there is some degree of uncertainty with respect to the tax treatment of liquidity fees received by money market funds, it is anticipated at this time that a liquidity fee will have no tax effect for the Fund. As the tax treatment will likely be the subject of future guidance issued by the Internal Revenue Service, the Fund will re-visit the applicable treatment of liquidity fees when they are received. If the Fund's weekly liquid assets fall below 10% and the Board determines that it would not be in the best interests of the Fund to continue operating, the Board may suspend redemptions in the Fund and may approve the liquidation of the Fund. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to liquidate and suspend redemptions. If the Fund ceases honoring redemptions and determines to liquidate, the Fund expects that it would notify shareholders on the Fund's website or by press release. Distributions to shareholders of liquidation proceeds may occur in one or more disbursements.

Unprocessed purchase orders that the Fund receives prior to notification of the imposition of liquidity fees or a redemption gate will be cancelled unless re-confirmed. Under certain circumstances, the Fund may honor redemption orders (or pay redemptions without adding a liquidity fee to the redemption amount) if the Fund can verify that the redemption order was received in good order by the Fund or the Fund's agent before the Fund imposed liquidity fees or temporarily suspended redemptions.

**8**

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What Do Shares Cost?

**DETERMINING MARKET VALUE OF SECURITIES** 

The NAV per share is based on the market value of the investments held by the Fund. 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 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 FederatedInvestors.com, via online news sources and in certain newspapers.

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

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

When the Fund holds securities that trade principally in foreign markets on days the NYSE is closed, the value of the Fund's assets may change on days you cannot purchase or redeem Shares. This may also occur when the U.S. markets for fixed-income securities are open on a day the NYSE is closed.

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

◾ Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Adviser.

◾ Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium) in accordance with "Use of Amortized Cost" below.

A low or negative interest rate environment impacts, in a negative way, the Fund's ability to provide a positive return, or yield, to its shareholders, pay expenses out of current income, and/or achieve its investment objective.

**USE OF AMORTIZED COST** 

In accordance with SEC guidance, the Fund will price securities with remaining maturities of 60 days or less at amortized cost, provided the amortized cost price is approximately the same as the fair market price ("shadow price") of such security. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. The Fund uses this adjusted cost to value the investment.

In response to SEC guidance that institutional money market funds may only use the amortized cost method to value a portfolio security with a remaining maturity of 60 days or less when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation, the Board has adopted certain procedures to perform a comparison between the amortized cost price and the shadow price of a portfolio security that utilizes amortized cost to value the security to insure that amortized cost is used to value the security only where it is "approximately the same" as the security's shadow price. If the shadow price of such security is not approximately the same as the amortized cost price, generally the shadow price of the security will be used, unless otherwise permitted under the procedures. Shadow prices for individual securities are generally provided by an independent pricing service unless otherwise authorized by the procedures approved by the Board.

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.

**Additional Payments To Financial Intermediaries**

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. 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

**9**

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described herein and in the Prospectus, the financial intermediary also may receive 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. The same financial intermediaries may receive payments under more than one or all categories. These payments assist in the Distributor's efforts to support the sale of Shares. These payments are negotiated and may be based on such factors as: the number or value of Shares that the financial intermediary sells or may sell; 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 receive such payments and the amount of compensation may vary by intermediary. You should ask your financial intermediary 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 IS class, the IS class of the Fund currently does not accrue, pay or incur shareholder services/account administration fees in excess of 0.05%, although the Board of Trustees has approved the IS 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 IS class of the Fund will not accrue, pay or incur such fees until such time as approved by the Fund's Board of Trustees.

Regarding the Fund's PRM class, the PRM class of the Fund currently does not accrue, pay or incur any shareholder services/account administration fees, although the Board of Trustees has approved the PRM 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 PRM class of the Fund will not accrue, pay or incur such fees 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 sell Federated Hermes fund shares to help offset their costs associated with client account maintenance support, statement processing and transaction processing. The types of payments that the Distributor may make under this category include: payment of ticket charges on a per-transaction basis; payment of networking fees; and payment for ancillary services such as setting up funds on the financial intermediary's mutual fund trading system.

**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.

**Marketing Support Payments** 

From time to time, the Distributor, at its expense, may provide additional compensation to financial intermediaries that sell or arrange for the sale of Shares. Such compensation, provided by the Distributor, may include financial assistance to financial intermediaries that enable the Distributor to participate in or present at conferences or seminars, sales or 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 to financial intermediaries for services rendered in connection with technology and programming set-up, platform development and maintenance or similar services and for the provision of sales-related data to the Adviser and/or its affiliates.

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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, 2022, 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 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, 2022, are not reflected. You should ask your financial intermediary for information about any additional payments it receives from the Distributor.

ADP Broker-Dealer, Inc.

American Enterprise Investment Services Inc.

American Portfolios Advisors, Inc.

Aspyre Wealth Partners

Avidian Wealth Solutions LLC

B. C. Ziegler And Company

Beam Wealth Advisors, Inc.

Benjamin F. Edwards & Company, Inc.

BMO Harris Financial Advisors, Inc.

BofA Securities, Inc.

Bolton Global Capital, Inc.

Broadridge Business Process Outsourcing, LLC

Brown Investment Advisory & Trust Company

Cadaret, Grant & Co., Inc.

Cambridge Financial Group, Inc.

CBIZ Financial Solutions, Inc.

Cetera Advisor Networks LLC

Cetera Advisors LLC

Cetera Investment Services LLC

Charles Schwab & Company, Inc.

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

Emerald Advisors, LLC

Empower Financial Services, Inc.

Envestnet PMC

FBL Marketing Services, LLC

Fidelity Investments Institutional Operations Company, Inc. (FIIOC)

Fifth Third Securities, Inc.

FIS Brokerage & Securities Services LLC

Gerber Kawasaki Wealth & Investment Management

Goldman Sachs & Co. LLC

Hancock Whitney Investment Services Inc.

HighTower Securities, LLC

Hilltop Securities, Inc.

HUB International Investment Services Inc.

The Huntington Investment Company

Huntington Securities, Inc.

IFP Securities, LLC

Insigneo Securities, LLC

Institutional Cash Distributors, LLC

Interactive Brokers LLC

J.P. Morgan Securities LLC

Janney Montgomery Scott LLC

Jefferies LLC

KeyBanc Capital Markets Inc.

Kowal Investment Group, LLC

Leafhouse Financial Advisors, LLC

Lincoln Financial Advisors Corporation

Lincoln Financial Distributors, Inc.

Lincoln Investment Planning, LLC

LPL Financial LLC

Lyrical Partners, L.P.

MML Investors

Materetsky Financial Group

Merrill Lynch, Pierce, Fenner and Smith Incorporated

Moneta Group Investment Advisors, LLC

Morgan Stanley Smith Barney LLC

National Financial Services LLC

Nationwide Investment Services Corporation

NewEdge Securities, Inc.

Northwestern Mutual Investment Services, LLC

NYLIFE Distributors LLC

Open Range Financial Group, LLC

Oppenheimer & Company, Inc.

Paychex Securities Corp

Pensionmark Financial Group, LLC

Pershing LLC

PNC Capital Markets, LLC

PNC Investments LLC

Private Client Services, LLC

Raymond James & Associates, Inc.

Raymond James Financial Services, Inc.

RBC Capital Markets, LLC

Rise Consulting, LLC

Robert W Baird & Co. Incorporated

Rockefeller Capital Management

Royal Alliance Associates, Inc.

Sagepoint Financial, LLC

Sageview Advisory Group, LLC

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Sanford C. Bernstein & Company, LLC

SBC Wealth Management

Securian Financial Services, Inc.

Securities America, Inc.

Security Distributors, LLC

Spire Securities, LLC

State Street Global Markets, LLC

Stephens Inc.

Steward Partners Investment Advisory, LLC

Stifel, Nicolaus & Company, Incorporated

Strategic Financial Partners, Ltd

TD Ameritrade, Inc.

Teachers Insurance and Annuity Association of America

The London Company of Virginia LLC

Towerpoint Wealth, LLC

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

Vining-Sparks IBG, LLC

Vision Financial Markets, LLC

Voya Financial Advisors, Inc.

Wells Fargo Clearing Services LLC

Wells Fargo Securities, LLC

Woodbury Financial Services, Inc.

WR Wealth Planners LLC

XML Financial Group

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 in determining the market value of the portfolio for purposes of its comparison with amortized cost valuation. 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.

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 Massachusetts law, shareholders could, under certain circumstances, be held personally liable for the obligations of the Trust. The Declaration of Trust provides that no shareholder or former shareholder, merely by reason of his or her being or having been a shareholder, will be subject to any personal liability in connection with Trust property or the affairs of the Trust.

In the unlikely event a shareholder or former shareholder is held personally liable for the Trust's obligations, such shareholder will be entitled, out of the assets belonging to the applicable series, to be indemnified against all claims and reimbursed for all reasonably incurred expenses in connection with such claims. On request, the Trust will defend any claim made and pay any judgment against a shareholder from the assets belonging to the relevant series.

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Share Information

**ORGANIZATION, CAPITALIZATION, VOTING RIGHTS AND OTHER MATTERS** 

The Trust is a Massachusetts business trust established under a Declaration of Trust dated October 3, 1988, as amended and restated November 11, 2015. The Trust's Declaration of Trust may be amended at any time by a majority of the Trustees. Under the Declaration of Trust, the Trustees have the authority to create and classify shares of beneficial interest in separate series and classes without further action by shareholders. Each series and class thereof may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each series represent equal proportionate interests in the assets of that series only and have identical voting, dividend, redemption, liquidation and other rights of shares in the same series except that expenses allocated to a class may be borne solely by such class as determined by the Trustees and a class may have exclusive voting rights with respect to matters affecting only that class. Shares entitle their holders to one vote per share (and fractional votes for fractional shares), are freely transferable and, except as specifically provided by the Trustees, have no preference, preemptive, appraisal, exchange, subscription or conversion rights. All shares issued are fully paid and non-assessable. In the event of a liquidation or termination of a series, each shareholder is entitled to receive his pro rata share of the net assets of that series.

It is not anticipated that the Trust will hold shareholders' meetings unless required by law or the Declaration of Trust. The Board will call special meetings of shareholders of the Trust, a series or class thereof only if required under the 1940 Act, in their discretion, or upon the written request of holders of 10% or more of the outstanding shares of the Trust or of the relevant series or class, entitled to vote at such meeting.

The Declaration of Trust provides that the Trustees may redeem shares in certain circumstances, such as when a shareholder does not meet the qualifications for ownership of a particular series or class, or when such redemptions are required to comply with applicable laws and regulations. The Declaration of Trust also provides that the Board may, without shareholder approval unless required by the 1940 Act, cause the Trust or any series or class to dissolve, convert, merge, consolidate, reorganize, sell all or any part of its assets, provided that the surviving or resulting entity is an open-end management investment company under the 1940 Act, or a series thereof. The Trust or any series or class may be terminated at any time by the Trustees by written notice to the shareholders.

**SHAREHOLDERS OF THE FUND**

As of February 7, 2023, the following shareholders owned of record, beneficially, or both, 5% or more of outstanding Premier Shares: Morgan Stanley Smith Barney, Jersey City, NJ, owned approximately 158,257,821 Shares (36.24%); Merrill Lynch Pierce Fenner & Smith, Jacksonville, FL, owned approximately 46,100,986 Shares (10.55%); Wells Fargo Clearing Services LLC, St. Louis, MO, owned approximately 29,996,815 Shares (6.86%); and Band & Co., Milwaukee, WI, owned approximately 26,314,254 Shares (6.02%).

As of February 7, 2023, the following shareholders owned of record, beneficially, or both, 5% or more of outstanding Institutional Shares: Merrill Lynch Pierce Fenner & Smith, Jacksonville, FL, owned approximately 432,783,112 Shares (55.05%); Wells Fargo Clearing Services LLC, St. Louis, MO, owned approximately 82,496,555 Shares (10.49%); and William Rainey Harper College, Palatine, IL, owned approximately 72,589,270 Shares (9.23%).

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.

Morgan Stanley Smith Barney is organized in the State of Delaware and is a subsidiary of Morgan Stanley; organized in the State of Delaware.

Merrill Lynch Pierce Fenner & Smith Incorporated (MLPF&S) is a wholly owned subsidiary of Bank of America Corporation 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.

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When the NAV of the Fund's shares varies from $1.0000 per share, shareholders will realize a gain or loss upon the sale or redemption of the Fund's shares. The IRS has issued final regulations, on which taxpayers may rely, that permit a simplified method of accounting (the "NAV method") for gains and losses realized upon the disposition of shares of a regulated investment company that is a so-called money market fund, such as the Fund. Very generally, rather than realizing gain or loss upon each redemption of a share, a shareholder using such method of accounting will recognize gain or loss with respect to the Fund's shares for a given computation period (the shareholder's taxable year or shorter period selected by the shareholder) equal to the value of all the Fund shares held by the shareholder on the last day of the computation period, less the value of all Fund shares held by the shareholder on the last day of the preceding computation period, less the shareholder's net investment in the Fund (generally, purchases minus redemptions) made during the computation period. The final regulation notes a shareholder can choose to use the NAV method for only certain accounts, including only specific accounts within the same fund. The IRS has also published guidance providing that the "wash-sale" of the Code–disallowing losses on taxable dispositions of Fund shares where other substantially identical shares are purchased, including by means of dividend reinvestment, within 30 days before or after the disposition–will not apply to redemptions of shares in a money market fund subject to the floating NAV amendments. Shareholders of the Fund are urged to consult their own tax advisors regarding their investment in the Portfolio.

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, 2022, the Trust comprised 16 portfolios, and the Federated Hermes Complex consisted of 33 investment companies (comprising 102 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 February 7, 2023, the Fund's Board and Officers as a group owned less than 1% 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.

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**Interested Trustees Background and Compensation** 

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<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 1989<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; President, Chief Executive <br> Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, <br> Federated Investment Management Company; Trustee, Federated <br> Investment Counseling; Chairman and Director, Federated Global <br> Investment Management Corp.; Chairman and Trustee, Federated Equity <br> Management Company of Pennsylvania; Trustee, Federated Shareholder <br> Services 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 <br> Research, Ltd.; Chairman, Passport Research, Ltd.<br>| $0 | $0 |
| **Thomas R. Donahue\***<br> Birth Date: October 20, 1958<br> Trustee<br> Indefinite Term<br> Began serving: May 2016<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of certain funds in the <br> Federated Hermes Complex; Chief Financial Officer, Treasurer, Vice <br> President and Assistant Secretary, Federated Hermes, Inc.; Chairman and <br> Trustee, Federated Administrative Services; Chairman and Director, <br> Federated Administrative Services, Inc.; Trustee and Treasurer, Federated <br> Advisory Services Company; Director or Trustee and Treasurer, Federated <br> Equity Management Company of Pennsylvania, Federated Global <br> Investment Management Corp., Federated Investment Counseling, and <br> Federated Investment Management Company; Director, MDTA LLC; <br> Director, Executive Vice President and Assistant Secretary, Federated <br> Securities Corp.; Director or Trustee and Chairman, Federated Services <br> Company and Federated Shareholder Services Company; and Director and <br> President, FII Holdings, Inc.<br> **Previous Positions:** Director, Federated Hermes, Inc.; Assistant Secretary, <br> Federated Investment Management Company, Federated Global <br> Investment Management Company and Passport Research, LTD; Treasurer, <br> Passport Research, LTD; Executive Vice President, Federated Securities <br> Corp.; and Treasurer, FII Holdings, Inc.<br>| $0 | $0 |

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\*

*Family relationships and reasons for "interested" status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are "interested" due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries.*

**Independent Trustees Background, Qualifications and Compensation** 

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **John T. Collins**<br> Birth Date: January 24, 1947<br> Trustee<br> Indefinite Term<br> Began serving: September 2013<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> Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).<br> **Other Directorships Held:** Director, KLX Energy Services Holdings, Inc. <br> (oilfield services); former Director of KLX Corp (aerospace).<br> **Qualifications:** Mr. Collins has served in several business and financial <br> management roles and directorship positions throughout his career. <br> Mr. Collins previously served as Chairman and CEO of The Collins Group, <br> Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves <br> as Chairman Emeriti, Bentley University. Mr. Collins previously served as <br> Director and Audit Committee Member, Bank of America Corp.; Director, <br> FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical <br> Center (Harvard University Affiliate Hospital).<br>| $828.52 | $385000  |

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**15**

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund 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, Chair of the Audit Committee <br> of the Federated Hermes Complex; Retired.<br> **Other Directorships Held:** Director, Chair of the Audit Committee, <br> Equifax, Inc.; Lead Director, Member of the Audit and Nominating and <br> Corporate Governance Committees, Haverty Furniture Companies, Inc.; <br> formerly, Director, Member of Governance and Compensation Committees, <br> Publix Super Markets, 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 on the Business School Board of <br> Visitors for Wake Forest University, and he previously served as an <br> Executive Committee member of the United States Golf Association.<br>| $783.86 | $365000 |
| **Maureen Lally-Green**<br> Birth Date: July 5, 1949<br> Trustee<br> Indefinite Term<br> Began serving: August 2009<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Adjunct Professor Emerita of Law, Duquesne University School of <br> Law; formerly, Dean of the Duquesne University School of Law and <br> Professor of Law and Interim Dean of the Duquesne University School of <br> Law; formerly, Associate General Secretary and Director, Office of Church <br> Relations, Diocese of Pittsburgh.<br> **Other Directorships Held:** Director, CNX Resources Corporation <br> (natural gas).<br> **Qualifications:** Judge Lally-Green has served in various legal and business <br> roles and directorship positions throughout her career. Judge Lally-Green <br> previously held the position of Dean of the School of Law of Duquesne <br> University (as well as Interim Dean). Judge Lally-Green previously served as <br> Associate General Secretary for the Diocese of Pittsburgh, a member of the <br> Superior Court of Pennsylvania and as a Professor of Law, Duquesne <br> University School of Law. Judge Lally-Green was appointed by the Supreme <br> Court of Pennsylvania to serve on the Supreme Court's Board of Continuing <br> Judicial Education and the Supreme Court's Appellate Court Procedural <br> Rules Committee. Judge Lally-Green also currently holds the positions on <br> not for profit or for profit boards of directors as follows: Director and Chair, <br> UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, <br> Pennsylvania State Board of Education (public); Director, Catholic Charities, <br> Pittsburgh; and Director, CNX Resources Corporation (natural gas). Judge <br> Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy <br> Foundation of Western and Central Pennsylvania; Director, Ireland Institute <br> of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, <br> Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, <br> Pennsylvania Bar Institute; Director, Saint Vincent College; Director and <br> Chair, North Catholic High School, Inc.; Director and Vice Chair, Our <br> Campaign for the Church Alive!, Inc.; and Director and Vice Chair, Saint <br> Francis University.<br>| $707.55 | $330000  |

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **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 of the Federated Hermes <br> Complex; Sole Proprietor, Navigator Management Company (investment <br> 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; Credit Analyst and Lending <br> Officer, Fleet Bank; Director and Consultant, EZE Castle Software <br> (investment order management software); Director, Midway Pacific <br> (lumber); and Director, The Golisano Children's Museum of Naples, Florida<br>| $707.55 | $330000 |
| **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.<br>| $643.23 | $300000 |
| **P. Jerome Richey**<br> Birth Date: February 23, 1949<br> Trustee<br> Indefinite Term<br> Began serving: September 2013<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, <br> University of Pittsburgh and Executive Vice President and Chief Legal <br> Officer, CONSOL Energy Inc. (split into two separate publicly traded <br> companies known as CONSOL Energy Inc. and CNX Resources Corp.).<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Richey has served in several business and legal <br> management roles and directorship positions throughout his career. <br> Mr. Richey most recently held the positions of Senior Vice Chancellor and <br> Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as <br> Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and <br> Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey <br> previously served as Chief Legal Officer and Executive Vice President, <br> CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics <br> Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).<br>| $707.55 | $330000 |
| **John S. Walsh**<br> Birth Date: November 28, 1957<br> Trustee<br> Indefinite Term<br> Began serving: January 1999<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; President and Director, Heat Wagon, Inc. (manufacturer of <br> construction temporary heaters); President and Director, Manufacturers <br> Products, Inc. (distributor of portable construction heaters); President, <br> Portable Heater Parts, a division of 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 Vice President, Walsh & Kelly, Inc. (paving contractors).<br>| $643.23 | $300000 |

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**17**

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**OFFICERS\*** 

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| | |
|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| **Principal Occupation(s) and Previous Position(s)** |
| **Lori A. Hensler**<br> Birth Date: January 6, 1967<br> Treasurer <br> Officer since: April 2013<br>| &nbsp;&nbsp; **Principal Occupations:** Principal Financial Officer and Treasurer of the Federated Hermes Complex; Senior Vice President, <br> Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, <br> Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation.<br> **Previous Positions:** Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors <br> Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, <br> Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services <br> Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., <br> Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd. and Federated MDTA, <br> LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution <br> Services, 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 General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee <br> and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative <br> Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities <br> Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; <br> and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a <br> 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>|
| **Deborah A. Cunningham**<br> Birth Date: September 15, 1959<br> CHIEF INVESTMENT OFFICER<br> Officer since: May 2004<br>| &nbsp;&nbsp; **Principal Occupations:** Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes' money market <br> products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive <br> Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and <br> holds an M.S.B.A. in Finance from Robert Morris College.<br>|
| **Mary Jo Ochson**<br> Birth Date: September 12, 1953<br> CHIEF INVESTMENT OFFICER<br> Officer since: May 2004<br>| &nbsp;&nbsp; **Principal Occupations:** Mary Jo Ochson was named Chief Investment Officer of Federated Hermes' tax-exempt, fixed-income <br> products in 2004 and Chief Investment Officer of Federated Hermes' Tax-Free Money Markets in 2010. She joined Federated <br> Hermes in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. <br> Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University <br> of Pittsburgh.<br>|

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\*

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

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

**DIRECTOR/TRUSTEE EMERITUS PROGRAM** 

The Board has created a position of Director/Trustee Emeritus, whereby an incumbent Director/Trustee who has attained the age of 75 and completed a minimum of five years of service as a director/trustee, may, in the sole discretion of the Committee of Independent Directors/Trustees ("Committee"), be recommended to the full Board of Directors/Trustees of the Fund to serve as Director/Trustee Emeritus.

A Director/Trustee Emeritus that has been approved as such receives an annual fee in an amount equal to a percent of the annual base compensation paid to a 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. 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 of Directors/Trustees each year and will be available to consult with the Committees or its representatives at reasonable times as requested by the Chairman; however, a Director/Trustee Emeritus does not have any voting rights at Board meetings and is not subject to election by shareholders of the Funds.

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The Director/Trustee Emeritus will be permitted to serve in such capacity at the pleasure of the Committee, but the annual fee will cease to be paid at the end of the calendar year during which he or she 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** 

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| | | |
|:---|:---|:---|
| **Director/Trustee Emeritus** | **Compensation**<br> **From Trust**<br> **(past fiscal year)**<br>| **Total**<br> **Compensation**<br> **Paid to**<br> **Director/Trustee**<br> **Emeritus**<sup>1</sup> <br>|
| **Peter E. Madden** | $130.08 | $60000.00 |
| **Charles F. Mansfield, Jr.** | $130.08 | $60000.00 |

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*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.*

**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.

**Committees of the Board** 

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| | | | |
|:---|:---|:---|:---|
| **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> John T. Collins<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<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; &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<br> Maureen Lally-Green<br> Thomas M. O'Neill<br> &nbsp;&nbsp;&nbsp;&nbsp;P. Jerome Richey<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 T. Collins<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough <br> Maureen Lally-Green<br> Thomas M. O'Neill<br> Madelyn A. Reilly<br> &nbsp;&nbsp;&nbsp;&nbsp;P. Jerome Richey<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>| One |

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**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.

**Board Ownership Of Shares In The Fund And In The Federated Hermes Family Of Investment Companies As Of December 31, 2022** 

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| | | |
|:---|:---|:---|
| **Interested Board**<br> **Member Name**<br>| &nbsp;&nbsp; **Dollar Range of**<br> **Shares Owned in**<br> **Federated Hermes** <br> **Institutional** <br> **Tax-Free Cash Trust**<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 |
| Thomas R. Donahue |  | Over $100,000 |
| **Independent Board**<br> **Member Name**<br>|  |  |
| John T. Collins |  | Over $100,000 |
| G. Thomas Hough |  | Over $100,000 |
| Maureen Lally-Green |  | Over $100,000 |
| Thomas M. O'Neill |  | Over $100,000 |
| Madelyn A. Reilly |  | Over $100,000 |
| P. Jerome Richey |  | Over $100,000 |
| John S. Walsh |  | Over $100,000 |

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\* For the calendar year ended December 31, 2021, each Trustee listed owned in the aggregate over $100,000 in the Federated Hermes Family of Investment Companies.

**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 an investor initiative in partnership with the United Nations Environment Programme Finance Initiative and the United Nations Global Compact. Commitments made as a signatory to the PRI are not legally binding, but are voluntary and aspirational. They include efforts, where consistent with our fiduciary responsibilities, to incorporate environmental, social and corporate governance (ESG) issues into investment analysis and investment decision making, to be active owners and incorporate ESG issues into our ownership policies and practices, to seek appropriate disclosure on ESG issues by the entities in which we invest, to promote acceptance and implementation of the PRI within the investment industry, to enhance our effectiveness in implementing the PRI, and to report on our activities and progress towards implementing the PRI. Being a signatory to the PRI 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.

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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 team that conducts long-term, objectives-driven dialogue with board and senior executive level representatives of approximately 1,000 unique issuers annually. It 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.

The Adviser must waive the portion of its advisory fee that increases the Fund's aggregate annual operating expenses above 0.45% of its average daily net assets. The Fund's operating expenses include the advisory fee but exclude interest, taxes, brokerage commissions, expenses of registering the Fund and its Shares under federal and state laws, expenses of withholding taxes and extraordinary expenses.

**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.

**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.

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) had 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 where this is market practice; (3) has become overboarded (more than five boards for retired executives and more than two boards for CEOs); (4) is the chair of the nominating or governance committee when the roles of chairman of the board and CEO are combined and there is no lead independent director; (5) served on the compensation committee during a period in which compensation appears excessive relative to performance and peers; or (6) 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

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will generally vote in favor of: (7) 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; (8) shareholder proposals to declassify the board of directors; (9) shareholder proposals to require a majority voting standard in the election of directors; (10) shareholder proposals to separate the roles of chairman of the board and CEO; (11) a proposal to require a company's audit committee to be comprised entirely of independent directors; and (12) 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 15% of the outstanding stock agree; (2) against proposals to allow shareholders to act by written consent; (3) on a case-by-case basis for proposals to adopt or amend shareholder rights plans (also known as "poison pills"); (4) in favor of shareholder proposals to eliminate supermajority requirements in company bylaws; and (5) 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.

Generally, the Adviser will vote every shareholder proposal of an environmental or social nature on a case-by-case basis. The quality of these shareholder proposals varies widely across markets. Similarly, company disclosures of their business practices related to environmental and social risks are not always adequate for investors to make risk assessments. Thus, the Adviser places great importance on company-specific analyses to determine how to vote. Above all, the Adviser will vote in a manner that would enhance the long-term value of the investment within the framework of the client's investment objectives.

The Adviser's general approach to analyzing these proposals calls for considering the literal meaning of the written proposal, 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.

On matters of capital structure, generally, the Adviser will vote proxies for U.S. issuers 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%, against proposals to create multiple-class voting structures where one class has superior voting rights to the other classes, in favor of proposals to authorize reverse stock splits unless the amount of authorized shares is not also reduced proportionately. Generally, the Adviser will vote proxies for non-U.S. issuers in favor of proposals to authorize issuance of shares with and without pre-emptive rights unless the size of the authorities would threaten to unreasonably dilute existing shareholders.

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 aligned with the client's long-term investment objectives. With respect to Say On Pay proposals, the Adviser will generally vote in favor unless the compensation 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. The Adviser supports 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.

In some markets, especially Europe, shareholders are provided a vote on the remuneration policy, which sets out the structural elements of a company's executive remuneration 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, total compensation appears excessive relative to the company's industry peer group, with local market dynamics also taken into account; 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.

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.

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.

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 study the proposed business strategies of both groups and vote in a way that maximizes expected total return for the Fund.

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 of time), 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.

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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 raises 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. However, 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.

The Adviser will take into account 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. In certain circumstances, primarily those where the Adviser's voting policy is absolute and without exception, issuer feedback will not be part of the voting decision. For example, it is the Adviser's policy to always support a shareholder proposal to separate the roles of chairman of the board and CEO. Thus, any comments from the issuer opposing this proposal would not be considered.

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

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 Operations Team (PVOT) and overseen by the PVMG. Besides voting the proxies, this work includes engaging with investee companies on corporate governance matters, managing the proxy advisory firm, soliciting voting recommendations from the Adviser's investment professionals, bringing voting recommendations to the Proxy Committee for approval, filing with regulatory agencies any required proxy voting reports, 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 issues related to corporate governance and proxy voting.

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 sometimes call for an investment professional to review the ballot question and provide a voting recommendation to the Proxy Committee (a "case-by-case vote"). 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 in order to cast proxy votes in a manner that the Proxy Committee believes is in accordance with the General Policy. The proxy advisory firm may vote any proxy as directed in the Standard Voting Instructions without further direction from the Proxy Committee. However, if the Standard Voting Instructions require case-by-case handling for a proposal, the PVOT 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 PVOT to analyze a ballot question and make the final voting decision, the PVOT 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."

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The Adviser has implemented the following procedures in order 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 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, so 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 Advisers' Conflicts of Interest** 

Proxy advisory firms may have significant business relationships with the subjects of their research and voting recommendations. For example, a proxy advisory firm board member also sits on the board of a public company for which the proxy advisory firm will write a research report. This and similar situations give rise to an actual or apparent conflict of interest.

In order to avoid concerns that the conflicting interests of the engaged proxy advisory firm have influenced 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 the proxy advisory firm on an annual basis and determine through a review of their policies and procedures and through inquiry that the proxy advisory firm has established a system of internal controls that provide reasonable assurance that their voting recommendations are not influenced by the business relationships they have with the subjects of their research.

◾ Whenever the standard voting guidelines call for voting a proposal in accordance with the proxy advisory firm recommendation and the proxy advisory firm has disclosed that they have a conflict of interest with respect to that issuer, the PVOT will take the following steps: (a) the PVOT will obtain a copy of the research report and recommendations published by another proxy advisory firm for that issuer; (b) the Director of Proxy Voting, or his designee, will review both the engaged proxy advisory firm research report and the research report of the other proxy advisory firm and determine what vote will be cast. The PVOT will report all proxies voted in this manner to the Proxy Committee on a quarterly basis. Alternatively, the PVOT 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 FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

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**Portfolio Holdings Information** 

Information concerning the Fund's portfolio holdings is available via the link to the Fund and share class name at FederatedInvestors.com/FundInformation. Such information is posted on the website five business days after both mid-month and month-end then remains posted on the website 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 until replaced by the information for the succeeding month. The summary portfolio composition information may include identification of the Fund's top 10 credit/obligor exposures, dollar-weighted average portfolio maturity (WAM), weighted average life (WAL) and percentage breakdowns of the portfolio by effective maturity range and type of security. The Fund's WAM and WAL, Shadow NAV (market-based value of the Fund's portfolio), Weekly Liquid Assets and Daily Flows are posted every business day and remain posted on the website for six months thereafter.

You may also access portfolio information via the link to the Fund and share class name at FederatedInvestors.com. The Fund's Annual Shareholder Report and Semi-Annual Shareholder Report contain complete listings of the Fund's portfolio holdings as of the end of the Fund's second and fourth fiscal quarters. These reports are also available on the SEC's website at sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

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.

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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.

**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 October 31** | **2022** | **2021** | **2020** |
| Advisory Fee Earned | $2400759 | $2022115 | $2634962 |
| Advisory Fee Waived | $1956889 | $2022115 | $2204802 |
| Net Administrative Fee | $940985 | $790785 | $1032385 |
| **Net Shareholder Services Fee:** |  |  |  |
| Institutional Shares | $291667 | $— | $277797 |

---

If the Fund's expenses are capped at a particular level, the cap does not include reimbursement to the Fund of any expenses incurred by shareholders who use the transfer agent's sub-accounting facilities.

**Securities Lending Activities** 

The Fund does not participate in a securities lending program and did not engage in any securities lending activities during the Fund's most recent fiscal year.

[Financial Information](https://www.sec.gov/Archives/edgar/data/856517/000162363222001581/0001623632-22-001581-index.htm)

The Financial Statements for the Fund for the fiscal year ended October 31, 2022, are incorporated herein by reference to the Annual Report to Shareholders of Federated Hermes Institutional Tax-Free Cash Trust dated October 31, 2022.

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Investment Ratings

**STANDARD & POOR'S (S&P) RATINGS** 

**S&P MUNICIPAL SHORT-TERM Note RATINGS** 

An S&P note rating reflects the liquidity factors and market access risks unique to notes.

**SP-1**—Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2**—Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3**—Speculative capacity to pay principal and interest.

**S&P DUAL RATINGS** 

S&P may assign dual ratings to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, 'AAA/A-1+' or 'A-1+/A-1'). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, 'SP-1+/A-1+'). The definitions for the long-term and the short-term ratings are provided below.

**S&P SHORT-TERM ISSUE CREDIT RATINGS** 

**A-1**—A short-term obligation rated "A-1" is rated the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2**—A short-term obligation rated "A-2" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3**—A short-term obligation rated "A-3" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely weaken an obligor's capacity to meet its financial commitments on the obligation.

**S&P LONG-TERM ISSUE CREDIT RATINGS\*** 

**\* Ratings from 'AA' to 'A' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.** 

**AAA**—An obligation rated "AAA" has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA**—An obligation rated "AA" differs from the highest rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A**—An obligation rated "A" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB**—An obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**MOODY'S INVESTORS SERVICE, INC. (MOODY'S) RATINGS** 

**Moody's SHORT-TERM MUNICIPAL OBLIGATION RATINGS** 

Moody's short-term ratings are designated Moody's Investment Grade (MIG or VMIG). (See below.) The purpose of the MIG or VMIG ratings is to provide investors with a simple system by which the relative investment qualities of short-term obligations may be evaluated.

The Municipal Investment Grade (MIG) scale is used to rate US municipal bond anticipation notes of up to five years maturity. Municipal notes rated on the MIG scale may be secured by either pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity of the obligation, and the issuer's long-term rating is only one consideration in assigning the MIG rating.

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**MIG 1**—This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support or demonstrated broad based access to the market for refinancing.

**MIG 2**—This designation denotes strong credit quality. Margins of protection are ample although not as large as in the preceding group.

**MIG 3**—This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

**MOODY'S VARIABLE RATE DEMAND NOTES (VRDNs) AND TENDER OPTION BONDS (TOBs) RATINGS** 

Short-term ratings on issues with demand features are differentiated by the use of the VMIG symbol to reflect such characteristics as payment upon periodic demand rather than fixed maturity dates and payment relying on external liquidity. In this case, two ratings are usually assigned, (for example, Aaa/VMIG-1); the first representing an evaluation of risk associated with scheduled principal and interest payments, and the second representing an evaluation of risk associated with the ability to receive purchase price upon demand ("demand feature"). The VMIG rating can be assigned a 1 or 2 designation using the same definitions described above for the MIG rating.

**VMIG 1**—This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

**VMIG 2**—This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

**VMIG 3**—This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

**MOODY'S COMMERCIAL PAPER (CP) RATINGS** 

**P-1**—Issuers (or supporting institutions) rated P-1 have a superior ability to repay short-term debt obligations.

**P-2**—Issuers (or supporting institutions) rated P-2 have a strong ability to repay short-term debt obligations.

**P-3**—Issuers (or supporting institutions) rated P-3 have an acceptable ability to repay short-term obligations.

**MOODY'S LONG-TERM DEBT RATINGS** 

**Aaa**—Obligations rated "Aaa" are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa**—Obligations rated "Aa" are judged to be of high quality and are subject to very low credit risk.

**A**—Obligations rated "A" are judged to be upper-medium grade and are subject to low credit risk.

**Baa**—Obligations rated "Baa" are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**FITCH RATINGS, INC. (FITCH)** 

**FITCH SHORT-TERM DEBT RATINGS** 

**F1**—Indicates the strongest capacity for timely payment of financial commitments relative to other issuers or obligations in the same country. Under the agency's National Rating scale, this rating is assigned to the lowest default risk relative to others in the same country or monetary union. Where the liquidity profile is particularly strong, a "+" is added to the assigned rating.

**F2**—Indicates a good capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union. However, the margin of safety is not as great as in the case of the higher ratings.

**F3**—Indicates an adequate capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

**FITCH LONG-TERM DEBT RATINGS** 

**AAA**—**Highest credit quality.** "AAA" ratings denote the lowest expectation of default risk. They are assigned only in case of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA**—**Very high credit quality.** "AA" ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A**—**High credit quality.** "A" ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

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**BBB**—**Good credit quality.** "BBB" ratings indicate that expectations of a default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

**DBRS, INC. (DBRS**<sup>®</sup>**) RATINGS** 

**DBRS SHORT-TERM DEBT AND COMMERCIAL PAPER RATINGS** 

The DBRS short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner.

**R-1 (high)**—Highest credit quality. The capacity for the payment of short-term financial obligations as they fall due is exceptionally high. Unlikely to be adversely affected by future events.

**R-1 (middle)**—Superior credit quality. The capacity for payments of short-term financial obligations as they fall due is very high. Differs from R-1 (high) by a relatively modest degree. Unlikely to be significantly vulnerable to future events.

**R-1 (low)**—Good credit quality. The capacity for the payment of short-term financial obligations as they fall due is substantial. Overall strength is not as favorable as higher rating categories. May be vulnerable to future events, but qualifying negative factors are considered manageable.

**R-2 (high)**—Upper end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events.

**R-2 (middle)**—Adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be exposed to other factors that could reduce credit quality.

**R-2 (low)**—Lower end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. A number of challenges are present that could affect the issuer's ability to meet such obligations.

**R-3**—Lowest end of adequate credit quality. There is a capacity for the payment of short-term financial obligations as they fall due. May be vulnerable to future events and the certainty of meeting such obligations could be impacted by a variety of developments.

**DBRS LONG-TERM DEBT RATINGS** 

The DBRS long-term rating scale provides an opinion on the risk of default. That is, the risk that an issuer will fail to satisfy its financial obligations in accordance with the terms under which an obligations has been issued.

**AAA**—Highest quality credit. The capacity for the payment of financial obligations is exceptionally high and unlikely to be adversely affected by future events.

**AA**—Superior credit quality. The capacity for the payment of financial obligations is considered high. Credit quality differs from AAA only to a small degree. Unlikely to be significantly vulnerable to future events.

**A**—Good credit quality. The capacity for the payment of financial obligations is substantial, but of lesser credit quality than AA. May be vulnerable to future events, but qualifying negative factors are considered manageable.

**BBB**—Adequate credit quality. The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events.

**High or low** grades are used to indicate the relative standing of a credit within a particular rating category. The absence of one of these designations indicates the rating is in the middle of the category. Note that "high" and "low" grades are not used for the AAA category.

**NOT RATED** 

Certain nationally recognized statistical rating organizations (NRSROs) such as S&P and Moody's may designate certain issues as NR, meaning that the issue or obligation is not rated.

**29**

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Addresses

**Federated Hermes Institutional Tax-Free Cash Trust** 

**Institutional Shares**

**Premier 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

**30**

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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

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

Ernst & Young LLP

**LEGAL COUNSEL** 

Goodwin Procter LLP

K&L Gates LLP

**Financial Printer(S)** 

Donnelley Financial Solutions

**Proxy Voting Administrator** 

Glass Lewis & Co., LLC

**SECURITY PRICING SERVICES** 

Bloomberg L.P.

IHS Markit (Markit North America)

ICE Data Pricing & Reference Data, LLC

JPMorgan PricingDirect

Refinitiv US Holdings Inc.

**RATINGS AGENCIES** 

Fitch, Inc.

Moody's Investors Service, Inc.

Standard & Poor's Financial Services LLC

**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 Merrill Lynch

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

Sustainalytics U.S. Inc.

Wolters Kluwer N.V.

**31**

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**Prospectus** 

***February 28, 2023***

![](imgf92417601.gif)

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

---

| | |
|:---|:---|
| **Share Class** \| Ticker | **Institutional** \| FFTXX |

---

------

Federated Hermes Institutional Tax-Free Cash Trust

------

A Portfolio of Federated Hermes Money Market Obligations Trust

A money market mutual fund seeking to provide dividend income exempt from federal regular income taxes while seeking relative stability of principal by investing in a portfolio of high-quality, tax-exempt securities maturing in five business days or less.

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.

*The Fund operates as a "Floating Net Asset Value" Money Market Fund.*

*The Share Price will fluctuate. It is possible to lose money by investing in the Fund.*

------

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

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Fund Summary Information](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_1) | [1](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_1) |
| [What are the Fund's Investment Strategies?](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_5) | [5](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_5) |
| [What are the Fund's Principal Investments?](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_6) | [6](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_6) |
| [What are the Specific Risks of Investing in the Fund?](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_8) | [8](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_8) |
| [What Do Shares Cost?](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_12) | [12](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_12) |
| [How is the Fund Sold?](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_13) | [13](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_13) |
| [Payments to Financial Intermediaries](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_13) | [13](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_13) |
| [How to Purchase Shares](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_14) | [14](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_14) |
| [How to Redeem Shares](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_16) | [16](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_16) |
| [Security and Privacy Protection](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_20) | [20](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_20) |
| [Account and Share Information](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_20) | [20](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_20) |
| [Who Manages the Fund?](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_22) | [22](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_22) |
| [Financial Information](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_23) | [23](#xx_3b2583fa-014e-4b69-8628-abcb37fcfd12_23) |
| [Appendix A: Hypothetical Investment and Expense Information](#xx_de4941a8-7116-4374-aec3-1c2d08f9a4b5_1) | [25](#xx_de4941a8-7116-4374-aec3-1c2d08f9a4b5_1) |

---

------

Fund Summary Information

**Federated Hermes Institutional Tax-Free Cash Trust (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund's investment objective is to provide dividend income exempt from federal regular income taxes while seeking relative stability of principal.

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

This table describes the fees and expenses that you may pay if you buy, hold and sell Institutional Shares (IS) 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)** 

---

| | |
|:---|:---|
|  | **IS** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) | None |
| Redemption Fee (as a percentage of amount redeemed, if applicable) | None |
| Exchange Fee | None |

---

&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)** 

---

| | |
|:---|:---|
|  | **IS** |
| Management Fee | 0.20% |
| Distribution (12b-1) Fee |  |
| Other Expenses | 0.16%<sup>1</sup> |
| Total Annual Fund Operating Expenses | 0.36% |
| Fee Waivers and/or Expense Reimbursements<sup>2</sup> | (0.16)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.20% |

---

The Fund may incur and pay certain service fees (shareholder services/account administration fees) on its IS class of up to a maximum of 0.25%. The Fund will incur and pay up to 0.05% of such Fees for the IS class of the Fund. The IS class of the Fund will not incur and pay such Fees to exceed 0.05% until such time as approved by the Fund's Board of Trustees (the "Trustees").

Under the investment advisory contract, the Adviser is required to reimburse/waive the amount, limited to the amount of the management fee, by which the Fund's aggregate annual operating expenses, including the management fee, but excluding interest, taxes, brokerage commissions, expenses of registering and qualifying the Fund and its shares under federal and state laws, expenses of withholding taxes and extraordinary expenses exceed (after voluntary waivers and reimbursements) 0.45% of the Fund's IS class average daily net assets. 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 paid by the Fund, if any) paid by the Fund's IS class (after the voluntary waivers and/or reimbursements) will not exceed 0.20% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) March 1, 2024; 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:

---

| | |
|:---|:---|
| 1 Year | $37 |
| 3 Years | $116 |
| 5 Years | $202 |
| 10 Years | $456 |

---

**1**

------

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

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

The Fund invests primarily in a portfolio of high-quality, tax-exempt securities maturing in five business days or less. The Fund will invest its assets so that distributions of annual interest income are exempt from federal regular income tax. The Fund's investment adviser ("Adviser") also normally will invest the Fund's assets entirely in securities whose interest is not subject to (or not a specific preference item for purposes of) the federal alternative minimum tax for individuals (AMT), such that distributions of annual interest income are also exempt from the AMT. However, in certain circumstances (such as, for example, when there is a lack of supply of non-AMT or other tax-exempt securities or there are advantageous market conditions, or if there are changes in the tax laws relating to AMT), to pursue the Fund's investment objective, the Adviser may leave a portion of the Fund's assets uninvested, or may invest the Fund's assets in securities the interest from which may be subject to AMT, state and/or federal income tax. These acquisitions may occur in the ordinary course or in connection with Fund reorganization transactions (i.e., transactions in which the Fund acquires the portfolio securities of other mutual funds) or another event or circumstance. The Adviser actively manages the Fund's portfolio, seeking to limit the credit risk taken by the Fund and to select investments with appropriate risk-adjusted returns.

Although the Fund is a money market fund, the net asset value (NAV) of the Fund's shares will "float," fluctuating with changes in the values of the Fund's portfolio securities. Although the Fund is a floating net asset value money market fund and its share price will fluctuate, by investing in high quality securities with maturities of five business days or less, typically maintaining a weighted average portfolio maturity of approximately seven days or less and using amortized cost to value such securities when available, the Fund seeks to minimize the volatility of its NAV.

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Adviser to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds, and tax-exempt commercial paper; and (b) interests in securities of other investment companies.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").

Under normal circumstances, the Fund will invest its assets so that at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) are invested in securities the income of which will be exempt from federal regular income tax. This policy may not be changed without shareholder approval.

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

Pursuant to Rule 2a-7, the Fund is designated as an "institutional" money market fund and is required to utilize current market-based prices (except as otherwise permitted to value individual portfolio securities with remaining maturities of 60 days or less at amortized cost in accordance with SEC guidance) to value its portfolio securities and transact at a floating net asset value (NAV) that uses four-decimal-place precision ($1.0000). In addition, the Fund has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board determines such liquidity fees or redemption gates are in the best interest of the Fund.

As an institutional money market fund, the Fund will not be limited to institutional investors, but will continue to be available to retail investors as well.

All mutual funds take investment risks. Therefore, even though the Fund is a money market fund, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's NAV, delay the payment of redemptions by the Fund, or reduce the Fund's returns include:

◾ **Tax-Exempt Securities Risk.** The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities.

◾ **Issuer Credit Risk.** It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may 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 strategies.

**2**

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◾ **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. Economic, political and financial conditions, 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, cause the Fund to experience volatility, illiquidity, shareholder redemptions or other potentially adverse effects.

◾ **Interest Rate Risk.** Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. 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. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield.

◾ **Call Risk.** The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.

◾ **Sector Risk.** A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics or by issuers located in the same state. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities.

◾ **Tax Risk.** In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax or AMT. Consult your tax professional for more information.

◾ **Liquidity Risk.** Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.

◾ **Credit Enhancement Risk.** The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit.

◾ **Risk Associated with Investing Share Purchase Proceeds.** On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

◾ **Risk Associated with use of Amortized Cost.** Under existing SEC guidance, the Fund will value its individual portfolio securities with remaining maturities of 60 days or less using its amortized cost price when such price is approximately the same (as determined by policies adopted by the Fund's Board of Trustees ("Board")) as its fair market price ("shadow price"). If a security's shadow price is not approximately the same as its amortized cost price, the Fund will generally use the shadow price to value that security. In such cases, the use of the shadow price could cause the Fund's NAV to fluctuate. See "Floating Net Asset Value Money Market Risk" below.

◾ **Additional Factors Affecting Yield.** There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. Periods of very low or negative interest rates impact, in a negative way, the Fund's ability to maintain a positive return, or yield, or pay dividends to Fund shareholders.

◾ **Floating Net Asset Value Money Market Risk.** The Fund will not maintain a constant NAV per share. The value of the Fund's shares will be calculated to four decimal places and will fluctuate reflecting the value of the portfolio of investments held by the Fund. It is possible to lose money by investing in the Fund.

◾ **Fees & Gates Risk.** The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees,

**3**

------

determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such fee is not in the best interests of the Fund.

◾ **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.

You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares, they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**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 *averaged* over the stated periods. *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 FederatedInvestors.com or by calling the Fund at 1-800-341-7400.

![](ftftproq452732is_12.jpg)

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

*Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 0.57% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended December 31, 2021).* 

**4**

------

**Average Annual Total Return Table**

The following table represents the Fund's IS class Average Annual Total Returns for the calendar period ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **Since**<br> **Inception**<br>|
| **IS:** | 1.00% | 0.80% | 0.72% |
| ***Inception Date:*** |  |  | ***02/26/2016*** |

---

*The Fund's IS class 7-Day Net Yield as of December 31, 2022, was 3.51%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT** 

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

**Purchase and Sale of Fund Shares** 

The minimum initial investment amount for the Fund's IS class is generally $500,000 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.

You may purchase or redeem Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a financial intermediary or directly from the Fund, by wire or by check. Please note that certain purchase restrictions may apply. Redeem Shares through a financial intermediary or directly from the Fund by telephone at 1-800-341-7400 or by mail.

**Exchanges between the Fund and another Federated Hermes fund are not permitted.**

**TAX INFORMATION** 

It is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund's dividends may not be tax-exempt. Dividends may be subject to state and local taxes. Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. Any Fund distributions of capital gains are taxable at applicable capital gains rates. The Fund normally invests its assets so that distributions are exempt from AMT, but in certain circumstances income from the Fund may be subject to AMT.

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

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.

What are the Fund's Investment Strategies?

The Fund's investment objective is to provide dividend income exempt from federal regular income taxes while seeking relative stability of principal. 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 invests primarily in a portfolio of high-quality, tax-exempt securities maturing in five business days or less. The Fund will invest its assets so that distributions of its annual interest income are exempt from federal regular income tax. The Fund's investment adviser ("Adviser") also normally will invest the Fund's assets entirely in securities whose interest is not subject to (or not a specific preference item for purposes of) the federal alternative minimum tax for individuals (AMT) such that distributions of annual interest income are also exempt from the AMT. However, in certain circumstances (such as, for example, when there is a lack of supply of non-AMT or other tax-exempt securities or there are advantageous market conditions, or if there are changes in the tax laws relating to AMT), to pursue the Fund's investment objective, the Adviser may leave a portion of the Fund's assets uninvested, or may invest the Fund's assets in securities the interest from which may be subject to AMT, state and/or federal income tax. These acquisitions may occur in the ordinary course or in connection with Fund reorganization transactions (i.e., transactions in which the Fund acquires the portfolio securities of other mutual funds) or another event or circumstance. The Adviser actively manages the Fund's portfolio, seeking to limit the credit risk taken by the Fund and to select investments with appropriate risk-adjusted returns.

**5**

------

Although the Fund is a money market fund, the net asset value (NAV) of the Fund's shares will "float," fluctuating with changes in the values of the Fund's portfolio securities. Although the Fund is a floating net asset value money market fund and its share price will fluctuate, by investing in high quality securities with maturities of five business days or less, typically maintaining a weighted average portfolio maturity of approximately seven days or less and using amortized cost to value such securities when available, the Fund seeks to minimize the volatility of its NAV.

The Fund seeks to invest in securities that present minimal credit risk, based on the Adviser's assessment of the issuer's credit quality, including the issuer's or guarantor's capacity to meet its financial obligations, among other factors.

The Adviser targets a dollar-weighted average portfolio maturity (WAM) range based upon its interest rate outlook and the tax-exempt securities available. The Adviser formulates its interest rate outlook by analyzing a variety of factors, such as (among others): current and expected U.S. economic growth; current and expected interest rates and inflation; and the Federal Reserve's monetary policy. The Adviser structures the portfolio by investing principally in variable rate demand instruments and municipal notes, as well as other permissible investments as described in this Prospectus. The Adviser generally shortens the portfolio's maturity when it expects interest rates to rise and extends the maturity when it expects interest rates to fall. This strategy seeks to enhance the returns from favorable interest rate changes and reduce the effect of unfavorable changes.

The Fund will typically: (1) maintain a WAM of approximately seven days or less; and (2) maintain a weighted average life (WAL) of approximately seven days or less. Certain of the securities in which the Fund invests may pay interest at a rate that is periodically adjusted ("Adjustable Rate Securities"). For purposes of calculating WAM, the maturity of an Adjustable Rate Security generally will be the period remaining until its next interest rate adjustment. For purposes of calculating WAL, the maturity of an Adjustable Rate Security will be its stated final maturity, without regard to interest rate adjustments; accordingly, the approximate seven-day WAL limitation could serve to limit the Fund's ability to invest in Adjustable Rate Securities.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940. Rule 2a-7, which regulates money market funds, imposes various requirements on money market funds, including, among others, regulations related to maturity, credit quality and diversification.

Under normal circumstances, the Fund will invest its assets so that at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) are invested in securities the income of which will be exempt from federal regular income tax. This policy may not be changed without shareholder approval.

**TEMPORARY INVESTMENTS** 

The Fund may temporarily depart from its principal investment strategies by investing its assets in taxable securities (including, for example, securities subject to the federal AMT) or holding cash. It may do this in response to unusual circumstances such as: adverse market, economic or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate tax-exempt securities); to maintain liquidity to meet shareholder redemptions; or to accommodate cash inflows. It is possible that such temporary investments could affect the Fund's investment returns. If the Fund invests in taxable securities, it may receive and distribute taxable income to investors and to that extent fail to meet its investment objectives.

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.

**TAX-EXEMPT SECURITIES** 

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Adviser to be reliable, pay interest that is not subject to federal regular income taxes. Fixed-income securities pay interest, dividends or distributions at a specified rate. The rate may be a fixed percentage of the principal or adjusted periodically. In addition, the issuer of a fixed-income security must repay the principal amount of the security, normally within a specified time. Typically, states, counties, cities and other political subdivisions and authorities issue tax-exempt securities. The market categorizes tax-exempt securities by their source of repayment. Certain of these tax-exempt securities may be subject to credit enhancement. The following describes the principal types of tax-exempt securities in which the Fund may invest.

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**Variable Rate Demand Instruments (A Type of Tax-Exempt Security)** 

Variable rate demand instruments are tax-exempt securities that require the issuer or a third party, such as a dealer or bank (the "Demand Provider"), to repurchase the security for its face value upon demand. The securities also pay interest at a variable rate intended to cause the securities to trade at their face value. Some variable rate demand instruments are "conditional," so that the occurrence of certain conditions discharges the Demand Provider's obligation to repurchase the security. Other variable rate demand instruments are "unconditional," so that there are no conditions under which the Demand Provider's obligation to repurchase the security can terminate. The Fund treats variable rate demand instruments as short-term securities even though their maturity may extend beyond 397 days because, within 397 days, their variable interest rate adjusts in response to changes in market rates and the repayment of their principal amount can be demanded. Certain variable rate demand instruments that may be invested in by the Fund, referred to as "synthetic" variable rate demand instruments, have certain features, such as call features, that make it possible that the Fund will realize capital gains.

**Municipal Notes (A Type of Tax-Exempt Security)** 

Municipal notes are short-term, tax-exempt securities. Many municipalities issue such notes to fund their current operations before collecting taxes or other municipal revenues. Municipalities may also issue notes to fund capital projects prior to issuing long-term bonds. The issuers typically repay the notes at the end of their fiscal year, either with taxes, other revenues or proceeds from newly issued notes or bonds.

**General Obligation Bonds (A Type of Tax-Exempt Security)** 

General obligation bonds are supported by the issuer's power to exact property or other taxes. The issuer must impose and collect taxes sufficient to pay principal and interest on the bonds. However, the issuer's authority to impose additional taxes may be limited by its charter or state law.

**Special Revenue Bonds (A Type of Tax-Exempt Security)** 

Special revenue bonds are payable solely from specific revenues received by the issuer such as specific taxes, assessments, tolls or fees. Bondholders may not collect from the municipality's general taxes or revenues. For example, a municipality may issue bonds to build a toll road, and pledge the tolls to repay the bonds. Therefore, a shortfall in the tolls normally would result in a default on the bonds, or in certain cases, may result in a reduction in payments received in respect of the bonds.

**Private Activity Bonds (A Type of Special Revenue Bond)** 

Private activity bonds are special revenue bonds used to finance private projects. A certain percentage of the proceeds from a private activity bond is used for a private business use or a certain percentage of the debt service regarding a private activity bond is paid directly or indirectly from a private business use. A private business use is a trade or business carried on by any person or entity other than a governmental unit. Private activity bonds are secured primarily by revenues derived from loan repayments or lease payments due from the private entity, which may or may not be guaranteed by a parent company or otherwise secured. Private activity bonds generally are not secured by a pledge of the taxing power of the issuer of such bonds. For example, a municipality may issue bonds to finance a new factory to improve its local economy. The municipality would lend the proceeds from its bonds to the company using the factory, and the company would agree to make loan payments sufficient to cover interest and principal payments on the bonds. The bonds would be payable from the company's loan payments, and generally not from any other revenues of the municipality. Therefore, any default of the loan normally would result in a default on the bonds.

Types of private activity bonds include, for example: bonds issued to obtain funds to provide water, sewage and solid waste facilities, qualified residential rental projects, certain local electric, gas and other heating and cooling facilities, qualified hazardous waste facilities, high-speed intercity rail facilities, certain airports, docks, wharves and mass transportation facilities and qualified mortgages; qualified student loan bonds; qualified redevelopment bonds; and bonds used for certain organizations exempt from federal income taxation (qualified 501(c)(3) bonds).

The interest on many types of private activity bonds is subject to the AMT. However, issues are available in the marketplace that are not subject to the AMT due to qualifying tax rules.

**Tax-Exempt Commercial Paper (A Type of Tax-Exempt Security)** 

Tax-exempt commercial paper is an obligation issued by a tax-exempt issuer with a maturity of generally less than nine months. Tax-exempt issuers may issue commercial paper to pay for current expenditures or other permissible activities. Tax-exempt issuers may constantly reissue their commercial paper and use the proceeds (or other sources) to repay maturing paper. If the tax-exempt issuer cannot continue to obtain liquidity in this fashion, and if there is not another available source of liquidity, its commercial paper may default or there may be a reduction in payments received in repayment of the tax-exempt commercial paper.

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**Credit Enhancement** 

The Fund may invest in tax-exempt securities with credit enhancement. Credit enhancement consists of an arrangement in which a company agrees to pay amounts due on a fixed-income security if the issuer defaults. In some cases, the company providing credit enhancement makes all payments directly to the security holders and receives reimbursement from the issuer. Normally, the credit enhancer has greater financial resources and liquidity than the issuer. For this reason, the Adviser may evaluate the credit risk of a fixed-income security based solely upon its credit enhancement.

Common types of credit enhancement include guarantees, letters of credit, bond insurance and surety bonds. Credit enhancement also includes arrangements where securities or other liquid assets secure payment of a fixed-income security. If a default occurs, these assets may be sold and the proceeds paid to the security's holders. Either form of credit enhancement reduces credit risks by providing another source of payment for a fixed-income security. The Adviser evaluates credit enhancements based on its own credit assessment standards and analysis.

**Investing in Securities of Other Investment Companies** 

The Fund may invest its assets in shares of other investment companies as an efficient means of implementing its investment strategies, managing its uninvested cash and/or other investment reasons consistent with the Fund's investment objective and investment strategies. These investments may include shares of an affiliated fund, including a money market fund or preferred shares of a closed-end fund that are eligible for purchase by money market funds (generally, because such preferred shares are structured as unconditional demand instruments with a third-party Demand Provider). Other investment companies are managed independently of the Fund and incur additional fees and/or expenses which would, therefore, be borne indirectly by the Fund in connection with any such investment. These investments also can create conflicts of interests for the Adviser to the Fund and the investment adviser to the acquired fund. For example, a conflict of interest can arise due to the possibility that the Adviser to the Fund could make a decision to redeem the Fund's investment in the acquired fund. In the case of an investment in an affiliated fund, a conflict of interest can arise if, because of the Fund's investment in the acquired fund, the acquired fund is able to garner more assets, thereby growing the acquired fund and increasing the management fees received by the investment adviser to the acquired fund, which would either be the Adviser or an affiliate of the Adviser. However, the Adviser believes that the benefits and efficiencies of making investments in other investment companies should outweigh the potential additional fees and/or expenses and resulting conflicts of interest. The Fund may invest in money market securities directly.

**OTHER INVESTMENTS, TRANSACTIONS, TECHNIQUES**

**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. The Adviser may also consider information derived from active engagements conducted by its in-house stewardship team with certain issuers or guarantors on environmental, social and governance topics. 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.

**Minimal credit risk** 

Under Rule 2a-7, money market funds, such as the Fund, may generally invest in "Eligible Securities" which include securities issued by another money market fund, government securities or securities that have a remaining maturity of no more than 397 calendar days and are determined by the fund's board or its delegate to present minimal credit risk based on an assessment of the issuer's credit quality, including the capacity of the issuer or guarantor to meet its financial obligations. The Fund's Board has adopted procedures by which the Adviser will conduct this initial and ongoing assessment, as required.

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. These are the primary factors that may impact the Fund's NAV, delay the payment of redemptions by the Fund or reduce the Fund's daily dividends. 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.

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**TAX-EXEMPT SECURITIES RISK** 

The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities. Legal, economic, political or other developments may raise impairments (such as, for example, limitations under applicable law on the issuer's authority to raise taxes, prolonged budgetary processes, declining real estate values or declining tax revenues) to such issuer's budgetary flexibility, liquidity and ability to satisfy its obligations. Like other issuers and securities, the likelihood that the credit risk associated with such issuers and such securities will increase is greater during times of economic stress and financial instability.

**ISSUER Credit Risk** 

It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

Many fixed-income securities (including tax-exempt securities) receive credit ratings from NRSROs such as Fitch Rating Service, Moody's Investor Services, Inc. and Standard & Poor's 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. Ratings are just one factor that the Adviser considers in its credit assessment and analysis.

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 CREDIT RISK** 

Counterparty credit 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.

**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. Economic, political and financial conditions, or industry or economic trends and developments, may, from time to time, and for varying periods of time, cause volatility, illiquidity and/or other potentially adverse effects in the financial markets, including the fixed-income market. The commencement, continuation or ending of government policies and economic stimulus programs, changes in monetary policy, 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 across the market. This may increase redemptions from funds that hold impacted securities. Such a market event could 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.

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**Epidemic and Pandemic Risk** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. This coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies, including certain Fund service providers and issuers of the Fund's investments, and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such instruments. Any such impact could adversely affect the Fund's performance.

**INTEREST RATE RISK** 

Prices of fixed-income securities (including tax-exempt 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.

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. Money market funds try to minimize this risk by purchasing short-term securities. Negative or very low interest rates magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, have unpredictable effects on markets and expose debt and related markets to heightened volatility and may detract from Fund performance to the extent a Fund is exposed to such interest rates and/or volatility. During periods when interest rates are low or there are negative interest rates, a Fund's yield (and total return) also is likely to be low or otherwise adversely affected or the Fund may be unable to maintain a positive return, or yield, or minimize the volatility of the Fund's NAV per share.

Certain of the Fund's investments may also be valued, in part, by reference to the relative relationship between interest rates on tax-exempt securities and taxable securities. With respect to the Fund's investments described in the preceding sentence, the value of such Fund investments may be negatively affected (or positively affected) when the market for tax-exempt securities underperforms (or outperforms) the market for taxable securities.

**Call Risk** 

Call risk is the possibility that an issuer may redeem a fixed-income security (including a tax-exempt security) before maturity (a "call") at a price below or above 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.

**Sector Risk** 

A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities. Developments affecting companies with similar characteristics might include changes in interest rates, changes in economic cycles affecting credit losses and regulatory changes.

**TAX RISK** 

In order to pay interest that is exempt from federal income tax, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable (including, for example, under the AMT).

Changes or proposed changes in federal, state or local tax laws may cause the prices of tax-exempt securities to fall and/or may affect the tax-exempt status of the securities in which the Fund invests. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax or AMT. Consult your tax professional for more information.

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**LIQUIDITY RISK** 

Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss. An inability to sell portfolio securities may result from adverse market developments or investor perceptions regarding the portfolio securities. While the Fund endeavors to maintain a high level of liquidity in its portfolio so that it can satisfy redemption requests, the Fund's ability to sell portfolio securities can deteriorate rapidly due to credit events affecting particular issuers or credit enhancement providers, or due to general market conditions and a lack of willing buyers.

**CREDIT ENHANCEMENT RISK** 

The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). Credit enhancement is designed to help assure timely payment of the security; it does not protect the Fund against losses caused by declines in a security's value due to changes in market conditions. Securities subject to credit enhancement generally would be assigned a lower credit rating if the rating were based primarily on the credit quality of the issuer without regard to the credit enhancement. If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded.

A single enhancement provider may provide credit enhancement to more than one of the Fund's investments. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit. Bond insurers that provide credit enhancement for large segments of the fixed-income markets, including the municipal bond market, may be more susceptible to being downgraded or defaulting during recessions or similar periods of economic stress.

**RISK ASSOCIATED WITH INVESTING SHARE PURCHASE PROCEEDS** 

On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. The larger the amount that must be invested or the greater the difference between the yield of the securities purchased and the yield of the existing investments, the greater the impact will be on the yield of the Fund. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

**RISK ASSOCIATED WITH USE OF AMORTIZED COST** 

Under existing SEC guidance, the Fund will value its individual portfolio securities with remaining maturities of 60 days or less using its amortized cost price when such price is approximately the same (as determined by policies adopted by the Fund's Board) as its shadow price. If a security's shadow price is not approximately the same as its amortized cost price, the Fund will generally use the shadow price to value that security. In such cases, the use of the shadow price could cause the Fund's NAV to fluctuate. See "Floating Net Asset Value Money Market Risk" below.

**ADDITIONAL FACTORS AFFECTING YIELD** 

There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. A low or negative interest rate environment may prevent the Fund from providing a positive return, or yield, or paying Fund expenses out of current income. The Fund's yield could also be negatively affected (both in absolute terms and as compared to other money market funds) by aspects of its investment program (for example, its investment policies, strategies or limitations) or its operational policies (for example, its cut-off time for purchases and redemptions of Shares).

**Floating Net Asset Value Money Market Risk** 

The Fund will not maintain a constant NAV per share. The value of the Fund's shares will be calculated to four decimal places and will fluctuate reflecting the value of the portfolio of investments held by the Fund. It is possible to lose money by investing in the Fund.

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**Fees & Gates Risk** 

The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such fee is not in the best interests of the Fund.

**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.

What Do Shares Cost?

**calculation of net asset value** 

The NAV per share is generally based on the market value of the investments held by the Fund. 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 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 FederatedInvestors.com, via online news sources and in certain newspapers.

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

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

When the Fund holds securities that trade principally in foreign markets on days the NYSE is closed, the value of the Fund's assets may change on days you cannot purchase or redeem Shares. This may also occur when the U.S. markets for fixed-income securities are open on a day the NYSE is closed. In calculating its NAV, the Fund generally values investments as follows:

◾ Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Adviser.

◾ Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium) in accordance with "Use of Amortized Cost" below.

You can purchase or redeem Shares any day the NYSE is open (a "Regular Business Day"). You may also be able to purchase and redeem Shares on certain days that the NYSE is closed on an unscheduled basis due to unforeseen or emergency circumstances, if the Fund's Board determines to allow Fund Share transactions on such days (a "Special Trading Day"). If the Fund declares a Special Trading Day, information regarding shareholder trading activities for the Special Trading Day (such as when NAV, and entitlement to that day's dividend, will be determined) will be available by calling the Fund at 1-800-341-7400 and will be posted on FederatedInvestors.com. **The information set forth in this Prospectus regarding times relevant to NAV determination and dividend entitlement applies only to Regular Business Days.** Please note that the times that might be specified for NAV determination and dividend entitlement on a Special Trading Day would not necessarily be the same as set forth in this Prospectus with respect to Regular Business Days. Although FederatedInvestors.com will attempt to make such information available in advance of a particular Special Trading Day, given the nature of Special Trading Days, it may not be able to do so until the morning of the Special Trading Day.

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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 Shares"), it is processed at the next determined NAV. NAV is determined at 1:00 p.m. (Eastern time) each day the NYSE is open. The times as of when NAV is determined, and when orders must be placed, may be changed as permitted by the SEC.

**USE OF AMORTIZED COST** 

Under the amortized cost valuation method, an investment is valued at its acquisition cost, as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date as appropriate.

In response to SEC guidance that institutional money market funds may only use the amortized cost method to value a portfolio security with a remaining maturity of 60 days or less when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation, the Board has adopted certain procedures to perform a comparison between the amortized cost price and the fair market price ("shadow price") of a portfolio security that utilizes amortized cost to value the security to ensure that amortized cost is used to value the security only where it is "approximately the same" as the security's shadow price. If the shadow price of such security is not approximately the same as the amortized cost price, generally the shadow price of the security will be used, unless otherwise permitted under the procedures. Shadow prices for individual securities are generally provided by an independent pricing service unless otherwise authorized by the procedures approved by the Board.

How is the Fund Sold?

The Fund offers the following Share classes: Institutional Shares and Premier Shares, each representing interests in a single portfolio of securities. All Share classes have different 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.)

The Fund's Distributor markets the Shares described in this Prospectus to entities holding Shares in an agency or fiduciary capacity, financial institutions, financial intermediaries and institutional investors or to individuals, directly or through financial intermediaries.

**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. 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.

**SERVICE FEES**

The Fund 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.

The IS class of the Fund will pay no more than 0.05% Service Fees until such time as approved by the Fund's Board of Trustees.

**ACCOUNT ADMINISTRATION FEES** 

The Fund 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.

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The IS class of the Fund will pay no more than 0.05% Account Administration Fees until such time as approved by the Fund's Board of Trustees.

**RECORDKEEPING FEES** 

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** 

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** 

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, that support the sale of Shares or provide services to Fund shareholders. The amounts of these payments could be significant, and may create an incentive for the financial intermediary or its employees or associated persons to recommend or sell Shares of the Fund to you. Not all financial intermediaries receive such payments and the amount of compensation may vary by intermediary. 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 sells or may sell; 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. 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. You can ask your financial intermediary 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.

How to Purchase Shares

You may purchase Shares through a financial intermediary or directly from the Fund. The Fund reserves the right to reject any request to purchase Shares. New investors must submit a completed New Account Form.

The minimum initial investment for the Fund's IS class is generally $500,000. There is no minimum subsequent investment amount.

The minimum initial investment for the Fund's PRM class is generally $5 million. There is no minimum subsequent investment amount.

**Exchanges between the Fund and other Federated Hermes funds are not permitted.**

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

An institutional investor's minimum investment is calculated by combining all accounts it maintains with the Fund. 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.

**THROUGH A FINANCIAL INTERMEDIARY**

Submit your purchase order to your financial intermediary. Financial intermediaries are responsible for promptly submitting purchase orders and payment to the Fund by electronic means permitted by the Fund, or according to the instructions in the sections "By Telephone" or "By Mail" below.

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Currently, certain financial intermediaries serve as agents for the Fund for the purpose of determining the time a trade is received in good order. Where a financial intermediary serves as agent, the order is priced at the Fund's NAV next calculated after it is accepted by the financial intermediary. In such cases, if requested by the Fund, the financial intermediary is responsible for providing information with regard to the time that such order for purchase, redemption or exchange was received. Orders submitted through a financial intermediary that has not received authorization to accept orders on the Fund's behalf are priced at the Fund's NAV next calculated after it receives the order from the financial intermediary and accepts it, which may not occur on the day submitted to the financial intermediary.

If your financial intermediary submits your order electronically, your order will be processed and you will be entitled to dividends pursuant to operating procedures established by the Fund. If your financial intermediary submits your order by telephone or by mail, your order will be processed and you will be entitled to dividends as outlined in the section "By Telephone" or the section "By Mail" below.

If you deal with a financial intermediary, you will have to follow the financial intermediary's procedures for transacting with the Fund. For more information about how to purchase Shares through your financial intermediary, you should contact your financial intermediary directly.

**DIRECTLY FROM THE FUND** 

**By Telephone** 

You may purchase Shares by calling the Fund at 1-800-341-7400.

Your purchase will be priced at the NAV next calculated after the Fund receives your order. NAV is determined at 1:00 p.m. If you call the Fund by 1:00 p.m. Eastern time and send your payment by wire by the close of the Federal Reserve wire transfer system, you will be entitled to that day's dividend. If you call the Fund after 1:00 p.m. Eastern time and send your payment by wire by the close of the Federal Reserve wire transfer system the next day, you will be entitled to the next day's trade date and dividend.

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

If the Fund does not receive your purchase wire by the close of the Federal Reserve wire transfer system on your designated settlement date, your purchase will be canceled and you could be liable for any losses or fees incurred by the Fund or SS&C GIDS, Inc., the Fund's transfer agent.

You cannot purchase Shares by wire on days when wire transfers are restricted, even if the NYSE is open on such days (for example, Columbus Day and Veterans Day). The Fund does not consider wire purchase requests received on such days to be in proper form, and will not process such requests.

**By Mail** 

You may purchase Shares by sending your check payable to **The Federated Hermes Funds** at the following address:

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

430 W 7<sup>th</sup> Street

Suite 219318

Kansas City, MO 64105-1407

**Please note your account number on your check.** Payment should be made in U.S. dollars and drawn on a U.S. bank. 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 SS&C GIDS, Inc., the Fund's transfer agent. 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.

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Your order will be priced using the final NAV calculated on the day the Fund receives your check and you will be entitled to dividends beginning on the day the check is converted into federal funds (normally the business day after the check is received).

**By Online Account Services** 

Currently, you may view your accounts online through FederatedInvestors.com's Shareholder Account Access system once you have registered for access. For more information about the services available through Shareholder Account Access, please visit FederatedInvestors.com and select "My Investments," or call 1-800-341-7400, Option #4 to speak with a Client Service Representative. Institutional shareholders should speak with their Federated Hermes relationship manager to discuss online options available.

**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.

How to Redeem Shares

You should redeem 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.

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. Financial intermediaries are responsible for promptly submitting redemption or exchange requests to the Fund by electronic means permitted by the Fund, or according to the instructions in the sections "By Telephone" or "By Mail" below.

If your financial intermediary submits your redemption or exchange request electronically, your request will be processed and your proceeds will be paid pursuant to operating procedures established by the Fund. If your financial intermediary submits your redemption or exchange request by telephone or by mail, your request will be processed and your proceeds will be paid as outlined in the section "By Telephone" or the section "By Mail" below.

If you deal with a financial intermediary, you will have to follow the financial intermediary's procedures for transacting with the Fund. For more information about how to redeem or exchange Shares through your financial intermediary, you should contact your financial intermediary directly.

**DIRECTLY FROM THE FUND**

**By Telephone** 

You may redeem Shares by calling the Fund at 1-800-341-7400. Your redemption request will be priced at the NAV next calculated after the request is received by the Fund. NAV is determined at 1:00 p.m. The 1:00 p.m. calculation point is intended to facilitate same day settlement. Receipt of a redemption order by a financial intermediary will be deemed received by the Fund to the extent that such financial intermediary has been duly authorized by the Fund to accept such orders.

If you call the Fund by 1:00 p.m. Eastern time, and your redemption proceeds are wired to you the same day, you will not be entitled to that day's dividend.

**By Mail** 

**You may redeem Shares by mailing a written request to the Fund.** 

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Your redemption request will be priced at the NAV next calculated after the Fund receives your written request in proper form. If your redemption proceeds are wired to you the same day your order is priced, you will not be entitled to that day's dividend. If a check for your redemption proceeds is mailed to you on the next business day after your request is priced, you will be entitled to dividends through the day on which the Fund priced your request.

Send requests by mail to:

The Federated Hermes Funds

P.O. Box 219318

Kansas City, MO 64121-9318

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

The Federated Hermes Funds

430 W 7<sup>th</sup> Street

Suite 219318

Kansas City, MO 64105-1407

All requests must include:

◾ Fund Name and Share Class, account number and account registration;

◾ amount to be redeemed; and

◾ signatures of all shareholders exactly as registered.

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** 

Currently, you may view your accounts online through FederatedInvestors.com's Shareholder Account Access system once you have registered for access. For more information about the services available through Shareholder Account Access, please visit FederatedInvestors.com and select "My Investments," or call 1-800-341-7400, Option #4 to speak with a Client Service Representative. Institutional shareholders should speak with their Federated Hermes relationship manager to discuss online options available.

**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.

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◾ **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 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, 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

◾ in which there are emergency conditions, including liquidation of the Fund, as provided in Section 22(e), and rules thereunder, of the Investment Company Act of 1940.

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

**CERTAIN SPECIAL LIMITATIONS AFFECTING REDEMPTIONS** 

The SEC has implemented a number of requirements, including liquidity fees and temporary redemption gates, for money market funds based on the amount of Fund assets that are "weekly liquid assets," which generally includes cash, direct obligations of the U.S. government, certain other U.S. government or agency securities and securities that will mature or are subject to a demand feature that is exercisable and payable within five business days.

The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. If the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund will impose a liquidity fee of 1% on all redemptions beginning on the next business day, unless the Board, including a majority of the independent Trustees, determines that imposing such a fee would not be in the best interests of the Fund or determines that a lower or higher fee (not to exceed 2%) would be in the best interests of the Fund, which would remain in effect until weekly liquid assets return to 30% or the Board determines that the fee is no longer in the best interests of the Fund. In the event that a liquidity fee is imposed and/or redemptions are temporarily suspended, the Board may take certain other actions based on the particular facts and circumstances, including but not limited to modifying the timing and frequency of its NAV determinations. All liquidity fees payable by shareholders of the Fund would be payable to the Fund and could offset any losses realized by the Fund when seeking to honor redemption requests during times of market stress.

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If liquidity fees are imposed or redemptions are temporarily suspended, the Fund will notify shareholders on the Fund's website or by press release. In addition to identifying the Fund, such notifications will include the Fund's percentage of total assets invested in weekly liquid assets, the time of implementation of the liquidity fee and/or redemption gate and details regarding the amount of the liquidity fee. The imposition and termination of a liquidity fee or redemption gate will also be reported by the Fund to the SEC on Form N-CR.

If redemptions are temporarily suspended, the Fund and your financial intermediary will not accept redemption orders until the Fund has notified shareholders that the redemption gate has been lifted. Shareholders wishing to redeem shares once the redemption gate has been lifted will need to submit a new redemption request to the Fund or their financial intermediary.

All liquidity fees payable by shareholders to the Fund can be used to offset any losses realized by the Fund when seeking to honor redemption requests during times of market stress. The Fund expects to treat such liquidity fees as not constituting income to the Fund.

A liquidity fee imposed by the Fund will reduce the amount you will receive upon the redemption of your shares and will decrease the amount of any capital gain or increase the amount of any capital loss you will recognize from such redemption. Although there is some degree of uncertainty with respect to the tax treatment of liquidity fees received by money market funds, it is anticipated at this time that a liquidity fee will have no tax effect for the Fund. As the tax treatment will likely be the subject of future guidance issued by the Internal Revenue Service (IRS), the Fund will re-visit the applicable tax treatment of liquidity fees when they are received.

In addition, the right of any investor to receive payment with respect to any redemption may be suspended or the payment of the redemption proceeds postponed during any period in which the NYSE is closed (other than weekends or holidays) or trading on the NYSE is restricted or, to the extent otherwise permitted by the 1940 Act, if an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable or it is not reasonably practicable for the Fund fairly to determine the value of its net assets. In addition, the SEC may by order permit suspension of redemptions for the protection of shareholders of the Fund.

If the Fund's weekly liquid assets fall below 10% of its assets on a business day, the Fund may cease honoring redemptions and liquidate at the discretion of the Board, including a majority of the independent Trustees. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to liquidate and suspend redemptions. If the Fund ceases honoring redemptions and determines to liquidate, the Fund expects that it would notify shareholders on the Fund's website or by press release. Distributions to shareholders of liquidation proceeds may occur in one or more disbursements.

Purchase orders received by the Fund after the last NAV determination of a given day but prior to notification of the imposition of liquidity fees or a redemption gate will be cancelled unless re-confirmed. Under certain circumstances, the Fund may honor redemption orders (or pay redemptions without adding a liquidity fee to the redemption amount) if the Fund can verify that the redemption order was received in good order by the Fund or the Fund's agent before the Fund imposed liquidity fees or temporarily suspended redemptions.

**Systematic Withdrawal Program**

You may automatically redeem Shares. The minimum amount for all new or revised systematic redemptions 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.

**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.

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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, 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. 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 FederatedInvestors.com'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.

Investors are able to view accounts online but online transactions are not permitted.

**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 FederatedInvestors.com.

Account and Share Information

**ACCOUNT ACTIVITY**

You will receive periodic statements reporting all account activity, including dividends and capital gains paid.

**DIVIDENDS AND CAPITAL GAINS**

The Fund declares any dividends daily and pays them monthly to shareholders.

The Fund does not expect to realize any capital gains or losses. However, the Fund may realize capital gains on certain securities, such as synthetic variable rate demand instruments, that may be redeemed in certain circumstances at a premium to their face value. If capital gains or losses were to occur, they could result in an increase or decrease in dividends. 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.

See "Tax Information" below for information on the tax consequences of the Fund realizing a capital gain.

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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 FederatedInvestors.com/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.

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 cause the account balance to fall below:

◾ $500,000 for the IS class;

◾ $5 million for the PRM class.

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. It is anticipated that Fund distributions will be primarily dividends that are exempt from federal income tax, although a portion of the Fund's dividends may not be exempt. Dividends may be subject to state and local taxes. Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. 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. Capital gains and non-exempt dividends are taxable whether paid in cash or reinvested in the Fund.

Redemptions are taxable sales. **When the NAV of the Fund's shares varies from $1.0000 per share, shareholders will realize a gain or loss upon the sale or redemption of such Fund shares**. Any gain resulting from the redemption of Fund shares generally will be taxable to you as either short-term or long-term capital gain, depending on how long you held your shares in the Fund. 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 a materially adverse impact on the Federated Hermes funds or their shareholders. If you plan to redeem your Fund Shares for shares of another Federated Hermes fund, please read the prospectus of that other Federated Hermes fund for more information.

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**PORTFOLIO HOLDINGS INFORMATION** 

Information concerning the Fund's portfolio holdings is available via the link to the Fund and share class name at FederatedInvestors.com. Such information is posted on the website five business days after both mid-month and month-end then remains posted on the website 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 until replaced by the information for the succeeding month. The summary portfolio composition information may include identification of the Fund's top 10 credit/obligor exposures, weighted average maturity, weighted average life and percentage breakdowns of the portfolio by effective maturity range and type of security. The Fund's WAM and WAL, Shadow NAV (market-based value of the Fund's portfolio), Weekly Liquid Assets and Daily Flows are posted every business day and remain posted on the website for six months thereafter.

You may also access portfolio information via the link to the Fund and share class name at FederatedInvestors.com. The Fund's Annual and Semi-Annual Shareholder Reports contain complete listings of the Fund's portfolio holdings as of the end of the Fund's second and fourth fiscal quarters. These reports are also available on the SEC's website at sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

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 FederatedInvestors.com. 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 102 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 $668.9 billion as of December 31, 2022. Federated Hermes was established in 1955 as Federated Investors, Inc. and is one of the largest investment managers in the United States with nearly 2,000 employees. Federated Hermes provides investment products to more than 11,000 investment professionals and institutions.

The Adviser advises approximately 73 registered investment companies and also manages sub-advised funds. The Adviser's assets under management totaled approximately $399.6 billion as of December 31, 2022.

**ADVISORY FEES** 

The Fund's investment advisory contract provides for payment to the Adviser of an annual investment advisory fee of 0.20% of the Fund's average daily net assets. Under the investment advisory contract, which is subject to annual renewal by the Fund's Board of Trustees, the Adviser will waive the amount, limited to the amount of the advisory fee, by which the Fund's aggregate annual operating expenses, including the investment advisory fee but excluding interest, taxes, brokerage commissions, expenses of registering or qualifying the Fund and its Shares under federal and state laws and regulations, expenses of withholding taxes and extraordinary expenses, exceed 0.45% of its average daily net assets. 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 Annual and Semi-Annual Shareholder Reports for the periods ended October 31 and April 30, respectively.

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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 Annual Report.

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Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.0000** | **$1.0000** | **$1.0000** | **$1.0000** | **$1.0000** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income (loss) | 0.0062 | 0.0001 | 0.0060 | 0.0137 | 0.0114 |
| Net realized gain (loss) | (0.0000)<sup>1</sup> |  |  |  |  |
| Total From Investment Operations | 0.0062 | 0.0001 | 0.0060 | 0.0137 | 0.0114 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (0.0062) | (0.0001) | (0.0060) | (0.0137) | (0.0114) |
| **Net Asset Value, End of Period** | **$1.0000** | **$1.0000** | **$1.0000** | **$1.0000** | **$1.0000** |
| **Total Return**<sup>2</sup> | 0.62% | 0.01% | 0.60% | 1.38% | 1.15% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> | 0.18% | 0.08% | 0.19% | 0.20% | 0.20% |
| Net investment income | 0.75% | 0.01% | 0.64% | 1.36% | 1.17% |
| Expense waiver/reimbursement<sup>4</sup> | 0.18% | 0.29% | 0.18% | 0.16% | 0.18% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1114556 | $549366 | $735236 | $855998 | $594047 |

---

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

---

| | |
|:---|:---|
| 1 | *Represents less than $0.0001.* |
| 2 | *Based on net asset value.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 4 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|

---

Further information about the Fund's performance is contained in the Fund's Annual Report, dated October 31, 2022, which can be obtained free of charge.

**24**

------

Appendix A: Hypothetical Investment and Expense Information

The following chart provides 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 chart shows 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. The 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 the chart is the same as stated in the "Fees and Expenses" table of this Prospectus (and thus do 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 INSTITUTIONAL TAX-FREE CASH TRUST - IS CLASS** | **FEDERATED HERMES INSTITUTIONAL TAX-FREE CASH TRUST - IS CLASS** | **FEDERATED HERMES INSTITUTIONAL TAX-FREE CASH TRUST - IS CLASS** | **FEDERATED HERMES INSTITUTIONAL TAX-FREE CASH TRUST - IS CLASS** | **FEDERATED HERMES INSTITUTIONAL TAX-FREE CASH TRUST - IS CLASS** | |
| **ANNUAL EXPENSE RATIO: 0.36%** | **ANNUAL EXPENSE RATIO: 0.36%** | **ANNUAL EXPENSE RATIO: 0.36%** | **ANNUAL EXPENSE RATIO: 0.36%** | **ANNUAL EXPENSE RATIO: 0.36%** | |
| **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>| <br>**Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00 | $500.00 | $10500.00 | $36.84 | $10464.00 |
| 2 | $10464.00 | $523.20 | $10987.20 | $38.54 | $10949.53 |
| 3 | $10949.53 | $547.48 | $11497.01 | $40.33 | $11457.59 |
| 4 | $11457.59 | $572.88 | $12030.47 | $42.20 | $11989.22 |
| 5 | $11989.22 | $599.46 | $12588.68 | $44.16 | $12545.52 |
| 6 | $12545.52 | $627.28 | $13172.80 | $46.21 | $13127.63 |
| 7 | $13127.63 | $656.38 | $13784.01 | $48.36 | $13736.75 |
| 8 | $13736.75 | $686.84 | $14423.59 | $50.60 | $14374.14 |
| 9 | $14374.14 | $718.71 | $15092.85 | $52.95 | $15041.10 |
| 10 | $15041.10 | $752.06 | $15793.16 | $55.40 | $15739.01 |
| Cumulative |  | $6184.29 |  | $455.59 |  |

---

**25**

------

An SAI dated February 28, 2023, is incorporated by reference into this Prospectus. Additional information about the Fund and its investments is contained in the Fund's SAI and Annual and Semi-Annual Reports to shareholders as they become available. 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 without charge, and to make inquiries, call your financial intermediary or the Fund at 1-800-341-7400.

The Fund's shareholder reports will be made available on FederatedInvestors.com/FundInformation, and you will be notified and provided with a link each time a report is posted to the website. You may request to receive paper reports from the Fund or from your financial intermediary, free of charge, at any time. You may also request to receive documents through e-delivery.

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

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 Institutional Tax-Free Cash Trust

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

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

or call 1-800-341-7400.

Federated Securities Corp., Distributor

*Investment Company Act File No. 811-5950* 

*CUSIP 608919486*

*Q454413 (2/23)*© 2023 Federated Hermes, Inc.

------

**Statement of Additional Information**

***February 28, 2023***

![](img8264a1351.gif)

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

---

| | |
|:---|:---|
| **Share Class** \| Ticker | **Institutional** \| FFTXX |

---

------

Federated Hermes Institutional Tax-Free Cash Trust

------

A Portfolio of Federated Hermes Money Market Obligations Trust

This Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes Institutional Tax-Free Cash Trust (the "Fund"), dated February 28, 2023.

This SAI incorporates by reference the Fund's Annual Report. Obtain the Prospectus or the Annual Report without charge by calling 1-800-341-7400.

---

| | |
|:---|:---|
|  | **Contents** |
| 1 | [How is the Fund Organized?](#xx_badd05c3-7fb7-46c2-a067-733bdbf6817c_1) |
| 1 | [Securities in Which the Fund Invests](#xx_badd05c3-7fb7-46c2-a067-733bdbf6817c_1) |
| 4 | [Investment Risks](#xx_badd05c3-7fb7-46c2-a067-733bdbf6817c_4) |
| 6 | [Investment Objective (and Policies) and Investment Limitations](#xx_badd05c3-7fb7-46c2-a067-733bdbf6817c_6) |
| 9 | [What Do Shares Cost?](#xx_badd05c3-7fb7-46c2-a067-733bdbf6817c_9) |
| 9 | [How is the Fund Sold?](#xx_badd05c3-7fb7-46c2-a067-733bdbf6817c_9) |
| 12 | [Purchases In-Kind](#xx_badd05c3-7fb7-46c2-a067-733bdbf6817c_12) |
| 12 | [Redemption In-Kind](#xx_badd05c3-7fb7-46c2-a067-733bdbf6817c_12) |
| 12 | [Massachusetts Partnership Law](#xx_badd05c3-7fb7-46c2-a067-733bdbf6817c_12) |
| 13 | [Share Information](#xx_badd05c3-7fb7-46c2-a067-733bdbf6817c_13) |
| 13 | [Tax Information](#xx_badd05c3-7fb7-46c2-a067-733bdbf6817c_13) |
| 14 | [Who Manages and Provides Services to the Fund?](#xx_badd05c3-7fb7-46c2-a067-733bdbf6817c_14) |
| 26 | [Financial Information](#xx_badd05c3-7fb7-46c2-a067-733bdbf6817c_26) |
| 27 | [Investment Ratings](#xx_badd05c3-7fb7-46c2-a067-733bdbf6817c_27) |
| 30 | [Addresses](#xx_3dd661c6-8f7e-4a04-b297-37074f705f21_1) |
| 31 | [Appendix](#xx_f727bb43-11f9-4b8c-bff4-f9fbcaeed076_1) |

---

Federated Hermes Institutional Tax-Free Cash Trust

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com**

or call 1-800-341-7400.

Federated Securities Corp., Distributor

*Q454411 (2/23)*© 2023 Federated Hermes, Inc.

------

How is the Fund Organized?

The Fund is a diversified portfolio of Federated Hermes Money Market Obligations Trust ("Trust"). The Trust is an open-end, management investment company that was established under the laws of the Commonwealth of Massachusetts on October 3, 1988. The Trust may offer separate series of shares representing interests in separate portfolios of securities. The Fund, which was established on November 20, 1978, was reorganized as a portfolio of the Trust on November 1, 1999. Effective March 31, 2016, the Fund changed its name to Federated Institutional Tax-Free Cash Trust. Effective June 26, 2020, the Trust changed its name from Money Market Obligations Trust to Federated Hermes Money Market Obligations Trust, and the Fund changed its name from Federated Institutional Tax-Free Cash Trust to Federated Hermes Institutional Tax-Free Cash Trust.

The Board of Trustees has established two classes of shares of the Fund, known as Institutional Shares and Premier Shares (Shares). Effective February 26, 2016, the Fund's original shares were redesignated as Premier Shares. This SAI relates to both 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 further describes the types of fixed-income securities in which the Fund may invest.

**Municipal Leases (A Type of Tax-Exempt, Fixed-Income Security)** 

Municipalities may enter into leases for equipment or facilities. In order to comply with state public financing laws, these leases are typically subject to annual appropriation. In other words, a municipality may end a lease, without penalty, by not providing for the lease payments in its annual budget. After the lease ends, the lessor can resell the equipment or facility but may lose money on the sale. The Fund may invest in securities supported by pools of municipal leases. The most common type of lease-backed securities is certificates of participation (COPs). However, the Fund may also invest directly in individual leases.

**Callable Securities (A Type of Tax-Exempt, Fixed-Income Security)** 

Certain fixed-income securities in which the Fund invests are callable at the option of the issuer. Certain callable securities invested in by the Fund also may be callable by parties other than the issuer. Callable securities are subject to call risk.

**Zero-Coupon Securities (A Type of Tax-Exempt, 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 risks and credit risks of a zero-coupon security.

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. 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, PIK securities or toggle securities.

**1**

------

**Tax Increment Financing Bonds (A Type of Tax-Exempt, Fixed-Income Security)** 

Tax increment financing (TIF) bonds are payable from increases in taxes or other revenues attributable to projects within the TIF district. For example, a municipality may issue TIF bonds to redevelop a commercial area. The TIF bonds would be payable solely from any increase in sales taxes collected from merchants in the area. The bonds could fail to pay principal or interest if merchants' sales, and related tax collections, failed to increase as anticipated.

**Municipal Mortgage-Backed Securities (A Type of Tax-Exempt, Fixed-Income Security)** 

Municipal mortgage-backed securities are special revenue bonds, the proceeds of which may be used to provide mortgage loans for single family homes or to finance multifamily housing. Municipal mortgage-backed securities represent interests in pools of mortgages. The mortgages that comprise a pool normally have similar interest rates, maturities and other terms. Mortgages may have fixed or adjustable rates. Municipal mortgage-backed securities generally have fixed interest rates.

Municipal mortgage-backed securities come in a variety of forms. The simplest forms of municipal mortgage-backed securities are unstructured bonds backed by the net interest and principal payments and prepayments from the underlying mortgages. As a result, the holders assume all interest rate and prepayment risks of the underlying mortgages. Other municipal mortgage-backed securities may have more complicated financial structures.

**Other Investments, Transactions, Techniques**

**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.

**Asset Segregation** 

In order to cover its obligations in connection with special transactions, such as reverse repurchase agreements or when-issued and delayed delivery transactions, the Fund will either enter into offsetting transactions or set aside readily marketable securities in each case, as provided by the SEC or SEC staff guidance. Unless the Fund has other readily marketable assets to set aside, it cannot trade assets used to secure such obligations without terminating a special transaction. This may cause the Fund to miss favorable trading opportunities or to realize losses on special transactions.

**Temporary Investments** 

The Fund may make temporary investments in taxable, fixed-income securities (including, for example, securities subject to the federal alternative minimum tax for individuals) and the following other taxable securities:

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

Treasury securities are direct obligations of the federal government of the United States.

**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 helps protect against credit risk, it does not eliminate it entirely or reduce other risks.

**2**

------

***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 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.

**Bank Instruments (A Type of Fixed-Income Security)** 

Bank instruments are unsecured, interest-bearing deposits with banks. Bank instruments include, but are not limited to, bank accounts, time deposits, certificates of deposit and banker's acceptances. Yankee instruments are denominated in U.S. dollars and issued by U.S. branches of foreign banks. Euro-dollar instruments are denominated in U.S. dollars and issued by non-U.S. branches of U.S. or foreign banks.

**Corporate Debt Securities (A Type of Fixed-Income Security)** 

Corporate debt securities are fixed-income securities issued by businesses. Notes, bonds, debentures and commercial paper are the most prevalent types of corporate debt securities.

**Commercial Paper (A Type of Corporate Debt Security)** 

Commercial paper is an issuer's obligation with a maturity of less than nine months. Companies typically issue commercial paper to pay for current expenditures. Most issuers constantly reissue their commercial paper and use the proceeds (or bank loans) to repay maturing paper. If the issuer cannot continue to obtain liquidity in this fashion, its commercial paper may default.

**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 subcustodian will take possession of the securities subject to repurchase agreements. The Adviser or subcustodian 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.

**3**

------

Repurchase agreements are subject to credit risks. In addition to taxable repurchase agreements, the Fund also may invest in municipal repurchase agreements as a non-principal investment.

**Reverse Repurchase Agreements** 

Reverse repurchase agreements (which are considered a type of special transaction for asset segregation 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. In addition to taxable reverse repurchase agreements, the Fund also may invest in municipal reverse repurchase agreements as a non-principal investment.

**minimal credit risk** 

Under Rule 2a-7, money market funds, such as the Fund, may generally invest in "Eligible Securities" which include securities issued by another money market fund, government securities or securities that have a remaining maturity of no more than 397 calendar days and are determined by the fund's board or its delegate to present minimal credit risk based on an assessment of the issuer's credit quality, including the capacity of the issuer or guarantor to meet its financial obligations. The Fund's Board has adopted procedures by which the Adviser will conduct this initial and ongoing assessment, as required. Such analysis of whether a security presents minimal credit risk will include, to the extent appropriate: consideration of the security's issuer or guarantor's financial condition, sources of liquidity, ability to react to future market-wide and issuer or guarantor-specific events, including the ability to repay debt in a highly adverse situation; and strength of the issuer or guarantor's industry within the economy and relative to economic trends, as well as the issuer or guarantor's competitive position within its industry. In addition, a minimal credit risk evaluation may also include consideration of whether the price and/or yield of the security itself is similar to that of other securities in the Fund's portfolio. The Adviser will perform an ongoing review of whether each security (other than a government security) continues to present minimal credit risks.

**Inter-Fund Borrowing AND Lending Arrangements** 

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.

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).

**Leverage Risk** 

Leverage risk is created when an investment exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund's risk of loss and potential for gain.

**4**

------

**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.

**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,

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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.

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 Policies) and Investment Limitations

The fundamental investment objective of the Fund is to provide dividend income exempt from federal regular income taxes while seeking relative stability of principal.

Under normal circumstances, the Fund will invest its assets so that at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) are invested in securities the income of which will be exempt from federal regular income tax. This policy may not be changed without shareholder approval.

The fundamental investment objective and policy may not be changed by the Board without shareholder approval.

**Investment Limitations** 

**Diversification** 

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 securities of that issuer or the Fund would own more than 10% of the outstanding voting securities of that issuer.

**Borrowing Money and Issuing Senior Securities** 

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").

**Concentration** 

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, except that the Fund may concentrate its investments in short-term tax exempt securities which are guaranteed by the U.S. government, regardless of the location of the issuing municipality. Government securities, municipal securities and bank instruments are not deemed to constitute an industry.

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**Lending** 

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.

**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.

**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.

**The above limitations 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. 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.** 

**Purchases 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 Securities** 

The Fund will not acquire securities that cannot be sold or disposed of in the ordinary course of business within seven days at approximately the value ascribed to them by the Fund if, immediately after the acquisition, the Fund would have invested more than 5% of its total assets in such securities.

**Investing in Restricted Securities** 

The Fund may invest in securities subject to restrictions on resale under the federal securities laws.

**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.

**Additional Information** 

For purposes of the diversification limitation, 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."

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.

As a non-fundamental operating policy, the investment of more than 25% of the value of the Fund's total assets in any one industry will constitute "concentration." For purposes of the concentration limitation: (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.

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To conform to the current view of the SEC staff that only domestic bank instruments may be excluded from industry concentration limitations, the Fund will not exclude foreign bank instruments from industry concentration limitation tests so long as the policy of the SEC remains in effect. Investments in private activity bonds will be classified according to the non-governmental entity from which the bond's principal and interest payments are principally derived. In addition, investments in certain industrial development bonds funded by activities in a single industry will be deemed to constitute investment in an industry, except when held for temporary defensive purposes.

**REGULATORY COMPLIANCE** 

The Fund may follow non-fundamental operational policies that are more restrictive than its fundamental investment limitations, as set forth in the Prospectus and this SAI, in order to comply with applicable laws and regulations, including the provisions of and regulations under the 1940 Act. In particular, the Fund will comply with the various requirements of Rule 2a-7 (the "Rule"), which regulates money market mutual funds. The Fund may change these operational policies to reflect changes in the laws and regulations without the approval of its shareholders.

The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. If the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund will impose a liquidity fee of 1% on all redemptions beginning on the next business day, unless the Board, including a majority of the independent Trustees, determines that imposing such a fee would not be in the best interests of the Fund or determines that a lower or higher fee (not to exceed 2%) would be in the best interests of the Fund, which would remain in effect until weekly liquid assets return to 30% or the Board determines that the fee is no longer in the best interests of the Fund. In the event that a liquidity fee is imposed and/or redemptions are temporarily suspended, the Board may take certain other actions based on the particular facts and circumstances, including, but not limited to, modifying the timing and frequency of the Fund's NAV determinations.

If liquidity fees are imposed or redemptions are temporarily suspended, the Fund will notify shareholders on the Fund's website or by press release. In addition to identifying the Fund, such notifications will include the Fund's percentage of total assets invested in weekly liquid assets, the time of implementation of the liquidity fee and/or redemption gate and details regarding the amount of the liquidity fee. If the Board, including a majority of the independent Trustees, changes or removes a liquidity fee or a temporary redemption gate, the Fund will notify shareholders in the same manner as described above. The imposition and termination of a liquidity fee or redemption gate will also be reported by the Fund to the SEC on Form N-CR. If redemptions are temporarily suspended, the Fund and your financial intermediary will not accept redemption orders until the Fund has notified shareholders that the redemption gate has been lifted. Shareholders wishing to redeem shares once the redemption gate has been lifted will need to submit a new redemption request to the Fund or their financial intermediary.

All liquidity fees payable by shareholders to the Fund can be used to offset any losses realized by the Fund when seeking to honor redemption requests during times of market stress. The Fund expects to treat such liquidity fees as not constituting income to the Fund. A liquidity fee imposed by the Fund will reduce the amount you will receive upon the redemption of your shares, and will decrease the amount of any capital gain or increase the amount of any capital loss you will recognize from such redemption. Although there is some degree of uncertainty with respect to the tax treatment of liquidity fees received by money market funds, it is anticipated at this time that a liquidity fee will have no tax effect for the Fund. As the tax treatment will likely be the subject of future guidance issued by the Internal Revenue Service, the Fund will re-visit the applicable treatment of liquidity fees when they are received. If the Fund's weekly liquid assets fall below 10% and the Board determines that it would not be in the best interests of the Fund to continue operating, the Board may suspend redemptions in the Fund and may approve the liquidation of the Fund. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to liquidate and suspend redemptions. If the Fund ceases honoring redemptions and determines to liquidate, the Fund expects that it would notify shareholders on the Fund's website or by press release. Distributions to shareholders of liquidation proceeds may occur in one or more disbursements.

Unprocessed purchase orders that the Fund receives prior to notification of the imposition of liquidity fees or a redemption gate will be cancelled unless re-confirmed. Under certain circumstances, the Fund may honor redemption orders (or pay redemptions without adding a liquidity fee to the redemption amount) if the Fund can verify that the redemption order was received in good order by the Fund or the Fund's agent before the Fund imposed liquidity fees or temporarily suspended redemptions.

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What Do Shares Cost?

**DETERMINING MARKET VALUE OF SECURITIES** 

The NAV per share is based on the market value of the investments held by the Fund. 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 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 FederatedInvestors.com, via online news sources and in certain newspapers.

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

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

When the Fund holds securities that trade principally in foreign markets on days the NYSE is closed, the value of the Fund's assets may change on days you cannot purchase or redeem Shares. This may also occur when the U.S. markets for fixed-income securities are open on a day the NYSE is closed.

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

◾ Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Adviser.

◾ Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium) in accordance with "Use of Amortized Cost" below.

A low or negative interest rate environment impacts, in a negative way, the Fund's ability to provide a positive return, or yield, to its shareholders, pay expenses out of current income, and/or achieve its investment objective.

**USE OF AMORTIZED COST** 

In accordance with SEC guidance, the Fund will price securities with remaining maturities of 60 days or less at amortized cost, provided the amortized cost price is approximately the same as the fair market price ("shadow price") of such security. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. The Fund uses this adjusted cost to value the investment.

In response to SEC guidance that institutional money market funds may only use the amortized cost method to value a portfolio security with a remaining maturity of 60 days or less when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation, the Board has adopted certain procedures to perform a comparison between the amortized cost price and the shadow price of a portfolio security that utilizes amortized cost to value the security to insure that amortized cost is used to value the security only where it is "approximately the same" as the security's shadow price. If the shadow price of such security is not approximately the same as the amortized cost price, generally the shadow price of the security will be used, unless otherwise permitted under the procedures. Shadow prices for individual securities are generally provided by an independent pricing service unless otherwise authorized by the procedures approved by the Board.

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.

**Additional Payments To Financial Intermediaries**

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. 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

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described herein and in the Prospectus, the financial intermediary also may receive 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. The same financial intermediaries may receive payments under more than one or all categories. These payments assist in the Distributor's efforts to support the sale of Shares. These payments are negotiated and may be based on such factors as: the number or value of Shares that the financial intermediary sells or may sell; 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 receive such payments and the amount of compensation may vary by intermediary. You should ask your financial intermediary 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 IS class, the IS class of the Fund currently does not accrue, pay or incur shareholder services/account administration fees in excess of 0.05%, although the Board of Trustees has approved the IS 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 IS class of the Fund will not accrue, pay or incur such fees until such time as approved by the Fund's Board of Trustees.

Regarding the Fund's PRM class, the PRM class of the Fund currently does not accrue, pay or incur any shareholder services/account administration fees, although the Board of Trustees has approved the PRM 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 PRM class of the Fund will not accrue, pay or incur such fees 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 sell Federated Hermes fund shares to help offset their costs associated with client account maintenance support, statement processing and transaction processing. The types of payments that the Distributor may make under this category include: payment of ticket charges on a per-transaction basis; payment of networking fees; and payment for ancillary services such as setting up funds on the financial intermediary's mutual fund trading system.

**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.

**Marketing Support Payments** 

From time to time, the Distributor, at its expense, may provide additional compensation to financial intermediaries that sell or arrange for the sale of Shares. Such compensation, provided by the Distributor, may include financial assistance to financial intermediaries that enable the Distributor to participate in or present at conferences or seminars, sales or 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 to financial intermediaries for services rendered in connection with technology and programming set-up, platform development and maintenance or similar services and for the provision of sales-related data to the Adviser and/or its affiliates.

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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, 2022, 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 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, 2022, are not reflected. You should ask your financial intermediary for information about any additional payments it receives from the Distributor.

ADP Broker-Dealer, Inc.

American Enterprise Investment Services Inc.

American Portfolios Advisors, Inc.

Aspyre Wealth Partners

Avidian Wealth Solutions LLC

B. C. Ziegler And Company

Beam Wealth Advisors, Inc.

Benjamin F. Edwards & Company, Inc.

BMO Harris Financial Advisors, Inc.

BofA Securities, Inc.

Bolton Global Capital, Inc.

Broadridge Business Process Outsourcing, LLC

Brown Investment Advisory & Trust Company

Cadaret, Grant & Co., Inc.

Cambridge Financial Group, Inc.

CBIZ Financial Solutions, Inc.

Cetera Advisor Networks LLC

Cetera Advisors LLC

Cetera Investment Services LLC

Charles Schwab & Company, Inc.

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

Emerald Advisors, LLC

Empower Financial Services, Inc.

Envestnet PMC

FBL Marketing Services, LLC

Fidelity Investments Institutional Operations Company, Inc. (FIIOC)

Fifth Third Securities, Inc.

FIS Brokerage & Securities Services LLC

Gerber Kawasaki Wealth & Investment Management

Goldman Sachs & Co. LLC

Hancock Whitney Investment Services Inc.

HighTower Securities, LLC

Hilltop Securities, Inc.

HUB International Investment Services Inc.

The Huntington Investment Company

Huntington Securities, Inc.

IFP Securities, LLC

Insigneo Securities, LLC

Institutional Cash Distributors, LLC

Interactive Brokers LLC

J.P. Morgan Securities LLC

Janney Montgomery Scott LLC

Jefferies LLC

KeyBanc Capital Markets Inc.

Kowal Investment Group, LLC

Leafhouse Financial Advisors, LLC

Lincoln Financial Advisors Corporation

Lincoln Financial Distributors, Inc.

Lincoln Investment Planning, LLC

LPL Financial LLC

Lyrical Partners, L.P.

MML Investors

Materetsky Financial Group

Merrill Lynch, Pierce, Fenner and Smith Incorporated

Moneta Group Investment Advisors, LLC

Morgan Stanley Smith Barney LLC

National Financial Services LLC

Nationwide Investment Services Corporation

NewEdge Securities, Inc.

Northwestern Mutual Investment Services, LLC

NYLIFE Distributors LLC

Open Range Financial Group, LLC

Oppenheimer & Company, Inc.

Paychex Securities Corp

Pensionmark Financial Group, LLC

Pershing LLC

PNC Capital Markets, LLC

PNC Investments LLC

Private Client Services, LLC

Raymond James & Associates, Inc.

Raymond James Financial Services, Inc.

RBC Capital Markets, LLC

Rise Consulting, LLC

Robert W Baird & Co. Incorporated

Rockefeller Capital Management

Royal Alliance Associates, Inc.

Sagepoint Financial, LLC

Sageview Advisory Group, LLC

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Sanford C. Bernstein & Company, LLC

SBC Wealth Management

Securian Financial Services, Inc.

Securities America, Inc.

Security Distributors, LLC

Spire Securities, LLC

State Street Global Markets, LLC

Stephens Inc.

Steward Partners Investment Advisory, LLC

Stifel, Nicolaus & Company, Incorporated

Strategic Financial Partners, Ltd

TD Ameritrade, Inc.

Teachers Insurance and Annuity Association of America

The London Company of Virginia LLC

Towerpoint Wealth, LLC

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

Vining-Sparks IBG, LLC

Vision Financial Markets, LLC

Voya Financial Advisors, Inc.

Wells Fargo Clearing Services LLC

Wells Fargo Securities, LLC

Woodbury Financial Services, Inc.

WR Wealth Planners LLC

XML Financial Group

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 in determining the market value of the portfolio for purposes of its comparison with amortized cost valuation. 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.

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 Massachusetts law, shareholders could, under certain circumstances, be held personally liable for the obligations of the Trust. The Declaration of Trust provides that no shareholder or former shareholder, merely by reason of his or her being or having been a shareholder, will be subject to any personal liability in connection with Trust property or the affairs of the Trust.

In the unlikely event a shareholder or former shareholder is held personally liable for the Trust's obligations, such shareholder will be entitled, out of the assets belonging to the applicable series, to be indemnified against all claims and reimbursed for all reasonably incurred expenses in connection with such claims. On request, the Trust will defend any claim made and pay any judgment against a shareholder from the assets belonging to the relevant series.

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Share Information

**ORGANIZATION, CAPITALIZATION, VOTING RIGHTS AND OTHER MATTERS** 

The Trust is a Massachusetts business trust established under a Declaration of Trust dated October 3, 1988, as amended and restated November 11, 2015. The Trust's Declaration of Trust may be amended at any time by a majority of the Trustees. Under the Declaration of Trust, the Trustees have the authority to create and classify shares of beneficial interest in separate series and classes without further action by shareholders. Each series and class thereof may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each series represent equal proportionate interests in the assets of that series only and have identical voting, dividend, redemption, liquidation and other rights of shares in the same series except that expenses allocated to a class may be borne solely by such class as determined by the Trustees and a class may have exclusive voting rights with respect to matters affecting only that class. Shares entitle their holders to one vote per share (and fractional votes for fractional shares), are freely transferable and, except as specifically provided by the Trustees, have no preference, preemptive, appraisal, exchange, subscription or conversion rights. All shares issued are fully paid and non-assessable. In the event of a liquidation or termination of a series, each shareholder is entitled to receive his pro rata share of the net assets of that series.

It is not anticipated that the Trust will hold shareholders' meetings unless required by law or the Declaration of Trust. The Board will call special meetings of shareholders of the Trust, a series or class thereof only if required under the 1940 Act, in their discretion, or upon the written request of holders of 10% or more of the outstanding shares of the Trust or of the relevant series or class, entitled to vote at such meeting.

The Declaration of Trust provides that the Trustees may redeem shares in certain circumstances, such as when a shareholder does not meet the qualifications for ownership of a particular series or class, or when such redemptions are required to comply with applicable laws and regulations. The Declaration of Trust also provides that the Board may, without shareholder approval unless required by the 1940 Act, cause the Trust or any series or class to dissolve, convert, merge, consolidate, reorganize, sell all or any part of its assets, provided that the surviving or resulting entity is an open-end management investment company under the 1940 Act, or a series thereof. The Trust or any series or class may be terminated at any time by the Trustees by written notice to the shareholders.

**SHAREHOLDERS OF THE FUND**

As of February 7, 2023, the following shareholders owned of record, beneficially, or both, 5% or more of outstanding Premier Shares: Morgan Stanley Smith Barney, Jersey City, NJ, owned approximately 158,257,821 Shares (36.24%); Merrill Lynch Pierce Fenner & Smith, Jacksonville, FL, owned approximately 46,100,986 Shares (10.55%); Wells Fargo Clearing Services LLC, St. Louis, MO, owned approximately 29,996,815 Shares (6.86%); and Band & Co., Milwaukee, WI, owned approximately 26,314,254 Shares (6.02%).

As of February 7, 2023, the following shareholders owned of record, beneficially, or both, 5% or more of outstanding Institutional Shares: Merrill Lynch Pierce Fenner & Smith, Jacksonville, FL, owned approximately 432,783,112 Shares (55.05%); Wells Fargo Clearing Services LLC, St. Louis, MO, owned approximately 82,496,555 Shares (10.49%); and William Rainey Harper College, Palatine, IL, owned approximately 72,589,270 Shares (9.23%).

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.

Morgan Stanley Smith Barney is organized in the State of Delaware and is a subsidiary of Morgan Stanley; organized in the State of Delaware.

Merrill Lynch Pierce Fenner & Smith Incorporated (MLPF&S) is a wholly owned subsidiary of Bank of America Corporation 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.

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When the NAV of the Fund's shares varies from $1.0000 per share, shareholders will realize a gain or loss upon the sale or redemption of the Fund's shares. The IRS has issued final regulations, on which taxpayers may rely, that permit a simplified method of accounting (the "NAV method") for gains and losses realized upon the disposition of shares of a regulated investment company that is a so-called money market fund, such as the Fund. Very generally, rather than realizing gain or loss upon each redemption of a share, a shareholder using such method of accounting will recognize gain or loss with respect to the Fund's shares for a given computation period (the shareholder's taxable year or shorter period selected by the shareholder) equal to the value of all the Fund shares held by the shareholder on the last day of the computation period, less the value of all Fund shares held by the shareholder on the last day of the preceding computation period, less the shareholder's net investment in the Fund (generally, purchases minus redemptions) made during the computation period. The final regulation notes a shareholder can choose to use the NAV method for only certain accounts, including only specific accounts within the same fund. The IRS has also published guidance providing that the "wash-sale" of the Code–disallowing losses on taxable dispositions of Fund shares where other substantially identical shares are purchased, including by means of dividend reinvestment, within 30 days before or after the disposition–will not apply to redemptions of shares in a money market fund subject to the floating NAV amendments. Shareholders of the Fund are urged to consult their own tax advisors regarding their investment in the Portfolio.

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, 2022, the Trust comprised 16 portfolios, and the Federated Hermes Complex consisted of 33 investment companies (comprising 102 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 February 7, 2023, the Fund's Board and Officers as a group owned less than 1% 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.

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**Interested Trustees Background and Compensation** 

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<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 1989<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; President, Chief Executive <br> Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, <br> Federated Investment Management Company; Trustee, Federated <br> Investment Counseling; Chairman and Director, Federated Global <br> Investment Management Corp.; Chairman and Trustee, Federated Equity <br> Management Company of Pennsylvania; Trustee, Federated Shareholder <br> Services 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 <br> Research, Ltd.; Chairman, Passport Research, Ltd.<br>| $0 | $0 |
| **Thomas R. Donahue\***<br> Birth Date: October 20, 1958<br> Trustee<br> Indefinite Term<br> Began serving: May 2016<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of certain funds in the <br> Federated Hermes Complex; Chief Financial Officer, Treasurer, Vice <br> President and Assistant Secretary, Federated Hermes, Inc.; Chairman and <br> Trustee, Federated Administrative Services; Chairman and Director, <br> Federated Administrative Services, Inc.; Trustee and Treasurer, Federated <br> Advisory Services Company; Director or Trustee and Treasurer, Federated <br> Equity Management Company of Pennsylvania, Federated Global <br> Investment Management Corp., Federated Investment Counseling, and <br> Federated Investment Management Company; Director, MDTA LLC; <br> Director, Executive Vice President and Assistant Secretary, Federated <br> Securities Corp.; Director or Trustee and Chairman, Federated Services <br> Company and Federated Shareholder Services Company; and Director and <br> President, FII Holdings, Inc.<br> **Previous Positions:** Director, Federated Hermes, Inc.; Assistant Secretary, <br> Federated Investment Management Company, Federated Global <br> Investment Management Company and Passport Research, LTD; Treasurer, <br> Passport Research, LTD; Executive Vice President, Federated Securities <br> Corp.; and Treasurer, FII Holdings, Inc.<br>| $0 | $0 |

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\*

*Family relationships and reasons for "interested" status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are "interested" due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries.*

**Independent Trustees Background, Qualifications and Compensation** 

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **John T. Collins**<br> Birth Date: January 24, 1947<br> Trustee<br> Indefinite Term<br> Began serving: September 2013<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> Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).<br> **Other Directorships Held:** Director, KLX Energy Services Holdings, Inc. <br> (oilfield services); former Director of KLX Corp (aerospace).<br> **Qualifications:** Mr. Collins has served in several business and financial <br> management roles and directorship positions throughout his career. <br> Mr. Collins previously served as Chairman and CEO of The Collins Group, <br> Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves <br> as Chairman Emeriti, Bentley University. Mr. Collins previously served as <br> Director and Audit Committee Member, Bank of America Corp.; Director, <br> FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical <br> Center (Harvard University Affiliate Hospital).<br>| $828.52 | $385000  |

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund 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, Chair of the Audit Committee <br> of the Federated Hermes Complex; Retired.<br> **Other Directorships Held:** Director, Chair of the Audit Committee, <br> Equifax, Inc.; Lead Director, Member of the Audit and Nominating and <br> Corporate Governance Committees, Haverty Furniture Companies, Inc.; <br> formerly, Director, Member of Governance and Compensation Committees, <br> Publix Super Markets, 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 on the Business School Board of <br> Visitors for Wake Forest University, and he previously served as an <br> Executive Committee member of the United States Golf Association.<br>| $783.86 | $365000 |
| **Maureen Lally-Green**<br> Birth Date: July 5, 1949<br> Trustee<br> Indefinite Term<br> Began serving: August 2009<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Adjunct Professor Emerita of Law, Duquesne University School of <br> Law; formerly, Dean of the Duquesne University School of Law and <br> Professor of Law and Interim Dean of the Duquesne University School of <br> Law; formerly, Associate General Secretary and Director, Office of Church <br> Relations, Diocese of Pittsburgh.<br> **Other Directorships Held:** Director, CNX Resources Corporation <br> (natural gas).<br> **Qualifications:** Judge Lally-Green has served in various legal and business <br> roles and directorship positions throughout her career. Judge Lally-Green <br> previously held the position of Dean of the School of Law of Duquesne <br> University (as well as Interim Dean). Judge Lally-Green previously served as <br> Associate General Secretary for the Diocese of Pittsburgh, a member of the <br> Superior Court of Pennsylvania and as a Professor of Law, Duquesne <br> University School of Law. Judge Lally-Green was appointed by the Supreme <br> Court of Pennsylvania to serve on the Supreme Court's Board of Continuing <br> Judicial Education and the Supreme Court's Appellate Court Procedural <br> Rules Committee. Judge Lally-Green also currently holds the positions on <br> not for profit or for profit boards of directors as follows: Director and Chair, <br> UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, <br> Pennsylvania State Board of Education (public); Director, Catholic Charities, <br> Pittsburgh; and Director, CNX Resources Corporation (natural gas). Judge <br> Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy <br> Foundation of Western and Central Pennsylvania; Director, Ireland Institute <br> of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, <br> Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, <br> Pennsylvania Bar Institute; Director, Saint Vincent College; Director and <br> Chair, North Catholic High School, Inc.; Director and Vice Chair, Our <br> Campaign for the Church Alive!, Inc.; and Director and Vice Chair, Saint <br> Francis University.<br>| $707.55 | $330000  |

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **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 of the Federated Hermes <br> Complex; Sole Proprietor, Navigator Management Company (investment <br> 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; Credit Analyst and Lending <br> Officer, Fleet Bank; Director and Consultant, EZE Castle Software <br> (investment order management software); Director, Midway Pacific <br> (lumber); and Director, The Golisano Children's Museum of Naples, Florida<br>| $707.55 | $330000 |
| **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.<br>| $643.23 | $300000 |
| **P. Jerome Richey**<br> Birth Date: February 23, 1949<br> Trustee<br> Indefinite Term<br> Began serving: September 2013<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, <br> University of Pittsburgh and Executive Vice President and Chief Legal <br> Officer, CONSOL Energy Inc. (split into two separate publicly traded <br> companies known as CONSOL Energy Inc. and CNX Resources Corp.).<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Richey has served in several business and legal <br> management roles and directorship positions throughout his career. <br> Mr. Richey most recently held the positions of Senior Vice Chancellor and <br> Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as <br> Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and <br> Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey <br> previously served as Chief Legal Officer and Executive Vice President, <br> CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics <br> Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).<br>| $707.55 | $330000 |
| **John S. Walsh**<br> Birth Date: November 28, 1957<br> Trustee<br> Indefinite Term<br> Began serving: January 1999<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; President and Director, Heat Wagon, Inc. (manufacturer of <br> construction temporary heaters); President and Director, Manufacturers <br> Products, Inc. (distributor of portable construction heaters); President, <br> Portable Heater Parts, a division of 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 Vice President, Walsh & Kelly, Inc. (paving contractors).<br>| $643.23 | $300000 |

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**OFFICERS\*** 

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| | |
|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| **Principal Occupation(s) and Previous Position(s)** |
| **Lori A. Hensler**<br> Birth Date: January 6, 1967<br> Treasurer <br> Officer since: April 2013<br>| &nbsp;&nbsp; **Principal Occupations:** Principal Financial Officer and Treasurer of the Federated Hermes Complex; Senior Vice President, <br> Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, <br> Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation.<br> **Previous Positions:** Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors <br> Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, <br> Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services <br> Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., <br> Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd. and Federated MDTA, <br> LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution <br> Services, 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 General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee <br> and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative <br> Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities <br> Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; <br> and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a <br> 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>|
| **Deborah A. Cunningham**<br> Birth Date: September 15, 1959<br> CHIEF INVESTMENT OFFICER<br> Officer since: May 2004<br>| &nbsp;&nbsp; **Principal Occupations:** Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes' money market <br> products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive <br> Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and <br> holds an M.S.B.A. in Finance from Robert Morris College.<br>|
| **Mary Jo Ochson**<br> Birth Date: September 12, 1953<br> CHIEF INVESTMENT OFFICER<br> Officer since: May 2004<br>| &nbsp;&nbsp; **Principal Occupations:** Mary Jo Ochson was named Chief Investment Officer of Federated Hermes' tax-exempt, fixed-income <br> products in 2004 and Chief Investment Officer of Federated Hermes' Tax-Free Money Markets in 2010. She joined Federated <br> Hermes in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. <br> Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University <br> of Pittsburgh.<br>|

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\*

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

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

**DIRECTOR/TRUSTEE EMERITUS PROGRAM** 

The Board has created a position of Director/Trustee Emeritus, whereby an incumbent Director/Trustee who has attained the age of 75 and completed a minimum of five years of service as a director/trustee, may, in the sole discretion of the Committee of Independent Directors/Trustees ("Committee"), be recommended to the full Board of Directors/Trustees of the Fund to serve as Director/Trustee Emeritus.

A Director/Trustee Emeritus that has been approved as such receives an annual fee in an amount equal to a percent of the annual base compensation paid to a 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. 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 of Directors/Trustees each year and will be available to consult with the Committees or its representatives at reasonable times as requested by the Chairman; however, a Director/Trustee Emeritus does not have any voting rights at Board meetings and is not subject to election by shareholders of the Funds.

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The Director/Trustee Emeritus will be permitted to serve in such capacity at the pleasure of the Committee, but the annual fee will cease to be paid at the end of the calendar year during which he or she 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** 

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| | | |
|:---|:---|:---|
| **Director/Trustee Emeritus** | **Compensation**<br> **From Trust**<br> **(past fiscal year)**<br>| **Total**<br> **Compensation**<br> **Paid to**<br> **Director/Trustee**<br> **Emeritus**<sup>1</sup> <br>|
| **Peter E. Madden** | $130.08 | $60000.00 |
| **Charles F. Mansfield, Jr.** | $130.08 | $60000.00 |

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*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.*

**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.

**Committees of the Board** 

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| | | | |
|:---|:---|:---|:---|
| **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> John T. Collins<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<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; &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<br> Maureen Lally-Green<br> Thomas M. O'Neill<br> &nbsp;&nbsp;&nbsp;&nbsp;P. Jerome Richey<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 T. Collins<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough <br> Maureen Lally-Green<br> Thomas M. O'Neill<br> Madelyn A. Reilly<br> &nbsp;&nbsp;&nbsp;&nbsp;P. Jerome Richey<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>| One |

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**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.

**Board Ownership Of Shares In The Fund And In The Federated Hermes Family Of Investment Companies As Of December 31, 2022** 

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| | | |
|:---|:---|:---|
| **Interested Board**<br> **Member Name**<br>| &nbsp;&nbsp; **Dollar Range of**<br> **Shares Owned in**<br> **Federated Hermes** <br> **Institutional** <br> **Tax-Free Cash Trust**<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 |
| Thomas R. Donahue |  | Over $100,000 |
| **Independent Board**<br> **Member Name**<br>|  |  |
| John T. Collins |  | Over $100,000 |
| G. Thomas Hough |  | Over $100,000 |
| Maureen Lally-Green |  | Over $100,000 |
| Thomas M. O'Neill |  | Over $100,000 |
| Madelyn A. Reilly |  | Over $100,000 |
| P. Jerome Richey |  | Over $100,000 |
| John S. Walsh |  | Over $100,000 |

---

\* For the calendar year ended December 31, 2021, each Trustee listed owned in the aggregate over $100,000 in the Federated Hermes Family of Investment Companies.

**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 an investor initiative in partnership with the United Nations Environment Programme Finance Initiative and the United Nations Global Compact. Commitments made as a signatory to the PRI are not legally binding, but are voluntary and aspirational. They include efforts, where consistent with our fiduciary responsibilities, to incorporate environmental, social and corporate governance (ESG) issues into investment analysis and investment decision making, to be active owners and incorporate ESG issues into our ownership policies and practices, to seek appropriate disclosure on ESG issues by the entities in which we invest, to promote acceptance and implementation of the PRI within the investment industry, to enhance our effectiveness in implementing the PRI, and to report on our activities and progress towards implementing the PRI. Being a signatory to the PRI 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.

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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 team that conducts long-term, objectives-driven dialogue with board and senior executive level representatives of approximately 1,000 unique issuers annually. It 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.

The Adviser must waive the portion of its advisory fee that increases the Fund's aggregate annual operating expenses above 0.45% of its average daily net assets. The Fund's operating expenses include the advisory fee but exclude interest, taxes, brokerage commissions, expenses of registering the Fund and its Shares under federal and state laws, expenses of withholding taxes and extraordinary expenses.

**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.

**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.

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) had 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 where this is market practice; (3) has become overboarded (more than five boards for retired executives and more than two boards for CEOs); (4) is the chair of the nominating or governance committee when the roles of chairman of the board and CEO are combined and there is no lead independent director; (5) served on the compensation committee during a period in which compensation appears excessive relative to performance and peers; or (6) 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

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will generally vote in favor of: (7) 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; (8) shareholder proposals to declassify the board of directors; (9) shareholder proposals to require a majority voting standard in the election of directors; (10) shareholder proposals to separate the roles of chairman of the board and CEO; (11) a proposal to require a company's audit committee to be comprised entirely of independent directors; and (12) 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 15% of the outstanding stock agree; (2) against proposals to allow shareholders to act by written consent; (3) on a case-by-case basis for proposals to adopt or amend shareholder rights plans (also known as "poison pills"); (4) in favor of shareholder proposals to eliminate supermajority requirements in company bylaws; and (5) 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.

Generally, the Adviser will vote every shareholder proposal of an environmental or social nature on a case-by-case basis. The quality of these shareholder proposals varies widely across markets. Similarly, company disclosures of their business practices related to environmental and social risks are not always adequate for investors to make risk assessments. Thus, the Adviser places great importance on company-specific analyses to determine how to vote. Above all, the Adviser will vote in a manner that would enhance the long-term value of the investment within the framework of the client's investment objectives.

The Adviser's general approach to analyzing these proposals calls for considering the literal meaning of the written proposal, 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.

On matters of capital structure, generally, the Adviser will vote proxies for U.S. issuers 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%, against proposals to create multiple-class voting structures where one class has superior voting rights to the other classes, in favor of proposals to authorize reverse stock splits unless the amount of authorized shares is not also reduced proportionately. Generally, the Adviser will vote proxies for non-U.S. issuers in favor of proposals to authorize issuance of shares with and without pre-emptive rights unless the size of the authorities would threaten to unreasonably dilute existing shareholders.

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 aligned with the client's long-term investment objectives. With respect to Say On Pay proposals, the Adviser will generally vote in favor unless the compensation 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. The Adviser supports 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.

In some markets, especially Europe, shareholders are provided a vote on the remuneration policy, which sets out the structural elements of a company's executive remuneration 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, total compensation appears excessive relative to the company's industry peer group, with local market dynamics also taken into account; 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.

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.

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.

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 study the proposed business strategies of both groups and vote in a way that maximizes expected total return for the Fund.

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 of time), 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.

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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 raises 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. However, 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.

The Adviser will take into account 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. In certain circumstances, primarily those where the Adviser's voting policy is absolute and without exception, issuer feedback will not be part of the voting decision. For example, it is the Adviser's policy to always support a shareholder proposal to separate the roles of chairman of the board and CEO. Thus, any comments from the issuer opposing this proposal would not be considered.

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

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 Operations Team (PVOT) and overseen by the PVMG. Besides voting the proxies, this work includes engaging with investee companies on corporate governance matters, managing the proxy advisory firm, soliciting voting recommendations from the Adviser's investment professionals, bringing voting recommendations to the Proxy Committee for approval, filing with regulatory agencies any required proxy voting reports, 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 issues related to corporate governance and proxy voting.

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 sometimes call for an investment professional to review the ballot question and provide a voting recommendation to the Proxy Committee (a "case-by-case vote"). 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 in order to cast proxy votes in a manner that the Proxy Committee believes is in accordance with the General Policy. The proxy advisory firm may vote any proxy as directed in the Standard Voting Instructions without further direction from the Proxy Committee. However, if the Standard Voting Instructions require case-by-case handling for a proposal, the PVOT 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 PVOT to analyze a ballot question and make the final voting decision, the PVOT 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."

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The Adviser has implemented the following procedures in order 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 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, so 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 Advisers' Conflicts of Interest** 

Proxy advisory firms may have significant business relationships with the subjects of their research and voting recommendations. For example, a proxy advisory firm board member also sits on the board of a public company for which the proxy advisory firm will write a research report. This and similar situations give rise to an actual or apparent conflict of interest.

In order to avoid concerns that the conflicting interests of the engaged proxy advisory firm have influenced 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 the proxy advisory firm on an annual basis and determine through a review of their policies and procedures and through inquiry that the proxy advisory firm has established a system of internal controls that provide reasonable assurance that their voting recommendations are not influenced by the business relationships they have with the subjects of their research.

◾ Whenever the standard voting guidelines call for voting a proposal in accordance with the proxy advisory firm recommendation and the proxy advisory firm has disclosed that they have a conflict of interest with respect to that issuer, the PVOT will take the following steps: (a) the PVOT will obtain a copy of the research report and recommendations published by another proxy advisory firm for that issuer; (b) the Director of Proxy Voting, or his designee, will review both the engaged proxy advisory firm research report and the research report of the other proxy advisory firm and determine what vote will be cast. The PVOT will report all proxies voted in this manner to the Proxy Committee on a quarterly basis. Alternatively, the PVOT 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 FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

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**Portfolio Holdings Information** 

Information concerning the Fund's portfolio holdings is available via the link to the Fund and share class name at FederatedInvestors.com/FundInformation. Such information is posted on the website five business days after both mid-month and month-end then remains posted on the website 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 until replaced by the information for the succeeding month. The summary portfolio composition information may include identification of the Fund's top 10 credit/obligor exposures, dollar-weighted average portfolio maturity (WAM), weighted average life (WAL) and percentage breakdowns of the portfolio by effective maturity range and type of security. The Fund's WAM and WAL, Shadow NAV (market-based value of the Fund's portfolio), Weekly Liquid Assets and Daily Flows are posted every business day and remain posted on the website for six months thereafter.

You may also access portfolio information via the link to the Fund and share class name at FederatedInvestors.com. The Fund's Annual Shareholder Report and Semi-Annual Shareholder Report contain complete listings of the Fund's portfolio holdings as of the end of the Fund's second and fourth fiscal quarters. These reports are also available on the SEC's website at sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

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.

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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.

**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.

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| | |
|:---|:---|
| **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 |

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**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** 

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| | | | |
|:---|:---|:---|:---|
| **For the Year Ended October 31** | **2022** | **2021** | **2020** |
| Advisory Fee Earned | $2400759 | $2022115 | $2634962 |
| Advisory Fee Waived | $1956889 | $2022115 | $2204802 |
| Net Administrative Fee | $940985 | $790785 | $1032385 |
| **Net Shareholder Services Fee:** |  |  |  |
| Institutional Shares | $291667 | $— | $277797 |

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If the Fund's expenses are capped at a particular level, the cap does not include reimbursement to the Fund of any expenses incurred by shareholders who use the transfer agent's sub-accounting facilities.

**Securities Lending Activities** 

The Fund does not participate in a securities lending program and did not engage in any securities lending activities during the Fund's most recent fiscal year.

[Financial Information](https://www.sec.gov/Archives/edgar/data/856517/000162363222001581/0001623632-22-001581-index.htm)

The Financial Statements for the Fund for the fiscal year ended October 31, 2022, are incorporated herein by reference to the Annual Report to Shareholders of Federated Hermes Institutional Tax-Free Cash Trust dated October 31, 2022.

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Investment Ratings

**STANDARD & POOR'S (S&P) RATINGS** 

**S&P MUNICIPAL SHORT-TERM Note RATINGS** 

An S&P note rating reflects the liquidity factors and market access risks unique to notes.

**SP-1**—Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2**—Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3**—Speculative capacity to pay principal and interest.

**S&P DUAL RATINGS** 

S&P may assign dual ratings to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, 'AAA/A-1+' or 'A-1+/A-1'). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, 'SP-1+/A-1+'). The definitions for the long-term and the short-term ratings are provided below.

**S&P SHORT-TERM ISSUE CREDIT RATINGS** 

**A-1**—A short-term obligation rated "A-1" is rated the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2**—A short-term obligation rated "A-2" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3**—A short-term obligation rated "A-3" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely weaken an obligor's capacity to meet its financial commitments on the obligation.

**S&P LONG-TERM ISSUE CREDIT RATINGS\*** 

**\* Ratings from 'AA' to 'A' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.** 

**AAA**—An obligation rated "AAA" has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA**—An obligation rated "AA" differs from the highest rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A**—An obligation rated "A" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB**—An obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**MOODY'S INVESTORS SERVICE, INC. (MOODY'S) RATINGS** 

**Moody's SHORT-TERM MUNICIPAL OBLIGATION RATINGS** 

Moody's short-term ratings are designated Moody's Investment Grade (MIG or VMIG). (See below.) The purpose of the MIG or VMIG ratings is to provide investors with a simple system by which the relative investment qualities of short-term obligations may be evaluated.

The Municipal Investment Grade (MIG) scale is used to rate US municipal bond anticipation notes of up to five years maturity. Municipal notes rated on the MIG scale may be secured by either pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity of the obligation, and the issuer's long-term rating is only one consideration in assigning the MIG rating.

**27**

------

**MIG 1**—This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support or demonstrated broad based access to the market for refinancing.

**MIG 2**—This designation denotes strong credit quality. Margins of protection are ample although not as large as in the preceding group.

**MIG 3**—This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

**MOODY'S VARIABLE RATE DEMAND NOTES (VRDNs) AND TENDER OPTION BONDS (TOBs) RATINGS** 

Short-term ratings on issues with demand features are differentiated by the use of the VMIG symbol to reflect such characteristics as payment upon periodic demand rather than fixed maturity dates and payment relying on external liquidity. In this case, two ratings are usually assigned, (for example, Aaa/VMIG-1); the first representing an evaluation of risk associated with scheduled principal and interest payments, and the second representing an evaluation of risk associated with the ability to receive purchase price upon demand ("demand feature"). The VMIG rating can be assigned a 1 or 2 designation using the same definitions described above for the MIG rating.

**VMIG 1**—This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

**VMIG 2**—This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

**VMIG 3**—This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

**MOODY'S COMMERCIAL PAPER (CP) RATINGS** 

**P-1**—Issuers (or supporting institutions) rated P-1 have a superior ability to repay short-term debt obligations.

**P-2**—Issuers (or supporting institutions) rated P-2 have a strong ability to repay short-term debt obligations.

**P-3**—Issuers (or supporting institutions) rated P-3 have an acceptable ability to repay short-term obligations.

**MOODY'S LONG-TERM DEBT RATINGS** 

**Aaa**—Obligations rated "Aaa" are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa**—Obligations rated "Aa" are judged to be of high quality and are subject to very low credit risk.

**A**—Obligations rated "A" are judged to be upper-medium grade and are subject to low credit risk.

**Baa**—Obligations rated "Baa" are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**FITCH RATINGS, INC. (FITCH)** 

**FITCH SHORT-TERM DEBT RATINGS** 

**F1**—Indicates the strongest capacity for timely payment of financial commitments relative to other issuers or obligations in the same country. Under the agency's National Rating scale, this rating is assigned to the lowest default risk relative to others in the same country or monetary union. Where the liquidity profile is particularly strong, a "+" is added to the assigned rating.

**F2**—Indicates a good capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union. However, the margin of safety is not as great as in the case of the higher ratings.

**F3**—Indicates an adequate capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

**FITCH LONG-TERM DEBT RATINGS** 

**AAA**—**Highest credit quality.** "AAA" ratings denote the lowest expectation of default risk. They are assigned only in case of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA**—**Very high credit quality.** "AA" ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A**—**High credit quality.** "A" ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**28**

------

**BBB**—**Good credit quality.** "BBB" ratings indicate that expectations of a default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

**DBRS, INC. (DBRS**<sup>®</sup>**) RATINGS** 

**DBRS SHORT-TERM DEBT AND COMMERCIAL PAPER RATINGS** 

The DBRS short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner.

**R-1 (high)**—Highest credit quality. The capacity for the payment of short-term financial obligations as they fall due is exceptionally high. Unlikely to be adversely affected by future events.

**R-1 (middle)**—Superior credit quality. The capacity for payments of short-term financial obligations as they fall due is very high. Differs from R-1 (high) by a relatively modest degree. Unlikely to be significantly vulnerable to future events.

**R-1 (low)**—Good credit quality. The capacity for the payment of short-term financial obligations as they fall due is substantial. Overall strength is not as favorable as higher rating categories. May be vulnerable to future events, but qualifying negative factors are considered manageable.

**R-2 (high)**—Upper end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events.

**R-2 (middle)**—Adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be exposed to other factors that could reduce credit quality.

**R-2 (low)**—Lower end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. A number of challenges are present that could affect the issuer's ability to meet such obligations.

**R-3**—Lowest end of adequate credit quality. There is a capacity for the payment of short-term financial obligations as they fall due. May be vulnerable to future events and the certainty of meeting such obligations could be impacted by a variety of developments.

**DBRS LONG-TERM DEBT RATINGS** 

The DBRS long-term rating scale provides an opinion on the risk of default. That is, the risk that an issuer will fail to satisfy its financial obligations in accordance with the terms under which an obligations has been issued.

**AAA**—Highest quality credit. The capacity for the payment of financial obligations is exceptionally high and unlikely to be adversely affected by future events.

**AA**—Superior credit quality. The capacity for the payment of financial obligations is considered high. Credit quality differs from AAA only to a small degree. Unlikely to be significantly vulnerable to future events.

**A**—Good credit quality. The capacity for the payment of financial obligations is substantial, but of lesser credit quality than AA. May be vulnerable to future events, but qualifying negative factors are considered manageable.

**BBB**—Adequate credit quality. The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events.

**High or low** grades are used to indicate the relative standing of a credit within a particular rating category. The absence of one of these designations indicates the rating is in the middle of the category. Note that "high" and "low" grades are not used for the AAA category.

**NOT RATED** 

Certain nationally recognized statistical rating organizations (NRSROs) such as S&P and Moody's may designate certain issues as NR, meaning that the issue or obligation is not rated.

**29**

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Addresses

**Federated Hermes Institutional Tax-Free Cash Trust** 

**Institutional 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

**30**

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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

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

Ernst & Young LLP

**LEGAL COUNSEL** 

Goodwin Procter LLP

K&L Gates LLP

**Financial Printer(S)** 

Donnelley Financial Solutions

**Proxy Voting Administrator** 

Glass Lewis & Co., LLC

**SECURITY PRICING SERVICES** 

Bloomberg L.P.

IHS Markit (Markit North America)

ICE Data Pricing & Reference Data, LLC

JPMorgan PricingDirect

Refinitiv US Holdings Inc.

**RATINGS AGENCIES** 

Fitch, Inc.

Moody's Investors Service, Inc.

Standard & Poor's Financial Services LLC

**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 Merrill Lynch

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

Sustainalytics U.S. Inc.

Wolters Kluwer N.V.

**31**

------

**Prospectus** 

***February 28, 2023***![](img644d4b251.gif)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Wealth** \| NISXX | **Service** \| FNTXX | **Cash II** \| NYCXX | **Cash Series** \| FNCXX |

---

------

Federated Hermes New York Municipal Cash Trust

------

A Portfolio of Federated Hermes Money Market Obligations Trust

A money market mutual fund seeking to provide current income exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities consistent with stability of principal by investing in a portfolio of high-quality New York tax-exempt securities maturing in 397 days or less.

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.

*The Fund is a Retail Money Market Fund and is only available for investment to accounts beneficially owned by natural persons.*

------

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

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Fund Summary Information](#xx_5337091d-f715-4559-a6ba-2e9d694770b8_1)[–](#xx_5337091d-f715-4559-a6ba-2e9d694770b8_1)[Wealth Shares](#xx_5337091d-f715-4559-a6ba-2e9d694770b8_1) | [1](#xx_5337091d-f715-4559-a6ba-2e9d694770b8_1) |
| [Fund Summary Information](#xx_a4252129-0090-4609-80d7-fe182363e900_1)[–](#xx_a4252129-0090-4609-80d7-fe182363e900_1)[Service Shares](#xx_a4252129-0090-4609-80d7-fe182363e900_1) | [6](#xx_a4252129-0090-4609-80d7-fe182363e900_1) |
| [Fund Summary Information](#xx_70f04f00-ea48-430e-ad2e-7f24d6f39a2c_1)[–](#xx_70f04f00-ea48-430e-ad2e-7f24d6f39a2c_1)[Cash II Shares](#xx_70f04f00-ea48-430e-ad2e-7f24d6f39a2c_1) | [11](#xx_70f04f00-ea48-430e-ad2e-7f24d6f39a2c_1) |
| [Fund Summary Information](#xx_26355455-feea-4f81-993c-ad98681d362f_1)[–](#xx_26355455-feea-4f81-993c-ad98681d362f_1)[Cash Series Shares](#xx_26355455-feea-4f81-993c-ad98681d362f_1) | [16](#xx_26355455-feea-4f81-993c-ad98681d362f_1) |
| [What are the Fund's Investment Strategies?](#xx_26355455-feea-4f81-993c-ad98681d362f_5) | [20](#xx_26355455-feea-4f81-993c-ad98681d362f_5) |
| [What are the Fund's Principal Investments?](#xx_26355455-feea-4f81-993c-ad98681d362f_6) | [21](#xx_26355455-feea-4f81-993c-ad98681d362f_6) |
| [What are the Specific Risks of Investing in the Fund?](#xx_26355455-feea-4f81-993c-ad98681d362f_8) | [23](#xx_26355455-feea-4f81-993c-ad98681d362f_8) |
| [What Do Shares Cost?](#xx_26355455-feea-4f81-993c-ad98681d362f_12) | [27](#xx_26355455-feea-4f81-993c-ad98681d362f_12) |
| [How is the Fund Sold?](#xx_26355455-feea-4f81-993c-ad98681d362f_12) | [27](#xx_26355455-feea-4f81-993c-ad98681d362f_12) |
| [Payments to Financial Intermediaries](#xx_26355455-feea-4f81-993c-ad98681d362f_13) | [28](#xx_26355455-feea-4f81-993c-ad98681d362f_13) |
| [How to Purchase Shares](#xx_26355455-feea-4f81-993c-ad98681d362f_14) | [29](#xx_26355455-feea-4f81-993c-ad98681d362f_14) |
| [How to Redeem and Exchange Shares](#xx_26355455-feea-4f81-993c-ad98681d362f_16) | [31](#xx_26355455-feea-4f81-993c-ad98681d362f_16) |
| [Security and Privacy Protection](#xx_26355455-feea-4f81-993c-ad98681d362f_20) | [35](#xx_26355455-feea-4f81-993c-ad98681d362f_20) |
| [Account and Share Information](#xx_26355455-feea-4f81-993c-ad98681d362f_21) | [36](#xx_26355455-feea-4f81-993c-ad98681d362f_21) |
| [Who Manages the Fund?](#xx_26355455-feea-4f81-993c-ad98681d362f_23) | [38](#xx_26355455-feea-4f81-993c-ad98681d362f_23) |
| [Financial Information](#xx_26355455-feea-4f81-993c-ad98681d362f_23) | [38](#xx_26355455-feea-4f81-993c-ad98681d362f_23) |
| [Appendix A: Hypothetical Investment and Expense Information](#xx_d92977f6-48c6-46b2-baa3-2988820ace02_1) | [43](#xx_d92977f6-48c6-46b2-baa3-2988820ace02_1) |

---

------

Fund Summary Information–Wealth Shares

**Federated Hermes New York Municipal Cash Trust (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities consistent with stability of principal.

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

This table describes the fees and expenses that you may pay if you buy, hold and sell Wealth Shares (WS) 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)** 

---

| | |
|:---|:---|
|  | **WS** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) | None |
| Redemption Fee (as a percentage of amount redeemed, if applicable) | None |
| Exchange Fee | None |

---

&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)** 

---

| | |
|:---|:---|
|  | **WS** |
| Management Fee | 0.30% |
| Distribution (12b-1) Fee |  |
| Other Expenses | 0.26%<sup>1</sup> |
| Total Annual Fund Operating Expenses | 0.56% |
| Fee Waivers and/or Expense Reimbursements<sup>2</sup> | (0.24)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.32% |

---

The Fund may incur and pay shareholder services/account administration fees on its WS class of up to a maximum amount of 0.25%. No such fees are currently incurred and paid by the WS class of the Fund. The WS class of the Fund will not incur and pay such fees until such time as approved by the Fund's Board of Trustees (the "Trustees").

The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding acquired fund fees and expenses, interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's WS class (after the voluntary waivers and/or reimbursements) will not exceed 0.32% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) March 1, 2024; 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 and 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:

---

| | |
|:---|:---|
| 1 Year | $57 |
| 3 Years | $179 |
| 5 Years | $313 |
| 10 Years | $701 |

---

**1**

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

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

The Fund invests primarily in a portfolio of high-quality New York tax-exempt securities maturing in 397 days or less. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities. The Fund's investment adviser (the "Adviser") also normally (except as discussed in this Prospectus) will invest the Fund's assets entirely in securities whose interest is not subject to (or not a specific preference item for purposes of) the federal alternative minimum tax for individuals (AMT), such that, normally, distributions of annual interest income also are exempt from the AMT. However, in certain circumstances (such as, for example, when there is a lack of supply of non-AMT securities or other tax-exempt securities or there are advantageous market conditions, or if there are changes in the tax laws relating to AMT), to pursue the Fund's investment objective, the Adviser may leave a portion of the Fund's assets uninvested or may invest the Fund's assets in securities the interest from which may be subject to AMT, state and/or federal income tax. These acquisitions may occur in the ordinary course or in connection with Fund reorganization transactions (i.e., transactions in which the Fund acquires the portfolio securities of other mutual funds) or another event or circumstance. The Fund's Adviser actively manages the Fund's portfolio, seeking to limit the credit risk taken by the Fund and to select investments with appropriate risk-adjusted returns.

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Adviser to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds and tax-exempt commercial paper; and (b) interests in securities of other investment companies.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940, as amended ("Rule 2a-7").

Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities or so that at least 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities. Only for purposes of compliance with Rule 35d-1, the Fund will invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax and the personal income taxes imposed by the State of New York and New York municipalities. These policies may not be changed without shareholder approval.

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

Pursuant to Rule 2a-7 the Fund is designated as a "retail" money market fund and is permitted to use amortized cost to value its portfolio securities and to transact at a stable $1.00 net asset value. As a retail money market fund, the Fund has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons. In addition, the Fund has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board determines that such liquidity fees or redemption gates are in the best interest of the Fund.

All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:

◾ **Tax-Exempt Securities Risk.** The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities.

◾ **Issuer Credit Risk.** It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may 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 strategies.

**2**

------

◾ **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. Economic, political and financial conditions, 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, cause the Fund to experience volatility, illiquidity, shareholder redemptions or other potentially adverse effects.

◾ **Interest Rate Risk.** Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. 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. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

◾ **Call Risk.** The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.

◾ **Sector Risk.** A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics or by issuers located in the same state. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities.

◾ **Tax Risk.** In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax, or AMT. Consult your tax professional for more information.

◾ **Liquidity Risk.** Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.

◾ **Credit Enhancement Risk.** The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit.

◾ **Risk Associated with Investing Share Purchase Proceeds.** On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

◾ **Risk Associated with use of Amortized Cost.** In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.

◾ **Additional Factors Affecting Yield.** There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. Periods of very low or negative interest rates impact, in a negative way, the Fund's ability to maintain a positive return, or yield, or pay dividends to Fund shareholders.

◾ **New York Risk.** Because the Fund will invest a significant portion of its assets in securities of New York issuers, an investment in the Fund may involve additional risks compared to a fully diversified money market fund that invests in multiple states, and the Fund's performance also may be negatively impacted by other local, state or regional factors. For example, natural disasters may affect the creditworthiness of municipal issuers or otherwise disrupt the local, state or regional economy or certain sectors of the economy. The economies of New York State and New York City are diversified across the finance, insurance, real estate, entertainment and services sectors. Any downturn in these sectors or related industries may adversely affect the economy of the state.

◾ **Fees & Gates Risk.** The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets

**3**

------

fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such a fee is not in the best interests of the Fund.

◾ **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.

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**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 WS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns *averaged* over the stated periods. *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 FederatedInvestors.com or by calling 1-800-341-7400.

![](nymctpro31516ws_10.jpg)

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

*Within the periods shown in the bar chart, the Fund's WS class highest quarterly return was 0.58% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended September 30, 2021).*

**Average Annual Total Return Table**

The following table represents the Fund's WS class Average Annual Total Returns for the calendar period ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **WS:** | 0.98% | 0.77% | 0.47% |

---

*The Fund's WS class 7-Day Net Yield as of December 31, 2022, was 3.40%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT** 

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

**4**

------

**Purchase and Sale of Fund Shares** 

The minimum initial investment amount for the Fund's WS class is generally $10,000 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.

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a 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.

The Fund operates as a retail money market fund. Accordingly, only accounts beneficially owned by natural persons ("Eligible Accounts") may be invested in the Fund. Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's Board.

Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption.

**TAX INFORMATION** 

It is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund's dividends may not be tax exempt. Dividends may be subject to state and local taxes (except for New York taxes, to the extent derived from New York tax-exempt investments and eligible for tax-exempt treatment under New York law). Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. Any Fund distributions of capital gains are taxable at applicable capital gains rates. The Fund is generally not a suitable investment for retirement accounts. The Fund normally invests its assets so that distributions are exempt from AMT, but in certain circumstances income from the Fund may be subject to AMT.

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

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.

**5**

------

Fund Summary Information–Service Shares

**Federated Hermes New York Municipal Cash Trust (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities consistent with stability of principal.

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

This table describes the fees and expenses that you may pay if you buy, hold and sell Service Shares (SS) 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)** 

---

| | |
|:---|:---|
|  | **SS** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) | None |
| Redemption Fee (as a percentage of amount redeemed, if applicable) | None |
| Exchange Fee | None |

---

&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)** 

---

| | |
|:---|:---|
|  | **SS** |
| Management Fee | 0.30% |
| Distribution (12b-1) Fee | 0.25% |
| Other Expenses | 0.56% |
| Total Annual Fund Operating Expenses | 1.11% |
| Fee Waivers and/or Expense Reimbursements<sup>1</sup> | (0.57)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.54% |

---

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 paid by the Fund, if any) paid by the Fund's SS class (after the voluntary waivers and/or reimbursements) will not exceed 0.54% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) March 1, 2024; 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 Fund's Board of Trustees (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:

---

| | |
|:---|:---|
| 1 Year | $113 |
| 3 Years | $353 |
| 5 Years | $612 |
| 10 Years | $1352 |

---

**6**

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

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

The Fund invests primarily in a portfolio of high-quality New York tax-exempt securities maturing in 397 days or less. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities. The Fund's investment adviser (the "Adviser") also normally (except as discussed in this Prospectus) will invest the Fund's assets entirely in securities whose interest is not subject to (or not a specific preference item for purposes of) the federal alternative minimum tax for individuals (AMT), such that, normally, distributions of annual interest income also are exempt from the AMT. However, in certain circumstances (such as, for example, when there is a lack of supply of non-AMT securities or other tax-exempt securities or there are advantageous market conditions, or if there are changes in the tax laws relating to AMT), to pursue the Fund's investment objective, the Adviser may leave a portion of the Fund's assets uninvested or may invest the Fund's assets in securities the interest from which may be subject to AMT, state and/or federal income tax. These acquisitions may occur in the ordinary course or in connection with Fund reorganization transactions (i.e., transactions in which the Fund acquires the portfolio securities of other mutual funds) or another event or circumstance. The Fund's Adviser actively manages the Fund's portfolio, seeking to limit the credit risk taken by the Fund and to select investments with appropriate risk-adjusted returns.

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Adviser to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds and tax-exempt commercial paper; and (b) interests in securities of other investment companies.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940, as amended ("Rule 2a-7").

Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities or so that at least 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities. Only for purposes of compliance with Rule 35d-1, the Fund will invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax and the personal income taxes imposed by the State of New York and New York municipalities. These policies may not be changed without shareholder approval.

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

Pursuant to Rule 2a-7 the Fund is designated as a "retail" money market fund and is permitted to use amortized cost to value its portfolio securities and to transact at a stable $1.00 net asset value. As a retail money market fund, the Fund has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons. In addition, the Fund has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board determines that such liquidity fees or redemption gates are in the best interest of the Fund.

All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:

◾ **Tax-Exempt Securities Risk.** The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities.

◾ **Issuer Credit Risk.** It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may 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 strategies.

**7**

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◾ **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. Economic, political and financial conditions, 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, cause the Fund to experience volatility, illiquidity, shareholder redemptions or other potentially adverse effects.

◾ **Interest Rate Risk.** Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. 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. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

◾ **Call Risk.** The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.

◾ **Sector Risk.** A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics or by issuers located in the same state. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities.

◾ **Tax Risk.** In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax, or AMT. Consult your tax professional for more information.

◾ **Liquidity Risk.** Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.

◾ **Credit Enhancement Risk.** The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit.

◾ **Risk Associated with Investing Share Purchase Proceeds.** On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

◾ **Risk Associated with use of Amortized Cost.** In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.

◾ **Additional Factors Affecting Yield.** There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. Periods of very low or negative interest rates impact, in a negative way, the Fund's ability to maintain a positive return, or yield, or pay dividends to Fund shareholders.

◾ **New York Risk.** Because the Fund will invest a significant portion of its assets in securities of New York issuers, an investment in the Fund may involve additional risks compared to a fully diversified money market fund that invests in multiple states, and the Fund's performance also may be negatively impacted by other local, state or regional factors. For example, natural disasters may affect the creditworthiness of municipal issuers or otherwise disrupt the local, state or regional economy or certain sectors of the economy. The economies of New York State and New York City are diversified across the finance, insurance, real estate, entertainment and services sectors. Any downturn in these sectors or related industries may adversely affect the economy of the state.

◾ **Fees & Gates Risk.** The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets

**8**

------

fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such a fee is not in the best interests of the Fund.

◾ **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.

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**Performance: Bar Chart and Table** 

**Risk/Return Bar Chart**

The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns *averaged* over the stated periods. *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 FederatedInvestors.com or by calling 1-800-341-7400.

![](nymctpro31511ss_10.jpg)

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

*Within the periods shown in the bar chart, the Fund's SS class highest quarterly return was 0.52% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended March 31, 2022).*

**Average Annual Total Return Table**

The following table represents the Fund's SS class Average Annual Total Returns for the calendar period ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **SS:** | 0.81% | 0.62% | 0.37% |

---

*The Fund's SS class 7-Day Net Yield as of December 31, 2022, was 3.18%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT** 

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

**9**

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**Purchase and Sale of Fund Shares** 

The minimum initial investment amount for the Fund's SS class is generally $10,000 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.

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a 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.

The Fund operates as a retail money market fund. Accordingly, only accounts beneficially owned by natural persons ("Eligible Accounts") may be invested in the Fund. Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's Board.

Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption.

**TAX INFORMATION** 

It is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund's dividends may not be tax exempt. Dividends may be subject to state and local taxes (except for New York taxes, to the extent derived from New York tax-exempt investments and eligible for tax-exempt treatment under New York law). Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. Any Fund distributions of capital gains are taxable at applicable capital gains rates. The Fund is generally not a suitable investment for retirement accounts. The Fund normally invests its assets so that distributions are exempt from AMT, but in certain circumstances income from the Fund may be subject to AMT.

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

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.

**10**

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Fund Summary Information–Cash II Shares

**Federated Hermes New York Municipal Cash Trust (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities consistent with stability of principal.

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

This table describes the fees and expenses that you may pay if you buy, hold and sell Cash II Shares (CII) 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)** 

---

| | |
|:---|:---|
|  | **CII** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) | None |
| Redemption Fee (as a percentage of amount redeemed, if applicable) | None |
| Exchange Fee | None |

---

&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)** 

---

| | |
|:---|:---|
|  | **CII** |
| Management Fee | 0.30% |
| Distribution (12b-1) Fee | 0.25% |
| Other Expenses | 0.50% |
| Total Annual Fund Operating Expenses | 1.05% |
| Fee Waivers and/or Expense Reimbursements<sup>1</sup> | (0.28)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.77% |

---

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 paid by the Fund, if any) paid by the Fund's CII class (after the voluntary waivers and/or reimbursements) will not exceed 0.77% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) March 1, 2024; 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 Fund's Board of Trustees (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:

---

| | |
|:---|:---|
| 1 Year | $107 |
| 3 Years | $334 |
| 5 Years | $579 |
| 10 Years | $1283 |

---

**11**

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

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

The Fund invests primarily in a portfolio of high-quality New York tax-exempt securities maturing in 397 days or less. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities. The Fund's investment adviser (the "Adviser") also normally (except as discussed in this Prospectus) will invest the Fund's assets entirely in securities whose interest is not subject to (or not a specific preference item for purposes of) the federal alternative minimum tax for individuals (AMT), such that, normally, distributions of annual interest income also are exempt from the AMT. However, in certain circumstances (such as, for example, when there is a lack of supply of non-AMT securities or other tax-exempt securities or there are advantageous market conditions, or if there are changes in the tax laws relating to AMT), to pursue the Fund's investment objective, the Adviser may leave a portion of the Fund's assets uninvested or may invest the Fund's assets in securities the interest from which may be subject to AMT, state and/or federal income tax. These acquisitions may occur in the ordinary course or in connection with Fund reorganization transactions (i.e., transactions in which the Fund acquires the portfolio securities of other mutual funds) or another event or circumstance. The Fund's Adviser actively manages the Fund's portfolio, seeking to limit the credit risk taken by the Fund and to select investments with appropriate risk-adjusted returns.

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Adviser to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds and tax-exempt commercial paper; and (b) interests in securities of other investment companies.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940, as amended ("Rule 2a-7").

Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities or so that at least 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities. Only for purposes of compliance with Rule 35d-1, the Fund will invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax and the personal income taxes imposed by the State of New York and New York municipalities. These policies may not be changed without shareholder approval.

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

Pursuant to Rule 2a-7 the Fund is designated as a "retail" money market fund and is permitted to use amortized cost to value its portfolio securities and to transact at a stable $1.00 net asset value. As a retail money market fund, the Fund has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons. In addition, the Fund has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board determines that such liquidity fees or redemption gates are in the best interest of the Fund.

All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:

◾ **Tax-Exempt Securities Risk.** The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities.

◾ **Issuer Credit Risk.** It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may 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 strategies.

**12**

------

◾ **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. Economic, political and financial conditions, 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, cause the Fund to experience volatility, illiquidity, shareholder redemptions or other potentially adverse effects.

◾ **Interest Rate Risk.** Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. 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. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

◾ **Call Risk.** The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.

◾ **Sector Risk.** A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics or by issuers located in the same state. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities.

◾ **Tax Risk.** In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax, or AMT. Consult your tax professional for more information.

◾ **Liquidity Risk.** Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.

◾ **Credit Enhancement Risk.** The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit.

◾ **Risk Associated with Investing Share Purchase Proceeds.** On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

◾ **Risk Associated with use of Amortized Cost.** In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.

◾ **Additional Factors Affecting Yield.** There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. Periods of very low or negative interest rates impact, in a negative way, the Fund's ability to maintain a positive return, or yield, or pay dividends to Fund shareholders.

◾ **New York Risk.** Because the Fund will invest a significant portion of its assets in securities of New York issuers, an investment in the Fund may involve additional risks compared to a fully diversified money market fund that invests in multiple states, and the Fund's performance also may be negatively impacted by other local, state or regional factors. For example, natural disasters may affect the creditworthiness of municipal issuers or otherwise disrupt the local, state or regional economy or certain sectors of the economy. The economies of New York State and New York City are diversified across the finance, insurance, real estate, entertainment and services sectors. Any downturn in these sectors or related industries may adversely affect the economy of the state.

◾ **Fees & Gates Risk.** The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets

**13**

------

fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such a fee is not in the best interests of the Fund.

◾ **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.

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**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 CII class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns *averaged* over the stated periods. *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 FederatedInvestors.com or by calling 1-800-341-7400.

![](nymctpro31511cii_11.jpg)

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

*Within the periods shown in the bar chart, the Fund's CII class highest quarterly return was 0.47% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended March 31, 2022).*

**Average Annual Total Return Table**

The following table represents the Fund's CII class Average Annual Total Returns for the calendar period ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **CII:** | 0.67% | 0.49% | 0.27% |

---

*The Fund's CII class 7-Day Net Yield as of December 31, 2022, was 2.95%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT** 

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

**14**

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**Purchase and Sale of Fund Shares** 

The minimum initial investment amount for the Fund's CII class is generally $10,000 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.

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a 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.

The Fund operates as a retail money market fund. Accordingly, only accounts beneficially owned by natural persons ("Eligible Accounts") may be invested in the Fund. Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's Board.

Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption.

**TAX INFORMATION** 

It is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund's dividends may not be tax exempt. Dividends may be subject to state and local taxes (except for New York taxes, to the extent derived from New York tax-exempt investments and eligible for tax-exempt treatment under New York law). Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. Any Fund distributions of capital gains are taxable at applicable capital gains rates. The Fund is generally not a suitable investment for retirement accounts. The Fund normally invests its assets so that distributions are exempt from AMT, but in certain circumstances income from the Fund may be subject to AMT.

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

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.

**15**

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Fund Summary Information–Cash Series Shares

**Federated Hermes New York Municipal Cash Trust (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities consistent with stability of principal.

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

This table describes the fees and expenses that you may pay if you buy, hold and sell Cash Series Shares (CS) 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)** 

---

| | |
|:---|:---|
|  | **CS** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) | None |
| Redemption Fee (as a percentage of amount redeemed, if applicable) | None |
| Exchange Fee | None |

---

&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)** 

---

| | |
|:---|:---|
|  | **CS** |
| Management Fee | 0.30% |
| Distribution (12b-1) Fee | 0.60% |
| Other Expenses | 0.52% |
| Total Annual Fund Operating Expenses | 1.42% |
| Fee Waivers and/or Expense Reimbursements<sup>1</sup> | (0.40)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 1.02% |

---

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 paid by the Fund, if any) paid by the Fund's CS class (after the voluntary waivers and/or reimbursements) will not exceed 1.02% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) March 1, 2024; 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 Fund's Board of Trustees (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:

---

| | |
|:---|:---|
| 1 Year | $145 |
| 3 Years | $449 |
| 5 Years | $776 |
| 10 Years | $1702 |

---

**16**

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

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

The Fund invests primarily in a portfolio of high-quality New York tax-exempt securities maturing in 397 days or less. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities. The Fund's investment adviser (the "Adviser") also normally (except as discussed in this Prospectus) will invest the Fund's assets entirely in securities whose interest is not subject to (or not a specific preference item for purposes of) the federal alternative minimum tax for individuals (AMT), such that, normally, distributions of annual interest income also are exempt from the AMT. However, in certain circumstances (such as, for example, when there is a lack of supply of non-AMT securities or other tax-exempt securities or there are advantageous market conditions, or if there are changes in the tax laws relating to AMT), to pursue the Fund's investment objective, the Adviser may leave a portion of the Fund's assets uninvested or may invest the Fund's assets in securities the interest from which may be subject to AMT, state and/or federal income tax. These acquisitions may occur in the ordinary course or in connection with Fund reorganization transactions (i.e., transactions in which the Fund acquires the portfolio securities of other mutual funds) or another event or circumstance. The Fund's Adviser actively manages the Fund's portfolio, seeking to limit the credit risk taken by the Fund and to select investments with appropriate risk-adjusted returns.

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Adviser to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds and tax-exempt commercial paper; and (b) interests in securities of other investment companies.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940, as amended ("Rule 2a-7").

Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities or so that at least 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities. Only for purposes of compliance with Rule 35d-1, the Fund will invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax and the personal income taxes imposed by the State of New York and New York municipalities. These policies may not be changed without shareholder approval.

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

Pursuant to Rule 2a-7 the Fund is designated as a "retail" money market fund and is permitted to use amortized cost to value its portfolio securities and to transact at a stable $1.00 net asset value. As a retail money market fund, the Fund has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons. In addition, the Fund has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board determines that such liquidity fees or redemption gates are in the best interest of the Fund.

All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:

◾ **Tax-Exempt Securities Risk.** The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities.

◾ **Issuer Credit Risk.** It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may 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 strategies.

**17**

------

◾ **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. Economic, political and financial conditions, 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, cause the Fund to experience volatility, illiquidity, shareholder redemptions or other potentially adverse effects.

◾ **Interest Rate Risk.** Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. 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. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

◾ **Call Risk.** The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.

◾ **Sector Risk.** A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics or by issuers located in the same state. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities.

◾ **Tax Risk.** In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax, or AMT. Consult your tax professional for more information.

◾ **Liquidity Risk.** Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.

◾ **Credit Enhancement Risk.** The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit.

◾ **Risk Associated with Investing Share Purchase Proceeds.** On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

◾ **Risk Associated with use of Amortized Cost.** In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.

◾ **Additional Factors Affecting Yield.** There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. Periods of very low or negative interest rates impact, in a negative way, the Fund's ability to maintain a positive return, or yield, or pay dividends to Fund shareholders.

◾ **New York Risk.** Because the Fund will invest a significant portion of its assets in securities of New York issuers, an investment in the Fund may involve additional risks compared to a fully diversified money market fund that invests in multiple states, and the Fund's performance also may be negatively impacted by other local, state or regional factors. For example, natural disasters may affect the creditworthiness of municipal issuers or otherwise disrupt the local, state or regional economy or certain sectors of the economy. The economies of New York State and New York City are diversified across the finance, insurance, real estate, entertainment and services sectors. Any downturn in these sectors or related industries may adversely affect the economy of the state.

◾ **Fees & Gates Risk.** The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets

**18**

------

fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such a fee is not in the best interests of the Fund.

◾ **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.

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**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 CS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns *averaged* over the stated periods. *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 FederatedInvestors.com or by calling 1-800-341-7400.

![](nymctpro31511cs_9.jpg)

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

*Within the periods shown in the bar chart, the Fund's CS class highest quarterly return was 0.40% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended June 30, 2022).*

**Average Annual Total Return Table**

The following table represents the Fund's CS class Average Annual Total Returns for the calendar period ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **CS:** | 0.55% | 0.35% | 0.18% |

---

*The Fund's CS class 7-Day Net Yield as of December 31, 2022, was 2.70%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT** 

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

**19**

------

**Purchase and Sale of Fund Shares** 

The minimum initial investment amount for the Fund's CS class is generally $10,000 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.

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a 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.

The Fund operates as a retail money market fund. Accordingly, only accounts beneficially owned by natural persons ("Eligible Accounts") may be invested in the Fund. Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's Board.

Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption.

**TAX INFORMATION** 

It is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund's dividends may not be tax exempt. Dividends may be subject to state and local taxes (except for New York taxes, to the extent derived from New York tax-exempt investments and eligible for tax-exempt treatment under New York law). Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. Any Fund distributions of capital gains are taxable at applicable capital gains rates. The Fund is generally not a suitable investment for retirement accounts. The Fund normally invests its assets so that distributions are exempt from AMT, but in certain circumstances income from the Fund may be subject to AMT.

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

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.

What are the Fund's Investment Strategies?

The Fund's investment objective is to provide current income exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities consistent with stability of principal. 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 invests primarily in a portfolio of high-quality New York tax-exempt securities maturing in 397 days or less. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities. The Fund's investment adviser (the "Adviser") also normally (except as discussed in this Prospectus) will invest the Fund's assets entirely in securities whose interest is not subject to (or not a specific preference item for purposes of) the federal alternative minimum tax for individuals (AMT), such that, normally, distributions of annual interest income also are exempt from the AMT. However, in certain circumstances (such as, for example, when there is a lack of supply of non-AMT securities or other tax-exempt securities, or there are advantageous market conditions, or if there are changes in the tax laws relating to AMT), to pursue the Fund's investment objective, the Adviser may leave a portion of the Fund's assets uninvested, or may invest the Fund's assets in securities, the interest from which, may be subject to AMT, state and/or federal income tax. These acquisitions may occur in the ordinary course or in connection with fund reorganization transactions (i.e., transactions in which the Fund acquires the portfolio securities of other mutual funds), or another event or circumstance. The Fund's Adviser actively manages the Fund's portfolio, seeking to limit the credit risk taken by the Fund and to select investments with appropriate risk-adjusted returns.

The Fund seeks to invest in securities that present minimal credit risk, based on the Adviser's assessment of the issuer's credit quality, including the issuer's or guarantor's capacity to meet its financial obligations, among other factors.

The Adviser targets a dollar-weighted average portfolio maturity (WAM) range based upon its interest rate outlook and the tax-exempt securities available. The Adviser formulates its interest rate outlook by analyzing a variety of factors, such as (among others): current and expected U.S. economic growth; current and expected interest rates and inflation; and the Federal Reserve's monetary policy. The Adviser structures the portfolio by investing in variable rate demand instruments

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and municipal notes, as well as other permissible investments as described in this Prospectus and in the Fund's Statement of Additional Information (SAI). The Adviser generally shortens the portfolio's maturity when it expects interest rates to rise and extends the maturity when it expects interest rates to fall. This strategy seeks to enhance the returns from favorable interest rate changes and reduce the effect of unfavorable changes.

The Fund will: (1) maintain a WAM of 60 days or less; and (2) maintain a weighted average life (WAL) of 120 days or less. Certain of the securities in which the Fund invests may pay interest at a rate that is periodically adjusted ("Adjustable Rate Securities"). For purposes of calculating WAM, the maturity of an Adjustable Rate Security generally will be the period remaining until its next interest rate adjustment. For purposes of calculating WAL, the maturity of an Adjustable Rate Security will be its stated final maturity, without regard to interest rate adjustments; accordingly, the 120-day WAL limitation could serve to limit the Fund's ability to invest in Adjustable Rate Securities.

Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities or so that at least 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities. Only for purposes of compliance with Rule 35d-1, the Fund will invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax and the personal income taxes imposed by the State of New York and New York municipalities. These policies may not be changed without shareholder approval.

**TEMPORARY INVESTMENTS** 

The Fund may temporarily depart from its principal investment strategies by investing its assets in taxable securities or holding cash. It may do this in response to unusual circumstances, such as: adverse market, economic or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate tax-exempt securities); to maintain liquidity to meet shareholder redemptions; or to accommodate cash inflows. It is possible that such temporary investments could affect the Fund's investment returns. If the Fund invests in taxable securities, it may receive and distribute taxable income to investors and to that extent fail to meet its investment objectives.

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.

**TAX-EXEMPT SECURITIES** 

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Adviser to be reliable, pay interest that is not subject to federal regular income taxes. Fixed-income securities pay interest, dividends or distributions at a specified rate. The rate may be a fixed percentage of the principal or adjusted periodically. In addition, the issuer of a fixed-income security must repay the principal amount of the security, normally within a specified time. Typically, states, counties, cities and other political subdivisions and authorities issue tax-exempt securities. The market categorizes tax-exempt securities by their source of repayment. Certain of these tax-exempt securities may be subject to credit enhancement. The following describes the principal types of tax-exempt securities in which the Fund may invest.

**Variable Rate Demand Instruments (A Type of Tax-Exempt Security)** 

Variable rate demand instruments are tax-exempt securities that require the issuer or a third party, such as a dealer or bank (the "Demand Provider"), to repurchase the security for its face value upon demand. The securities also pay interest at a variable rate intended to cause the securities to trade at their face value. Some variable rate demand instruments are "conditional," so that the occurrence of certain conditions discharges the Demand Provider's obligation to repurchase the security. Other variable rate demand instruments are "unconditional," so that there are no conditions under which the Demand Provider's obligation to repurchase the security can terminate. The Fund treats variable rate demand instruments as short-term securities even though their maturity may extend beyond 397 days because, within 397 days, their variable interest rate adjusts in response to changes in market rates and the repayment of their principal amount can be demanded. Certain variable rate demand instruments that may be invested in by the Fund, referred to as "synthetic" variable rate demand instruments, have certain features, such as call features, that make it possible that the Fund will realize capital gains.

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**Municipal Notes (A Type of Tax-Exempt Security)** 

Municipal notes are short-term, tax-exempt securities. Many municipalities issue such notes to fund their current operations before collecting taxes or other municipal revenues. Municipalities may also issue notes to fund capital projects prior to issuing long-term bonds. The issuers typically repay the notes at the end of their fiscal year, either with taxes, other revenues or proceeds from newly issued notes or bonds.

**General Obligation Bonds (A Type of Tax-Exempt Security)** 

General obligation bonds are supported by the issuer's power to exact property or other taxes. The issuer must impose and collect taxes sufficient to pay principal and interest on the bonds. However, the issuer's authority to impose additional taxes may be limited by its charter or state law.

**Special Revenue Bonds (A Type of Tax-Exempt Security)** 

Special revenue bonds are payable solely from specific revenues received by the issuer such as specific taxes, assessments, tolls or fees. Bondholders may not collect from the municipality's general taxes or revenues. For example, a municipality may issue bonds to build a toll road, and pledge the tolls to repay the bonds. Therefore, a shortfall in the tolls normally would result in a default on the bonds, or in certain cases, may result in a reduction in payments received in respect of the bonds.

**Private Activity Bonds (A Type of Special Revenue Bond)** 

Private activity bonds are special revenue bonds used to finance private projects. A certain percentage of the proceeds from a private activity bond is used for a private business use or a certain percentage of the debt service regarding a private activity bond is paid directly or indirectly from a private business use. A private business use is a trade or business carried on by any person or entity other than a governmental unit. Private activity bonds are secured primarily by revenues derived from loan repayments or lease payments due from the private entity, which may or may not be guaranteed by a parent company or otherwise secured. Private activity bonds generally are not secured by a pledge of the taxing power of the issuer of such bonds. For example, a municipality may issue bonds to finance a new factory to improve its local economy. The municipality would lend the proceeds from its bonds to the company using the factory, and the company would agree to make loan payments sufficient to cover interest and principal payments on the bonds. The bonds would be payable from the company's loan payments, and generally not from any other revenues of the municipality. Therefore, any default of the loan normally would result in a default on the bonds.

Types of private activity bonds include, for example: bonds issued to obtain funds to provide water, sewage and solid waste facilities, qualified residential rental projects, certain local electric, gas and other heating and cooling facilities, qualified hazardous waste facilities, high-speed intercity rail facilities, certain airports, docks, wharves and mass transportation facilities and qualified mortgages; qualified student loan bonds; qualified redevelopment bonds; and bonds used for certain organizations exempt from federal income taxation (qualified 501(c)(3) bonds).

The interest on many types of private activity bonds is subject to the AMT. However, certain issues are available in the marketplace that are not subject to the AMT due to qualifying tax rules.

**Tax-Exempt Commercial Paper (A Type of Tax-Exempt Security)** 

Tax-exempt commercial paper is an obligation issued by a tax-exempt issuer with a maturity of generally less than nine months. Tax-exempt issuers may issue commercial paper to pay for current expenditures or other permissible activities. Tax-exempt issuers may constantly reissue their commercial paper and use the proceeds (or other sources) to repay maturing paper. If the tax-exempt issuer cannot continue to obtain liquidity in this fashion, and if there is not another available source of liquidity, its commercial paper may default or there may be a reduction in payments received in repayment of the tax-exempt commercial paper.

**Credit Enhancement** 

The Fund may invest in tax-exempt securities with credit enhancement. Credit enhancement consists of an arrangement in which a company agrees to pay amounts due on a fixed-income security if the issuer defaults. In some cases, the company providing credit enhancement makes all payments directly to the security holders and receives reimbursement from the issuer. Normally, the credit enhancer has greater financial resources and liquidity than the issuer. For this reason, the Adviser may evaluate the credit risk of a fixed-income security based solely upon its credit enhancement.

Common types of credit enhancement include guarantees, letters of credit, bond insurance and surety bonds. Credit enhancement also includes arrangements where securities or other liquid assets secure payment of a fixed-income security. If a default occurs, these assets may be sold and the proceeds paid to the security's holders. Either form of credit enhancement reduces credit risks by providing another source of payment for a fixed-income security. The Adviser evaluates credit enhancements based on its own credit assessment standards and analysis.

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**Investing in Securities of Other Investment Companies** 

The Fund may invest its assets in shares of other investment companies as an efficient means of implementing its investment strategies, managing its uninvested cash and/or other investment reasons consistent with the Fund's investment objective and investment strategies. These investments may include shares of an affiliated fund, including a money market fund or preferred shares of a closed-end fund that are eligible for purchase by money market funds (generally, because such preferred shares are structured as unconditional demand instruments with a third-party Demand Provider). Other investment companies are managed independently of the Fund and incur additional fees and/or expenses which would, therefore, be borne indirectly by the Fund in connection with any such investment. These investments also can create conflicts of interests for the Adviser to the Fund and the investment adviser to the acquired fund. For example, a conflict of interest can arise due to the possibility that the Adviser to the Fund could make a decision to redeem the Fund's investment in the acquired fund. In the case of an investment in an affiliated fund, a conflict of interest can arise if, because of the Fund's investment in the acquired fund, the acquired fund is able to garner more assets, thereby growing the acquired fund and increasing the management fees received by the investment adviser to the acquired fund, which would either be the Adviser or an affiliate of the Adviser. However, the Adviser believes that the benefits and efficiencies of making investments in other investment companies should outweigh the potential additional fees and/or expenses and resulting conflicts of interest. The Fund may invest in money market securities directly.

**OTHER INVESTMENTS, TRANSACTIONS, TECHNIQUES**

**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. The Adviser may also consider information derived from active engagements conducted by its in-house stewardship team with certain issuers or guarantors on environmental, social and governance topics. 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.

**Minimal credit risk** 

Under Rule 2a-7, money market funds, such as the Fund, may generally invest in "Eligible Securities" which include securities issued by another money market fund, government securities or securities that have a remaining maturity of no more than 397 calendar days and are determined by the fund's board or its delegate to present minimal credit risk based on an assessment of the issuer's credit quality, including the capacity of the issuer or guarantor to meet its financial obligations. The Fund's Board has adopted procedures by which the Adviser will conduct this initial and ongoing assessment, as required.

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. These are the primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund or reduce the Fund's daily dividends. 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.

**TAX-EXEMPT SECURITIES RISK** 

The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities. Legal, economic, political or other developments may raise impairments (such as, for example, limitations under applicable law on the issuer's authority to raise taxes, prolonged budgetary processes, declining real estate values or declining tax revenues) to such issuer's budgetary flexibility, liquidity and ability to satisfy its obligations. Like other issuers and securities, the likelihood that the credit risk associated with such issuers and such securities will increase is greater during times of economic stress and financial instability.

**ISSUER Credit Risk** 

It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

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Many fixed-income securities (including tax-exempt securities) receive credit ratings from NRSROs such as Fitch Rating Service, Moody's Investor Services, Inc. and Standard & Poor's 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. Ratings are just one factor that the Adviser considers in its credit assessment and analysis.

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 CREDIT RISK** 

Counterparty credit 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.

**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. Economic, political and financial conditions, or industry or economic trends and developments, may, from time to time, and for varying periods of time, cause volatility, illiquidity and/or other potentially adverse effects in the financial markets, including the fixed-income market. The commencement, continuation or ending of government policies and economic stimulus programs, changes in monetary policy, 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 across the market. This may increase redemptions from funds that hold impacted securities. Such a market event could 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.

**Epidemic and Pandemic Risk** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. This coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies, including certain Fund service providers and issuers of the Fund's investments, and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such instruments. Any such impact could adversely affect the Fund's performance.

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**Interest Rate Risk** 

Prices of fixed-income securities (including tax-exempt 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.

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. Money market funds try to minimize this risk by purchasing short-term securities. Negative or very low interest rates magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, have unpredictable effects on markets and expose debt and related markets to heightened volatility and may detract from Fund performance to the extent a Fund is exposed to such interest rates and/or volatility. During periods when interest rates are low or there are negative interest rates, a Fund's yield (and total return) also is likely to be low or otherwise adversely affected or the Fund may be unable to maintain a positive return, or yield, or minimize the volatility of the Fund's NAV per share or maintain a stable NAV.

Certain of the Fund's investments may also be valued, in part, by reference to the relative relationship between interest rates on tax-exempt securities and taxable securities. With respect to the Fund's investments described in the preceding sentence, the value of such Fund investments may be negatively affected (or positively affected) when the market for tax-exempt securities underperforms (or outperforms) the market for taxable securities.

**Call Risk** 

Call risk is the possibility that an issuer may redeem a fixed-income security (including a tax-exempt security) before maturity (a "call") at a price below or above 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.

**Sector Risk** 

A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics or by issuers located in the same state. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities. Developments affecting companies with similar characteristics might include changes in interest rates, changes in economic cycles affecting credit losses and regulatory changes.

**TAX RISK** 

In order to pay interest that is exempt from federal or state/local income tax, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable (including, for example, under the AMT).

Changes or proposed changes in federal, state or local tax laws may cause the prices of tax-exempt securities to fall and/or may affect the tax-exempt status of the securities in which the Fund invests. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax, or AMT. Consult your tax professional for more information.

**LIQUIDITY RISK** 

Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss. An inability to sell portfolio securities may result from adverse market developments or investor perceptions regarding the portfolio securities. While the Fund endeavors to maintain a high level of liquidity in its portfolio so that it can satisfy redemption requests, the Fund's ability to sell portfolio securities can deteriorate rapidly due to credit events affecting particular issuers or credit enhancement providers, or due to general market conditions and a lack of willing buyers.

**CREDIT ENHANCEMENT RISK** 

The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). Credit enhancement is designed to help assure timely payment of the security; it does not protect the Fund against losses caused by declines in a security's value due to changes in market conditions. Securities subject to credit enhancement generally would be assigned a lower credit rating if the rating were based primarily on the credit quality of the issuer without regard to the credit enhancement. If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded.

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A single enhancement provider may provide credit enhancement to more than one of the Fund's investments. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit. Bond insurers that provide credit enhancement for large segments of the fixed-income markets, including the municipal bond market, may be more susceptible to being downgraded or defaulting during recessions or similar periods of economic stress.

**RISK ASSOCIATED WITH INVESTING SHARE PURCHASE PROCEEDS** 

On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. The larger the amount that must be invested or the greater the difference between the yield of the securities purchased and the yield of the existing investments, the greater the impact will be on the yield of the Fund. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

**RISK ASSOCIATED WITH USE OF AMORTIZED COST** 

In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce, to the extent practicable, such dilution or unfair results, including, but not limited to, considering suspending redemption of Shares and liquidating the Fund under Rule 22e-3 under the Investment Company Act of 1940.

**ADDITIONAL FACTORS AFFECTING YIELD** 

There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. A low or negative interest rate environment may prevent the Fund from providing a positive return, or yield, or paying Fund expenses out of current income and could impair the Fund's ability to maintain a stable NAV. The Fund's yield could also be negatively affected (both in absolute terms and as compared to other money market funds) by aspects of its investment program (for example, its investment policies, strategies or limitations) or its operational policies (for example, its cut-off time for purchases and redemptions of Shares).

**New York Risk** 

Since the Fund invests primarily in issuers from New York, the Fund may be subject to additional risks compared to a money market fund that invests in multiple states. New York's budget is periodically late and may require special spending measures. This process can cause delays in state-aid funding to localities.

The economies of New York State and New York City are diversified across the finance, insurance, real estate, entertainment and services sectors. Any downturn in these sectors or related industries may adversely affect the economy of the state.

Since the Fund invests primarily in issuers from New York, its performance also may be negatively affected by other local, state or regional factors. For example, natural disasters may affect the creditworthiness of municipal issuers or otherwise disrupt the local, state or regional economy or certain sectors of the economy.

**Fees & Gates Risk** 

The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such a fee is not in the best interests of the Fund.

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**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.

What Do Shares Cost?

**CALCULATION OF NET ASSET VALUE**

The Fund attempts to stabilize the NAV of its Shares at $1.00 by valuing the portfolio securities using the amortized cost method. In addition, for regulatory purposes, the Fund calculates a market-based (or shadow) NAV per Share on a daily basis for purposes of confirming that its NAV continues to approximate fair value. For purposes of calculating the shadow NAV and monitoring its comparison to the amortized-cost-based NAV, pursuant to Rule 2a-5 under the Investment Company Act, the Board has designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser, acting through its "Valuation Committee" is responsible for determining the fair value of investments in the shadow NAV 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 Fund cannot guarantee that its NAV will always remain at $1.00 per Share. The Fund does not charge a front-end sales charge.

You can purchase, redeem or exchange Shares any day the NYSE is open (a "Regular Business Day"). You may also be able to purchase and redeem (but not exchange) Shares on certain days that the NYSE is closed on an unscheduled basis due to unforeseen or emergency circumstances, if the Fund's Board determines to allow Fund Share transactions on such days (a "Special Trading Day"). If the Fund declares a Special Trading Day, information regarding shareholder trading activities for the Special Trading Day (such as when NAV, and entitlement to that day's dividend, will be determined) will be available by calling the Fund at 1-800-341-7400 and will be posted on FederatedInvestors.com. **The information set forth in this Prospectus regarding times relevant to NAV determination and dividend entitlement applies only to Regular Business Days.** Please note that the times that might be specified for NAV determination and dividend entitlement on a Special Trading Day would not necessarily be the same as set forth in this Prospectus with respect to Regular Business Days. Although Federated Hermes will attempt to make such information available in advance of a particular Special Trading Day, given the nature of Special Trading Days, it may not be able to do so until the morning of the Special Trading Day.

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 determined NAV. NAV is generally determined at 12:00 p.m., 1:00 p.m. and as of the end of regular trading on the NYSE (normally 4:00 p.m.) Eastern time each day the NYSE is open; except that on the day after Thanksgiving and Christmas Eve (when Christmas Eve falls on a weekday), the last NAV will be determined at 3:00 p.m. Eastern time. The times as of when NAV is determined, and when orders must be placed, may be changed as permitted by the SEC.

How is the Fund Sold?

The Fund's Distributor, Federated Securities Corp., markets the Shares described in this Prospectus only to accounts beneficially owned by natural persons ("Eligible Accounts"). The Fund offers the following Share classes: Wealth Shares (WS), Service Shares (SS), Cash II Shares (CII) and Cash Series Shares (CS), each representing interests in a single portfolio of securities. All Share classes have different 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.).

The Fund may not be a suitable investment for retirement plans or for non-New York taxpayers because it invests in New York tax-exempt securities.

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**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. 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.

**RULE 12b-1 FEES**

**SS, CII & CS Classes** 

The Board has adopted a Rule 12b-1 Plan, which allows payment of marketing fees of up to 0.25% for Service Shares and Cash II Shares and 0.60% for Cash Series Shares of average net assets to the Distributor for the sale, distribution, administration and customer servicing of the Fund's Shares. When the Distributor receives Rule 12b-1 Fees, it may pay some or all of them to financial intermediaries whose customers purchase Shares. Because these Shares pay marketing fees on an ongoing basis, your investment cost may be higher over time than other shares with different marketing fees.

**SERVICE FEES**

The Fund 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.

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

**ACCOUNT ADMINISTRATION FEES** 

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

**RECORDKEEPING FEES** 

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** 

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** 

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, that support the sale of Shares or provide services to Fund shareholders. The amounts of these payments could be significant, and may create an incentive for the financial intermediary or its employees or associated persons to recommend or sell Shares of the Fund to you. Not all financial intermediaries receive such payments and the amount of compensation may vary by intermediary. 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.

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These payments are negotiated and may be based on such factors as: the number or value of Shares that the financial intermediary sells or may sell; 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. 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. You can ask your financial intermediary 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.

How to Purchase Shares

You may purchase Shares through a financial intermediary, directly from the Fund or through an exchange from another Federated Hermes fund. The Fund reserves the right to reject any request to purchase or exchange Shares. New investors must submit a completed New Account Form.

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

The minimum initial investment amount for the WS, SS, CII and CS classes is generally $10,000. There is no minimum subsequent investment amount.

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.

The Fund operates as a retail money market fund. Accordingly, only accounts beneficially owned by natural persons ("Eligible Accounts") may be invested in the Fund. Examples of Eligible Accounts include accounts owned by individuals who have been issued a social security number, individuals holding accounts through omnibus accounts and natural persons investing through certain tax-advantaged accounts and trusts. These tax-advantaged accounts and trusts may include, among others: participant-directed defined contribution plans; individual retirement accounts; simplified employee pension arrangements; simple retirement accounts; custodial accounts; deferred compensation plans for government or tax-exempt organization employees; Archer medical savings accounts; college savings plans; health savings account plans; ordinary trusts and estate of natural persons; or certain other retirement and investment accounts, notwithstanding having an institutional decision maker (e.g., a plan sponsor in certain retirement arrangements or an investment adviser managing discretionary investment accounts). Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's Board. Pursuant to relief granted by the SEC, the Fund hereby notifies investors that it may redeem accounts that are not Eligible Accounts. Financial intermediaries will be required to take steps to remove any shareholders on behalf of whom they hold shares in the Fund that are not eligible to be invested in the Fund. Further, financial intermediaries may only submit purchase orders, if they have implemented policies and procedures reasonably designed to limit all investors on behalf of whom they submit orders to Eligible Accounts. Financial intermediaries may be required by the Fund or its shareholder servicing agent to provide a written statement or other representation that they have in place, and operate in compliance with, such policies and procedures prior to submitting purchase orders.

The Fund will not accept new accounts that are not Eligible Accounts. Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption. The Fund has adopted policies and procedures such that the Fund will be able: (a) to limit the beneficial owners of shares to natural persons; and (b) to allow the Fund to impose liquidity fees and temporarily suspend redemptions.

**THROUGH A FINANCIAL INTERMEDIARY**

Submit your purchase order to your financial intermediary. Financial intermediaries are responsible for promptly submitting purchase orders and payment to the Fund by electronic means permitted by the Fund, or according to the instructions in the sections "By Telephone" or "By Mail" below.

If your financial intermediary submits your order electronically, your order will be processed and you will be entitled to dividends pursuant to operating procedures established by the Fund. If your financial intermediary submits your order by telephone or by mail, your order will be processed and you will be entitled to dividends as outlined in the section "By Telephone" or the section "By Mail" below.

If you deal with a financial intermediary, you will have to follow the financial intermediary's procedures for transacting with the Fund. For more information about how to purchase Shares through your financial intermediary, you should contact your financial intermediary directly.

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**DIRECTLY FROM THE FUND** 

**By Telephone** 

You may purchase Shares by calling the Fund at 1-800-341-7400.

Your purchase will be priced at the NAV next calculated after the Fund receives your order. Receipt of a purchase order by a financial intermediary will be deemed received by the Fund to the extent that such financial intermediary has been duly authorized by the Fund to accept such orders. If you call the Fund by 1:00 p.m. (Eastern time) and send your payment by wire by the close of the Federal Reserve wire transfer system, you will be entitled to that day's dividend.

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

If the Fund does not receive your purchase wire by the close of the Federal Reserve wire transfer system on your designated settlement date, your purchase will be canceled and you could be liable for any losses or fees incurred by the Fund or SS&C GIDS, Inc., the Fund's transfer agent.

You cannot purchase Shares by wire on days when wire transfers are restricted, even if the NYSE is open on such days (for example, Columbus Day and Veterans Day). The Fund does not consider wire purchase requests received on such days to be in proper form, and will not process such requests.

**By Mail** 

You may purchase Shares by sending your check payable to **The Federated Hermes Funds** at the following address:

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

430 W 7<sup>th</sup> Street

Suite 219318

Kansas City, MO 64105-1407

**Please note your account number on your check.** Payment should be made in U.S. dollars and drawn on a U.S. bank. 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 SS&C GIDS, Inc., the Fund's transfer agent. 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.

Your order will be priced at the NAV next calculated after the Fund receives your check and you will be entitled to dividends beginning on the day the check is converted into federal funds (normally the business day after the check is received).

**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 FederatedInvestors.com under "Resources" and then "Literature and Forms," then "Forms." You will receive a confirmation when this service is available.

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**THROUGH AN EXCHANGE**

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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund, Class A Shares without a sales charge ("no-load Class A Shares") and Class R Shares of any Fund provided that you meet any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased (if applicable), both accounts have identical registrations, and you must receive a prospectus for the fund in which you wish to exchange.

**By Online Account Services** 

You may access your accounts online to purchase Shares through FederatedInvestors.com'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 FederatedInvestors.com and select "Sign In" and "Access and Manage Investments," or call 1-800-341-7400, Option #4 to speak with a Client Service Representative.

**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.

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.

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. Financial intermediaries are responsible for promptly submitting redemption or exchange requests to the Fund by electronic means permitted by the Fund, or according to the instructions in the sections "By Telephone" or "By Mail" below.

If your financial intermediary submits your redemption or exchange request electronically, your request will be processed and your proceeds will be paid pursuant to operating procedures established by the Fund. If your financial intermediary submits your redemption or exchange request by telephone or by mail, your request will be processed and your proceeds will be paid as outlined in the section "By Telephone" or the section "By Mail" below.

If you deal with a financial intermediary, you will have to follow the financial intermediary's procedures for transacting with the Fund. For more information about how to redeem or exchange Shares through your financial intermediary, you should contact your financial intermediary directly.

**DIRECTLY FROM THE FUND**

**By Telephone** 

You may redeem or exchange Shares by calling the Fund at 1-800-341-7400. Your redemption or exchange request will be priced at the NAV next calculated after the request is received by the Fund. Receipt of a redemption or exchange order by a financial intermediary will be deemed received by the Fund to the extent that such financial intermediary has been duly authorized by the Fund to accept such orders.

If you call the Fund by noon Eastern time, and your redemption proceeds are wired to you the same day, you will not be entitled to that day's dividend.

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If you call the Fund after noon Eastern time and before the end of regular trading (normally 4:00 p.m. Eastern time) on the NYSE, you will be entitled to that day's dividend and your redemption proceeds will be sent to you the following business day.

**By Mail** 

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

Your redemption or exchange request will be priced at the NAV next calculated after the Fund receives your written request in proper form. If your redemption proceeds are wired to you the same day your order is priced, you will not be entitled to that day's dividend. If a check for your redemption proceeds is mailed to you on the next business day after your request is priced, you will be entitled to dividends through the day on which the Fund priced your request.

Send requests by mail to:

The Federated Hermes Funds

P.O. Box 219318

Kansas City, MO 64121-9318

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

The Federated Hermes Funds

430 W 7<sup>th</sup> Street

Suite 219318

Kansas City, MO 64105-1407

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 FederatedInvestors.com'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 FederatedInvestors.com 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.

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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.

◾ **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 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.

Any attempt to redeem Shares through checkwriting or debit card before the purchase instrument has cleared will be automatically rejected.

In addition, the right of redemption may be suspended, or the payment of proceeds may be delayed, 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

◾ in which there are emergency conditions, including liquidation of the Fund, as provided in Section 22(e), and rules thereunder, of the Investment Company Act of 1940.

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

**Certain special LIMITATIONS affecting REDEMPTIONs** 

The SEC has implemented a number of requirements, including liquidity fees and temporary redemption gates, for money market funds based on the amount of Fund assets that are "weekly liquid assets," which generally includes cash, direct obligations of the U.S. government, certain other U.S. government or agency securities and securities that will mature or are subject to a demand feature that is exercisable and payable within five business days.

The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. If the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund will impose a liquidity fee of 1% on all redemptions beginning on the next business day, unless the Board, including a majority of the independent Trustees, determines that imposing such a fee would not be in the best interests of the Fund or determines that a lower or higher fee (not to exceed 2%) would be in the best interests of the Fund, which would remain in effect until weekly liquid assets return to 30% or the Board determines

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that the fee is no longer in the best interests of the Fund. In the event that a liquidity fee is imposed and/or redemptions are temporarily suspended, the Board may take certain other actions based on the particular facts and circumstances, including but not limited to modifying the timing and frequency of its NAV determinations. All liquidity fees payable by shareholders of the Fund would be payable to the Fund and could offset any losses realized by the Fund when seeking to honor redemption requests during times of market stress.

If liquidity fees are imposed or redemptions are temporarily suspended, the Fund will notify shareholders on the Fund's website or by press release. In addition to identifying the Fund, such notifications will include the Fund's percentage of total assets invested in weekly liquid assets, the time of implementation of the liquidity fee and/or redemption gate and details regarding the amount of the liquidity fee. The imposition and termination of a liquidity fee or redemption gate will also be reported by the Fund to the SEC on Form N-CR. If redemptions are temporarily suspended, the Fund and your financial intermediary will not accept redemption or exchange orders until the Fund has notified shareholders that the redemption gate has been lifted. Shareholders wishing to redeem or exchange shares once the redemption gate has been lifted will need to submit a new redemption or exchange request to the Fund or their financial intermediary.

All liquidity fees payable by shareholders to the Fund can be used to offset any losses realized by the Fund when seeking to honor redemption requests during times of market stress. The Fund expects to treat such liquidity fees as not constituting income to the Fund.

A liquidity fee imposed by the Fund will reduce the amount you will receive upon the redemption of your shares and will decrease the amount of any capital gain or increase the amount of any capital loss you will recognize from such redemption. Although there is some degree of uncertainty with respect to the tax treatment of liquidity fees received by money market funds, it is anticipated at this time that a liquidity fee will have no tax effect for the Fund. As the tax treatment will likely be the subject of future guidance issued by the Internal Revenue Service (IRS), the Fund will re-visit the applicable tax treatment of liquidity fees when they are received.

In addition, the right of any investor to receive payment with respect to any redemption may be suspended or the payment of the redemption proceeds postponed during any period in which the NYSE is closed (other than weekends or holidays) or trading on the NYSE is restricted or, to the extent otherwise permitted by the 1940 Act, if an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable or it is not reasonably practicable for the Fund fairly to determine the value of its net assets. In addition, the SEC may by order permit suspension of redemptions for the protection of shareholders of the Fund.

If the Fund's weekly liquid assets fall below 10% and the Board determines that it would not be in the best interests of the Fund to continue operating, the Board may suspend redemptions in the Fund and may approve the liquidation of the Fund. The Board may also suspend redemptions and liquidate the Fund if the Board determines that the deviation between its amortized cost price per share and its market-based NAV may result in material dilution or other unfair results to investors or existing shareholders. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to liquidate and suspend redemptions. If the Fund ceases honoring redemptions and determines to liquidate, the Fund expects that it would notify shareholders on the Fund's website or by press release. Distributions to shareholders of liquidation proceeds may occur in one or more disbursements.

Purchase orders received by the Fund after the last NAV determination of a given day, but prior to notification of the imposition of liquidity fees or a redemption gate will be cancelled unless re-confirmed. Under certain circumstances, the Fund may honor redemption or exchange orders (or pay redemptions without adding a liquidity fee to the redemption amount) if the Fund can verify that the redemption or exchange order was received in good order by the Fund or the Fund's agent before the Fund imposed liquidity fees or temporarily suspended redemptions.

**Involuntary Redemptions** 

The Fund operates as a retail money market fund. Accordingly, only Eligible Accounts may be invested in the Fund. Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's Board. Financial intermediaries will be required to take steps to remove any shareholders on behalf of whom they hold shares in the Fund that are not eligible to be invested in the Fund. Further, financial intermediaries may only submit purchase orders if they have implemented policies and procedures reasonably designed to limit all investors on behalf of whom they submit orders to Eligible Accounts. Financial intermediaries may be required by the Fund or its shareholder servicing agent to provide a written statement or other representation that they have in place, and operate in compliance with, such policies and procedures prior to submitting purchase orders. Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption.

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**EXCHANGE PRIVILEGE**

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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund, no-load Class A Shares and Class R Shares of any 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.

**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.

**CHECKWRITING** 

You may request checks to redeem your Fund Shares. Your account will continue to receive the daily dividend declared on the Shares being redeemed until the check is presented for payment.

**DEBIT CARD** 

Effective September 30, 2016, the Fund began to reject new applications for a debit card. However, existing Fund shareholders who have a debit card will be permitted to continue to use it and, upon expiration of the debit card, will be permitted to renew the card. Debit card service is not transferable; it is applicable only to the account associated with the debit card service as of September 30, 2016. Shareholders with debit cards will continue to be subject to an annual service fee which the Fund will automatically deduct from their account.

Any attempt to redeem Shares through checkwriting or debit card before the purchase instrument has cleared will be automatically rejected.

**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.

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Using FederatedInvestors.com'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.

**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 FederatedInvestors.com.

Account and Share Information

**ACCOUNT ACTIVITY**

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.

The Fund does not expect to realize any capital gains or losses. However, the Fund may realize capital gains on certain securities, such as synthetic variable rate demand instruments, that may be redeemed in certain circumstances at a premium to their face value. If capital gains or losses were to occur, they could result in an increase or decrease in dividends. 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.

See "Tax Information" below for information on the tax consequences of the Fund realizing a capital gain.

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 FederatedInvestors.com/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.

**36**

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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.

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 $10,000 for the WS, SS, CII and CS 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. It is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund's dividends may not be exempt. Dividends may be subject to state and local taxes, although the Fund's dividends will be exempt from the New York taxes to the extent they are derived from interest on obligations exempt from such taxes. Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. 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. Capital gains and non-exempt dividends are taxable whether paid in cash or reinvested in the Fund. 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 and its use of the amortized cost method for calculating the NAV of Fund Shares, 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 a 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 FederatedInvestors.com. Such information is posted on the website five business days after both mid-month and month-end then remains posted on the website 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 until replaced by the information for the succeeding month. The summary portfolio composition information may include identification of the Fund's top 10 credit/obligor exposures, weighted average maturity, weighted average life and percentage breakdowns of the portfolio by effective maturity range and type of security. The Fund's WAM and WAL, Shadow NAV (market-based value of the Fund's portfolio), Weekly Liquid Assets and Daily Flows are posted every business day and remain posted on the website for six months thereafter.

**37**

------

You may also access portfolio information via the link to the Fund and share class name at FederatedInvestors.com. The Fund's Annual and Semi-Annual Shareholder Reports contain complete listings of the Fund's portfolio holdings as of the end of the Fund's second and fourth fiscal quarters. These reports are also available on the SEC's website at sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

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 FederatedInvestors.com. 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 102 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 $668.9 billion as of December 31, 2022. Federated Hermes was established in 1955 as Federated Investors, Inc. and is one of the largest investment managers in the United States with nearly 2,000 employees. Federated Hermes provides investment products to more than 11,000 investment professionals and institutions.

The Adviser advises approximately 73 registered investment companies and also manages sub-advised funds. The Adviser's assets under management totaled approximately $399.6 billion as of December 31, 2022.

**ADVISORY FEES** 

The Fund's investment advisory contract provides for payment to the Adviser of an annual investment advisory fee of 0.30% 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 Annual and Semi-Annual Shareholder Reports for the periods ended October 31 and April 30, 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 Annual Report.

**38**

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Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income | 0.006 | 0.000<sup>1</sup> | 0.006 | 0.013 | 0.011 |
| Net realized gain (loss) | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> |  |
| TOTAL FROM INVESTMENT OPERATIONS | 0.006 | 0.000<sup>1</sup> | 0.006 | 0.013 | 0.011 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (0.006) | (0.000)<sup>1</sup> | (0.006) | (0.013) | (0.011) |
| Distributions from net realized gain | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |  | (0.000)<sup>1</sup> |
| TOTAL DISTRIBUTIONS | (0.006) | (0.000)<sup>1</sup> | (0.006) | (0.013) | (0.011) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | 0.59% | 0.01% | 0.58% | 1.33% | 1.08% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> | 0.26% | 0.21% | 0.32% | 0.32% | 0.32% |
| Net investment income | 0.58% | 0.01% | 0.64% | 1.31% | 1.10% |
| Expense waiver/reimbursement<sup>4</sup> | 0.30% | 0.34% | 0.19% | 0.17% | 0.25% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $115589 | $111555 | $179225 | $326684 | $211511 |

---

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

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 4 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|

---

Further information about the Fund's performance is contained in the Fund's Annual Report, dated *October 31, 2022, which can be obtained free of charge.*

**39**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income | 0.005 | 0.000<sup>1</sup> | 0.004 | 0.011 | 0.009 |
| Net realized gain (loss) | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> |  |
| Total From Investment Operations | 0.005 | 0.000<sup>1</sup> | 0.004 | 0.011 | 0.009 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (0.005) | (0.000)<sup>1</sup> | (0.004) | (0.011) | (0.009) |
| Distributions from net realized gain | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |  | (0.000)<sup>1</sup> |
| Total Distributions | (0.005) | (0.000)<sup>1</sup> | (0.004) | (0.011) | (0.009) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | 0.46% | 0.01% | 0.43% | 1.11% | 0.86% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> | 0.33% | 0.20% | 0.46% | 0.54% | 0.54% |
| Net investment income | 0.11% | 0.01% | 0.42% | 1.09% | 0.82% |
| Expense waiver/reimbursement<sup>4</sup> | 0.78% | 0.84% | 0.55% | 0.45% | 0.55% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $13677 | $182028 | $221000 | $219665 | $28662 |

---

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

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 4 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|

---

Further information about the Fund's performance is contained in the Fund's Annual Report, dated *October 31, 2022, which can be obtained free of charge.*

**40**

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Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income | 0.003 | 0.000<sup>1</sup> | 0.003 | 0.009 | 0.006 |
| Net realized gain (loss) | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> |  |
| Total From Investment Operations | 0.003 | 0.000<sup>1</sup> | 0.003 | 0.009 | 0.006 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (0.003) | (0.000)<sup>1</sup> | (0.003) | (0.009) | (0.006) |
| Distributions from net realized gain | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |  | (0.000)<sup>1</sup> |
| Total Distributions | (0.003) | (0.000)<sup>1</sup> | (0.003) | (0.009) | (0.006) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | 0.35% | 0.01% | 0.32% | 0.87% | 0.63% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> | 0.53% | 0.20% | 0.61% | 0.77% | 0.77% |
| Net investment income | 0.40% | 0.01% | 0.37% | 0.87% | 0.62% |
| Expense waiver/reimbursement<sup>4</sup> | 0.52% | 0.85% | 0.40% | 0.22% | 0.32% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6850 | $8058 | $7515 | $9952 | $9535 |

---

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

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 4 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|

---

Further information about the Fund's performance is contained in the Fund's Annual Report, dated *October 31, 2022, which can be obtained free of charge.*

**41**

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Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income | 0.003 | 0.000<sup>1</sup> | 0.002 | 0.006 | 0.004 |
| Net realized gain (loss) | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> |  |
| Total From Investment Operations | 0.003 | 0.000<sup>1</sup> | 0.002 | 0.006 | 0.004 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (0.003) | (0.000)<sup>1</sup> | (0.002) | (0.006) | (0.004) |
| Distributions from net realized gain | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |  | (0.000)<sup>1</sup> |
| Total Distributions | (0.003) | (0.000)<sup>1</sup> | (0.002) | (0.006) | (0.004) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | 0.27% | 0.01% | 0.21% | 0.62% | 0.38% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> | 0.54% | 0.19% | 0.71% | 1.02% | 1.02% |
| Net investment income | 0.22% | 0.01% | 0.21% | 0.63% | 0.33% |
| Expense waiver/reimbursement<sup>4</sup> | 0.88% | 1.20% | 0.65% | 0.32% | 0.42% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $25174 | $28468 | $26151 | $25450 | $35414 |

---

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

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 4 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|

---

Further information about the Fund's performance is contained in the Fund's Annual Report, dated *October 31, 2022, which can be obtained free of charge.*

**42**

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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 ratios used in each chart are the same as stated in the "Fees and Expenses" table of this Prospectus (and thus do 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 NEW YORK MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - WS CLASS** |
| **ANNUAL EXPENSE RATIO: 0.56%** | **ANNUAL EXPENSE RATIO: 0.56%** | **ANNUAL EXPENSE RATIO: 0.56%** | **ANNUAL EXPENSE RATIO: 0.56%** | **ANNUAL EXPENSE RATIO: 0.56%** | **ANNUAL EXPENSE RATIO: 0.56%** |
| **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 | $10000.00 | $500.00 | $10500.00 | $57.24 | $10444.00 |
| 2 | $10444.00 | $522.20 | $10966.20 | $59.78 | $10907.71 |
| 3 | $10907.71 | $545.39 | $11453.10 | $62.44 | $11392.01 |
| 4 | $11392.01 | $569.60 | $11961.61 | $65.21 | $11897.82 |
| 5 | $11897.82 | $594.89 | $12492.71 | $68.11 | $12426.08 |
| 6 | $12426.08 | $621.30 | $13047.38 | $71.13 | $12977.80 |
| 7 | $12977.80 | $648.89 | $13626.69 | $74.29 | $13554.01 |
| 8 | $13554.01 | $677.70 | $14231.71 | $77.59 | $14155.81 |
| 9 | $14155.81 | $707.79 | $14863.60 | $81.03 | $14784.33 |
| 10 | $14784.33 | $739.22 | $15523.55 | $84.63 | $15440.75 |
| Cumulative |  | $6126.98 |  | $701.45 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - SS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - SS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - SS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - SS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - SS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - SS CLASS** |
| **ANNUAL EXPENSE RATIO: 1.11%** | **ANNUAL EXPENSE RATIO: 1.11%** | **ANNUAL EXPENSE RATIO: 1.11%** | **ANNUAL EXPENSE RATIO: 1.11%** | **ANNUAL EXPENSE RATIO: 1.11%** | **ANNUAL EXPENSE RATIO: 1.11%** |
| **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 | $10000.00 | $500.00 | $10500.00 | $113.16 | $10389.00 |
| 2 | $10389.00 | $519.45 | $10908.45 | $117.56 | $10793.13 |
| 3 | $10793.13 | $539.66 | $11332.79 | $122.13 | $11212.98 |
| 4 | $11212.98 | $560.65 | $11773.63 | $126.88 | $11649.16 |
| 5 | $11649.16 | $582.46 | $12231.62 | $131.82 | $12102.31 |
| 6 | $12102.31 | $605.12 | $12707.43 | $136.95 | $12573.09 |
| 7 | $12573.09 | $628.65 | $13201.74 | $142.28 | $13062.18 |
| 8 | $13062.18 | $653.11 | $13715.29 | $147.81 | $13570.30 |
| 9 | $13570.30 | $678.52 | $14248.82 | $153.56 | $14098.18 |
| 10 | $14098.18 | $704.91 | $14803.09 | $159.53 | $14646.60 |
| Cumulative |  | $5972.53 |  | $1351.68 |  |

---

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

**43**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - CII CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - CII CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - CII CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - CII CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - CII CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - CII CLASS** |
| **ANNUAL EXPENSE RATIO: 1.05%** | **ANNUAL EXPENSE RATIO: 1.05%** | **ANNUAL EXPENSE RATIO: 1.05%** | **ANNUAL EXPENSE RATIO: 1.05%** | **ANNUAL EXPENSE RATIO: 1.05%** | **ANNUAL EXPENSE RATIO: 1.05%** |
| **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 | $10000.00 | $500.00 | $10500.00 | $107.07 | $10395.00 |
| 2 | $10395.00 | $519.75 | $10914.75 | $111.30 | $10805.60 |
| 3 | $10805.60 | $540.28 | $11345.88 | $115.70 | $11232.42 |
| 4 | $11232.42 | $561.62 | $11794.04 | $120.27 | $11676.10 |
| 5 | $11676.10 | $583.81 | $12259.91 | $125.02 | $12137.31 |
| 6 | $12137.31 | $606.87 | $12744.18 | $129.96 | $12616.73 |
| 7 | $12616.73 | $630.84 | $13247.57 | $135.09 | $13115.09 |
| 8 | $13115.09 | $655.75 | $13770.84 | $140.43 | $13633.14 |
| 9 | $13633.14 | $681.66 | $14314.80 | $145.98 | $14171.65 |
| 10 | $14171.65 | $708.58 | $14880.23 | $151.74 | $14731.43 |
| Cumulative |  | $5989.16 |  | $1282.56 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - CS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - CS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - CS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - CS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - CS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - CS CLASS** |
| **ANNUAL EXPENSE RATIO: 1.42%** | **ANNUAL EXPENSE RATIO: 1.42%** | **ANNUAL EXPENSE RATIO: 1.42%** | **ANNUAL EXPENSE RATIO: 1.42%** | **ANNUAL EXPENSE RATIO: 1.42%** | **ANNUAL EXPENSE RATIO: 1.42%** |
| **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 | $10000.00 | $500.00 | $10500.00 | $144.54 | $10358.00 |
| 2 | $10358.00 | $517.90 | $10875.90 | $149.72 | $10728.82 |
| 3 | $10728.82 | $536.44 | $11265.26 | $155.08 | $11112.91 |
| 4 | $11112.91 | $555.65 | $11668.56 | $160.63 | $11510.75 |
| 5 | $11510.75 | $575.54 | $12086.29 | $166.38 | $11922.83 |
| 6 | $11922.83 | $596.14 | $12518.97 | $172.33 | $12349.67 |
| 7 | $12349.67 | $617.48 | $12967.15 | $178.50 | $12791.79 |
| 8 | $12791.79 | $639.59 | $13431.38 | $184.89 | $13249.74 |
| 9 | $13249.74 | $662.49 | $13912.23 | $191.51 | $13724.08 |
| 10 | $13724.08 | $686.20 | $14410.28 | $198.37 | $14215.40 |
| Cumulative |  | $5887.43 |  | $1701.95 |  |

---

**44**

------

Notes

[PAGE INTENTIONALLY LEFT BLANK]

------

An SAI dated February 28, 2023, is incorporated by reference into this Prospectus. Additional information about the Fund and its investments is contained in the Fund's SAI and Annual and Semi-Annual Reports to shareholders as they become available. 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 without charge, and to make inquiries, call your financial intermediary or the Fund at 1-800-341-7400.

The Fund's shareholder reports will be made available on FederatedInvestors.com/FundInformation, and you will be notified and provided with a link each time a report is posted to the website. You may request to receive paper reports from the Fund or from your financial intermediary, free of charge, at any time. You may also request to receive documents through e-delivery.

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

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 New York Municipal Cash Trust

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

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

or call 1-800-341-7400.

Federated Securities Corp., Distributor

*Investment Company Act File No. 811-5950* 

*CUSIP 608919858*

*CUSIP 60934N294*

*CUSIP 60934N310*

*CUSIP 608919866*

*31511 (2/23)*© 2023 Federated Hermes, Inc.

------

**Statement of Additional Information**

***February 28, 2023***

![](img3d1997571.gif)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Wealth** \| NISXX | **Service** \| FNTXX | **Cash II** \| NYCXX | **Cash Series** \| FNCXX |

---

------

Federated Hermes New York Municipal Cash Trust

------

A Portfolio of Federated Hermes Money Market Obligations Trust

This Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes New York Municipal Cash Trust (the "Fund"), dated February 28, 2023.

This SAI incorporates by reference the Fund's Annual Report. Obtain the Prospectus or the Annual Report without charge by calling 1-800-341-7400.

---

| | |
|:---|:---|
|  | **Contents** |
| 1 | [How is the Fund Organized?](#xx_e610a8b4-4b8d-461d-a728-1780dcbcb778_1) |
| 1 | [Securities in Which the Fund Invests](#xx_e610a8b4-4b8d-461d-a728-1780dcbcb778_1) |
| 4 | [Investment Risks](#xx_e610a8b4-4b8d-461d-a728-1780dcbcb778_4) |
| 6 | [Investment Objective (and Policies) and Investment Limitations](#xx_e610a8b4-4b8d-461d-a728-1780dcbcb778_6) |
| 9 | [What Do Shares Cost?](#xx_e610a8b4-4b8d-461d-a728-1780dcbcb778_9) |
| 9 | [How is the Fund Sold?](#xx_e610a8b4-4b8d-461d-a728-1780dcbcb778_9) |
| 12 | [Purchases In-Kind](#xx_e610a8b4-4b8d-461d-a728-1780dcbcb778_12) |
| 12 | [Redemption In-Kind](#xx_e610a8b4-4b8d-461d-a728-1780dcbcb778_12) |
| 13 | [Massachusetts Partnership Law](#xx_e610a8b4-4b8d-461d-a728-1780dcbcb778_13) |
| 13 | [Share Information](#xx_e610a8b4-4b8d-461d-a728-1780dcbcb778_13) |
| 14 | [Tax Information](#xx_e610a8b4-4b8d-461d-a728-1780dcbcb778_14) |
| 14 | [Who Manages and Provides Services to the Fund?](#xx_e610a8b4-4b8d-461d-a728-1780dcbcb778_14) |
| 27 | [Financial Information](#xx_e610a8b4-4b8d-461d-a728-1780dcbcb778_27) |
| 27 | [Investment Ratings](#xx_e610a8b4-4b8d-461d-a728-1780dcbcb778_27) |
| 31 | [Addresses](#xx_02a7ecd7-9883-4eb6-83bd-e49241d114d2_1) |
| 32 | [Appendix A](#xx_1b195677-ee07-447e-9027-7900cbbd8a4f_1) |
| 33 | [Appendix B - New York State Risk](#xx_8ee67032-6225-4e8d-a29b-4645ff6411f2_1) |

---

Federated Hermes New York Municipal Cash Trust

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com**

or call 1-800-341-7400.

Federated Securities Corp., Distributor

*8120103B (2/23)*© 2023 Federated Hermes, Inc.

------

How is the Fund Organized?

The Fund is a diversified portfolio of Federated Hermes Money Market Obligations Trust (the "Trust"). The Trust is an open-end, management investment company that was established under the laws of the Commonwealth of Massachusetts on October 3, 1988. The Trust may offer separate series of shares representing interests in separate portfolios of securities. The Fund, which was established on March 17, 1982, was reorganized as a portfolio of Federated Municipal Trust on May 30, 1994, and then was reorganized as a portfolio of the Trust on February 1, 2000.

The Board of Trustees (the "Board") has established four classes of shares of the Fund, known as Wealth Shares, Service Shares, Cash II Shares and Cash Series Shares ("Shares"). This SAI relates to all classes of Shares. The Fund's investment adviser is Federated Investment Management Company (the "Adviser").

Effective June 26, 2020, the Trust changed its name from Money Market Obligations Trust to Federated Hermes Money Market Obligations Trust and the Fund changed its name from Federated New York Municipal Cash Trust to Federated Hermes New York Municipal Cash Trust.

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 further describes the types of fixed-income securities in which the Fund may invest.

**Municipal Leases (A Type of Tax-Exempt, Fixed-Income Security)** 

Municipalities may enter into leases for equipment or facilities. In order to comply with state public financing laws, these leases are typically subject to annual appropriation. In other words, a municipality may end a lease, without penalty, by not providing for the lease payments in its annual budget. After the lease ends, the lessor can resell the equipment or facility but may lose money on the sale. The Fund may invest in securities supported by pools of municipal leases. The most common type of lease-backed securities is certificates of participation (COPs). However, the Fund may also invest directly in individual leases.

**Callable Securities (A Type of Tax-Exempt, Fixed-Income Security)** 

Certain fixed-income securities in which the Fund invests are callable at the option of the issuer. Certain callable securities invested in by the Fund also may be callable by parties other than the issuer. Callable securities are subject to call risk.

**Zero-Coupon Securities (A Type of Tax-Exempt, 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 risks and credit risks of a zero-coupon security.

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. 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, PIK securities or toggle securities.

**1**

------

**Tax Increment Financing Bonds (A Type of Tax-Exempt, Fixed-Income Security)** 

Tax increment financing (TIF) bonds are payable from increases in taxes or other revenues attributable to projects within the TIF district. For example, a municipality may issue TIF bonds to redevelop a commercial area. The TIF bonds would be payable solely from any increase in sales taxes collected from merchants in the area. The bonds could fail to pay principal or interest if merchants' sales, and related tax collections, failed to increase as anticipated.

**Municipal Mortgage-Backed Securities (A Type of Tax-Exempt, Fixed-Income Security)** 

Municipal mortgage-backed securities are special revenue bonds, the proceeds of which may be used to provide mortgage loans for single family homes or to finance multifamily housing. Municipal mortgage-backed securities represent interests in pools of mortgages. The mortgages that comprise a pool normally have similar interest rates, maturities and other terms. Mortgages may have fixed or adjustable rates. Municipal mortgage-backed securities generally have fixed interest rates.

Municipal mortgage-backed securities come in a variety of forms. The simplest forms of municipal mortgage-backed securities are unstructured bonds backed by the net interest and principal payments and prepayments from the underlying mortgages. As a result, the holders assume all interest rate and prepayment risks of the underlying mortgages. Other municipal mortgage-backed securities may have more complicated financial structures.

**Other Investments, Transactions, Techniques**

**Inter-Fund Borrowing and Lending Arrangements** 

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.

**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.

**Asset Segregation** 

In order to secure its obligations in connection with special transactions, such as reverse repurchase agreements or when-issued and delayed delivery transactions, the Fund will either enter into offsetting transactions or set aside readily marketable securities in each case, as provided by the SEC or SEC staff guidance. Unless the Fund has other readily marketable assets to set aside, it cannot trade assets used to secure such obligations without terminating a special transaction. This may cause the Fund to miss favorable trading opportunities or to realize losses on special transactions.

**2**

------

**Temporary Investments** 

The Fund may make temporary investments in taxable, fixed-income securities (including, for example, securities subject to the federal alternative minimum tax for individuals) and the following other taxable securities:

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

Treasury securities are direct obligations of the federal government of the United States.

**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 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 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.

**3**

------

**Bank Instruments (A Type of Fixed-Income Security)** 

Bank instruments are unsecured, interest-bearing deposits with banks. Bank instruments include, but are not limited to, bank accounts, time deposits, certificates of deposit and banker's acceptances. Yankee instruments are denominated in U.S. dollars and issued by U.S. branches of foreign banks. Euro-dollar instruments are denominated in U.S. dollars and issued by non-U.S. branches of U.S. or foreign banks.

**Corporate Debt Securities (A Type of Fixed-Income Security)** 

Corporate debt securities are fixed-income securities issued by businesses. Notes, bonds, debentures and commercial paper are the most prevalent types of corporate debt securities.

**Commercial Paper (A Type of Corporate Debt Security)** 

Commercial paper is an issuer's obligation with a maturity of less than nine months. Companies typically issue commercial paper to pay for current expenditures. Most issuers constantly reissue their commercial paper and use the proceeds (or bank loans) to repay maturing paper. If the issuer cannot continue to obtain liquidity in this fashion, its commercial paper may default.

**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 subcustodian will take possession of the securities subject to repurchase agreements. The Adviser or subcustodian 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. In addition to taxable repurchase agreements, the Fund also may invest in municipal repurchase agreements as a non-principal investment.

**Reverse Repurchase Agreements** 

Reverse repurchase agreements (which are considered a type of special transaction for asset segregation 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. In addition to taxable reverse repurchase agreements, the Fund also may invest in municipal reverse repurchase agreements as a non-principal investment.

**minimal credit risk** 

Under Rule 2a-7, money market funds, such as the Fund, may generally invest in "Eligible Securities" which include securities issued by another money market fund, government securities or securities that have a remaining maturity of no more than 397 calendar days and are determined by the fund's board or its delegate to present minimal credit risk based on an assessment of the issuer's credit quality, including the capacity of the issuer or guarantor to meet its financial obligations. The Fund's Board has adopted procedures by which the Adviser will conduct this initial and ongoing assessment, as required. Such analysis of whether a security presents minimal credit risk will include, to the extent appropriate: consideration of the security's issuer or guarantor's financial condition, sources of liquidity, ability to react to future market-wide and issuer or guarantor-specific events, including the ability to repay debt in a highly adverse situation; and strength of the issuer or guarantor's industry within the economy and relative to economic trends, as well as the issuer or guarantor's competitive position within its industry. In addition, a minimal credit risk evaluation may also include consideration of whether the price and/or yield of the security itself is similar to that of other securities in the Fund's portfolio. The Adviser will perform an ongoing review of whether each security (other than a government security) continues to present minimal credit risks.

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**

------

**Leverage Risk** 

Leverage risk is created when an investment exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund's risk of loss and potential for gain.

**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. 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.

**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

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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.

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 Policies) and Investment Limitations

The fundamental investment objective of the Fund is to provide current income exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities consistent with stability of principal.

Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities or so that at least 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities.

Only for purposes of compliance with Rule 35d-1, the Fund will invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax and the personal income taxes imposed by the State of New York and New York municipalities.

The fundamental investment objective and policies described above may not be changed by the Fund's Board without shareholder approval.

**Investment Limitations** 

**Diversification** 

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.

**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.

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**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 ("1933 Act").

**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.

**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, as amended ("1940 Act").

**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** 

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 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. 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.** 

**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 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.

**Investing in Illiquid Securities** 

The Fund will not acquire securities that cannot be sold or disposed of in the ordinary course of business within seven days at approximately the value ascribed to them by the Fund if, immediately after the acquisition, the Fund would have invested more than 5% of its total assets in such securities.

**Investing in Restricted Securities** 

The Fund may invest in securities subject to restrictions on resale under the 1933 Act.

**Additional Information** 

For purposes of the diversification limitation, 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."

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.

As a non-fundamental operating policy, the investment of more than 25% of the value of the Fund's total assets in any one industry will constitute "concentration." For purposes of the concentration limitation: (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.

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To conform to the current view of the SEC staff that only domestic bank instruments may be excluded from industry concentration limitations, the Fund will not exclude foreign bank instruments from industry concentration limitation tests so long as the policy of the SEC remains in effect. Investments in private activity bonds will be classified according to the non-governmental entity from which the bond's principal and interest payments are principally derived. In addition, investments in certain industrial development bonds funded by activities in a single industry will be deemed to constitute investment in an industry, except when held for temporary defensive purposes.

**REGULATORY COMPLIANCE** 

The Fund may follow non-fundamental operational policies that are more restrictive than its fundamental investment limitations, as set forth in the Prospectus and this SAI, in order to comply with applicable laws and regulations, including the provisions of and regulations under the 1940 Act. In particular, the Fund will comply with the various requirements of Rule 2a-7 (the "Rule"), which regulates money market mutual funds. The Fund may change these operational policies to reflect changes in the laws and regulations without the approval of its shareholders.

The SEC has implemented a number of requirements, including liquidity fees and temporary redemption gates, for money market funds based on the amount of Fund assets that are "weekly liquid assets," which generally includes cash, direct obligations of the U.S. government, certain other U.S. government or agency securities and securities that will mature or are subject to a demand feature that is exercisable and payable within five business days.

The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. If the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund will impose a liquidity fee of 1% on all redemptions beginning on the next business day, unless the Board, including a majority of the independent Trustees, determines that imposing such a fee would not be in the best interests of the Fund or determines that a lower or higher fee (not to exceed 2%) would be in the best interests of the Fund, which would remain in effect until weekly liquid assets return to 30% or the Board determines that the fee is no longer in the best interests of the Fund. In the event that a liquidity fee is imposed and/or redemptions are temporarily suspended, the Board may take certain other actions based on the particular facts and circumstances, including, but not limited to, modifying the timing and frequency of the Fund's NAV determinations.

If liquidity fees are imposed or redemptions are temporarily suspended, the Fund will notify shareholders on the Fund's website or by press release. In addition to identifying the Fund, such notifications will include the Fund's percentage of total assets invested in weekly liquid assets, the time of implementation of the liquidity fee and/or redemption gate and details regarding the amount of the liquidity fee. If the Board, including a majority of the independent Trustees, changes or removes a liquidity fee or a temporary redemption gate, the Fund will notify shareholders in the same manner as described above. The imposition and termination of a liquidity fee or redemption gate will also be reported by the Fund to the SEC on Form N-CR. If redemptions are temporarily suspended, the Fund and your financial intermediary will not accept redemption or exchange orders until the Fund has notified shareholders that the redemption gate has been lifted. Shareholders wishing to redeem or exchange shares once the redemption gate has been lifted will need to submit a new redemption or exchange request to the Fund or their financial intermediary.

All liquidity fees payable by shareholders to the Fund can be used to offset any losses realized by the Fund when seeking to honor redemption requests during times of market stress. The Fund expects to treat such liquidity fees as not constituting income to the Fund.

A liquidity fee imposed by the Fund will reduce the amount you will receive upon the redemption of your shares, and will decrease the amount of any capital gain or increase the amount of any capital loss you will recognize from such redemption. Although there is some degree of uncertainty with respect to the tax treatment of liquidity fees received by money market funds, it is anticipated at this time that a liquidity fee will have no tax effect on the Fund. As the tax treatment will likely be the subject of future guidance issued by the Internal Revenue Service, the Fund will re-visit the applicable treatment of liquidity fees when they are received.

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If the Fund's weekly liquid assets fall below 10% and the Board determines that it would not be in the best interests of the Fund to continue operating, the Board may suspend redemptions in the Fund and may approve the liquidation of the Fund. The Board may also suspend redemptions and liquidate the Fund if the Board determines that the deviation between its amortized cost price per share and its market-based NAV may result in material dilution or other unfair results to investors or existing shareholders. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to liquidate and suspend redemptions. If the Fund ceases honoring redemptions and determines to liquidate, the Fund expects that it would notify shareholders on the Fund's website or by press release. Distributions to shareholders of liquidation proceeds may occur in one or more disbursements.

Because the Fund operates as a money market fund and seeks to maintain a stable $1.00 price per share, a low or negative interest rate environment could impact the Fund's ability to maintain a stable $1.00 share price. During a low or negative interest rate environment, the Fund may reduce the number of shares outstanding on a pro rata basis through reverse stock splits, negative dividends or other mechanisms to seek to maintain a stable $1.00 price per share, to the extent permissible by applicable law and the Fund's organizational documents. Alternatively, if the Board determines that it is no longer in the best interests of the Fund and its shareholders to maintain a stable price of $1.00 per share, the Board has the right to discontinue the use of a stable NAV of $1.00 per share and establish a fluctuating NAV per share rounded to four decimal places. Depending on the specific measure(s) taken, these measures would result in shareholders not receiving a dividend, holding fewer shares of the Fund and/or experiencing a loss in the aggregate value of their investment in the Fund. The Fund will notify shareholders of any such change.

Purchase orders received after the last NAV determination of a given day, but prior to notification of the imposition of liquidity fees or a redemption gate will be cancelled unless re-confirmed. Under certain circumstances, the Fund may honor redemption or exchange orders (or pay redemptions without adding a liquidity fee to the redemption amount) if the Fund can verify that the redemption or exchange order was received in good order by the Fund or the Fund's agent before the Fund imposed liquidity fees or temporarily suspended redemptions.

What Do Shares Cost?

**Determining Market Value Of Securities** 

The Board has decided that the best method for determining the value of portfolio instruments is amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. The Fund uses this adjusted cost to value the investment.

Accordingly, neither the amount of daily income nor the net asset value (NAV) is affected by any unrealized appreciation or depreciation of the portfolio. In periods of declining interest rates, the indicated daily yield on Shares of the Fund, computed by dividing the annualized daily income on the Fund's portfolio by the NAV, computed as above, may tend to be higher than a similar computation made by using a method of valuation based upon market prices and estimates. In periods of rising interest rates, the opposite may be true. A low or negative interest rate environment impacts, in a negative way, the Fund's ability to provide a positive return, or yield, to its shareholders, pay expenses out of current income, and/or achieve its investment objective, including maintaining a stable NAV of $1.00 per share.

The Fund's use of the amortized cost method of valuing portfolio instruments depends on its compliance with certain conditions in the Rule. Under the Rule, the Board must establish procedures reasonably designed to stabilize the NAV per Share, as computed for purposes of distribution and redemption, at $1.00 per Share, taking into account current market conditions and the Fund's investment objective. The procedures include monitoring the relationship between the amortized cost value per Share and the NAV per Share based upon available indications of market value. The Board will decide what, if any, steps should be taken if there is a difference of more than 0.5 of 1% between the two values. The Board will take any steps it considers appropriate (such as redemption in-kind or shortening the average portfolio maturity) to minimize any material dilution or other unfair results arising from differences between the two methods of determining NAV.

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.

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**Rule 12b-1 Plan (Service Shares, Cash Series Shares and Cash II 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.

For some classes of Shares, 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.

**Additional Payments To Financial Intermediaries**

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. 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 the 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. The same financial intermediaries may receive payments under more than one or all categories. These payments assist in the Distributor's efforts to support the sale of Shares. These payments are negotiated and may be based on such factors as: the number or value of Shares that the financial intermediary sells or may sell; 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 receive such payments and the amount of compensation may vary by intermediary. You should ask your financial intermediary 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 Wealth Share Class, the Wealth Share Class of the Fund currently does not accrue, pay or incur any shareholder services/account administration fees, although the Board of Trustees has approved the Wealth Share 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 Wealth Share Class of the Fund will not accrue, pay or incur such fees 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.

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**Processing Support Payments** 

The Distributor may make payments to certain financial intermediaries that sell Federated Hermes fund shares to help offset their costs associated with client account maintenance support, statement processing and transaction processing. The types of payments that the Distributor may make under this category include: payment of ticket charges on a per-transaction basis; payment of networking fees; and payment for ancillary services such as setting up funds on the financial intermediary's mutual fund trading system.

**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.

**Marketing Support Payments** 

From time to time, the Distributor, at its expense, may provide additional compensation to financial intermediaries that sell or arrange for the sale of Shares. Such compensation, provided by the Distributor, may include financial assistance to financial intermediaries that enable the Distributor to participate in or present at conferences or seminars, sales or 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 to financial intermediaries for services rendered in connection with technology and programming set-up, platform development and maintenance or similar services and for the provision of sales-related data 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, 2022, 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 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, 2022, are not reflected. You should ask your financial intermediary for information about any additional payments it receives from the Distributor.

ADP Broker-Dealer, Inc.

American Enterprise Investment Services Inc.

American Portfolios Advisors, Inc.

Aspyre Wealth Partners

Avidian Wealth Solutions LLC

B. C. Ziegler And Company

Beam Wealth Advisors, Inc.

Benjamin F. Edwards & Company, Inc.

BMO Harris Financial Advisors, Inc.

BofA Securities, Inc.

Bolton Global Capital, Inc.

Broadridge Business Process Outsourcing, LLC

Brown Investment Advisory & Trust Company

Cadaret, Grant & Co., Inc.

Cambridge Financial Group, Inc.

CBIZ Financial Solutions, Inc.

Cetera Advisor Networks LLC

Cetera Advisors LLC

Cetera Investment Services LLC

Charles Schwab & Company, Inc.

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

Emerald Advisors, LLC

Empower Financial Services, Inc.

Envestnet PMC

FBL Marketing Services, LLC

Fidelity Investments Institutional Operations Company, Inc. (FIIOC)

Fifth Third Securities, Inc.

FIS Brokerage & Securities Services LLC

Gerber Kawasaki Wealth & Investment Management

Goldman Sachs & Co. LLC

Hancock Whitney Investment Services Inc.

HighTower Securities, LLC

Hilltop Securities, Inc.

HUB International Investment Services Inc.

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The Huntington Investment Company

Huntington Securities, Inc.

IFP Securities, LLC

Insigneo Securities, LLC

Institutional Cash Distributors, LLC

Interactive Brokers LLC

J.P. Morgan Securities LLC

Janney Montgomery Scott LLC

Jefferies LLC

KeyBanc Capital Markets Inc.

Kowal Investment Group, LLC

Leafhouse Financial Advisors, LLC

Lincoln Financial Advisors Corporation

Lincoln Financial Distributors, Inc.

Lincoln Investment Planning, LLC

LPL Financial LLC

Lyrical Partners, L.P.

MML Investors

Materetsky Financial Group

Merrill Lynch, Pierce, Fenner and Smith Incorporated

Moneta Group Investment Advisors, LLC

Morgan Stanley Smith Barney LLC

National Financial Services LLC

Nationwide Investment Services Corporation

NewEdge Securities, Inc.

Northwestern Mutual Investment Services, LLC

NYLIFE Distributors LLC

Open Range Financial Group, LLC

Oppenheimer & Company, Inc.

Paychex Securities Corp

Pensionmark Financial Group, LLC

Pershing LLC

PNC Capital Markets, LLC

PNC Investments LLC

Private Client Services, LLC

Raymond James & Associates, Inc.

Raymond James Financial Services, Inc.

RBC Capital Markets, LLC

Rise Consulting, LLC

Robert W Baird & Co. Incorporated

Rockefeller Capital Management

Royal Alliance Associates, Inc.

Sagepoint Financial, LLC

Sageview Advisory Group, LLC

Sanford C. Bernstein & Company, LLC

SBC Wealth Management

Securian Financial Services, Inc.

Securities America, Inc.

Security Distributors, LLC

Spire Securities, LLC

State Street Global Markets, LLC

Stephens Inc.

Steward Partners Investment Advisory, LLC

Stifel, Nicolaus & Company, Incorporated

Strategic Financial Partners, Ltd

TD Ameritrade, Inc.

Teachers Insurance and Annuity Association of America

The London Company of Virginia LLC

Towerpoint Wealth, LLC

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

Vining-Sparks IBG, LLC

Vision Financial Markets, LLC

Voya Financial Advisors, Inc.

Wells Fargo Clearing Services LLC

Wells Fargo Securities, LLC

Woodbury Financial Services, Inc.

WR Wealth Planners LLC

XML Financial Group

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 in determining the market value of the portfolio for purposes of its comparison with amortized cost valuation. 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.

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.

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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 Massachusetts law, shareholders could, under certain circumstances, be held personally liable for the obligations of the Trust. The Declaration of Trust provides that no shareholder or former shareholder, merely by reason of his or her being or having been a shareholder, will be subject to any personal liability in connection with Trust property or the affairs of the Trust.

In the unlikely event a shareholder or former shareholder is held personally liable for the Trust's obligations, such shareholder will be entitled, out of the assets belonging to the applicable series, to be indemnified against all claims and reimbursed for all reasonably incurred expenses in connection with such claims. On request, the Trust will defend any claim made and pay any judgment against a shareholder from the assets belonging to the relevant series.

Share Information

**ORGANIZATION, CAPITALIZATION, VOTING RIGHTS AND OTHER MATTERS** 

The Trust is a Massachusetts business trust established under a Declaration of Trust dated October 3, 1988, as amended and restated November 11, 2015. The Trust's Declaration of Trust may be amended at any time by a majority of the Trustees. Under the Declaration of Trust, the Trustees have the authority to create and classify shares of beneficial interest in separate series and classes without further action by shareholders. Each series and class thereof may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each series represent equal proportionate interests in the assets of that series only and have identical voting, dividend, redemption, liquidation and other rights of shares in the same series except that expenses allocated to a class may be borne solely by such class as determined by the Trustees and a class may have exclusive voting rights with respect to matters affecting only that class. Shares entitle their holders to one vote per share (and fractional votes for fractional shares), are freely transferable and, except as specifically provided by the Trustees, have no preference, preemptive, appraisal, exchange, subscription or conversion rights. All shares issued are fully paid and non-assessable. In the event of a liquidation or termination of a series, each shareholder is entitled to receive his pro rata share of the net assets of that series.

It is not anticipated that the Trust will hold shareholders' meetings unless required by law or the Declaration of Trust. The Board will call special meetings of shareholders of the Trust, a series or class thereof only if required under the 1940 Act, in their discretion, or upon the written request of holders of 10% or more of the outstanding shares of the Trust or of the relevant series or class, entitled to vote at such meeting.

The Declaration of Trust provides that the Trustees may redeem shares in certain circumstances, such as when a shareholder does not meet the qualifications for ownership of a particular series or class, or when such redemptions are required to comply with applicable laws and regulations. The Declaration of Trust also provides that the Board may, without shareholder approval unless required by the 1940 Act, cause the Trust or any series or class to dissolve, convert, merge, consolidate, reorganize, sell all or any part of its assets, provided that the surviving or resulting entity is an open-end management investment company under the 1940 Act, or a series thereof. The Trust or any series or class may be terminated at any time by the Trustees by written notice to the shareholders.

**SHAREHOLDERS OF THE FUND**

As of February 7, 2023, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Wealth Shares: Morgan Stanley Smith Barney, Jersey City, NJ, owned approximately 39,814,629 Shares (30.24%); Pershing LLC, Jersey City, NJ, owned approximately 35,251,008 Shares (26.78%); Charles Schwab & Co. Inc., San Francisco, CA, owned approximately 10,607,874 Shares (8.05%); and Hilltop Securities Inc., Dallas, TX, owned approximately 7,199,370 Shares (5.46%).

As of February 7, 2023, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Service Shares: American Enterprise Inv. Svc., Minneapolis, MN, owned approximately 11,140,618 Shares (50.12%); Charles Schwab & Co. Inc., San Francisco, CA, owned approximately 3,586,987 Shares (16.13%); Pershing LLC, Jersey City, NJ, owned approximately 3,112,526 Shares (14.00%); and TD Ameritrade, Inc., Omaha, NE, owned approximately 1,589,445 Shares (7.15%).

As of February 7, 2023, the following shareholder owned of record, beneficially or both, 5% or more of outstanding Cash II Shares: Pershing LLC, Jersey City, NJ, owned approximately 6,950,097 Shares (99.74%).

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As of February 7, 2023, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Cash Series Shares: Pershing LLC, Jersey City, NJ, owned approximately 22,642,293 Shares (89.22%); and National Financial Services LLC, Jersey City, NJ, owned approximately 2,008,239 Shares (7.91%).

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.

Morgan Stanley Smith Barney LLC is organized in the State of Delaware.

Pershing LLC is organized in the State of Delaware and is a wholly owned subsidiary of The Bank of New York Mellon Corporation which is organized in the State of Delaware.

American Enterprise Investment Services Inc. is organized in State of Minnesota.

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.

**State Taxes** 

Under existing New York laws, distributions made by the Fund will not be subject to New York State or New York City personal income taxes to the extent that such distributions qualify as exempt-interest dividends under the Code, and represent interest income attributable to obligations issued by the State of New York and its political subdivisions as well as certain other obligations, the interest on which is exempt from New York State and New York City personal income taxes, such as, for example, certain obligations of the Commonwealth of Puerto Rico. Conversely, to the extent that distributions made by the Fund are derived from other types of obligations, such distributions will be subject to New York State and New York City personal income taxes.

The Fund cannot predict in advance the exact portion of its dividends that will be exempt from New York State and New York City personal income taxes. However, the Fund will report to shareholders at least annually what percentage of the dividends it actually paid is exempt from such taxes.

Dividends paid by the Fund are exempt from the New York City unincorporated business taxes to the same extent that they are exempt from the New York City personal income taxes.

Dividends paid by the Fund are not excluded from net income in determining New York State or New York City franchise taxes on corporations or financial institutions.

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, 2022, the Trust comprised 16 portfolios, and the Federated Hermes Complex consisted of 33 investment companies (comprising 102 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 February 7, 2023, 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.

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◾ 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.

**Interested Trustees Background and Compensation** 

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<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 1989<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; President, Chief Executive <br> Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, <br> Federated Investment Management Company; Trustee, Federated <br> Investment Counseling; Chairman and Director, Federated Global <br> Investment Management Corp.; Chairman and Trustee, Federated Equity <br> Management Company of Pennsylvania; Trustee, Federated Shareholder <br> Services 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 <br> Research, Ltd.; Chairman, Passport Research, Ltd.<br>| $0 | $0 |
| **Thomas R. Donahue\***<br> Birth Date: October 20, 1958<br> Trustee<br> Indefinite Term<br> Began serving: May 2016<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of certain funds in the <br> Federated Hermes Complex; Chief Financial Officer, Treasurer, Vice <br> President and Assistant Secretary, Federated Hermes, Inc.; Chairman and <br> Trustee, Federated Administrative Services; Chairman and Director, <br> Federated Administrative Services, Inc.; Trustee and Treasurer, Federated <br> Advisory Services Company; Director or Trustee and Treasurer, Federated <br> Equity Management Company of Pennsylvania, Federated Global <br> Investment Management Corp., Federated Investment Counseling, and <br> Federated Investment Management Company; Director, MDTA LLC; <br> Director, Executive Vice President and Assistant Secretary, Federated <br> Securities Corp.; Director or Trustee and Chairman, Federated Services <br> Company and Federated Shareholder Services Company; and Director and <br> President, FII Holdings, Inc.<br> **Previous Positions:** Director, Federated Hermes, Inc.; Assistant Secretary, <br> Federated Investment Management Company, Federated Global <br> Investment Management Company and Passport Research, LTD; Treasurer, <br> Passport Research, LTD; Executive Vice President, Federated Securities <br> Corp.; and Treasurer, FII Holdings, Inc.<br>| $0 | $0 |

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*Family relationships and reasons for "interested" status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are "interested" due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries.*

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**Independent Trustees Background, Qualifications and Compensation** 

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **John T. Collins**<br> Birth Date: January 24, 1947<br> Trustee<br> Indefinite Term<br> Began serving: September 2013<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> Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).<br> **Other Directorships Held:** Director, KLX Energy Services Holdings, Inc. <br> (oilfield services); former Director of KLX Corp (aerospace).<br> **Qualifications:** Mr. Collins has served in several business and financial <br> management roles and directorship positions throughout his career. <br> Mr. Collins previously served as Chairman and CEO of The Collins Group, <br> Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves <br> as Chairman Emeriti, Bentley University. Mr. Collins previously served as <br> Director and Audit Committee Member, Bank of America Corp.; Director, <br> FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical <br> Center (Harvard University Affiliate Hospital).<br>| $362.22 | $385000 |
| **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, Chair of the Audit Committee <br> of the Federated Hermes Complex; Retired.<br> **Other Directorships Held:** Director, Chair of the Audit Committee, <br> Equifax, Inc.; Lead Director, Member of the Audit and Nominating and <br> Corporate Governance Committees, Haverty Furniture Companies, Inc.; <br> formerly, Director, Member of Governance and Compensation Committees, <br> Publix Super Markets, 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 on the Business School Board of <br> Visitors for Wake Forest University, and he previously served as an <br> Executive Committee member of the United States Golf Association.<br>| $342.69 | $365000  |

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **Maureen Lally-Green**<br> Birth Date: July 5, 1949<br> Trustee<br> Indefinite Term<br> Began serving: August 2009<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Adjunct Professor Emerita of Law, Duquesne University School of <br> Law; formerly, Dean of the Duquesne University School of Law and <br> Professor of Law and Interim Dean of the Duquesne University School of <br> Law; formerly, Associate General Secretary and Director, Office of Church <br> Relations, Diocese of Pittsburgh.<br> **Other Directorships Held:** Director, CNX Resources Corporation <br> (natural gas).<br> **Qualifications:** Judge Lally-Green has served in various legal and business <br> roles and directorship positions throughout her career. Judge Lally-Green <br> previously held the position of Dean of the School of Law of Duquesne <br> University (as well as Interim Dean). Judge Lally-Green previously served as <br> Associate General Secretary for the Diocese of Pittsburgh, a member of the <br> Superior Court of Pennsylvania and as a Professor of Law, Duquesne <br> University School of Law. Judge Lally-Green was appointed by the Supreme <br> Court of Pennsylvania to serve on the Supreme Court's Board of Continuing <br> Judicial Education and the Supreme Court's Appellate Court Procedural <br> Rules Committee. Judge Lally-Green also currently holds the positions on <br> not for profit or for profit boards of directors as follows: Director and Chair, <br> UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, <br> Pennsylvania State Board of Education (public); Director, Catholic Charities, <br> Pittsburgh; and Director, CNX Resources Corporation (natural gas). Judge <br> Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy <br> Foundation of Western and Central Pennsylvania; Director, Ireland Institute <br> of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, <br> Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, <br> Pennsylvania Bar Institute; Director, Saint Vincent College; Director and <br> Chair, North Catholic High School, Inc.; Director and Vice Chair, Our <br> Campaign for the Church Alive!, Inc.; and Director and Vice Chair, Saint <br> Francis University.<br>| $309.32 | $330000 |
| **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 of the Federated Hermes <br> Complex; Sole Proprietor, Navigator Management Company (investment <br> 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; Credit Analyst and Lending <br> Officer, Fleet Bank; Director and Consultant, EZE Castle Software <br> (investment order management software); Director, Midway Pacific <br> (lumber); and Director, The Golisano Children's Museum of Naples, Florida<br>| $309.32 | $330000 |
| **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.<br>| $281.21 | $300000  |

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **P. Jerome Richey**<br> Birth Date: February 23, 1949<br> Trustee<br> Indefinite Term<br> Began serving: September 2013<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, <br> University of Pittsburgh and Executive Vice President and Chief Legal <br> Officer, CONSOL Energy Inc. (split into two separate publicly traded <br> companies known as CONSOL Energy Inc. and CNX Resources Corp.).<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Richey has served in several business and legal <br> management roles and directorship positions throughout his career. <br> Mr. Richey most recently held the positions of Senior Vice Chancellor and <br> Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as <br> Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and <br> Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey <br> previously served as Chief Legal Officer and Executive Vice President, <br> CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics <br> Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).<br>| $309.32 | $330000 |
| **John S. Walsh**<br> Birth Date: November 28, 1957<br> Trustee<br> Indefinite Term<br> Began serving: January 1999<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; President and Director, Heat Wagon, Inc. (manufacturer of <br> construction temporary heaters); President and Director, Manufacturers <br> Products, Inc. (distributor of portable construction heaters); President, <br> Portable Heater Parts, a division of 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 Vice President, Walsh & Kelly, Inc. (paving contractors).<br>| $281.21 | $300000 |

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**OFFICERS\*** 

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| | |
|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| **Principal Occupation(s) and Previous Position(s)** |
| **Lori A. Hensler**<br> Birth Date: January 6, 1967<br> Treasurer <br> Officer since: April 2013<br>| &nbsp;&nbsp; **Principal Occupations:** Principal Financial Officer and Treasurer of the Federated Hermes Complex; Senior Vice President, <br> Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, <br> Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation.<br> **Previous Positions:** Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors <br> Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, <br> Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services <br> Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., <br> Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd. and Federated MDTA, <br> LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution <br> Services, 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 General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee <br> and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative <br> Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities <br> Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; <br> and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a <br> 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>|

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|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| **Principal Occupation(s) and Previous Position(s)** |
| **Deborah A. Cunningham**<br> Birth Date: September 15, 1959<br> CHIEF INVESTMENT OFFICER<br> Officer since: May 2004<br>| &nbsp;&nbsp; **Principal Occupations:** Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes' money market <br> products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive <br> Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and <br> holds an M.S.B.A. in Finance from Robert Morris College.<br>|
| **Mary Jo Ochson**<br> Birth Date: September 12, 1953<br> CHIEF INVESTMENT OFFICER<br> Officer since: May 2004<br>| &nbsp;&nbsp; **Principal Occupations:** Mary Jo Ochson was named Chief Investment Officer of Federated Hermes' tax-exempt, fixed-income <br> products in 2004 and Chief Investment Officer of Federated Hermes' Tax-Free Money Markets in 2010. She joined Federated <br> Hermes in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. <br> Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University <br> of Pittsburgh.<br>|

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\*

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

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

**DIRECTOR/TRUSTEE EMERITUS PROGRAM** 

The Board has created a position of Director/Trustee Emeritus, whereby an incumbent Director/Trustee who has attained the age of 75 and completed a minimum of five years of service as a director/trustee, may, in the sole discretion of the Committee of Independent Directors/Trustees ("Committee"), be recommended to the full Board of Directors/Trustees of the Fund to serve as Director/Trustee Emeritus.

A Director/Trustee Emeritus that has been approved as such receives an annual fee in an amount equal to a percent of the annual base compensation paid to a 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. 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 of Directors/Trustees each year and will be available to consult with the Committees or its representatives at reasonable times as requested by the Chairman; however, a Director/Trustee Emeritus does not have any voting rights at Board meetings and is not subject to election by shareholders of the Funds.

The Director/Trustee Emeritus will be permitted to serve in such capacity at the pleasure of the Committee, but the annual fee will cease to be paid at the end of the calendar year during which he or she 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** 

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| | | |
|:---|:---|:---|
| **Director/Trustee Emeritus** | **Compensation**<br> **From Trust**<br> **(past fiscal year)**<br>| **Total**<br> **Compensation**<br> **Paid to**<br> **Director/Trustee**<br> **Emeritus**<sup>1</sup> <br>|
| **Peter E. Madden** | $49.88 | $60000.00 |
| **Charles F. Mansfield, Jr.** | $49.88 | $60000.00 |

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*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.*

**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.

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**Committees of the Board** 

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|:---|:---|:---|:---|
| **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> John T. Collins<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<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; &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<br> Maureen Lally-Green<br> Thomas M. O'Neill<br> &nbsp;&nbsp;&nbsp;&nbsp;P. Jerome Richey<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 T. Collins<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough <br> Maureen Lally-Green<br> Thomas M. O'Neill<br> Madelyn A. Reilly<br> &nbsp;&nbsp;&nbsp;&nbsp;P. Jerome Richey<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>| One |

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**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.

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**Board Ownership Of Shares In The Fund And In The Federated Hermes Family Of Investment Companies As Of December 31, 2022** 

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| | | |
|:---|:---|:---|
| **Interested Board**<br> **Member Name**<br>| &nbsp;&nbsp; **Dollar Range of**<br> **Shares Owned in**<br> **Federated Hermes New York** <br> **Municipal Cash Trust**<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 |
| Thomas R. Donahue |  | Over $100,000 |
| **Independent Board**<br> **Member Name**<br>|  |  |
| John T. Collins |  | Over $100,000 |
| G. Thomas Hough |  | Over $100,000 |
| Maureen Lally-Green |  | Over $100,000 |
| Thomas M. O'Neill |  | Over $100,000 |
| Madelyn A. Reilly |  | Over $100,000 |
| P. Jerome Richey |  | Over $100,000 |
| John S. Walsh |  | Over $100,000 |

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\* For the calendar year ended December 31, 2021, each Trustee listed owned in the aggregate over $100,000 in the Federated Hermes Family of Investment Companies.

**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 an investor initiative in partnership with the United Nations Environment Programme Finance Initiative and the United Nations Global Compact. Commitments made as a signatory to the PRI are not legally binding, but are voluntary and aspirational. They include efforts, where consistent with our fiduciary responsibilities, to incorporate environmental, social and corporate governance (ESG) issues into investment analysis and investment decision making, to be active owners and incorporate ESG issues into our ownership policies and practices, to seek appropriate disclosure on ESG issues by the entities in which we invest, to promote acceptance and implementation of the PRI within the investment industry, to enhance our effectiveness in implementing the PRI, and to report on our activities and progress towards implementing the PRI. Being a signatory to the PRI 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 team that conducts long-term, objectives-driven dialogue with board and senior executive level representatives of approximately 1,000 unique issuers annually. It 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.

**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.

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**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.

**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.

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) had 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 where this is market practice; (3) has become overboarded (more than five boards for retired executives and more than two boards for CEOs); (4) is the chair of the nominating or governance committee when the roles of chairman of the board and CEO are combined and there is no lead independent director; (5) served on the compensation committee during a period in which compensation appears excessive relative to performance and peers; or (6) 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: (7) 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; (8) shareholder proposals to declassify the board of directors; (9) shareholder proposals to require a majority voting standard in the election of directors; (10) shareholder proposals to separate the roles of chairman of the board and CEO; (11) a proposal to require a company's audit committee to be comprised entirely of independent directors; and (12) 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 15% of the outstanding stock agree; (2) against proposals to allow shareholders to act by written consent; (3) on a case-by-case basis for proposals to adopt or amend shareholder rights plans (also known as "poison pills"); (4) in favor of shareholder proposals to eliminate supermajority requirements in company bylaws; and (5) 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.

Generally, the Adviser will vote every shareholder proposal of an environmental or social nature on a case-by-case basis. The quality of these shareholder proposals varies widely across markets. Similarly, company disclosures of their business practices related to environmental and social risks are not always adequate for investors to make risk assessments. Thus, the Adviser places great importance on company-specific analyses to determine how to vote. Above all, the Adviser will vote in a manner that would enhance the long-term value of the investment within the framework of the client's investment objectives.

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The Adviser's general approach to analyzing these proposals calls for considering the literal meaning of the written proposal, 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.

On matters of capital structure, generally, the Adviser will vote proxies for U.S. issuers 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%, against proposals to create multiple-class voting structures where one class has superior voting rights to the other classes, in favor of proposals to authorize reverse stock splits unless the amount of authorized shares is not also reduced proportionately. Generally, the Adviser will vote proxies for non-U.S. issuers in favor of proposals to authorize issuance of shares with and without pre-emptive rights unless the size of the authorities would threaten to unreasonably dilute existing shareholders.

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 aligned with the client's long-term investment objectives. With respect to Say On Pay proposals, the Adviser will generally vote in favor unless the compensation 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. The Adviser supports 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.

In some markets, especially Europe, shareholders are provided a vote on the remuneration policy, which sets out the structural elements of a company's executive remuneration 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, total compensation appears excessive relative to the company's industry peer group, with local market dynamics also taken into account; 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.

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.

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.

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 study the proposed business strategies of both groups and vote in a way that maximizes expected total return for the Fund.

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 of time), 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.

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 raises 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. However, 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.

The Adviser will take into account 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. In certain circumstances, primarily those where the Adviser's voting policy is absolute and without exception, issuer feedback will not be part of the voting decision. For example, it is the Adviser's policy to always support a shareholder proposal to separate the roles of chairman of the board and CEO. Thus, any comments from the issuer opposing this proposal would not be considered.

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

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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 Operations Team (PVOT) and overseen by the PVMG. Besides voting the proxies, this work includes engaging with investee companies on corporate governance matters, managing the proxy advisory firm, soliciting voting recommendations from the Adviser's investment professionals, bringing voting recommendations to the Proxy Committee for approval, filing with regulatory agencies any required proxy voting reports, 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 issues related to corporate governance and proxy voting.

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 sometimes call for an investment professional to review the ballot question and provide a voting recommendation to the Proxy Committee (a "case-by-case vote"). 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 in order to cast proxy votes in a manner that the Proxy Committee believes is in accordance with the General Policy. The proxy advisory firm may vote any proxy as directed in the Standard Voting Instructions without further direction from the Proxy Committee. However, if the Standard Voting Instructions require case-by-case handling for a proposal, the PVOT 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 PVOT to analyze a ballot question and make the final voting decision, the PVOT 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 in order 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 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

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circumstances it may be appropriate for the Adviser to vote in the same proportion as all other shareholders, so 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 Advisers' Conflicts of Interest** 

Proxy advisory firms may have significant business relationships with the subjects of their research and voting recommendations. For example, a proxy advisory firm board member also sits on the board of a public company for which the proxy advisory firm will write a research report. This and similar situations give rise to an actual or apparent conflict of interest.

In order to avoid concerns that the conflicting interests of the engaged proxy advisory firm have influenced 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 the proxy advisory firm on an annual basis and determine through a review of their policies and procedures and through inquiry that the proxy advisory firm has established a system of internal controls that provide reasonable assurance that their voting recommendations are not influenced by the business relationships they have with the subjects of their research.

◾ Whenever the standard voting guidelines call for voting a proposal in accordance with the proxy advisory firm recommendation and the proxy advisory firm has disclosed that they have a conflict of interest with respect to that issuer, the PVOT will take the following steps: (a) the PVOT will obtain a copy of the research report and recommendations published by another proxy advisory firm for that issuer; (b) the Director of Proxy Voting, or his designee, will review both the engaged proxy advisory firm research report and the research report of the other proxy advisory firm and determine what vote will be cast. The PVOT will report all proxies voted in this manner to the Proxy Committee on a quarterly basis. Alternatively, the PVOT 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 FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

**Portfolio Holdings Information** 

Information concerning the Fund's portfolio holdings is available via the link to the Fund and share class name at FederatedInvestors.com/FundInformation. Such information is posted on the website five business days after both mid-month and month-end then remains posted on the website 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 until replaced by the information for the succeeding month. The summary portfolio composition information may include identification of the Fund's top 10 credit/obligor exposures, weighted average maturity, weighted average life and percentage breakdowns of the portfolio by effective maturity range and type of security. The Fund's WAM and WAL, Shadow NAV (market-based value of the Fund's portfolio), Weekly Liquid Assets and Daily Flows are posted every business day and remain posted on the website for six months thereafter.

You may also access portfolio information via the link to the Fund and share class name at FederatedInvestors.com. The Fund's Annual Shareholder Report and Semi-Annual Shareholder Report contain complete listings of the Fund's portfolio holdings as of the end of the Fund's second and fourth fiscal quarters. These reports are also available on the SEC's website at sec.gov.

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The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

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.

**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.

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| | |
|:---|:---|
| **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 |

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**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** 

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| | | | |
|:---|:---|:---|:---|
| **For the Year Ended October 31** | **2022** | **2021** | **2020** |
| Advisory Fee Earned | $818481 | $1121854 | $1616475 |
| Advisory Fee Waived | $606919 | $1084807 | $1019172 |
| Net Administrative Fee | $214429 | $293225 | $422248 |
| **Net 12b-1 Fee:** |  |  |  |
| Service Shares | $23185 | $488103 | $70112 |
| Cash II Shares | $7671 | $20458 | $15757 |
| Cash Series Shares | $65952 | $191271 | $73075 |
| **Net Shareholder Services Fee:** |  |  |  |
| Service Shares | $94481 | $487274 | $266137 |
| Cash II Shares | $7604 | $20440 | $15095 |
| Cash Series Shares | $19732 | $79648 | $29870 |

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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 Fund does not participate in a securities lending program and did not engage in any securities lending activities during the Fund's most recent fiscal year.

[Financial Information](https://www.sec.gov/Archives/edgar/data/856517/000162363222001581/0001623632-22-001581-index.htm)

The Financial Statements for the Fund for the fiscal year ended October 31, 2022, are incorporated herein by reference to the Annual Report to Shareholders of Federated Hermes New York Municipal Cash Trust dated October 31, 2022.

Investment Ratings

**STANDARD & POOR'S (S&P) RATINGS** 

**S&P MUNICIPAL SHORT-TERM Note RATINGS** 

An S&P note rating reflects the liquidity factors and market access risks unique to notes.

**SP-1**—Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2**—Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3**—Speculative capacity to pay principal and interest.

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**S&P DUAL RATINGS** 

S&P may assign dual ratings to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, 'AAA/A-1+' or 'A-1+/A-1'). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, 'SP-1+/A-1+'). The definitions for the long-term and the short-term ratings are provided below.

**S&P SHORT-TERM ISSUE CREDIT RATINGS** 

**A-1**—A short-term obligation rated "A-1" is rated the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2**—A short-term obligation rated "A-2" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3**—A short-term obligation rated "A-3" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely weaken an obligor's capacity to meet its financial commitments on the obligation.

**S&P LONG-TERM ISSUE CREDIT RATINGS\*** 

**\* Ratings from 'AA' to 'A' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.** 

**AAA**—An obligation rated "AAA" has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA**—An obligation rated "AA" differs from the highest rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A**—An obligation rated "A" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB**—An obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**MOODY'S INVESTORS SERVICE, INC. (MOODY'S) RATINGS** 

**Moody's SHORT-TERM MUNICIPAL OBLIGATION RATINGS** 

Moody's short-term ratings are designated Moody's Investment Grade (MIG or VMIG). (See below.) The purpose of the MIG or VMIG ratings is to provide investors with a simple system by which the relative investment qualities of short-term obligations may be evaluated.

The Municipal Investment Grade (MIG) scale is used to rate US municipal bond anticipation notes of up to five years maturity. Municipal notes rated on the MIG scale may be secured by either pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity of the obligation, and the issuer's long-term rating is only one consideration in assigning the MIG rating.

**MIG 1**—This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support or demonstrated broad based access to the market for refinancing.

**MIG 2**—This designation denotes strong credit quality. Margins of protection are ample although not as large as in the preceding group.

**MIG 3**—This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

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**MOODY'S VARIABLE RATE DEMAND NOTES (VRDNs) AND TENDER OPTION BONDS (TOBs) RATINGS** 

Short-term ratings on issues with demand features are differentiated by the use of the VMIG symbol to reflect such characteristics as payment upon periodic demand rather than fixed maturity dates and payment relying on external liquidity. In this case, two ratings are usually assigned, (for example, Aaa/VMIG-1); the first representing an evaluation of risk associated with scheduled principal and interest payments, and the second representing an evaluation of risk associated with the ability to receive purchase price upon demand ("demand feature"). The VMIG rating can be assigned a 1 or 2 designation using the same definitions described above for the MIG rating.

**VMIG 1**—This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

**VMIG 2**—This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

**VMIG 3**—This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

**MOODY'S COMMERCIAL PAPER (CP) RATINGS** 

**P-1**—Issuers (or supporting institutions) rated P-1 have a superior ability to repay short-term debt obligations.

**P-2**—Issuers (or supporting institutions) rated P-2 have a strong ability to repay short-term debt obligations.

**P-3**—Issuers (or supporting institutions) rated P-3 have an acceptable ability to repay short-term obligations.

**MOODY'S LONG-TERM DEBT RATINGS** 

**Aaa**—Obligations rated "Aaa" are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa**—Obligations rated "Aa" are judged to be of high quality and are subject to very low credit risk.

**A**—Obligations rated "A" are judged to be upper-medium grade and are subject to low credit risk.

**Baa**—Obligations rated "Baa" are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**FITCH RATINGS, INC. (FITCH)** 

**FITCH SHORT-TERM DEBT RATINGS** 

**F1**—Indicates the strongest capacity for timely payment of financial commitments relative to other issuers or obligations in the same country. Under the agency's National Rating scale, this rating is assigned to the lowest default risk relative to others in the same country or monetary union. Where the liquidity profile is particularly strong, a "+" is added to the assigned rating.

**F2**—Indicates a good capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union. However, the margin of safety is not as great as in the case of the higher ratings.

**F3**—Indicates an adequate capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

**FITCH LONG-TERM DEBT RATINGS** 

**AAA**—**Highest credit quality.** "AAA" ratings denote the lowest expectation of default risk. They are assigned only in case of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA**—**Very high credit quality.** "AA" ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A**—**High credit quality.** "A" ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB**—**Good credit quality.** "BBB" ratings indicate that expectations of a default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

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**DBRS, INC. (DBRS**<sup>®</sup>**) RATINGS** 

**DBRS SHORT-TERM DEBT AND COMMERCIAL PAPER RATINGS** 

The DBRS short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner.

**R-1 (high)**—Highest credit quality. The capacity for the payment of short-term financial obligations as they fall due is exceptionally high. Unlikely to be adversely affected by future events.

**R-1 (middle)**—Superior credit quality. The capacity for payments of short-term financial obligations as they fall due is very high. Differs from R-1 (high) by a relatively modest degree. Unlikely to be significantly vulnerable to future events.

**R-1 (low)**—Good credit quality. The capacity for the payment of short-term financial obligations as they fall due is substantial. Overall strength is not as favorable as higher rating categories. May be vulnerable to future events, but qualifying negative factors are considered manageable.

**R-2 (high)**—Upper end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events.

**R-2 (middle)**—Adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be exposed to other factors that could reduce credit quality.

**R-2 (low)**—Lower end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. A number of challenges are present that could affect the issuer's ability to meet such obligations.

**R-3**—Lowest end of adequate credit quality. There is a capacity for the payment of short-term financial obligations as they fall due. May be vulnerable to future events and the certainty of meeting such obligations could be impacted by a variety of developments.

**DBRS LONG-TERM DEBT RATINGS** 

The DBRS long-term rating scale provides an opinion on the risk of default. That is, the risk that an issuer will fail to satisfy its financial obligations in accordance with the terms under which an obligations has been issued.

**AAA**—Highest quality credit. The capacity for the payment of financial obligations is exceptionally high and unlikely to be adversely affected by future events.

**AA**—Superior credit quality. The capacity for the payment of financial obligations is considered high. Credit quality differs from AAA only to a small degree. Unlikely to be significantly vulnerable to future events.

**A**—Good credit quality. The capacity for the payment of financial obligations is substantial, but of lesser credit quality than AA. May be vulnerable to future events, but qualifying negative factors are considered manageable.

**BBB**—Adequate credit quality. The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events.

**High or low** grades are used to indicate the relative standing of a credit within a particular rating category. The absence of one of these designations indicates the rating is in the middle of the category. Note that "high" and "low" grades are not used for the AAA category.

**NOT RATED** 

Certain nationally recognized statistical rating organizations (NRSROs) such as S&P and Moody's may designate certain issues as NR, meaning that the issue or obligation is not rated.

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Addresses

**Federated Hermes New York Municipal Cash Trust** 

**Wealth Shares**

**Service Shares**

**Cash II Shares**

**Cash Series 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

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Appendix A

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

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

Ernst & Young LLP

**LEGAL COUNSEL** 

Goodwin Procter LLP

K&L Gates LLP

**Financial Printer(S)** 

Donnelley Financial Solutions

**Proxy Voting Administrator** 

Glass Lewis & Co., LLC

**SECURITY PRICING SERVICES** 

Bloomberg L.P.

IHS Markit (Markit North America)

ICE Data Pricing & Reference Data, LLC

JPMorgan PricingDirect

Refinitiv US Holdings Inc.

**RATINGS AGENCIES** 

Fitch, Inc.

Moody's Investors Service, Inc.

Standard & Poor's Financial Services LLC

**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 Merrill Lynch

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

Sustainalytics U.S. Inc.

Wolters Kluwer N.V.

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Appendix B - New York State Risk

**STATE SPECIFIC INFORMATION** 

***Risks of Concentration.*** The following information as to certain state specific considerations is given to investors in view of the Fund's policy of concentrating its investments in particular state issuers. Such information supplements the information in the prospectus. It is derived from sources that are generally available to investors and is believed to be accurate. Such information constitutes only a brief summary, does not purport to be a complete description and is based on information from official statements relating to securities offerings of issuers of each particular state. The Trust has not independently verified this information.

The following describes economic conditions which may not continue and could change materially. There can be no assurance that particular bond issues may not be adversely affected by changes in economic, political or other conditions.

**NEW YORK** 

*Information as of February 1, 2023* 

**State Economy** 

The State of New York (the "State" or "New York") is the fourth most populous state in the nation and has a relatively high level of personal wealth. The State's economy is diverse, with a comparatively large share of the nation's financial activities, information, education, and health services employment, and a small share of the nation's farming and mining activity. The State's location, air transport facilities, and natural harbors have made it an important hub for international commerce. Travel and tourism constitute an important part of the economy. Like the rest of the nation, New York has a declining proportion of its workforce engaged in manufacturing, and an increasing proportion engaged in service industries. Construction accounts for a smaller share of employment for the State than for the nation, while the combined service industries account for a larger share. The share of total wages originating in the financial activities sector is particularly large for the State relative to the nation. Thus, the State is likely to be less affected than the nation during an economic recession concentrated in manufacturing and construction but likely to be more affected by any economic downturn concentrated in the services sector. New York City (the "City") has the highest population of any city in the nation and is the center of the nation's largest metropolitan area. The City accounts for a large percentage of the State's residents and personal income.

The discussion that follows regarding the status of the U.S. and State economies is primarily based on information published by the State Division of the Budget ("DOB") no later than February 2023. All predictions and past performance information regarding the U.S. and State economies contained in this subsection were made on or before that date even though they may be stated in the present tense and may no longer be accurate. You are also encouraged to read, in conjunction with this description of the State economy, the "New York City Economy" subsection of this "State Specific Information–New York" section of this SAI, which presents some of the City Office of Management and Budget ("OMB") projections regarding the economy.

As of June 2022, according to the advance estimate released by the Bureau of Economic Analysis, U.S. real Gross Domestic Product ("GDP") decreased at an annual rate of 1.5 percent in the first quarter of 2022, a reversal from the strong growth of 6.9 percent in the fourth quarter of 2021. This decline was driven by a large 3.2 percentage point drag from net exports, a 1.1 percentage point hit from inventories, and a negative 0.5 percentage point contribution from government spending as Federal fiscal support waned. U.S. real GDP is projected to grow by 1.1 percent in 2023, following growth of 1.8 percent in 2022.

New York State's employment recovery experienced a slowdown during the first eight months of 2022, partly due to four-decade-high inflation, the stock market's poor performance, and the Federal Reserve's aggressive rate hikes. Despite these challenges, the State continued to progress in its economic recovery from the global pandemic. Looking forward, additional rate hikes, the growing likelihood of a global economic recession, and the lingering ill effects of the pandemic represent significant economic headwinds for the State.

The most recent release of Current Employment Statistics ("CES") data for New York State showed a monthly average of 25,600 jobs added during the first nine months of 2022, compared to 54,200 in the fourth quarter of 2021. The weaker-than-anticipated jobs growth reported in the CES data, the further anticipated rate hikes by the Federal Reserve, and the growing risk of a national recession are expected to drag employment growth lower. The State's overall employment is estimated to grow by 4.2 percent in 2022 and only 0.8 percent in 2023.

Although the nation had recovered all of its pandemic-related job losses by August 2022, the State had recovered only 83.8 percent of its losses as of September 2022. This difference is partly attributed to New York City and the unique challenges large and densely populated metropolitan areas face in the wake of the pandemic. These challenges include the City's extraordinary concentration of high-skilled/high-income workers and business professionals, which have a high potential for

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remote work. As a result, New York State experienced a net population loss during the pandemic, which shrank the size of the State's workforce. Additionally, the City's tourism and business travel remain well below their pre-pandemic levels. These factors—in conjunction with the slowing global growth—result in the State not being expected to surpass its pre-pandemic employment level on the current forecast for several years.

The State faces many of the same risks as the United States. The Federal Reserve could be overly aggressive in monetary tightening to rein in inflation and bring about a recession. As the nation's financial capital, the New York State economy has significant exposure to the volume of financial market activity and the volatility in equity markets. Moreover, the persistence of supply-chain disruptions and Russia's prolonged war in Ukraine could add further upward pressure to inflation. Either of these factors could increase the equity market's volatility and contribute to layoffs and lower bonuses, slowing overall wage growth. More locally, the ongoing persistence of telework, the continued relocation of urban-based workers outside of the State, and the decline in State population remain long-run downside risks to total wages and employment. Likewise, international tourism remains well below its pre-pandemic level, and a strong dollar could slow the recovery in sectors that rely on tourism spending. Finally, New York State and the nation remain vulnerable to consumers' and businesses' reluctance to return to pre-pandemic norms—especially spending patterns in service-oriented industries.

New York State faces some upside risks, including the potential for a more rapid and substantial return to an in-office working environment—especially in densely populated urban areas like New York City. This shift could propel stronger growth through higher output and employment in office support services, including facilities support services, business support services, office administrative support services, eating and drinking establishments, and other consumer service-based establishments. A sooner-than-expected lift up of the COVID-19 lockdown by other countries can also bring more tourists to the State, which helps the recovery of the leisure and hospitality sector. Additionally, a swifter-than-anticipated end to Russia's war in Ukraine could ease energy prices and the associated supply chain disruptions, benefiting the New York State economy.

There can be no assurance that the State economy will not experience results worse than those predicted in the current fiscal year or subsequent fiscal years, with related material and adverse effects on the State's estimates of receipts and disbursements.

**State Budget** 

Each year, the Governor is required to provide the State Legislature with a balanced executive budget which constitutes the proposed State financial plan for the ensuing fiscal year. The State's fiscal year for 2022 ended on March 31, 2022 (the "2022 fiscal year"). The State's fiscal year for 2023 runs from April 1, 2022 to March 31, 2023 (the "2023 fiscal year"). The Governor submitted the Governor's Executive Budget Financial Plan for the 2023 Fiscal Year, as amended (the "2023 Budget"), to the State's legislature in February 2022. The 2023 Budget was adopted on April 9, 2022. The State budget is required to be balanced on a cash basis, which is the DOB's primary focus in preparing and implementing the State financial plan. State finance law also requires the State financial plan be presented for informational purposes on a generally accepted accounting principles ("GAAP") basis. The GAAP-basis plans follow, to the extent practicable, the accounting principles applied by the Office of the State Comptroller ("OSC") in preparation of the annual financial statements. In practice, this means the GAAP-basis financial plans reflect the accrual methodology and fund classification rules used by OSC.

The DOB issued the 2023 Budget Financial Plan in May 2022, which sets forth the State's official financial projections for fiscal years 2023 through 2027. The DOB also issued the Annual Information Statement, dated June 29, 2022 (the "2023 AIS") and the Mid-Year Update to the Financial Plan for fiscal year 2023 in November 2022 (the "2023 AIS Update").

In the 2023 AIS Update, excluding the Pass-Through Entity Tax ("PTET") reserve for the timing of PTET/Personal Income Tax credits and the reserve for extraordinary monetary settlements to fund existing commitments and projects, DOB estimates the General Fund will end fiscal year 2023 with a balance of $19.6 billion, an increase of $4.8 billion over fiscal year 2022. Principal reserves are expected to increase by $5.1 billion — $3.1 billion in statutory Rainy Day Reserves and $2.0 billion set aside for economic uncertainties. The balance available for all other purposes is expected to decrease by $299 million. The change is due to the combination of amounts used to fund new commitments, including pandemic relief and recovery assistance, in the fiscal year 2023 Enacted Budget and available for fiscal year 2024 operations ($1.6 billion), which are partly offset by increased set-asides for debt management and labor settlements ($1.3 billion).

**Fiscal Year 2023** 

The budget forecasts are based on assumptions of economic performance, revenue collections, spending patterns and projections of the costs of program activities. There can be no guarantee that the State's financial position will not change materially and adversely from current projections. If this were to happen, the State would be required to take additional gap-closing actions, such as decreases in State agency operations; delays or decreases in payments to local governments or other

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recipients of State aid; delays in or suspension of capital maintenance and construction; extraordinary financing of operating expenses; and use of non-recurring resources. In some cases, the ability of the State to implement these actions requires the approval of the Legislature and cannot be implemented solely by the Governor. See also the discussion below in the "Special Considerations" subsection of this "State Specific Information—New York" section of this SAI.

**Potential Long-Term Risks to the 2023 Budget from COVID-19 Pandemic** 

Important State revenue sources, including personal income, consumption, and business tax collections, may be adversely affected by the long-term impact of COVID-19 on a range of activities and behaviors, including commuting patterns, remote working and education, business activity, social gatherings, tourism, public transportation, and aviation. It is not possible to assess or forecast the effects of such changes at this time.

For example, the COVID-19 pandemic has led to changes in the behavior of resident and nonresident taxpayers. Consistent with the growth in remote work arrangements, many residents and non-residents are no longer commuting into New York City and instead are working remotely from home offices. However, under long-standing State policy, a non-resident working from home pays New York income taxes on wages from a New York employer unless that employer has established the non-resident's home office as a bona fide office of the employer.

The COVID-19 pandemic also led some New York residents to shelter in locations outside of the State. In addition, some taxpayers who previously resided in New York have permanently relocated outside of the State during the pandemic. The State continues to monitor the data to understand whether these trends are transitory.

There can be no assurance that existing and future COVID-19 variants will not adversely impact the State's financial condition. State officials continue to closely monitor global COVID-19 impacts and emerging Federal guidance.

**Special Considerations** 

The 2023 Budget is subject to economic, social, financial, political, public health, and environmental risks and uncertainties, many of which are outside the ability of the State to predict or control. DOB asserts that the projections of receipts and disbursements in the 2023 Budget are based on reasonable assumptions at the time they were prepared, including the condition of the State and national economies, and provides no assurance that results will not differ materially and adversely from these projections.

Uncertainties and risks that may affect economic and receipts forecasts include, but are not limited to, national and international events; inflation; consumer confidence; commodity prices; major terrorist events, hostilities or war; climate change and extreme weather events; severe epidemic or pandemic events; cybersecurity threats; Federal funding laws and regulations; financial sector compensation; monetary policy affecting interest rates and the financial markets; credit rating agency actions; financial and real estate market developments which may adversely affect bonus income and capital gains realizations; technology industry developments and employment; effect of household debt on consumer spending and State tax collections; and outcomes of litigation and other claims affecting the State.

The 2023 Budget is subject to various uncertainties and contingencies including, but not limited to, wage and benefit increases for State employees that exceed projected annual costs; changes in the size of the State's workforce; realization of the projected rate of return for pension fund asset assumptions with respect to wages for State employees affecting the State's required pension fund contributions; the willingness and ability of the Federal government to provide the aid projected in the 2023 Budget; the ability of the State to implement cost reduction initiatives, including reductions in State agency operations, and the success with which the State controls expenditures; unanticipated growth in Medicaid program costs; and the ability of the State and its public benefit corporations or public authorities ("Authorities") to issue securities successfully in public credit markets. The projections and assumptions contained in the 2023 Budget are subject to revisions which may result in substantial changes. No assurance can be given that these estimates and projections, which depend in part upon actions the State expects to be taken but which are not within the State's control, will be realized.

The 2023 Budget forecast assumes various transactions will occur as planned including, but not limited to, receipt of certain payments from Authorities; receipt of revenue sharing payments under the Tribal-State Compacts; receipt of Federal COVID-19 emergency assistance and other Federal aid as projected; receipt of miscellaneous revenues at the levels set forth in the 2023 Budget; and achievement of cost-saving measures including, but not limited to, transfer of available fund balances to the General Fund at levels currently projected and Federal approvals necessary to implement the Medicaid savings actions. Such assumptions, if they were not to materialize, could adversely impact the 2023 Budget in the current year or future years, or both.

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Climate change poses significant long-term threats to physical, biological and economic systems in New York and around the world. Potential hazards and risks related to climate change for the State include, among other items, rising sea levels, increased coastal flooding and related erosion hazards, intensifying storms, and more extreme heat. The potential effects of climate change could adversely impact the State's budgets in current or future years. The DOB expects that to mitigate and manage these impacts, significant long-term planning and investments by the Federal government, State, municipalities, and public utilities will be needed to adapt existing infrastructure to climate change risks.

Storms affecting the State, including Hurricane Ida (September 2021), Superstorm Sandy (October 2012), Tropical Storm Lee (September 2011), and Hurricane Irene (August 2011) have demonstrated vulnerabilities in the State's infrastructure (including mass transit systems, power transmission and distribution systems, and other critical lifelines) to extreme weather driven events, including coastal flooding caused by storm surges and flash floods from rainfall.

The State continues to recover from damage sustained during these powerful storms. The frequency and intensity of these storms present economic and financial risks to the State. The State's reimbursement claims for costs of the immediate response, recovery, and future mitigation efforts continue, largely supported by Federal funds. In January 2013, the Federal government approved approximately $60 billion in nationwide Federal disaster aid in response to Superstorm Sandy for general recovery, rebuilding, and mitigation activity in New York and other states. The State and its localities have committed $28.9 billion to repairing impacted homes and businesses, restoring community services, and mitigating future storm risks.

The Federal government influences the economy and budget of the State through grants, direct spending on its own programs such as Medicare and Social Security, and through Federal tax policy. Federal policymakers may place conditions on grants, mandate certain state actions, preempt State laws, change State and local tax bases and taxpayer behavior through tax policies, and influence industries through regulatory action. Federal resources support vital services such as health care, education, transportation, as well as severe weather and emergency response and recovery. The amount and composition of Federal funds received by the State have changed over time because of legislative and regulatory actions at the Federal level and will likely continue to change over the 2023 Budget period. The 2023 Budget may also be adversely affected by other Federal government actions including audits, disallowances, and changes to Federal participation rates or other Medicaid rules. Any reductions in Federal aid could have a materially adverse impact on the 2023 Budget. Notable areas with potential for changes in Federal funding include health care and human services.

Previously, the State had enacted legislation that suspended certain provisions of the Debt Reform Act of 2000 ("Debt Reform Act") for 2021 fiscal year and 2022 fiscal year bond issuances as part of the State response to the COVID-19 pandemic. Accordingly, any State-supported debt issued in the 2021 fiscal year and 2022 fiscal year is not limited to capital purposes and is not counted towards the statutory caps on debt outstanding and debt service. Following this temporary two year suspension as a result of the COVID-19 pandemic, the provisions of the Debt Reform Act were reinstated for State-supported debt issued in FY 2023 and beyond. One limited exception to the Debt Reform Act remains for issuances undertaken by the State for Metropolitan Transportation Authority ("MTA") capital projects which may be issued with maximum maturities longer than 30 years. This change allows bonds to be issued over the full useful life of the assets being financed, subject to Federal tax law limitations, and is consistent with the rules that would have been in effect if the projects had been directly financed by the MTA. Current projections anticipate that State-supported debt outstanding and State-supported debt service will continue to remain below the limits imposed by the Debt Reform Act, in part reflecting the statutory suspension of the debt caps during the 2021 fiscal year and 2022 fiscal year.

Based on the most recent personal income and debt outstanding forecasts, the available debt capacity under the debt outstanding cap is expected to decline from $19.1 billion in fiscal year 2022 to a low point of $355 million in fiscal year 2027. This calculation excludes all State-supported debt issuances in fiscal year 2021 and fiscal year 2022 but includes the estimated impact of the COVID-19 pandemic on personal income calculations and of funding increased capital commitment levels with State bonds after fiscal year 2022. The debt service on State-supported debt issued after April 1, 2000, and subject to the statutory cap is projected at $3.9 billion in fiscal year 2023, or roughly $6.9 billion below the statutory debt service limit. The State may adjust capital spending priorities and debt financing practices from time to time to preserve available debt capacity and stay within the statutory limits, as events warrant.

A Federal government default on payments, particularly for a prolonged period, could have a materially adverse effect on national and state economies, financial markets, and intergovernmental aid payments. Specific effects on the 2023 Budget resulting from a future Federal government default are unknown and impossible to predict. However, data from past economic downturns suggests that the State's revenue loss could be substantial if there was an economic downturn due to a Federal default.

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A payment default by the Federal government may also adversely affect the municipal bond market. Municipal issuers, including the State and its public authorities and localities, could face higher borrowing costs and impaired access to capital markets. This would jeopardize planned capital investments in transportation infrastructure, higher education facilities, hazardous waste remediation, environmental projects, and economic development projects. Additionally, the market for and market value of outstanding municipal obligations, including municipal obligations of the State and its public authorities, could be adversely affected.

The State's localities rely in part on State aid to balance their budgets and meet their cash requirements. As such, unanticipated financial need among localities can adversely affect the State's 2023 Budget projections. The wide-ranging economic, health, and social disruptions caused by COVID-19 adversely affected the City and surrounding localities. Localities outside the City, including cities and counties, have also experienced financial problems, and have been allocated additional State assistance during the last several State fiscal years. In 2013, the Financial Restructuring Board for Local Governments was created to aid distressed local governments. The Restructuring Board performs comprehensive reviews and provides grants and loans on the condition of implementing recommended efficiency initiatives.

Successful implementation of the 2023 Budget is dependent on the State's ability to market bonds. The State finances much of its capital spending, in the first instance, from the General Fund or Short Term Investment Pool ("STIP"), which it then reimburses with proceeds from the sale of bonds. An inability of the State to sell bonds or notes at the level or on the timetable it expects could have a material and adverse impact on the State's financial position and the implementation of its capital plan. The success of projected public sales of municipal bonds is subject to prevailing market conditions and related ratings issued by national credit rating agencies, among other factors. The outbreak of COVID-19 in the United States temporarily disrupted the municipal bond market in 2020, and the emergence of future variants could further disrupt the municipal bond market. In addition, future developments in the financial markets, including possible changes in Federal tax law relating to the taxation of interest on municipal bonds, may affect the market for outstanding State-supported and State-related debt.

**Recent State Fiscal Years** 

As reflected in the 2023 AIS, the State ended fiscal year 2022 with a General Fund balance of $33.1 billion, an increase of $23.9 billion from fiscal year 2021 results. A large share of the higher balance reflects $16.4 billion in PTET collections and $1.1 billion in eligible public safety payroll expenses moved to the Federal Coronavirus Relief Fund, partly offset by prepayments and advances totaling $9 billion. Excluding these transactions, the General Fund ended March 2022 with a balance of $24.4 billion, an increase of $15.3 billion from fiscal year 2021 results.

**Debt Levels, Ratings and Outstanding Debt** 

The State's debt levels are typically measured by DOB using two categories: State-supported debt and State-related debt. State-supported debt represents obligations of the State that are paid from traditional State resources (i.e., tax revenue) and have a budgetary impact. It includes general obligation ("GO") debt, to which the full faith and credit of the State has been pledged, and lease purchase and contractual obligations of Authorities and municipalities, where the State's legal obligation to make payments to those Authorities and municipalities is subject to and paid from annual appropriations made by the legislature. These include the State PIT Revenue Bond program and the State Sales Tax Revenue Bond program. The State's debt reform caps on debt outstanding and debt service apply to State-supported debt.

State-related debt is a broader measure of State debt which includes all debt that is reported in the State's GAAP-basis financial statements, except for unamortized premiums and accumulated accretion on capital appreciation bonds. These financial statements are audited by external independent auditors and published by OSC on an annual basis. The debt reported in the GAAP-basis financial statements includes GO debt, other State-supported debt as defined in the State Finance Law, certain debt of the Municipal Bond Bank Agency issued to finance prior year school aid claims and capital leases and mortgage loan commitments. In addition, State-related debt reported by DOB includes State-guaranteed debt, moral obligation financings and certain contingent-contractual obligation financings, where debt service is paid from non-State sources in the first instance, but State appropriations are available to make payments if necessary. These numbers are not reported as debt in the State's GAAP-basis financial statements.

State Operating Funds debt service is projected to be $7.6 billion in fiscal year 2023, of which $290 million is paid from the General Fund and $7.3 billion is paid from other State funds supported by dedicated tax receipts. The fiscal year 2023 Budget authorizes short-term financing for liquidity purposes during the fiscal year.

In fiscal year 2023, debt issuances totaling $8.5 billion are planned to finance new capital spending, a decrease of $525 million (5.8 percent) from fiscal year 2022. The decrease is mainly attributable to the one-time issuance of State-supported debt to refinance all of the then outstanding Sales Tax Asset Receivable Corporation ("STARC") and Secured Hospitals Bonds in fiscal year 2022. Additionally, the 2023 Budget assumes that the State's contributions to the MTA capital plans will be funded by the State-supported bonds on an ongoing basis, which is consistent with the approach used in fiscal 2022.

**37**

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The bond issuances are expected to finance capital commitments for economic development and housing ($1.9 billion), education ($1.4 billion), the environment ($850 million), health and mental hygiene ($754 million), State facilities and equipment ($503 million), and transportation ($3.2 billion).

Over the next five years, new debt issuances are projected to total $44.5 billion. New issuances are expected for economic development and housing ($10.0 billion), education facilities ($7.0 billion), the environment ($4.4 billion), mental hygiene and health care facilities ($3.9 billion), State facilities and equipment ($2.6 billion), and transportation infrastructure ($16.4 billion).

The major rating agencies—Fitch, Kroll, Moody's, and S&P—have assigned the State general credit ratings of AA+, AA+, Aa1, and AA+, respectively. The rating agencies have started to recognize the State's economic recovery from the COVID-19 pandemic, which affected the State's credit outlook. Ratings reflect only the respective views of such organizations, and an explanation of the significance of such ratings may be obtained from the rating agency that furnished the rating. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely, if in the judgment of the agency originally establishing the rating, circumstances so warrant. Any such downward revision or withdrawal could have an adverse effect on the market prices of the State GO bonds.

**State Retirement Systems** 

State employees become eligible for post-employment benefits (e.g., health insurance) if they reach retirement while working for the State, are enrolled in either the New York State Health Insurance Program ("NYSHIP") or the NYSHIP opt-out program at the time they reach retirement, and have the required years of eligible service.

The State and Local Retirement Systems ("Systems") provide pension benefits to public employees of the State and its localities (except employees of the City and public school teachers and administrators, who are covered by separate public retirement systems). The State Constitution considers membership in any State pension or retirement system to be a contractual relationship, the benefits of which shall not be diminished or impaired.

The State paid off all outstanding amortizations under the Contribution Stabilization Program on March 29, 2021 for non-Judiciary and on October 1, 2021 for Judiciary. The total State payment (including Judiciary) due to the Systems for the 2022 fiscal year is approximately $2.247 billion. The State has opted not to amortize under the Contribution Stabilization Program and has paid the March 1, 2022 invoice in full.

The estimated total State payment (including Judiciary) for the 2023 fiscal year is approximately $1.950 billion. Multiple prepayments (including interest credit) have reduced the estimated total to approximately $20 million.

**Litigation** 

The State is a party to numerous legal proceedings, many of which normally occur in governmental operations. The State is involved in certain other legal proceedings that, if decided against the State, might require the State to make significant future expenditures or substantially impair future revenue sources. Because of the prospective nature of these proceedings, it is not possible to predict their outcome or estimate the potential impact on the ability of the State to pay debt service costs on its obligations.

**Authorities: General** 

Authorities are not subject to the constitutional restrictions on the incurrence of debt that apply to the State itself and they may issue bonds and notes within the amounts and restrictions set forth in legislative authorization. Certain Authorities issue bonds under two of the three primary State credits - PIT Revenue Bonds and Sales Tax Revenue Bonds. The State's access to the public credit markets through bond issuances constituting State-supported or State-related debt issuances by certain of its Authorities could be impaired and the market price of the outstanding debt issued on its behalf may be materially and adversely affected if any of these Authorities were to default on their respective State-supported or State-related debt issuances.

The State has numerous Authorities with various responsibilities, including those which finance, construct and/or operate revenue-producing public facilities. These entities generally pay their own operating expenses and debt service costs on their notes, bonds or other legislatively authorized financing structures from revenues generated by the projects they finance or operate, such as tolls charged for the use of highways, bridges or tunnels; charges for public power, electric and gas utility services; tuition and fees; rentals charged for housing units; and charges for occupancy at medical care facilities. Since the State has no actual or contingent liability for the payment of this type of public authority indebtedness, it is not classified as either State-supported debt or State-related debt. Some Authorities, however, receive monies from State appropriations to pay for the operating costs of certain programs.

**38**

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There are statutory arrangements that, under certain circumstances, authorize State local assistance payments that have been appropriated in a given year and are otherwise payable to localities to be made instead to the issuing Authorities in order to secure the payment of debt service on their revenue bonds and notes. However, in honoring such statutory arrangements for the redirection of local assistance payments, the State has no constitutional or statutory obligation to provide assistance to localities beyond amounts that have been appropriated therefor in any given year.

As of December 31, 2021 (with respect to the New York Job Development Authority, as of March 31, 2021), there were 16 Authorities with outstanding debt of $100 million or more, and the aggregate outstanding debt, including refunding bonds, was approximately $220 billion, only a portion of which constitutes State-supported or State-related debt.

**Metropolitan Transportation Authority** 

The State is directly contributing $9.1 billion to the MTA's 2015-19 capital plan and $3 billion to the MTA's 2020-24 capital plan. These State commitment levels represent substantial increases from the funding levels for prior MTA capital plans (2010-2014: $770 million; 2005-2009: $1.45 billion). In addition, a substantial amount of new funding to the MTA was authorized in the 2020 fiscal year enacted budget as part of a comprehensive reform plan expected to generate an estimated $25 billion in financing for the MTA's 2020-2024 capital plan.

The pandemic caused severe declines in MTA ridership and traffic in 2020, and ridership remains significantly below pre-pandemic levels. To offset operating losses to MTA's financial plan from the estimated fare, toll, and dedicated revenue loss attributable to COVID-19, the MTA received significant Federal operating aid from the Coronavirus Aid, Relief, and Economic Security Act ("CARES") Act ($4 billion) and the Coronavirus Response and Relief Supplemental Appropriations ("CRRSA") Act ($4.1 billion), and the American Rescue Plan ("ARP") Act of 2021 (estimated $7 billion). The MTA also borrowed $2.9 billion through the Federal Reserve's Municipal Liquidity Facility ("MLF").

In the 2023 fiscal year, the State plans to provide $7.4 billion in operating aid to mass transit systems, including $2.8 billion from the direct remittance of various dedicated taxes and fees to the MTA that do not flow through the State's financial plan, as well as $244 million from a State supplement to the Payroll Mobility Tax collections. The MTA, the nation's largest transit and commuter rail system, is scheduled to receive $6.6 billion (approximately 90 percent) of the State's mass transit aid.

The State has taken action to address MTA financing issues that arose during the pandemic. Specifically, the pandemic adversely affected credit ratings on MTA Transportation Revenue Bonds, the MTA's primary credit program, which increased the cost of borrowing for the MTA. As a result, the State has issued PIT revenue bonds since the start of fiscal year 2021 to fund $4.8 billion of the State's portion of the MTA's 2015-19 Capital Plan. Previously, the 2023 Budget assumed that the projects would be bonded by the MTA but funded by the State through additional operating aid to the MTA. The 2023 Budget now assumes the State will fund its direct contributions to the MTA 2015-19 and 2020-24 Capital Plans through PIT and Sales Tax revenue bonds.

**New York City Economy** 

The fiscal demands on the State may be affected by the fiscal condition of the City. The City relies in part on State aid to balance its budget and meet its cash requirements. It is also possible that the State's finances may be affected by the ability of the City, and certain entities issuing debt for the benefit of the City, to market securities successfully in the public credit markets. There can be no assurance that there will not be reductions in State aid to the City from amounts currently projected; that State budgets in any given fiscal year will be adopted by the April 1 statutory deadline; that interim appropriations will be enacted; or that any such reductions or delays will not have adverse effects on the City's cash flow or expenditures.

The discussion that follows regarding the status of the City economy is based primarily on information published by the OMB and the New York City Comptroller no later than June 2022, and includes discussion of the 2022 Financial Plan for Fiscal Years 2022-2026 (the "Financial Plan"). All predictions and past performance information regarding the City economy contained in this subsection were made by OMB on or prior to that date, even though they may be stated in the present tense, and may no longer be accurate. All the risks to the national and State economies apply to the City economy.

In February 2022, OMB released the Financial Plan. In April 2022, OMB released the Executive Budget for fiscal year 2023 and, in June 2022, the City Council adopted the fiscal year 2023 budget. The City's fiscal year end is at the end of June; the 2023 fiscal year will run from July 1, 2022 to June 30, 2023. The preliminary 2023 fiscal year budget totaled approximately $98.5 billion.

The New York City residential housing market rebounded sharply in 2021 driven by pent-up demand and low mortgage rates. Through the first three quarters of 2021, total sales were up over 75 percent from the same period in 2020. After dipping in 2020, average prices began to recover as condo and co-op prices strengthened. In contrast, the commercial real estate market is facing headwinds as demand remained below pre-pandemic levels and vacancy rates jumped to all-time records at the end of 2021. Asking rents are projected to remain weak for several years as the industry slowly adjusts to new remote work

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arrangements and a full development pipeline adds to the City's office inventory. Likewise, the recovery of the tourism industry is expected to be protracted and uneven. Passenger volume at area airports is still down nearly 50 percent from levels two years ago. Broadway shows reopened in the fall but ticket sales were hampered by the Omicron wave at the end of the year. As a result, hotel occupancy is still below-average, although hotel room inventories are starting to normalize.

Since the substantial job losses of spring 2020, the City's labor markets continue to recover as vaccinations and other public health measures mitigate the impact of COVID-19. By December 2021, 55 percent of the 933,000 jobs lost in March and April 2020 had been recouped. In 2021, the private sector experienced positive job growth every month but one, averaging gains of 20,000 jobs per month, while government employment was volatile. However, even with robust growth, the annual average employment level in 2021 was 10.2 percent lower than in 2019. Total employment in the City is expected to advance by 3.9 percent in 2022 and then slow to 1.1 percent growth by the end of the forecast horizon in 2026. Employment is projected to remain below the 2019 peak (4.68 million) until early 2025, lagging behind the national recovery.

The five sectors that suffered the greatest percentage losses during the pandemic were leisure & hospitality, construction, manufacturing, other services, and trade, transportation & utilities. Each of these sectors shed at least a quarter of their payrolls during March and April of 2020, since they were sensitive to limitations on in-person interactions. As of December 2021, these sectors recouped 56 percent of the jobs lost and are 19.1 percent below February 2020 levels. However, they are still vulnerable to spikes in COVID-19 infections, as demonstrated by job losses during winter of 2021's COVID wave. Employment in this group is expected to grow by 6.7 percent in 2022 and then undergo slower growth in subsequent years. OMB projects employment in these sectors will not reach pre-pandemic levels (1.53 million) until the end of 2026.

In the second quarter of 2021, total wage earnings were up 12.3 percent from a year earlier, with the private sector growing 14.1 percent and the public sector increasing 1.2 percent. Wage earnings in every major industry rose on a year-over-year basis. OMB forecasts total wage earnings to increase by 5.5 percent in 2021 and then slow to 1.8 percent in 2022. Personal income is expected to advance by 5.1 percent in 2021, then slow to 2.3 percent in 2022 due to the expected drop in transfer payments as pandemic relief and stimulus payments wane.

As of February 2022, OMB forecasted that total tax revenue will increase by 2.9 percent in the 2023 fiscal year to $65.9 billion. The largest share of this growth in 2023 comes from the property tax. In mid-January 2022, the New York City Department of Finance released its tentative property tax roll, which indicated a substantial rebound in the value of both Class 2 properties and Class 4 properties. As a result, property tax revenues are expected to increase 5.0 percent in 2023. Non-property taxes are anticipated to grow 2.6 percent in 2023 as overall economic growth continues in the City, although rising interest rates slow real estate and financial activity and subdue corporate profitability. Personal income grows by a modest 3.9 percent, and business taxes remain essentially flat, albeit at high levels. Sales and hotel taxes continue to recover. However, the higher interest rate environment hampers real estate transactions growth.

**New York City Financing Program** 

The City financing program projects $60 billion of long-term borrowing for the period from 2022 through 2026 to support the current City capital program. The portion of the capital program not financed by the New York City Municipal Water Finance Authority ("NYW") will be split between GO bonds of the City and Future Tax Secured ("FTS") bonds of the New York City Transitional Finance Authority ("TFA"). The City and TFA expect to issue $24.9 billion and $26.0 billion in bonds, respectively, during fiscal years 2022 through 2026. The City issuance supports 41 percent of the total, and TFA issuance supports another 43 percent of the total. NYW expects to issue approximately $9.1 billion in bonds.

Since July 1, 2021, the City has issued $1.2 billion in GO bonds for capital purposes. In addition to the total GO bond issuance, the City took steps to manage its outstanding floating rate debt and take advantage of low fixed interest rates. The City reoffered two subseries of floating rate bonds amounting to approximately $90 million of par value. Those reoffered issues were converted to fixed rates to maturity. The City plans to issue GO bonds for capital purposes of approximately $2.8 billion, $4.9 billion, $5.2 billion, $5.9 billion, and $6.2 billion in fiscal years 2022 through 2026, respectively. Currently the debt service for the City, TFA, and City appropriation debt, or conduit debt, excluding the effect of pre-payments, is 6.3 percent of the City's total budgeted revenues in 2022. That ratio is projected to rise to 9.5 percent in 2026.

The Financial Plan is predicated on numerous assumptions, including the condition of the City's and the region's economies and the associated receipt of economically sensitive tax revenues in the projected amounts. The Financial Plan is also subject to a variety of other factors.

As of February 2022, all of the issuers financing the City capital program have maintained credit ratings in the AA category or better by Moody's, S&P, and Fitch. Following the economic uncertainty caused by the onset of COVID-19, Moody's, S&P and Fitch placed the City's GO bonds on negative outlook. Moody's and Fitch downgraded the City's GO bonds and its related appropriation credits toward the end of calendar year 2020. More recently, the rating agencies revised the outlook from negative to stable due to the City's improved financial position. In 2021, the City's bonds were also rated by Kroll, who rated the bonds

**40**

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AA+, with a stable outlook. Similarly, for TFA, the FTS bonds had previously been placed on negative outlook by Moody's but have also been revised to stable outlook. Building Aid Revenue Bonds ("BARBs") were put on negative outlook by Moody's, S&P, and Fitch and subsequently downgraded by Moody's to Aa3 due to the BARBs relationship to the State budget. Since those rating actions were taken, Moody's has assigned the BARBs a positive outlook and the other rating agencies restored the stable outlook, all related to rating actions taken with respect to the State's credit. The outlooks for NYW and bonds issued on behalf of NYW by the New York State Environmental Facilities Corporation, however, remain stable. Despite the rating actions, the entities financing the City's capital program have maintained reliable market access to finance capital spending and undertake refinancing transactions.

Ratings reflect only the respective views of such organizations, and an explanation of the significance of such ratings may be obtained from the rating agency that furnished the rating. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely, if in the judgment of the agency originally establishing the rating, circumstances so warrant. Any such downward revision or withdrawal could have an adverse effect on the market prices of the City's GO bonds.

**Other Localities** 

Certain localities other than the City have experienced financial problems and have requested and received additional State assistance during the last several fiscal years. While a relatively infrequent practice, deficit financing by local governments has become more common in recent years. State legislation enacted post-2004 includes 29 special acts authorizing bond issuances to finance local government operating deficits. Included in this figure are special acts that extended the period of time related to prior authorizations and modifications to issuance amounts previously authorized. When a local government is authorized to issue bonds to finance operating deficits, the local government is subject to certain additional fiscal oversight during the time the bonds are outstanding as required by the State's Local Finance Law, including an annual budget review by the Office of the New York State Comptroller. In addition to deficit financing authorizations, the State has periodically enacted legislation to create oversight boards in order to address deteriorating fiscal conditions within particular localities. The impact on the State of any possible requests in the future for additional oversight or financial assistance cannot be determined and therefore is not included in the 2023 Budget projections.

Like the State, local governments must respond to changing political, economic and financial influences over which they have little or no control, but which can adversely affect their financial condition. For example, the State or Federal government may reduce (or, in some cases, eliminate) funding of local programs, thus requiring local governments to pay these expenditures using their own resources. Similarly, past cash flow problems for the State have resulted in delays in State aid payments to localities. In some cases, these delays have necessitated short-term borrowing at the local level.

Other factors that have had, or could have, an impact on the fiscal condition of local governments and school districts include: the loss of temporary Federal stimulus funding; recent State aid trends; constitutional and statutory limitations on the imposition by local governments and school districts of property, sales and other taxes; the economic ramifications of a pandemic; and for some communities, the significant upfront costs for rebuilding and clean-up in the wake of a natural disaster. Localities may also face unanticipated problems resulting from certain pending litigation, judicial decisions and long-range economic trends. Other large-scale potential problems, such as declining urban populations, declines in the real property tax base, increasing pension, health care and other fixed costs, or the loss of skilled manufacturing jobs, may also adversely affect localities and necessitate requests for State assistance.

Ultimately, localities as well as local public authorities may suffer serious financial difficulties that could jeopardize local access to public credit markets, which may adversely affect the marketability of notes and bonds issued by localities within the State.

**Additional Information** 

The information herein has not been independently verified and constitutes only a brief summary of some of the general factors that may impact certain issuers of municipal bonds and does not purport to be a complete or exhaustive description of all adverse conditions to which the issuers of municipal bonds held by the Fund are subject. Information regarding the State's financial condition is included in various public documents issued by the State, such as the official statements prepared in connection with the issuance of General Obligation bonds of New York.

**41**

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**Prospectus** 

***February 28, 2023***

![](img89fe47251.gif)

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

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| | |
|:---|:---|
| **Share Class** \| Ticker | **Wealth** \| NISXX |

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Federated Hermes New York Municipal Cash Trust

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A Portfolio of Federated Hermes Money Market Obligations Trust

A money market mutual fund seeking to provide current income exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities consistent with stability of principal by investing in a portfolio of high-quality New York tax-exempt securities maturing in 397 days or less.

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.

*The Fund is a Retail Money Market Fund and is only available for investment to accounts beneficially owned by natural persons.*

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

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**CONTENTS** 

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| | |
|:---|:---|
| [Fund Summary Information](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_1) | [1](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_1) |
| [What are the Fund's Investment Strategies?](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_5) | [5](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_5) |
| [What are the Fund's Principal Investments?](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_6) | [6](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_6) |
| [What are the Specific Risks of Investing in the Fund?](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_8) | [8](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_8) |
| [What Do Shares Cost?](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_12) | [12](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_12) |
| [How is the Fund Sold?](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_12) | [12](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_12) |
| [Payments to Financial Intermediaries](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_13) | [13](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_13) |
| [How to Purchase Shares](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_14) | [14](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_14) |
| [How to Redeem and Exchange Shares](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_16) | [16](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_16) |
| [Security and Privacy Protection](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_20) | [20](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_20) |
| [Account and Share Information](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_21) | [21](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_21) |
| [Who Manages the Fund?](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_23) | [23](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_23) |
| [Financial Information](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_23) | [23](#xx_458e0f30-cfb5-4566-a3a0-68446922e464_23) |
| [Appendix A: Hypothetical Investment and Expense Information](#xx_4c983ee4-db59-4259-b90f-19ef2a6f4d67_1) | [25](#xx_4c983ee4-db59-4259-b90f-19ef2a6f4d67_1) |

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Fund Summary Information

**Federated Hermes New York Municipal Cash Trust (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities consistent with stability of principal.

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

This table describes the fees and expenses that you may pay if you buy, hold and sell Wealth Shares (WS) 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)** 

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| | |
|:---|:---|
|  | **WS** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) | None |
| Redemption Fee (as a percentage of amount redeemed, if applicable) | None |
| Exchange Fee | None |

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

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

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| | |
|:---|:---|
|  | **WS** |
| Management Fee | 0.30% |
| Distribution (12b-1) Fee |  |
| Other Expenses | 0.26%<sup>1</sup> |
| Total Annual Fund Operating Expenses | 0.56% |
| Fee Waivers and/or Expense Reimbursements<sup>2</sup> | (0.24)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.32% |

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The Fund may incur and pay shareholder services/account administration fees on its WS class of up to a maximum amount of 0.25%. No such fees are currently incurred and paid by the WS class of the Fund. The WS class of the Fund will not incur and pay such fees until such time as approved by the Fund's Board of Trustees (the "Trustees").

The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding acquired fund fees and expenses, interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's WS class (after the voluntary waivers and/or reimbursements) will not exceed 0.32% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) March 1, 2024; 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 and remain the same. The Example does not reflect sales charges (loads) on reinvested dividends. If these sales charges (loads) were included, your costs would be higher. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:

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| | |
|:---|:---|
| 1 Year | $57 |
| 3 Years | $179 |
| 5 Years | $313 |
| 10 Years | $701 |

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

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

The Fund invests primarily in a portfolio of high-quality New York tax-exempt securities maturing in 397 days or less. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities. The Fund's investment adviser (the "Adviser") also normally (except as discussed in this Prospectus) will invest the Fund's assets entirely in securities whose interest is not subject to (or not a specific preference item for purposes of) the federal alternative minimum tax for individuals (AMT), such that, normally, distributions of annual interest income also are exempt from the AMT. However, in certain circumstances (such as, for example, when there is a lack of supply of non-AMT securities or other tax-exempt securities or there are advantageous market conditions, or if there are changes in the tax laws relating to AMT), to pursue the Fund's investment objective, the Adviser may leave a portion of the Fund's assets uninvested or may invest the Fund's assets in securities the interest from which may be subject to AMT, state and/or federal income tax. These acquisitions may occur in the ordinary course or in connection with Fund reorganization transactions (i.e., transactions in which the Fund acquires the portfolio securities of other mutual funds) or another event or circumstance. The Fund's Adviser actively manages the Fund's portfolio, seeking to limit the credit risk taken by the Fund and to select investments with appropriate risk-adjusted returns.

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Adviser to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds and tax-exempt commercial paper; and (b) interests in securities of other investment companies.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940, as amended ("Rule 2a-7").

Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities or so that at least 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities. Only for purposes of compliance with Rule 35d-1, the Fund will invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax and the personal income taxes imposed by the State of New York and New York municipalities. These policies may not be changed without shareholder approval.

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

Pursuant to Rule 2a-7 the Fund is designated as a "retail" money market fund and is permitted to use amortized cost to value its portfolio securities and to transact at a stable $1.00 net asset value. As a retail money market fund, the Fund has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons. In addition, the Fund has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board determines that such liquidity fees or redemption gates are in the best interest of the Fund.

All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:

◾ **Tax-Exempt Securities Risk.** The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities.

◾ **Issuer Credit Risk.** It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may 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 strategies.

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◾ **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. Economic, political and financial conditions, 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, cause the Fund to experience volatility, illiquidity, shareholder redemptions or other potentially adverse effects.

◾ **Interest Rate Risk.** Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. 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. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

◾ **Call Risk.** The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.

◾ **Sector Risk.** A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics or by issuers located in the same state. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities.

◾ **Tax Risk.** In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax, or AMT. Consult your tax professional for more information.

◾ **Liquidity Risk.** Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.

◾ **Credit Enhancement Risk.** The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit.

◾ **Risk Associated with Investing Share Purchase Proceeds.** On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

◾ **Risk Associated with use of Amortized Cost.** In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.

◾ **Additional Factors Affecting Yield.** There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. Periods of very low or negative interest rates impact, in a negative way, the Fund's ability to maintain a positive return, or yield, or pay dividends to Fund shareholders.

◾ **New York Risk.** Because the Fund will invest a significant portion of its assets in securities of New York issuers, an investment in the Fund may involve additional risks compared to a fully diversified money market fund that invests in multiple states, and the Fund's performance also may be negatively impacted by other local, state or regional factors. For example, natural disasters may affect the creditworthiness of municipal issuers or otherwise disrupt the local, state or regional economy or certain sectors of the economy. The economies of New York State and New York City are diversified across the finance, insurance, real estate, entertainment and services sectors. Any downturn in these sectors or related industries may adversely affect the economy of the state.

◾ **Fees & Gates Risk.** The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets

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fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such a fee is not in the best interests of the Fund.

◾ **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.

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**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 WS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns *averaged* over the stated periods. *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 FederatedInvestors.com or by calling 1-800-341-7400.

![](nymctpro31516ws_10.jpg)

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

*Within the periods shown in the bar chart, the Fund's WS class highest quarterly return was 0.58% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended September 30, 2021).*

**Average Annual Total Return Table**

The following table represents the Fund's WS class Average Annual Total Returns for the calendar period ended December 31, 2022.

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| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **WS:** | 0.98% | 0.77% | 0.47% |

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*The Fund's WS class 7-Day Net Yield as of December 31, 2022, was 3.40%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT** 

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

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**Purchase and Sale of Fund Shares** 

The minimum initial investment amount for the Fund's WS class is generally $10,000 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.

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a 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.

The Fund operates as a retail money market fund. Accordingly, only accounts beneficially owned by natural persons ("Eligible Accounts") may be invested in the Fund. Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's Board.

Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption.

**TAX INFORMATION** 

It is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund's dividends may not be tax exempt. Dividends may be subject to state and local taxes (except for New York taxes, to the extent derived from New York tax-exempt investments and eligible for tax-exempt treatment under New York law). Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. Any Fund distributions of capital gains are taxable at applicable capital gains rates. The Fund is generally not a suitable investment for retirement accounts. The Fund normally invests its assets so that distributions are exempt from AMT, but in certain circumstances income from the Fund may be subject to AMT.

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

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.

What are the Fund's Investment Strategies?

The Fund's investment objective is to provide current income exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities consistent with stability of principal. 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 invests primarily in a portfolio of high-quality New York tax-exempt securities maturing in 397 days or less. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities. The Fund's investment adviser (the "Adviser") also normally (except as discussed in this Prospectus) will invest the Fund's assets entirely in securities whose interest is not subject to (or not a specific preference item for purposes of) the federal alternative minimum tax for individuals (AMT), such that, normally, distributions of annual interest income also are exempt from the AMT. However, in certain circumstances (such as, for example, when there is a lack of supply of non-AMT securities or other tax-exempt securities, or there are advantageous market conditions, or if there are changes in the tax laws relating to AMT), to pursue the Fund's investment objective, the Adviser may leave a portion of the Fund's assets uninvested, or may invest the Fund's assets in securities, the interest from which, may be subject to AMT, state and/or federal income tax. These acquisitions may occur in the ordinary course or in connection with fund reorganization transactions (i.e., transactions in which the Fund acquires the portfolio securities of other mutual funds), or another event or circumstance. The Fund's Adviser actively manages the Fund's portfolio, seeking to limit the credit risk taken by the Fund and to select investments with appropriate risk-adjusted returns.

The Fund seeks to invest in securities that present minimal credit risk, based on the Adviser's assessment of the issuer's credit quality, including the issuer's or guarantor's capacity to meet its financial obligations, among other factors.

The Adviser targets a dollar-weighted average portfolio maturity (WAM) range based upon its interest rate outlook and the tax-exempt securities available. The Adviser formulates its interest rate outlook by analyzing a variety of factors, such as (among others): current and expected U.S. economic growth; current and expected interest rates and inflation; and the Federal Reserve's monetary policy. The Adviser structures the portfolio by investing in variable rate demand instruments

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and municipal notes, as well as other permissible investments as described in this Prospectus and in the Fund's Statement of Additional Information (SAI). The Adviser generally shortens the portfolio's maturity when it expects interest rates to rise and extends the maturity when it expects interest rates to fall. This strategy seeks to enhance the returns from favorable interest rate changes and reduce the effect of unfavorable changes.

The Fund will: (1) maintain a WAM of 60 days or less; and (2) maintain a weighted average life (WAL) of 120 days or less. Certain of the securities in which the Fund invests may pay interest at a rate that is periodically adjusted ("Adjustable Rate Securities"). For purposes of calculating WAM, the maturity of an Adjustable Rate Security generally will be the period remaining until its next interest rate adjustment. For purposes of calculating WAL, the maturity of an Adjustable Rate Security will be its stated final maturity, without regard to interest rate adjustments; accordingly, the 120-day WAL limitation could serve to limit the Fund's ability to invest in Adjustable Rate Securities.

Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities or so that at least 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities. Only for purposes of compliance with Rule 35d-1, the Fund will invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax and the personal income taxes imposed by the State of New York and New York municipalities. These policies may not be changed without shareholder approval.

**TEMPORARY INVESTMENTS** 

The Fund may temporarily depart from its principal investment strategies by investing its assets in taxable securities or holding cash. It may do this in response to unusual circumstances, such as: adverse market, economic or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate tax-exempt securities); to maintain liquidity to meet shareholder redemptions; or to accommodate cash inflows. It is possible that such temporary investments could affect the Fund's investment returns. If the Fund invests in taxable securities, it may receive and distribute taxable income to investors and to that extent fail to meet its investment objectives.

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.

**TAX-EXEMPT SECURITIES** 

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Adviser to be reliable, pay interest that is not subject to federal regular income taxes. Fixed-income securities pay interest, dividends or distributions at a specified rate. The rate may be a fixed percentage of the principal or adjusted periodically. In addition, the issuer of a fixed-income security must repay the principal amount of the security, normally within a specified time. Typically, states, counties, cities and other political subdivisions and authorities issue tax-exempt securities. The market categorizes tax-exempt securities by their source of repayment. Certain of these tax-exempt securities may be subject to credit enhancement. The following describes the principal types of tax-exempt securities in which the Fund may invest.

**Variable Rate Demand Instruments (A Type of Tax-Exempt Security)** 

Variable rate demand instruments are tax-exempt securities that require the issuer or a third party, such as a dealer or bank (the "Demand Provider"), to repurchase the security for its face value upon demand. The securities also pay interest at a variable rate intended to cause the securities to trade at their face value. Some variable rate demand instruments are "conditional," so that the occurrence of certain conditions discharges the Demand Provider's obligation to repurchase the security. Other variable rate demand instruments are "unconditional," so that there are no conditions under which the Demand Provider's obligation to repurchase the security can terminate. The Fund treats variable rate demand instruments as short-term securities even though their maturity may extend beyond 397 days because, within 397 days, their variable interest rate adjusts in response to changes in market rates and the repayment of their principal amount can be demanded. Certain variable rate demand instruments that may be invested in by the Fund, referred to as "synthetic" variable rate demand instruments, have certain features, such as call features, that make it possible that the Fund will realize capital gains.

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**Municipal Notes (A Type of Tax-Exempt Security)** 

Municipal notes are short-term, tax-exempt securities. Many municipalities issue such notes to fund their current operations before collecting taxes or other municipal revenues. Municipalities may also issue notes to fund capital projects prior to issuing long-term bonds. The issuers typically repay the notes at the end of their fiscal year, either with taxes, other revenues or proceeds from newly issued notes or bonds.

**General Obligation Bonds (A Type of Tax-Exempt Security)** 

General obligation bonds are supported by the issuer's power to exact property or other taxes. The issuer must impose and collect taxes sufficient to pay principal and interest on the bonds. However, the issuer's authority to impose additional taxes may be limited by its charter or state law.

**Special Revenue Bonds (A Type of Tax-Exempt Security)** 

Special revenue bonds are payable solely from specific revenues received by the issuer such as specific taxes, assessments, tolls or fees. Bondholders may not collect from the municipality's general taxes or revenues. For example, a municipality may issue bonds to build a toll road, and pledge the tolls to repay the bonds. Therefore, a shortfall in the tolls normally would result in a default on the bonds, or in certain cases, may result in a reduction in payments received in respect of the bonds.

**Private Activity Bonds (A Type of Special Revenue Bond)** 

Private activity bonds are special revenue bonds used to finance private projects. A certain percentage of the proceeds from a private activity bond is used for a private business use or a certain percentage of the debt service regarding a private activity bond is paid directly or indirectly from a private business use. A private business use is a trade or business carried on by any person or entity other than a governmental unit. Private activity bonds are secured primarily by revenues derived from loan repayments or lease payments due from the private entity, which may or may not be guaranteed by a parent company or otherwise secured. Private activity bonds generally are not secured by a pledge of the taxing power of the issuer of such bonds. For example, a municipality may issue bonds to finance a new factory to improve its local economy. The municipality would lend the proceeds from its bonds to the company using the factory, and the company would agree to make loan payments sufficient to cover interest and principal payments on the bonds. The bonds would be payable from the company's loan payments, and generally not from any other revenues of the municipality. Therefore, any default of the loan normally would result in a default on the bonds.

Types of private activity bonds include, for example: bonds issued to obtain funds to provide water, sewage and solid waste facilities, qualified residential rental projects, certain local electric, gas and other heating and cooling facilities, qualified hazardous waste facilities, high-speed intercity rail facilities, certain airports, docks, wharves and mass transportation facilities and qualified mortgages; qualified student loan bonds; qualified redevelopment bonds; and bonds used for certain organizations exempt from federal income taxation (qualified 501(c)(3) bonds).

The interest on many types of private activity bonds is subject to the AMT. However, issues are available in the marketplace that are not subject to the AMT due to qualifying tax rules.

**Tax-Exempt Commercial Paper (A Type of Tax-Exempt Security)** 

Tax-exempt commercial paper is an obligation issued by a tax-exempt issuer with a maturity of generally less than nine months. Tax-exempt issuers may issue commercial paper to pay for current expenditures or other permissible activities. Tax-exempt issuers may constantly reissue their commercial paper and use the proceeds (or other sources) to repay maturing paper. If the tax-exempt issuer cannot continue to obtain liquidity in this fashion, and if there is not another available source of liquidity, its commercial paper may default or there may be a reduction in payments received in repayment of the tax-exempt commercial paper.

**Credit Enhancement** 

The Fund may invest in tax-exempt securities with credit enhancement. Credit enhancement consists of an arrangement in which a company agrees to pay amounts due on a fixed-income security if the issuer defaults. In some cases, the company providing credit enhancement makes all payments directly to the security holders and receives reimbursement from the issuer. Normally, the credit enhancer has greater financial resources and liquidity than the issuer. For this reason, the Adviser may evaluate the credit risk of a fixed-income security based solely upon its credit enhancement.

Common types of credit enhancement include guarantees, letters of credit, bond insurance and surety bonds. Credit enhancement also includes arrangements where securities or other liquid assets secure payment of a fixed-income security. If a default occurs, these assets may be sold and the proceeds paid to the security's holders. Either form of credit enhancement reduces credit risks by providing another source of payment for a fixed-income security. The Adviser evaluates credit enhancements based on its own credit assessment standards and analysis.

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**Investing in Securities of Other Investment Companies** 

The Fund may invest its assets in shares of other investment companies as an efficient means of implementing its investment strategies, managing its uninvested cash and/or other investment reasons consistent with the Fund's investment objective and investment strategies. These investments may include shares of an affiliated fund, including a money market fund or preferred shares of a closed-end fund that are eligible for purchase by money market funds (generally, because such preferred shares are structured as unconditional demand instruments with a third-party Demand Provider). Other investment companies are managed independently of the Fund and incur additional fees and/or expenses which would, therefore, be borne indirectly by the Fund in connection with any such investment. These investments also can create conflicts of interests for the Adviser to the Fund and the investment adviser to the acquired fund. For example, a conflict of interest can arise due to the possibility that the Adviser to the Fund could make a decision to redeem the Fund's investment in the acquired fund. In the case of an investment in an affiliated fund, a conflict of interest can arise if, because of the Fund's investment in the acquired fund, the acquired fund is able to garner more assets, thereby growing the acquired fund and increasing the management fees received by the investment adviser to the acquired fund, which would either be the Adviser or an affiliate of the Adviser. However, the Adviser believes that the benefits and efficiencies of making investments in other investment companies should outweigh the potential additional fees and/or expenses and resulting conflicts of interest. The Fund may invest in money market securities directly.

**OTHER INVESTMENTS, TRANSACTIONS, TECHNIQUES**

**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. The Adviser may also consider information derived from active engagements conducted by its in-house stewardship team with certain issuers or guarantors on environmental, social and governance topics. 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.

**Minimal credit risk** 

Under Rule 2a-7, money market funds, such as the Fund, may generally invest in "Eligible Securities" which include securities issued by another money market fund, government securities or securities that have a remaining maturity of no more than 397 calendar days and are determined by the fund's board or its delegate to present minimal credit risk based on an assessment of the issuer's credit quality, including the capacity of the issuer or guarantor to meet its financial obligations. The Fund's Board has adopted procedures by which the Adviser will conduct this initial and ongoing assessment, as required.

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. These are the primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund or reduce the Fund's daily dividends. 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.

**TAX-EXEMPT SECURITIES RISK** 

The securities in which the Fund invests may include those issued by state or local governments, other political subdivisions or authorities, or directly or indirectly supported by taxes, assessments, tolls, fees or other revenue collected by or otherwise derived from or through such issuers. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in tax-exempt securities. Legal, economic, political or other developments may raise impairments (such as, for example, limitations under applicable law on the issuer's authority to raise taxes, prolonged budgetary processes, declining real estate values or declining tax revenues) to such issuer's budgetary flexibility, liquidity and ability to satisfy its obligations. Like other issuers and securities, the likelihood that the credit risk associated with such issuers and such securities will increase is greater during times of economic stress and financial instability.

**ISSUER Credit Risk** 

It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.

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Many fixed-income securities (including tax-exempt securities) receive credit ratings from NRSROs such as Fitch Rating Service, Moody's Investor Services, Inc. and Standard & Poor's 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. Ratings are just one factor that the Adviser considers in its credit assessment and analysis.

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 CREDIT RISK** 

Counterparty credit 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.

**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. Economic, political and financial conditions, or industry or economic trends and developments, may, from time to time, and for varying periods of time, cause volatility, illiquidity and/or other potentially adverse effects in the financial markets, including the fixed-income market. The commencement, continuation or ending of government policies and economic stimulus programs, changes in monetary policy, 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 across the market. This may increase redemptions from funds that hold impacted securities. Such a market event could 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.

**Epidemic and Pandemic Risk** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. This coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies, including certain Fund service providers and issuers of the Fund's investments, and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such instruments. Any such impact could adversely affect the Fund's performance.

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**Interest Rate Risk** 

Prices of fixed-income securities (including tax-exempt 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.

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. Money market funds try to minimize this risk by purchasing short-term securities. Negative or very low interest rates magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, have unpredictable effects on markets and expose debt and related markets to heightened volatility and may detract from Fund performance to the extent a Fund is exposed to such interest rates and/or volatility. During periods when interest rates are low or there are negative interest rates, a Fund's yield (and total return) also is likely to be low or otherwise adversely affected or the Fund may be unable to maintain a positive return, or yield, or minimize the volatility of the Fund's NAV per share or maintain a stable NAV.

Certain of the Fund's investments may also be valued, in part, by reference to the relative relationship between interest rates on tax-exempt securities and taxable securities. With respect to the Fund's investments described in the preceding sentence, the value of such Fund investments may be negatively affected (or positively affected) when the market for tax-exempt securities underperforms (or outperforms) the market for taxable securities.

**Call Risk** 

Call risk is the possibility that an issuer may redeem a fixed-income security (including a tax-exempt security) before maturity (a "call") at a price below or above 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.

**Sector Risk** 

A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by businesses with similar characteristics or by issuers located in the same state. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities. Developments affecting companies with similar characteristics might include changes in interest rates, changes in economic cycles affecting credit losses and regulatory changes.

**TAX RISK** 

In order to pay interest that is exempt from federal or state/local income tax, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable (including, for example, under the AMT).

Changes or proposed changes in federal, state or local tax laws may cause the prices of tax-exempt securities to fall and/or may affect the tax-exempt status of the securities in which the Fund invests. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax, or AMT. Consult your tax professional for more information.

**LIQUIDITY RISK** 

Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss. An inability to sell portfolio securities may result from adverse market developments or investor perceptions regarding the portfolio securities. While the Fund endeavors to maintain a high level of liquidity in its portfolio so that it can satisfy redemption requests, the Fund's ability to sell portfolio securities can deteriorate rapidly due to credit events affecting particular issuers or credit enhancement providers, or due to general market conditions and a lack of willing buyers.

**CREDIT ENHANCEMENT RISK** 

The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). Credit enhancement is designed to help assure timely payment of the security; it does not protect the Fund against losses caused by declines in a security's value due to changes in market conditions. Securities subject to credit enhancement generally would be assigned a lower credit rating if the rating were based primarily on the credit quality of the issuer without regard to the credit enhancement. If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, a security credit enhanced by such credit enhancement provider also may be downgraded.

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A single enhancement provider may provide credit enhancement to more than one of the Fund's investments. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund, as the Fund may invest in securities credit enhanced by banks or by bond insurers without limit. Bond insurers that provide credit enhancement for large segments of the fixed-income markets, including the municipal bond market, may be more susceptible to being downgraded or defaulting during recessions or similar periods of economic stress.

**RISK ASSOCIATED WITH INVESTING SHARE PURCHASE PROCEEDS** 

On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. The larger the amount that must be invested or the greater the difference between the yield of the securities purchased and the yield of the existing investments, the greater the impact will be on the yield of the Fund. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

**RISK ASSOCIATED WITH USE OF AMORTIZED COST** 

In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce, to the extent practicable, such dilution or unfair results, including, but not limited to, considering suspending redemption of Shares and liquidating the Fund under Rule 22e-3 under the Investment Company Act of 1940.

**ADDITIONAL FACTORS AFFECTING YIELD** 

There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. A low or negative interest rate environment may prevent the Fund from providing a positive return, or yield, or paying Fund expenses out of current income and could impair the Fund's ability to maintain a stable NAV. The Fund's yield could also be negatively affected (both in absolute terms and as compared to other money market funds) by aspects of its investment program (for example, its investment policies, strategies or limitations) or its operational policies (for example, its cut-off time for purchases and redemptions of Shares).

**New York Risk** 

Since the Fund invests primarily in issuers from New York, the Fund may be subject to additional risks compared to a money market fund that invests in multiple states. New York's budget is periodically late and may require special spending measures. This process can cause delays in state-aid funding to localities.

The economies of New York State and New York City are diversified across the finance, insurance, real estate, entertainment and services sectors. Any downturn in these sectors or related industries may adversely affect the economy of the state.

Since the Fund invests primarily in issuers from New York, its performance also may be negatively affected by other local, state or regional factors. For example, natural disasters may affect the creditworthiness of municipal issuers or otherwise disrupt the local, state or regional economy or certain sectors of the economy.

**Fees & Gates Risk** 

The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. In addition, if the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund must impose a 1% liquidity fee on shareholder redemptions unless the Board, including a majority of the independent Trustees, determines that imposing such a fee is not in the best interests of the Fund.

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**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.

What Do Shares Cost?

**CALCULATION OF NET ASSET VALUE**

The Fund attempts to stabilize the NAV of its Shares at $1.00 by valuing the portfolio securities using the amortized cost method. In addition, for regulatory purposes, the Fund calculates a market-based (or shadow) NAV per Share on a daily basis for purposes of confirming that its NAV continues to approximate fair value. For purposes of calculating the shadow NAV and monitoring its comparison to the amortized-cost-based NAV, pursuant to Rule 2a-5 under the Investment Company Act, the Board has designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser, acting through its "Valuation Committee" is responsible for determining the fair value of investments in the shadow NAV 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 Fund cannot guarantee that its NAV will always remain at $1.00 per Share. The Fund does not charge a front-end sales charge.

You can purchase, redeem or exchange Shares any day the NYSE is open (a "Regular Business Day"). You may also be able to purchase and redeem (but not exchange) Shares on certain days that the NYSE is closed on an unscheduled basis due to unforeseen or emergency circumstances, if the Fund's Board determines to allow Fund Share transactions on such days (a "Special Trading Day"). If the Fund declares a Special Trading Day, information regarding shareholder trading activities for the Special Trading Day (such as when NAV, and entitlement to that day's dividend, will be determined) will be available by calling the Fund at 1-800-341-7400 and will be posted on FederatedInvestors.com. **The information set forth in this Prospectus regarding times relevant to NAV determination and dividend entitlement applies only to Regular Business Days.** Please note that the times that might be specified for NAV determination and dividend entitlement on a Special Trading Day would not necessarily be the same as set forth in this Prospectus with respect to Regular Business Days. Although Federated Hermes will attempt to make such information available in advance of a particular Special Trading Day, given the nature of Special Trading Days, it may not be able to do so until the morning of the Special Trading Day.

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 determined NAV. NAV is generally determined at 12:00 p.m., 1:00 p.m. and as of the end of regular trading on the NYSE (normally 4:00 p.m.) Eastern time each day the NYSE is open; except that on the day after Thanksgiving and Christmas Eve (when Christmas Eve falls on a weekday), the last NAV will be determined at 3:00 p.m. Eastern time. The times as of when NAV is determined, and when orders must be placed, may be changed as permitted by the SEC.

How is the Fund Sold?

The Fund's Distributor, Federated Securities Corp., markets the Shares described in this Prospectus only to accounts beneficially owned by natural persons ("Eligible Accounts"). The Fund offers the following Share classes: Wealth Shares (WS), Service Shares (SS), Cash II Shares (CII) and Cash Series Shares (CS), each representing interests in a single portfolio of securities. This Prospectus relates only to the WS class. All Share classes have different expenses which affect their performance. Please note that certain purchase restrictions apply. Contact your financial intermediary or call 1-800-341-7400 for more information concerning the other classes.

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.).

The Fund may not be a suitable investment for retirement plans or for non-New York taxpayers because it invests in New York tax-exempt securities.

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**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. 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.

**SERVICE FEES**

The Fund 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.

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

**ACCOUNT ADMINISTRATION FEES** 

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

**RECORDKEEPING FEES** 

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** 

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** 

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, that support the sale of Shares or provide services to Fund shareholders. The amounts of these payments could be significant, and may create an incentive for the financial intermediary or its employees or associated persons to recommend or sell Shares of the Fund to you. Not all financial intermediaries receive such payments and the amount of compensation may vary by intermediary. 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 sells or may sell; 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. 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. You can ask your financial intermediary 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.

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How to Purchase Shares

You may purchase Shares through a financial intermediary, directly from the Fund or through an exchange from another Federated Hermes fund. The Fund reserves the right to reject any request to purchase or exchange Shares. New investors must submit a completed New Account Form.

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

The minimum initial investment for Fund Shares is generally $10,000. There is no minimum subsequent investment amount.

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.

The Fund operates as a retail money market fund. Accordingly, only accounts beneficially owned by natural persons ("Eligible Accounts") may be invested in the Fund. Examples of Eligible Accounts include accounts owned by individuals who have been issued a social security number, individuals holding accounts through omnibus accounts and natural persons investing through certain tax-advantaged accounts and trusts. These tax-advantaged accounts and trusts may include, among others: participant-directed defined contribution plans; individual retirement accounts; simplified employee pension arrangements; simple retirement accounts; custodial accounts; deferred compensation plans for government or tax-exempt organization employees; Archer medical savings accounts; college savings plans; health savings account plans; ordinary trusts and estate of natural persons; or certain other retirement and investment accounts, notwithstanding having an institutional decision maker (e.g., a plan sponsor in certain retirement arrangements or an investment adviser managing discretionary investment accounts). Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's Board. Pursuant to relief granted by the SEC, the Fund hereby notifies investors that it may redeem accounts that are not Eligible Accounts. Financial intermediaries will be required to take steps to remove any shareholders on behalf of whom they hold shares in the Fund that are not eligible to be invested in the Fund. Further, financial intermediaries may only submit purchase orders, if they have implemented policies and procedures reasonably designed to limit all investors on behalf of whom they submit orders to Eligible Accounts. Financial intermediaries may be required by the Fund or its shareholder servicing agent to provide a written statement or other representation that they have in place, and operate in compliance with, such policies and procedures prior to submitting purchase orders.

The Fund will not accept new accounts that are not Eligible Accounts. Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption. The Fund has adopted policies and procedures such that the Fund will be able: (a) to limit the beneficial owners of shares to natural persons; and (b) to allow the Fund to impose liquidity fees and temporarily suspend redemptions.

**THROUGH A FINANCIAL INTERMEDIARY**

Submit your purchase order to your financial intermediary. Financial intermediaries are responsible for promptly submitting purchase orders and payment to the Fund by electronic means permitted by the Fund, or according to the instructions in the sections "By Telephone" or "By Mail" below.

If your financial intermediary submits your order electronically, your order will be processed and you will be entitled to dividends pursuant to operating procedures established by the Fund. If your financial intermediary submits your order by telephone or by mail, your order will be processed and you will be entitled to dividends as outlined in the section "By Telephone" or the section "By Mail" below.

If you deal with a financial intermediary, you will have to follow the financial intermediary's procedures for transacting with the Fund. For more information about how to purchase Shares through your financial intermediary, you should contact your financial intermediary directly.

**DIRECTLY FROM THE FUND** 

**By Telephone** 

You may purchase Shares by calling the Fund at 1-800-341-7400.

Your purchase will be priced at the NAV next calculated after the Fund receives your order. Receipt of a purchase order by a financial intermediary will be deemed received by the Fund to the extent that such financial intermediary has been duly authorized by the Fund to accept such orders. If you call the Fund by 1:00 p.m. (Eastern time) and send your payment by wire by the close of the Federal Reserve wire transfer system, you will be entitled to that day's dividend.

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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

If the Fund does not receive your purchase wire by the close of the Federal Reserve wire transfer system on your designated settlement date, your purchase will be canceled and you could be liable for any losses or fees incurred by the Fund or SS&C GIDS, Inc., the Fund's transfer agent.

You cannot purchase Shares by wire on days when wire transfers are restricted, even if the NYSE is open on such days (for example, Columbus Day and Veterans Day). The Fund does not consider wire purchase requests received on such days to be in proper form, and will not process such requests.

**By Mail** 

You may purchase Shares by sending your check payable to **The Federated Hermes Funds** at the following address:

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

430 W 7<sup>th</sup> Street

Suite 219318

Kansas City, MO 64105-1407

**Please note your account number on your check.** Payment should be made in U.S. dollars and drawn on a U.S. bank. 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 SS&C GIDS, Inc., the Fund's transfer agent. 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.

Your order will be priced at the NAV next calculated after the Fund receives your check and you will be entitled to dividends beginning on the day the check is converted into federal funds (normally the business day after the check is received).

**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 FederatedInvestors.com 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 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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund, Class A Shares without a sales charge ("no-load Class A Shares") and Class R Shares of any Fund provided that you meet any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased (if applicable), both accounts have identical registrations, and you must receive a prospectus for the fund in which you wish to exchange.

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**By Online Account Services** 

You may access your accounts online to purchase Shares through FederatedInvestors.com'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 FederatedInvestors.com and select "Sign In" and "Access and Manage Investments," or call 1-800-341-7400, Option #4 to speak with a Client Service Representative.

**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.

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.

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. Financial intermediaries are responsible for promptly submitting redemption or exchange requests to the Fund by electronic means permitted by the Fund, or according to the instructions in the sections "By Telephone" or "By Mail" below.

If your financial intermediary submits your redemption or exchange request electronically, your request will be processed and your proceeds will be paid pursuant to operating procedures established by the Fund. If your financial intermediary submits your redemption or exchange request by telephone or by mail, your request will be processed and your proceeds will be paid as outlined in the section "By Telephone" or the section "By Mail" below.

If you deal with a financial intermediary, you will have to follow the financial intermediary's procedures for transacting with the Fund. For more information about how to redeem or exchange Shares through your financial intermediary, you should contact your financial intermediary directly.

**DIRECTLY FROM THE FUND**

**By Telephone** 

You may redeem or exchange Shares by calling the Fund at 1-800-341-7400. Your redemption or exchange request will be priced at the NAV next calculated after the request is received by the Fund. Receipt of a redemption or exchange order by a financial intermediary will be deemed received by the Fund to the extent that such financial intermediary has been duly authorized by the Fund to accept such orders.

If you call the Fund by noon Eastern time, and your redemption proceeds are wired to you the same day, you will not be entitled to that day's dividend.

If you call the Fund after noon Eastern time and before the end of regular trading (normally 4:00 p.m. Eastern time) on the NYSE, you will be entitled to that day's dividend and your redemption proceeds will be sent to you the following business day.

**By Mail** 

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

Your redemption or exchange request will be priced at the NAV next calculated after the Fund receives your written request in proper form. If your redemption proceeds are wired to you the same day your order is priced, you will not be entitled to that day's dividend. If a check for your redemption proceeds is mailed to you on the next business day after your request is priced, you will be entitled to dividends through the day on which the Fund priced your request.

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Send requests by mail to:

The Federated Hermes Funds

P.O. Box 219318

Kansas City, MO 64121-9318

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

The Federated Hermes Funds

430 W 7<sup>th</sup> Street

Suite 219318

Kansas City, MO 64105-1407

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 FederatedInvestors.com'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 FederatedInvestors.com 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.

◾ **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

**17**

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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.

Any attempt to redeem Shares through checkwriting or debit card before the purchase instrument has cleared will be automatically rejected.

In addition, the right of redemption may be suspended, or the payment of proceeds may be delayed, 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

◾ in which there are emergency conditions, including liquidation of the Fund, as provided in Section 22(e), and rules thereunder, of the Investment Company Act of 1940.

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

**Certain special LIMITATIONS affecting REDEMPTIONs** 

The SEC has implemented a number of requirements, including liquidity fees and temporary redemption gates, for money market funds based on the amount of Fund assets that are "weekly liquid assets," which generally includes cash, direct obligations of the U.S. government, certain other U.S. government or agency securities and securities that will mature or are subject to a demand feature that is exercisable and payable within five business days.

The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. If the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund will impose a liquidity fee of 1% on all redemptions beginning on the next business day, unless the Board, including a majority of the independent Trustees, determines that imposing such a fee would not be in the best interests of the Fund or determines that a lower or higher fee (not to exceed 2%) would be in the best interests of the Fund, which would remain in effect until weekly liquid assets return to 30% or the Board determines that the fee is no longer in the best interests of the Fund. In the event that a liquidity fee is imposed and/or redemptions are temporarily suspended, the Board may take certain other actions based on the particular facts and circumstances, including but not limited to modifying the timing and frequency of its NAV determinations. All liquidity fees payable by shareholders of the Fund would be payable to the Fund and could offset any losses realized by the Fund when seeking to honor redemption requests during times of market stress.

If liquidity fees are imposed or redemptions are temporarily suspended, the Fund will notify shareholders on the Fund's website or by press release. In addition to identifying the Fund, such notifications will include the Fund's percentage of total assets invested in weekly liquid assets, the time of implementation of the liquidity fee and/or redemption gate and details regarding the amount of the liquidity fee. The imposition and termination of a liquidity fee or redemption gate will

**18**

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also be reported by the Fund to the SEC on Form N-CR. If redemptions are temporarily suspended, the Fund and your financial intermediary will not accept redemption or exchange orders until the Fund has notified shareholders that the redemption gate has been lifted. Shareholders wishing to redeem or exchange shares once the redemption gate has been lifted will need to submit a new redemption or exchange request to the Fund or their financial intermediary.

All liquidity fees payable by shareholders to the Fund can be used to offset any losses realized by the Fund when seeking to honor redemption requests during times of market stress. The Fund expects to treat such liquidity fees as not constituting income to the Fund.

A liquidity fee imposed by the Fund will reduce the amount you will receive upon the redemption of your shares and will decrease the amount of any capital gain or increase the amount of any capital loss you will recognize from such redemption. Although there is some degree of uncertainty with respect to the tax treatment of liquidity fees received by money market funds, it is anticipated at this time that a liquidity fee will have no tax effect for the Fund. As the tax treatment will likely be the subject of future guidance issued by the Internal Revenue Service (IRS), the Fund will re-visit the applicable tax treatment of liquidity fees when they are received.

In addition, the right of any investor to receive payment with respect to any redemption may be suspended or the payment of the redemption proceeds postponed during any period in which the NYSE is closed (other than weekends or holidays) or trading on the NYSE is restricted or, to the extent otherwise permitted by the 1940 Act, if an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable or it is not reasonably practicable for the Fund fairly to determine the value of its net assets. In addition, the SEC may by order permit suspension of redemptions for the protection of shareholders of the Fund.

If the Fund's weekly liquid assets fall below 10% and the Board determines that it would not be in the best interests of the Fund to continue operating, the Board may suspend redemptions in the Fund and may approve the liquidation of the Fund. The Board may also suspend redemptions and liquidate the Fund if the Board determines that the deviation between its amortized cost price per share and its market-based NAV may result in material dilution or other unfair results to investors or existing shareholders. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to liquidate and suspend redemptions. If the Fund ceases honoring redemptions and determines to liquidate, the Fund expects that it would notify shareholders on the Fund's website or by press release. Distributions to shareholders of liquidation proceeds may occur in one or more disbursements.

Purchase orders received by the Fund after the last NAV determination of a given day, but prior to notification of the imposition of liquidity fees or a redemption gate will be cancelled unless re-confirmed. Under certain circumstances, the Fund may honor redemption or exchange orders (or pay redemptions without adding a liquidity fee to the redemption amount) if the Fund can verify that the redemption or exchange order was received in good order by the Fund or the Fund's agent before the Fund imposed liquidity fees or temporarily suspended redemptions.

**Involuntary Redemptions** 

The Fund operates as a retail money market fund. Accordingly, only Eligible Accounts may be invested in the Fund. Accounts that are not Eligible Accounts are not permitted to invest in the Fund and will be redeemed in accordance with policies and procedures adopted by the Fund's Board. Financial intermediaries will be required to take steps to remove any shareholders on behalf of whom they hold shares in the Fund that are not eligible to be invested in the Fund. Further, financial intermediaries may only submit purchase orders if they have implemented policies and procedures reasonably designed to limit all investors on behalf of whom they submit orders to Eligible Accounts. Financial intermediaries may be required by the Fund or its shareholder servicing agent to provide a written statement or other representation that they have in place, and operate in compliance with, such policies and procedures prior to submitting purchase orders. Neither the Fund nor the Adviser will be responsible for any loss of income in an investor's account or tax liability resulting from an involuntary redemption.

**EXCHANGE PRIVILEGE**

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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund, no-load Class A Shares and Class R Shares of any 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.

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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.

**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.

**CHECKWRITING** 

You may request checks to redeem your Fund Shares. Your account will continue to receive the daily dividend declared on the Shares being redeemed until the check is presented for payment.

**DEBIT CARD** 

Effective September 30, 2016, the Fund began to reject new applications for a debit card. However, existing Fund shareholders who have a debit card will be permitted to continue to use it and, upon expiration of the debit card, will be permitted to renew the card. Debit card service is not transferable; it is applicable only to the account associated with the debit card service as of September 30, 2016. Shareholders with debit cards will continue to be subject to an annual service fee which the Fund will automatically deduct from their account.

Any attempt to redeem Shares through checkwriting or debit card before the purchase instrument has cleared will be automatically rejected.

**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 FederatedInvestors.com'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**

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**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 FederatedInvestors.com.

Account and Share Information

**ACCOUNT ACTIVITY**

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.

The Fund does not expect to realize any capital gains or losses. However, the Fund may realize capital gains on certain securities, such as synthetic variable rate demand instruments, that may be redeemed in certain circumstances at a premium to their face value. If capital gains or losses were to occur, they could result in an increase or decrease in dividends. 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.

See "Tax Information" below for information on the tax consequences of the Fund realizing a capital gain.

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 FederatedInvestors.com/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.

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.

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**ACCOUNTS WITH LOW BALANCES**

Federated Hermes reserves the right to close accounts if redemptions or exchanges cause the account balance to fall below $10,000. 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. It is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund's dividends may not be exempt. Dividends may be subject to state and local taxes, although the Fund's dividends will be exempt from the New York taxes to the extent they are derived from interest on obligations exempt from such taxes. Although the Fund does not seek to realize capital gains, the Fund may realize and distribute capital gains from time to time as a result of the Fund's normal investment activities. 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. Capital gains and non-exempt dividends are taxable whether paid in cash or reinvested in the Fund. 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 and its use of the amortized cost method for calculating the NAV of Fund Shares, 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 a 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 FederatedInvestors.com. Such information is posted on the website five business days after both mid-month and month-end then remains posted on the website 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 until replaced by the information for the succeeding month. The summary portfolio composition information may include identification of the Fund's top 10 credit/obligor exposures, weighted average maturity, weighted average life and percentage breakdowns of the portfolio by effective maturity range and type of security. The Fund's WAM and WAL, Shadow NAV (market-based value of the Fund's portfolio), Weekly Liquid Assets and Daily Flows are posted every business day and remain posted on the website for six months thereafter.

You may also access portfolio information via the link to the Fund and share class name at FederatedInvestors.com. The Fund's Annual and Semi-Annual Shareholder Reports contain complete listings of the Fund's portfolio holdings as of the end of the Fund's second and fourth fiscal quarters. These reports are also available on the SEC's website at sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

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 FederatedInvestors.com. 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.

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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 102 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 $668.9 billion as of December 31, 2022. Federated Hermes was established in 1955 as Federated Investors, Inc. and is one of the largest investment managers in the United States with nearly 2,000 employees. Federated Hermes provides investment products to more than 11,000 investment professionals and institutions.

The Adviser advises approximately 73 registered investment companies and also manages sub-advised funds. The Adviser's assets under management totaled approximately $399.6 billion as of December 31, 2022.

**ADVISORY FEES** 

The Fund's investment advisory contract provides for payment to the Adviser of an annual investment advisory fee of 0.30% 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 Annual and Semi-Annual Shareholder Reports for the periods ended October 31 and April 30, 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 Annual Report.

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Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income | 0.006 | 0.000<sup>1</sup> | 0.006 | 0.013 | 0.011 |
| Net realized gain (loss) | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> |  |
| TOTAL FROM INVESTMENT OPERATIONS | 0.006 | 0.000<sup>1</sup> | 0.006 | 0.013 | 0.011 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (0.006) | (0.000)<sup>1</sup> | (0.006) | (0.013) | (0.011) |
| Distributions from net realized gain | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |  | (0.000)<sup>1</sup> |
| TOTAL DISTRIBUTIONS | (0.006) | (0.000)<sup>1</sup> | (0.006) | (0.013) | (0.011) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | 0.59% | 0.01% | 0.58% | 1.33% | 1.08% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> | 0.26% | 0.21% | 0.32% | 0.32% | 0.32% |
| Net investment income | 0.58% | 0.01% | 0.64% | 1.31% | 1.10% |
| Expense waiver/reimbursement<sup>4</sup> | 0.30% | 0.34% | 0.19% | 0.17% | 0.25% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $115589 | $111555 | $179225 | $326684 | $211511 |

---

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

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| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 4 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|

---

Further information about the Fund's performance is contained in the Fund's Annual Report, dated October 31, 2022, which can be obtained free of charge.

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Appendix A: Hypothetical Investment and Expense Information

The following chart provides 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 chart shows 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. The 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 the chart is the same as stated in the "Fees and Expenses" table of this Prospectus (and thus do 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 NEW YORK MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - WS CLASS** | **FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST - WS CLASS** |
| **ANNUAL EXPENSE RATIO: 0.56%** | **ANNUAL EXPENSE RATIO: 0.56%** | **ANNUAL EXPENSE RATIO: 0.56%** | **ANNUAL EXPENSE RATIO: 0.56%** | **ANNUAL EXPENSE RATIO: 0.56%** | **ANNUAL EXPENSE RATIO: 0.56%** |
| **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 | $10000.00 | $500.00 | $10500.00 | $57.24 | $10444.00 |
| 2 | $10444.00 | $522.20 | $10966.20 | $59.78 | $10907.71 |
| 3 | $10907.71 | $545.39 | $11453.10 | $62.44 | $11392.01 |
| 4 | $11392.01 | $569.60 | $11961.61 | $65.21 | $11897.82 |
| 5 | $11897.82 | $594.89 | $12492.71 | $68.11 | $12426.08 |
| 6 | $12426.08 | $621.30 | $13047.38 | $71.13 | $12977.80 |
| 7 | $12977.80 | $648.89 | $13626.69 | $74.29 | $13554.01 |
| 8 | $13554.01 | $677.70 | $14231.71 | $77.59 | $14155.81 |
| 9 | $14155.81 | $707.79 | $14863.60 | $81.03 | $14784.33 |
| 10 | $14784.33 | $739.22 | $15523.55 | $84.63 | $15440.75 |
| Cumulative |  | $6126.98 |  | $701.45 |  |

---

**25**

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An SAI dated February 28, 2023, is incorporated by reference into this Prospectus. Additional information about the Fund and its investments is contained in the Fund's SAI and Annual and Semi-Annual Reports to shareholders as they become available. 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 without charge, and to make inquiries, call your financial intermediary or the Fund at 1-800-341-7400.

The Fund's shareholder reports will be made available on FederatedInvestors.com/FundInformation, and you will be notified and provided with a link each time a report is posted to the website. You may request to receive paper reports from the Fund or from your financial intermediary, free of charge, at any time. You may also request to receive documents through e-delivery.

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

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 New York Municipal Cash Trust

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

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

or call 1-800-341-7400.

Federated Securities Corp., Distributor

*Investment Company Act File No. 811-5950* 

*CUSIP 608919858*

*31516 (2/23)*© 2023 Federated Hermes, Inc.

------

**Statement of Additional Information**

***February 28, 2023***

![](imgf9ec32051.gif)

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

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| | |
|:---|:---|
| **Share Class** \| Ticker | **Wealth** \| NISXX |

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Federated Hermes New York Municipal Cash Trust

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A Portfolio of Federated Hermes Money Market Obligations Trust

This Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes New York Municipal Cash Trust (the "Fund"), dated February 28, 2023.

This SAI incorporates by reference the Fund's Annual Report. Obtain the Prospectus or the Annual Report without charge by calling 1-800-341-7400.

---

| | |
|:---|:---|
|  | **Contents** |
| 1 | [How is the Fund Organized?](#xx_0cc73d82-288e-4594-a429-5a0578c31b9d_1) |
| 1 | [Securities in Which the Fund Invests](#xx_0cc73d82-288e-4594-a429-5a0578c31b9d_1) |
| 4 | [Investment Risks](#xx_0cc73d82-288e-4594-a429-5a0578c31b9d_4) |
| 6 | [Investment Objective (and Policies) and Investment Limitations](#xx_0cc73d82-288e-4594-a429-5a0578c31b9d_6) |
| 9 | [What Do Shares Cost?](#xx_0cc73d82-288e-4594-a429-5a0578c31b9d_9) |
| 9 | [How is the Fund Sold?](#xx_0cc73d82-288e-4594-a429-5a0578c31b9d_9) |
| 12 | [Purchases In-Kind](#xx_0cc73d82-288e-4594-a429-5a0578c31b9d_12) |
| 12 | [Redemption In-Kind](#xx_0cc73d82-288e-4594-a429-5a0578c31b9d_12) |
| 12 | [Massachusetts Partnership Law](#xx_0cc73d82-288e-4594-a429-5a0578c31b9d_12) |
| 12 | [Share Information](#xx_0cc73d82-288e-4594-a429-5a0578c31b9d_12) |
| 13 | [Tax Information](#xx_0cc73d82-288e-4594-a429-5a0578c31b9d_13) |
| 14 | [Who Manages and Provides Services to the Fund?](#xx_0cc73d82-288e-4594-a429-5a0578c31b9d_14) |
| 26 | [Financial Information](#xx_0cc73d82-288e-4594-a429-5a0578c31b9d_26) |
| 27 | [Investment Ratings](#xx_0cc73d82-288e-4594-a429-5a0578c31b9d_27) |
| 30 | [Addresses](#xx_6e66bf88-7f87-4ea1-baa0-6a865ee8af62_1) |
| 31 | [Appendix A](#xx_47980dac-271d-4d2b-8624-d4ddadbe0a14_1) |
| 32 | [Appendix B - New York State Risk](#xx_0b3f53fb-7f2d-4341-998c-b99518ea9f45_1) |

---

Federated Hermes New York Municipal Cash Trust

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com**

or call 1-800-341-7400.

Federated Securities Corp., Distributor

*39957 (2/23)*© 2023 Federated Hermes, Inc.

------

How is the Fund Organized?

The Fund is a diversified portfolio of Federated Hermes Money Market Obligations Trust (the "Trust"). The Trust is an open-end, management investment company that was established under the laws of the Commonwealth of Massachusetts on October 3, 1988. The Trust may offer separate series of shares representing interests in separate portfolios of securities. The Fund, which was established on March 17, 1982, was reorganized as a portfolio of Federated Municipal Trust on May 30, 1994, and then was reorganized as a portfolio of the Trust on February 1, 2000.

The Board of Trustees (the "Board") has established four classes of shares of the Fund, known as Cash II Shares, Cash Series Shares, Wealth Shares and Service Shares ("Shares"). This SAI relates only to the Wealth Shares. The Fund's investment adviser is Federated Investment Management Company (the "Adviser").

Effective June 26, 2020, the Trust changed its name from Money Market Obligations Trust to Federated Hermes Money Market Obligations Trust and the Fund changed its name from Federated New York Municipal Cash Trust to Federated Hermes New York Municipal Cash Trust.

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 further describes the types of fixed-income securities in which the Fund may invest.

**Municipal Leases (A Type of Tax-Exempt, Fixed-Income Security)** 

Municipalities may enter into leases for equipment or facilities. In order to comply with state public financing laws, these leases are typically subject to annual appropriation. In other words, a municipality may end a lease, without penalty, by not providing for the lease payments in its annual budget. After the lease ends, the lessor can resell the equipment or facility but may lose money on the sale. The Fund may invest in securities supported by pools of municipal leases. The most common type of lease-backed securities is certificates of participation (COPs). However, the Fund may also invest directly in individual leases.

**Callable Securities (A Type of Tax-Exempt, Fixed-Income Security)** 

Certain fixed-income securities in which the Fund invests are callable at the option of the issuer. Certain callable securities invested in by the Fund also may be callable by parties other than the issuer. Callable securities are subject to call risk.

**Zero-Coupon Securities (A Type of Tax-Exempt, 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 risks and credit risks of a zero-coupon security.

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. 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, PIK securities or toggle securities.

**1**

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**Tax Increment Financing Bonds (A Type of Tax-Exempt, Fixed-Income Security)** 

Tax increment financing (TIF) bonds are payable from increases in taxes or other revenues attributable to projects within the TIF district. For example, a municipality may issue TIF bonds to redevelop a commercial area. The TIF bonds would be payable solely from any increase in sales taxes collected from merchants in the area. The bonds could fail to pay principal or interest if merchants' sales, and related tax collections, failed to increase as anticipated.

**Municipal Mortgage-Backed Securities (A Type of Tax-Exempt, Fixed-Income Security)** 

Municipal mortgage-backed securities are special revenue bonds, the proceeds of which may be used to provide mortgage loans for single family homes or to finance multifamily housing. Municipal mortgage-backed securities represent interests in pools of mortgages. The mortgages that comprise a pool normally have similar interest rates, maturities and other terms. Mortgages may have fixed or adjustable rates. Municipal mortgage-backed securities generally have fixed interest rates.

Municipal mortgage-backed securities come in a variety of forms. The simplest forms of municipal mortgage-backed securities are unstructured bonds backed by the net interest and principal payments and prepayments from the underlying mortgages. As a result, the holders assume all interest rate and prepayment risks of the underlying mortgages. Other municipal mortgage-backed securities may have more complicated financial structures.

**Other Investments, Transactions, Techniques**

**Inter-Fund Borrowing and Lending Arrangements** 

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.

**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.

**Asset Segregation** 

In order to secure its obligations in connection with special transactions, such as reverse repurchase agreements or when-issued and delayed delivery transactions, the Fund will either enter into offsetting transactions or set aside readily marketable securities in each case, as provided by the SEC or SEC staff guidance. Unless the Fund has other readily marketable assets to set aside, it cannot trade assets used to secure such obligations without terminating a special transaction. This may cause the Fund to miss favorable trading opportunities or to realize losses on special transactions.

**2**

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**Temporary Investments** 

The Fund may make temporary investments in taxable, fixed-income securities (including, for example, securities subject to the federal alternative minimum tax for individuals) and the following other taxable securities:

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

Treasury securities are direct obligations of the federal government of the United States.

**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 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 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.

**3**

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**Bank Instruments (A Type of Fixed-Income Security)** 

Bank instruments are unsecured, interest-bearing deposits with banks. Bank instruments include, but are not limited to, bank accounts, time deposits, certificates of deposit and banker's acceptances. Yankee instruments are denominated in U.S. dollars and issued by U.S. branches of foreign banks. Euro-dollar instruments are denominated in U.S. dollars and issued by non-U.S. branches of U.S. or foreign banks.

**Corporate Debt Securities (A Type of Fixed-Income Security)** 

Corporate debt securities are fixed-income securities issued by businesses. Notes, bonds, debentures and commercial paper are the most prevalent types of corporate debt securities.

**Commercial Paper (A Type of Corporate Debt Security)** 

Commercial paper is an issuer's obligation with a maturity of less than nine months. Companies typically issue commercial paper to pay for current expenditures. Most issuers constantly reissue their commercial paper and use the proceeds (or bank loans) to repay maturing paper. If the issuer cannot continue to obtain liquidity in this fashion, its commercial paper may default.

**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 subcustodian will take possession of the securities subject to repurchase agreements. The Adviser or subcustodian 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. In addition to taxable repurchase agreements, the Fund also may invest in municipal repurchase agreements as a non-principal investment.

**Reverse Repurchase Agreements** 

Reverse repurchase agreements (which are considered a type of special transaction for asset segregation 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. In addition to taxable reverse repurchase agreements, the Fund also may invest in municipal reverse repurchase agreements as a non-principal investment.

**minimal credit risk** 

Under Rule 2a-7, money market funds, such as the Fund, may generally invest in "Eligible Securities" which include securities issued by another money market fund, government securities or securities that have a remaining maturity of no more than 397 calendar days and are determined by the fund's board or its delegate to present minimal credit risk based on an assessment of the issuer's credit quality, including the capacity of the issuer or guarantor to meet its financial obligations. The Fund's Board has adopted procedures by which the Adviser will conduct this initial and ongoing assessment, as required. Such analysis of whether a security presents minimal credit risk will include, to the extent appropriate: consideration of the security's issuer or guarantor's financial condition, sources of liquidity, ability to react to future market-wide and issuer or guarantor-specific events, including the ability to repay debt in a highly adverse situation; and strength of the issuer or guarantor's industry within the economy and relative to economic trends, as well as the issuer or guarantor's competitive position within its industry. In addition, a minimal credit risk evaluation may also include consideration of whether the price and/or yield of the security itself is similar to that of other securities in the Fund's portfolio. The Adviser will perform an ongoing review of whether each security (other than a government security) continues to present minimal credit risks.

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**

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**Leverage Risk** 

Leverage risk is created when an investment exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund's risk of loss and potential for gain.

**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. 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.

**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

**5**

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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.

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 Policies) and Investment Limitations

The fundamental investment objective of the Fund is to provide current income exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities consistent with stability of principal.

Under normal circumstances, the Fund will invest its assets so that at least 80% of its annual interest income will be exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities or so that at least 80% of its net assets is invested in obligations, the interest income from which is exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities.

Only for purposes of compliance with Rule 35d-1, the Fund will invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax and the personal income taxes imposed by the State of New York and New York municipalities.

The fundamental investment objective and policies described above may not be changed by the Fund's Board without shareholder approval.

**Investment Limitations** 

**Diversification** 

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.

**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.

**6**

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**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 ("1933 Act").

**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.

**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, as amended ("1940 Act").

**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** 

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 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. 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.** 

**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 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.

**Investing in Illiquid Securities** 

The Fund will not acquire securities that cannot be sold or disposed of in the ordinary course of business within seven days at approximately the value ascribed to them by the Fund if, immediately after the acquisition, the Fund would have invested more than 5% of its total assets in such securities.

**Investing in Restricted Securities** 

The Fund may invest in securities subject to restrictions on resale under the 1933 Act.

**Additional Information** 

For purposes of the diversification limitation, 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."

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.

As a non-fundamental operating policy, the investment of more than 25% of the value of the Fund's total assets in any one industry will constitute "concentration." For purposes of the concentration limitation: (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.

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To conform to the current view of the SEC staff that only domestic bank instruments may be excluded from industry concentration limitations, the Fund will not exclude foreign bank instruments from industry concentration limitation tests so long as the policy of the SEC remains in effect. Investments in private activity bonds will be classified according to the non-governmental entity from which the bond's principal and interest payments are principally derived. In addition, investments in certain industrial development bonds funded by activities in a single industry will be deemed to constitute investment in an industry, except when held for temporary defensive purposes.

**REGULATORY COMPLIANCE** 

The Fund may follow non-fundamental operational policies that are more restrictive than its fundamental investment limitations, as set forth in the Prospectus and this SAI, in order to comply with applicable laws and regulations, including the provisions of and regulations under the 1940 Act. In particular, the Fund will comply with the various requirements of Rule 2a-7 (the "Rule"), which regulates money market mutual funds. The Fund may change these operational policies to reflect changes in the laws and regulations without the approval of its shareholders.

The SEC has implemented a number of requirements, including liquidity fees and temporary redemption gates, for money market funds based on the amount of Fund assets that are "weekly liquid assets," which generally includes cash, direct obligations of the U.S. government, certain other U.S. government or agency securities and securities that will mature or are subject to a demand feature that is exercisable and payable within five business days.

The Fund has adopted policies and procedures such that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend redemptions for up to 10 business days in any 90-day period in the event that the Fund's weekly liquid assets were to fall below a designated threshold, subject to a determination by the Fund's Board that such a liquidity fee or redemption gate is in the Fund's best interest. If the Fund's weekly liquid assets fall below 30% of its total assets, the Fund may impose liquidity fees of up to 2% of the value of the shares redeemed and/or temporarily suspend redemptions, if the Board, including a majority of the independent Trustees, determines that imposing a liquidity fee or temporarily suspending redemptions is in the Fund's best interest. If the Fund's weekly liquid assets fall below 10% of its total assets at the end of any business day, the Fund will impose a liquidity fee of 1% on all redemptions beginning on the next business day, unless the Board, including a majority of the independent Trustees, determines that imposing such a fee would not be in the best interests of the Fund or determines that a lower or higher fee (not to exceed 2%) would be in the best interests of the Fund, which would remain in effect until weekly liquid assets return to 30% or the Board determines that the fee is no longer in the best interests of the Fund. In the event that a liquidity fee is imposed and/or redemptions are temporarily suspended, the Board may take certain other actions based on the particular facts and circumstances, including, but not limited to, modifying the timing and frequency of the Fund's NAV determinations.

If liquidity fees are imposed or redemptions are temporarily suspended, the Fund will notify shareholders on the Fund's website or by press release. In addition to identifying the Fund, such notifications will include the Fund's percentage of total assets invested in weekly liquid assets, the time of implementation of the liquidity fee and/or redemption gate and details regarding the amount of the liquidity fee. If the Board, including a majority of the independent Trustees, changes or removes a liquidity fee or a temporary redemption gate, the Fund will notify shareholders in the same manner as described above. The imposition and termination of a liquidity fee or redemption gate will also be reported by the Fund to the SEC on Form N-CR. If redemptions are temporarily suspended, the Fund and your financial intermediary will not accept redemption or exchange orders until the Fund has notified shareholders that the redemption gate has been lifted. Shareholders wishing to redeem or exchange shares once the redemption gate has been lifted will need to submit a new redemption or exchange request to the Fund or their financial intermediary.

All liquidity fees payable by shareholders to the Fund can be used to offset any losses realized by the Fund when seeking to honor redemption requests during times of market stress. The Fund expects to treat such liquidity fees as not constituting income to the Fund.

A liquidity fee imposed by the Fund will reduce the amount you will receive upon the redemption of your shares, and will decrease the amount of any capital gain or increase the amount of any capital loss you will recognize from such redemption. Although there is some degree of uncertainty with respect to the tax treatment of liquidity fees received by money market funds, it is anticipated at this time that a liquidity fee will have no tax effect on the Fund. As the tax treatment will likely be the subject of future guidance issued by the Internal Revenue Service, the Fund will re-visit the applicable treatment of liquidity fees when they are received.

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If the Fund's weekly liquid assets fall below 10% and the Board determines that it would not be in the best interests of the Fund to continue operating, the Board may suspend redemptions in the Fund and may approve the liquidation of the Fund. The Board may also suspend redemptions and liquidate the Fund if the Board determines that the deviation between its amortized cost price per share and its market-based NAV may result in material dilution or other unfair results to investors or existing shareholders. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to liquidate and suspend redemptions. If the Fund ceases honoring redemptions and determines to liquidate, the Fund expects that it would notify shareholders on the Fund's website or by press release. Distributions to shareholders of liquidation proceeds may occur in one or more disbursements.

Because the Fund operates as a money market fund and seeks to maintain a stable $1.00 price per share, a low or negative interest rate environment could impact the Fund's ability to maintain a stable $1.00 share price. During a low or negative interest rate environment, the Fund may reduce the number of shares outstanding on a pro rata basis through reverse stock splits, negative dividends or other mechanisms to seek to maintain a stable $1.00 price per share, to the extent permissible by applicable law and the Fund's organizational documents. Alternatively, if the Board determines that it is no longer in the best interests of the Fund and its shareholders to maintain a stable price of $1.00 per share, the Board has the right to discontinue the use of a stable NAV of $1.00 per share and establish a fluctuating NAV per share rounded to four decimal places. Depending on the specific measure(s) taken, these measures would result in shareholders not receiving a dividend, holding fewer shares of the Fund and/or experiencing a loss in the aggregate value of their investment in the Fund. The Fund will notify shareholders of any such change.

Purchase orders received after the last NAV determination of a given day, but prior to notification of the imposition of liquidity fees or a redemption gate will be cancelled unless re-confirmed. Under certain circumstances, the Fund may honor redemption or exchange orders (or pay redemptions without adding a liquidity fee to the redemption amount) if the Fund can verify that the redemption or exchange order was received in good order by the Fund or the Fund's agent before the Fund imposed liquidity fees or temporarily suspended redemptions.

What Do Shares Cost?

**Determining Market Value Of Securities** 

The Board has decided that the best method for determining the value of portfolio instruments is amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. The Fund uses this adjusted cost to value the investment.

Accordingly, neither the amount of daily income nor the net asset value (NAV) is affected by any unrealized appreciation or depreciation of the portfolio. In periods of declining interest rates, the indicated daily yield on Shares of the Fund, computed by dividing the annualized daily income on the Fund's portfolio by the NAV, computed as above, may tend to be higher than a similar computation made by using a method of valuation based upon market prices and estimates. In periods of rising interest rates, the opposite may be true. A low or negative interest rate environment impacts, in a negative way, the Fund's ability to provide a positive return, or yield, to its shareholders, pay expenses out of current income, and/or achieve its investment objective, including maintaining a stable NAV of $1.00 per share.

The Fund's use of the amortized cost method of valuing portfolio instruments depends on its compliance with certain conditions in the Rule. Under the Rule, the Board must establish procedures reasonably designed to stabilize the NAV per Share, as computed for purposes of distribution and redemption, at $1.00 per Share, taking into account current market conditions and the Fund's investment objective. The procedures include monitoring the relationship between the amortized cost value per Share and the NAV per Share based upon available indications of market value. The Board will decide what, if any, steps should be taken if there is a difference of more than 0.5 of 1% between the two values. The Board will take any steps it considers appropriate (such as redemption in-kind or shortening the average portfolio maturity) to minimize any material dilution or other unfair results arising from differences between the two methods of determining NAV.

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.

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**Additional Payments To Financial Intermediaries**

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. 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 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. The same financial intermediaries may receive payments under more than one or all categories. These payments assist in the Distributor's efforts to support the sale of Shares. These payments are negotiated and may be based on such factors as: the number or value of Shares that the financial intermediary sells or may sell; 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 receive such payments and the amount of compensation may vary by intermediary. You should ask your financial intermediary 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 Wealth Share Class, the Wealth Share Class of the Fund currently does not accrue, pay or incur any shareholder services/account administration fees, although the Board of Trustees has approved the Wealth Share 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 Wealth Share Class of the Fund will not accrue, pay or incur such fees 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 sell Federated Hermes fund shares to help offset their costs associated with client account maintenance support, statement processing and transaction processing. The types of payments that the Distributor may make under this category include: payment of ticket charges on a per-transaction basis; payment of networking fees; and payment for ancillary services such as setting up funds on the financial intermediary's mutual fund trading system.

**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.

**Marketing Support Payments** 

From time to time, the Distributor, at its expense, may provide additional compensation to financial intermediaries that sell or arrange for the sale of Shares. Such compensation, provided by the Distributor, may include financial assistance to financial intermediaries that enable the Distributor to participate in or present at conferences or seminars, sales or 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 to financial intermediaries for services rendered in connection with technology and programming set-up, platform development and maintenance or similar services and for the provision of sales-related data to the Adviser and/or its affiliates.

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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, 2022, 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 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, 2022, are not reflected. You should ask your financial intermediary for information about any additional payments it receives from the Distributor.

ADP Broker-Dealer, Inc.

American Enterprise Investment Services Inc.

American Portfolios Advisors, Inc.

Aspyre Wealth Partners

Avidian Wealth Solutions LLC

B. C. Ziegler And Company

Beam Wealth Advisors, Inc.

Benjamin F. Edwards & Company, Inc.

BMO Harris Financial Advisors, Inc.

BofA Securities, Inc.

Bolton Global Capital, Inc.

Broadridge Business Process Outsourcing, LLC

Brown Investment Advisory & Trust Company

Cadaret, Grant & Co., Inc.

Cambridge Financial Group, Inc.

CBIZ Financial Solutions, Inc.

Cetera Advisor Networks LLC

Cetera Advisors LLC

Cetera Investment Services LLC

Charles Schwab & Company, Inc.

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

Emerald Advisors, LLC

Empower Financial Services, Inc.

Envestnet PMC

FBL Marketing Services, LLC

Fidelity Investments Institutional Operations Company, Inc. (FIIOC)

Fifth Third Securities, Inc.

FIS Brokerage & Securities Services LLC

Gerber Kawasaki Wealth & Investment Management

Goldman Sachs & Co. LLC

Hancock Whitney Investment Services Inc.

HighTower Securities, LLC

Hilltop Securities, Inc.

HUB International Investment Services Inc.

The Huntington Investment Company

Huntington Securities, Inc.

IFP Securities, LLC

Insigneo Securities, LLC

Institutional Cash Distributors, LLC

Interactive Brokers LLC

J.P. Morgan Securities LLC

Janney Montgomery Scott LLC

Jefferies LLC

KeyBanc Capital Markets Inc.

Kowal Investment Group, LLC

Leafhouse Financial Advisors, LLC

Lincoln Financial Advisors Corporation

Lincoln Financial Distributors, Inc.

Lincoln Investment Planning, LLC

LPL Financial LLC

Lyrical Partners, L.P.

MML Investors

Materetsky Financial Group

Merrill Lynch, Pierce, Fenner and Smith Incorporated

Moneta Group Investment Advisors, LLC

Morgan Stanley Smith Barney LLC

National Financial Services LLC

Nationwide Investment Services Corporation

NewEdge Securities, Inc.

Northwestern Mutual Investment Services, LLC

NYLIFE Distributors LLC

Open Range Financial Group, LLC

Oppenheimer & Company, Inc.

Paychex Securities Corp

Pensionmark Financial Group, LLC

Pershing LLC

PNC Capital Markets, LLC

PNC Investments LLC

Private Client Services, LLC

Raymond James & Associates, Inc.

Raymond James Financial Services, Inc.

RBC Capital Markets, LLC

Rise Consulting, LLC

Robert W Baird & Co. Incorporated

Rockefeller Capital Management

Royal Alliance Associates, Inc.

Sagepoint Financial, LLC

Sageview Advisory Group, LLC

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Sanford C. Bernstein & Company, LLC

SBC Wealth Management

Securian Financial Services, Inc.

Securities America, Inc.

Security Distributors, LLC

Spire Securities, LLC

State Street Global Markets, LLC

Stephens Inc.

Steward Partners Investment Advisory, LLC

Stifel, Nicolaus & Company, Incorporated

Strategic Financial Partners, Ltd

TD Ameritrade, Inc.

Teachers Insurance and Annuity Association of America

The London Company of Virginia LLC

Towerpoint Wealth, LLC

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

Vining-Sparks IBG, LLC

Vision Financial Markets, LLC

Voya Financial Advisors, Inc.

Wells Fargo Clearing Services LLC

Wells Fargo Securities, LLC

Woodbury Financial Services, Inc.

WR Wealth Planners LLC

XML Financial Group

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 in determining the market value of the portfolio for purposes of its comparison with amortized cost valuation. 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.

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 Massachusetts law, shareholders could, under certain circumstances, be held personally liable for the obligations of the Trust. The Declaration of Trust provides that no shareholder or former shareholder, merely by reason of his or her being or having been a shareholder, will be subject to any personal liability in connection with Trust property or the affairs of the Trust.

In the unlikely event a shareholder or former shareholder is held personally liable for the Trust's obligations, such shareholder will be entitled, out of the assets belonging to the applicable series, to be indemnified against all claims and reimbursed for all reasonably incurred expenses in connection with such claims. On request, the Trust will defend any claim made and pay any judgment against a shareholder from the assets belonging to the relevant series.

Share Information

**ORGANIZATION, CAPITALIZATION, VOTING RIGHTS AND OTHER MATTERS** 

The Trust is a Massachusetts business trust established under a Declaration of Trust dated October 3, 1988, as amended and restated November 11, 2015. The Trust's Declaration of Trust may be amended at any time by a majority of the Trustees. Under the Declaration of Trust, the Trustees have the authority to create and classify shares of beneficial interest in separate series and classes without further action by shareholders. Each series and class thereof may issue an unlimited number of shares of

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beneficial interest, with no par value. Shares of each series represent equal proportionate interests in the assets of that series only and have identical voting, dividend, redemption, liquidation and other rights of shares in the same series except that expenses allocated to a class may be borne solely by such class as determined by the Trustees and a class may have exclusive voting rights with respect to matters affecting only that class. Shares entitle their holders to one vote per share (and fractional votes for fractional shares), are freely transferable and, except as specifically provided by the Trustees, have no preference, preemptive, appraisal, exchange, subscription or conversion rights. All shares issued are fully paid and non-assessable. In the event of a liquidation or termination of a series, each shareholder is entitled to receive his pro rata share of the net assets of that series.

It is not anticipated that the Trust will hold shareholders' meetings unless required by law or the Declaration of Trust. The Board will call special meetings of shareholders of the Trust, a series or class thereof only if required under the 1940 Act, in their discretion, or upon the written request of holders of 10% or more of the outstanding shares of the Trust or of the relevant series or class, entitled to vote at such meeting.

The Declaration of Trust provides that the Trustees may redeem shares in certain circumstances, such as when a shareholder does not meet the qualifications for ownership of a particular series or class, or when such redemptions are required to comply with applicable laws and regulations. The Declaration of Trust also provides that the Board may, without shareholder approval unless required by the 1940 Act, cause the Trust or any series or class to dissolve, convert, merge, consolidate, reorganize, sell all or any part of its assets, provided that the surviving or resulting entity is an open-end management investment company under the 1940 Act, or a series thereof. The Trust or any series or class may be terminated at any time by the Trustees by written notice to the shareholders.

**SHAREHOLDERS OF THE FUND**

As of February 7, 2023, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Wealth Shares: Morgan Stanley Smith Barney, Jersey City, NJ, owned approximately 39,814,629 Shares (30.24%); Pershing LLC, Jersey City, NJ, owned approximately 35,251,008 Shares (26.78%); Charles Schwab & Co. Inc., San Francisco, CA, owned approximately 10,607,874 Shares (8.05%); and Hilltop Securities Inc., Dallas, TX, owned approximately 7,199,370 Shares (5.46%).

As of February 7, 2023, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Service Shares: American Enterprise Inv. Svc., Minneapolis, MN, owned approximately 11,140,618 Shares (50.12%); Charles Schwab & Co. Inc., San Francisco, CA, owned approximately 3,586,987 Shares (16.13%); Pershing LLC, Jersey City, NJ, owned approximately 3,112,526 Shares (14.00%); and TD Ameritrade, Inc., Omaha, NE, owned approximately 1,589,445 Shares (7.15%).

As of February 7, 2023, the following shareholder owned of record, beneficially or both, 5% or more of outstanding Cash II Shares: Pershing LLC, Jersey City, NJ, owned approximately 6,950,097 Shares (99.74%).

As of February 7, 2023, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Cash Series Shares: Pershing LLC, Jersey City, NJ, owned approximately 22,642,293 Shares (89.22%); and National Financial Services LLC, Jersey City, NJ, owned approximately 2,008,239 Shares (7.91%).

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.

Morgan Stanley Smith Barney LLC is organized in the State of Delaware.

Pershing LLC is organized in the State of Delaware and is a wholly owned subsidiary of The Bank of New York Mellon Corporation which is organized in the State of Delaware.

American Enterprise Investment Services Inc. is organized in State of Minnesota.

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.

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**State Taxes** 

Under existing New York laws, distributions made by the Fund will not be subject to New York State or New York City personal income taxes to the extent that such distributions qualify as exempt-interest dividends under the Code, and represent interest income attributable to obligations issued by the State of New York and its political subdivisions as well as certain other obligations, the interest on which is exempt from New York State and New York City personal income taxes, such as, for example, certain obligations of the Commonwealth of Puerto Rico. Conversely, to the extent that distributions made by the Fund are derived from other types of obligations, such distributions will be subject to New York State and New York City personal income taxes.

The Fund cannot predict in advance the exact portion of its dividends that will be exempt from New York State and New York City personal income taxes. However, the Fund will report to shareholders at least annually what percentage of the dividends it actually paid is exempt from such taxes.

Dividends paid by the Fund are exempt from the New York City unincorporated business taxes to the same extent that they are exempt from the New York City personal income taxes.

Dividends paid by the Fund are not excluded from net income in determining New York State or New York City franchise taxes on corporations or financial institutions.

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, 2022, the Trust comprised 16 portfolios, and the Federated Hermes Complex consisted of 33 investment companies (comprising 102 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 February 7, 2023, 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.

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**Interested Trustees Background and Compensation** 

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<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 1989<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; President, Chief Executive <br> Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, <br> Federated Investment Management Company; Trustee, Federated <br> Investment Counseling; Chairman and Director, Federated Global <br> Investment Management Corp.; Chairman and Trustee, Federated Equity <br> Management Company of Pennsylvania; Trustee, Federated Shareholder <br> Services 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 <br> Research, Ltd.; Chairman, Passport Research, Ltd.<br>| $0 | $0 |
| **Thomas R. Donahue\***<br> Birth Date: October 20, 1958<br> Trustee<br> Indefinite Term<br> Began serving: May 2016<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of certain funds in the <br> Federated Hermes Complex; Chief Financial Officer, Treasurer, Vice <br> President and Assistant Secretary, Federated Hermes, Inc.; Chairman and <br> Trustee, Federated Administrative Services; Chairman and Director, <br> Federated Administrative Services, Inc.; Trustee and Treasurer, Federated <br> Advisory Services Company; Director or Trustee and Treasurer, Federated <br> Equity Management Company of Pennsylvania, Federated Global <br> Investment Management Corp., Federated Investment Counseling, and <br> Federated Investment Management Company; Director, MDTA LLC; <br> Director, Executive Vice President and Assistant Secretary, Federated <br> Securities Corp.; Director or Trustee and Chairman, Federated Services <br> Company and Federated Shareholder Services Company; and Director and <br> President, FII Holdings, Inc.<br> **Previous Positions:** Director, Federated Hermes, Inc.; Assistant Secretary, <br> Federated Investment Management Company, Federated Global <br> Investment Management Company and Passport Research, LTD; Treasurer, <br> Passport Research, LTD; Executive Vice President, Federated Securities <br> Corp.; and Treasurer, FII Holdings, Inc.<br>| $0 | $0 |

---

\*

*Family relationships and reasons for "interested" status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are "interested" due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries.*

**Independent Trustees Background, Qualifications and Compensation** 

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **John T. Collins**<br> Birth Date: January 24, 1947<br> Trustee<br> Indefinite Term<br> Began serving: September 2013<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> Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).<br> **Other Directorships Held:** Director, KLX Energy Services Holdings, Inc. <br> (oilfield services); former Director of KLX Corp (aerospace).<br> **Qualifications:** Mr. Collins has served in several business and financial <br> management roles and directorship positions throughout his career. <br> Mr. Collins previously served as Chairman and CEO of The Collins Group, <br> Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves <br> as Chairman Emeriti, Bentley University. Mr. Collins previously served as <br> Director and Audit Committee Member, Bank of America Corp.; Director, <br> FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical <br> Center (Harvard University Affiliate Hospital).<br>| $362.22 | $385000  |

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**15**

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund 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, Chair of the Audit Committee <br> of the Federated Hermes Complex; Retired.<br> **Other Directorships Held:** Director, Chair of the Audit Committee, <br> Equifax, Inc.; Lead Director, Member of the Audit and Nominating and <br> Corporate Governance Committees, Haverty Furniture Companies, Inc.; <br> formerly, Director, Member of Governance and Compensation Committees, <br> Publix Super Markets, 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 on the Business School Board of <br> Visitors for Wake Forest University, and he previously served as an <br> Executive Committee member of the United States Golf Association.<br>| $342.69 | $365000 |
| **Maureen Lally-Green**<br> Birth Date: July 5, 1949<br> Trustee<br> Indefinite Term<br> Began serving: August 2009<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Adjunct Professor Emerita of Law, Duquesne University School of <br> Law; formerly, Dean of the Duquesne University School of Law and <br> Professor of Law and Interim Dean of the Duquesne University School of <br> Law; formerly, Associate General Secretary and Director, Office of Church <br> Relations, Diocese of Pittsburgh.<br> **Other Directorships Held:** Director, CNX Resources Corporation <br> (natural gas).<br> **Qualifications:** Judge Lally-Green has served in various legal and business <br> roles and directorship positions throughout her career. Judge Lally-Green <br> previously held the position of Dean of the School of Law of Duquesne <br> University (as well as Interim Dean). Judge Lally-Green previously served as <br> Associate General Secretary for the Diocese of Pittsburgh, a member of the <br> Superior Court of Pennsylvania and as a Professor of Law, Duquesne <br> University School of Law. Judge Lally-Green was appointed by the Supreme <br> Court of Pennsylvania to serve on the Supreme Court's Board of Continuing <br> Judicial Education and the Supreme Court's Appellate Court Procedural <br> Rules Committee. Judge Lally-Green also currently holds the positions on <br> not for profit or for profit boards of directors as follows: Director and Chair, <br> UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, <br> Pennsylvania State Board of Education (public); Director, Catholic Charities, <br> Pittsburgh; and Director, CNX Resources Corporation (natural gas). Judge <br> Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy <br> Foundation of Western and Central Pennsylvania; Director, Ireland Institute <br> of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, <br> Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, <br> Pennsylvania Bar Institute; Director, Saint Vincent College; Director and <br> Chair, North Catholic High School, Inc.; Director and Vice Chair, Our <br> Campaign for the Church Alive!, Inc.; and Director and Vice Chair, Saint <br> Francis University.<br>| $309.32 | $330000  |

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**16**

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| | | | |
|:---|:---|:---|:---|
| **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 Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **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 of the Federated Hermes <br> Complex; Sole Proprietor, Navigator Management Company (investment <br> 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; Credit Analyst and Lending <br> Officer, Fleet Bank; Director and Consultant, EZE Castle Software <br> (investment order management software); Director, Midway Pacific <br> (lumber); and Director, The Golisano Children's Museum of Naples, Florida<br>| $309.32 | $330000 |
| **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.<br>| $281.21 | $300000 |
| **P. Jerome Richey**<br> Birth Date: February 23, 1949<br> Trustee<br> Indefinite Term<br> Began serving: September 2013<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, <br> University of Pittsburgh and Executive Vice President and Chief Legal <br> Officer, CONSOL Energy Inc. (split into two separate publicly traded <br> companies known as CONSOL Energy Inc. and CNX Resources Corp.).<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Richey has served in several business and legal <br> management roles and directorship positions throughout his career. <br> Mr. Richey most recently held the positions of Senior Vice Chancellor and <br> Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as <br> Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and <br> Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey <br> previously served as Chief Legal Officer and Executive Vice President, <br> CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics <br> Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).<br>| $309.32 | $330000 |
| **John S. Walsh**<br> Birth Date: November 28, 1957<br> Trustee<br> Indefinite Term<br> Began serving: January 1999<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; President and Director, Heat Wagon, Inc. (manufacturer of <br> construction temporary heaters); President and Director, Manufacturers <br> Products, Inc. (distributor of portable construction heaters); President, <br> Portable Heater Parts, a division of 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 Vice President, Walsh & Kelly, Inc. (paving contractors).<br>| $281.21 | $300000 |

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**17**

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**OFFICERS\*** 

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| | |
|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| **Principal Occupation(s) and Previous Position(s)** |
| **Lori A. Hensler**<br> Birth Date: January 6, 1967<br> Treasurer <br> Officer since: April 2013<br>| &nbsp;&nbsp; **Principal Occupations:** Principal Financial Officer and Treasurer of the Federated Hermes Complex; Senior Vice President, <br> Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, <br> Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation.<br> **Previous Positions:** Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors <br> Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, <br> Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services <br> Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., <br> Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd. and Federated MDTA, <br> LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution <br> Services, 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 General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee <br> and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative <br> Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities <br> Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; <br> and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a <br> 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>|
| **Deborah A. Cunningham**<br> Birth Date: September 15, 1959<br> CHIEF INVESTMENT OFFICER<br> Officer since: May 2004<br>| &nbsp;&nbsp; **Principal Occupations:** Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes' money market <br> products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive <br> Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and <br> holds an M.S.B.A. in Finance from Robert Morris College.<br>|
| **Mary Jo Ochson**<br> Birth Date: September 12, 1953<br> CHIEF INVESTMENT OFFICER<br> Officer since: May 2004<br>| &nbsp;&nbsp; **Principal Occupations:** Mary Jo Ochson was named Chief Investment Officer of Federated Hermes' tax-exempt, fixed-income <br> products in 2004 and Chief Investment Officer of Federated Hermes' Tax-Free Money Markets in 2010. She joined Federated <br> Hermes in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. <br> Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University <br> of Pittsburgh.<br>|

---

\*

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

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

**DIRECTOR/TRUSTEE EMERITUS PROGRAM** 

The Board has created a position of Director/Trustee Emeritus, whereby an incumbent Director/Trustee who has attained the age of 75 and completed a minimum of five years of service as a director/trustee, may, in the sole discretion of the Committee of Independent Directors/Trustees ("Committee"), be recommended to the full Board of Directors/Trustees of the Fund to serve as Director/Trustee Emeritus.

A Director/Trustee Emeritus that has been approved as such receives an annual fee in an amount equal to a percent of the annual base compensation paid to a 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. 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 of Directors/Trustees each year and will be available to consult with the Committees or its representatives at reasonable times as requested by the Chairman; however, a Director/Trustee Emeritus does not have any voting rights at Board meetings and is not subject to election by shareholders of the Funds.

**18**

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The Director/Trustee Emeritus will be permitted to serve in such capacity at the pleasure of the Committee, but the annual fee will cease to be paid at the end of the calendar year during which he or she 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** 

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| | | |
|:---|:---|:---|
| **Director/Trustee Emeritus** | **Compensation**<br> **From Trust**<br> **(past fiscal year)**<br>| **Total**<br> **Compensation**<br> **Paid to**<br> **Director/Trustee**<br> **Emeritus**<sup>1</sup> <br>|
| **Peter E. Madden** | $49.88 | $60000.00 |
| **Charles F. Mansfield, Jr.** | $49.88 | $60000.00 |

---

*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.*

**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.

**Committees of the Board** 

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| | | | |
|:---|:---|:---|:---|
| **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> John T. Collins<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<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; &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<br> Maureen Lally-Green<br> Thomas M. O'Neill<br> &nbsp;&nbsp;&nbsp;&nbsp;P. Jerome Richey<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 T. Collins<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough <br> Maureen Lally-Green<br> Thomas M. O'Neill<br> Madelyn A. Reilly<br> &nbsp;&nbsp;&nbsp;&nbsp;P. Jerome Richey<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>| One |

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**19**

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**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.

**Board Ownership Of Shares In The Fund And In The Federated Hermes Family Of Investment Companies As Of December 31, 2022** 

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| | | |
|:---|:---|:---|
| **Interested Board**<br> **Member Name**<br>| &nbsp;&nbsp; **Dollar Range of**<br> **Shares Owned in**<br> **Federated Hermes New York** <br> **Municipal Cash Trust**<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 |
| Thomas R. Donahue |  | Over $100,000 |
| **Independent Board**<br> **Member Name**<br>|  |  |
| John T. Collins |  | Over $100,000 |
| G. Thomas Hough |  | Over $100,000 |
| Maureen Lally-Green |  | Over $100,000 |
| Thomas M. O'Neill |  | Over $100,000 |
| Madelyn A. Reilly |  | Over $100,000 |
| P. Jerome Richey |  | Over $100,000 |
| John S. Walsh |  | Over $100,000 |

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\* For the calendar year ended December 31, 2021, each Trustee listed owned in the aggregate over $100,000 in the Federated Hermes Family of Investment Companies.

**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 an investor initiative in partnership with the United Nations Environment Programme Finance Initiative and the United Nations Global Compact. Commitments made as a signatory to the PRI are not legally binding, but are voluntary and aspirational. They include efforts, where consistent with our fiduciary responsibilities, to incorporate environmental, social and corporate governance (ESG) issues into investment analysis and investment decision making, to be active owners and incorporate ESG issues into our ownership policies and practices, to seek appropriate disclosure on ESG issues by the entities in which we invest, to promote acceptance and implementation of the PRI within the investment industry, to enhance our effectiveness in implementing the PRI, and to report on our activities and progress towards implementing the PRI. Being a signatory to the PRI 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.

**20**

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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 team that conducts long-term, objectives-driven dialogue with board and senior executive level representatives of approximately 1,000 unique issuers annually. It 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.

**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.

**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.

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) had 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 where this is market practice; (3) has become overboarded (more than five boards for retired executives and more than two boards for CEOs); (4) is the chair of the nominating or governance committee when the roles of chairman of the board and CEO are combined and there is no lead independent director; (5) served on the compensation committee during a period in which compensation appears excessive relative to performance and peers; or (6) 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: (7) 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; (8) shareholder proposals to declassify the board of directors; (9) shareholder proposals to require a majority voting standard in the election of directors; (10) shareholder proposals to separate the roles of chairman of the board and CEO; (11) a proposal to require a company's audit committee to be comprised entirely of independent directors; and (12) shareholder proposals to eliminate supermajority voting requirements in company bylaws.

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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 15% of the outstanding stock agree; (2) against proposals to allow shareholders to act by written consent; (3) on a case-by-case basis for proposals to adopt or amend shareholder rights plans (also known as "poison pills"); (4) in favor of shareholder proposals to eliminate supermajority requirements in company bylaws; and (5) 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.

Generally, the Adviser will vote every shareholder proposal of an environmental or social nature on a case-by-case basis. The quality of these shareholder proposals varies widely across markets. Similarly, company disclosures of their business practices related to environmental and social risks are not always adequate for investors to make risk assessments. Thus, the Adviser places great importance on company-specific analyses to determine how to vote. Above all, the Adviser will vote in a manner that would enhance the long-term value of the investment within the framework of the client's investment objectives.

The Adviser's general approach to analyzing these proposals calls for considering the literal meaning of the written proposal, 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.

On matters of capital structure, generally, the Adviser will vote proxies for U.S. issuers 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%, against proposals to create multiple-class voting structures where one class has superior voting rights to the other classes, in favor of proposals to authorize reverse stock splits unless the amount of authorized shares is not also reduced proportionately. Generally, the Adviser will vote proxies for non-U.S. issuers in favor of proposals to authorize issuance of shares with and without pre-emptive rights unless the size of the authorities would threaten to unreasonably dilute existing shareholders.

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 aligned with the client's long-term investment objectives. With respect to Say On Pay proposals, the Adviser will generally vote in favor unless the compensation 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. The Adviser supports 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.

In some markets, especially Europe, shareholders are provided a vote on the remuneration policy, which sets out the structural elements of a company's executive remuneration 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, total compensation appears excessive relative to the company's industry peer group, with local market dynamics also taken into account; 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.

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.

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.

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 study the proposed business strategies of both groups and vote in a way that maximizes expected total return for the Fund.

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 of time), 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.

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 raises 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. However, 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.

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The Adviser will take into account 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. In certain circumstances, primarily those where the Adviser's voting policy is absolute and without exception, issuer feedback will not be part of the voting decision. For example, it is the Adviser's policy to always support a shareholder proposal to separate the roles of chairman of the board and CEO. Thus, any comments from the issuer opposing this proposal would not be considered.

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

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 Operations Team (PVOT) and overseen by the PVMG. Besides voting the proxies, this work includes engaging with investee companies on corporate governance matters, managing the proxy advisory firm, soliciting voting recommendations from the Adviser's investment professionals, bringing voting recommendations to the Proxy Committee for approval, filing with regulatory agencies any required proxy voting reports, 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 issues related to corporate governance and proxy voting.

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 sometimes call for an investment professional to review the ballot question and provide a voting recommendation to the Proxy Committee (a "case-by-case vote"). 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 in order to cast proxy votes in a manner that the Proxy Committee believes is in accordance with the General Policy. The proxy advisory firm may vote any proxy as directed in the Standard Voting Instructions without further direction from the Proxy Committee. However, if the Standard Voting Instructions require case-by-case handling for a proposal, the PVOT 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 PVOT to analyze a ballot question and make the final voting decision, the PVOT 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 in order 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

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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 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, so 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 Advisers' Conflicts of Interest** 

Proxy advisory firms may have significant business relationships with the subjects of their research and voting recommendations. For example, a proxy advisory firm board member also sits on the board of a public company for which the proxy advisory firm will write a research report. This and similar situations give rise to an actual or apparent conflict of interest.

In order to avoid concerns that the conflicting interests of the engaged proxy advisory firm have influenced 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 the proxy advisory firm on an annual basis and determine through a review of their policies and procedures and through inquiry that the proxy advisory firm has established a system of internal controls that provide reasonable assurance that their voting recommendations are not influenced by the business relationships they have with the subjects of their research.

◾ Whenever the standard voting guidelines call for voting a proposal in accordance with the proxy advisory firm recommendation and the proxy advisory firm has disclosed that they have a conflict of interest with respect to that issuer, the PVOT will take the following steps: (a) the PVOT will obtain a copy of the research report and recommendations published by another proxy advisory firm for that issuer; (b) the Director of Proxy Voting, or his designee, will review both the engaged proxy advisory firm research report and the research report of the other proxy advisory firm and determine what vote will be cast. The PVOT will report all proxies voted in this manner to the Proxy Committee on a quarterly basis. Alternatively, the PVOT 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 FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

**Portfolio Holdings Information** 

Information concerning the Fund's portfolio holdings is available via the link to the Fund and share class name at FederatedInvestors.com/FundInformation. Such information is posted on the website five business days after both mid-month and month-end then remains posted on the website 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 until replaced by the information for the succeeding month. The summary portfolio composition information may include identification of the Fund's top 10 credit/obligor exposures, weighted average maturity, weighted average life and percentage breakdowns of the portfolio by effective maturity range and type of security. The Fund's WAM and WAL, Shadow NAV (market-based value of the Fund's portfolio), Weekly Liquid Assets and Daily Flows are posted every business day and remain posted on the website for six months thereafter.

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You may also access portfolio information via the link to the Fund and share class name at FederatedInvestors.com. The Fund's Annual Shareholder Report and Semi-Annual Shareholder Report contain complete listings of the Fund's portfolio holdings as of the end of the Fund's second and fourth fiscal quarters. These reports are also available on the SEC's website at sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

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.

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**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 |

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**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 October 31** | **2022** | **2021** | **2020** |
| Advisory Fee Earned | $818481 | $1121854 | $1616475 |
| Advisory Fee Waived | $606919 | $1084807 | $1019172 |
| Net Administrative Fee | $214429 | $293225 | $422248 |
| **Net 12b-1 Fee:** |  |  |  |
| Service Shares | $23185 | $488103 | $70112 |
| Cash II Shares | $7671 | $20458 | $15757 |
| Cash Series Shares | $65952 | $191271 | $73075 |
| **Net Shareholder Services Fee:** |  |  |  |
| Service Shares | $94481 | $487274 | $266137 |
| Cash II Shares | $7604 | $20440 | $15095 |
| Cash Series Shares | $19732 | $79648 | $29870 |

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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 Fund does not participate in a securities lending program and did not engage in any securities lending activities during the Fund's most recent fiscal year.

[Financial Information](https://www.sec.gov/Archives/edgar/data/856517/000162363222001581/0001623632-22-001581-index.htm)

The Financial Statements for the Fund for the fiscal year ended October 31, 2022, are incorporated herein by reference to the Annual Report to Shareholders of Federated Hermes New York Municipal Cash Trust dated October 31, 2022.

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Investment Ratings

**STANDARD & POOR'S (S&P) RATINGS** 

**S&P MUNICIPAL SHORT-TERM Note RATINGS** 

An S&P note rating reflects the liquidity factors and market access risks unique to notes.

**SP-1**—Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2**—Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3**—Speculative capacity to pay principal and interest.

**S&P DUAL RATINGS** 

S&P may assign dual ratings to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, 'AAA/A-1+' or 'A-1+/A-1'). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, 'SP-1+/A-1+'). The definitions for the long-term and the short-term ratings are provided below.

**S&P SHORT-TERM ISSUE CREDIT RATINGS** 

**A-1**—A short-term obligation rated "A-1" is rated the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2**—A short-term obligation rated "A-2" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3**—A short-term obligation rated "A-3" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely weaken an obligor's capacity to meet its financial commitments on the obligation.

**S&P LONG-TERM ISSUE CREDIT RATINGS\*** 

**\* Ratings from 'AA' to 'A' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.** 

**AAA**—An obligation rated "AAA" has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA**—An obligation rated "AA" differs from the highest rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A**—An obligation rated "A" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB**—An obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**MOODY'S INVESTORS SERVICE, INC. (MOODY'S) RATINGS** 

**Moody's SHORT-TERM MUNICIPAL OBLIGATION RATINGS** 

Moody's short-term ratings are designated Moody's Investment Grade (MIG or VMIG). (See below.) The purpose of the MIG or VMIG ratings is to provide investors with a simple system by which the relative investment qualities of short-term obligations may be evaluated.

The Municipal Investment Grade (MIG) scale is used to rate US municipal bond anticipation notes of up to five years maturity. Municipal notes rated on the MIG scale may be secured by either pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity of the obligation, and the issuer's long-term rating is only one consideration in assigning the MIG rating.

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**MIG 1**—This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support or demonstrated broad based access to the market for refinancing.

**MIG 2**—This designation denotes strong credit quality. Margins of protection are ample although not as large as in the preceding group.

**MIG 3**—This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

**MOODY'S VARIABLE RATE DEMAND NOTES (VRDNs) AND TENDER OPTION BONDS (TOBs) RATINGS** 

Short-term ratings on issues with demand features are differentiated by the use of the VMIG symbol to reflect such characteristics as payment upon periodic demand rather than fixed maturity dates and payment relying on external liquidity. In this case, two ratings are usually assigned, (for example, Aaa/VMIG-1); the first representing an evaluation of risk associated with scheduled principal and interest payments, and the second representing an evaluation of risk associated with the ability to receive purchase price upon demand ("demand feature"). The VMIG rating can be assigned a 1 or 2 designation using the same definitions described above for the MIG rating.

**VMIG 1**—This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

**VMIG 2**—This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

**VMIG 3**—This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

**MOODY'S COMMERCIAL PAPER (CP) RATINGS** 

**P-1**—Issuers (or supporting institutions) rated P-1 have a superior ability to repay short-term debt obligations.

**P-2**—Issuers (or supporting institutions) rated P-2 have a strong ability to repay short-term debt obligations.

**P-3**—Issuers (or supporting institutions) rated P-3 have an acceptable ability to repay short-term obligations.

**MOODY'S LONG-TERM DEBT RATINGS** 

**Aaa**—Obligations rated "Aaa" are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa**—Obligations rated "Aa" are judged to be of high quality and are subject to very low credit risk.

**A**—Obligations rated "A" are judged to be upper-medium grade and are subject to low credit risk.

**Baa**—Obligations rated "Baa" are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**FITCH RATINGS, INC. (FITCH)** 

**FITCH SHORT-TERM DEBT RATINGS** 

**F1**—Indicates the strongest capacity for timely payment of financial commitments relative to other issuers or obligations in the same country. Under the agency's National Rating scale, this rating is assigned to the lowest default risk relative to others in the same country or monetary union. Where the liquidity profile is particularly strong, a "+" is added to the assigned rating.

**F2**—Indicates a good capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union. However, the margin of safety is not as great as in the case of the higher ratings.

**F3**—Indicates an adequate capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

**FITCH LONG-TERM DEBT RATINGS** 

**AAA**—**Highest credit quality.** "AAA" ratings denote the lowest expectation of default risk. They are assigned only in case of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA**—**Very high credit quality.** "AA" ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A**—**High credit quality.** "A" ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

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**BBB**—**Good credit quality.** "BBB" ratings indicate that expectations of a default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

**DBRS, INC. (DBRS**<sup>®</sup>**) RATINGS** 

**DBRS SHORT-TERM DEBT AND COMMERCIAL PAPER RATINGS** 

The DBRS short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner.

**R-1 (high)**—Highest credit quality. The capacity for the payment of short-term financial obligations as they fall due is exceptionally high. Unlikely to be adversely affected by future events.

**R-1 (middle)**—Superior credit quality. The capacity for payments of short-term financial obligations as they fall due is very high. Differs from R-1 (high) by a relatively modest degree. Unlikely to be significantly vulnerable to future events.

**R-1 (low)**—Good credit quality. The capacity for the payment of short-term financial obligations as they fall due is substantial. Overall strength is not as favorable as higher rating categories. May be vulnerable to future events, but qualifying negative factors are considered manageable.

**R-2 (high)**—Upper end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events.

**R-2 (middle)**—Adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be exposed to other factors that could reduce credit quality.

**R-2 (low)**—Lower end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. A number of challenges are present that could affect the issuer's ability to meet such obligations.

**R-3**—Lowest end of adequate credit quality. There is a capacity for the payment of short-term financial obligations as they fall due. May be vulnerable to future events and the certainty of meeting such obligations could be impacted by a variety of developments.

**DBRS LONG-TERM DEBT RATINGS** 

The DBRS long-term rating scale provides an opinion on the risk of default. That is, the risk that an issuer will fail to satisfy its financial obligations in accordance with the terms under which an obligations has been issued.

**AAA**—Highest quality credit. The capacity for the payment of financial obligations is exceptionally high and unlikely to be adversely affected by future events.

**AA**—Superior credit quality. The capacity for the payment of financial obligations is considered high. Credit quality differs from AAA only to a small degree. Unlikely to be significantly vulnerable to future events.

**A**—Good credit quality. The capacity for the payment of financial obligations is substantial, but of lesser credit quality than AA. May be vulnerable to future events, but qualifying negative factors are considered manageable.

**BBB**—Adequate credit quality. The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events.

**High or low** grades are used to indicate the relative standing of a credit within a particular rating category. The absence of one of these designations indicates the rating is in the middle of the category. Note that "high" and "low" grades are not used for the AAA category.

**NOT RATED** 

Certain nationally recognized statistical rating organizations (NRSROs) such as S&P and Moody's may designate certain issues as NR, meaning that the issue or obligation is not rated.

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Addresses

**Federated Hermes New York Municipal Cash Trust** 

**Wealth 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

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Appendix A

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

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

Ernst & Young LLP

**LEGAL COUNSEL** 

Goodwin Procter LLP

K&L Gates LLP

**Financial Printer(S)** 

Donnelley Financial Solutions

**Proxy Voting Administrator** 

Glass Lewis & Co., LLC

**SECURITY PRICING SERVICES** 

Bloomberg L.P.

IHS Markit (Markit North America)

ICE Data Pricing & Reference Data, LLC

JPMorgan PricingDirect

Refinitiv US Holdings Inc.

**RATINGS AGENCIES** 

Fitch, Inc.

Moody's Investors Service, Inc.

Standard & Poor's Financial Services LLC

**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 Merrill Lynch

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

Sustainalytics U.S. Inc.

Wolters Kluwer N.V.

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Appendix B - New York State Risk

**STATE SPECIFIC INFORMATION** 

***Risks of Concentration.*** The following information as to certain state specific considerations is given to investors in view of the Fund's policy of concentrating its investments in particular state issuers. Such information supplements the information in the prospectus. It is derived from sources that are generally available to investors and is believed to be accurate. Such information constitutes only a brief summary, does not purport to be a complete description and is based on information from official statements relating to securities offerings of issuers of each particular state. The Trust has not independently verified this information.

The following describes economic conditions which may not continue and could change materially. There can be no assurance that particular bond issues may not be adversely affected by changes in economic, political or other conditions.

**NEW YORK** 

*Information as of February 1, 2023* 

**State Economy** 

The State of New York (the "State" or "New York") is the fourth most populous state in the nation and has a relatively high level of personal wealth. The State's economy is diverse, with a comparatively large share of the nation's financial activities, information, education, and health services employment, and a small share of the nation's farming and mining activity. The State's location, air transport facilities, and natural harbors have made it an important hub for international commerce. Travel and tourism constitute an important part of the economy. Like the rest of the nation, New York has a declining proportion of its workforce engaged in manufacturing, and an increasing proportion engaged in service industries. Construction accounts for a smaller share of employment for the State than for the nation, while the combined service industries account for a larger share. The share of total wages originating in the financial activities sector is particularly large for the State relative to the nation. Thus, the State is likely to be less affected than the nation during an economic recession concentrated in manufacturing and construction but likely to be more affected by any economic downturn concentrated in the services sector. New York City (the "City") has the highest population of any city in the nation and is the center of the nation's largest metropolitan area. The City accounts for a large percentage of the State's residents and personal income.

The discussion that follows regarding the status of the U.S. and State economies is primarily based on information published by the State Division of the Budget ("DOB") no later than February 2023. All predictions and past performance information regarding the U.S. and State economies contained in this subsection were made on or before that date even though they may be stated in the present tense and may no longer be accurate. You are also encouraged to read, in conjunction with this description of the State economy, the "New York City Economy" subsection of this "State Specific Information–New York" section of this SAI, which presents some of the City Office of Management and Budget ("OMB") projections regarding the economy.

As of June 2022, according to the advance estimate released by the Bureau of Economic Analysis, U.S. real Gross Domestic Product ("GDP") decreased at an annual rate of 1.5 percent in the first quarter of 2022, a reversal from the strong growth of 6.9 percent in the fourth quarter of 2021. This decline was driven by a large 3.2 percentage point drag from net exports, a 1.1 percentage point hit from inventories, and a negative 0.5 percentage point contribution from government spending as Federal fiscal support waned. U.S. real GDP is projected to grow by 1.1 percent in 2023, following growth of 1.8 percent in 2022.

New York State's employment recovery experienced a slowdown during the first eight months of 2022, partly due to four-decade-high inflation, the stock market's poor performance, and the Federal Reserve's aggressive rate hikes. Despite these challenges, the State continued to progress in its economic recovery from the global pandemic. Looking forward, additional rate hikes, the growing likelihood of a global economic recession, and the lingering ill effects of the pandemic represent significant economic headwinds for the State.

The most recent release of Current Employment Statistics ("CES") data for New York State showed a monthly average of 25,600 jobs added during the first nine months of 2022, compared to 54,200 in the fourth quarter of 2021. The weaker-than-anticipated jobs growth reported in the CES data, the further anticipated rate hikes by the Federal Reserve, and the growing risk of a national recession are expected to drag employment growth lower. The State's overall employment is estimated to grow by 4.2 percent in 2022 and only 0.8 percent in 2023.

Although the nation had recovered all of its pandemic-related job losses by August 2022, the State had recovered only 83.8 percent of its losses as of September 2022. This difference is partly attributed to New York City and the unique challenges large and densely populated metropolitan areas face in the wake of the pandemic. These challenges include the City's extraordinary concentration of high-skilled/high-income workers and business professionals, which have a high potential for

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remote work. As a result, New York State experienced a net population loss during the pandemic, which shrank the size of the State's workforce. Additionally, the City's tourism and business travel remain well below their pre-pandemic levels. These factors—in conjunction with the slowing global growth—result in the State not being expected to surpass its pre-pandemic employment level on the current forecast for several years.

The State faces many of the same risks as the United States. The Federal Reserve could be overly aggressive in monetary tightening to rein in inflation and bring about a recession. As the nation's financial capital, the New York State economy has significant exposure to the volume of financial market activity and the volatility in equity markets. Moreover, the persistence of supply-chain disruptions and Russia's prolonged war in Ukraine could add further upward pressure to inflation. Either of these factors could increase the equity market's volatility and contribute to layoffs and lower bonuses, slowing overall wage growth. More locally, the ongoing persistence of telework, the continued relocation of urban-based workers outside of the State, and the decline in State population remain long-run downside risks to total wages and employment. Likewise, international tourism remains well below its pre-pandemic level, and a strong dollar could slow the recovery in sectors that rely on tourism spending. Finally, New York State and the nation remain vulnerable to consumers' and businesses' reluctance to return to pre-pandemic norms—especially spending patterns in service-oriented industries.

New York State faces some upside risks, including the potential for a more rapid and substantial return to an in-office working environment—especially in densely populated urban areas like New York City. This shift could propel stronger growth through higher output and employment in office support services, including facilities support services, business support services, office administrative support services, eating and drinking establishments, and other consumer service-based establishments. A sooner-than-expected lift up of the COVID-19 lockdown by other countries can also bring more tourists to the State, which helps the recovery of the leisure and hospitality sector. Additionally, a swifter-than-anticipated end to Russia's war in Ukraine could ease energy prices and the associated supply chain disruptions, benefiting the New York State economy.

There can be no assurance that the State economy will not experience results worse than those predicted in the current fiscal year or subsequent fiscal years, with related material and adverse effects on the State's estimates of receipts and disbursements.

**State Budget** 

Each year, the Governor is required to provide the State Legislature with a balanced executive budget which constitutes the proposed State financial plan for the ensuing fiscal year. The State's fiscal year for 2022 ended on March 31, 2022 (the "2022 fiscal year"). The State's fiscal year for 2023 runs from April 1, 2022 to March 31, 2023 (the "2023 fiscal year"). The Governor submitted the Governor's Executive Budget Financial Plan for the 2023 Fiscal Year, as amended (the "2023 Budget"), to the State's legislature in February 2022. The 2023 Budget was adopted on April 9, 2022. The State budget is required to be balanced on a cash basis, which is the DOB's primary focus in preparing and implementing the State financial plan. State finance law also requires the State financial plan be presented for informational purposes on a generally accepted accounting principles ("GAAP") basis. The GAAP-basis plans follow, to the extent practicable, the accounting principles applied by the Office of the State Comptroller ("OSC") in preparation of the annual financial statements. In practice, this means the GAAP-basis financial plans reflect the accrual methodology and fund classification rules used by OSC.

The DOB issued the 2023 Budget Financial Plan in May 2022, which sets forth the State's official financial projections for fiscal years 2023 through 2027. The DOB also issued the Annual Information Statement, dated June 29, 2022 (the "2023 AIS") and the Mid-Year Update to the Financial Plan for fiscal year 2023 in November 2022 (the "2023 AIS Update").

In the 2023 AIS Update, excluding the Pass-Through Entity Tax ("PTET") reserve for the timing of PTET/Personal Income Tax credits and the reserve for extraordinary monetary settlements to fund existing commitments and projects, DOB estimates the General Fund will end fiscal year 2023 with a balance of $19.6 billion, an increase of $4.8 billion over fiscal year 2022. Principal reserves are expected to increase by $5.1 billion — $3.1 billion in statutory Rainy Day Reserves and $2.0 billion set aside for economic uncertainties. The balance available for all other purposes is expected to decrease by $299 million. The change is due to the combination of amounts used to fund new commitments, including pandemic relief and recovery assistance, in the fiscal year 2023 Enacted Budget and available for fiscal year 2024 operations ($1.6 billion), which are partly offset by increased set-asides for debt management and labor settlements ($1.3 billion).

**Fiscal Year 2023** 

The budget forecasts are based on assumptions of economic performance, revenue collections, spending patterns and projections of the costs of program activities. There can be no guarantee that the State's financial position will not change materially and adversely from current projections. If this were to happen, the State would be required to take additional gap-closing actions, such as decreases in State agency operations; delays or decreases in payments to local governments or other

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recipients of State aid; delays in or suspension of capital maintenance and construction; extraordinary financing of operating expenses; and use of non-recurring resources. In some cases, the ability of the State to implement these actions requires the approval of the Legislature and cannot be implemented solely by the Governor. See also the discussion below in the "Special Considerations" subsection of this "State Specific Information—New York" section of this SAI.

**Potential Long-Term Risks to the 2023 Budget from COVID-19 Pandemic** 

Important State revenue sources, including personal income, consumption, and business tax collections, may be adversely affected by the long-term impact of COVID-19 on a range of activities and behaviors, including commuting patterns, remote working and education, business activity, social gatherings, tourism, public transportation, and aviation. It is not possible to assess or forecast the effects of such changes at this time.

For example, the COVID-19 pandemic has led to changes in the behavior of resident and nonresident taxpayers. Consistent with the growth in remote work arrangements, many residents and non-residents are no longer commuting into New York City and instead are working remotely from home offices. However, under long-standing State policy, a non-resident working from home pays New York income taxes on wages from a New York employer unless that employer has established the non-resident's home office as a bona fide office of the employer.

The COVID-19 pandemic also led some New York residents to shelter in locations outside of the State. In addition, some taxpayers who previously resided in New York have permanently relocated outside of the State during the pandemic. The State continues to monitor the data to understand whether these trends are transitory.

There can be no assurance that existing and future COVID-19 variants will not adversely impact the State's financial condition. State officials continue to closely monitor global COVID-19 impacts and emerging Federal guidance.

**Special Considerations** 

The 2023 Budget is subject to economic, social, financial, political, public health, and environmental risks and uncertainties, many of which are outside the ability of the State to predict or control. DOB asserts that the projections of receipts and disbursements in the 2023 Budget are based on reasonable assumptions at the time they were prepared, including the condition of the State and national economies, and provides no assurance that results will not differ materially and adversely from these projections.

Uncertainties and risks that may affect economic and receipts forecasts include, but are not limited to, national and international events; inflation; consumer confidence; commodity prices; major terrorist events, hostilities or war; climate change and extreme weather events; severe epidemic or pandemic events; cybersecurity threats; Federal funding laws and regulations; financial sector compensation; monetary policy affecting interest rates and the financial markets; credit rating agency actions; financial and real estate market developments which may adversely affect bonus income and capital gains realizations; technology industry developments and employment; effect of household debt on consumer spending and State tax collections; and outcomes of litigation and other claims affecting the State.

The 2023 Budget is subject to various uncertainties and contingencies including, but not limited to, wage and benefit increases for State employees that exceed projected annual costs; changes in the size of the State's workforce; realization of the projected rate of return for pension fund asset assumptions with respect to wages for State employees affecting the State's required pension fund contributions; the willingness and ability of the Federal government to provide the aid projected in the 2023 Budget; the ability of the State to implement cost reduction initiatives, including reductions in State agency operations, and the success with which the State controls expenditures; unanticipated growth in Medicaid program costs; and the ability of the State and its public benefit corporations or public authorities ("Authorities") to issue securities successfully in public credit markets. The projections and assumptions contained in the 2023 Budget are subject to revisions which may result in substantial changes. No assurance can be given that these estimates and projections, which depend in part upon actions the State expects to be taken but which are not within the State's control, will be realized.

The 2023 Budget forecast assumes various transactions will occur as planned including, but not limited to, receipt of certain payments from Authorities; receipt of revenue sharing payments under the Tribal-State Compacts; receipt of Federal COVID-19 emergency assistance and other Federal aid as projected; receipt of miscellaneous revenues at the levels set forth in the 2023 Budget; and achievement of cost-saving measures including, but not limited to, transfer of available fund balances to the General Fund at levels currently projected and Federal approvals necessary to implement the Medicaid savings actions. Such assumptions, if they were not to materialize, could adversely impact the 2023 Budget in the current year or future years, or both.

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Climate change poses significant long-term threats to physical, biological and economic systems in New York and around the world. Potential hazards and risks related to climate change for the State include, among other items, rising sea levels, increased coastal flooding and related erosion hazards, intensifying storms, and more extreme heat. The potential effects of climate change could adversely impact the State's budgets in current or future years. The DOB expects that to mitigate and manage these impacts, significant long-term planning and investments by the Federal government, State, municipalities, and public utilities will be needed to adapt existing infrastructure to climate change risks.

Storms affecting the State, including Hurricane Ida (September 2021), Superstorm Sandy (October 2012), Tropical Storm Lee (September 2011), and Hurricane Irene (August 2011) have demonstrated vulnerabilities in the State's infrastructure (including mass transit systems, power transmission and distribution systems, and other critical lifelines) to extreme weather driven events, including coastal flooding caused by storm surges and flash floods from rainfall.

The State continues to recover from damage sustained during these powerful storms. The frequency and intensity of these storms present economic and financial risks to the State. The State's reimbursement claims for costs of the immediate response, recovery, and future mitigation efforts continue, largely supported by Federal funds. In January 2013, the Federal government approved approximately $60 billion in nationwide Federal disaster aid in response to Superstorm Sandy for general recovery, rebuilding, and mitigation activity in New York and other states. The State and its localities have committed $28.9 billion to repairing impacted homes and businesses, restoring community services, and mitigating future storm risks.

The Federal government influences the economy and budget of the State through grants, direct spending on its own programs such as Medicare and Social Security, and through Federal tax policy. Federal policymakers may place conditions on grants, mandate certain state actions, preempt State laws, change State and local tax bases and taxpayer behavior through tax policies, and influence industries through regulatory action. Federal resources support vital services such as health care, education, transportation, as well as severe weather and emergency response and recovery. The amount and composition of Federal funds received by the State have changed over time because of legislative and regulatory actions at the Federal level and will likely continue to change over the 2023 Budget period. The 2023 Budget may also be adversely affected by other Federal government actions including audits, disallowances, and changes to Federal participation rates or other Medicaid rules. Any reductions in Federal aid could have a materially adverse impact on the 2023 Budget. Notable areas with potential for changes in Federal funding include health care and human services.

Previously, the State had enacted legislation that suspended certain provisions of the Debt Reform Act of 2000 ("Debt Reform Act") for 2021 fiscal year and 2022 fiscal year bond issuances as part of the State response to the COVID-19 pandemic. Accordingly, any State-supported debt issued in the 2021 fiscal year and 2022 fiscal year is not limited to capital purposes and is not counted towards the statutory caps on debt outstanding and debt service. Following this temporary two year suspension as a result of the COVID-19 pandemic, the provisions of the Debt Reform Act were reinstated for State-supported debt issued in FY 2023 and beyond. One limited exception to the Debt Reform Act remains for issuances undertaken by the State for Metropolitan Transportation Authority ("MTA") capital projects which may be issued with maximum maturities longer than 30 years. This change allows bonds to be issued over the full useful life of the assets being financed, subject to Federal tax law limitations, and is consistent with the rules that would have been in effect if the projects had been directly financed by the MTA. Current projections anticipate that State-supported debt outstanding and State-supported debt service will continue to remain below the limits imposed by the Debt Reform Act, in part reflecting the statutory suspension of the debt caps during the 2021 fiscal year and 2022 fiscal year.

Based on the most recent personal income and debt outstanding forecasts, the available debt capacity under the debt outstanding cap is expected to decline from $19.1 billion in fiscal year 2022 to a low point of $355 million in fiscal year 2027. This calculation excludes all State-supported debt issuances in fiscal year 2021 and fiscal year 2022 but includes the estimated impact of the COVID-19 pandemic on personal income calculations and of funding increased capital commitment levels with State bonds after fiscal year 2022. The debt service on State-supported debt issued after April 1, 2000, and subject to the statutory cap is projected at $3.9 billion in fiscal year 2023, or roughly $6.9 billion below the statutory debt service limit. The State may adjust capital spending priorities and debt financing practices from time to time to preserve available debt capacity and stay within the statutory limits, as events warrant.

A Federal government default on payments, particularly for a prolonged period, could have a materially adverse effect on national and state economies, financial markets, and intergovernmental aid payments. Specific effects on the 2023 Budget resulting from a future Federal government default are unknown and impossible to predict. However, data from past economic downturns suggests that the State's revenue loss could be substantial if there was an economic downturn due to a Federal default.

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A payment default by the Federal government may also adversely affect the municipal bond market. Municipal issuers, including the State and its public authorities and localities, could face higher borrowing costs and impaired access to capital markets. This would jeopardize planned capital investments in transportation infrastructure, higher education facilities, hazardous waste remediation, environmental projects, and economic development projects. Additionally, the market for and market value of outstanding municipal obligations, including municipal obligations of the State and its public authorities, could be adversely affected.

The State's localities rely in part on State aid to balance their budgets and meet their cash requirements. As such, unanticipated financial need among localities can adversely affect the State's 2023 Budget projections. The wide-ranging economic, health, and social disruptions caused by COVID-19 adversely affected the City and surrounding localities. Localities outside the City, including cities and counties, have also experienced financial problems, and have been allocated additional State assistance during the last several State fiscal years. In 2013, the Financial Restructuring Board for Local Governments was created to aid distressed local governments. The Restructuring Board performs comprehensive reviews and provides grants and loans on the condition of implementing recommended efficiency initiatives.

Successful implementation of the 2023 Budget is dependent on the State's ability to market bonds. The State finances much of its capital spending, in the first instance, from the General Fund or Short Term Investment Pool ("STIP"), which it then reimburses with proceeds from the sale of bonds. An inability of the State to sell bonds or notes at the level or on the timetable it expects could have a material and adverse impact on the State's financial position and the implementation of its capital plan. The success of projected public sales of municipal bonds is subject to prevailing market conditions and related ratings issued by national credit rating agencies, among other factors. The outbreak of COVID-19 in the United States temporarily disrupted the municipal bond market in 2020, and the emergence of future variants could further disrupt the municipal bond market. In addition, future developments in the financial markets, including possible changes in Federal tax law relating to the taxation of interest on municipal bonds, may affect the market for outstanding State-supported and State-related debt.

**Recent State Fiscal Years** 

As reflected in the 2023 AIS, the State ended fiscal year 2022 with a General Fund balance of $33.1 billion, an increase of $23.9 billion from fiscal year 2021 results. A large share of the higher balance reflects $16.4 billion in PTET collections and $1.1 billion in eligible public safety payroll expenses moved to the Federal Coronavirus Relief Fund, partly offset by prepayments and advances totaling $9 billion. Excluding these transactions, the General Fund ended March 2022 with a balance of $24.4 billion, an increase of $15.3 billion from fiscal year 2021 results.

**Debt Levels, Ratings and Outstanding Debt** 

The State's debt levels are typically measured by DOB using two categories: State-supported debt and State-related debt. State-supported debt represents obligations of the State that are paid from traditional State resources (i.e., tax revenue) and have a budgetary impact. It includes general obligation ("GO") debt, to which the full faith and credit of the State has been pledged, and lease purchase and contractual obligations of Authorities and municipalities, where the State's legal obligation to make payments to those Authorities and municipalities is subject to and paid from annual appropriations made by the legislature. These include the State PIT Revenue Bond program and the State Sales Tax Revenue Bond program. The State's debt reform caps on debt outstanding and debt service apply to State-supported debt.

State-related debt is a broader measure of State debt which includes all debt that is reported in the State's GAAP-basis financial statements, except for unamortized premiums and accumulated accretion on capital appreciation bonds. These financial statements are audited by external independent auditors and published by OSC on an annual basis. The debt reported in the GAAP-basis financial statements includes GO debt, other State-supported debt as defined in the State Finance Law, certain debt of the Municipal Bond Bank Agency issued to finance prior year school aid claims and capital leases and mortgage loan commitments. In addition, State-related debt reported by DOB includes State-guaranteed debt, moral obligation financings and certain contingent-contractual obligation financings, where debt service is paid from non-State sources in the first instance, but State appropriations are available to make payments if necessary. These numbers are not reported as debt in the State's GAAP-basis financial statements.

State Operating Funds debt service is projected to be $7.6 billion in fiscal year 2023, of which $290 million is paid from the General Fund and $7.3 billion is paid from other State funds supported by dedicated tax receipts. The fiscal year 2023 Budget authorizes short-term financing for liquidity purposes during the fiscal year.

In fiscal year 2023, debt issuances totaling $8.5 billion are planned to finance new capital spending, a decrease of $525 million (5.8 percent) from fiscal year 2022. The decrease is mainly attributable to the one-time issuance of State-supported debt to refinance all of the then outstanding Sales Tax Asset Receivable Corporation ("STARC") and Secured Hospitals Bonds in fiscal year 2022. Additionally, the 2023 Budget assumes that the State's contributions to the MTA capital plans will be funded by the State-supported bonds on an ongoing basis, which is consistent with the approach used in fiscal 2022.

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The bond issuances are expected to finance capital commitments for economic development and housing ($1.9 billion), education ($1.4 billion), the environment ($850 million), health and mental hygiene ($754 million), State facilities and equipment ($503 million), and transportation ($3.2 billion).

Over the next five years, new debt issuances are projected to total $44.5 billion. New issuances are expected for economic development and housing ($10.0 billion), education facilities ($7.0 billion), the environment ($4.4 billion), mental hygiene and health care facilities ($3.9 billion), State facilities and equipment ($2.6 billion), and transportation infrastructure ($16.4 billion).

The major rating agencies—Fitch, Kroll, Moody's, and S&P—have assigned the State general credit ratings of AA+, AA+, Aa1, and AA+, respectively. The rating agencies have started to recognize the State's economic recovery from the COVID-19 pandemic, which affected the State's credit outlook. Ratings reflect only the respective views of such organizations, and an explanation of the significance of such ratings may be obtained from the rating agency that furnished the rating. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely, if in the judgment of the agency originally establishing the rating, circumstances so warrant. Any such downward revision or withdrawal could have an adverse effect on the market prices of the State GO bonds.

**State Retirement Systems** 

State employees become eligible for post-employment benefits (e.g., health insurance) if they reach retirement while working for the State, are enrolled in either the New York State Health Insurance Program ("NYSHIP") or the NYSHIP opt-out program at the time they reach retirement, and have the required years of eligible service.

The State and Local Retirement Systems ("Systems") provide pension benefits to public employees of the State and its localities (except employees of the City and public school teachers and administrators, who are covered by separate public retirement systems). The State Constitution considers membership in any State pension or retirement system to be a contractual relationship, the benefits of which shall not be diminished or impaired.

The State paid off all outstanding amortizations under the Contribution Stabilization Program on March 29, 2021 for non-Judiciary and on October 1, 2021 for Judiciary. The total State payment (including Judiciary) due to the Systems for the 2022 fiscal year is approximately $2.247 billion. The State has opted not to amortize under the Contribution Stabilization Program and has paid the March 1, 2022 invoice in full.

The estimated total State payment (including Judiciary) for the 2023 fiscal year is approximately $1.950 billion. Multiple prepayments (including interest credit) have reduced the estimated total to approximately $20 million.

**Litigation** 

The State is a party to numerous legal proceedings, many of which normally occur in governmental operations. The State is involved in certain other legal proceedings that, if decided against the State, might require the State to make significant future expenditures or substantially impair future revenue sources. Because of the prospective nature of these proceedings, it is not possible to predict their outcome or estimate the potential impact on the ability of the State to pay debt service costs on its obligations.

**Authorities: General** 

Authorities are not subject to the constitutional restrictions on the incurrence of debt that apply to the State itself and they may issue bonds and notes within the amounts and restrictions set forth in legislative authorization. Certain Authorities issue bonds under two of the three primary State credits - PIT Revenue Bonds and Sales Tax Revenue Bonds. The State's access to the public credit markets through bond issuances constituting State-supported or State-related debt issuances by certain of its Authorities could be impaired and the market price of the outstanding debt issued on its behalf may be materially and adversely affected if any of these Authorities were to default on their respective State-supported or State-related debt issuances.

The State has numerous Authorities with various responsibilities, including those which finance, construct and/or operate revenue-producing public facilities. These entities generally pay their own operating expenses and debt service costs on their notes, bonds or other legislatively authorized financing structures from revenues generated by the projects they finance or operate, such as tolls charged for the use of highways, bridges or tunnels; charges for public power, electric and gas utility services; tuition and fees; rentals charged for housing units; and charges for occupancy at medical care facilities. Since the State has no actual or contingent liability for the payment of this type of public authority indebtedness, it is not classified as either State-supported debt or State-related debt. Some Authorities, however, receive monies from State appropriations to pay for the operating costs of certain programs.

**37**

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There are statutory arrangements that, under certain circumstances, authorize State local assistance payments that have been appropriated in a given year and are otherwise payable to localities to be made instead to the issuing Authorities in order to secure the payment of debt service on their revenue bonds and notes. However, in honoring such statutory arrangements for the redirection of local assistance payments, the State has no constitutional or statutory obligation to provide assistance to localities beyond amounts that have been appropriated therefor in any given year.

As of December 31, 2021 (with respect to the New York Job Development Authority, as of March 31, 2021), there were 16 Authorities with outstanding debt of $100 million or more, and the aggregate outstanding debt, including refunding bonds, was approximately $220 billion, only a portion of which constitutes State-supported or State-related debt.

**Metropolitan Transportation Authority** 

The State is directly contributing $9.1 billion to the MTA's 2015-19 capital plan and $3 billion to the MTA's 2020-24 capital plan. These State commitment levels represent substantial increases from the funding levels for prior MTA capital plans (2010-2014: $770 million; 2005-2009: $1.45 billion). In addition, a substantial amount of new funding to the MTA was authorized in the 2020 fiscal year enacted budget as part of a comprehensive reform plan expected to generate an estimated $25 billion in financing for the MTA's 2020-2024 capital plan.

The pandemic caused severe declines in MTA ridership and traffic in 2020, and ridership remains significantly below pre-pandemic levels. To offset operating losses to MTA's financial plan from the estimated fare, toll, and dedicated revenue loss attributable to COVID-19, the MTA received significant Federal operating aid from the Coronavirus Aid, Relief, and Economic Security Act ("CARES") Act ($4 billion) and the Coronavirus Response and Relief Supplemental Appropriations ("CRRSA") Act ($4.1 billion), and the American Rescue Plan ("ARP") Act of 2021 (estimated $7 billion). The MTA also borrowed $2.9 billion through the Federal Reserve's Municipal Liquidity Facility ("MLF").

In the 2023 fiscal year, the State plans to provide $7.4 billion in operating aid to mass transit systems, including $2.8 billion from the direct remittance of various dedicated taxes and fees to the MTA that do not flow through the State's financial plan, as well as $244 million from a State supplement to the Payroll Mobility Tax collections. The MTA, the nation's largest transit and commuter rail system, is scheduled to receive $6.6 billion (approximately 90 percent) of the State's mass transit aid.

The State has taken action to address MTA financing issues that arose during the pandemic. Specifically, the pandemic adversely affected credit ratings on MTA Transportation Revenue Bonds, the MTA's primary credit program, which increased the cost of borrowing for the MTA. As a result, the State has issued PIT revenue bonds since the start of fiscal year 2021 to fund $4.8 billion of the State's portion of the MTA's 2015-19 Capital Plan. Previously, the 2023 Budget assumed that the projects would be bonded by the MTA but funded by the State through additional operating aid to the MTA. The 2023 Budget now assumes the State will fund its direct contributions to the MTA 2015-19 and 2020-24 Capital Plans through PIT and Sales Tax revenue bonds.

**New York City Economy** 

The fiscal demands on the State may be affected by the fiscal condition of the City. The City relies in part on State aid to balance its budget and meet its cash requirements. It is also possible that the State's finances may be affected by the ability of the City, and certain entities issuing debt for the benefit of the City, to market securities successfully in the public credit markets. There can be no assurance that there will not be reductions in State aid to the City from amounts currently projected; that State budgets in any given fiscal year will be adopted by the April 1 statutory deadline; that interim appropriations will be enacted; or that any such reductions or delays will not have adverse effects on the City's cash flow or expenditures.

The discussion that follows regarding the status of the City economy is based primarily on information published by the OMB and the New York City Comptroller no later than June 2022, and includes discussion of the 2022 Financial Plan for Fiscal Years 2022-2026 (the "Financial Plan"). All predictions and past performance information regarding the City economy contained in this subsection were made by OMB on or prior to that date, even though they may be stated in the present tense, and may no longer be accurate. All the risks to the national and State economies apply to the City economy.

In February 2022, OMB released the Financial Plan. In April 2022, OMB released the Executive Budget for fiscal year 2023 and, in June 2022, the City Council adopted the fiscal year 2023 budget. The City's fiscal year end is at the end of June; the 2023 fiscal year will run from July 1, 2022 to June 30, 2023. The preliminary 2023 fiscal year budget totaled approximately $98.5 billion.

The New York City residential housing market rebounded sharply in 2021 driven by pent-up demand and low mortgage rates. Through the first three quarters of 2021, total sales were up over 75 percent from the same period in 2020. After dipping in 2020, average prices began to recover as condo and co-op prices strengthened. In contrast, the commercial real estate market is facing headwinds as demand remained below pre-pandemic levels and vacancy rates jumped to all-time records at the end of 2021. Asking rents are projected to remain weak for several years as the industry slowly adjusts to new remote work

**38**

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arrangements and a full development pipeline adds to the City's office inventory. Likewise, the recovery of the tourism industry is expected to be protracted and uneven. Passenger volume at area airports is still down nearly 50 percent from levels two years ago. Broadway shows reopened in the fall but ticket sales were hampered by the Omicron wave at the end of the year. As a result, hotel occupancy is still below-average, although hotel room inventories are starting to normalize.

Since the substantial job losses of spring 2020, the City's labor markets continue to recover as vaccinations and other public health measures mitigate the impact of COVID-19. By December 2021, 55 percent of the 933,000 jobs lost in March and April 2020 had been recouped. In 2021, the private sector experienced positive job growth every month but one, averaging gains of 20,000 jobs per month, while government employment was volatile. However, even with robust growth, the annual average employment level in 2021 was 10.2 percent lower than in 2019. Total employment in the City is expected to advance by 3.9 percent in 2022 and then slow to 1.1 percent growth by the end of the forecast horizon in 2026. Employment is projected to remain below the 2019 peak (4.68 million) until early 2025, lagging behind the national recovery.

The five sectors that suffered the greatest percentage losses during the pandemic were leisure & hospitality, construction, manufacturing, other services, and trade, transportation & utilities. Each of these sectors shed at least a quarter of their payrolls during March and April of 2020, since they were sensitive to limitations on in-person interactions. As of December 2021, these sectors recouped 56 percent of the jobs lost and are 19.1 percent below February 2020 levels. However, they are still vulnerable to spikes in COVID-19 infections, as demonstrated by job losses during winter of 2021's COVID wave. Employment in this group is expected to grow by 6.7 percent in 2022 and then undergo slower growth in subsequent years. OMB projects employment in these sectors will not reach pre-pandemic levels (1.53 million) until the end of 2026.

In the second quarter of 2021, total wage earnings were up 12.3 percent from a year earlier, with the private sector growing 14.1 percent and the public sector increasing 1.2 percent. Wage earnings in every major industry rose on a year-over-year basis. OMB forecasts total wage earnings to increase by 5.5 percent in 2021 and then slow to 1.8 percent in 2022. Personal income is expected to advance by 5.1 percent in 2021, then slow to 2.3 percent in 2022 due to the expected drop in transfer payments as pandemic relief and stimulus payments wane.

As of February 2022, OMB forecasted that total tax revenue will increase by 2.9 percent in the 2023 fiscal year to $65.9 billion. The largest share of this growth in 2023 comes from the property tax. In mid-January 2022, the New York City Department of Finance released its tentative property tax roll, which indicated a substantial rebound in the value of both Class 2 properties and Class 4 properties. As a result, property tax revenues are expected to increase 5.0 percent in 2023. Non-property taxes are anticipated to grow 2.6 percent in 2023 as overall economic growth continues in the City, although rising interest rates slow real estate and financial activity and subdue corporate profitability. Personal income grows by a modest 3.9 percent, and business taxes remain essentially flat, albeit at high levels. Sales and hotel taxes continue to recover. However, the higher interest rate environment hampers real estate transactions growth.

**New York City Financing Program** 

The City financing program projects $60 billion of long-term borrowing for the period from 2022 through 2026 to support the current City capital program. The portion of the capital program not financed by the New York City Municipal Water Finance Authority ("NYW") will be split between GO bonds of the City and Future Tax Secured ("FTS") bonds of the New York City Transitional Finance Authority ("TFA"). The City and TFA expect to issue $24.9 billion and $26.0 billion in bonds, respectively, during fiscal years 2022 through 2026. The City issuance supports 41 percent of the total, and TFA issuance supports another 43 percent of the total. NYW expects to issue approximately $9.1 billion in bonds.

Since July 1, 2021, the City has issued $1.2 billion in GO bonds for capital purposes. In addition to the total GO bond issuance, the City took steps to manage its outstanding floating rate debt and take advantage of low fixed interest rates. The City reoffered two subseries of floating rate bonds amounting to approximately $90 million of par value. Those reoffered issues were converted to fixed rates to maturity. The City plans to issue GO bonds for capital purposes of approximately $2.8 billion, $4.9 billion, $5.2 billion, $5.9 billion, and $6.2 billion in fiscal years 2022 through 2026, respectively. Currently the debt service for the City, TFA, and City appropriation debt, or conduit debt, excluding the effect of pre-payments, is 6.3 percent of the City's total budgeted revenues in 2022. That ratio is projected to rise to 9.5 percent in 2026.

The Financial Plan is predicated on numerous assumptions, including the condition of the City's and the region's economies and the associated receipt of economically sensitive tax revenues in the projected amounts. The Financial Plan is also subject to a variety of other factors.

As of February 2022, all of the issuers financing the City capital program have maintained credit ratings in the AA category or better by Moody's, S&P, and Fitch. Following the economic uncertainty caused by the onset of COVID-19, Moody's, S&P and Fitch placed the City's GO bonds on negative outlook. Moody's and Fitch downgraded the City's GO bonds and its related appropriation credits toward the end of calendar year 2020. More recently, the rating agencies revised the outlook from negative to stable due to the City's improved financial position. In 2021, the City's bonds were also rated by Kroll, who rated the bonds

**39**

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AA+, with a stable outlook. Similarly, for TFA, the FTS bonds had previously been placed on negative outlook by Moody's but have also been revised to stable outlook. Building Aid Revenue Bonds ("BARBs") were put on negative outlook by Moody's, S&P, and Fitch and subsequently downgraded by Moody's to Aa3 due to the BARBs relationship to the State budget. Since those rating actions were taken, Moody's has assigned the BARBs a positive outlook and the other rating agencies restored the stable outlook, all related to rating actions taken with respect to the State's credit. The outlooks for NYW and bonds issued on behalf of NYW by the New York State Environmental Facilities Corporation, however, remain stable. Despite the rating actions, the entities financing the City's capital program have maintained reliable market access to finance capital spending and undertake refinancing transactions.

Ratings reflect only the respective views of such organizations, and an explanation of the significance of such ratings may be obtained from the rating agency that furnished the rating. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely, if in the judgment of the agency originally establishing the rating, circumstances so warrant. Any such downward revision or withdrawal could have an adverse effect on the market prices of the City's GO bonds.

**Other Localities** 

Certain localities other than the City have experienced financial problems and have requested and received additional State assistance during the last several fiscal years. While a relatively infrequent practice, deficit financing by local governments has become more common in recent years. State legislation enacted post-2004 includes 29 special acts authorizing bond issuances to finance local government operating deficits. Included in this figure are special acts that extended the period of time related to prior authorizations and modifications to issuance amounts previously authorized. When a local government is authorized to issue bonds to finance operating deficits, the local government is subject to certain additional fiscal oversight during the time the bonds are outstanding as required by the State's Local Finance Law, including an annual budget review by the Office of the New York State Comptroller. In addition to deficit financing authorizations, the State has periodically enacted legislation to create oversight boards in order to address deteriorating fiscal conditions within particular localities. The impact on the State of any possible requests in the future for additional oversight or financial assistance cannot be determined and therefore is not included in the 2023 Budget projections.

Like the State, local governments must respond to changing political, economic and financial influences over which they have little or no control, but which can adversely affect their financial condition. For example, the State or Federal government may reduce (or, in some cases, eliminate) funding of local programs, thus requiring local governments to pay these expenditures using their own resources. Similarly, past cash flow problems for the State have resulted in delays in State aid payments to localities. In some cases, these delays have necessitated short-term borrowing at the local level.

Other factors that have had, or could have, an impact on the fiscal condition of local governments and school districts include: the loss of temporary Federal stimulus funding; recent State aid trends; constitutional and statutory limitations on the imposition by local governments and school districts of property, sales and other taxes; the economic ramifications of a pandemic; and for some communities, the significant upfront costs for rebuilding and clean-up in the wake of a natural disaster. Localities may also face unanticipated problems resulting from certain pending litigation, judicial decisions and long-range economic trends. Other large-scale potential problems, such as declining urban populations, declines in the real property tax base, increasing pension, health care and other fixed costs, or the loss of skilled manufacturing jobs, may also adversely affect localities and necessitate requests for State assistance.

Ultimately, localities as well as local public authorities may suffer serious financial difficulties that could jeopardize local access to public credit markets, which may adversely affect the marketability of notes and bonds issued by localities within the State.

**Additional Information** 

The information herein has not been independently verified and constitutes only a brief summary of some of the general factors that may impact certain issuers of municipal bonds and does not purport to be a complete or exhaustive description of all adverse conditions to which the issuers of municipal bonds held by the Fund are subject. Information regarding the State's financial condition is included in various public documents issued by the State, such as the official statements prepared in connection with the issuance of General Obligation bonds of New York.

**40**

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**Item 28. Exhibits**

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| | |
|:---|:---|
| &nbsp;&nbsp;**(a)** | &nbsp;&nbsp;**Declaration of Trust** |
|  | &nbsp;&nbsp;[Conformed copy of Amended and Restated Declaration of Trust of the Registrant dated November 11, 2015, including Amendment Nos. 1-2 as filed via EDGAR in Post-Effective Amendment No. 234 on July 28, 2020 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363220001332/ex28a.htm) |

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| | |
|:---|:---|
| &nbsp;&nbsp;**(b)** | &nbsp;&nbsp;**By-Laws** |
|  | &nbsp;&nbsp;[Conformed Copy of Amended and Restated By-Laws of the Registrant dated November 11, 2015 as filed via EDGAR in Post-Effective Amendment No. 232 on June 26, 2020 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363220001207/ex28bbylaws.htm) |

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| | |
|:---|:---|
| &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 for Federated Tax-Free Trust, as filed on paper in Initial Registration Statement filed on December 27, 1978 on Form S-5 (File Nos. 2-63343 and 811-2891) |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Copy of Specimen Certificates for Shares of Beneficial Interest for Institutional Service Shares of Massachusetts Municipal Cash Trust; for Institutional Service Shares and Cash Series Shares of Pennsylvania Municipal Cash Trust; and for Institutional Service Shares of Virginia Municipal Cash Trust, as filed via EDGAR in Post-Effective Amendment No. 21 on Form N-1A on December 29, 1993 (File Nos. 33-31259 and 811-5911) |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Copy of Specimen Certificates for Shares of Beneficial Interest of the Registrant for Institutional Service Shares of Government Obligations Fund, Prime Obligations Fund, Tax-Free Obligations Fund and Treasury Obligations Fund, as filed via EDGAR in Post-Effective Amendment No. 7 on May 6, 1994 on Form N-1A (File Nos. 33-31602 and 811-5950) |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Copy of Specimen Certificate for Shares of Beneficial Interest for Trust for U.S. Treasury Obligations as filed via EDGAR in Post-Effective Amendment No. 27 on November 25, 1994 on Form N-1A (File Nos. 2-65505 and 811-2951) |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Copy of Specimen Certificate for Shares of Beneficial Interest for Institutional Shares of Pennsylvania Municipal Cash Trust as filed via EDGAR in Post-Effective Amendment No. 35 on May 19, 1995 on Form N-1A (File Nos. 33-31259 and 811-5911) |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Copy of Specimen Certificate for Shares of Beneficial Interest for Georgia Municipal Cash Trust as filed via EDGAR in Post-Effective Amendment No. 36 filed on May 31, 1995 on Form N-1A (File Nos. 33-31259 and 811-5911) |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Copy of Specimen Certificate for Shares of Beneficial Interest for Institutional Capital Shares of Treasury Obligations Fund as filed via EDGAR in Post-Effective Amendment No. 22 on September 23, 1997 on Form N-1A (File Nos. 33-31602 and 811-5950) |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Copy of Specimen Certificate for Shares of Beneficial Interest for Institutional Shares and Institutional Service Shares of California Municipal Cash Trust as filed on December 19, 1997 via EDGAR in Post-Effective Amendment No. 45 on Form N-1A (File Nos. 33-31259 and 811-5911) |
|  | &nbsp;&nbsp;As of September 1, 1997, Federated Securities Corp. stopped issuing share certificates |

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| | |
|:---|:---|
| &nbsp;&nbsp;**(d)** | &nbsp;&nbsp;**Investment Advisory Contracts** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;[Conformed copy of the Investment Advisory Contract of the Registrant dated December 11, 1989, including Exhibits A-UU, Amendment dated June 1, 2001 and Limited Power of Attorney dated June 1, 2017 as filed on January 19, 2022 via EDGAR in Post-Effective Amendment No. 241 on Form N-1A (File Nos. 33-31602 and 811-5950](https://www.sec.gov/Archives/edgar/data/856517/000162363222000023/ex28d1.htm) |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;[Conformed copy of the Investment Advisory Contract of the Registrant dated March 1, 1995, including Exhibit A, Assignment dated November 17, 1998, Amendment dated June 1, 2001 and Limited Power of Attorney dated June 1, 2017 as filed via EDGAR in Post-Effective Amendment No. 234 on July 28, 2020 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363220001332/ex28d2.htm) |

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| | |
|:---|:---|
| &nbsp;&nbsp;**(e)** | &nbsp;&nbsp;**Underwriting Contracts** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;[Conformed copy of the Distributor's Contract of the Registrant dated March 1, 1994, including Exhibits A-III and Amendments dated June 1, 2001 and October 1, 2003 as filed via EDGAR in Post-Effective Amendment No. 242 on February 24, 2022 on form N-1A (File Nos. 33-31602 and 811-5950).](https://www.sec.gov/Archives/edgar/data/856517/000162363222000293/ex28e1.htm) |

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

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| | |
|:---|:---|
| &nbsp;&nbsp;**(g)** | &nbsp;&nbsp;**Custodian Agreements** |
| &nbsp;&nbsp;1 | [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 (revised as of December 1, 2021) as filed on January 19, 2022 via EDGAR in Post-Effective Amendment No. 241 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363222000023/ex28g1.htm) |
| &nbsp;&nbsp;2 | [Conformed copy of Amended and Restated Custodian Agreement dated June 7, 2005 by and between The Bank of New York and the Registrant, including Amendments and Exhibits (revised as of June 1, 2022) as filed on September 26, 2022 via EDGAR in Post-Effective Amendment No. 246 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363222001161/ex28g2.htm) |

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| | | |
|:---|:---|:---|
| &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 dated January 1, 2004, including Schedule 1 (revised September 1, 2022) as filed on September 26, 2022 via EDGAR in Post-Effective Amendment No. 246 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363222001161/ex28h1a.htm) |  |
| &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 (revised December 1, 2022)](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, including Schedule A (revised December 2, 2022)](exhibit28-h2.htm) | &nbsp;&nbsp;+ |
| &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Administrative Services Agreement** |  |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;[Conformed copy of the Third Amended and Restated Agreement for Administrative Services between the Federated Funds and Federated Administrative Services dated September 1, 2021, including Exhibit A (revised June 1, 2022), as filed via EDGAR in Post-Effective Amendment No. 244 on June 24, 2022 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363222000747/ex28h3.htm) |  |
| &nbsp;&nbsp;(b) | &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 (revised December 1, 2022)](exhibit28-h3b.htm) | &nbsp;&nbsp;+ |
| &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Financial Administration and Accounting Agreement** |  |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;[Conformed copy of the Financial Administration and Accounting Services Agreement between the Federated Funds and The Bank of New York Mellon dated March 1, 2011, as amended, including Schedule 1 (updated as of June 1, 2022) as filed on September 26, 2022 via EDGAR in Post-Effective Amendment No. 246 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363222001161/ex28h4a.htm) |  |
| &nbsp;&nbsp;(b) | &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 (updated as of December 1, 2021) as filed on January 19, 2022 via EDGAR in Post-Effective Amendment No. 241 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363222000023/ex28h4b.htm) |  |

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| | |
|:---|:---|
| &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 via EDGAR on September 29, 1995 in Post-Effective Amendment No. 16 on Form N-1A (File Nos. 33-31602 and 811-5950) |

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| | | |
|:---|:---|:---|
| &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-j1.htm) | &nbsp;&nbsp;+ |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Conformed copy of Consent of Independent Registered Public Accounting Firm KPMG LLP) | &nbsp;&nbsp;N/A |

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

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| | |
|:---|:---|
| &nbsp;&nbsp;**(l)** | &nbsp;&nbsp;**Initial Capital Agreements** |
|  | &nbsp;&nbsp;Conformed copy of Initial Capital Understanding, as filed via EDGAR on September 29, 1995 in Post-Effective Amendment No. 16 on Form N-1A (File Nos. 33-31602 and 811-5950) |

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| | |
|:---|:---|
| &nbsp;&nbsp;**(m)** | &nbsp;&nbsp;**Rule 12b-1 Plan** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;[Conformed copy of the Distribution Plan between certain classes of the Registrant and Federated Securities Corp., dated February 12, 2004, including Exhibits A-EE as filed via EDGAR in Post-Effective Amendment No. 234 on July 28, 2020 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363220001332/ex28m1.htm) |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(n)** | &nbsp;&nbsp;**Rule 18f-3 Plan** |  |
|  | &nbsp;&nbsp;[Conformed copy of the Multiple Class Plan and all share class Exhibits (current as of February 8, 2023) as adopted by certain Federated investment companies offering separate classes of shares](exhibit28-n.htm) | + |

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| | |
|:---|:---|
| &nbsp;&nbsp;**(o)** | &nbsp;&nbsp;**Powers of Attorney** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;[Conformed copy of Power of Attorney of the Registrant dated November 1, 2020 as filed via EDGAR in Post-Effective Amendment No. 237 on February 25, 2021 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363221000335/exhibit28-o.htm) |

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| | |
|:---|:---|
| &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 10, 2021 as filed on January 19, 2022 via EDGAR in Post-Effective Amendment No. 241 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363222000023/ex28p.htm) |

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

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

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Index No.** | &nbsp;&nbsp;&nbsp;**Description of Exhibit** |
| &nbsp;&nbsp;&nbsp;EX-101.INS | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;XBRL Taxonomy Extension Schema Document |
| &nbsp;&nbsp;&nbsp;EX-101.CAL | &nbsp;&nbsp;&nbsp;XBRL Taxonomy Extension Calculation Linkbase |
| &nbsp;&nbsp;&nbsp;EX-101.DEF | &nbsp;&nbsp;&nbsp;XBRL Taxonomy Extension Definition Linkbase |
| &nbsp;&nbsp;&nbsp;EX-101.LAB | &nbsp;&nbsp;&nbsp;XBRL Taxonomy Extension Labels Linkbase |
| &nbsp;&nbsp;&nbsp;EX-101.PRE | &nbsp;&nbsp;&nbsp;XBRL Taxonomy Extension Presentation Linkbase |

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**Item 29 Persons Controlled by or Under Common Control with the Fund:**

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| |
|:---|
| **Item 30. Indemnification** |
| &nbsp;&nbsp; Indemnification is provided to Officers and Trustees of the Registrant pursuant to the Registrant's Declaration of Trust, 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 Contracts as applicable, (collectively, "Advisory Contracts") between the Registrant and the investment advisers, 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 Declaration of Trust, 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 Declaration of Trust, 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 Declaration of Trust, 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. |

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| | |
|:---|:---|
| &nbsp;&nbsp; **Item 31. Business and Other Connections of Investment Adviser:**<br> **Federated Investment Management Company**  | &nbsp;&nbsp; **Item 31. Business and Other Connections of Investment Adviser:**<br> **Federated Investment Management Company**  |
| 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 two 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. | 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 two 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. |
| The Officers of the Investment Adviser are: | 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> Randall S. Bauer<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> Michael R. Granito<br> Lori A. Hensler<br> Susan R. Hill<br> William R. Jamison<br> Jeffrey A. Kozemchak<br> Tracey L. Lusk<br> Judith J. Mackin<br> Marian R. Marinack<br> Mary Jo Ochson<br> Ihab Salib<br> Michael W. Sirianni, Jr.<br> Steven J. Wagner<br> Paige Wilhelm |
| Vice Presidents: | &nbsp;&nbsp; John Badeer<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> William Ehling<br> Ann Ferentino<br> Kevin M. Fitzpatrick<br> Timothy P. Gannon<br> Kathryn P. Glass<br> James L. Grant<br> Nathan H. Kehm<br> Allen J. Knizner<br> Karen Manna<br> Daniel James Mastalski<br> Robert J. Matthews<br> Christopher McGinley<br> Keith E. Michaud<br> Karl Mocharko<br> Joseph M. Natoli<br> Gene Neavin<br> Bob Nolte<br> Liam O'Connell<br> Mary Kay Pavuk<br> John Polinski<br> Rae Ann Rice<br> Brian Ruffner<br> Thomas C. Scherr<br> John Sidawi<br> Paul Smith<br> Peter Snook<br> Kyle Stewart<br> Randal Stuckwish<br> Mary Ellen Tesla<br> James Damen Thompson<br> Nicholas S. Tripodes<br> Anthony A. Venturino<br> Mark Weiss<br> George B. Wright<br> Christopher Wu |
| Assistant Vice Presidents: | &nbsp;&nbsp; Patrick Benacci<br> Brandon Ray Hochstetler<br> Christopher F. Hopkins<br> Jeff J. Ignelzi<br> Bennett L. Lo<br> Nick Navari<br> Bradley Payne<br> Braden Rotberg<br> John W. Scullion<br> Steven J. Slanika<br> Tyler R. Stenger<br> Patrick O. Watson<br> Michael S. Wilson<br> John E. Wyda |
| Secretary: | G. Andrew Bonnewell |
| Assistant Secretaries: | &nbsp;&nbsp; Edward C. Bartley<br> George F. Magera<br>|
| Treasurer: | Thomas R. Donahue |
| Assistant Treasurers: | &nbsp;&nbsp; Jeremy D. Boughton<br> Richard A. Novak |
| Chief Compliance Officer: | Stephen Van Meter |

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

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| | | |
|:---|:---|:---|
| (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 |
| Executive Vice President, Assistant Secretary and Director: | Thomas R. Donahue |  |
| President and Director: | Paul Uhlman |  |
| Vice President and Director: | Peter J. Germain |  |
| Director: | Frank C. Senchak |  |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; (1)<br> Positions and Offices with Distributor | &nbsp;&nbsp; (2)<br> Name<br>| &nbsp;&nbsp; (3)<br> Positions and Offices With Registrant |
| Executive Vice Presidents: | &nbsp;&nbsp; Michael Bappert<br> Peter W. Eisenbrandt<br> Anne H. Kruczek<br> Amy M. Michaliszyn<br> Brian S. Ronayne |  |
| Senior Vice Presidents: | &nbsp;&nbsp; Irving Anderson<br> Christopher D. Berg<br> Daniel G. Berry<br> Jack Bohnet<br> Edwin J. Brooks, III<br> Bryan Burke<br> Scott J. Charlton<br> Steven R. Cohen<br> James S. Conley<br> Stephen R. Cronin<br> Charles L. Davis, Jr.<br> Jack C. Ebenreiter<br> James Getz, Jr.<br> Erik Gosule<br> Scott A. Gunderson<br> Dayna C. Haferkamp<br> Vincent L. Harper, Jr.<br> Bruce E. Hastings<br> Jeffrey S. Jones<br> Ryan W. Jones<br> Scott D. Kavanagh<br> Scott R. Kelley<br> Michael Koenig<br> Edwin C. Koontz<br> Jane E. Lambesis<br> Michael Liss<br> Judith J. Mackin<br> Brian McInis<br> Diane Marzula<br> Richard C. Mihm<br> Vincent T. Morrow<br> John C. Mosko<br> Alec H. Neilly<br> James E. Ostrowski<br> Stephen Otto<br> Richard P. Paulson<br> Richard A. Recker<br> Diane M. Robinson<br> Timothy A. Rosewicz<br> Eduardo G. Sanchez<br> Tom Schinabeck<br> Peter C. Siconolfi<br> Edward L. Smith<br> John A. Staley<br> Mark J. Strubel<br> William C. Tustin<br> G. Walter Whalen<br> Lewis C. Williams<br> Theodore E. Williams<br> Michael Wolff<br> Daniel R. Wroble<br> Erik Zettlemayer |  |
| Vice Presidents: | &nbsp;&nbsp; Frank Amato<br> Catherine M. Applegate<br> Kenneth C. Baber<br> Raisa E. Barkaloff<br> Robert W. Bauman<br> Marc Benacci<br> Joshua W. Billiel<br> Bill Boarts<br> Zachary Bono<br> Matthew A. Boyle<br> Thomas R. Brown<br> Ryan P. Cain<br> Mark Carroll<br> Dan Casey<br> Stephen J. Costlow<br> Mary Ellen Coyne<br> David G. Dankmyer<br> Christopher T. Davis<br> Michael DiMarsico<br> Charles R. Ebbs<br> Mark A. Flisek<br> Heather W. Froelich<br> David D. Gregoire<br> Raymond J. Hanley<br> George M. Hnaras<br> Scott A. Holick<br> Christopher Jackson<br> Todd Jones<br> Patrick Kelly<br> Nicholas R. Kemerer<br> Robert H. Kern<br> Shawn E. Knutson<br> Joseph R. Lantz<br> David M. Larrick<br> John S. Larson<br> Anthony W. Lennon<br> Justin Levy<br> John P. Liekar<br> Jonathan Lipinski<br> Paul J. Magan<br> Alexi A. Maravel<br> Meghan McAndrew<br> Samuel McGowan<br> Daniel McGrath<br> Mark J. Murphy<br> Ryan M. Newman<br> Catherine M. Nied<br> Ted Noethling<br> John A. O'Neill<br> Mark Patsy<br> Marcus Persichetti<br> Max E. Recker<br> Emory Redd<br> Matt Ryan<br> John Shrewsbury<br> Bradley Smith<br> John R. Stanley<br> Jonathan Sullivan<br> Gregory Tzanoukakis<br> James M. Wagner<br> David Wasik<br> Brian R. Willer<br> Littell Wilson Jr.<br> James J. Wojciak |  |
|  | &nbsp;&nbsp; Frank Amato<br> Catherine M. Applegate<br> Kenneth C. Baber<br> Raisa E. Barkaloff<br> Robert W. Bauman<br> Marc Benacci<br> Joshua W. Billiel<br> Bill Boarts<br> Zachary Bono<br> Matthew A. Boyle<br> Thomas R. Brown<br> Ryan P. Cain<br> Mark Carroll<br> Dan Casey<br> Stephen J. Costlow<br> Mary Ellen Coyne<br> David G. Dankmyer<br> Christopher T. Davis<br> Michael DiMarsico<br> Charles R. Ebbs<br> Mark A. Flisek<br> Heather W. Froelich<br> David D. Gregoire<br> Raymond J. Hanley<br> George M. Hnaras<br> Scott A. Holick<br> Christopher Jackson<br> Todd Jones<br> Patrick Kelly<br> Nicholas R. Kemerer<br> Robert H. Kern<br> Shawn E. Knutson<br> Joseph R. Lantz<br> David M. Larrick<br> John S. Larson<br> Anthony W. Lennon<br> Justin Levy<br> John P. Liekar<br> Jonathan Lipinski<br> Paul J. Magan<br> Alexi A. Maravel<br> Meghan McAndrew<br> Samuel McGowan<br> Daniel McGrath<br> Mark J. Murphy<br> Ryan M. Newman<br> Catherine M. Nied<br> Ted Noethling<br> John A. O'Neill<br> Mark Patsy<br> Marcus Persichetti<br> Max E. Recker<br> Emory Redd<br> Matt Ryan<br> John Shrewsbury<br> Bradley Smith<br> John R. Stanley<br> Jonathan Sullivan<br> Gregory Tzanoukakis<br> James M. Wagner<br> David Wasik<br> Brian R. Willer<br> Littell Wilson Jr.<br> James J. Wojciak |  |
| Assistant Vice Presidents: | &nbsp;&nbsp; Debbie Adams-Marshall<br> Edward R. Costello<br> Adina A. Davis<br> Madison Dischinger<br> Kristen C. Kiesling<br> Leah Kaitlin Leitzel<br> Stephen R. Massey<br> John K. Murray<br> Kathryn Ringer<br> Melissa R. Ryan<br> Carol Anne Sheppard<br> Scott A. Vallina<br> Laura Vickerman |  |
| Secretary: | Kary A. Moore |  |
| Assistant Secretaries: | Edward C. Bartley |  |
|  | Thomas R. Donahue |  |
|  | George F. Magera |  |
| Treasurer: | Richard A. Novak |  |
| Assistant Treasurer: | Jeremy D. Boughton |  |
| Chief Compliance Officer: | 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

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| | |
|:---|:---|
| **Item 33. Location of Accounts and Records:** | **Item 33. Location of Accounts and Records:** |
| 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: | 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: |
| **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 |
| &nbsp;&nbsp; **Federated Securities Corp.**<br> (Distributor) | &nbsp;&nbsp; 1001 Liberty Avenue<br> Pittsburgh, PA 15222-3779 |
| &nbsp;&nbsp; **Federated Investment Management Company**<br> (Adviser) | &nbsp;&nbsp; 1001 Liberty Avenue<br> Pittsburgh, PA 15222-3779 |
| &nbsp;&nbsp; **Federated Advisory Services 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) | &nbsp;&nbsp; P.O. Box 219318<br> Kansas City, MO 64121-9318 |
| **State Street Bank and Trust Company**<br> (Custodian) | &nbsp;&nbsp; 1 Iron Street<br> Boston, MA 02110 |
| **Bank of New York Mellon<sup>1</sup>**<br> (Custodian) | &nbsp;&nbsp; The Bank of New York Mellon<br> One Wall Street<br> New York, NY 10286 |

---

**<sup>1</sup>** The Bank of New York serves as Custodian for the following portfolios: Federated Capital Reserves Fund,

Federated Government Obligations Tax-Managed Fund, Federated Government Reserves Fund and

Federated U.S. Treasury Cash Reserves.

**Item 34 Management Services:** Not applicable.

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| |
|:---|
| **Item 35 Undertakings:** |
| 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. |

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| |
|:---|
| &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 Money Market Obligations 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 23rd day of February 2023. |
| **FEDERATED HERMES MONEY MARKET OBLIGATIONS TRUST** |
| &nbsp;&nbsp; BY: <u>/s/ George F. Magera</u><br> George F. Magera, Assistant Secretary |
| 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: |

---

---

| | | |
|:---|:---|:---|
| NAME | TITLE | DATE |
| &nbsp;&nbsp; BY: <u>/s/ George F. Magera</u><br> George F. Magera, Assistant Secretary | Attorney In Fact For the Persons Listed Below | February 23, 2023 |
| &nbsp;&nbsp; J. Christopher Donahue\*<br>| President and Trustee (Principal Executive Officer) |  |
| Thomas R. Donahue\* | Trustee |  |
| Lori A. Hensler\* | Treasurer (Principal Financial Officer/Principal Accounting Officer) |  |
| John T. Collins\* | Trustee |  |
| G. Thomas Hough\* | Trustee |  |
| Maureen Lally-Green\* | Trustee |  |
| Thomas O'Neill\* | Trustee |  |
| Madelyn A. Reilly\* | Trustee |  |
| P. Jerome Richey\* | Trustee |  |
| John S. Walsh\* | Trustee |  |
| \*By Power of Attorney |  |  |

---

## Ex-99.H

Exhibit 28 (h) (1) (b) under Form N-1A<br> 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;(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;(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;(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;(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;(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;(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;(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;(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;(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;(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;(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;(i) Insure the security and confidentiality of records and NPI of Fund customers;

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

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| | |
|:---|:---|
| &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**

**(revised 12/1/22)**

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 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 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 Global Equity Fund | &nbsp;&nbsp;Class A Shares |
|  |  | &nbsp;&nbsp;Class C Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Federated Hermes International Developed Equity Fund | &nbsp;&nbsp;Class A Shares |
|  |  | &nbsp;&nbsp;Class C 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 Unconstrained 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;*Institutional Shares* |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;FEDERATED EQUITY FUNDS | &nbsp;&nbsp;FEDERATED 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 SECURITIES, INC. | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class F Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT INCOME TRUST | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT INCOME TRUST |
| &nbsp;&nbsp;Federated Hermes Government Income Fund | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME 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;Primary Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL SERIES, INC. | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL SERIES, INC. |
| &nbsp;&nbsp;Federated Hermes Global Total Return Bond Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C 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 Michigan Intermediate Municipal Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &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;<br> FEDERATED HERMES TOTAL RETURN SERIES, INC. | &nbsp;&nbsp;<br> 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 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;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 Institutional Money Market Management | &nbsp;&nbsp;Capital Shares |
|  |  | &nbsp;&nbsp;Eagle Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  |  | &nbsp;&nbsp;Service 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 Institutional Prime Value 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;Automated Shares |
|  |  | &nbsp;&nbsp;Capital Shares |
|  |  | &nbsp;&nbsp;Institutional 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;Federated Hermes U.S. Treasury Cash Reserves | &nbsp;&nbsp;Institutional Shares |
|  |  | &nbsp;&nbsp;Service Shares |

---

## Ex-99.H

Exhibit 28 (h) (2) under Form N-1A<br> 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.

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| | | | |
|:---|:---|:---|:---|
| &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 |

---

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| | |
|:---|:---|
| **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**

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| | | | | |
|:---|:---|:---|:---|:---|
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>General</u> 

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

1. * 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> December 2, 2022<br> 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;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 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;A |
|  |  | &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;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;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;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;A |
|  |  | &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;Y |
|  |  | &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 |  |

---

---

| | |
|:---|:---|
| 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: /s/ Nick Wright | By: /s/ Peter Germain |
| Name: Nick Wright | Name: Peter Germain |
| Title: Authorized Signatory | Title: Secretary |

---

---

| |
|:---|
| By each of the Federated Hermes Funds that are Collective Trusts, severally and not jointly. |
| &nbsp;&nbsp; <br> By: /s/ Richard A. Novak |
| Name: Richard A. Novak |
| 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) (b) under Form N-1A<br> 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**

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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).

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Seek formal guidance from regulatory authorities concerning the application of various regulations to
the Investment Company and seek exemptive relief, where appropriate.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Administer the Investment Company's code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Monitor the Investment Company's compliance with its investment policies, objectives and restrictions
as set forth in its currently effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Implement and maintain, together with affiliated companies, a business continuation and disaster recovery
program for the Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Assist the Investment Company in regulatory examinations, inspections or investigations of the Investment
Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;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;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;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;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;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;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;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;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;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;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;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;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;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;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;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;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;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;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;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: /s/ J. Christopher Donahue |
| Name: J. Christopher Donahue |
| Title: President |
| **FEDERATED ADMINISTRATIVE SERVICES** |
| By: /s/ Peter J. Germain |
| Name: Peter J. Germain |
| Title: President |

---

**Agreement for Administrative Services**

EXHIBIT A

This contract is for Federated Funds only.

December 1, 2022

---

| | | |
|:---|:---|:---|
| **<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;12/1/18 | &nbsp;&nbsp;Federated Hermes Global Equity Fund |  |
| &nbsp;&nbsp;12/1/18 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/18 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;12/1/18 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/1/18 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;3/1/19 | &nbsp;&nbsp;Federated Hermes International *Developed* Equity Fund |  |
| &nbsp;&nbsp;3/1/19 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;3/1/19 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;3/1/19 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;3/1/19 |  | &nbsp;&nbsp;Class R6 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;12/1/18 | &nbsp;&nbsp;Federated Hermes Unconstrained Credit Fund |  |
| &nbsp;&nbsp;12/1/18 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/18 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;12/1/18 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/1/18 |  | &nbsp;&nbsp;Class R6 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 Share |
| &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 B 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 B 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 B 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 B 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<br>|  |
| &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 B 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 B 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 Securities, 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;3/1/20 |  | &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 High Income Bond Fund, Inc.** |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class B 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 B 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;Class A 1 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 B 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 B 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 |
| &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;9/1/21 |  | &nbsp;&nbsp;Class A2 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 |
| &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 International Series, Inc.** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Global 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;9/1/16 |  | &nbsp;&nbsp;Institutional 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 B 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;3/1/07 |  | &nbsp;&nbsp;Class B Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class C 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 B 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 Michigan Intermediate Municipal Fund |  |
| &nbsp;&nbsp;6/1/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/06 |  | &nbsp;&nbsp;Institutional Shares |
| &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 B 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**<br> (limited purpose of Administrative Services) |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Common Shares |
| &nbsp;&nbsp;**10/1/16** | &nbsp;&nbsp; **Federated Hermes Project and Trade Finance Tender Fund**<br> (limited purpose of Administrative Services) |  |
| &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;9/1/21 |  | &nbsp;&nbsp;Class A2 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;6/1/21 |  | &nbsp;&nbsp;Class R6 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 B 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;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;11/1/03 |  | &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 B 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;08/01/22 | &nbsp;&nbsp;Federated Hermes Intermediate Municipal Fund |  |
| &nbsp;&nbsp;08/01/22 |  | &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 B 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 Money Market Management |  |
| &nbsp;&nbsp;3/1/14 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;9/1/07 |  | &nbsp;&nbsp;Eagle Shares |
| &nbsp;&nbsp;9/1/07 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;3/1/14 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Institutional Prime Obligations Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Capital 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 Institutional Prime Value Obligations Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Capital 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 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;6/13/14 |  | &nbsp;&nbsp;Automated Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Capital 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;Trust Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Trust for U.S. Treasury Obligations |  |
| &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;11/1/03 | &nbsp;&nbsp;Federated Hermes U.S. Treasury Cash Reserves |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |

---

 

 

**EXHIBIT B**

**FUNDS NOT CHARGED 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

## Ex-99.J

Exhibit 28 (j) (1) under Form N-1A<br> 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 each Prospectus and "Independent Registered Public Accounting Firm" in each Statement of Additional Information, each dated February 28, 2023, and each included in this Post-Effective Amendment No. 247 to the Registration Statement (Form N-1A, File No. 33-31602) of Federated Hermes Money Market Obligations Trust (the "Registration Statement").

We also consent to the incorporation by reference of our reports dated December 23, 2022, with respect to the financial statements and financial highlights of Federated Hermes California Municipal Cash Trust, Federated Hermes New York Municipal Cash Trust and Federated Hermes Institutional Tax-Free Cash Trust (three of the funds comprising Federated Hermes Money Market Obligations Trust) included in the Annual Report to Shareholders (Form N-CSR) for the year ended October 31, 2022, into this Registration Statement, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

Boston, Massachusetts

February 23, 2023

<sub> </sub>

## Ex-99.N

Exhibit 28 (n) under Form N-1A<br> Exhibit (99) under Item 601/Reg. S-K

**MULTIPLE CLASS PLAN**

**Current as of February 8, 2023**

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;(a) transfer agent fees;

&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;(c) blue sky registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) SEC registration fees;

&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;(f) litigation or other legal expenses relating solely to one Class; or

&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**

**(Revised 9/1/22)**

**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<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 Conservative Microshort Fund | 0.25% |  |
| Federated Hermes Conservative Municipal Microshort Fund | 0.25% |  |
| Federated Hermes Global Equity Fund | 0.05% |  |
| Federated Hermes International Equity Fund | 0.05% |  |
| Federated Hermes Unconstrained Credit 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 Developed Equity 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 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 Government Income Securities, Inc.** | 0.05% |  |
| **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 International Series, Inc.** |  |  |
| Federated Hermes Global Total Return Bond Fund (formerly Federated International Bond Fund) | 0.25% |  |
| **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 |  |  |
| **Federated Hermes Short-Intermediate Municipal Fund** | 0.05% |  |

---

**4. Class A Shares Subject to the Money Market AND ULTRASHORT BOND Load Schedule**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | &nbsp;&nbsp; **12b-1**<br> **Fee** | **Redemption Fee** |
| **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**

**12/1/2021**

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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% |

---

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

---

| | | |
|:---|:---|:---|
| **Multiple Class Company**<br> Series | **12b-l Fee** | **Redemption Fee** |
| **Federated Hermes Income Securities Trust** | | |
| Federated Hermes Floating Rate Strategic Income Fund | 0.05% |  |

---

**CLASS A2 SHARES**

**EXHIBIT TO**

**MULTIPLE CLASS PLAN**

**9/1/21**

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

---

| | | |
|:---|:---|:---|
| **Multiple Class Company**<br> Series | **12b-l Fee** | **Redemption Fee** |
| **Federated Hermes Income Securities Trust** | | |
| Federated Hermes Short-Term Income Fund | 0.25% |  |
| **Federated Hermes Short-Intermediate Duration Municipal Trust** |  |  |
| Federated Hermes Short-Intermediate Municipal Fund | 0.25% |  |

---

**Administrative Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised 12/1/2022)**

**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 Money Market, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust*, *Federated Hermes Institutional Prime Value Obligations Fund,* 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 |

---

**ADVISoR Shares Exhibit**

**To**

**Multiple Class Plan**

**(12/1/2022)**

**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:** | None. |
| **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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund,* 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 |  |

---

**AUTOMATED Shares Exhibit**

**To**

**Multiple Class Plan**

**(revised 12/1/2022)**

**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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund,* 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 |

---

**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**

**Class C Shares Exhibit**

**To**

**Multiple Class Plan**

**(revised 09/01/22)**

**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 Global Equity 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 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 Unconstrained 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 Government Income Securities, Inc.** | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;**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 International Series, Inc.:** |  |  |
| &nbsp;&nbsp;Federated Hermes Global Total Return Bond Fund (formerly Federated International 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 12/1/2022)

**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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, 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 Institutional Money Market Management |
| &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 Institutional Prime Obligations Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Institutional Prime Value Obligations Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund |

---

**CasH II Shares Exhibit**

**To**

**Multiple Class Plan<br> (r** **evised 12/1/2022)**

**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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, 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 series Shares Exhibit**

**To**

**Multiple Class Plan**

**(R** **evised 12/1/2022)**

**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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, 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 12/1/2022)**

**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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, 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** |
| &nbsp;&nbsp; **Federated Hermes Money Market Obligations Trust:**<br> Federated Hermes Institutional Money Market Management | &nbsp;&nbsp; <br> None |

---

**Class F Shares Exhibit**

**To**

**Multiple Class Plan**

**(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 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% |
| **Federated Hermes Government Income Securities, Inc.** |  |
| &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 12/1/2022)**

**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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, 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 Global Equity Fund |  | 0.00% |  |
| Federated Hermes International Developed Equity Fund |  | 0.25% |  |
| Federated Hermes SDG Engagement Equity Fund | 0.00% | 0.00% |  |
| Federated Hermes SDG Engagement High Yield Credit Fund | 0.00% | 0.25% |  |
| Federated Hermes Unconstrained Credit Fund |  | 0.00% |  |
| 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 | 0.05% |  |  |
| **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** |  | 0.25% |  |
| **Federated Hermes Government Income Securities, Inc.** |  |  |  |
| **Federated Hermes High Income Bond Fund** |  |  |  |
| **Federated Hermes High Yield Trust** |  |  |  |
| Federated Hermes Opportunistic High Yield Bond Fund |  |  |  |
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** | &nbsp;&nbsp; **Shareholder**<br> **Service Fee** | **Redemption Fee** |
| **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 International Series, Inc.** |  |  |  |
| Federated Hermes Global Total Return Bond Fund (formerly Federated International 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 Michigan Intermediate Municipal Fund |  |  |  |
| 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 Money Market Management |  | 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 12/1/2022)**

**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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, 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 12/1/2022)**

**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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, 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** |
| &nbsp;&nbsp; **Federated Hermes Money Market Obligations Trust:**<br> Federated Hermes Government Obligations Fund |  |
| Federated Hermes Institutional Tax-Free Cash Trust |  |

---

**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 12/1/2022)**

**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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, 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.

---

| |
|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series |
| &nbsp;&nbsp;**Federated Hermes Adviser Series** |
| &nbsp;&nbsp;Federated Hermes Emerging Markets Equity Fund |
| &nbsp;&nbsp;Federated Hermes Global Equity Fund |
| &nbsp;&nbsp;Federated Hermes International Developed Equity Fund |
| &nbsp;&nbsp;Federated Hermes SDG Engagement Equity Fund |
| &nbsp;&nbsp;Federated Hermes SDG Engagement High Yield Credit Fund |
| &nbsp;&nbsp;Federate Hermes Unconstrained Credit Fund |
| &nbsp;&nbsp;Federated Hermes US SMID Fund |
| &nbsp;&nbsp;Federated Hermes International Equity Fund |
| &nbsp;&nbsp;Federated Hermes International Growth Fund |
| &nbsp;&nbsp;Federated Hermes MDT Large Cap Value Fund |
| &nbsp;&nbsp;**Federated Hermes Equity Funds** |
| &nbsp;&nbsp; Federated Hermes Clover Small Value Fund |
| &nbsp;&nbsp; Federated Hermes International Strategic Value Dividend Fund |
| &nbsp;&nbsp; Federated Hermes Kaufmann Large Cap Fund |
| &nbsp;&nbsp; Federated Hermes Kaufmann Small Cap Fund |
| &nbsp;&nbsp; Federated Hermes MDT Mid Cap Growth Fund |
| &nbsp;&nbsp; Federated Hermes Strategic Value Dividend Fund |
| &nbsp;&nbsp;**Federated Hermes Fixed Income Securities, Inc.** |
| &nbsp;&nbsp; Federated Hermes Municipal Ultrashort Fund |
| &nbsp;&nbsp; Federated Hermes Strategic Income Fund |
| &nbsp;&nbsp;**Federated Hermes Global Allocation Fund** |
| &nbsp;&nbsp;**Federated Hermes High Income Bond Fund, Inc.** |
| &nbsp;&nbsp;**Federated Hermes High Yield Trust** |
| &nbsp;&nbsp;Federated Hermes Opportunistic High Yield Bond Fund |
| &nbsp;&nbsp;**Federated Hermes Income Securities Trust** |
| &nbsp;&nbsp;*Federated Hermes Inflation Protected Securities Fund (formerly Federated Real Return Bond Fund.)* |
| &nbsp;&nbsp;Federated Hermes Floating Rate Strategic Income Fund |
| &nbsp;&nbsp;Federated Hermes Short-Term Income Fund |
| &nbsp;&nbsp;**Federated Hermes Index Trust** |
| &nbsp;&nbsp;Federated Hermes Mid-Cap Index Fund |
| &nbsp;&nbsp;**Federated Hermes Institutional Trust** |
| &nbsp;&nbsp;Federated Hermes Government Ultrashort Fund |
| &nbsp;&nbsp;Federated Hermes Institutional High Yield Bond Fund |
| &nbsp;&nbsp;Federated Hermes Short-Intermediate Total Return Bond Fund |
| &nbsp;&nbsp;**Federated Hermes Investment Series Funds, Inc.** |
| &nbsp;&nbsp;Federated Hermes Corporate Bond Fund |
| &nbsp;&nbsp;**Federated Hermes MDT Series** |
| &nbsp;&nbsp;Federated Hermes MDT Small Cap Core Fund |
| &nbsp;&nbsp;Federated Hermes MDT Small Cap Growth Fund |
| &nbsp;&nbsp;Federated Hermes MDT All Cap Core Fund |
| &nbsp;&nbsp;Federated Hermes MDT Balanced Fund |
| &nbsp;&nbsp;**Federated Hermes Total Return Government Bond Fund** |
| &nbsp;&nbsp;**Federated Hermes Total Return Series, Inc.** |
| &nbsp;&nbsp; Federated Hermes Core Bond Fund *(formerly Federated Hermes Select Total Return Bond Fund)* |
| &nbsp;&nbsp; Federated Hermes Total Return Bond Fund |
| &nbsp;&nbsp;Federated Hermes Ultrashort Bond Fund |
| &nbsp;&nbsp;**Federated Hermes World Investment Series, Inc.** |
| &nbsp;&nbsp; Federated Hermes International Leaders Fund |

---

**retirement Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised 12/1/2022)**

**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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, 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 December 1, 2022)**

**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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund, 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 12/1/2022)**

**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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, 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**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Multiple Class Company**<br> Series |
| **Federated Hermes Money Market Obligations Trust** |
| Federated Hermes Government Obligations Fund |

---

**Service Shares Exhibit**

**To**

**Multiple Class Plan<br> (revised 12/1/2022)**

**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 Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations* Fund, 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 Fund** | 0.05% |
| **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 Money Market Management |  |
| Federated Hermes Institutional Prime Obligations Fund |  |
| Federated Hermes Institutional Prime Value 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 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 12/1/2022)**

**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 Money Market Management, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, 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 12/1/2022)**

**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 Institutional Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, 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. |

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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:

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| | |
|:---|:---|
| **Multiple Class Company** | **Series** |

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