# EDGAR Filing Document

**Accession Number:** 0001677615
**File Stem:** 0001623632-25-000860
**Filing Date:** 2025-7
**Character Count:** 586157
**Document Hash:** 17447f95e8c770282b5522162fb885ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001623632-25-000860.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001623632-25-000860

**CONFORMED SUBMISSION TYPE**: N-2

**PUBLIC DOCUMENT COUNT**: 25

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Project & Trade Finance Tender Fund
- **CENTRAL INDEX KEY:** 0001677615

**ORGANIZATION NAME:**
- **EIN:** 812971155

**FILING VALUES:**
- **FORM TYPE:** N-2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23174
- **FILM NUMBER:** 251146811

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Federated Project & Trade Finance Tender Fund
- **DATE OF NAME CHANGE:** 20160620
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Project & Trade Finance Tender Fund
- **CENTRAL INDEX KEY:** 0001677615

**ORGANIZATION NAME:**
- **EIN:** 812971155

**FILING VALUES:**
- **FORM TYPE:** N-2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288920
- **FILM NUMBER:** 251146810

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Federated Project & Trade Finance Tender Fund
- **DATE OF NAME CHANGE:** 20160620

?xml version='1.0' encoding='ASCII'? N-2

#### As filed with the Securities and Exchange Commission on July 24, 2025

#### 1933 Act File No. 333-

#### 1940 Act File No. 811-23174

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-2

### REGISTRATION STATEMENT

#### UNDER

---

| | |
|:---|:---|
| THE SECURITIES ACT OF 1933 | ☒ |
| Pre-Effective Amendment No. | ☐ |
| Post-Effective Amendment No. | ☐ |

---

#### and/or

### REGISTRATION STATEMENT

#### UNDER
THE INVESTMENT COMPANY ACT OF 1940 ☒ <br> Amendment No. 30 ☒

## FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND

#### (Exact Name of Registrant as Specified in Charter)

#### Federated Hermes Funds

#### 4000 Ericsson Drive

#### Warrendale, Pennsylvania 15086-7561

#### (Address of Principal Executive Offices)
(412) 288-1900

#### (Registrant's Telephone Number)

#### Peter J. Germain, Esquire

#### 1001 Liberty Avenue

#### Pittsburgh, Pennsylvania 15222-3779

#### (Name and Address of Agent for Service)

#### (Notices should be sent to the Agent for Service)
☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☒ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

☐ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. 

☐ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act. 

☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act. 

#### It is proposed that this filing will become effective (check appropriate box)
☐ when declared effective pursuant to Section 8(c) of the Securities Act

The following boxes should only be included and completed if the registrant is making this filing in accordance with Rule 486 under the Securities Act.

☐ immediately upon filing pursuant to paragraph (b)

☒ on July 25, 2025 pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)

☐ on (date) pursuant to paragraph (a)

#### If appropriate, check the following box:
☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:

☐ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:

#### Check each box that appropriately characterizes the Registrant:
☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). 

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act").

☐ If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act.

☐ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

------

Prospectus

July 25, 2025

![](g948077g1img287711b21.gif)

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

Share Class Institutional Service

------

Federated Hermes Project and Trade Finance

Tender Fund

------

Investment objective

.

Federated Hermes Project and Trade Finance Tender Fund (the "Fund") commenced operations on

December 7, 2016, and is a continuously offered, diversified, closed-end management investment company. The Fund's investment

objective is to provide total return primarily from income. The Fund pursues its investment objective primarily by investing in trade

finance, structured trade, export finance, import finance, supply chain financing and project finance assets of entities, including

sovereign entities ("trade finance related securities"). Trade finance related securities primarily will be located in, or have exposure to,

global emerging markets. Trade finance transactions refer to the capital needed to buy or sell, import or export, products or other

tangible goods. Project finance transactions are typically used to build something tangible or to expand existing plant capacity to

produce more goods for trade; and the Fund typically invests in project finance deals when the project has been largely completed and

goods are being produced for export (i.e., transactions are of a short-term nature). No assurance can be given that the Fund's

investment objective will be achieved.

------

The Fund's shareholder reports will be made available on

FederatedHermes.com/us/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.

------

Investing in the Fund's Shares involves certain risks and should not constitute a complete investment program. Risks,

including "Risk of Investing in Trade Finance Related Securities," "Interest Rate Risk," and "Risk of Investing in Derivative

Contracts and Hybrid Instruments," are described in the "Risk Factors" section beginning on page

of this prospectus.

The Fund's Shares will not be listed on an exchange. It is not anticipated that a secondary market will develop. An investment

in the Fund may not be suitable for investors who may need the money they invest in a specified timeframe.

------

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

------

Neither the U.S. Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or

disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary

is a criminal offense.

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

---

| | | | |
|:---|:---|:---|:---|
|  | Price to Public<br><sup>1</sup> <br>| Maximum Sales Load<br>as a Percentage of<br>Purchase Amount<br>| &nbsp;&nbsp;Proceeds to<br>Registrant<br><sup>2</sup> <br>|
| Per Institutional Share | At Current NAV |  | Current NAV |
| Per Service Share | At Current NAV |  | Current NAV |
| Total | $603825345.50 |  | $603825345.50 |

---

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

Common shares of beneficial interest (the "Shares"), designated as Institutional Shares and Service Shares, are continuously offered at current net asset

value (NAV), which will fluctuate.

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

Total proceeds to the Fund assume that all registered Shares will be sold in a continuous offering. The proceeds may differ from that shown if other than

the then-current net asset value at which Shares are sold varies from that shown and/or additional Shares are registered.

The date of this Prospectus is July

, 2025

------

Federated Securities Corp. (the "Distributor") acts as the distributor of the Fund's Shares, on a best efforts basis, subject

to various conditions. The Fund has received exemptive relief from the SEC to, among other things, issue multiple classes

of Shares. The IS class (as defined below) may be purchased through the Distributor and the SS class (as defined below)

may be purchased through advisers, brokers, dealers or banks that have entered into selling agreements with the

Distributor. Neither the Distributor nor any other adviser, broker, dealer or bank is obligated to buy from the Fund any of

the Shares.

Portfolio management strategies

.

Under normal market conditions, the Fund's investment program will consist

primarily of investing in trade finance related securities. It is the Adviser and Sub-Adviser's (each as defined below) intent

to focus the Fund's investments in trade finance related securities.

The Fund seeks to provide investors with a portfolio that exceeds the ICE BofA US Dollar 1-Month Deposit Offered

Rate Constant Maturity Index with low volatility and low correlation to stock and fixed income market returns as well as

commodities. The Fund's investments are expected to consist primarily of loans, or similar instruments used directly or

indirectly to finance domestic and international trade and related infrastructure projects. These are expected to include, but

not be limited to, facilities for pre-export finance, process and commodities finance, receivables financing, letters of credit

and other documentary credits, promissory notes, bills of exchange and other negotiable instruments. The Fund may gain

exposure to such investments by way of purchase, assignment, participation, sub-participation, guarantee, insurance,

derivative or any other appropriate financial instrument. The Fund invests only in funded letters of credit and other

instruments that do not create unfunded commitments to lend. The Fund may also take positions in more traditional assets

including bonds, equities and foreign exchange instruments for the purpose of hedging and investment. The Fund, from

time to time, may also use currency forwards for hedging purposes. However, although not generally anticipated to be

used, the Fund reserves the flexibility to use derivative contracts and/or hybrid instruments to implement elements of its

investment strategy. Derivative investments made by the Fund are included within the Fund's 80% policy and are

calculated at market value. Under normal market conditions, the Fund will invest at least 80% of its net assets, plus the

amount of any borrowings for investment purposes, in trade finance related securities. Up to 20% of the Fund's assets may

be invested in other types of fixed-income securities and money market instruments.

Adviser and Sub-Adviser

. The Fund's investment adviser is Federated Investment Management Company ("FIMC" or

the "Adviser"). As of December 31, 2024, FIMC and its affiliates managed approximately $829.6 billion. FIMC has

engaged Federated Hermes (UK) LLP (the "Sub-Adviser") as a sub-adviser to the Fund. As of December 31, 2024, the

Sub-Adviser acted as investment adviser for and/or managed approximately $11.1 billion of assets. Under the supervision

of the Adviser and oversight by the Board of Trustees of the Fund (the "Board") and pursuant to a sub-advisory agreement

between the Adviser and the Sub-Adviser, the Sub-Adviser will act as sub-investment adviser to the Fund. The

Sub-Adviser will have day-to-day portfolio management responsibilities for the Fund.

------

This prospectus contains information you should know before investing, including information about risks. Please read

it before you invest and keep it for future reference. Copies of the Fund's semi-annual and annual reports, when available,

may be obtained without charge by writing to the Fund at its address at 4000 Ericsson Drive, Warrendale, Pennsylvania

15086-7561 or by calling the Fund at 1-855-328-0109. Copies of the Fund's semi-annual and annual reports, when

available, may also be obtained without charge at

FederatedHermes.com/us

. In addition, the SEC maintains a website

(sec.gov) that contains the annual and semi-annual reports and other information regarding registrants that file

electronically with the SEC.

A Statement of Additional Information dated July

,

2025

(SAI) has been filed with the SEC and can be obtained

without charge by calling 1-855-328-0109 or by writing to the Fund. Copies of the SAI may also be obtained free of

charge at

FederatedHermes.com/us

. This prospectus incorporates by reference the entire Statement of Additional

Information. The Statement of Additional Information is available along with shareholder reports and other Fund-related

materials from the EDGAR database on the SEC's internet site (sec.gov) or, upon payment of copying fees, by contacting

the SEC by electronic mail at publicinfo@sec.gov. The Fund's address is 4000 Ericsson Drive, Warrendale,

PA 15086-7561.

The Fund's shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other

insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal

Reserve Board or any other government agency.

------

You should rely only on the information contained or incorporated by reference in this prospectus. The Fund has

not, and the Distributor has not, authorized any other person to provide you with different information. If anyone

provides you with different or inconsistent information, you should not rely on it. Neither the Fund nor the

Distributor is making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.

You should not assume that the information provided by this prospectus is accurate as of any date other than the

date on the front of this prospectus. The Fund's business, financial condition and results of operations may have

changed since the date of this prospectus.

------

CONTENTS

---

| | |
|:---|:---|
| [Prospectus Summary](#xx_4b5754fa-f85f-41ae-892d-b4be27820fc2_1) | [1](#xx_4b5754fa-f85f-41ae-892d-b4be27820fc2_1) |
| [Summary of Fund Expenses](#xx_07276d67-37cf-473a-bddd-f21477f261d4_1) | [11](#xx_07276d67-37cf-473a-bddd-f21477f261d4_1) |
| [Financial Information](#xx_df8c6dde-ea5e-482b-84f0-d65659d6d48f_1) | [12](#xx_df8c6dde-ea5e-482b-84f0-d65659d6d48f_1) |
| [The Fund](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_1) | [14](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_1) |
| [Use of Proceeds](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_1) | [14](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_1) |
| [Investment Objective and Policies](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_1) | [14](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_1) |
| [Risk Factors](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_8) | [21](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_8) |
| [Management of the Fund](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_15) | [28](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_15) |
| [Distributions](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_17) | [30](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_17) |
| [Federal Income Tax Matters](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_17) | [30](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_17) |
| [Dividend Reinvestment Plan](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_19) | [32](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_19) |
| [Description of Capital Structure](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_19) | [32](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_19) |
| [Purchase Terms](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_20) | [33](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_20) |
| [Determination of Net Asset Value](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_21) | [34](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_21) |
| [Repurchases and Transfers of Shares](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_23) | [36](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_23) |
| [Distribution Arrangements](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_25) | [38](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_25) |
| [Custodian and Transfer Agent](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_25) | [38](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_25) |
| [Legal Opinions](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_25) | [38](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_25) |
| [Reports To Shareholders](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_25) | [38](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_25) |
| [Independent Registered Public Accounting Firm](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_25) | [38](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_25) |
| [Additional Information](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_26) | [39](#xx_b2f8b229-5738-482e-85bc-c358d69f7875_26) |
| [Appendix A: Hypothetical Investment and Expense Information](#xx_9aaa3321-0bb2-4cff-a293-6020c8a61e74_1) | [40](#xx_9aaa3321-0bb2-4cff-a293-6020c8a61e74_1) |

---

------

Prospectus Summary

This is only a summary. This summary may not contain all of the information that you should consider before investing

in the Federated Hermes Project and Trade Finance Tender Fund's Shares. You should review the more detailed

information contained in this prospectus and in the Statement of Additional Information, especially the information set

forth under the heading "Investment Objectives and Policies" and "Risk Factors."

The Fund

Federated Hermes Project and Trade Finance Tender Fund (the "Fund") commenced operations on December 7, 2016

and is a continuously offered, diversified, closed-end management investment company. The Fund's investment objective

is to provide total return primarily from income. No assurance can be given that the Fund's investment objective will be

achieved. The Fund's investment adviser is Federated Investment Management Company ("FIMC" or the "Adviser").

Under the supervision of the Adviser and oversight by the Board of Trustees of the Fund (the "Board")

Federated Hermes (UK) LLP (the "Sub-Adviser") will have day-to-day portfolio management responsibilities for

the Fund.

The OFFERING

The Fund continuously offers and sells two separate classes of common shares of beneficial interests (the "Shares")

designated as Institutional Shares ("IS class") and Service Shares ("SS class"), each of which is subject to different

investment minimums and fees and expenses, which may affect performance. The Fund has received exemptive relief

from the U.S. Securities and Exchange Commission ("SEC") to, among other things, issue multiple classes of Shares and

impose asset-based distribution fees and early-withdrawal fees, as applicable (the "Multi-Class Exemptive Relief"). The

Fund may offer other additional classes of Shares in the future with fees and expenses that differ from the classes of

Shares described in this Prospectus. The Fund does not currently intend to impose any such asset-based distribution fees

and early-withdrawal fees. The Fund's SS class is subject to an annual shareholder servicing fee of up to a maximum of

0.25%; however, the SS class will only incur and pay up to 0.10% of such shareholder servicing fees. The SS class of the

Fund will not incur and pay such fees to exceed 0.10% until such time as approved by the Board of Trustees (each

individually a "Trustee" and collectively, the "Board"). The Fund may incur and pay certain recordkeeping fees on its SS

class up to a maximum of 0.10%. No such fees are currently anticipated to be incurred and paid by the SS class of the

Fund. The SS class of the Fund will not incur and pay such fees until such time as approved by the Board. The IS class is

not subject to a shareholder servicing fee or recordkeeping fee. Investors who purchase Shares in the offering, and other

persons who acquire Shares and are admitted to the Fund by its Board, will become shareholders of the Fund (the

"Shareholders"). All Shares issued prior to July

,

2025

were

designated as Common Shares ("CS class") in terms of

rights accorded and expenses borne. Effective on July

, 2025, such issued Shares designated as the CS class were re-designated

as the IS class. The Fund currently intends to accept purchases of Shares as of the last business day of each

calendar month, typically following 30 calendar days' advance notice, which may be waived at the discretion of the Board,

or at such other times as may be determined by the Board. All Shares are sold at the most recently calculated net asset

value per Share as of the date on which the purchase is accepted. The minimum initial investment in the Fund's IS class by

any account is $100,000, and the minimum additional investment in the Fund's IS class is $25,000. The minimum initial

investment in the Fund's SS class by any account is $50,000, and the minimum additional investment in the Fund's SS

class is $25,000. The minimum investment amounts may be reduced or waived.

See

"Purchase Terms." At the discretion

of the Board and provided that it is in the best interests of the Fund and Shareholders to do so, the Fund intends to provide

a limited degree of liquidity to the Shareholders by conducting repurchase offers generally quarterly. In each repurchase

offer, the Fund may offer to repurchase its Shares at their NAV on the relevant valuation date. See "Repurchases and

Transfers of Shares."

Investment Objective and Strategies

The Fund's investment objective is to provide total return primarily from income. While there is no assurance that the

Fund will achieve its investment objective it endeavors to do so by following the strategies and policies described in

this Prospectus.

The Fund pursues its investment objective primarily by investing in trade finance, structured trade, export finance,

import finance, supply chain financing and project finance assets of entities, including sovereign entities ("trade finance

related securities"). Trade finance related securities primarily will be located in, or have exposure to, global emerging

markets. Under normal circumstances, the Fund anticipates that approximately 75% or more of its assets may be invested

in trade finance related securities of companies or other entities (including sovereign entities) primarily located in or

------

having exposure to global emerging markets. Trade finance transactions refer to the capital needed to buy or sell, or import

or export, products or other tangible goods. Project finance transactions are typically used to build something tangible or

to expand existing plant capacity to produce more goods for trade; and the Fund typically invests in project finance deals

when the project has been largely completed and goods are being produced for export (i.e., transactions are of a

short-term nature).

Under normal circumstances, the Fund intends to hold its positions through to maturity. There are no limits on the

Fund's average-weighted maturity. However, under normal conditions, the Fund is anticipated to have an average dollar-weighted

maturity of not more than 24 months. The Fund's investments in trade finance related securities are often unrated

but may also be below investment grade (or "junk" investments).

The Adviser and Sub-Adviser believe that trade finance is a risk mitigated asset class and historically, while trade

finance is not immune from default arising from credit or sovereign risk factors, during these periods of financial stress,

treatment of trade finance creditors typically has been preferential either formally or informally as a result of:

■

The underlying use or purpose of funds (critical imports or key exports, governmental economic priorities, etc.);

■

The types of transactional security (export contracts, escrow accounts, inventory, fixed assets, etc.); and

■

The recognition of the economic benefit that is derived from trade generally.

For purposes of this Prospectus, the Adviser and Sub-Adviser, are sometimes referred to together, as applicable, as the

"Fund's Adviser."

During sovereign and corporate restructurings, trade finance related securities can achieve differentiated treatment in a

default and then recovery situation compared to other forms of debt.

The Fund's investments are expected to consist primarily of loans, or similar instruments used to finance domestic and

international trade and related infrastructure projects. These are expected to include, but not be limited to, facilities for

pre-export finance, process and commodities finance, receivables financing, letters of credit and other documentary

credits, promissory notes, bills of exchange and other negotiable instruments. The Fund may engage in such investments

by way of purchase, assignment, participation, guarantee, insurance, derivative or any other appropriate financial

instrument. The Fund invests only in funded letters of credit and other instruments that do not create unfunded

commitments to lend.

The Fund may invest without limitation in securities and obligations for which there is no readily available trading

market or which are otherwise illiquid, including trade finance securities and other fixed-income or derivative instruments.

The Fund may, from time to time, have larger allocations to certain broad market sectors, such as the energy sector, in

attempting to achieve its investment objective.

The Fund may also take positions in traditional assets including bonds, (investment-grade or noninvestment-grade

(otherwise known as "junk bonds")) debt securities, equities, foreign exchange instruments, as well as derivatives for the

purposes set forth below. There can be no assurance that the Fund's use of derivatives will work as intended. Derivative

investments made by the Fund are included within the Fund's 80% policy (as described below) and are calculated at

market value. The instruments in which the Fund invests may be guaranteed by the U.S. government. A substantial portion

of the Fund's investments will be in obligations of non-U.S. issuers or borrowers, including those of issuers in

emerging markets.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for

investment purposes, in trade finance related securities. Up to 20% of the Fund's assets may be invested in other types of

fixed-income securities and money market instruments as described in this Prospectus. It is the Fund's Adviser's intent to

focus the Fund's investments in trade finance related securities.

Because the Fund refers to trade finance related securities in its name, it will notify Shareholders at least 60 days in

advance of any change in its investment policies that would enable the Fund to normally invest less than 80% of its net

assets, plus the amount of any borrowings for investment purposes, in trade finance related securities.

Investment Selection Strategies

The Fund's Adviser analyzes the risk-adjusted return characteristics of potential financings and conducts initial

expected annual excess return calculations and due diligence analysis of the facility and the obligor to evaluate if they are

appropriate investments. Analysis includes:

Origination.

Assess quality and track record of originator, define originator's role in the transaction and define

originator's relationship with the borrower. At this stage, documents are reviewed such as, but not limited to: the offtake

contracts, loan agreement, legal opinions, expert consultants' reports, and insurance policies if applicable.

Obligor.

A thorough review of obligor including, but not limited to: credit analysis, shareholders, market position,

access to capital markets and quality of audit/accounting firm. Typically, three years of audited financials and projections

are required, among other credit-analysis tools to make this assessment.

------

Country.

A country's credit rating, historic treatment of trade flows, the importance of the sector to this country and

currency convertibility are all considered.

Sector.

Evaluated under the following considerations: Strategic priority, critical imports, foreign exchange earner,

macro sector themes, and liquidity and tax/tariff issues.

Mitigants.

The proposed transaction is also evaluated by its ability to mitigate risks such as, but not limited to: country,

production, quality, market, operational and payment issues risks, commodity, price, environmental, country and legal.

Documentation considerations are also examined closely.

The transaction is then analyzed for its portfolio suitability based upon:

Deal Structure.

Tenor, grace period, amortization schedule, drawing conditions and financing structure of the deal are

thoroughly reviewed.

Deal Pricing.

Relative value of spreads to market, value for risk and return projections are carefully considered.

Portfolio.

The tenor, yield target and concentration of the Fund's portfolio are carefully considered. Concentration

analysis includes region, country, and sector and obligor structure.

Temporary Investments

The Fund may temporarily depart from its principal investment strategies by investing its assets in shorter-term debt

securities and similar obligations 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 securities); to maintain liquidity to meet Shareholder

repurchase requests

; or to accommodate cash

inflows. It is possible that such investments could affect the Fund's investment returns and/or the ability to achieve the

Fund's investment objectives.

ERISA PLANS AND OTHER TAX-EXEMPT ENTITIES

Investors subject to ERISA and other tax-exempt entities, including employee benefit plans, individual retirement

accounts (each, an IRA) and 401(k) Plans (collectively, "ERISA Plans") may purchase Shares. Because the Fund is

an investment company registered under the 1940 Act, the underlying assets of the Fund will not be considered to be "plan

assets" of an ERISA Plan investing in the Fund for purposes of ERISA's fiduciary responsibility and prohibited

transaction rules. Thus, the Adviser will not be a fiduciary within the meaning of ERISA with respect to the assets of

any ERISA Plan that becomes a Shareholder, solely as a result of the ERISA Plan's investment in the Fund.

The Adviser and Sub-Adviser

The Fund's investment adviser is FIMC. As of December 31, 2024, FIMC and its affiliates managed approximately

$829.6 billion. FIMC has engaged the Sub-Adviser as a sub-adviser to the Fund. As of December 31, 2024, the

Sub-Adviser acted as investment adviser for and/or managed approximately $11.1 billion of assets. Under the supervision

of the Adviser and oversight by the Board and pursuant to a sub-advisory agreement between the Adviser and the

Sub-Adviser, the Sub-Adviser will act as sub-investment adviser to the Fund. The Sub-Adviser will have day-to-day

portfolio management responsibilities for the Fund.

Distributions

The Fund intends to make regular quarterly cash distributions to Shareholders. The Fund will distribute annually any

net short-term capital gain and any net capital gain (which is the excess of net long-term capital gain over net short-term

capital loss). Distributions to Shareholders cannot be assured, and the amount of each quarterly distribution is likely to

vary. See "Distributions" and "Federal Income Tax Matters."

Dividend Reinvestment Plan

Each Shareholder will automatically be a participant under the Fund's Dividend Reinvestment Plan (DRP) and have all

income dividends and/or capital gains distributions automatically reinvested in Shares. Election not to participate in the

DRP and to receive all income dividends and/or capital gains distributions, if any, in cash may be made by notice to the

Fund or, if applicable, to a Shareholder's broker or other intermediary (who should be directed to inform the Fund).

Closed-end FUND Structure–LIMITED LIQUIDITY

The Fund has been organized as a closed-end management investment company. Closed-end funds differ from open-end

management investment companies (commonly known as mutual funds) in that closed-end fund shareholders do not have

the right to redeem their shares on a daily basis. In order to meet daily redemption requests, mutual funds are subject to

more stringent regulatory limitations than closed-end funds. In particular, a mutual fund generally may not invest more

than 15% of its assets in illiquid securities.

------

The Fund will not list the Shares on any securities exchange, and it is not expected that any secondary market will

develop for the Shares. Shareholders will not be able to tender for repurchase their Shares on a daily basis because the

Fund is a closed-end fund. Shares may not currently be exchanged for shares of any other fund. However, in order to

provide liquidity, the Fund intends on a quarterly basis to conduct repurchase offers for a portion of its outstanding Shares.

An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the

Shares. Shares should be viewed as a long-term investment.

REPURCHASES OF SHARES BY THE FUND

Because the Fund is a closed-end fund, shareholders do not have the right to require the Fund to repurchase any or all

of their Shares. At the discretion of the Board and provided that it is in the best interests of the Fund and Shareholders to

do so, the Fund intends to provide a limited degree of liquidity to the Shareholders by conducting repurchase offers

generally quarterly (or more or less frequently as determined by the Board in its discretion). In each repurchase offer, the

Fund may offer to repurchase its Shares at their NAV on the relevant valuation date

.

Shareholders

should be aware that the

Fund is likely to offer to repurchase only

a

limited percentage

of Shares at the Board'

s discretion

(for

example

,

5-15% of

the net asset value of the Fund)

,

potentially resulting in limited liquidity for any particular Shareholder desiring to

participate in a repurchase offer.

The Fund will

disclose the percentage of net assets

of the Fund

eligible to be repurchased

at the time the repurchase offer is made

. If the value of Shares tendered for repurchase exceeds the value the Fund

intended to repurchase, the Fund, in its sole discretion, may: (a) accept the additional Shares permitted to be accepted

pursuant to Rule 13e-4(f) under the Exchange Act of 1934, as amended (the "Exchange Act"); or (b) determine to

repurchase less than the full number of Shares tendered. In the event less than the full number of Shares tendered will be

repurchased, Shareholders will have their Shares repurchased on a pro rata basis, and tendering Shareholders will not have

all of their tendered Shares repurchased by the Fund. Shareholders tendering Shares for repurchase will be asked to give

written notice of their intent to do so as soon as practicable and in any event by no later than the date specified in the

notice describing the terms of the applicable repurchase offer

.

The

Fund will not

accept

any repurchase request received

by it or its designated agent after

such date

.

The Fund has the right to repurchase Shares from a Shareholder if the Board determines that the repurchase is in the

best interests of the Fund or upon the occurrence of certain events specified in the Fund's Declaration of Trust.

The Fund

's Board

will

determine, in its discretion, the period within which the Fund will

repurchase Shares and remit

the repurchase price

after the expiration date of the repurchase offer,

and such period will be disclosed to Shareholders at

the

time

a repurchase offer is made. Repurchases of Shares by the Fund are subject to Rule 13e-

4 under the Exchange Act,

and will be made only in accordance with such rule. See "Repurchases and Transfers

of Shares

.

"

Additional Liquidity Information

: If a Shareholder submits Shares for repurchase by the Fund in accordance with the

Fund's

tender offer procedures and the Fund has not repurchased all of those Shares within three years from the

relevant

valuation date

of the applicable repurchase offer period, then the Fund will, in accordance with the terms of its Declaration

of Trust, be dissolved and liquidated. See "Repurchases and Transfers of Shares

–

No Right of Redemption" and

"

–

Repurchases of Shares."

Special Risk Considerations

The following describes various principal risks of investing in the Fund. A more detailed description of these and other

risks of investing in the Fund are described under "Risk Factors" in this prospectus and under "Investment Risks" in the

Fund's Statement of Additional Information.

Risk of Investing In Trade Finance Related Securities

The Fund pursues its investment objective by investing primarily in trade finance, structured trade finance, export

finance and project finance or related obligations of companies or other entities (including sovereign entities) primarily

located in or having exposure to global emerging markets. As such, the Fund is subject to all of the risks typical to

investments generally made in emerging markets, in addition to risks specific to the trade finance asset class.

Emerging Markets.

The Fund will make investments in emerging markets. Investors should be aware that the risks

associated with an investment in emerging markets are higher than those attached to similar investments in developed

countries. Investment in emerging markets involves risk factors and special considerations which may not be typically

associated with investing in more developed markets and are likely to include but not be restricted to the following:

Political and Economic Factors:

Political and economic change and instability may be more likely to occur and have a

greater effect on the economies and markets of emerging countries. Government policies, taxation, restrictions on foreign

investment and on currency convertibility and repatriation, currency fluctuations and other developments in the laws and

regulations of the relevant country could result in losses. In the event of nationalization, expropriation, or other

confiscation, the Fund could lose its entire investment in a foreign security.

------

Status of Loan Markets:

In comparison with more developed primary and secondary loan markets, the emerging market

loan market is smaller, may experience reduced liquidity and as a result potentially more volatile securities prices. This

may result in greater volatility in the net asset value of the Fund than would be the case if the investments were made in

more developed markets. In addition, different transaction settlement and clearing procedures, safe custody and

registration procedures may be underdeveloped enhancing the chance of an error, fraud or default, causing losses to the

Fund. Such underdeveloped procedures may be unable to keep pace with the volume of securities transactions or

otherwise make it difficult to engage in such transactions. In addition, custodial expenses for emerging market securities

are generally higher than for developed market securities.

Legal Considerations:

The legal infrastructure and accounting, auditing and reporting standards in emerging markets

may not provide the same degree of investor information or protection as would generally apply in more developed

markets. Certain investments in particular emerging markets may be subject to restrictions which may limit the availability

of attractive investment opportunities to the Fund. Furthermore, emerging markets are generally not as efficient as those in

more developed countries. In some cases, a market for the security may not exist locally and therefore transactions may

need to be made on a neighboring exchange.

Costs:

Emerging markets securities may incur brokerage or stock transfer taxes or other withholding taxes levied by

foreign governments which may have the effect of increasing the cost of investment and which may reduce the realized

gain or increase the loss on such securities at the time of sale.

Regulation:

The issuers of emerging markets securities or borrowers in emerging market countries, such as companies,

banks and other financial institutions, may be subject to less stringent regulation than would be the case for issuers in

developed countries, and therefore potentially carry greater risk.

Accounting Reporting Standards:

The issuers of emerging market securities or borrowers in emerging market countries,

such as companies, banks and other financial institutions, may be subject to local accounting and audit practices. These

may differ from international accounting practices leading to a greater risk of financial misreporting or misrepresentation.

Credit Ratings:

Emerging market loans are often unrated but may also be below investment grade (or "junk"

investments). The market values of corporate loans rated below investment grade and comparable unrated securities tend

to be more sensitive to company-specific developments and changes in economic conditions than for higher rated

securities. Issuers of these securities are often highly leveraged, so that their ability to service debt obligations during an

economic downturn may be impaired. In addition, such issuers may not have more traditional methods of financing

available to them, and may be unable to repay debt at maturity by refinancing. The risk of loss due to default in payment

of interest or principal by such issuers is significantly greater than in the case of investment-grade securities. These

securities may be subordinated to the prior payment of senior or secured indebtedness.

Taxation:

Taxation of interest received by the Fund with respect to emerging market borrowers may be subject to

foreign taxes that may or may not be reclaimable. Trade finance related securities may include methods to minimize such

risks but no assurance can be given that such techniques will be successful. In addition, markets in which the Fund invests

may have less well developed or defined tax laws and procedures than in more developed markets and this may adversely

affect the level of tax suffered by investment in those markets. This may also include the imposition of retroactive taxation

which had not reasonably been anticipated in the valuation of the assets of the Fund. This may result in uncertainty which

could necessitate significant provisions being made for foreign taxes in the calculation of the NAV of the Fund. The Fund

intends to elect to be treated and to qualify each year as a regulated investment company (RIC) under the Internal Revenue

Code of 1986, as amended (the "Code"). In order to qualify as a RIC, the Fund must meet certain requirements regarding

the source of its income and the diversification of its assets. Interest received by the Fund in connection with its trade

finance related investments will be qualifying income for purposes of such requirements, but income from engaging in

lending or other business activities would not be qualifying income. The Fund must take into account the distinction

between these types of income in structuring its participation in trade finance related investments.

Additional risks associated with investing in foreign securities, and emerging markets in particular, are discussed below

under "Risks of Foreign Investing."

Transportation and Warehousing Risk.

Because of the transaction structuring involved, certain of the Fund's

investments will be backed by commodities or other trade finance goods in transit or held in warehouses or physical assets

such as plant or land. Negligence and fraud are always significant risks in transactions involving the financing of such

assets. The Fund may use methods to minimize such risks but no assurance can be given that such efforts will

be successful.

Legal Risk.

Laws in emerging markets may be less sophisticated than in developed countries. Accordingly the Fund

may be subject to additional legal risks concerning its investments in the underlying trade finance related security and in

particular the effectiveness of various legal contracts that form the trade finance related security such as loan

documentation, local law security agreements and collateral management arrangements. These include, but are not limited

to, inadequate investor protection, unclear or contradictory legislation or regulations and lack of enforcement thereof,

------

ignorance or breach of legislation or regulations on the part of other market participants, lack of legal redress and breaches

of confidentiality. It may be difficult to obtain and enforce a judgment in certain emerging markets against borrowers or

against local assets which provide collateral or security in support of a specific investment in a trade finance related

security in which the Fund may be invested.

Collateral Price Risk

.

Many investment transactions may be supported or secured by underlying collateral, which may

include primary commodities, and other secondary or tertiary goods or physical assets. The price of this commodity or

asset collateral may be highly volatile in terms of value or subject to illiquidity at the time of a required sale.

Liquidity

.

Trade finance investments are not listed on any stock exchange or securities market, and the established or

recognized market (if any) for the investments may be relatively small and/or poorly developed, therefore trades may only

be executed on a matched bargain basis and prices may not be published or be readily available from an independent

price source.

Market Risk.

The profitability of the investment strategy of the Fund may depend on correct assessments of the future

course of credit spreads of trade finance loans and other investments by the Fund's Adviser. There can be no assurance

that the Fund's Adviser will be able to accurately predict such price movements.

Specificity of Certain Investments.

Certain securities in particular jurisdictions may only be held by entities (often

banks) resident in those jurisdictions, and not directly by the Fund. Depending on the existence or otherwise and local

interpretation of trust or fiduciary laws in the relevant jurisdiction, the Fund may have the risk of such entity holding or

registering such security. In the event of the insolvency of such an entity, the Fund may only rank as an unsecured creditor

and the whole or part of such security may be lost.

The Fund may also acquire participations, sub-participations or other interests in emerging market debt, where the

additional performance risk of the grantor of such interest will be taken, as well as the risk of the underlying emerging

market debt. In the event of the insolvency of the grantor, the relevant Fund would only rank as an unsecured creditor and

the whole or part of the relevant investments may be lost.

Interest Rate Risk

Prices of fixed-income securities rise and fall in response to changes in interest rates. Generally, when interest rates rise,

prices of fixed-income securities fall. However, market factors, such as the demand for particular fixed-income securities,

may cause the price of certain fixed-income securities to fall while the prices of other securities rise or remain unchanged.

The longer the duration of a fixed-income security, the more susceptible it is to interest rate risk. The duration of a

fixed-income security may be equal to or shorter than the stated maturity of a fixed-income security. Recent and potential

future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest

rates. Duration measures the price sensitivity of a fixed-income security given a change in interest rates. For example, if a

fixed-income security has an effective duration of three years, a 1% increase in general interest rates would be expected to

cause the security's value to decline about 3% while a 1% decrease in general interest rates would be expected to cause the

security's value to increase about 3%.

Issuer Credit Risk

It is possible that interest or principal on securities will not be paid when due. Non-investment grade securities generally

have a higher default risk than investment-grade securities. Such non-payment or default may reduce the value of the

Fund's portfolio holdings, its share price and its performance.

Many fixed-income securities receive credit ratings from nationally recognized statistical rating organizations

(NRSROs) such as Fitch Ratings, Inc. (Fitch), Moody's Investor Services, Inc. (Moody's) and S&P Global Ratings (S&P)

that assign ratings to securities by assessing the likelihood of an issuer and/or guarantor default. Higher credit ratings

correspond to lower perceived credit risk and lower credit ratings correspond to higher perceived credit risk. Credit ratings

may be upgraded or downgraded from time to time as an NRSRO's assessment of the financial condition of a party

obligated to make payments with respect to such securities and credit risk changes. The impact of any credit rating

downgrade can be uncertain. Credit rating downgrades may lead to increased interest rates and volatility in financial

markets, which in turn could negatively affect the value of the Fund's portfolio holdings, its share price and its investment

performance. Credit ratings are not a guarantee of quality. Credit ratings may lag behind the current financial conditions of

the issuer and/or guarantor and do not provide assurance against default or other loss of money. Credit ratings do not

protect against a decline in the value of a security. If a security has not received a rating, the Fund must rely entirely upon

the Adviser's credit assessment.

------

Fixed-income securities generally compensate for greater credit risk by paying interest at a higher rate. The difference

between the yield of a security and the yield of a U.S. Treasury security or other appropriate benchmark with a comparable

maturity (the "spread") measures the additional interest paid for risk. Spreads may increase generally in response to

adverse economic or market conditions. A security's spread may also increase if the security's rating is lowered, or the

security is perceived to have an increased credit risk. An increase in the spread will cause the price of the security to

decline if interest rates remain unchanged.

Counterparty Credit Risk

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.

Prepayment and Extension Risk

During periods of declining interest rates or for other purposes, borrowers may exercise their option to prepay principal

earlier than scheduled which may force the Fund to reinvest in lower-yielding debt instruments. Also, when interest rates

fall, the price of mortgage-backed securities may not rise to as great an extent as that of other fixed-income securities.

When interest rates rise, borrowers are less likely to prepay principal. A decreased rate of prepayments lengthens the

expected maturity of a mortgage-backed security, and the price of mortgage-backed securities may decrease more than the

price of other fixed-income securities when interest rates rise.

Call Risk

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

its current market price. An increase in the likelihood of a call may reduce the security's price.

If a fixed-income security is called, the Fund may have to reinvest the proceeds in other fixed-income securities with

lower interest rates, higher credit risks or other less favorable characteristics.

Liquidity Risk

Trading opportunities are more limited for fixed-income securities that have not received any credit ratings, have

received any credit ratings below investment grade or are not widely held. These features may make it more difficult to

sell or buy a security at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a

security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect

on the Fund's performance. Infrequent trading of securities may also lead to an increase in their price volatility.

Noninvestment-grade securities generally have less liquidity than investment-grade securities.

Liquidity risk also refers to the possibility that the Fund may not be able to sell a security or close out a derivative

contract when it wants to. If this happens, the Fund will be required to continue to hold the security or keep the position

open, and the Fund could incur losses.

OTC derivative contracts generally carry greater liquidity risk than exchange-traded contracts. This risk may be

increased in times of financial stress, if the trading market for OTC derivative contracts becomes restricted.

Loan instruments may not be readily marketable and may be subject to restrictions on resale. In some cases,

negotiations involved in disposing of loans may require weeks to complete. Thus, transactions in loan instruments may

take longer than seven days to settle. This could pose a liquidity risk to the Fund and, if the Fund's exposure to such

investments is substantial, could impair the Fund's ability to meet

Shareholder repurchase requests

in a timely manner.

Additionally, collateral on loan instruments may consist of assets that may not be readily liquidated, and there is no

assurance that the liquidation of such assets will satisfy a borrower's obligations under the instrument. Loans and other

forms of indebtedness may be structured such that they are not securities under securities laws. As such, it is unclear

whether loans and other forms of direct indebtedness offer securities law protections, such as those against fraud and

misrepresentation. In the absence of definitive regulatory guidance, while there can be no assurance that fraud or

misrepresentation will not occur with respect to the loans and other investments in which the Fund invests, the Fund relies

on the Adviser's research in an attempt to seek to avoid situations where fraud or misrepresentation could adversely affect

the Fund.

Risk Associated with Noninvestment-Grade Securities

Securities rated below investment grade, also known as junk bonds, generally entail greater economic, credit and

liquidity risks than investment-grade securities. For example, their prices are more volatile, economic downturns and

financial setbacks may affect their prices more negatively, and their trading market may be more limited. These securities

are considered speculative with respect to the issuer's ability to pay interest and repay principal.

------

Sector Risk

Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the

possibility that a certain sector may underperform other sectors or the market as a whole. As the Adviser allocates more of

the Fund's portfolio holdings to a particular sector, the Fund's performance will be more susceptible to any economic,

business or other developments which generally affect that sector.

Risk Related to the Economy

The value of the Fund's portfolio may decline in tandem with a drop in the overall value of the markets in which the

Fund invests and/or other markets based on negative developments in the U.S. and global economies.

Global economic

,

political and financial conditions,

including geopolitical conflicts, legislative changes,

industry or economic trends and

developments or public health risks, such as epidemics or pandemics, may, from time to time, and for varying periods of

time,

have a significant effect on financial markets generally and

cause volatility, illiquidity and/or other potentially

adverse effects in the financial markets, including the fixed-income market. The commencement

or threat thereof

,

continuation or ending of government policies and economic stimulus programs, changes in monetary policy,

tariffs and

other trade restrictions, political or economic sanctions,

increases or decreases in interest rates, or other factors or events

that affect the financial markets, including the fixed-income markets, may contribute to the development of or increase in

volatility, illiquidity,

Shareholder repurchase requests

and other adverse effects, which could negatively impact the Fund's

performance. For example, the value of certain portfolio securities may rise or fall in response to changes in interest rates,

which could result from a change in government policies, and has the potential to cause investors to move out of certain

portfolio securities, including fixed-income securities, on a large scale. This may increase redemptions from funds that

hold large amounts of certain securities and may result in decreased liquidity and increased volatility in the financial

markets. Market factors, such as the demand for particular portfolio securities, may cause the price of certain portfolio

securities to fall while the prices of other securities rise or remain unchanged. Among other investments, lower-grade

bonds and loans may be particularly sensitive to changes in the economy.

Geopolitical Risk

Global economic, political and financial conditions, war or other military action or political or economic sanctions,

may, from time to time, and for varying periods of time, cause volatility, illiquidity,

Shareholder

repurchase requests,

loss of value, or other potentially adverse effects in the financial markets, including the fixed-income market. In

particular, as a result of continued political tensions and armed conflicts, including the Russian invasion of Ukraine

commencing in February of 2022, the extent and ultimate result of which are unknown at this time, the United States

and the European Union, along with the regulatory bodies of a number of countries, have imposed economic sanctions

on certain Russian corporate entities and individuals, and certain sectors of Russia's economy, which may result in,

among other things, the continued devaluation of Russian currency, a downgrade in the country's credit rating, and/or

a decline in the value and liquidity of Russian securities, property or interests. These sanctions could also result in the

immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the ability of a fund to

buy, sell, receive or deliver those securities and/or assets. These sanctions or the threat of additional sanctions could

also result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity

of Russian securities. The United States and other nations or international organizations may also impose additional

economic sanctions or take other actions that may adversely affect Russia-exposed issuers and companies in various

sectors of the Russian economy. Any or all of these potential results could lead Russia's economy into a recession.

Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the

ongoing conflict may also have a substantial negative impact on other economies and securities markets both

regionally and globally, as well as on companies with operations in the conflict region, the extent to which is

unknown at this time.

Risk of Foreign Investing

Foreign securities pose additional risks because foreign economic or political conditions may be less favorable than

those of the United States. Securities in foreign markets may also be subject to taxation policies that reduce returns for

U.S. investors.

Foreign companies may not provide information (including financial statements) as frequently or to as great an extent as

companies in the United States. Foreign companies may also receive less coverage than U.S. companies by market

analysts and the financial press. In addition, foreign countries may lack uniform accounting, auditing and financial

reporting standards or regulatory requirements comparable to those applicable to U.S. companies. These factors may

prevent the Fund and its Adviser from obtaining information concerning foreign companies that is as frequent, extensive

and reliable as the information available concerning companies in the United States.

Foreign countries may have restrictions on foreign ownership of securities or may impose exchange controls, capital

flow restrictions or repatriation restrictions which could adversely affect the liquidity of the Fund's investments.

------

Since many loan instruments involve parties (for example, lenders, borrowers and agent banks) located in multiple

jurisdictions outside of the United States, there is a risk that a security interest in any related collateral may be

unenforceable and obligations under the related loan agreements may not be binding.

Currency Risk

Exchange rates for currencies fluctuate daily. The combination of currency risk and market risks tends to make

securities traded in foreign markets more volatile than securities traded exclusively in the United States. The Adviser and

Sub-Adviser attempt to manage currency risk by limiting the amount the Fund invests in securities denominated in a

particular currency. However, diversification will not protect the Fund against a general increase in the value of the

U.S. dollar relative to other currencies.

Investing in currencies or securities denominated in a foreign currency, entails risk of being exposed to a currency that

may not fully reflect the strengths and weaknesses of the economy of the country or region utilizing the currency.

Currency risk includes both the risk that currencies in which the Fund's investments are traded, or currencies in which the

Fund has taken an active investment position, will decline in value relative to the U.S. dollar and, in the case of hedging

positions, that the U.S. dollar will decline in value relative to the currency being hedged. In addition, it is possible that a

currency (such as, for example, the euro) could be abandoned in the future by countries that have already adopted its use,

and the effects of such an abandonment on the applicable country and the rest of the countries utilizing the currency are

uncertain but could negatively affect the Fund's investments denominated in the currency. If a currency used by a country

or countries is replaced by another currency, the Fund's Adviser would evaluate whether to continue to hold any

investments denominated in such currency, or whether to purchase investments denominated in the currency that replaces

such currency, at the time. Such investments may continue to be held, or purchased, to the extent consistent with the

Fund's investment objective and permitted under applicable law.

Many countries rely heavily upon export-dependent businesses and any strength in the exchange rate between a

currency and the U.S. dollar or other currencies can have either a positive or a negative effect upon corporate profits and

the performance of investments in the country or region utilizing the currency. Adverse economic events within such

country or region may increase the volatility of exchange rates against other currencies, subjecting the Fund's investments

denominated in such country's or region's currency to additional risks. In addition, certain countries, particularly emerging

market countries, may impose foreign currency exchange controls or other restrictions on the transferability, repatriation

or convertibility of currency.

Leverage Risk

Leverage risk is created when an investment, which includes, for example, an investment in a derivative contract,

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. Investments can have these same results if their returns are based on a

multiple of a specified index, security or other benchmark.

Risk of Investing in Derivative Contracts and Hybrid Instruments

The Fund may use currency forwards for hedging purposes. In addition, although not generally anticipated, the Fund

reserves the flexibility to use other derivative contracts and/or hybrid instruments to implement elements of its investment

strategy. The Fund's exposure to derivative contracts and hybrid instruments (either directly or through its investment in

another investment company) involves risks different from, or possibly greater than, the risks associated with investing

directly in securities and other traditional investments. First, changes in the value of the derivative contracts and hybrid

instruments in which the Fund invests may not be correlated with changes in the value of the underlying Reference

Instruments or, if they are correlated, may move in the opposite direction than originally anticipated. Second, while some

strategies involving derivatives may reduce the risk of loss, they may also reduce potential gains or, in some cases, result

in losses by offsetting favorable price movements in portfolio holdings. Third, there is a risk that derivative contracts and

hybrid instruments may be erroneously priced or improperly valued and, as a result, the Fund may need to make increased

cash payments to the counterparty. Fourth, exposure to derivative contracts and hybrid instruments may have tax

consequences to the Fund and its Shareholders. For example, derivative contracts and hybrid instruments may cause the

Fund to realize increased ordinary income or short-term capital gains (which are treated as ordinary income for Federal

income tax purposes) and, as a result, may increase taxable distributions to Shareholders. In addition, under certain

circumstances certain derivative contracts and hybrid instruments may cause the Fund to: (a) incur an excise tax on a

portion of the income related to those contracts and instruments; and/or (b) reclassify, as a return of capital, some or all of

the distributions previously made to Shareholders during the fiscal year as dividend income. Fifth, a common provision in

OTC derivative contracts permits the counterparty to terminate any such contract between it and the Fund, if the value of

the Fund's total net assets declines below a specified level over a given time period. Factors that may contribute to such a

decline (which usually must be substantial) include significant Shareholder

repurchase requests

and/or a marked decrease

in the market value of the Fund's investments. Any such termination of the Fund's OTC derivative contracts may

------

adversely affect the Fund (for example, by increasing losses and/or costs, and/or preventing the Fund from fully

implementing its investment strategies). Sixth, the Fund may use a derivative contract to benefit from a decline in the

value of a Reference Instrument. If the value of the Reference Instrument declines during the term of the contract, the

Fund makes a profit on the difference (less any payments the Fund is required to pay under the terms of the contract). Any

such strategy involves risk. There is no assurance that the Reference Instrument will decline in value during the term of the

contract and make a profit for the Fund. The Reference Instrument may instead appreciate in value creating a loss for the

Fund. Seventh, a default or failure by a CCP or an FCM (also sometimes called a "futures broker"), or the failure of a

contract to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its

costs, or prevent the Fund from entering or exiting derivative positions, accessing margin or fully implementing its

investment strategies. The central clearing of a derivative and trading of a contract over a SEF could reduce the liquidity

in, or increase costs of entering into or holding, any contracts. Finally, derivative contracts and hybrid instruments may

also involve other risks described in this Prospectus, such as interest rate, credit, currency, liquidity and leverage risks.

Illiquidity of Shares

The Fund is a closed-end investment company designed primarily for long-term investors and is not intended to be a

trading vehicle. The Fund does not currently intend to list Shares for trading on any national securities exchange. There is

no secondary trading market for Shares, and it is not expected that a secondary market will develop. Shares therefore are

not readily marketable. Because the Fund is a closed-end investment company, Shares in the Fund may not be tendered for

repurchase on a daily basis, and they may not be exchanged for shares of any other fund. Although the Fund, at the

discretion of the Board, will consider whether to make periodic repurchase offers of its outstanding Shares at net asset

value, Shares are significantly less liquid than shares of funds that trade on a stock exchange. There is no guarantee that

you will be able to sell all of your Shares that you desire to sell in any particular repurchase offer.

Potential Consequences of Regular Repurchase Offers

The Fund's repurchase offer policy may have the effect of decreasing the size of the Fund over time absent significant

new investments in the Fund. It may also force the Fund to sell assets it would not otherwise sell and/or to maintain an

increased amount of cash or liquid investments at times. It may also reduce the investment opportunities available to the

Fund and cause its expense ratio to increase. In addition, because of the limited market for certain of the Fund's private

securities, the Fund may be forced to sell its more liquid securities, in order to meet cash requirements for repurchases.

This may have the effect of substantially increasing the Fund's ratio of relatively more illiquid securities to relatively more

liquid securities for the remaining investors. In addition, the Fund may be required to maintain a portion of its portfolio in

cash or cash equivalents

(the

amount may vary, but typically

5-15% of the

Fund's

net asset value)

to satisfy any

potential

repurchase requests

. An allocation of cash or cash equivalents above the amount of the outstanding repurchase offers also

may be maintained to operate the Fund and effect its investment program. When the Fund holds cash or cash equivalents,

it is unable to invest those assets in other investments consistent with its investment objective and investment strategies,

and the Fund may receive less returns on such cash and cash equivalents as compared to such other investments.

Accordingly, the Fund's performance may be negatively impacted by holding cash or cash equivalents in such amounts.

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

repurchase

requests

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

repurchase

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.

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.

------

Summary of Fund Expenses

The purpose of the table below is to help you understand all fees and expenses that you, as a Shareholder, would bear

directly or indirectly.

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

---

| | | |
|:---|:---|:---|
|  | IS<br><sup>1</sup> <br>| SS<br><sup>2</sup> <br>|
| Shareholder Transaction Expenses |  |  |
| Sales Load paid by you (as a percentage of offering price) |  |  |

---

---

| | | |
|:---|:---|:---|
| Annual Expenses (percentage of net assets attributable to Shares) |  |  |
| Management Fee | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% |
| Other Expenses<br><sup>3</sup> | &nbsp;&nbsp;0.13% | &nbsp;&nbsp;0.23%<br><sup>4</sup> <br>|
| Acquired Fund Fees and Expenses | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% |
| Total Annual Fund Operating Expenses | &nbsp;&nbsp;0.64% | &nbsp;&nbsp;0.74% |
| Fee Waiver and/or Expense Reimbursements<br><sup>5</sup> | &nbsp;&nbsp;(0.22)% | &nbsp;&nbsp;(0.22)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursements | &nbsp;&nbsp;0.42% | &nbsp;&nbsp;0.52% |

---

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

Effective at the open of business July 25, 2025, the Fund's CS class was re-designated as IS class. References herein refer to the new class designation unless

otherwise noted.

Effective at the open of business July 25, 2025, the Fund's SS class commenced operations.

"Other Expenses" include the Fund's operating expenses, including professional fees, transfer agency fees, administration fees, custody fees, offering costs

and other operating expenses and are estimated for the current fiscal year.

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

incur and pay up to 0.10% of such fees for the SS class of the Fund. The SS class of the Fund will not incur and pay such fees to exceed 0.10% until such time

as approved by the Fund's Board.

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, proxy-related expenses, premiums

for risk insurance policies on portfolio securities and certain legal fees related to specific investments, if any) paid by the Fund's IS and SS classes (after the

waivers and/or reimbursements) will not exceed 0.40% and 0.50% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"):

(a) August 1, 2026; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or

increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination

Date with the agreement of the Fund's Board.

EXAMPLE

The following example illustrates the expenses that you would pay on a $1,000 investment in Shares, for the time

periods indicated and then redeem or hold all of your Shares at the end of those periods assuming: (1) total annual

expenses of 0.64% and 0.74% for the IS class and the SS class, respectively, of net assets attributable to the Shares; and

(2) a 5% annual return:\*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Share Class | 1 Year | 3 Years | 5 Years | 10 Years |
| IS: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80<br>|
| SS: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$92<br>|

---

The example should not be considered a representation of future expenses.

Actual expenses may be higher or lower.

\*

The example assumes that the Operating Expenses remain the same for each year, and that all dividends and distributions are reinvested at net asset value.

The Example does not reflect sales charges (loads) on reinvested dividends. If these sales charges (loads) were included, your cost would be higher. Actual

expenses may be greater or less than those assumed. Moreover, the Fund's actual rate of return may be greater or less than the hypothetical 5% return shown

in the example.

------

Financial Information

The Financial Highlights will help you understand the Fund's financial performance for its past ten fiscal years or since

inception, if the life of the Fund is shorter. 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 or capital gains.

Effective at the open of business July 25, 2025, the Fund's CS class was re-designated as the IS class. Also, effective at

the open of business July 25, 2025, the Fund's SS class commenced operations. The Financial Highlights presented are for

the CS class for the fiscal years, or period, ended March 31.

This information has been audited by

KPMG

LLP

, an independent registered public accounting firm, whose report,

along with the Fund's audited financial statements, is included in the Annual Report.

------

Financial Highlights

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Period<br>Ended<br>3/31/2017<br>1 |
|  | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | Period<br>Ended<br>3/31/2017<br>1 |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;$9.91 | &nbsp;&nbsp;$9.87 | &nbsp;&nbsp;$9.80 | &nbsp;&nbsp;$9.92 | &nbsp;&nbsp;$9.71 | &nbsp;&nbsp;$9.98 | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$10.02 | &nbsp;&nbsp;$10.01 |
| Income From Investment Operations: |  |  |  |  |  |  |  |  |  |
| Net investment income<br>2<br>| 0.76 | 0.78 | 0.46 | 0.19 | 0.25 | 0.39 | 0.45 | 0.28 | 0.02 |
| Net realized and unrealized gain (loss) | 0.01 | 0.08 | 0.12 | &nbsp;&nbsp;(0.11) | 0.22 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.01) | 0.02 | 0.00<br>3<br>|
| TOTAL FROM <br>INVESTMENT OPERATIONS<br>| 0.77 | 0.86 | 0.58 | 0.08 | 0.47 | 0.12 | 0.44 | 0.30 | 0.02 |
| Less Distributions: |  |  |  |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(0.75) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.01) |
| Distributions from net realized gain | &nbsp;&nbsp;__<br>| &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.00)<br>3<br>| &nbsp;&nbsp;(0.00)<br>3<br>| &nbsp;&nbsp;(0.00)<br>3<br>| &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.00)<br>3<br>| &nbsp;&nbsp;__<br>|
| TOTAL DISTRIBUTIONS | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(0.82) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.01) |
| Net Asset Value, End of Period | &nbsp;&nbsp;$9.94 | &nbsp;&nbsp;$9.91 | &nbsp;&nbsp;$9.87 | &nbsp;&nbsp;$9.80 | &nbsp;&nbsp;$9.92 | &nbsp;&nbsp;$9.71 | &nbsp;&nbsp;$9.98 | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$10.02 |
| Total Return<br>4<br>| &nbsp;&nbsp;7.99% | &nbsp;&nbsp;9.04% | &nbsp;&nbsp;6.07% | &nbsp;&nbsp;0.80% | &nbsp;&nbsp;4.91% | &nbsp;&nbsp;1.13% | &nbsp;&nbsp;4.42% | &nbsp;&nbsp;3.04% | &nbsp;&nbsp;0.22% |
| Ratios to Average Net Assets: |  |  |  |  |  |  |  |  |  |
| Net expenses<br>5<br>| &nbsp;&nbsp;0.41% | &nbsp;&nbsp;0.41% | &nbsp;&nbsp;0.41% | &nbsp;&nbsp;0.41% | &nbsp;&nbsp;0.71% | &nbsp;&nbsp;0.71% | &nbsp;&nbsp;0.70% | &nbsp;&nbsp;0.67% | &nbsp;&nbsp;0.34%<br>6<br>|
| Net investment income | &nbsp;&nbsp;7.50% | &nbsp;&nbsp;7.77% | &nbsp;&nbsp;4.70% | &nbsp;&nbsp;1.94% | &nbsp;&nbsp;2.57% | &nbsp;&nbsp;3.94% | &nbsp;&nbsp;4.44% | &nbsp;&nbsp;2.74% | &nbsp;&nbsp;1.37%<br>6<br>|
| Expense waiver/reimbursement<br>7<br>| &nbsp;&nbsp;0.22% | &nbsp;&nbsp;0.22% | &nbsp;&nbsp;0.24% | &nbsp;&nbsp;0.22% | &nbsp;&nbsp;0.44% | &nbsp;&nbsp;0.32% | &nbsp;&nbsp;0.29% | &nbsp;&nbsp;0.34% | &nbsp;&nbsp;1.72%<br>6<br>|
| Supplemental Data: |  |  |  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$902558 | &nbsp;&nbsp;$608323 | &nbsp;&nbsp;$577272 | &nbsp;&nbsp;$560685 | &nbsp;&nbsp;$39835 | &nbsp;&nbsp;$63873 | &nbsp;&nbsp;$51680 | &nbsp;&nbsp;$49484 | &nbsp;&nbsp;$70873 |
| Portfolio turnover<br>8<br>| &nbsp;&nbsp;42% | &nbsp;&nbsp;47% | &nbsp;&nbsp;52% | &nbsp;&nbsp;36% | &nbsp;&nbsp;47% | &nbsp;&nbsp;73% | &nbsp;&nbsp;57% | &nbsp;&nbsp;39% | &nbsp;&nbsp;4% |

---

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

Reflects operations for the period from January 31, 2017 (date of initial public investment) to March 31, 2017. During the period prior to date of initial

public investment, a distribution of $0.012 per share was made to the Adviser.

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

Per share numbers have been calculated using the average shares method.

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

Represents less than $0.01.

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

Based on net asset value. Total returns for periods of less than one year are not annualized.

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

Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.

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

Computed on an annualized basis.

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

This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense

waiver/reimbursement recorded by investment companies in which the Fund may invest.

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

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

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

------

The Fund

The Fund, which commenced operations on December 7, 2016, is a continuously offered, diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund was organized as a Delaware statutory trust on June 30, 2016, pursuant to a Certificate of Trust, which is governed by the laws of the State of Delaware. The Fund's principal office is located at 4000 Ericsson Drive, Warrendale, Pennsylvania 15086-7561, and its telephone number is 1-855-328-0109. The Fund's investment adviser is Federated Investment Management Company ("FIMC" or the "Adviser"). Under the supervision of the Adviser and oversight by the Board of Trustees of the Fund (the "Board"), Federated Hermes (UK) LLP (the "Sub-Adviser") will have day-to-day portfolio management responsibilities of the Fund.

Use of Proceeds

The net proceeds to the Fund will be invested in accordance with the Fund's investment objectives and policies (as stated below) as soon as practicable. The Fund currently anticipates being able to do so, under normal circumstances, within three months after receipt. Pending investment of the net proceeds in accordance with the Fund's investment objectives and policies, the Fund will invest in high-quality, short-term debt securities, cash and/or cash equivalents. Investors should expect, therefore, that before the Fund has fully invested the proceeds of the offering in accordance with its investment objectives and policies, the Fund would earn interest income at a modest rate. If the Fund's investments are delayed, the Fund could experience lower returns and a reduced distribution amount or a distribution consisting principally of a return of capital.

Investment Objective and Policies

**Investment Objective** 

The investment objective of the Fund is to provide total return primarily from income. The Fund's investment objective is non-fundamental, meaning that it can be changed by the Board without Shareholder approval.

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 pursues its investment objective primarily by investing in trade finance, structured trade, export finance, import finance, supply chain financing and project finance assets of entities, including sovereign entities ("trade finance related securities"). Trade finance related securities primarily will be located in, or have exposure to, global emerging markets. Under normal circumstances, the Fund anticipates that approximately 75% or more of its assets may be invested in trade finance related securities of companies or other entities (including sovereign entities) primarily located in or having exposure to global emerging markets. Trade finance transactions refer to the capital needed to buy or sell, or import or export, products or other tangible goods. Project finance transactions are typically used to build something tangible or to expand existing plant capacity to produce more goods for trade; and the Fund typically invests in project finance deals when the project has been largely completed and goods are being produced for export (i.e., transactions are of a short-term nature).

Under normal circumstances, the Fund intends to hold its positions through to maturity. There are no limits on the Fund's average-weighted maturity. However, under normal conditions, the Fund is anticipated to have an average dollar-weighted maturity of not more than 24 months. The Fund's investments in trade finance related securities are often unrated but may also be below investment grade (or "junk" investments).

**Primary Investment Policies** 

The Adviser and Sub-Adviser believe that trade finance is a risk mitigated asset class and historically, while trade finance is not immune from default arising from credit or sovereign risk factors, during these periods of financial stress, treatment of trade finance creditors typically has been preferential either formally or informally as a result of:

■ The underlying use or purpose of funds (critical imports or key exports, governmental economic priorities, etc.);

■ The types of transactional security (export contracts, escrow accounts, inventory, fixed assets, etc.); and

■ The recognition of the economic benefit that is derived from trade generally.

For purposes of this Prospectus, the Adviser and Sub-Adviser, are sometimes referred to together, as applicable, as the "Fund's Adviser."

During sovereign and corporate restructurings, trade finance related securities can achieve differentiated treatment in a default and then recovery situation compared to other forms of debt.

------

The Fund's investments are expected to consist primarily of loans, or similar instruments used to finance domestic and international trade and related infrastructure projects. These are expected to include, but not be limited to, facilities for pre-export finance, process and commodities finance, receivables financing, letters of credit and other documentary credits, promissory notes, bills of exchange and other negotiable instruments. The Fund may engage in such investments by way of purchase, assignment, participation, guarantee, insurance, derivative or any other appropriate financial instrument. The Fund invests only in funded letters of credit and other instruments that do not create unfunded commitments to lend.

The Fund may invest without limitation in securities and obligations for which there is no readily available trading market or which are otherwise illiquid, including trade finance securities and other fixed-income or derivative instruments. The Fund may, from time to time, have larger allocations to certain broad market sectors, such as the energy sector, in attempting to achieve its investment objective.

The Fund may also take positions in traditional assets including bonds, (investment-grade or noninvestment-grade (otherwise known as "junk bonds")) debt securities, equities, foreign exchange instruments, as well as derivatives for the purposes set forth below. There can be no assurance that the Fund's use of derivatives will work as intended. Derivative investments made by the Fund are included within the Fund's 80% policy (as described below) and are calculated at market value. The instruments in which the Fund invests may be guaranteed by the U.S. government. A substantial portion of the Fund's investments will be in obligations of non-U.S. issuers or borrowers, including those of issuers in emerging markets.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in trade finance related securities. Up to 20% of the Fund's assets may be invested in other types of fixed-income securities and money market instruments as described in this Prospectus. It is the Fund's Adviser's intent to focus the Fund's investments in trade finance related securities.

Because the Fund refers to trade finance related securities in its name, it will notify Shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to normally invest less than 80% of its net assets, plus the amount of any borrowings for investment purposes, in trade finance related securities.

The Fund's Adviser analyzes the risk-adjusted return characteristics of potential financings and conducts initial expected annual excess return calculations and due diligence analysis of the facility and the obligor to evaluate if they are appropriate investments. Analysis includes:

**Origination.** Assess quality and track record of originator, define originator's role in the transaction and define originator's relationship with the borrower. At this stage, documents are reviewed such as, but not limited to: the offtake contracts, loan agreement, legal opinions, expert consultants' reports, and insurance policies if applicable.

**Obligor.** A thorough review of obligor including, but not limited to: credit analysis, shareholders, market position, access to capital markets and quality of audit/accounting firm. Typically, three years of audited financials and projections are required, among other credit-analysis tools to make this assessment.

**Country.** A country's credit rating, historic treatment of trade flows, the importance of the sector to this country and currency convertibility are all considered.

**Sector.** Evaluated under the following considerations: Strategic priority, critical imports, foreign exchange earner, macro sector themes, and liquidity and tax/tariff issues.

**Mitigants.** The proposed transaction is also evaluated by its ability to mitigate risks such as, but not limited to: country, production, quality, market, operational and payment issues risks, commodity, price, environmental, country and legal. Documentation considerations are also examined closely.

The transaction is then analyzed for its portfolio suitability based upon:

**Deal Structure.** Tenor, grace period, amortization schedule, drawing conditions and financing structure of the deal are thoroughly reviewed.

**Deal Pricing.** Relative value of spreads to market, value for risk and return projections are carefully considered.

**Portfolio.** The tenor, yield target and concentration of the Fund's portfolio are carefully considered. Concentration analysis includes region, country, and sector and obligor structure.

**TEMPORARY INVESTMENTS** 

The Fund may temporarily depart from its principal investment strategies by investing its assets in shorter-term debt securities and similar obligations 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 securities); to maintain liquidity to meet Shareholder repurchase requests; or to accommodate cash inflows. It is possible that such investments could affect the Fund's investment returns and/or the ability to achieve the Fund's investment objectives.

------

**Primary Investment Types** 

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.

**Trade Finance Related Securities** 

The Fund's Adviser will attempt to identify opportunities and invest the Fund's assets in trade finance related securities. Specifically, these securities will consist of trade finance, structured trade finance, project finance or export finance transactions where there is a flow of goods or services (typically of a cross-border nature) and a financing need. These trade finance structures are subject to significant individual variation but typical structures may include but not be limited to the following:

**Buyer's credit.** An extension of credit typically made by a bank to a buyer of goods (i.e., importer) to finance the purchase of goods under a commercial contract of sale.

**Contract frustration and trade credit indemnity.** An insurance policy issued by an insurer in favor of an insured (typically a supplier or a bank) that provides conditional coverage to the insured against loss incurred as a result of non-payment/non-delivery by an obligor involved in a trade transaction.

**Cross border leases.** Cross border leases, often structured with insignificant residual value.

**Export credit agency financing.** A loan where an export credit agency act as lender, co-lender or guarantor.

**Import finance.** An extension of credit made to an importer that finances his imports.

**Inventory finance.** An extension of credit made to a borrowing entity (be it an importer or exporter) secured against the physical inventory held and owned by that borrower. The inventory may be held in a warehouse.

**Letter of Credit (L/C).** A written undertaking, or obligation, of a bank made at the request of its customer (usually an importer) to honor or pay an exporter against presentation of trade documents that comply with terms specified in the letter of credit.

**Multilateral agency financing.** A loan where a multilateral agency acts as either a lender or a co-lender. Such a loan may benefit from preferred creditor status in the event of shortages of foreign exchange that may be experienced by sovereign governments.

**Pre-export finance.** An extension of credit to an exporter before export of the goods has taken place. This can be secured against the subject goods or sales proceeds, or unsecured.

**Pre-payment agreement.** An extension of credit to an exporter where the source of pay-back is dependent on collections from the end purchaser. The difference between pre-export finance and a pre-payment agreement is that the latter arrangement may involve the buyer of the goods as a contractual party and is in effect a payment for goods in advance of delivery.

**Project finance.** Project finance transactions are typically used to build something tangible or to expand existing plant capacity to produce more goods for trade; and the Fund typically invests in project finance deals when the project has been largely completed and goods are being produced for export (i.e., transactions are of a short-term nature). For example, the Fund may make investments in securities issued to finance the development of infrastructure in the U.S. and outside of the U.S., including for example, highways, airports, water and sewage facilities, energy distribution and telecommunication networks, schools, universities, hospitals and public housing.

**Promissory notes, bills of exchange and other forms of negotiable instrument.** A written promise to pay issued by (or drawn on) an obligor in favor of a beneficiary.

**Receivables.** Receivables or flows of receivables created in consideration for the transfer of goods and services.

**Supplier Credit.** An extension of credit made by a supplier (or exporter) to an importer to finance a purchase of goods. Banks or other lenders may purchase or participate in the credit instrument if the instrument permits transfer.

**Trade finance related loans and other loan assignments and participations.** The Fund expects primarily to purchase trade finance loans and other loans by assignment, transfer or novation from a participant in the original syndicate of lenders or from subsequent holders of such interests. When a loan is assigned, transferred or novated, the Fund generally is a lender of record on the loan agreement and has full voting rights per the loan agreement. The Fund may also purchase participations on a primary basis from a mandated lead arranger during the formation of the original syndicate making such loans. Loan participations typically represent direct participations in a loan to a corporate or other borrower, and generally are offered by banks or other financial institutions or on behalf of themselves or the lending syndicate. The Fund may participate in such syndications, or can buy part of a loan, becoming a part lender. When purchasing loan

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participations, the Fund assumes the credit risk associated with the corporate or other borrower and may assume the credit or counterparty risk associated with an interposed bank or other financial intermediary. In addition, the Fund will be subject to the requirements of each loan agreement, which may differ. Typically, however, taking action under a loan agreement requires action by more than one lender and, generally, no one lender, unless they are at least a majority lender, can act unilaterally.

**Fixed-Income Securities** 

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

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

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

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

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

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

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

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

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

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

***Corporate Debt Securities (A 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. The Fund may also purchase interests in bank loans to companies. The credit risks of corporate debt securities vary widely among issuers.

In addition, the credit risk of an issuer's debt security may vary based on its priority for repayment. For example, higher ranking ("senior") debt securities have a higher priority than lower ranking ("subordinated") securities. This means that the issuer might not make payments on subordinated securities while continuing to make payments on senior securities. In addition, in the event of bankruptcy, holders of senior securities may receive amounts otherwise payable to the holders of subordinated securities. Some subordinated securities, such as trust-preferred and capital-securities notes, also permit the issuer to defer payments under certain circumstances. For example, insurance companies issue securities known as surplus notes that permit the insurance company to defer any payment that would reduce its capital below regulatory requirements.

***Asset-Backed Securities (A Fixed-Income Security)*** 

Asset-backed securities are payable from pools of obligations other than mortgages. Most asset-backed securities involve consumer or commercial debts with maturities of less than 10 years. However, almost any type of fixed-income assets (including other fixed-income securities) may be used to create an asset-backed security. Asset-backed securities may take the form of notes or pass-through certificates.

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***Lower-Rated, Fixed-Income Securities*** 

Lower-rated, fixed-income securities are securities rated below investment grade (i.e., BB or lower) by a nationally recognized statistical rating organization (NRSRO). There is no minimal acceptable rating for a security to be purchased or held by the Fund and the Fund may purchase or hold unrated securities and securities whose issuers are in default.

**Foreign Securities** 

Foreign securities are securities of issuers based outside the United States. To the extent a Fund invests in securities included in its applicable broad-based securities market index, the Fund may consider an issuer to be based outside the United States if the applicable index classifies the issuer as based outside the United States. Accordingly, the Fund may consider an issuer to be based outside the United States if the issuer satisfies at least one, but not necessarily all, of the following:

■ it is organized under the laws of, or has its principal office located in, another country;

■ the principal trading market for its securities is in another country;

■ it (directly or through its consolidated subsidiaries) derived in its most current fiscal year at least 50% of its total assets, capitalization, gross revenue or profit from goods produced, services performed or sales made in another country; or

■ it is classified by an applicable index as based outside the United States.

Foreign securities are primarily denominated in foreign currencies. Along with the risks normally associated with domestic securities of the same type, foreign securities are subject to currency risks and risks of foreign investing. Trading in certain foreign markets is also subject to liquidity risks.

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

Foreign government securities generally consist of fixed-income securities supported by national, state or provincial governments or similar political subdivisions. Foreign government securities also include debt obligations of supranational entities, such as international organizations designed or supported by governmental entities to promote economic reconstruction or development, international banking institutions and related government agencies. Examples of these include, but are not limited to, the International Bank for Reconstruction and Development (the "World Bank"), the Asian Development Bank, the European Investment Bank and the Inter-American Development Bank.

Foreign government securities also include fixed-income securities of quasi-governmental agencies that are either issued by entities owned by a national, state or equivalent government or are obligations of a political unit that are not backed by the national government's full faith and credit. Further, foreign government securities include mortgage-related securities issued or guaranteed by national, state or provincial governmental instrumentalities, including quasi-governmental agencies.

***Foreign Exchange Contracts*** 

In order to convert U.S. dollars into the currency needed to buy a foreign security, or to convert foreign currency received from the sale of a foreign security into U.S. dollars, the Fund may enter into spot currency trades. In a spot trade, the Fund agrees to exchange one currency for another at the current exchange rate. The Fund may also enter into derivative contracts in which a foreign currency is an underlying asset. The exchange rate for currency derivative contracts may be higher or lower than the spot exchange rate. Use of these derivative contracts may increase or decrease the Fund's exposure to currency risks.

**Derivative Contracts** 

Derivative contracts are financial instruments that derive their value from underlying securities, commodities, currencies, indices, or other assets or instruments, including other derivative contracts (each a "Reference Instrument" and collectively, "Reference Instruments"). The most common types of derivative contracts are swaps, futures and options, and major asset classes include interest rates, equities, commodities and foreign exchange. Each party to a derivative contract may sometimes be referred to as a "counterparty." Some derivative contracts require payments relating to an actual, future trade involving the Reference Instrument. These types of derivatives are frequently referred to as "physically settled" derivatives. Other derivative contracts require payments relating to the income or returns from, or changes in the market value of, a Reference Instrument. These types of derivatives are known as "cash-settled" derivatives since they require cash payments in lieu of delivery of the Reference Instrument.

Many derivative contracts are traded on exchanges. In these circumstances, the relevant exchange sets all the terms of the contract except for the price. Parties to an exchange-traded derivative contract make payments through the exchange. Most exchanges require traders to maintain margin accounts through their brokers to cover their potential obligations to the exchange. Parties to the contract make (or collect) daily payments to the margin accounts to reflect losses (or gains) in the value of their contracts. This protects traders against a potential default by their counterparty. Trading contracts on an exchange also allows traders to hedge or mitigate certain risks or carry out more complex trading strategies by entering into offsetting contracts.

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The Fund may also trade derivative contracts over-the-counter (OTC), meaning off-exchange, in transactions negotiated directly between the Fund and an eligible counterparty, which may be a financial institution. OTC contracts do not necessarily have standard terms, so they may be less liquid and more difficult to close out than exchange-traded derivative contracts. In addition, OTC contracts with more specialized terms may be more difficult to value than exchange-traded contracts, especially in times of financial stress.

The market for swaps and other OTC derivatives was largely unregulated prior to the enactment of federal legislation known as the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). Regulations enacted by the Commodity Futures Trading Commission (the "CFTC") under the Dodd-Frank Act require the Fund to clear certain types of swap contracts (including certain interest rate and credit default swaps) through a central clearinghouse known as a derivatives clearing organization (DCO).

To clear a swap through a DCO, the Fund will submit the contract to, and post margin with, a futures commission merchant (FCM) that is a clearinghouse member. The Fund may enter into the swap with a counterparty other than the FCM and arrange for the contract to be transferred to the FCM for clearing or enter into the contract with the FCM itself. If the Fund must centrally clear a transaction, the CFTC's regulations also generally require that the swap be executed on a registered exchange (either a designated contract market (DCM) or swap execution facility (SEF)). Central clearing is presently required only for certain swaps; the CFTC is expected to impose a mandatory central clearing requirement for additional derivative instruments over time.

DCOs, DCMs, SEFs and FCMs are all subject to regulatory oversight by the CFTC. In addition, certain derivative market participants that act as market makers and engage in a significant amount of "dealing" activity are also required to register as swap dealers with the CFTC. Among other things, swap dealers are subject to minimum capital requirements and business conduct standards and must also post and collect initial and variation margin on uncleared swaps with certain of their counterparties. Because of this, if the Fund enters into uncleared swaps with any swap dealers, it may be subject to initial and variation margin requirements that could impact the Fund's ability to enter into swaps in the OTC market, including making transacting in uncleared swaps significantly more expensive.

At this point in time, most of the Dodd-Frank Act has been fully implemented, though a small number of remaining rulemakings are unfinished or are subject to phase-in periods. Any future regulatory or legislative activity would not necessarily have a direct, immediate effect upon the Fund, though it is within the realm of possibility that, upon implementation of these measures or any future measures, they could potentially limit or completely restrict the ability of the Fund to use these instruments as a part of its investment strategy, increase the costs of using these instruments or make them less effective.

Depending on how the Fund uses derivative contracts and the relationships between the market value of a derivative contract and the Reference Instrument, derivative contracts may increase or decrease the Fund's exposure to the risks of the Reference Instrument and may also expose the Fund to liquidity and leverage risks. OTC contracts also expose the Fund to credit risks in the event that a counterparty defaults on the contract, although this risk may be mitigated by submitting the contract for clearing through a DCO, or certain other factors, such as collecting margin from the counterparty.

As discussed above, a counterparty's exposure under a derivative contract may in some cases be required to be secured with initial and/or variation margin (a form of "collateral").

The Fund may invest in a derivative contract if it is permitted to own, invest in, or otherwise have economic exposure to the Reference Instrument. The Fund is not required to own a Reference Instrument in order to buy or sell a derivative contract relating to that Reference Instrument. The Fund may trade in the following specific types and/or combinations of derivative contracts:

***Futures Contracts (A Type of Derivative)*** 

Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a Reference Instrument at a specified price, date and time. Entering into a contract to buy a Reference Instrument is commonly referred to as buying a contract or holding a long position in the asset. Entering into a contract to sell a Reference Instrument is commonly referred to as selling a contract or holding a short position in the Reference Instrument. Futures contracts are considered to be commodity contracts. The Adviser has claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act with respect to the Fund and, therefore, is not subject to registration or regulation as a commodity pool operator under the Act with respect to the Fund. Futures contracts traded OTC are frequently referred to as forward contracts. The Fund can buy or sell financial futures (such as interest rate futures, index futures and security futures), as well as, currency futures and currency forward contracts.

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***Option Contracts (A Type of Derivative)*** 

Option contracts (also called "options") are rights to buy or sell a Reference Instrument for a specified price (the "exercise price") during, or at the end of, a specified period. The seller (or "writer") of the option receives a payment, or premium, from the buyer, which the writer keeps regardless of whether the buyer uses (or "exercises") the option. A call option gives the holder (buyer) the right to buy the Reference Instrument from the seller (writer) of the option. A put option gives the holder the right to sell the Reference Instrument to the writer of the option. Options may be bought or sold on a wide variety of Reference Instruments. Options that are written on futures contracts will be subject to margin requirements similar to those applied to futures contracts.

***Swap Contracts (A Type of Derivative)*** 

A swap contract (also known as a "swap") is a type of derivative contract in which two parties agree to pay each other (swap) the returns derived from Reference Instruments. Swaps do not always involve the delivery of the Reference Instruments by either party, and the parties might not own the Reference Instruments underlying the swap. The payments are usually made on a net basis so that, on any given day, the Fund would receive (or pay) only the amount by which its payment under the contract is less than (or exceeds) the amount of the other party's payment. Swap agreements are sophisticated instruments that can take many different forms and are known by a variety of names. Common types of swaps in which the Fund may invest include, interest rate swaps, caps and floors, total return swaps, credit default swaps and currency swaps.

**Other Investments, Transactions, Techniques** 

***Hybrid Instruments*** 

Hybrid instruments combine elements of two different kinds of securities or financial instruments (such as a derivative contract). Frequently, the value of a hybrid instrument is determined by reference to changes in the value of a Reference Instrument (that is a designated security, commodity, currency, index or other asset or instrument including a derivative contract). The Fund may use hybrid instruments only in connection with permissible investment activities. Hybrid instruments can take on many forms including, but not limited to, the following forms. First, a common form of a hybrid instrument combines elements of a derivative contract with those of another security (typically a fixed-income security). In this case all or a portion of the interest or principal payable on a hybrid security is determined by reference to changes in the price of a Reference Instrument. Second, hybrid instruments may include convertible securities with conversion terms related to a Reference Instrument.

Depending on the type and terms of the hybrid instrument, its risks may reflect a combination of the risks of investing in the Reference Instrument with the risks of investing in other securities, currencies and derivative contracts. Thus, an investment in a hybrid instrument may entail significant risks in addition to those associated with traditional investments or the Reference Instrument. Hybrid instruments are also potentially more volatile than traditional securities or the Reference Instrument. Moreover, depending on the structure of the particular hybrid, it may expose the Fund to leverage risks or carry liquidity risks.

***Derivatives Regulation and Asset Coverage*** 

The regulation of the U.S. and non-U.S. derivatives markets has undergone substantial change in recent years and such change may continue. In addition, effective August 19, 2022, Rule 18f-4 (the "Derivatives Rule") under the Investment Company Act of 1940, as amended (the "1940 Act"), replaced the asset segregation framework previously used by funds to comply with limitations on leverage imposed by the 1940 Act. The Derivatives Rule generally mandates that a fund either limit derivatives exposure to 10% or less of its net assets, or in the alternative implement: (i) limits on leverage calculated based value-at-risk (VAR); (ii) a written derivatives risk management program (DRMP) administered by a derivatives risk manager appointed by the Fund's Board, including a majority of the independent Board members, that is periodically reviewed by the Board; and (iii) new reporting and recordkeeping requirements.

***Investment Ratings for Investment-Grade Securities*** 

The Fund's Adviser will determine whether a security is investment grade based upon the credit ratings given by one or more nationally recognized statistical rating organizations (NRSROs). For example, S&P, an NRSRO, assigns ratings to investment-grade securities (AAA, AA, A and BBB) based on their assessment of the likelihood of the issuer's inability to pay interest or principal (default) when due on each security. Lower credit ratings correspond to higher credit risk. If a security has not received a rating, the Fund must rely entirely upon the Fund's Adviser's credit assessment that the security is comparable to investment grade. If a security is downgraded below the minimum quality grade discussed above, the Fund's Adviser will reevaluate the security, but will not be required to sell it.

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***Investment Ratings for NonInvestment-Grade Securities*** 

Noninvestment-grade securities are rated below BBB- by an NRSRO. These bonds have greater economic, credit and liquidity risks than investment-grade securities.

***Illiquid Securities*** 

Illiquid securities are securities that the fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. These may include private placements, repurchase agreements that the Fund cannot dispose of within seven days, and securities eligible for resale under Rule 144A of the Securities Act of 1933.

***Investing in Securities of Other Investment Companies*** 

The Fund may invest its assets in securities of other investment companies, including the securities of affiliated money market funds, 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 other investment companies, which may include shares of an affiliated fund, including a money market fund, 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 interest 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.

***Additional Information Regarding the Security Selection Process*** 

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

Risk Factors

An investment in the Fund involves investment risks. Therefore, it is possible to lose some or all of your money by investing in the Fund. The following provides general information on the risks associated with the Fund's principal investments. Any additional risks associated with the Fund's non-principal investments are described in the Fund's SAI. The Fund's SAI also may provide additional information about the risks associated with the Fund's principal investments.

**Risk of Investing In Trade Finance Related Securities** 

The Fund pursues its investment objective by investing primarily in trade finance, structured trade finance, export finance and project finance or related obligations of companies or other entities (including sovereign entities) primarily located in or having exposure to global emerging markets. As such, the Fund is subject to all of the risks typical to investments generally made in emerging markets, in addition to risks specific to the trade finance asset class.

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Emerging Markets.

The Fund will make investments in emerging markets. Investors should be aware that the risks

associated with an investment in emerging markets are higher than those attached to similar investments in developed

countries. Investment in emerging markets involves risk factors and special considerations which may not be typically

associated with investing in more developed markets and are likely to include but not be restricted to the following:

Political and Economic Factors:

Political and economic change and instability may be more likely to occur and have a

greater effect on the economies and markets of emerging countries. Government policies, taxation, restrictions on foreign

investment and on currency convertibility and repatriation, currency fluctuations and other developments in the laws and

regulations of the relevant country could result in losses. In the event of nationalization, expropriation, or other

confiscation, the Fund could lose its entire investment in a foreign security.

Status of Loan Markets:

In comparison with more developed primary and secondary loan markets, the emerging market

loan market is smaller, may experience reduced liquidity and as a result potentially more volatile securities prices. This

may result in greater volatility in the net asset value of the Fund than would be the case if the investments were made in

more developed markets. In addition, different transaction settlement and clearing procedures, safe custody and

registration procedures may be underdeveloped enhancing the chance of an error, fraud or default, causing losses to the

Fund. Such underdeveloped procedures may be unable to keep pace with the volume of securities transactions or

otherwise make it difficult to engage in such transactions. In addition, custodial expenses for emerging market securities

are generally higher than for developed market securities.

Legal Considerations:

The legal infrastructure and accounting, auditing and reporting standards in emerging markets

may not provide the same degree of investor information or protection as would generally apply in more developed

markets. Certain investments in particular emerging markets may be subject to restrictions which may limit the availability

of attractive investment opportunities to the Fund. Furthermore, emerging markets are generally not as efficient as those in

more developed countries. In some cases, a market for the security may not exist locally and therefore transactions may

need to be made on a neighboring exchange.

Costs:

Emerging markets securities may incur brokerage or stock transfer taxes or other withholding taxes levied by

foreign governments which may have the effect of increasing the cost of investment and which may reduce the realized

gain or increase the loss on such securities at the time of sale.

Regulation:

The issuers of emerging markets securities or borrowers in emerging market countries, such as companies,

banks and other financial institutions, may be subject to less stringent regulation than would be the case for issuers in

developed countries, and therefore potentially carry greater risk.

Accounting Reporting Standards:

The issuers of emerging market securities or borrowers in emerging market countries,

such as companies, banks and other financial institutions, may be subject to local accounting and audit practices. These

may differ from international accounting practices leading to a greater risk of financial misreporting or misrepresentation.

Credit Ratings:

Emerging market loans are often unrated but may also be below investment grade (or "junk"

investments). The market values of corporate loans rated below investment grade and comparable unrated securities tend

to be more sensitive to company-specific developments and changes in economic conditions than for higher rated

securities. Issuers of these securities are often highly leveraged, so that their ability to service debt obligations during an

economic downturn may be impaired. In addition, such issuers may not have more traditional methods of financing

available to them, and may be unable to repay debt at maturity by refinancing. The risk of loss due to default in payment

of interest or principal by such issuers is significantly greater than in the case of investment-grade securities. These

securities may be subordinated to the prior payment of senior or secured indebtedness.

Taxation:

Taxation of interest received by the Fund with respect to emerging market borrowers may be subject to

foreign taxes that may or may not be reclaimable. Trade finance related securities may include methods to minimize such

risks but no assurance can be given that such techniques will be successful. In addition, markets in which the Fund invests

may have less well developed or defined tax laws and procedures than in more developed markets and this may adversely

affect the level of tax suffered by investment in those markets. This may also include the imposition of retroactive taxation

which had not reasonably been anticipated in the valuation of the assets of the Fund. This may result in uncertainty which

could necessitate significant provisions being made for foreign taxes in the calculation of the NAV of the Fund. The Fund

intends to elect to be treated and to qualify each year as a RIC under the Code. In order to qualify as a RIC, the Fund must

meet certain requirements regarding the source of its income and the diversification of its assets. Interest received by the

Fund in connection with its trade finance related investments will be qualifying income for purposes of such requirements,

but income from engaging in lending or other business activities would not be qualifying income. The Fund must take into

account the distinction between these types of income in structuring its participation in trade finance related investments.

Additional risks associated with investing in foreign securities, and emerging markets in particular, are discussed below

under "Risks of Foreign Investing."

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Transportation and Warehousing Risk.

Because of the transaction structuring involved, certain of the Fund's

investments will be backed by commodities or other trade finance goods in transit or held in warehouses or physical assets

such as plant or land. Negligence and fraud are always significant risks in transactions involving the financing of such

assets. The Fund may use methods to minimize such risks but no assurance can be given that such efforts will

be successful.

Legal Risk.

Laws in emerging markets may be less sophisticated than in developed countries. Accordingly the Fund

may be subject to additional legal risks concerning its investments in the underlying trade finance related security and in

particular the effectiveness of various legal contracts that form the trade finance related security such as loan

documentation, local law security agreements and collateral management arrangements. These include, but are not limited

to, inadequate investor protection, unclear or contradictory legislation or regulations and lack of enforcement thereof,

ignorance or breach of legislation or regulations on the part of other market participants, lack of legal redress and breaches

of confidentiality. It may be difficult to obtain and enforce a judgment in certain emerging markets against borrowers or

against local assets which provide collateral or security in support of a specific investment in a trade finance related

security in which the Fund may be invested.

Collateral Price Risk

.

Many investment transactions may be supported or secured by underlying collateral, which may

include primary commodities, and other secondary or tertiary goods or physical assets. The price of this commodity or

asset collateral may be highly volatile in terms of value or subject to illiquidity at the time of a required sale.

Liquidity

.

Trade finance investments are not listed on any stock exchange or securities market, and the established or

recognized market (if any) for the investments may be relatively small and/or poorly developed, therefore trades may only

be executed on a matched bargain basis and prices may not be published or be readily available from an independent

price source.

Market Risk.

The profitability of the investment strategy of the Fund may depend on correct assessments of the future

course of credit spreads of trade finance loans and other investments by the Fund's Adviser. There can be no assurance

that the Fund's Adviser will be able to accurately predict such price movements.

Specificity of Certain Investments.

Certain securities in particular jurisdictions may only be held by entities (often

banks) resident in those jurisdictions, and not directly by the Fund. Depending on the existence or otherwise and local

interpretation of trust or fiduciary laws in the relevant jurisdiction, the Fund may have the risk of such entity holding or

registering such security. In the event of the insolvency of such an entity, the Fund may only rank as an unsecured creditor

and the whole or part of such security may be lost.

The Fund may also acquire participations, sub-participations or other interests in emerging market debt, where the

additional performance risk of the grantor of such interest will be taken, as well as the risk of the underlying emerging

market debt. In the event of the insolvency of the grantor, the relevant Fund would only rank as an unsecured creditor and

the whole or part of the relevant investments may be lost.

Interest Rate Risk

Prices of fixed-income securities rise and fall in response to changes in interest rates. Generally, when interest rates rise,

prices of fixed-income securities fall. However, market factors, such as the demand for particular fixed-income securities,

may cause the price of certain fixed-income securities to fall while the prices of other securities rise or remain unchanged.

The longer the duration of a fixed-income security, the more susceptible it is to interest rate risk. The duration of a

fixed-income security may be equal to or shorter than the stated maturity of a fixed-income security. Recent and potential

future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest

rates. Duration measures the price sensitivity of a fixed-income security given a change in interest rates. For example, if a

fixed-income security has an effective duration of three years, a 1% increase in general interest rates would be expected to

cause the security's value to decline about 3% while a 1% decrease in general interest rates would be expected to cause the

security's value to increase about 3%.

Issuer Credit Risk

It is possible that interest or principal on securities will not be paid when due. Noninvestment-grade securities generally

have a higher default risk than investment-grade securities. Such non-payment or default may reduce the value of the

Fund's portfolio holdings, its share price and its performance.

Many fixed-income securities receive credit ratings from nationally recognized statistical rating organizations

(NRSROs) such as Fitch, Moody's and S&P 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

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share price and its investment performance. Credit ratings are not a guarantee of quality. Credit ratings may lag behind the

current financial conditions of the issuer and/or guarantor and do not provide assurance against default or other loss of

money. Credit ratings do not protect against a decline in the value of a security. If a security has not received a rating, the

Fund must rely entirely upon the Adviser's credit assessment.

Fixed-income securities generally compensate for greater credit risk by paying interest at a higher rate. The difference

between the yield of a security and the yield of a U.S. Treasury security or other appropriate benchmark with a comparable

maturity (the "spread") measures the additional interest paid for risk. Spreads may increase generally in response to

adverse economic or market conditions. A security's spread may also increase if the security's rating is lowered, or the

security is perceived to have an increased credit risk. An increase in the spread will cause the price of the security to

decline if interest rates remain unchanged.

Counterparty Credit Risk

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.

PREPAYMENT AND EXTENSION RISK

During periods of declining interest rates or for other purposes, borrowers may exercise their option to prepay principal

earlier than scheduled which may force the Fund to reinvest in lower-yielding debt instruments. Also, when interest rates

fall, the price of mortgage-backed securities may not rise to as great an extent as that of other fixed-income securities.

When interest rates rise, borrowers are less likely to prepay principal. A decreased rate of prepayments lengthens the

expected maturity of a mortgage-backed security, and the price of mortgage-backed securities may decrease more than the

price of other fixed-income securities when interest rates rise.

CALL RISK

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

its current market price. An increase in the likelihood of a call may reduce the security's price.

If a fixed-income security is called, the Fund may have to reinvest the proceeds in other fixed-income securities with

lower interest rates, higher credit risks or other less favorable characteristics.

LIQUIDITY RISK

Trading opportunities are more limited for fixed-income securities that have not received any credit ratings, have

received any credit ratings below investment grade or are not widely held. These features may make it more difficult to

sell or buy a security at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a

security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect

on the Fund's performance. Infrequent trading of securities may also lead to an increase in their price volatility.

Noninvestment-grade securities generally have less liquidity than investment-grade securities.

Liquidity risk also refers to the possibility that the Fund may not be able to sell a security or close out a derivative

contract when it wants to. If this happens, the Fund will be required to continue to hold the security or keep the position

open, and the Fund could incur losses.

OTC derivative contracts generally carry greater liquidity risk than exchange-traded contracts. This risk may be

increased in times of financial stress, if the trading market for OTC derivative contracts becomes restricted.

Loan instruments may not be readily marketable and may be subject to restrictions on resale. In some cases,

negotiations involved in disposing of loans may require weeks to complete. Thus, transactions in loan instruments may

take longer than seven days to settle. This could pose a liquidity risk to the Fund and, if the Fund's exposure to such

investments is substantial, could impair the Fund's ability to meet

Shareholder repurchase requests

in a timely manner.

Additionally, collateral on loan instruments may consist of assets that may not be readily liquidated, and there is no

assurance that the liquidation of such assets will satisfy a borrower's obligations under the instrument. Loans and other

forms of indebtedness may be structured such that they are not securities under securities laws. As such, it is unclear

whether loans and other forms of direct indebtedness offer securities law protections, such as those against fraud and

misrepresentation. In the absence of definitive regulatory guidance, while there can be no assurance that fraud or

misrepresentation will not occur with respect to the loans and other investments in which the Fund invests, the Fund relies

on the Adviser's research in an attempt to seek to avoid situations where fraud or misrepresentation could adversely affect

the Fund.

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Risk Associated with Noninvestment-Grade Securities

Securities rated below investment grade, also known as junk bonds, generally entail greater economic, credit and

liquidity risks than investment-grade securities. For example, their prices are more volatile, economic downturns and

financial setbacks may affect their prices more negatively, and their trading market may be more limited. These securities

are considered speculative with respect to the issuer's ability to pay interest and repay principal.

SECTOR RISK

Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the

possibility that a certain sector may underperform other sectors or the market as a whole. As the Adviser allocates more of

the Fund's portfolio holdings to a particular sector, the Fund's performance will be more susceptible to any economic,

business or other developments which generally affect that sector.

RISK RELATED TO THE ECONOMY

The value of the Fund's portfolio may decline in tandem with a drop in the overall value of the markets in which the

Fund invests and/or other markets based on negative developments in the U.S. and global economies.

Global economic

,

political and financial conditions,

including geopolitical conflicts, legislative changes,

industry or economic trends and

developments or public health risks, such as epidemics or pandemics, may, from time to time, and for varying periods of

time,

have a significant effect on financial markets generally and

cause volatility, illiquidity and/or other potentially

adverse effects in the financial markets, including the fixed-income market. The commencement

or threat thereof

,

continuation or ending of government policies and economic stimulus programs, changes in monetary policy,

tariffs and

other trade restrictions, political or economic sanctions,

increases or decreases in interest rates, or other factors or events

that affect the financial markets, including the fixed-income markets, may contribute to the development of or increase in

volatility, illiquidity,

Shareholder repurchase requests

and other adverse effects, which could negatively impact the Fund's

performance. For example, the value of certain portfolio securities may rise or fall in response to changes in interest rates,

which could result from a change in government policies, and has the potential to cause investors to move out of certain

portfolio securities, including fixed-income securities, on a large scale. This may increase redemptions from funds that

hold large amounts of certain securities and may result in decreased liquidity and increased volatility in the financial

markets. Market factors, such as the demand for particular portfolio securities, may cause the price of certain portfolio

securities to fall while the prices of other securities rise or remain unchanged. Among other investments, lower-grade

bonds and loans may be particularly sensitive to changes in the economy.

Geopolitical Risk

Global economic, political and financial conditions, war or other military action or political or economic sanctions,

may, from time to time, and for varying periods of time, cause volatility, illiquidity,

Shareholder

repurchase requests,

loss of value, or other potentially adverse effects in the financial markets, including the fixed-income market. In

particular, as a result of continued political tensions and armed conflicts, including the Russian invasion of Ukraine

commencing in February of 2022, the extent and ultimate result of which are unknown at this time, the United States

and the European Union, along with the regulatory bodies of a number of countries, have imposed economic sanctions

on certain Russian corporate entities and individuals, and certain sectors of Russia's economy, which may result in,

among other things, the continued devaluation of Russian currency, a downgrade in the country's credit rating, and/or

a decline in the value and liquidity of Russian securities, property or interests. These sanctions could also result in the

immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the ability of a fund to

buy, sell, receive or deliver those securities and/or assets. These sanctions or the threat of additional sanctions could

also result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity

of Russian securities. The United States and other nations or international organizations may also impose additional

economic sanctions or take other actions that may adversely affect Russia-exposed issuers and companies in various

sectors of the Russian economy. Any or all of these potential results could lead Russia's economy into a recession.

Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the

ongoing conflict may also have a substantial negative impact on other economies and securities markets both

regionally and globally, as well as on companies with operations in the conflict region, the extent to which is

unknown at this time.

Risk of Foreign Investing

Foreign securities pose additional risks because foreign economic or political conditions may be less favorable than

those of the United States. Securities in foreign markets may also be subject to taxation policies that reduce returns for

U.S. investors.

------

Foreign companies may not provide information (including financial statements) as frequently or to as great an extent as

companies in the United States. Foreign companies may also receive less coverage than U.S. companies by market

analysts and the financial press. In addition, foreign countries may lack uniform accounting, auditing and financial

reporting standards or regulatory requirements comparable to those applicable to U.S. companies. These factors may

prevent the Fund and its Adviser from obtaining information concerning foreign companies that is as frequent, extensive

and reliable as the information available concerning companies in the United States.

Foreign countries may have restrictions on foreign ownership of securities or may impose exchange controls, capital

flow restrictions or repatriation restrictions which could adversely affect the liquidity of the Fund's investments.

Since many loan instruments involve parties (for example, lenders, borrowers and agent banks) located in multiple

jurisdictions outside of the United States, there is a risk that a security interest in any related collateral may be

unenforceable and obligations under the related loan agreements may not be binding.

Currency Risk

Exchange rates for currencies fluctuate daily. The combination of currency risk and market risks tends to make

securities traded in foreign markets more volatile than securities traded exclusively in the United States. The Adviser and

Sub-Adviser attempt to manage currency risk by limiting the amount the Fund invests in securities denominated in a

particular currency. However, diversification will not protect the Fund against a general increase in the value of the

U.S. dollar relative to other currencies.

Investing in currencies or securities denominated in a foreign currency, entails risk of being exposed to a currency that

may not fully reflect the strengths and weaknesses of the economy of the country or region utilizing the currency.

Currency risk includes both the risk that currencies in which the Fund's investments are traded, or currencies in which the

Fund has taken an active investment position, will decline in value relative to the U.S. dollar and, in the case of hedging

positions, that the U.S. dollar will decline in value relative to the currency being hedged. In addition, it is possible that a

currency (such as, for example, the euro) could be abandoned in the future by countries that have already adopted its use,

and the effects of such an abandonment on the applicable country and the rest of the countries utilizing the currency are

uncertain but could negatively affect the Fund's investments denominated in the currency. If a currency used by a country

or countries is replaced by another currency, the Fund's Adviser would evaluate whether to continue to hold any

investments denominated in such currency, or whether to purchase investments denominated in the currency that replaces

such currency, at the time. Such investments may continue to be held, or purchased, to the extent consistent with the

Fund's investment objective and permitted under applicable law.

Many countries rely heavily upon export-dependent businesses and any strength in the exchange rate between a

currency and the U.S. dollar or other currencies can have either a positive or a negative effect upon corporate profits and

the performance of investments in the country or region utilizing the currency. Adverse economic events within such

country or region may increase the volatility of exchange rates against other currencies, subjecting the Fund's investments

denominated in such country's or region's currency to additional risks. In addition, certain countries, particularly emerging

market countries, may impose foreign currency exchange controls or other restrictions on the transferability, repatriation

or convertibility of currency.

Leverage Risk

Leverage risk is created when an investment, which includes, for example, an investment in a derivative contract,

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. Investments can have these same results if their returns are based on a

multiple of a specified index, security or other benchmark.

Risk of Investing in Derivative Contracts and Hybrid Instruments

The Fund may use currency forwards for hedging purposes. In addition, although not generally anticipated, the Fund

reserves the flexibility to use other derivative contracts and/or hybrid instruments to implement elements of its investment

strategy. The Fund's exposure to derivative contracts and hybrid instruments (either directly or through its investment in

another investment company) involves risks different from, or possibly greater than, the risks associated with investing

directly in securities and other traditional investments. First, changes in the value of the derivative contracts and hybrid

instruments in which the Fund invests may not be correlated with changes in the value of the underlying Reference

Instruments or, if they are correlated, may move in the opposite direction than originally anticipated. Second, while some

strategies involving derivatives may reduce the risk of loss, they may also reduce potential gains or, in some cases, result

in losses by offsetting favorable price movements in portfolio holdings. Third, there is a risk that derivative contracts and

hybrid instruments may be erroneously priced or improperly valued and, as a result, the Fund may need to make increased

cash payments to the counterparty. Fourth, exposure to derivative contracts and hybrid instruments may have tax

consequences to the Fund and its Shareholders. For example, derivative contracts and hybrid instruments may cause the

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Fund to realize increased ordinary income or short-term capital gains (which are treated as ordinary income for Federal

income tax purposes) and, as a result, may increase taxable distributions to Shareholders. In addition, under certain

circumstances certain derivative contracts and hybrid instruments may cause the Fund to: (a) incur an excise tax on a

portion of the income related to those contracts and instruments; and/or (b) reclassify, as a return of capital, some or all of

the distributions previously made to Shareholders during the fiscal year as dividend income. Fifth, a common provision in

OTC derivative contracts permits the counterparty to terminate any such contract between it and the Fund, if the value of

the Fund's total net assets declines below a specified level over a given time period. Factors that may contribute to such a

decline (which usually must be substantial) include significant Shareholder

repurchase requests

and/or a marked decrease

in the market value of the Fund's investments. Any such termination of the Fund's OTC derivative contracts may

adversely affect the Fund (for example, by increasing losses and/or costs, and/or preventing the Fund from fully

implementing its investment strategies). Sixth, the Fund may use a derivative contract to benefit from a decline in the

value of a Reference Instrument. If the value of the Reference Instrument declines during the term of the contract, the

Fund makes a profit on the difference (less any payments the Fund is required to pay under the terms of the contract). Any

such strategy involves risk. There is no assurance that the Reference Instrument will decline in value during the term of the

contract and make a profit for the Fund. The Reference Instrument may instead appreciate in value creating a loss for the

Fund. Seventh, a default or failure by a CCP or an FCM (also sometimes called a "futures broker"), or the failure of a

contract to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its

costs, or prevent the Fund from entering or exiting derivative positions, accessing margin or fully implementing its

investment strategies. The central clearing of a derivative and trading of a contract over a SEF could reduce the liquidity

in, or increase costs of entering into or holding, any contracts. Finally, derivative contracts and hybrid instruments may

also involve other risks described in this Prospectus, such as interest rate, credit, currency, liquidity and leverage risks.

Illiquidity of Shares

The Fund is a closed-end investment company designed primarily for long-term investors and is not intended to be a

trading vehicle. The Fund does not currently intend to list Shares for trading on any national securities exchange. There is

no secondary trading market for Shares, and it is not expected that a secondary market will develop. Shares therefore are

not readily marketable. Because the Fund is a closed-end investment company, Shares in the Fund may not be tendered for

repurchase on a daily basis, and they may not be exchanged for shares of any other fund.

Although the Fund, at the discretion of the Board, will consider whether to make periodic repurchase offers of its

outstanding Shares at net asset value, Shares are significantly less liquid than shares of funds that trade on a stock

exchange. There is no guarantee that you will be able to sell all of your Shares that you desire to sell in any particular

repurchase offer. If a repurchase offer is oversubscribed by Shareholders holding Shares of the Fund, the Fund may

repurchase only a pro rata portion of the Shares tendered by each Shareholder. The potential for pro-ration may cause

some investors to tender more Shares for repurchase than they otherwise would wish to have repurchased. In addition, in

extreme cases, the Fund may not be able to complete repurchases due to the Fund's holding of illiquid investments. In that

event, you may be able to sell your Shares only if you are able to find an investor willing to purchase your Shares. Any

such sale may have to be negotiated at unfavorable prices and must comply with applicable securities laws and must be

approved by the Board. Due to the requirements regarding tenders offers and the frequency with which the Fund expects

to offer to repurchase Shares, in the event the Fund makes repurchase offers it is unlikely that the Fund will be able to

extend the expiration date of, or increase the amount of, any repurchase offer, which may result in an investor needing to

subscribe to more than one repurchase offer to exit the Fund in the case of oversubscribed repurchase offers.

Potential Consequences of Regular Repurchase Offers

The Fund's repurchase offer policy may have the effect of decreasing the size of the Fund over time from what it

otherwise would have been absent significant new investments in the Fund. It may also force the Fund to sell assets it

would not otherwise sell and/or to maintain increased amounts of cash or liquid investments at times. It may also reduce

the investment opportunities available to the Fund and cause its expense ratio to increase. In addition, because of the

limited market for private securities held by the Fund, the Fund may be forced to sell its liquid securities in order to meet

cash requirements for repurchases. This may have the effect of substantially increasing the Fund's ratio of relatively more

illiquid securities to relatively more liquid securities for the remaining investors. It is not the intention of the Fund to do

this; however, it may occur. In addition, the Fund may be required to maintain a portion of its portfolio in cash or cash

equivalents

(the

amount may vary, but typically

5-15% of the

Fund's

net asset value)

to satisfy any

potential repurchase

requests

. An allocation of cash or cash equivalents above the amount of the outstanding repurchase offers also may be

maintained to operate the Fund and effect its investment program. When the Fund holds cash or cash equivalents, it is

unable to invest those assets in other investments consistent with its investment objective and investment strategies, and

the Fund may receive less returns on such cash and cash equivalents as compared to such other investments. Accordingly,

the Fund's performance may be negatively impacted by holding cash or cash equivalents in such amounts.

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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

repurchase

requests

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

repurchase

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.

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.

Management of the Fund

Board of Trustees

The management of the Fund, including general supervision of the duties performed by the Adviser under the Advisory

Agreement (each of which are defined below) and the Sub-Adviser under the Sub-Advisory Agreement (each of which are

defined below), is the responsibility of the Fund's board of trustees (the "Board") under the laws of the State of Delaware.

The name and business addresses of the Trustees and officers of the Fund and their principal occupations and other

affiliations are set forth under "Management of the Fund" in the Statement of Additional Information.

The Adviser

Federated Investment Management Company acts as the Fund's investment adviser (the "Adviser") under an investment

advisory agreement (the "Advisory Agreement"). 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 is a direct

wholly-owned subsidiary of Federated Hermes, Inc. ("Federated Hermes"), a publicly-held company. The Adviser and

other advisory subsidiaries of Federated Hermes combined advise approximately 100 registered investment companies

spanning equity, fixed-income and money market mutual funds and also manage a variety of other pooled investment

vehicles, private investment companies and customized separately managed accounts (including non-U.S./offshore funds).

Federated Hermes' assets under management totaled approximately $829.6 billion as of December 31, 2024. Federated

Hermes was established in 1955 as Federated Investors, Inc. and is one of the largest investment managers in the United

States with more than 2,000 employees. Federated Hermes provides investment products to more than 10,000 investment

professionals and institutions.

The Sub-Adviser

The Adviser has delegated daily management of some or all of the Fund assets to the Sub-Adviser, Federated

Hermes (UK) LLP, a limited liability partnership incorporated in England and Wales, (the "Sub-Adviser") and an affiliate

of the Adviser. For purposes of this Prospectus, the Adviser and Sub-Adviser, are sometimes referred to together, as

applicable, as the "Fund's Adviser." The Sub-Adviser is paid by the Adviser and not by the Fund, based on the portion of

securities the Sub-Adviser manages. The Sub-Adviser's address is 150 Cheapside, London EC2V 6ET, England.

Under the supervision of the Adviser and oversight by the Board and pursuant to a sub-advisory agreement between the

Adviser and the Sub-Adviser (the "Sub-Advisory Agreement"), Federated Hermes (UK) LLP, will act as sub-investment

adviser to the Fund. The Sub-Adviser will have day-to-day portfolio management responsibilities of the Fund.

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Federated Hermes (UK) LLP, a limited liability partnership incorporated in England and Wales, is a wholly owned

London based subsidiary of Federated Hermes, Inc., and is authorized and regulated by the U.K. Financial Conduct

Authority to provide investment management services. The Sub-Adviser advises approximately four registered investment

companies. The Sub-Adviser's assets under management totaled approximately $11.1 billion as of December 31, 2024.

The Sub-Adviser's assets under management are currently primarily comprised of assets from non-US domiciled funds,

other pooled investment vehicles and separate accounts, such as UK registered money market funds and other accounts of

institutional clients from the UK, Europe and certain other non-US jurisdictions.

The Fund's Shareholder reports will contain information regarding the basis for the Board's approval of the Fund's

Advisory and Sub-Advisory Agreements. The Fund's semi-annual reports for the six month periods ending each

September 30 and the annual reports for the fiscal years ending each March 31 discuss the Board's annual evaluation

and approval of those agreements, which typically occurs annually in May.

PORTFOLIO MANAGEMENT INFORMATION

Messrs. Ihab Salib, Christopher P. McGinley, Maarten Offeringa and Kazaur Rahman are the Fund's portfolio managers

responsible for managing the Fund's overall investment program.

Ihab L. Salib, Senior Portfolio Manager

Ihab L. Salib, Senior Portfolio Manager, has been the Fund's portfolio manager since its inception in December

of 2016.

Mr. Salib is Head of the International Fixed Income Group and Head of the Currency Management Committee. He is

responsible for day to day management of the Fund focusing on asset allocation, interest rate strategy and security

selection. He has been with the Adviser or an affiliate since 1999; has worked in investment management since 1992; has

managed investment portfolios since 2002. Education: B.A., State University of New York at Stony Brook.

Christopher P. McGinley, Senior Portfolio Manager

Christopher P. McGinley, Senior Portfolio Manager, has been the Fund's portfolio manager since its inception in

December of 2016.

Mr. McGinley is Head of the Trade Finance Team and is responsible for day to day management of the Fund focusing

on asset allocation, interest rate strategy and security selection. He has been with the Adviser or an affiliate since 2004;

has worked in investment management since 2005; has managed investment portfolios since 2009. Education: B.S.,

University of Pittsburgh; M.P.I.A., University of Pittsburgh.

Maarten Offeringa, Portfolio Manager

Maarten Offeringa, Portfolio Manager, has been the Fund's portfolio manager since July of 2019.

Effective August 1, 2023, Mr. Offeringa is dual employed with the Sub-Adviser and Federated Hermes Limited (FHL)

and serves as Portfolio Manager of the Fund in his capacity as an employee of the Sub-Adviser.

Mr. Offeringa is responsible for providing research and advice on sector allocation and security selection. He has been

with the Adviser or an affiliate since 2018; has worked in financial services since 2002; has worked in investment

management since 2018; has managed investment portfolios since 2019. Previous associations: Director, Bank of America

Merrill Lynch; Vice President, J.P. Morgan. Education: MA, Vrije Universiteit Amsterdam.

Kazaur Rahman, Portfolio Manager

Kazaur Rahman, ACA, Portfolio Manager, has been the Fund's portfolio manager since July of 2023.

Effective August 1, 2023, Mr. Rahman is dual employed with the Sub-Adviser and FHL and serves as Portfolio

Manager of the Fund in his capacity as an employee of the Sub-Adviser.

Mr. Rahman is responsible for providing research and advice on sector allocation and security selection. He has been

with the Adviser or an affiliate since 2019; has worked in financial services since 2005; has worked in investment

management since 2019; has managed investment portfolios since 2023. Previous associations include roles with:

Deutsche Bank; VTB Capital; Bank of America; PricewaterhouseCoopers (PwC). Education: BSc, University of London.

The Fund's SAI provides additional information about the Portfolio Managers' compensation, management of other

accounts and ownership of securities in the Fund.

Investment Advisory Agreement

Pursuant to an investment advisory agreement between the Adviser and the Fund, the Adviser will receive an annual fee

in a maximum amount equal to 0.50% of the Fund's average daily net assets (the "Management Fee"). 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 "Summary of Fund Expenses" table found in

this Prospectus.

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In addition to the Management Fee of the Adviser, the Fund pays all other costs and expenses of its operations,

including compensation of its trustees (other than those affiliated with the Adviser), custodian, transfer and dividend

disbursing agent expenses, legal fees, rating agency fees, listing fees and expenses, expenses of independent auditors,

expenses of repurchasing shares, expenses of preparing, printing and distributing Shareholder reports, notices, proxy

statements and reports to governmental agencies and taxes, if any.

Investment Sub-Advisory Agreement

The Adviser (and not the Fund) will pay to the Sub-Adviser as compensation under the Sub-Advisory Agreement an

annual fee equal to 0.39% of the average daily net assets of the Fund.

Administrative Agreement

Federated Administrative Services ("the Administrator"), a subsidiary of Federated Hermes, provides administrative

personnel and services (including certain legal, compliance and financial administrative services) necessary to operate the

Fund. The Administrator's address is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779. The Administrator currently

receives no compensation for providing administrative services to the Fund.

Distributions

The Fund intends to make quarterly distributions of net investment income, after payment of interest on outstanding

borrowings, if any. The Fund will distribute annually any net short-term capital gain and any net capital gain (which is the

excess of net long-term capital gain over short-term capital loss). Distributions to Shareholders cannot be assured, and the

amount of each quarterly distribution is likely to vary. It is possible, although not intended, that distributions could exceed

net investment income and net short-term and long-term capital gain, resulting in a return of capital.

Federal Income Tax Matters

The Fund intends to elect to be treated and to qualify each year as a RIC under the Code. Accordingly, the Fund must,

among other things, meet the following requirements regarding the source of its income and the diversification of

its assets:

■

The Fund must derive in each taxable year at least 90% of its gross income from the following sources (i.e., qualifying

income): (a) dividends, interest (including tax-exempt interest), payments with respect to certain securities loans, and

gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not

limited to gain from options, futures and forward contracts) derived with respect to its business of investing in such

stock, securities or foreign currencies; and (b) net income derived from interests in "qualified publicly traded

partnerships" (as defined in the Code).

■

The Fund must diversify its holdings so that, at the end of each quarter of each taxable year: (a) at least 50% of the

market value of the Fund's total assets is represented by cash and cash items, U.S. government securities, the securities

of other regulated investment companies and other securities, with such other securities limited, in respect of any one

issuer, to an amount not greater than 5% of the value of the Fund's total assets and not more than 10% of the

outstanding voting securities of such issuer; and (b) not more than 25% of the market value of the Fund's total assets is

invested in the securities (other than U.S. government securities and the securities of other regulated investment

companies) of: (I) any one issuer; (II) any two or more issuers that the Fund controls and that are determined to be

engaged in the same business or similar or related trades or businesses; or (III) any one or more "qualified publicly

traded partnerships" (as defined in the Code).

As a RIC, the Fund generally will not be subject to U.S. federal income tax on income and gains that the Fund

distributes to its Shareholders provided that it distributes each taxable year at least the sum of: (i) 90% of the Fund's

investment company taxable income (which includes, among other items, dividends, interest and the excess of any net

short-term capital gain over net long-term capital loss and other taxable income, other than any net capital gain, reduced

by deductible expenses) determined without regard to the deduction for dividends paid; and (ii) 90% of the Fund's net

tax-exempt interest (the excess of its gross tax-exempt interest over certain disallowed deductions). The Fund intends to

distribute substantially all of such income each year. The Fund will be subject to income tax at regular corporate rates on

any taxable income or gains that it does not distribute to its Shareholders.

In order to avoid incurring a 4% non-deductible federal excise tax obligation, the Code requires that the Fund distribute

(or be deemed to have distributed) by December 31 of each calendar year an amount at least equal to the sum of: (i) 98%

of its ordinary income (and not taking into account any capital gain or loss) for such year; (ii) 98.2% of its capital gain net

income (which is the excess of its realized net long term capital gain over its realized net short-term capital loss), generally

computed on the basis of the one-year period ending on October 31 of such year, after reduction by any available capital

loss carryforwards; and (iii) 100% of any ordinary income and capital gain net income from the prior year (as previously

computed) that were not paid out during such year and on which the Fund paid no federal income tax. While the Fund

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intends to distribute any ordinary income and capital gain in the manner necessary to minimize imposition of the 4%

excise tax, there can be no assurance that sufficient amounts of the Fund's ordinary income and capital gain will be

distributed to avoid entirely the imposition of the tax. In that event, the Fund will be liable for the tax only on the amount

by which it does not meet the foregoing distribution requirement.

Distributions of any taxable net investment income and net short-term capital gain will generally be taxable as ordinary

income. Distributions of the Fund's net capital gain designated as capital gain dividends, if any, will be taxable to

Shareholders as long-term capital gains, regardless of the length of time they held their Shares. Distributions, if any, in

excess of the Fund's earnings and profits will first reduce the adjusted tax basis of a holder's Shares and, after that basis

has been reduced to zero, will constitute capital gains to the Shareholder (assuming the Shares are held as a capital asset).

The Fund's distributions generally will not qualify either for the dividends received deduction generally available to

corporate taxpayers or as qualified dividend income subject to favorable tax treatment for individual taxpayers. "Qualified

dividend income" means dividends received by the Fund from U.S. corporations and qualifying foreign corporations,

provided that the Fund satisfies certain holding period and other requirements in respect of the stock of such corporations

and, when distributed by the Fund to individual Shareholders, such Shareholders satisfy certain holding period and other

requirements in respect of their Fund Shares.

Dividends and other distributions declared by the Fund in October, November or December of any year and payable to

Shareholders of record on a date in any of those months will be deemed to have been paid by the Fund and received by the

Shareholders on December 31 of that year if the distributions are paid by the Fund during the following January.

Accordingly, those distributions will be taxed to Shareholders for the year in which that December 31 falls. The Fund will

inform Shareholders of the source and tax status of all distributions promptly after the close of each calendar year.

Dividends and interest received, and gains realized, by the Fund on foreign securities may be subject to income,

withholding or other taxes imposed by foreign countries and U.S. possessions (collectively "foreign taxes") that would

reduce the return on its securities. Tax conventions between certain countries and the United States, however, may reduce

or eliminate foreign taxes, and many foreign countries do not impose taxes on capital gains in respect of investments by

foreign investors.

The Fund believes that substantially all of its investments will generate qualifying income for purposes of the

previously-mentioned 90% gross income requirement for treatment as a RIC under current federal income tax law.

Interest received by the Fund in connection with its trade finance investments will, by definition, be qualifying income for

purposes of such requirements, but certain income from loan origination or other business activities would not be

qualifying income. The Fund must take into account the distinction between these types of income to ensure when

structuring its participation in trade finance investments that amounts received are for the use of money, not payment for

services. Also, the Code expressly provides the U.S. Treasury with authority to issue regulations that would exclude

foreign currency gains from qualifying income if such gains are not directly related to a fund's business of investing in

stock or securities. While to date the U.S. Treasury has not exercised this regulatory authority, there can be no assurance

that it will not issue regulations in the future (possibly with retroactive application) that would treat some or all of the

Fund's foreign currency gains as non-qualifying income for RIC purposes, which may affect the Fund's status as a RIC for

all years to which such regulations are applicable.

The repurchase or transfer of Shares may result in a taxable gain or loss to the tendering Shareholder. Different tax

consequences may apply for tendering and non-tendering Shareholders in connection with a repurchase offer. For

example, if a Shareholder does not tender all of his or her Shares, such repurchase may not be treated as an exchange for

U.S. federal income tax purposes and may result in deemed distributions to non-tendering Shareholders. On the other

hand, Shareholders who tender all of their Shares (including Shares deemed owned by Shareholders under constructive

ownership rules) will be treated as having sold their Shares and generally will realize a capital gain or loss. Such gain or

loss is measured by the difference between the Shareholder's amount received and his or her adjusted tax basis of the

Shares. For non-corporate Shareholders, gain or loss from the transfer or repurchase of Shares generally will be taxable at

a U.S. federal income tax rate dependent upon the length of time the Shares were held. Shares held for a period of one year

or less at the time of such repurchase or transfer will, for U.S. federal income tax purposes, generally result in short-term

capital gains or losses, and those held for more than one year will generally result in long-term capital gains or losses.

The foregoing briefly summarizes some of the material federal income tax consequences to Shareholders of investing in

Shares, reflects the federal tax law as of the date of this prospectus, and does not address special tax rules applicable to

certain types of investors, such as corporate and foreign investors. Unless otherwise noted, this discussion assumes that an

investor is a U.S. person and holds the Shares as a capital asset. This discussion is based upon current provisions of the

Code, the regulations promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject to

change or differing interpretations by the courts or the IRS retroactively or prospectively. Investors should consult their

tax advisors regarding other federal, state or local tax considerations that may be applicable in their particular

circumstances, as well as any pending or proposed tax law changes.

------

Dividend Reinvestment Plan

Pursuant to the Dividend Reinvestment Plan (DRP) established by the Fund, each Shareholder will automatically

be a participant under the DRP and have all income distributions, whether dividend distributions or capital gains

distributions, automatically reinvested in additional Shares. Election not to participate in the DRP and to receive all

income distributions, whether dividend distributions or capital gains distributions, in cash may be made by notice to a

Shareholder's intermediary (who should be directed to inform the Fund). A Shareholder is free to change this election at

any time. If, however, a Shareholder elects to change its election within 95 days prior to a distribution, the request will be

effective only with respect to distributions after the 95-day period. A Shareholder whose Shares are registered in the name

of a nominee (such as an intermediary) must contact the nominee regarding its status under the DRP, including whether

such nominee will participate on such Shareholder's behalf as such nominee will be required to make any such election.

Generally, for U.S. federal income tax purposes, Shareholders receiving Shares under the DRP will be treated as having

received a distribution equal to amount payable to them in cash as a distribution had the Shareholder not participated in

the DRP.

Shares will be issued pursuant to the DRP at their NAV determined on the next valuation date following the ex-dividend

date (the last date of a dividend period on which an investor can purchase Shares and still be entitled to receive the

dividend). There is no sales load or other charge for reinvestment. A request for change of participation/non-participation

status in the DRP must be received by the Fund within the above timeframe to be effective for that dividend or capital gain

distribution. A Fund may terminate the DRP at any time upon written notice to the participants in the DRP. The Fund may

amend the DRP at any time upon 30 days' written notice to the participants. Any expenses of the DRP will be borne by

the Fund.

Description of Capital Structure

SUMMARY OF THE DECLARATION OF TRUST

An investor in the Fund will be a Shareholder of the Fund and his or her rights in the Fund will be established and

governed by the Fund's Declaration of Trust. The following is a summary description of additional items and of select

provisions of the Declaration of Trust that may not be described elsewhere in this Prospectus or the SAI. The description

of such items and provisions is not definitive and reference should be made to the complete text of the Declaration

of Trust.

LIABILITY; INDEMNIFICATION

Under Delaware law and the Declaration of Trust, each Shareholder will be liable for the debts and obligations of the

Fund only to the extent of the value of such Shareholder's Shares. The Declaration of Trust provides that the Trustees and

the Adviser (including certain of its affiliates, among others) shall not be liable to the Fund or any of the Shareholders for

any loss or damage occasioned by any act or omission in the performance of their services as such in the absence of willful

misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of their office or as

otherwise required by applicable law.

The Declaration of Trust also contains provisions for the indemnification, to the extent permitted by law, of the

members and former members of the Board and the Adviser (including certain of its affiliates, among others) by the Fund

(but not by the Shareholders individually) against any liability and expense to which any of them may be liable that arise

in connection with the performance of their activities on behalf of the Fund. None of these persons shall be personally

liable to any Shareholder by reason of any change in the federal or state income tax laws applicable to the Fund or its

Shareholders. The rights of indemnification and exculpation provided under the Declaration of Trust shall not be construed

so as to limit liability or provide for indemnification of the members and former members of the Board and the Adviser

(including certain of its affiliates, among others) for any liability (including liability under applicable federal or state

securities laws which, under certain circumstances, impose liability even on persons that act in good faith), to the extent

(but only to the extent) that such indemnification or limitation on liability would be in violation of applicable law, but shall

be construed so as to effectuate the applicable provisions of the Declaration of Trust to the fullest extent permitted by law.

AMENDMENT

The Declaration of Trust may generally be amended, in whole or in part, with the approval of a majority of the Trustees

(including a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act), if required by the

1940 Act). Shareholders have the right to vote on any amendment: (i) affecting their right to vote granted under the

Declaration of Trust; (ii) to the Declaration of Trust's amendment provision; (iii) for which such vote is required by law;

and (iv) submitted to them by the Trustees.

------

TERM, DISSOLUTION AND LIQUIDATION

The Fund may be dissolved upon the affirmative vote of a majority of the Trustees without Shareholder approval, unless

such approval is required by the 1940 Act. In doing so, the Trustees may: (i) sell the Fund's assets to another entity in

exchange for interests in the acquiring entity; or (ii) sell all of the Fund's assets for cash. Following such liquidation, and

after payments to creditors and payment of any Fund expenses, the Fund's Shareholders are entitled to receive the

proceeds of such sale, distributed in proportion to the number of Shares held by each Shareholder. Upon termination of the

Fund, the Fund will file a certificate terminating its existence as a Delaware statutory trust.

SHARES

General.

The Fund has received the Multi-Class Exemptive Relief. Under the terms of the Multi-Class Exemptive

Relief, the Fund is subject to Rule 18f-3 under the 1940 Act. The Fund has adopted a Multi-Class Plan pursuant to Rule

18f-3 under the 1940 Act. Under the Multi-Class Plan, Shares of each class of the Fund represent an equal pro rata interest

in the Fund and, generally, have identical voting, dividend, liquidation, and other rights, preferences, powers, restrictions,

limitations, qualifications and terms and conditions, except as discussed herein. The Fund continuously offers and sells

two separate classes of Shares designated as IS class and SS class shares. From time to time, the Board may create and

offer additional classes of Shares, or may vary the characteristics of the IS class and SS class described herein, including

without limitation, in the following respects: (1) the amount of fees permitted by a distribution and/or service plan as to

such class; (2) voting rights with respect to a distribution and/or service plan as to such class; (3) different class

designations; (4) the impact of any class expenses directly attributable to a particular class of Shares; (5) differences in any

dividends and net asset values resulting from differences in fees under a distribution and/or service plan or in class

expenses; (6) the addition of sales loads; and (7) any conversion features, as permitted under the 1940 Act. Each Share has

equal voting, dividend, distribution and liquidation rights, subject to the description below. All Shares are sold at the most

recently calculated net asset value per Share as of the date on which the purchase is accepted. The net asset value of a

Share is determined by dividing the Fund's aggregate net asset value by the number of Shares outstanding at the applicable

date. The IS class net asset value and the SS class net asset value will be calculated separately based on the fees and

expenses applicable to each class. Because of differing class fees and expenses, the per Share net asset value of the classes

will vary over time.

Reserves.

Appropriate reserves may be created, accrued, and charged against net assets for contingent liabilities as of

the date the contingent liabilities become known to the Fund. Reserves will be in such amounts (subject to increase or

reduction) that the Fund may deem necessary or appropriate. The amount of any reserve (or any increase or decrease

therein) will be proportionately charged or credited, as appropriate, against net assets.

Voting.

Each Shareholder has the right to cast a number of votes equal to the number of Shares held by such

Shareholder at a meeting of Shareholders called by the Board. Shareholders are entitled to vote on any matter as set forth

in the Declaration of Trust and the 1940 Act. Notwithstanding their ability to exercise their voting privileges, Shareholders

in their capacity as such are not entitled to participate in the management or control of the Fund's business, and may not

act for or bind the Fund.

Purchase Terms

The Fund offers two separate classes of Shares designated as IS class and SS class to certain eligible individual and

institutional investors. The Fund currently intends to accept purchases of Shares as of the last business day of each

calendar month, typically following 30 calendar days' advance notice, or at such other times as may be determined by the

Board. The 30 calendar day advance notice may be waived at the discretion of the Fund. The Board may discontinue

accepting purchases on a monthly basis at any time. Any amounts received in connection with the offer of Shares and

closings will promptly be placed in an escrow account prior to their investment in the Fund. All purchases are subject to

the receipt of cleared funds on the applicable purchase date in the full amount of the purchase. Although the Fund may

accept, in its sole discretion, a purchase prior to receipt of cleared funds, an investor may not become a Shareholder until

cleared funds have been received. The investor must also submit a completed application before the applicable purchase

date. The Fund reserves the right to reject any purchase of Shares and the Adviser may, in its sole discretion, suspend the

offer of Shares at any time.

All Shares are sold at the most recently calculated net asset value per Share as of the date on which the purchase is

accepted. The minimum initial investment in the Fund's IS class by any account is $100,000, and the minimum additional

investment in the Fund's IS class is $25,000. The minimum initial investment in the Fund's SS class by any account is

$50,000, and the minimum additional investment in the Fund's SS class is $25,000. The Fund may accept investments for

a lesser amount under certain circumstances, as determined by the Adviser. Investors that are employees of the Adviser or

its affiliates are eligible to invest in Shares and may be subject to lower minimum investments than other investors.

------

Certain selling brokers, dealers or banks and financial advisors may impose higher or lower minimum investment levels or

other requirements than those imposed by the Fund. The investment minimum with respect to Shares purchased through

an omnibus account, including an omnibus account of a bank, broker-dealer, trust company and plan recordkeeper, is

calculated at the omnibus account level.

Except as otherwise permitted by the Fund, initial and any additional purchases of Shares of the Fund by any

Shareholder must be paid by wire, and all contributions must be transmitted by the time and in the manner that is specified

in the application. Initial and any additional contributions to the capital of the Fund must be made in a single payment.

Although the Fund may, in its discretion, accept contributions of securities, the Fund does not currently intend to accept

contributions of securities. If the Fund chooses to accept a contribution of securities, the securities would be valued in the

same manner that the Fund values its other assets. Because of anti-money laundering concerns, the Fund will not accept

investments made in cash. For this purpose, cash includes currency (i.e., coin or paper money), cashier's checks, bank

drafts, travelers' checks, and money orders.

Financial intermediaries may also impose fees (subject to compliance with applicable FINRA rules), terms and

conditions on investor accounts and investments in the Fund that are in addition to the fees, terms and conditions set forth

in the Prospectus. Such terms and conditions are not imposed by the Fund, the Distributor or any other service provider of

the Fund. Any terms and conditions imposed by a financial intermediary, or operational limitations applicable to such

parties, may affect or limit a shareholder's ability to subscribe for Shares, or otherwise transact business with the Fund.

Investors should direct any questions regarding terms and conditions applicable to their accounts or relevant operational

limitations to the financial intermediary.

Determination of Net Asset Value

Pricing of Fund Shares

The net asset value of the Fund is determined as of the end of regular trading on the New York Stock Exchange (NYSE)

(normally, 4:00 p.m., Eastern time) each day the NYSE is open. The Fund calculates the NAV by valuing its assets,

subtracting its liabilities and dividing the balance by the number of Shares outstanding. The IS class NAV plus the SS

class NAV equals the total NAV of the Fund. The IS class NAV and the SS class NAV will be calculated separately based

on the fees and expenses applicable to each class. Because of differing class fees and expenses, the per Share net asset

value of the classes will vary over time. The Fund's current NAV and/or public offering price may be found at

FederatedHermes.com/us/Products/Closed-End-Funds/Project And Trade Finance Tender

, via online news sources and in

certain newspapers.

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.

The Valuation Committee is also authorized to use pricing specialists to provide fair value evaluations of the current

value of certain investments for purposes of calculating the NAV, including most trade finance related securities and other

debt securities. The Fund's SAI discusses the methods used by pricing services and the Valuation Committee in

valuing investments.

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:

■

Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale

price or official closing price in their principal exchange or market.

■

Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Adviser.

■

Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are

valued at the mean of closing bid and ask quotations.

■

Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service

approved by the Adviser.

------

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if

the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a

reasonable period of time as set forth in the Adviser's valuation policies and procedures, or if information furnished by a

pricing service, in the opinion of the Valuation Committee, is deemed not representative of the fair value of such security,

the Fund uses the fair value of the investment determined in accordance with the procedures generally described below.

There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at

approximately the time at which the Fund determines its NAV per share.

Shares of other mutual funds are valued based upon their reported NAVs. The prospectuses for these mutual funds

explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing.

Fair Valuation and Significant Events Procedures

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for

which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and

certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The

Valuation Committee is also authorized to use pricing services to provide price evaluations of the current fair value of

certain investments for purposes of calculating the NAV. In the event that market quotations and price evaluations are not

available for an investment, the Valuation Committee determines the fair value of the investment in accordance with

procedures adopted by the Adviser as the valuation designee. The Board periodically reviews the fair valuations made by

the Valuation Committee. The Board has also approved the Adviser's fair valuation and significant events procedures as

part of the Fund's compliance program and will review any changes made to the procedures. The Fund's SAI discusses the

methods used by pricing services and the Valuation Committee in valuing investments.

Using fair value to price investments may result in a value that is different from an investment's most recent closing

price and from the prices used by other registered funds to calculate their NAVs. The application of the fair value

procedures to an investment represents a good faith determination of such investment's fair value. There can be no

assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the

time at which the Fund determines its NAV per share, and the actual value could be materially different.

The Adviser also has adopted procedures requiring an investment to be priced at its fair value whenever the Valuation

Committee determines that a significant event affecting the value of the investment has occurred between the time as of

which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An

event is considered significant if there is both an affirmative expectation that the investment's value will change in

response to the event and a reasonable basis for quantifying the resulting change in value.

Examples of significant events that may occur after the close of the principal market on which a security is traded, or

after the time of a price evaluation provided by a pricing service or a dealer, include:

■

With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the

trading of foreign securities index futures contracts;

■

Political or other developments affecting the economy or markets in which an issuer conducts its operations or its

securities are traded; and

■

Announcements concerning matters such as acquisitions, recapitalizations or litigation developments or a natural

disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry.

The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value

of certain investments for purposes of calculating the NAV. The Fund's investments in trade finance agreements are

primarily determined by applying discounted cash flow methodologies utilizing various inputs such as available or implied

credit ratings, loan characteristics, seniority, collateral, comparable debt instruments, yield curves or indices, broader loan

data, bond data and bond sector curves. When appropriate, other considerations may include asset liquidation analyses,

internal credit assessments and general market conditions. The Fund utilizes third-party pricing specialists in determining

its valuations. Typically, there are no other sources of evaluations for these investments and the inputs utilized are less

observable. Additionally, trade finance agreements are typically held to maturity by investors and therefore do not trade on

a consistent basis. Accordingly, executed trade prices are usually unavailable and thus, generally cannot be relied upon to

support valuations of these investments. Therefore, inputs unobservable in active markets must be relied upon more

heavily. The prices realized for these investments upon sale may be different than prices used by the Fund to value them

and the differences could be material.

------

The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to

update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective

foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more

current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not

available, the Valuation Committee will determine the fair value of the investment. The Board periodically reviews fair

valuations made in response to significant events.

The fair valuation of securities following a significant event can serve to reduce arbitrage opportunities for short-term

traders to profit at the expense of long-term investors in the Fund. For example, such arbitrage opportunities may exist

when the market on which portfolio securities are traded closes before the Fund calculates its NAV, which is typically the

case with Asian and European markets. However, there is no assurance that these significant event procedures will prevent

dilution of the NAV by short-term traders.

Repurchases and Transfers of Shares

No Right of Redemption

No Shareholder or other person holding Shares acquired from a shareholder will have the right to require the Fund to

repurchase those Shares. There is no public market for Shares, and none is expected to develop. With limited exceptions,

Shares are not transferable and liquidity normally will be provided only through repurchase offers that will be made from

time to time by the Fund, as described below. Any transfer of Shares in violation of the Declaration of Trust, which

requires Board approval of any transfer, will not be permitted and will be void. Consequently, Shareholders may not be

able to liquidate their investment other than as a result of repurchases of Shares by the Fund, as described below. For

information on the Fund's policies regarding transfers of Shares, see "Repurchases, Mandatory Repurchases and Transfers

of Shares" in the SAI.

Repurchases of Shares

At the discretion of the Board and provided that it is in the best interests of the Fund and Shareholders to do so, the

Fund intends to provide a limited degree of liquidity to the Shareholders by conducting repurchase offers generally

quarterly (or more or less frequently as determined by the Board in its discretion). In each repurchase offer, the Fund may

offer to repurchase its Shares at their NAV on the relevant valuation date

.

Shareholders should be aware that the Fund is likely to offer to repurchase only a limited percentage of Shares at the

Board'

s discretion

(for example,

5-15% of the net asset value of the Fund)

,

potentially resulting in limited liquidity for any

particular Shareholder desiring to participate in a repurchase offer.

The Fund will

disclose the percentage of net assets

of

the Fund

eligible to be repurchased at the time the repurchase offer is made

. If the value of Shares tendered for repurchase

exceeds the value the Fund intended to repurchase, the Fund, in its sole discretion, may: (a) accept the additional Shares

permitted to be accepted pursuant to Rule 13e-4(f) under the Exchange Act; or (b) determine to repurchase less than the

full number of Shares tendered. In the event less than the full number of Shares tendered will be repurchased, Shareholders

will have their Shares repurchased on a

pro rata

basis, and tendering Shareholders will not have all of their tendered

Shares repurchased by the Fund. Shareholders tendering Shares for repurchase will be asked to give written notice of their

intent to do so as soon as practicable and in any event by no later than the date specified in the notice describing the terms

of the applicable repurchase offer

.

The

Fund will not accept any repurchase

request

received by it or its designated agent

after

such date

.

In determining whether the Fund should repurchase Shares from Shareholders pursuant to written tenders, the Board

will consider a variety of factors. The Board expects that the Fund will ordinarily offer to repurchase Shares from

Shareholders quarterly. The

Board

will

consider the following factors, among others, in making its determination:

■

whether any Shareholders have requested to tender Shares to the Fund;

■

the liquidity of the Fund's assets;

■

the investment plans and working capital requirements of the Fund;

■

the relative economies of scale with respect to the size of the Fund;

■

the history of the Fund in repurchasing Shares;

■

the availability of information as to the value of the Fund's assets;

■

the anticipated tax consequences to the Fund of any proposed repurchases of Shares; and

■

the economic condition of the securities markets and the economy generally as well as political, national or

international developments or current affairs.

The Fund has the right to repurchase Shares from a Shareholder if the Board determines that the repurchase is in the

best interests of the Fund or upon the occurrence of certain events specified in the Fund's Declaration of Trust.

------

The Fund will make repurchase offers, if any, to all of its Shareholders on the same terms. This practice may affect the

size of the Fund's offers. Subject to the Fund's investment restriction with respect to borrowings, the Fund may borrow

money or issue debt obligations to finance its repurchase obligations pursuant to any such repurchase offer.

Payment for repurchased Shares may require the Fund to liquidate a portion of its portfolio holdings earlier than the

Adviser would otherwise liquidate these holdings, which may result in losses, and may increase the Fund's

portfolio turnover.

When Shares are repurchased by the Fund, Shareholders will generally receive cash distributions equal to the value of

the Shares repurchased. However, in the sole discretion of the Fund, the proceeds of repurchases of Shares may be paid by

the in-kind distribution of securities held by the Fund, or partly in cash and partly in-kind. The Fund does not expect to

distribute securities in-kind except in unusual circumstances, such as in the unlikely event that the Fund does not have

sufficient cash to pay for Shares that are repurchased or if making a cash payment would result in a material adverse effect

on the Fund or on Shareholders not tendering Shares for repurchase. See "Risk Factors

–

Illiquidity of Shares" and "Risk

Factors

–

Potential Consequences of Regular Repurchase Offers" for more information. Repurchases will be effective after

receipt of all eligible written tenders of Shares from Shareholders and acceptance by the Fund.

The Adviser will determine whether to attempt to liquidate investments that are illiquid or difficult to value (which may

cause the Fund to incur certain expenses in connection with the valuation or liquidation of such investments), hold it in the

Fund's portfolio or distribute it to investors in the Fund in connection with a repurchase by the Fund.

A repurchase in kind is less liquid than a cash redemption. If a repurchase 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.

Repurchase Procedures

Due to liquidity restraints associated with the Fund's investments it is expected that, under the procedures applicable to

the repurchase of Shares, Shares will be valued as of the applicable

valuation date

. As a result, the Fund intends to hold a

significant amount of cash or cash equivalents (the amount may vary, but typically 5-15% of the Fund's net asset value) to

satisfy any potential repurchase requests. An allocation of cash or cash equivalents above the amount of the outstanding

repurchase offers also may be maintained to operate the Fund and effect its investment program. When the Fund holds

cash or cash equivalents, it is unable to invest those assets in other investments consistent with its investment objective

and investment strategies, and the Fund may receive less returns on such cash and cash equivalents as compared to such

other investments. Accordingly, the Fund's performance may be negatively impacted by holding cash or cash equivalents

in

such amounts

.

As stated above, if a repurchase offer is oversubscribed by Shareholders who tender Shares for repurchase (and not

increased), the Fund may repurchase only a

pro rata

portion of the Shares tendered by each Shareholder.

The Fund's Board will determine, in its discretion, the period within which the Fund will repurchase Shares and remit

the repurchase price after the expiration date of the repurchase offer, and such period will be disclosed to Shareholders at

the time a repurchase offer is made.

Repurchases of Shares by the Fund are subject to Rule 13e-4 under the Exchange Act

and will be made only in accordance with such rule.

Additional Liquidity Information

: If a Shareholder submits Shares for repurchase by the Fund in accordance with the

Fund's

tender offer procedures and the Fund has not repurchased all of those Shares within three years from the

relevant

valuation date

of the applicable repurchase offer period, then the Fund will, in accordance with the terms of its Declaration

of Trust, be dissolved and liquidated.

Mandatory Repurchase by the Fund

The Declaration of Trust provides that the Fund may repurchase Shares of a Shareholder or any person acquiring Shares

from or through a shareholder under certain circumstances, including if: (i) ownership of the Shares by the Shareholder or

other person will cause the Fund to be in violation of certain laws; (ii) continued ownership of the Shares may adversely

affect the Fund; (iii) any of the representations and warranties made by a Shareholder in connection with the acquisition of

the Shares was not true when made or has ceased to be true; or (iv) it would be in the best interests of the Fund to

repurchase the Shares or a portion thereof. Notwithstanding the foregoing, involuntary repurchases will be conducted in

accordance with Rule 23c-2 under the 1940 Act. Shareholders whose Shares, or a portion thereof, are repurchased by the

Fund will not be entitled to a return of any amount of sales load, if any, that may have been charged in connection with the

Shareholder's purchase of the Shares.

------

Distribution Arrangements

The Distributor acts as the distributor of Shares on a best effort basis, subject to various conditions, pursuant to the

terms of a General Distributor's Agreement entered into with the Fund. The IS class may be purchased through the

Distributor and the SS class may be purchased through advisers, brokers, dealers or banks that have entered into selling

agreements with the Distributor. The Distributor maintains its principal office at 1001 Liberty Avenue, Pittsburgh,

PA 15222-3779.

Shares are offered and may be purchased on a monthly basis, or at such other times as may be determined by the Board.

Neither the Distributor nor any other adviser, broker, dealer or bank is obligated to buy from the Fund any of the Shares.

The Distributor does not intend to make a market in Shares. To the extent consistent with applicable law, the Fund has

agreed to indemnify the Distributor and its affiliates and any brokers, advisers or banks and their affiliates that have

entered into selling agreements with the Distributor against certain liabilities.

Shares are being offered only to investors that meet all requirements to invest in the Fund. The minimum initial

investment in the Fund's IS class by an investor is $100,000, and the minimum additional investment in the Fund's IS

class is $25,000. The minimum initial investment in the Fund's SS class by an investor is $50,000, and the minimum

additional investment in the Fund's SS class is $25,000. The minimum investment may be modified by the Fund from time

to time. Investors that are employees of the Adviser or its affiliates are eligible to invest in Shares and may be subject to

lower minimum investments than other investors. In addition, the SS class has a distinct distribution arrangement from the

IS class. The SS class is distributed through advisers, brokers, dealers or banks that have entered into selling agreements

with the Distributor. Initially, the SS class is expected to be offered to advisers and distributed through certain clearing

platforms in order to provide advisers a trade clearing platform for the SS class. In contrast, the IS class is sold exclusively

to direct investors in the Fund through the Distributor.

The Fund's SS class is subject to an annual shareholder servicing fee of up to a maximum of 0.25%; however, the SS

class will only incur and pay up to 0.10% of such shareholder servicing fees. The SS class of the Fund will not incur and

pay such fees to exceed 0.10% until such time as approved by the Board. The Fund may incur and pay certain

recordkeeping fees on its SS class up to a maximum of 0.10%. No such fees are currently anticipated to be incurred and

paid by the SS class of the Fund. The SS class of the Fund will not incur and pay such fees until such time as approved by

the Board. The IS class is not subject to a shareholder servicing fee or recordkeeping fee.

The Fund is indirectly subject to a Financial Industry Regulatory Authority, Inc. (FINRA) cap on compensation paid to

FINRA member firms. The cap includes any sales load and distribution and servicing fee. The maximum compensation

payable to all FINRA member firms (in the aggregate) participating in the Fund's distribution will comply with FINRA

Rule 2341.

All investor funds for this closing of the sale of Shares and for closings of subsequent offerings will be deposited in an

escrow account maintained by an escrow agent for the benefit of the investors. Funds held in the escrow account will not

earn interest.

Custodian and Transfer Agent

State Street Bank & Trust Company is the custodian of the Fund and will maintain custody of the securities and cash of

the Fund. State Street Bank & Trust Company maintains the Fund's general ledger and computes net asset value per

share daily.

SS&C GIDS, Inc. is the transfer agent and dividend disbursing agent of the Fund.

Legal Opinions

Certain legal matters in connection with the Shares will be passed upon for the Fund by K&L Gates LLP,

Boston, Massachusetts.

Reports To Shareholders

The Fund will send to Shareholders unaudited semi-annual and audited annual reports, including a list of

investments held.

Independent Registered Public Accounting Firm

KPMG LLP

is the independent registered public accounting firm for the Fund and will audit the Fund's

financial statements.

------

Additional Information

The Prospectus and the Statement of Additional Information do not contain all of the information set forth in the

Registration Statement that the Fund has filed with the Securities Exchange Commission. The complete Registration

Statement may be obtained from the Securities Exchange Commission upon payment of the fee prescribed by its rules and

regulations. The Statement of Additional Information can be obtained without charge by calling 1-855-328-0109.

Statements contained in this prospectus as to the contents of any contract or other documents referred to are not

necessarily complete, and, in each instance, reference is made to the copy of such contract or other document filed as an

exhibit to the Registration Statement of which this prospectus forms a part, each such statement being qualified in all

respects by such reference.

AUTHORIZED SHARES

As of the date of this Prospectus, there are two classes of Shares authorized as follows:

---

| | | | |
|:---|:---|:---|:---|
| (1)<br>Title of Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)<br>Amount Authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)<br>Amount held by the Fund<br>or for its Account<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)<br>Amount Outstanding<br>Exclusive of Amount<br>Shown Under (3)<br>|
| Institutional Shares | Unlimited | N/A | 92231178.14 |
| Service Shares | Unlimited | N/A | 0 |

---

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

SPECIAL PROVISION FOR ABANDONED OR UNCLAIMED PROPERTY

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.

------

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 $1,000, assuming a 5% return each

year, and no repurchase 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 "Summary of Fund Expenses" table of this Prospectus (and thus does not reflect any fee waiver

or expense reimbursement currently in effect). 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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND - IS CLASS | FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND - IS CLASS | FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND - IS CLASS | FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND - IS CLASS | FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND - IS CLASS | FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND - IS CLASS |
| ANNUAL EXPENSE RATIO: 0.64% | ANNUAL EXPENSE RATIO: 0.64% | ANNUAL EXPENSE RATIO: 0.64% | ANNUAL EXPENSE RATIO: 0.64% | ANNUAL EXPENSE RATIO: 0.64% | ANNUAL EXPENSE RATIO: 0.64% |
| MAXIMUM FRONT-END SALES CHARGE: NONE | MAXIMUM FRONT-END SALES CHARGE: NONE | MAXIMUM FRONT-END SALES CHARGE: NONE | MAXIMUM FRONT-END SALES CHARGE: NONE | MAXIMUM FRONT-END SALES CHARGE: NONE | MAXIMUM FRONT-END SALES CHARGE: NONE |
| Year | Hypothetical<br>**Beginning** <br>Investment<br>| **Hypothetical** <br>**Performance** <br>Earnings<br>| **Investment** <br>After<br>Returns<br>| **Hypothetical** <br>Expenses<br>| **Hypothetical** <br>Ending<br>Investment<br>|
| 1 | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$50.00 | &nbsp;&nbsp;$1050.00 | &nbsp;&nbsp;$6.54 | &nbsp;&nbsp;$1043.60 |
| 2 | &nbsp;&nbsp;$1043.60 | &nbsp;&nbsp;$52.18 | &nbsp;&nbsp;$1095.78 | &nbsp;&nbsp;$6.82 | &nbsp;&nbsp;$1089.10 |
| 3 | &nbsp;&nbsp;$1089.10 | &nbsp;&nbsp;$54.46 | &nbsp;&nbsp;$1143.56 | &nbsp;&nbsp;$7.12 | &nbsp;&nbsp;$1136.58 |
| 4 | &nbsp;&nbsp;$1136.58 | &nbsp;&nbsp;$56.83 | &nbsp;&nbsp;$1193.41 | &nbsp;&nbsp;$7.43 | &nbsp;&nbsp;$1186.13 |
| 5 | &nbsp;&nbsp;$1186.13 | &nbsp;&nbsp;$59.31 | &nbsp;&nbsp;$1245.44 | &nbsp;&nbsp;$7.76 | &nbsp;&nbsp;$1237.85 |
| 6 | &nbsp;&nbsp;$1237.85 | &nbsp;&nbsp;$61.89 | &nbsp;&nbsp;$1299.74 | &nbsp;&nbsp;$8.09 | &nbsp;&nbsp;$1291.82 |
| 7 | &nbsp;&nbsp;$1291.82 | &nbsp;&nbsp;$64.59 | &nbsp;&nbsp;$1356.41 | &nbsp;&nbsp;$8.45 | &nbsp;&nbsp;$1348.14 |
| 8 | &nbsp;&nbsp;$1348.14 | &nbsp;&nbsp;$67.41 | &nbsp;&nbsp;$1415.55 | &nbsp;&nbsp;$8.82 | &nbsp;&nbsp;$1406.92 |
| 9 | &nbsp;&nbsp;$1406.92 | &nbsp;&nbsp;$70.35 | &nbsp;&nbsp;$1477.27 | &nbsp;&nbsp;$9.20 | &nbsp;&nbsp;$1468.26 |
| 10 | &nbsp;&nbsp;$1468.26 | &nbsp;&nbsp;$73.41 | &nbsp;&nbsp;$1541.67 | &nbsp;&nbsp;$9.60 | &nbsp;&nbsp;$1532.28 |
| Cumulative |  | &nbsp;&nbsp;$610.43 |  | &nbsp;&nbsp;$79.83 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND - SS CLASS | FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND - SS CLASS | FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND - SS CLASS | FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND - SS CLASS | FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND - SS CLASS | FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND - SS CLASS |
| ANNUAL EXPENSE RATIO: 0.74% | ANNUAL EXPENSE RATIO: 0.74% | ANNUAL EXPENSE RATIO: 0.74% | ANNUAL EXPENSE RATIO: 0.74% | ANNUAL EXPENSE RATIO: 0.74% | ANNUAL EXPENSE RATIO: 0.74% |
| MAXIMUM FRONT-END SALES CHARGE: NONE | MAXIMUM FRONT-END SALES CHARGE: NONE | MAXIMUM FRONT-END SALES CHARGE: NONE | MAXIMUM FRONT-END SALES CHARGE: NONE | MAXIMUM FRONT-END SALES CHARGE: NONE | MAXIMUM FRONT-END SALES CHARGE: NONE |
| Year | Hypothetical<br>Beginning<br>Investment<br>| Hypothetical<br>Performance<br>Earnings<br>| Investment<br>After<br>Returns<br>| Hypothetical<br>Expenses<br>| Hypothetical<br>Ending<br>Investment<br>|
| 1 | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$50.00 | &nbsp;&nbsp;$1050.00 | &nbsp;&nbsp;$7.56 | &nbsp;&nbsp;$1042.60 |
| 2 | &nbsp;&nbsp;$1042.60 | &nbsp;&nbsp;$52.13 | &nbsp;&nbsp;$1094.73 | &nbsp;&nbsp;$7.88 | &nbsp;&nbsp;$1087.01 |
| 3 | &nbsp;&nbsp;$1087.01 | &nbsp;&nbsp;$54.35 | &nbsp;&nbsp;$1141.36 | &nbsp;&nbsp;$8.22 | &nbsp;&nbsp;$1133.32 |
| 4 | &nbsp;&nbsp;$1133.32 | &nbsp;&nbsp;$56.67 | &nbsp;&nbsp;$1189.99 | &nbsp;&nbsp;$8.57 | &nbsp;&nbsp;$1181.60 |
| 5 | &nbsp;&nbsp;$1181.60 | &nbsp;&nbsp;$59.08 | &nbsp;&nbsp;$1240.68 | &nbsp;&nbsp;$8.93 | &nbsp;&nbsp;$1231.94 |
| 6 | &nbsp;&nbsp;$1231.94 | &nbsp;&nbsp;$61.60 | &nbsp;&nbsp;$1293.54 | &nbsp;&nbsp;$9.31 | &nbsp;&nbsp;$1284.42 |
| 7 | &nbsp;&nbsp;$1284.42 | &nbsp;&nbsp;$64.22 | &nbsp;&nbsp;$1348.64 | &nbsp;&nbsp;$9.71 | &nbsp;&nbsp;$1339.14 |
| 8 | &nbsp;&nbsp;$1339.14 | &nbsp;&nbsp;$66.96 | &nbsp;&nbsp;$1406.10 | &nbsp;&nbsp;$10.12 | &nbsp;&nbsp;$1396.19 |
| 9 | &nbsp;&nbsp;$1396.19 | &nbsp;&nbsp;$69.81 | &nbsp;&nbsp;$1466.00 | &nbsp;&nbsp;$10.55 | &nbsp;&nbsp;$1455.67 |
| 10 | &nbsp;&nbsp;$1455.67 | &nbsp;&nbsp;$72.78 | &nbsp;&nbsp;$1528.45 | &nbsp;&nbsp;$11.00 | &nbsp;&nbsp;$1517.68 |
| Cumulative |  | &nbsp;&nbsp;$607.60 |  | &nbsp;&nbsp;$91.85 |  |

---

------

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

![](g948077g1fhilogok11p_2.jpg)

Federated Hermes Project and Trade Finance Tender Fund

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

Contact us at FederatedHermes.com/us

or call 1-855-328-0109.

CUSIP 31424D104

CUSIP 31424D401

Q453200 (7/25)© 2025 Federated Hermes, Inc.

------

**Statement of Additional Information**

***July 25, 2025***

![](g440817img75c96fa21.gif)

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Institutional** | **Service** |

---

------

Federated Hermes Project and Trade Finance Tender Fund

------

This Statement of Additional Information (SAI) is not a Prospectus and is authorized for distribution to prospective investors only if preceded or accompanied by the Prospectus of Federated Hermes Project and Trade Finance Tender Fund dated July 25, 2025, as supplemented from time to time, which is incorporated herein by reference. This SAI should be read in conjunction with such prospectus, a copy of which may be obtained without charge by contacting your financial intermediary or calling the fund at 1-855-328-0109.

---

| | |
|:---|:---|
|  | **Contents** |
| 1 | [Investment Strategy](#xx_f7fafb2f-e2a6-480b-80c8-b673554e9f35_1) |
| 1 | [Investments, Techniques, Risks](#xx_f7fafb2f-e2a6-480b-80c8-b673554e9f35_1)[and Limitations](#xx_f7fafb2f-e2a6-480b-80c8-b673554e9f35_1) |
| 7 | [Investment Risks](#xx_f7fafb2f-e2a6-480b-80c8-b673554e9f35_7) |
| 11 | [Investment Restrictions](#xx_f7fafb2f-e2a6-480b-80c8-b673554e9f35_11) |
| 13 | [Management of](#xx_f7fafb2f-e2a6-480b-80c8-b673554e9f35_13)[the Fund](#xx_f7fafb2f-e2a6-480b-80c8-b673554e9f35_13) |
| 25 | [Investment Advisory and](#xx_f7fafb2f-e2a6-480b-80c8-b673554e9f35_25)[Other Services](#xx_f7fafb2f-e2a6-480b-80c8-b673554e9f35_25) |
| 34 | [Portfolio Trading](#xx_f7fafb2f-e2a6-480b-80c8-b673554e9f35_34) |
| 35 | [Taxes](#xx_f7fafb2f-e2a6-480b-80c8-b673554e9f35_35) |
| 38 | [Other Information](#xx_f7fafb2f-e2a6-480b-80c8-b673554e9f35_38) |
| 39 | [Financial Information](#xx_f7fafb2f-e2a6-480b-80c8-b673554e9f35_39) |
| 40 | [Addresses](#xx_08f16920-f8fd-4b6b-8b66-5dd068f2ed8d_1) |

---

Federated Hermes Project and Trade Finance Tender Fund

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

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

or call 1-855-328-0109.

Federated Securities Corp., Distributor

*Q453203 (7/25)*© 2025 Federated Hermes, Inc.

------

Capitalized terms used in this SAI and not otherwise defined have the meanings given to them in the Fund's Prospectus.

Investment Strategy

Primary investment strategies are described in the Prospectus. The following is a description of the various additional investment policies that may be engaged in, whether as a primary or secondary strategy, and a summary of certain attendant risks. The Adviser may not buy any of the following instruments or use any of the following techniques unless it believes that doing so will help to achieve the Fund's investment objective.

The Fund may invest in equity securities, including common stocks, warrants, or rights. Additionally, the Fund may hold equity interests acquired in conjunction with investments in bonds, loans or other similar instruments of the same or a related issuer, which may include equity interests embedded in or attached to such instrument, equity interests that are separate investments in which the Fund has the ability to invest by virtue of its ownership in such instrument of the same or a related issuer, and equity interests received in respect of ownership of such instrument in connection with a financial restructuring or reorganization. Such investments may include, among other equity interests, common and preferred stock, warrants and stock participation rights.

Investments, Techniques, Risks and Limitations

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** 

**EQUITY SECURITIES** 

Equity securities represent a share of an issuer's earnings and assets, after the issuer pays its liabilities. The Fund cannot predict the income it will receive from equity securities because issuers generally have discretion as to the payment of any dividends or distributions. However, equity securities offer greater potential for appreciation than many other types of securities, because their value increases directly with the value of the issuer's business. The following describes the types of equity securities in which the Fund invests.

**Common Stocks** 

Common stocks are the most prevalent type of equity security. Common stocks receive the issuer's earnings after the issuer pays its creditors and any preferred stockholders. As a result, changes in an issuer's earnings directly influence the value of its common stock.

**Preferred Stocks** 

Preferred stocks have the right to receive specified dividends or distributions before the issuer makes payments on its common stock. Some preferred stocks also participate in dividends and distributions paid on common stock. Preferred stocks may also permit the issuer to redeem the stock. The Fund may also treat such redeemable preferred stock as a fixed-income security.

**Interests in Other Limited Liability Companies** 

Entities such as limited partnerships, limited liability companies, business trusts and companies organized outside the United States may issue securities comparable to common or preferred stock.

**Warrants** 

Warrants give the Fund the option to buy the issuer's equity securities at a specified price (the "exercise price") at a specified future date (the "expiration date"). The Fund may buy the designated securities by paying the exercise price before the expiration date. Warrants may become worthless if the price of the stock does not rise above the exercise price by the expiration date. This increases the market risks of warrants as compared to the underlying security. Rights are the same as warrants, except companies typically issue rights to existing stockholders.

**1**

------

**Fixed-Income Securities** 

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

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

The following describes the types of fixed-income securities in which the Fund invests. This information is either additional information in respect of a principal security referenced in the Prospectus or information in respect of a non-principal security (in which case there is no related disclosure in the Prospectus).

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

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

The mortgage loan collateral for non-agency MBS consists of residential mortgage loans that do not conform to GSEs underwriting guidelines. Non-agency MBS generally offer a higher yield than agency MBS because there are no direct or indirect government guarantees of payment.

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

**DERIVATIVE CONTRACTS** 

Derivative contracts are financial instruments that derive their value from underlying securities, commodities, currencies, indices or other assets or instruments, including other derivative contracts (each a "Reference Instrument" and collectively, "Reference Instruments"). The most common types of derivative contracts are swaps, futures and options, and the major asset classes include interest rates, equities, commodities and foreign exchange. Each party to a derivative contract may sometimes be referred to as a "counterparty." Some derivative contracts require payments relating to an actual, future trade involving the Reference Instrument. These types of derivatives are frequently referred to as "physically settled" derivatives. Other derivative contracts require payments relating to the income or returns from, or changes in the market value of, a Reference Instrument. These types of derivatives are known as "cash settled" derivatives, since they require cash payments in lieu of delivery of the Reference Instrument.

Many derivative contracts are traded on exchanges. In these circumstances, the relevant exchange sets all the terms of the contract except for the price. Parties to an exchange-traded derivative contract make payments through the exchange. Most exchanges require traders to maintain margin accounts through their brokers to cover their potential obligations to the exchange. Parties to the contract make or collect daily payments to the margin accounts to reflect losses (or gains), respectively, in the value of their contracts. This protects traders against a potential default by their counterparty. Trading contracts on an exchange also allows traders to hedge or mitigate certain risks or carry out more complex trading strategies by entering into offsetting contracts.

**2**

------

For example, the Fund could close out an open contract to buy an asset at a future date by entering into an offsetting contract to sell the same asset on the same date. If the offsetting sale price is more than the original purchase price, the Fund realizes a gain; if it is less, the Fund realizes a loss. Exchanges may limit the amount of open contracts permitted at any one time. Such limits may prevent the Fund from closing out a position. If this happens, the Fund will be required to keep the contract open (even if it is losing money on the contract), and to make any payments required under the contract (even if it has to sell portfolio securities at unfavorable prices to do so). Inability to close out a contract could also harm the Fund by preventing it from disposing of or trading any assets it has been using to secure its obligations under the contract.

The Fund may also trade derivative contracts over-the-counter (OTC), meaning off-exchange, in transactions negotiated directly between the Fund and an eligible counterparty, which may be a financial institution. OTC contracts do not necessarily have standard terms, so they may be less liquid and more difficult to close out than exchange-traded derivative contracts. In addition, OTC contracts with more specialized terms may be more difficult to value than exchange-traded contracts, especially in times of financial stress.

The market for swaps and other OTC derivatives was largely unregulated prior to the enactment of federal legislation known as the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). Regulations enacted by the Commodity Futures Trading Commission (the "CFTC") under the Dodd-Frank Act require the Fund to clear certain types of swap contracts (including certain interest rate and credit default swaps) through a central clearinghouse known as a derivatives clearing organization (DCO).

To clear a swap through a DCO, the Fund will submit the contract to, and post margin with, a futures commission merchant (FCM) that is a clearinghouse member. The Fund may enter into the swap with a counterparty other than the FCM and arrange for the contract to be transferred to the FCM for clearing or enter into the contract with the FCM itself. If the Fund must centrally clear a transaction, the CFTC's regulations also generally require that the swap be executed on a registered exchange (either a designated contract market (DCM) or swap execution facility (SEF)). Central clearing is presently required only for certain swaps; the CFTC is expected to impose a mandatory central clearing requirement for additional derivative instruments over time.

DCOs, DCMs, SEFs and FCMs are all subject to regulatory oversight by the CFTC. In addition, certain derivative market participants that act as market makers, and engage in a significant amount of "dealing" activity are also required to register as swap dealers with the CFTC. Among other things, swap dealers are subject to minimum capital requirements and business conduct standards and must also post and collect initial and variation margin on uncleared swaps with certain of their counterparties. Because of this, if the Fund enters into uncleared swaps with any swap dealers, it may be subject to initial and variation margin requirements that could impact the Fund's ability to enter into swaps in the OTC market, including making transacting in uncleared swaps significantly more expensive.

At this point in time, most of the Dodd-Frank Act has been fully implemented, though a small number of remaining rulemakings are unfinished or are subject to phase-in periods. Any future regulatory or legislative activity would not necessarily have a direct, immediate effect upon the Fund, though it is within the realm of possibility that, upon implementation of these measures or any future measures, they could potentially limit or completely restrict the ability of the Fund to use these instruments as a part of its investment strategy, increase the costs of using these instruments or make them less effective.

Depending on how the Fund uses derivative contracts and the relationships between the market value of a derivative contract and the Reference Instrument, derivative contracts may increase or decrease the Fund's exposure to the risks of the Reference Instrument and may also expose the Fund to liquidity and leverage risk. OTC contracts also expose the Fund to credit risk in the event that a counterparty defaults on the contract, although this risk may be mitigated by submitting the contract for clearing through a DCO, or certain other factors, such as collecting margin from the counterparty.

The Fund may invest in a derivative contract if it is permitted to own, invest in or otherwise have economic exposure to the Reference Instrument. The Fund is not required to own a Reference Instrument in order to buy or sell a derivative contract relating to that Reference Instrument. The Fund may trade in the following specific types and/or combinations of derivative contracts:

**Futures Contracts (A Type of Derivative)** 

Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a Reference Instrument at a specified price, date and time. Entering into a contract to buy a Reference Instrument is commonly referred to as buying a contract or holding a long position in the asset. Entering into a contract to sell a Reference Instrument is commonly referred to as selling a contract or holding a short position in the Reference Instrument. Futures contracts are considered to be commodity contracts. The Adviser has claimed an exclusion from the definition of the term "commodity pool operator" under the

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Commodity Exchange Act with respect to the Fund and, therefore, is not subject to registration or regulation as a commodity pool operator under the Act with respect to the Fund. Futures contracts traded OTC are frequently referred to as forward contracts. The Fund can buy or sell financial futures (such as interest rate futures, index futures and security futures), as well as currency futures and currency forward contracts.

**Interest Rate Futures** 

An interest-rate futures contract is an exchange-traded contract for which the Reference Instrument is an interest-bearing fixed income security or an inter-bank deposit. Two examples of common interest rate futures contracts are U.S. Treasury futures contracts and Eurodollar futures contracts. The Reference Instrument for a U.S. Treasury futures contract is a U.S. Treasury security. The Reference Instrument for a Eurodollar futures contract is the Secured Overnight Financing Rate (commonly referred to as SOFR); Eurodollar futures contracts enable the purchaser to obtain a fixed rate for the lending of funds over a stated period of time and the seller to obtain a fixed rate for a borrowing of funds over that same period.

**Index Futures** 

An index futures contract is an exchange-traded contract to make or receive a payment based upon changes in the value of an index. An index is a statistical composite that measures changes in the value of designated Reference Instruments within the index.

**Security Futures** 

A security futures contract is an exchange-traded contract to purchase or sell in the future a specific quantity of a security (other than a Treasury security) or a narrow-based securities index at a certain price. Presently, the only available security futures contracts use shares of a single equity security as the Reference Instrument. However, it is possible that in the future security futures contracts will be developed that use a single fixed-income security as the Reference Instrument.

**Currency Futures and Currency Forward Contracts** 

A currency futures contract is an exchange-traded contract to buy or sell a particular currency at a specific price at some time in the future (commonly three months or more). A currency forward contract is not an exchange-traded contract and represents an obligation to purchase or sell a specific currency at a future date, at a price set at the time of the contract and for a period agreed upon by the parties which may be either a window of time or a fixed number of days from the date of the contract. Currency futures and forward contracts are highly volatile, with a relatively small price movement potentially resulting in substantial gains or losses to the Fund. Additionally, the Fund may lose money on currency futures and forward contracts if changes in currency rates do not occur as anticipated or if the Fund's counterparty to the contract were to default.

**Option Contracts (A Type of Derivative)** 

Option contracts (also called "options") are rights to buy or sell a Reference Instrument for a specified price (the "exercise price") during, or at the end of, a specified period. The seller (or "writer") of the option receives a payment, or premium, from the buyer, which the writer keeps regardless of whether the buyer uses (or exercises) the option. Options may be bought or sold on a wide variety of Reference Instruments. Options that are written on futures contracts will be subject to margin requirements similar to those applied to futures contracts.

The Fund may buy and/or sell the following types of options:

**CALL OPTIONS** 

A call option gives the holder (buyer) the right to buy the Reference Instrument from the seller (writer) of the option. The Fund may use call options in the following ways:

■ Buy call options on a Reference Instrument in anticipation of an increase in the value of the Reference Instrument; and

■ Write call options on a Reference Instrument to generate income from premiums, and in anticipation of a decrease or only limited increase in the value of the Reference Instrument. If the Fund writes a call option on a Reference Instrument that it owns and that call option is exercised, the Fund foregoes any possible profit from an increase in the market price of the Reference Instrument over the exercise price plus the premium received.

**Put Options** 

A put option gives the holder the right to sell the Reference Instrument to the writer of the option. The Fund may use put options in the following ways:

■ Buy put options on a Reference Instrument in anticipation of a decrease in the value of the Reference Instrument; and

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■ Write put options on a Reference Instrument to generate income from premiums, and in anticipation of an increase or only limited decrease in the value of the Reference Instrument. In writing puts, there is a risk that the Fund may be required to take delivery of the Reference Instrument when its current market price is lower than the exercise price.

The Fund may also buy or write options, as needed, to close out existing option positions.

Finally, the Fund may enter into combinations of options contracts in an attempt to benefit from changes in the prices of those options contracts (without regard to changes in the value of the Reference Instrument).

**Swap Contracts (A Type of Derivative Contract)** 

A swap contract (also known as a "swap") is a type of derivative contract in which two parties agree to pay each other (swap) the returns derived from Reference Instruments. Most swaps do not involve the delivery of the underlying assets by either party, and the parties might not own the Reference Instruments. The payments are usually made on a net basis so that, on any given day, the Fund would receive (or pay) only the amount by which its payment under the contract is less than (or exceeds) the amount of the other party's payment. Swap agreements are sophisticated instruments that can take many different forms and are known by a variety of names. Common swap agreements that the Fund may use include:

**Interest Rate Swaps** 

Interest rate swaps are contracts in which one party agrees to make regular payments equal to a fixed or floating interest rate times a stated principal amount (commonly referred to as a "notional principal amount") in return for payments equal to a different fixed or floating rate times the same principal amount, for a specific period.

**Caps and Floors** 

Caps and Floors are contracts in which one party agrees to make payments only if an interest rate or index goes above (Cap) or below (Floor) a certain level in return for a fee from the other party.

**Total Return Swaps** 

A total return swap is an agreement between two parties whereby one party agrees to make payments of the total return from a Reference Instrument (or a basket of such instruments) during the specified period, in return for payments equal to a fixed or floating rate of interest or the total return from another Reference Instrument. Alternately, a total return swap can be structured so that one party will make payments to the other party if the value of a Reference Instrument increases, but receive payments from the other party if the value of that instrument decreases.

**Credit Default Swaps** 

A credit default swap (CDS) is an agreement between two parties whereby one party (the "Protection Buyer") agrees to make payments over the term of the CDS to the other party (the "Protection Seller"), provided that no designated event of default, restructuring or other credit related event (each a "Credit Event") occurs with respect to Reference Instrument that is usually a particular bond, loan or the unsecured credit of an issuer, in general (the "Reference Obligation"). Many CDS are physically settled, which means that if a Credit Event occurs, the Protection Seller must pay the Protection Buyer the full notional value, or "par value," of the Reference Obligation in exchange for delivery by the Protection Buyer of the Reference Obligation or another similar obligation issued by the issuer of the Reference Obligation (the "Deliverable Obligation"). The Counterparties agree to the characteristics of the Deliverable Obligation at the time that they enter into the CDS. Alternately, a CDS can be "cash-settled," which means that upon the occurrence of a Credit Event, the Protection Buyer will receive a payment from the Protection Seller equal to the difference between the par amount of the Reference Obligation and its market value at the time of the Credit Event. The Fund may be either the Protection Buyer or the Protection Seller in a CDS. If the Fund is a Protection Buyer and no Credit Event occurs, the Fund will lose its entire investment in the CDS (i.e., an amount equal to the payments made to the Protection Seller over the term of the CDS). However, if a Credit Event occurs, the Fund (as Protection Buyer) will deliver the Deliverable Obligation and receive a payment equal to the full notional value of the Reference Obligation, even though the Reference Obligation may have little or no value. If the Fund is the Protection Seller and no Credit Event occurs, the Fund will receive a fixed rate of income throughout the term of the CDS. However, if a Credit Event occurs, the Fund (as Protection Seller) will pay the Protection Buyer the full notional value of the Reference Obligation and receive the Deliverable Obligation from the Protection Buyer. A CDS may involve greater risks than if the Fund invested directly in the Reference Obligation. For example, a CDS may increase credit risk since the Fund has exposure to both the issuer of the Reference Obligation and the Counterparty to the CDS.

**Currency Swaps** 

Currency swaps are contracts which provide for interest payments in different currencies. The parties might agree to exchange the notional principal amounts of the currencies as well (commonly called a "foreign exchange swap").

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**OTHER INVESTMENTS, TRANSACTIONS, TECHNIQUES** 

**Repurchase Agreements** 

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

The Fund's custodian or 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.

**Hybrid Instruments** 

Hybrid instruments combine elements of two different kinds of securities or financial instruments (such as a derivative contract). Frequently, the value of a hybrid instrument is determined by reference to changes in the value of a Reference Instrument (that is a designated security, commodity, currency, index, or other asset or instrument including a derivative contract). Hybrid instruments can take on many forms including, but not limited to, the following forms. First, a common form of a hybrid instrument combines elements of a derivative contract with those of another security (typically a fixed-income security). In this case all or a portion of the interest or principal payable on a hybrid security is determined by reference to changes in the price of a Reference Instrument. Second, a hybrid instrument may also combine elements of a fixed-income security and an equity security. Third, hybrid instruments may include convertible securities with conversion terms related to a Reference Instrument.

Depending on the type and terms of the hybrid instrument, its risks may reflect a combination of the risks of investing in the Reference Instrument with the risks of investing in other securities, currencies and derivative contracts. Thus, an investment in a hybrid instrument may entail significant risks in addition to those associated with traditional securities or the Reference Instrument. Hybrid instruments are also potentially more volatile than traditional securities or the Reference Instrument. Moreover, depending on the structure of the particular hybrid, it may expose the Fund to leverage risks or carry liquidity risks.

**Credit Linked Note (A Type of Hybrid Instrument)** 

A credit linked note (CLN) is a type of hybrid instrument in which a special purpose entity issues a structured note (the "Note Issuer") with respect to which the Reference Instrument is a single bond, a portfolio of bonds, or the unsecured credit of an issuer, in general (each a "Reference Credit"). The purchaser of the CLN (the "Note Purchaser") invests a par amount and receives a payment during the term of the CLN that equals a fixed or floating rate of interest equivalent to a high rated funded asset (such as a bank certificate of deposit) plus an additional premium that relates to taking on the credit risk of the Reference Credit. Upon maturity of the CLN, the Note Purchaser will receive a payment equal to: (i) the original par amount paid to the Note Issuer, if there is no occurrence of a designated event of default, restructuring or other credit event (each a "Credit Event") with respect to the issuer of the Reference Credit; or (ii) the market value of the Reference Credit, if a Credit Event has occurred. Depending upon the terms of the CLN, it is also possible that the Note Purchaser may be required to take physical delivery of the Reference Credit in the event of a Credit Event. Most credit linked notes use a corporate bond (or a portfolio of corporate bonds) as the Reference Credit. However, almost any type of fixed-income security (including foreign government securities), index or derivative contract (such as a credit default swap) can be used as the Reference Credit.

**Equity Linked Note (A Type of Hybrid Instrument)** 

An equity linked note (ELN) is a type of hybrid instrument that provides the noteholder with exposure to a single equity security, a basket of equity securities, or an equity index (the "Reference Equity Instrument"). Typically, an ELN pays interest at agreed rates over a specified time period and, at maturity, either converts into shares of a Reference Equity Instrument or returns a payment to the noteholder based on the change in value of a Reference Equity Instrument.

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**Derivatives Regulation and Asset Coverage** 

The regulation of the U.S. and non-U.S. derivatives markets has undergone substantial change in recent years and such change may continue. In addition, effective August 19, 2022, Rule 18f-4 (the "Derivatives Rule") under the Investment Company Act of 1940, as amended (the "1940 Act"), replaced the asset segregation framework previously used by funds to comply with limitations on leverage imposed by the 1940 Act. The Derivatives Rule generally mandates that a fund either limit derivatives exposure to 10% or less of its net assets, or in the alternative implement: (i) limits on leverage calculated based value-at-risk (VAR); and (ii) a written derivatives risk management program (DRMP) administered by a derivatives risk manager appointed by the Fund's Board, including a majority of the independent Board members, that is periodically reviewed by the Board.

In accordance with the requirements of Section 18 of the 1940 Act, any borrowings by the Fund will be made only to the extent the value of its assets, less its liabilities other than borrowings, is equal to at least 300% of all of its borrowings (the "300% Asset Coverage Ratio"). The Derivatives Rule permits the Fund to enter into reverse repurchase agreements and similar financing transactions, notwithstanding limitations on the issuance of senior securities under Section 18 of the 1940 Act, provided that the Fund either (i) treats these transactions as derivatives transactions under the Derivatives Rule, or (ii) ensures that the 300% Asset Coverage Ratio with respect to such transactions and any other borrowings in the aggregate. While reverse repurchase agreements or similar financing transactions aggregated with other indebtedness do not need to be included in the calculation of whether a fund satisfies the Limited Derivatives Users exception, for funds subject to the VAR testing requirement, reverse repurchase agreements and similar financing transactions must be included for purposes of such testing whether treated as derivatives transactions or not. See "Borrowing Money and Issuing Senior Securities" and "Additional Information" below.

**Hedging** 

Hedging transactions are intended to reduce specific risks. For example, to protect the Fund against circumstances that would normally cause the Fund's portfolio securities to decline in value, the Fund may buy or sell a derivative contract that would normally increase in value under the same circumstances. The Fund may also attempt to hedge by using combinations of different derivative contracts, or derivative contracts and securities. The Fund's ability to hedge may be limited by the costs of the derivative contracts. The Fund may attempt to lower the cost of hedging by entering into transactions that provide only limited protection, including transactions that: (1) hedge only a portion of its portfolio; (2) use derivative contracts that cover a narrow range of circumstances; or (3) involve the sale of derivative contracts with different terms. Consequently, hedging transactions will not eliminate risk even if they work as intended. In addition, hedging strategies are not always successful, and could result in increased expenses and losses to the Fund.

Investment Risks

There are many factors which may affect an investment in the Fund. The Fund's principal risks are described in the 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).

**EQUITY RISK** 

Equity risk is the risk that the value of securities held by the Fund will rise or fall over time. These fluctuations could be a sustained trend or a drastic movement. Historically, the equity market has moved in cycles, and the value of the Fund's equity securities may fluctuate from day to day. The Fund's portfolio will reflect changes in prices of individual portfolio stocks or general changes in stock valuations. Consequently, the Fund's Share price may decline. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in returns. An adverse event, such as an unfavorable earnings report, may depress the value of equity securities of an issuer held by the Fund; the price of common stock of an issuer may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the common stocks held by the Fund. In addition, common stock of an issuer in the Fund's portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other possible reasons, the issuer of the security experiences a decline in its financial condition. Furthermore, equity interests in an issuer held by the Fund may not be listed on public stock exchanges and therefore subject to risks typical of privately held equity. Finally, common stock prices may be sensitive to rising interest rates, as the costs of capital rise and borrowing costs increase.

The Adviser attempts to manage market risk by limiting the amount the Fund invests in each company's equity securities. However, diversification will not protect the Fund against widespread or prolonged declines in the stock market.

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**RISK OF INVESTING IN DERIVATIVE CONTRACTS AND HYBRID INSTRUMENTS** 

The Fund's exposure to derivative contracts and hybrid instruments (either directly or through its investment in another investment company) involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. First, changes in the value of the derivative contracts and hybrid instruments in which the Fund invests may not be correlated with changes in the value of the underlying Reference Instruments or, if they are correlated, may move in the opposite direction than originally anticipated. Second, while some strategies involving derivatives may reduce the risk of loss, they may also reduce potential gains or, in some cases, result in losses by offsetting favorable price movements in portfolio holdings. Third, there is a risk that derivative contracts and hybrid instruments may be erroneously priced or improperly valued and, as a result, the Fund may need to make increased cash payments to the counterparty. Fourth, exposure to derivative contracts and hybrid instruments may have tax consequences to the Fund and its shareholders. For example, derivative contracts and hybrid instruments may cause the Fund to realize increased ordinary income or short-term capital gains (which are treated as ordinary income for federal income tax purposes) and, as a result, may increase taxable distributions to shareholders. In addition, under certain circumstances, certain derivative contracts and hybrid instruments may cause the Fund to: (a) incur an excise tax on a portion of the income related to those contracts and instruments; and/or (b) reclassify, as a return of capital, some or all of the distributions previously made to shareholders during the fiscal year as dividend income. Fifth, a common provision in OTC derivative contracts permits the counterparty to terminate any such contract between it and the Fund, if the value of the Fund's total net assets declines below a specified level over a given time period. Factors that may contribute to such a decline (which usually must be substantial) include significant shareholder repurchase requests and/or a marked decrease in the market value of the Fund's investments. Any such termination of the Fund's OTC derivative contracts may adversely affect the Fund (for example, by increasing losses and/or costs, and/or preventing the Fund from fully implementing its investment strategies). Sixth, the Fund may use a derivative contract to benefit from a decline in the value of a Reference Instrument. If the value of the Reference Instrument declines during the term of the contract, the Fund makes a profit on the difference (less any payments the Fund is required to pay under the terms of the contract). Any such strategy involves risk. There is no assurance that the Reference Instrument will decline in value during the term of the contract and make a profit for the Fund. The Reference Instrument may instead appreciate in value creating a loss for the Fund. Seventh, a default or failure by a CCP or an FCM (also sometimes called a "futures broker"), or the failure of a contract to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting derivative positions, accessing margin or fully implementing its investment strategies. The central clearing of a derivative and trading of a contract over a SEF could reduce the liquidity in, or increase costs of entering into or holding, any contracts. Finally, derivative contracts and hybrid instruments may also involve other risks described herein or in the Fund's Prospectus, such as interest rate, credit, currency, liquidity and leverage risks.

**Asset-Backed Securities (ABS) Risk** 

The value of asset-backed securities (ABS) may be affected by certain factors such as interest rate risk, the availability of information concerning the pool of underlying assets and its structure, the creditworthiness of the servicing agent for the pool or the originator of the underlying assets and the ability of the servicer to service the underlying collateral. Under certain market conditions, ABS may be less liquid and may be difficult to value. Movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of ABS. Unscheduled prepayments of ABS may result in a loss of income if the proceeds are invested in lower-yielding securities. Conversely, in a rising interest rate environment, a declining prepayment rate will extend the average life of many ABS, which increases the risk of depreciation due to future increases in market interest rates. ABS can also be subject to the risk of default on the underlying assets.

**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."

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**REPURCHASES, MANDATORY REPURCHASES, AND TRANSFERS OF SHARES** 

**Repurchase Offers** 

As discussed in the Prospectus, offers to repurchase Shares will be made by the Fund at such times and on such terms as may be determined by the Board in its sole discretion in accordance with the provisions of applicable law. Currently the Fund anticipates making quarterly tender offers. In determining whether the Fund should repurchase Shares from shareholders pursuant to written tenders, the Board will consider various factors, including but not limited to those listed in the Prospectus, in making its determinations.

The Board will cause the Fund to make offers to repurchase Shares from shareholders pursuant to written tenders only on terms it determines to be fair to the Fund and to all shareholders or persons holding Shares acquired from shareholders. When the Board determines that the Fund will repurchase Shares, notice will be provided to each shareholder describing the terms thereof, and containing information shareholders should consider in deciding whether and how to participate in such repurchase opportunity. Shareholders who are deciding whether to tender their Shares during the period that a repurchase offer is open may ascertain an estimated net asset value at the latest valuation date of their Shares from the Fund during such period. If a repurchase offer is oversubscribed by shareholders, the Fund will repurchase only a pro rata portion of the Shares tendered by each shareholder. The potential for pro-ration may cause some shareholders to tender larger portions of their Shares for repurchase than they otherwise would wish to have repurchased, which may adversely affect others wishing to participate in the tender.

**Mandatory Repurchases** 

As noted in the Prospectus, the Fund has the right to repurchase Shares of a shareholder or any person acquiring Shares from or through a shareholder under certain circumstances, provided that any mandatory repurchases will be conducted in accordance with Rule 23c-2 under the 1940 Act. Such mandatory repurchases may be made if:

■ Shares have been transferred or such Shares have vested in any person by operation of law as the result of the death, dissolution, bankruptcy or incompetency of a shareholder; or

■ ownership of Shares by a shareholder or other person will cause the Fund to be in violation of, or subject the Fund to additional registration or regulation under, the securities, commodities or other laws of the United States or any other relevant jurisdiction; or

■ continued ownership of such Shares may be harmful or injurious to the business or reputation of the Fund or the Adviser, or may subject the Fund or any shareholders to an undue risk of adverse tax or other fiscal consequences; or

■ any of the representations and warranties made by a shareholder in connection with the acquisition of Shares was not true when made or has ceased to be true; or

■ it would be in the best interests of the Fund and shareholders to repurchase Shares.

**COVENANT-LITE LOANS RISK** 

The Fund may invest in loans that may be "covenant lite." This term typically refers to loans that lack, or contain fewer or contingent, financial maintenance covenants or other provisions intended to provide certain financial protections in favor of lenders as compared to other types of loans. Financial maintenance covenants generally require a borrower to satisfy certain financial metrics at regular intervals over the life of the loan. Loans that include financial maintenance covenants will typically require the borrower to provide a calculation of its financial maintenance covenants and other related financial information on a periodic basis, which permits the lender to monitor the borrower's financial performance over time. The failure to satisfy a financial maintenance covenant as of any required testing period will result in a default and permit the lender, in certain circumstances, to exercise its rights and remedies against the borrower. Additionally, a lender may determine, based on a borrower's financial maintenance covenant calculations, that a borrower is experiencing financial distress or decline, which typically permits the lender to engage in negotiations with the borrower or take other actions in order to mitigate losses.

Covenant-lite loans carry greater risks than loans with financial maintenance covenants because the borrower will generally have more flexibility with respect to its activities, and the Fund or lender may receive less frequent or less detailed financial reporting from the borrower and may experience greater delays and difficulties in enforcing its rights if the borrower's financial performance declines, which may result in losses to the Fund. For example, if a default occurs, covenant-lite loans may exhibit diminished recovery values because the Fund or lender may not have had the opportunity to negotiate with the borrower prior to the default and otherwise may have limited financial information or a limited ability to intervene or obtain concessions from a borrower prior to default. Ultimately, these loans provide fewer protections in favor of the Fund, including with respect to the possibility of default, as well as a more limited ability to declare a default. These risks are particularly acute during a downturn in the credit cycle.

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**CYBERSECURITY AND OPERATIONAL RISK** 

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

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

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

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

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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 Restrictions

**Investment Objective** 

The investment objective of the Fund is to provide total return primarily from income. The Fund's investment objective is non-fundamental, meaning that it can be changed by the Board of Trustees without Shareholder approval. The Fund pursues its investment objective primarily by investing in trade finance, structured trade, export finance, import finance, supply chain financing and project finance assets of entities, including sovereign entities ("trade finance related securities"). Trade finance related securities primarily will be located in, or have exposure to, global emerging markets.

**Investment LIMITATIONS** 

**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 1940 Act, any rule or order thereunder, or any Staff interpretation thereof.

**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. For purposes of this restriction, investments in transactions involving futures contracts and options, forward currency contracts, swap transactions and other financial contracts that settle by payment of cash are not deemed to be investments in commodities. The Fund may exercise its rights under agreements relating to such instruments, including the right to enforce security interests and to hold commodities acquired by reason of such enforcement until the commodities can be liquidated in an orderly manner.

**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, as amended.

**Lending** 

The Fund may not make loans to other persons, except by: (a) the acquisition of loans, loan interests, debt securities and other obligations in which the Fund is authorized to invest in accordance with its investment objectives and policies; (b) entering into repurchase agreements; and (c) lending its portfolio securities.

**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 or group of industries. For purposes of this restriction, the term concentration has the meaning set forth in the 1940 Act, any rule or order thereunder, or any Staff interpretation thereof. Government securities and municipal securities will not be deemed to constitute an industry.

**11**

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

**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, and further provided that the Fund may make margin deposits in connection with its use of financial options and futures, forward and spot currency contracts, swap transactions and other financial contracts or derivative instruments.

**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.

**APPLICATION OF CONCENTRATION RESTRICTION** 

In applying the Fund's concentration restriction: (a) utility companies will be divided according to their services, for example, gas, gas transmission, electric and telephone will each be considered a separate industry; (b) financial service companies will be classified according to the end users of their services, for example, automobile finance, bank finance and diversified finance will each be considered a separate industry; (c) asset-backed securities will be classified according to the underlying assets securing such securities; and (d) municipal securities shall exclude private activity municipal debt securities, which are principally backed by the assets and revenues of the non-governmental user of the funds generated by securities issuance.

**Additional Information** 

To conform to the current view of the Staff that only domestic bank deposit instruments may be excluded from industry concentration limitations, as a matter of non-fundamental policy, the Fund will not exclude foreign bank instruments from industry concentration limitation tests so long as the policy of the SEC remains in effect. 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 above limitations, the Fund considers certificates of deposit and demand and time deposits issued by a U.S. branch of a domestic bank or savings association having capital, surplus and undivided profits in excess of $100,000,000 at the time of investment to be "cash items" and "bank instruments." With respect to the "Borrowing Money and Issuing Senior Securities" investment limitation, the 1940 Act currently requires that any indebtedness incurred by a closed-end investment company have an asset coverage of at least 300% at the time of borrowing. In addition, the 1940 Act permits the Fund to issue senior securities as follows: (i) preferred shares which immediately after issuance will have asset coverage of at least 200%, (ii) indebtedness which immediately after issuance will have asset coverage of at least 300%, or (iii) the borrowings permitted under the 1940 Act as described above. The 1940 Act currently defines "senior security" as any bond, debenture, note or similar obligation or instrument constituting a security and evidencing indebtedness and any stock of a class having priority over any other class as to distribution of assets or payment of dividends. Debt and equity securities issued by a closed-end investment company meeting the foregoing asset coverage provisions are excluded from the general 1940 Act prohibition on the issuance of senior securities.

For purposes of the above limitations, municipal securities are those securities issued by governments or political subdivisions of governments.

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.

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. Should the Fund determine to operate as a non-diversified investment company in excess of these limits, it will first seek shareholder approval to do so.

**12**

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In applying the concentration and diversification restrictions, each governmental subdivision, including states and the District of Columbia, territories, possessions of the United States, or their political subdivisions, agencies, authorities, instrumentalities, or similar entities, will be considered a separate issuer if its assets and revenues are separate from those of the governmental body creating it and the security is backed only by its own assets and revenues. Industrial development bonds backed only by the assets and revenues of a nongovernmental user are considered to be issued solely by that user. If in the case of an industrial development bond or government-issued security, a governmental or some other entity guarantees the security, such guarantee would be considered a separate security issued by the guarantor, subject to the same restrictions. The Fund considers certificates of deposit and demand and time deposits issued by a U.S. branch of a domestic bank or savings association having capital, surplus and undivided profits in excess of $100,000,000 at the time of investment to be "cash items" and "bank instruments."

Management of the Fund

**Board of Trustees** 

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

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

**13**

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**Interested Trustees Background and Compensation** 

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Fund**<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: August 2016<br>| &nbsp;&nbsp; **Principal Occupations:** Principal Executive Officer and President of certain <br> of the Funds in the Federated Hermes Complex; Director or Trustee of the <br> Funds in the Federated Hermes Complex; Chairman, President, Chief <br> Executive Officer and Director, Federated Hermes, Inc.; Trustee, Federated <br> Administrative Services and Director, Federated Administrative Services, <br> Inc.; Trustee and Chairman, Federated Advisory Services Company; Director <br> or Trustee and Chairman, Federated Investment Management Company, <br> Federated Global Investment Management Corp., Federated Equity <br> Management Company of Pennsylvania, and Federated MDTA LLC; Trustee, <br> Federated Investment Counseling; Trustee, Federated Shareholder Services <br> Company; Director, Federated Services Company.<br> **Previous Positions:** President, Federated Investment Counseling; President <br> and Chief Executive Officer, Federated Investment Management Company, <br> Federated Global Investment Management Corp. and Passport<br> Research, Ltd.; Chairman, Passport Research, Ltd.<br>| &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| **Thomas R. Donahue\***<br> Birth Date: October 20, 1958<br> Trustee<br> Indefinite Term<br> Began serving: August 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>| &nbsp;&nbsp; $0 | &nbsp;&nbsp; $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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| | | | |
|:---|:---|:---|:---|
|  | &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>|
| **John G. Carson**<br> Birth Date: May 15, 1965<br> Trustee<br> Indefinite Term<br> Began serving: January 2024<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Chief Executive Officer, Chief Investment Officer, Northstar Asset <br> Management (Financial Services); formerly Chief Compliance Officer, <br> Northstar Asset Management.<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Carson has served in various business management <br> roles throughout his career. Mr. Carson was a Vice President at the <br> Glenmede Trust Company and a Managing Director at Oppenheimer & <br> Company. Prior to that he spent more than a decade with the Bank of <br> America/Merrill Lynch as a Director of Institutional Sales. Earlier on, Mr. <br> Carson held similar positions for Wertheim Schroder/Schroders PLC and <br> Drexel Burnham Lambert.<br>| &nbsp;&nbsp; $1337.75 | &nbsp;&nbsp; $242570.94 |

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**14**

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| | | | |
|:---|:---|:---|:---|
|  | &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>|
| **G. Thomas Hough**<br> Birth Date: February 28, 1955<br> TRUSTEE<br> Indefinite Term<br> Began serving: August 2016<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee and Chair of the Board of <br> Directors or Trustees of the Federated Hermes Complex; formerly, Vice <br> Chair, Ernst & Young LLP (public accounting firm) (Retired).<br> **Other Directorships Held**: Director, Chair of the Audit Committee, <br> Member of the Compensation Committee, Equifax, Inc.; Lead Director, <br> Member of the Audit and Nominating and Corporate Governance <br> Committees, Haverty Furniture Companies, Inc.<br> **Qualifications:** Mr. Hough has served in accounting, business management <br> and directorship positions throughout his career. Mr. Hough most recently <br> held the position of Americas Vice Chair of Assurance with Ernst & <br> Young LLP (public accounting firm). Mr. Hough serves on the President's <br> Cabinet and Business School Board of Visitors for the University of <br> Alabama. Mr. Hough previously served as a Director and Member of the <br> Audit, Governance, and Compensation Committees at Publix Super <br> Markets, Inc. as well as on the Business School Board of Visitors for Wake <br> Forest University. In addition, he previously served as an Executive <br> Committee member of the United States Golf Association.<br>| &nbsp;&nbsp; $1657.07 | &nbsp;&nbsp; $395000 |
| **Karen L. Larrimer**<br> Birth Date: December 10, 1962<br> TRUSTEE<br> Indefinite Term<br> Began serving: January 2025<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; formerly, Executive Vice President and Head of Retail Banking <br> and Chief Customer Officer, The PNC Financial Services Group, Inc. <br> (Retired).<br> **Other Directorships Held:** None.<br> **Qualifications:** Ms. Larrimer has served in several business and financial <br> management roles and directorship positions throughout her career. She <br> previously held the position of Executive Vice President and Head of Retail <br> Banking and Chief Customer Officer, The PNC Financial Services Group, <br> Inc. Prior to those roles, Ms. Larrimer held several executive positions at <br> PNC, including Chief Marketing Officer and Executive Vice President for <br> Business Banking. In addition to her various roles at PNC, Ms. Larrimer <br> previously was an assistant director at Ernst & Young LLP and served in <br> several leadership roles at Mellon Bank. Ms. Larrimer also currently holds <br> the positions on not for profit or for profit boards of directors as follows: <br> Director, Highmark, Inc. (health insurance organization); Director, Modern <br> Executive Solutions (executive search and advisory solutions firm); Director <br> and former Chair, Children's Museum of Pittsburgh; Director and former <br> Chair, United Way of Southwestern Pennsylvania; and Emeritus Director, <br> Goodwill Industries Pittsburgh. Ms. Larrimer has held the positions of: <br> President, Duquesne Club of Pittsburgh; Trustee, Robert Morris University; <br> Director, PNC Foundation; and Director, numo (fintech incubator).<br>| &nbsp;&nbsp; $349.04 | &nbsp;&nbsp; $0 |
| **Max F. Miller**<br> Birth Date: December 6, 1968<br> TRUSTEE<br> Indefinite Term<br> Began serving: January 2025<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Associate Professor, Director of Entrepreneurial Studies, Director <br> – Ignite Business Incubator, Washington & Jefferson College.<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Miller has served in several legal, business, and <br> academic roles and directorship positions throughout his career. Mr. Miller <br> serves as Associate Professor of Business & Entrepreneurship, Director of <br> Entrepreneurial Studies, and Director of Ignite Business Incubator at <br> Washington & Jefferson College. He also serves as President and Chief <br> Tasting Officer of Raise Your Spirits, an experiential engagement firm. <br> Mr. Miller previously served as Executive Vice President & Chief Operating <br> Officer of Urban Innovation 21, an economic development focused public-<br> private partnership; Director of VIP Experiences of MetroMe, a mobile app <br> providing concierge services; Chief Administrative Officer and General <br> Counsel of Big Brothers Big Sisters of America; and Director of University <br> of Pittsburgh School of Law's Innovation Practice Institute. Prior to those <br> roles, Mr. Miller held various operations, marketing and legal leadership <br> roles at H.J. Heinz Company and was an attorney for Federated Investors, <br> Inc. (now Federated Hermes, Inc.) from May 3, 1994, to November 11, <br> 1997.<br>| &nbsp;&nbsp; $349.04 | &nbsp;&nbsp; $0 |

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**15**

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| | | | |
|:---|:---|:---|:---|
|  | &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>|
| **Frank J. Nasta**<br> Birth Date: October 11, 1964<br> TRUSTEE<br> Indefinite Term<br> Began serving: January 2025<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Chair of the Mutual Fund Advisory Committee and the European <br> Fund Advisory Committee (industry forums sponsored by Broadridge <br> Financial Solutions, Inc.)<sup>1</sup> (Retired).<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Nasta has served in various legal, compliance, and <br> business roles in the investment management industry throughout his <br> career. He previously was a Managing Director of JPMorgan Chase & Co. <br> and Head of Legal for the JPMorgan U.S. Mutual Funds business. Prior to <br> joining J.P. Morgan, Mr. Nasta was a Partner, General Counsel, Corporate <br> Secretary and Member of the Board of Directors of J. & W. Seligman, an <br> investment management firm. Mr. Nasta previously served as the chair of <br> the Investment Company Institute's (the "ICI") SEC Rules Committee, the <br> ICI's Mutual Funds Conference Advisory Committee, and the Investment <br> Management Regulation Committee of the New York City Bar Association. <br> He also previously served as a Director of The International Preschools in <br> New York City.*1 Mr. Nasta served as Chair of these committees in the* <br> *capacity of a non-employee consultant, has never been an employee of* <br> *Broadridge Financial Solutions, Inc., and has resigned from these positions,* <br> *effective December 31, 2024, in connection with his election to the Board.*<br>| &nbsp;&nbsp; $349.04 | &nbsp;&nbsp; $0 |
| **Thomas M. O'Neill**<br> Birth Date: June 14, 1951<br> TRUSTEE<br> Indefinite Term<br> Began serving: August 2016<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee and Chair of the Audit <br> Committee of the Federated Hermes Complex; Sole Proprietor, Navigator <br> Management Company (investment and strategic consulting).<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. O'Neill has served in several business, mutual fund and <br> financial management roles and directorship positions throughout his <br> career. Mr. O'Neill serves as Director, Medicines for Humanity. Mr. O'Neill <br> previously served as Chief Executive Officer and President, Managing <br> Director and Chief Investment Officer, Fleet Investment Advisors; President <br> and Chief Executive Officer, Aeltus Investment Management, Inc.; General <br> Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment <br> Officer, The Putnam Companies, Boston, MA; and Credit Analyst and <br> Lending Officer, Fleet Bank.<br>| &nbsp;&nbsp; $1579.00 | &nbsp;&nbsp; $376000 |
| **Madelyn A. Reilly**<br> Birth Date: February 2, 1956<br> Trustee<br> Indefinite Term<br> Began serving: November 2020<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; formerly, Executive Vice President for Legal Affairs, General <br> Counsel and Secretary of Board of Directors, Duquesne University (Retired).<br> **Other Directorships Held:** None.<br> **Qualifications:** Ms. Reilly has served in various business and legal <br> management roles throughout her career. Ms. Reilly previously served as <br> Senior Vice President for Legal Affairs, General Counsel and Secretary of <br> Board of Directors and Director of Risk Management and Associate General <br> Counsel, Duquesne University. Prior to her work at Duquesne University, <br> Ms. Reilly served as Assistant General Counsel of Compliance and <br> Enterprise Risk as well as Senior Counsel of Environment, Health and <br> Safety, PPG Industries. Ms. Reilly currently serves as a member of the Board <br> of Directors of UPMC Mercy Hospital and as a member of the Board of <br> Directors of Catholic Charities, Pittsburgh, and as a member of the <br> Duquesne Kline Law School Advisory Board.<br>| &nbsp;&nbsp; $1337.75 | &nbsp;&nbsp; $310000 |

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**16**

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| | | | |
|:---|:---|:---|:---|
|  | &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>|
| **John S. Walsh**<br> Birth Date: November 28, 1957<br> Trustee<br> Indefinite Term<br> Began serving: August 2016<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Chairman and Director, Heat Wagon, Inc. (manufacturer of <br> construction temporary heaters); Chairman and Director, Manufacturers <br> Products, Inc. (distributor of portable construction heaters); Chairman, <br> Portable Heater Parts, a division of Manufacturers Products, Inc.; formerly, <br> President, Heat Wagon, Inc. and Manufacturers Products, Inc.<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Walsh has served in several business management roles <br> and directorship positions throughout his career. Mr. Walsh previously <br> served as President at Heat Wagon, Inc. (manufacturer of construction <br> temporary heaters), Manufacturers Products, Inc. (distributor of portable <br> construction heaters), and Portable Heater Parts, a division of <br> Manufacturers Products, Inc. Mr. Walsh previously served as Vice President, <br> Walsh & Kelly, Inc. (paving contractors).<br>| &nbsp;&nbsp; $1433.13 | &nbsp;&nbsp; $341000 |

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**OFFICERS\*** 

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| | |
|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Fund**<br> **Date Service Began**<br>| **Principal Occupation(s) and Previous Position(s)** |
| **Jeremy D. Boughton**<br> Birth Date: September 29, 1976<br> TREASURER<br> Officer since: March 2024<br>| &nbsp;&nbsp; **Principal Occupations:** Principal Financial Officer and Treasurer of the Federated Hermes Complex; Senior Vice President, <br> Federated Administrative Services, Federated Administrative Services, Inc., Federated Advisory Services Company, Federated <br> Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment <br> Counseling, Federated Investment Management Company and Federated MDTA, LLC. Formerly, Controller, Federated Hermes, <br> Inc. and Financial and Operations Principal for Federated Securities Corp. Mr. Boughton has received the Certified Public <br> Accountant designation.<br> **Previous Positions:** Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, <br> Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, <br> Inc., Federated Securities Corp., Federated Advisory Services Company, Federated Equity Management Company of <br> Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment <br> Management Company, Federated MDTA, LLC and Federated Hermes (UK) LLP, as well as other subsidiaries of Federated <br> Hermes, Inc.<br>|
| **Peter J. Germain**<br> Birth Date: September 3, 1959<br> CHIEF LEGAL OFFICER, <br> SECRETARY and EXECUTIVE<br> VICE PRESIDENT<br> Officer since: November 2016<br>| &nbsp;&nbsp; **Principal Occupations:** Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes <br> Complex. He is Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice <br> President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and <br> President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and <br> Secretary, Federated Private Asset Management, Inc.; and Secretary, Federated Shareholder Services Company. Mr. Germain <br> joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association.<br> **Previous Positions:** Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, <br> Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc.<br>|
| **Stephen Van Meter**<br> Birth Date: June 5, 1975<br> CHIEF COMPLIANCE OFFICER <br> AND SENIOR VICE PRESIDENT<br> Officer since: June 2016<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 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, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of <br> Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement.<br>|
| **Robert J. Ostrowski**<br> Birth Date: April 26, 1963<br> CHIEF INVESTMENT OFFICER<br> Officer since: November 2016<br>| &nbsp;&nbsp; **Principal Occupations:** Robert J. Ostrowski joined Federated Hermes, Inc. in 1987 as an Investment Analyst and became a <br> Portfolio Manager in 1990. He was named Chief Investment Officer of Federated Hermes, Inc. taxable fixed-income products in <br> 2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund's Adviser in <br> 2009 and served as a Senior Vice President of the Fund's Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered <br> Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University.<br>|

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**17**

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| | |
|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Fund**<br> **Date Service Began**<br>| **Principal Occupation(s) and Previous Position(s)** |
| **Chris McGinley**<br> Birth Date: July 28, 1978<br> VICE PRESIDENT<br> Officer since: November 2016<br> Portfolio Manager since:<br> December 2016<br>| &nbsp;&nbsp; **Principal Occupations:** Chris McGinley has been the Fund's Portfolio Manager since December 2016. He is Vice President of the <br> Fund. Mr. McGinley joined Federated Hermes in 2004 as an associate research analyst in the international fixed-income <br> department. He became an Assistant Vice President of the Fund's Adviser in 2005 and Vice President in 2013. Mr. McGinley <br> joined the Sub-Adviser in 2013. Mr. McGinley worked in Senator Rick Santorum's office in 2001 and from 2002 to 2004 he served <br> as Legislative Correspondent for Senator Santorum. Mr. McGinley earned his B.S. and received his M.P.I.A. from the University <br> of Pittsburgh.<br>|
| **Ihab Salib**<br> Birth Date: December 14, 1964<br> VICE PRESIDENT<br> Officer since: November 2016<br> Portfolio Manager since:<br> December 2016<br>| &nbsp;&nbsp; **Principal Occupations:** Ihab Salib has been the Fund's Portfolio Manager since December 2016. He is Vice President of the Fund. <br> Mr. Salib joined Federated Hermes in April 1999 as a Senior Fixed-Income Trader/Assistant Vice President of the Fund's Adviser. <br> In July 2000, he was named a Vice President of the Fund's Adviser and in January 2007 he was named a Senior Vice President of <br> the Fund's Adviser. He has served as a Portfolio Manager since January 2002. From January 1994 through March 1999, Mr. Salib <br> was employed as a Senior Global Fixed-Income Analyst with UBS Brinson, Inc. Mr. Salib received his B.A. with a major in <br> Economics from Stony Brook University.<br>|
| **Maarten Offeringa**<br> Birth Date: February 1, 1976<br> Vice President<br> Officer since: August 2019<br> Portfolio Manager since: July 2019<br>| &nbsp;&nbsp; **Principal Occupations:** Maarten Offeringa has been the Fund's Portfolio Manager since July 2019. He is Vice President of the <br> Fund. Mr. Offeringa joined Federated Hermes in 2018. Mr. Offeringa is responsible for providing research and advice on sector <br> allocation and security selection. He has worked in financial services since 2002; has worked in investment management since <br> 2018; has managed investment portfolios since 2019. Previous associations: Director, Bank of America Merrill Lynch; Vice <br> President, J.P. Morgan. Education: MA, Vrije Universiteit Amsterdam.<br>|
| **Kazaur Rahman**<br> Birth Date: November 30, 1982<br> Vice President<br> Officer since: August 2023<br> Portfolio Manager since: July 2023<br>| &nbsp;&nbsp; **Principal Occupations:** Kazaur Rahman has been the Fund's Portfolio Manager since July 2023. He is Vice President of the Fund. <br> Mr. Rahman joined Federated Hermes in 2019. Mr. Rahman is responsible for providing research and advice on sector allocation <br> and security selection. He has worked in financial services since 2005; has worked in investment management since 2019; has <br> managed investment portfolios since 2023. Previous associations include roles with: Deutsche Bank; VTB Capital; Bank of <br> America; PricewaterhouseCoopers (PwC). Education: BSc, University of London.<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.* 

**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.

**DIRECTOR/TRUSTEE EMERITUS PROGRAM** 

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

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

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

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

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

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**EMERITUS Trustees and Compensation** 

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| | | |
|:---|:---|:---|
| **Director/Trustee Emeritus** | **Compensation**<br> **From Fund**<br> **(past fiscal year)**<sup>1</sup> <br>| **Total**<br> **Compensation**<br> **Paid to**<br> **Director/Trustee**<br> **Emeritus**<sup>1</sup> <br>|
| **John T. Collins** | &nbsp;&nbsp; $88.36 | &nbsp;&nbsp; $62000 |
| **Maureen Lally-Green**<sup>2</sup> <br>| &nbsp;&nbsp; $26.66 | &nbsp;&nbsp; $0.00 |
| **P. Jerome Richey**<sup>2</sup> <br>| &nbsp;&nbsp; $26.66 | &nbsp;&nbsp; $0.00 |
| **Charles F. Mansfield, Jr.** | &nbsp;&nbsp; $88.36 | &nbsp;&nbsp; $62000 |

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

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

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

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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, 2024** 

---

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

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**Voting Proxies On Fund Portfolio Securities** 

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

**Proxy Voting Policies** 

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

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

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

**Corporate Governance** 

On matters related to the board of directors, generally the Adviser will vote to elect nominees to the board in uncontested elections except in certain circumstances, such as where the director: (1) has not attended at least 75% of the board meetings during the previous year; (2) serves as the company's chief financial officer, unless the company is headquartered in the UK or Ireland, where this is market practice; (3) has become "overboarded" (i.e., more than five public company boards for retired executives and more than two such boards for CEOs); (4) is a non-independent, non-executive director on the board of a

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U.S. domestic issuer where less than two-thirds of the directors are independent; (5) is a non-independent, non-executive director on the board of a foreign issuer where less than half of the directors are independent; (6) is a non-independent member of the audit committee; (7) is the chair of the nominating or governance committee when the roles of chair of the board and CEO are combined and there is no lead independent director; (8) served on the compensation committee during a period in which compensation appears excessive relative to performance and peers; or (9) served on a board that did not implement a shareholder proposal that the Adviser supported and received more than 50% shareholder support the previous year.

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

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

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

**Shareholder Proposals on Environmental and Social Issues** 

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

Environmental

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

&nbsp;&nbsp;&nbsp;&nbsp;1. The company's current level of publicly available disclosure.

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

&nbsp;&nbsp;&nbsp;&nbsp;3. Whether the company's current level of disclosure is comparable to that of industry peers; and

&nbsp;&nbsp;&nbsp;&nbsp;4. Whether there are significant controversies or litigation associated with the company's environmental performance.

Social

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

Political Activities

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

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Capital Structure

On matters of capital structure, generally, the Adviser will vote: (1) on a case-by-case basis for proposals to authorize the issuance of new shares if not connected to an M&A transaction and the potential dilution is more than 10%; (2) against proposals to create multiple-class voting structures where one class has superior voting rights to the other classes; (3) in favor of proposals to authorize reverse stock splits unless the amount of authorized shares is not also reduced proportionately.

Some foreign issuers annually request shareholders to approve general share issuance authorities as a matter of routine business. On these matters, the Adviser will vote in favor of proposals to authorize issuance of shares with and without pre-emptive rights unless the size of the authorities would unreasonably dilute existing shareholders.

Executive Compensation

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

Say on Pay

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

Remuneration Policy

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

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Total compensation appears excessive relative to the company's industry peer group considering local market dynamics; or

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

Remuneration Report

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

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

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

Equity Plans

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

&nbsp;&nbsp;&nbsp;&nbsp;1. Result in unreasonable dilution to existing shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;2. Permit replacement of "underwater" options with new options on more favorable terms for the recipient; or

&nbsp;&nbsp;&nbsp;&nbsp;3. Omit the criteria for determining the granting or vesting of awards.

M&A Activity

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

Contested Elections

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

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Cost/Benefit Analysis

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

Securities Lending Recall

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

Issuer Feedback

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

Best Efforts

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

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

**Proxy Voting Procedures** 

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

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

The Adviser has hired a proxy advisory firm to perform various proxy voting related administrative services such as ballot reconciliation, vote processing, and recordkeeping functions. The Proxy Committee has supplied the proxy advisory firm with the Standard Voting Instructions. The Proxy Committee retains the right to modify the Standard Voting Instructions at any time or to vote contrary to them at any time to cast proxy votes in a manner that the Proxy Committee believes is in accordance with the General Policy. If the Standard Voting Instructions require case-by-case handling for a proposal, the PVT will work with the

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investment professionals and the proxy advisory firm to develop a voting recommendation for the Proxy Committee and to communicate the Proxy Committee's final voting decision to the proxy advisory firm. Further, if the Standard Voting Instructions require the PVT to analyze a ballot question and make the final voting decision, the PVT will report such votes to the Proxy Committee on a quarterly basis for review.

**Conflicts of Interest** 

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

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

The Adviser has implemented the following procedures to avoid concerns that the conflicting interests of the Adviser or its affiliates have influenced proxy votes. Any employee of the Adviser or its affiliates who is contacted by an Interested Company regarding proxies to be voted by the Adviser must refer the Interested Company to a member of the Proxy Committee and must inform the Interested Company that the Proxy Committee has exclusive authority to determine how the proxy will be voted. Any Proxy Committee member contacted by an Interested Company must report it to the full Proxy Committee and provide a written summary of the communication. This requirement includes engagement meetings with investee companies and does not include communications with proxy solicitation firms. Under no circumstances will the Proxy Committee or any member of the Proxy Committee make a commitment to an Interested Company regarding the voting of proxies or disclose to an Interested Company how the Proxy Committee has directed such proxies to be voted. If the Standard Voting Instructions already provide specific direction on the proposal in question, the Proxy Committee shall not alter or amend such directions. If the Standard Voting Instructions require the Proxy Committee to provide further direction, the Proxy Committee shall do so in accordance with the proxy voting policies, without regard for the interests of the Adviser with respect to the Interested Company. If the Proxy Committee provides any direction as to the voting of proxies relating to a proposal affecting an Interested Company, it must disclose annually to the Fund's Board information regarding: the significant business relationship; any material communication with the Interested Company; the matter(s) voted on; and how, and why, the Adviser voted as it did. In certain circumstances, it may be appropriate for the Adviser to vote in the same proportion as all other shareholders as to not affect the outcome beyond helping to establish a quorum at the shareholders' meeting. This is referred to as "proportional voting." If the Fund owns shares of another Federated Hermes mutual fund, generally the Adviser will proportionally vote the client's proxies for that fund or seek direction from the Board or the client on how the proposal should be voted. If the Fund owns shares of an unaffiliated mutual fund, the Adviser may proportionally vote the Fund's proxies for that fund depending on the size of the position. If the Fund owns shares of an unaffiliated exchange-traded fund, the Adviser will proportionally vote the Fund's proxies for that fund.

**Downstream Affiliates** 

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

**Proxy Advisors' Conflicts of Interest** 

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

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

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

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

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

**Proxy Voting Report** 

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

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

As of July 8, 2025, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Institutional Shares: Michigan Catastrophic Claims Association, Livonia, MI, owned approximately 48,378,161 Shares (51.56%); Auto-Owners Insurance Company, Lansing, MI, owned approximately 20,087,384 Shares (21.41%); Energy Insurance Mutual Limited, Tampa, FL, owned approximately 11,781,316 Shares (12.56%); Salvation Army, Brookhaven, GA, owned approximately 6,186,584 Shares (6.59%); and Auto-Owners Life Insurance Company, Lansing, MI, owned approximately 5,027,666 Shares (5.36%).

As of the date of this Statement of Additional Information, there were no shareholders in the Fund's Service Shares.

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.

Michigan Catastrophic Claims Association is a Legislatively Created Entity in the Department of Insurance and Financial Services in the State of Michigan.

Investment Advisory and Other Services

**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 Fund 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 Fund.

The Advisory Agreement has an initial term of two years, and may continue thereafter so long as such continuance is specifically approved at least annually by a majority of the Board and a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) of the Fund (the "Independent Trustees"). The Fund or the Adviser may terminate the Advisory Agreement at any time without penalty on 60 days' written notice to the other party. Material amendments to the Advisory Agreement require shareholder approval.

The Fund's investment advisory contract provides for payment to the Adviser of an annual investment advisory fee of 0.50% 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 "Summary of Fund Expenses" table found in the Prospectus.

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

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

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

**THE SUB-ADVISER** 

Under the supervision of the Adviser and oversight by the Board and pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser (the "Sub-Advisory Agreement"), Federated Hermes (UK) LLP, will act as sub-investment adviser to the Fund. The Sub-Adviser will have day-to-day portfolio management responsibilities of the Fund.

Federated Hermes (UK) LLP, a limited liability partnership incorporated in England and Wales, is wholly owned, London based subsidiary of Federated Hermes, Inc., and is authorized and regulated by the U.K. Financial Conduct Authority (FCA) to provide investment management services. The Sub-Adviser advises approximately four registered investment companies. The Sub-Adviser's assets under management totaled approximately $11.1 billion as of December 31, 2024. The Sub-Adviser's assets under management are currently primarily comprised of assets from non-U.S. domiciled funds, other pooled investment vehicles and separate accounts, such as UK registered money market funds and other accounts of institutional clients from the UK, Europe and certain other non-U.S. jurisdictions.

For the fiscal years ended March 31, 2025, March 31, 2024 and March 31, 2023, the Adviser paid the Sub-Adviser $3,194,367, $2,318,187 and $2,226,231, respectively, for investment advisory services. The Sub-Adviser's fee is based on a rate of 0.39% of the portion managed by the Sub-Adviser of the average daily net assets of the Fund, accrued daily and payable monthly.

**Portfolio Manager Information** 

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

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**Ihab Salib, Portfolio Manager** 

---

| | | |
|:---|:---|:---|
| **Types of Accounts Managed** <br> **by Ihab Salib**<br>| &nbsp;&nbsp;&nbsp; **Total Number of Additional Accounts**<br> **Managed/Total Assets\***<br>| &nbsp;&nbsp;&nbsp; **Additional Accounts/Assets Managed**<br> **that are Subject to Advisory Fee**<br> **Based on Account Performance**<br>|
| Registered Investment Companies | 15/$2.6 billion | 0/$0 |
| Other Pooled Investment Vehicles | 7/$663.6 million | 0/$0 |
| Other Accounts | 1/$49.1 million | 2/$442.5 million |

---

*\**

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

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

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

IPP is measured on a rolling one, three and five calendar year pre-tax gross total return basis versus the Fund's representative performance index (i.e., Derived from Secured Overnight Financing Rate). Performance periods are adjusted if a portfolio manager has been managing an account for less than five years; accounts with less than one year of performance history under a portfolio manager may be excluded.

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

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

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

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

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**Christopher McGinley, Portfolio Manager** 

---

| | |
|:---|:---|
| **Types of Accounts Managed** <br> **by Christopher McGinley**<br>| &nbsp;&nbsp;&nbsp; **Total Number of Additional Accounts**<br> **Managed/Total Assets\***<br>|
| Registered Investment Companies | 10/$1.3 billion |
| Other Pooled Investment Vehicles | 1/$525.3 thousand |
| Other Accounts | 1/$27.9 million |

---

\*

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

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

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

IPP is measured on a rolling one, three and five calendar year pre-tax gross total return basis versus the Fund's representative performance index (i.e., Derived from Secured Overnight Financing Rate). Performance periods are adjusted if a portfolio manager has been managing an account for less than five years; accounts with less than one year of performance history under a portfolio manager may be excluded.

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

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

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

**Maarten Offeringa, Portfolio Manager** 

---

| | |
|:---|:---|
| **Types of Accounts Managed** <br> **by Maarten Offeringa**<br>| &nbsp;&nbsp;&nbsp; **Total Number of Additional Accounts**<br> **Managed/Total Assets\***<br>|
| Registered Investment Companies | 4/$1.3 billion |
| Other Pooled Investment Vehicles | 0/$0 |
| Other Accounts | 0/$0 |

---

*\**

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

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

Maarten Offeringa is paid a fixed base salary and a discretionary annual incentive. Base salary is determined within a market competitive position-specific salary range, based on the portfolio manager's experience and performance. The annual incentive amount is determined based primarily on Investment Product Performance (IPP) and also includes a discretionary component based on a variety of factors deemed relevant, including financial and non-financial criteria. Discretionary incentive awards take into consideration the overall financial performance of the company, the individual, and the products that the individual is involved in managing as well as the individual's conduct and behaviours. Other factors deemed relevant may also be considered, and the criteria may be adjusted periodically. The total combined annual incentive opportunity is intended to be competitive in the market for this portfolio manager role.

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A portion of Mr. Offeringa's discretionary annual incentive is subject to deferral arrangements. The deferral period is three years. At least 50% of the deferred component of Mr. Offeringa's bonus is notionally co-invested in the strategies that he manages.

IPP is measured on a rolling one, three and five calendar year pre-tax gross total return basis versus the Fund's representative performance index (i.e., Derived from Secured Overnight Financing Rate). Performance periods are adjusted if a portfolio manager has been managing an account for less than five years; accounts with less than one year of performance history under a portfolio manager may be excluded.

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

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

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

Additionally, Hermes has established a long-term incentive plan that allows participants to benefit from ownership of restricted Federated Hermes' shares in the business. Award holders are eligible to receive dividends from the first year of award. Participants are proposed by the Executive Committee based on a range of factors.

**Kazaur Rahman, Portfolio Manager** 

---

| | |
|:---|:---|
| **Types of Accounts Managed** <br> **by Kazaur Rahman**<br>| &nbsp;&nbsp;&nbsp; **Total Number of Additional Accounts**<br> **Managed/Total Assets\***<br>|
| Registered Investment Companies | 4/$1.3 billion |
| Other Pooled Investment Vehicles | 0/$0 |
| Other Accounts | 0/$0 |

---

*\**

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

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

Kazaur Rahman is paid a fixed base salary and a discretionary annual incentive. Base salary is determined within a market competitive position-specific salary range, based on the portfolio manager's experience and performance. The annual incentive amount is determined based primarily on Investment Product Performance (IPP) and also includes a discretionary component based on a variety of factors deemed relevant, including financial and non-financial criteria. Discretionary incentive awards take into consideration the overall financial performance of the company, the individual, and the products that the individual is involved in managing as well as the individual's conduct and behaviours. Other factors deemed relevant may also be considered, and the criteria may be adjusted periodically. The total combined annual incentive opportunity is intended to be competitive in the market for this portfolio manager role.

A portion of Mr. Rahman's discretionary annual incentive is subject to deferral arrangements. The deferral period is three years. At least 50% of the deferred component of Mr. Rahman's bonus is notionally co-invested in the strategies that he manages.

IPP is measured on a rolling one, three and five calendar year pre-tax gross total return basis versus the Fund's representative performance index (i.e., Derived from Secured Overnight Financing Rate). Performance periods are adjusted if a portfolio manager has been managing an account for less than five years; accounts with less than one year of performance history under a portfolio manager may be excluded.

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

**29**

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

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

Additionally, Hermes has established a long-term incentive plan that allows participants to benefit from ownership of restricted Federated Hermes' shares in the business. Award holders are eligible to receive dividends from the first year of award. Participants are proposed by the Executive Committee based on a range of factors.

**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.

**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 does not charge the Fund an Administrative Services fee but is entitled to reimbursement for certain out-of-pocket expenses incurred in providing Administrative Services to the Fund.

**Custodian** 

State Street Bank & Trust Company is custodian for the securities and cash of the Fund. Foreign instruments purchased by the Fund are held by foreign banks participating in a network coordinated by State Street Bank & Trust Company.

**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, KPMG 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.

**PRICING OF FUND SHARES** 

The net asset value (NAV) of the Fund is determined as of the end of regular trading on the New York Stock Exchange (NYSE) (normally, 4:00 p.m. Eastern time) each day the NYSE is open. The Fund calculates the NAV by valuing its assets, subtracting its liabilities, and dividing the balance by the number of Shares outstanding. The NAV is calculated to the nearest whole cent per Share. The Institutional Shares ("IS class") NAV plus the Service Shares ("SS class") NAV equals the total NAV of the Fund. The IS class NAV and the SS class NAV will be calculated separately based on the fees and expenses applicable to each class. Because of differing class fees and expenses, the per Share net asset value of the classes will vary over time.

**30**

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Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Board has designated the Adviser as the Fund's valuation designee to perform 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 also authorized to use pricing services to provide price evaluations of the current fair value of certain investments for purposes of calculating the NAV. The fair value method may be used to value trade finance related securities or other securities. 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 Adviser, as the Board's valuation designee, has approved and monitors the procedures under which trade finance related securities are valued. Trade finance related securities that meet certain criteria and are deemed to have prices that are readily available and reliable are valued by an independent pricing service. Other trade finance related securities are valued at their fair value. In connection with determining the fair value of trade finance related securities, the Valuation Committee will in good faith make an assessment of fair value. The factors that may be considered by the Valuation Committee when making this assessment are: (1) the cost and/or repayment performance of the underlying trade finance security; (2) the last reported price at which the investment was traded; (3) information regarding the investment or the issuer; (4) information on the sector in which the issuer is active or the country or region where the issuer is located; (5) changes in financial conditions and business prospects disclosed in the issuer's financial statements and other reports; (6) publicly announced transactions (such as tender offers and mergers) involving the issuer; (7) comparisons to other investments or to financial indices that are correlated to the investment; (8) with respect to fixed-income investments, changes in market yields and spreads; (9) with respect to investments that have been suspended from trading, the circumstances leading to the suspension; and (10) other factors that might affect the investment's value.

The fair value of each trade finance related security is approved by the Valuation Committee and periodically reviewed by the Board of Trustees based upon the Adviser's procedures.

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

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

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

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

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

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

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

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

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If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the Valuation Committee, is deemed not representative of the fair value of such security, the Fund will use the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could purchase or sell an investment at the price used to calculate the Fund's NAV. The Fund will not use a pricing service or dealer who is an affiliated person of the Adviser to value investments.

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

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

**Fair Valuation and Significant Events Procedures** 

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide price evaluations of the current fair value of certain investments for purposes of calculating the NAV.

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

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

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

Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the bid and ask prices for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts.

***Fair Valuation Procedures.*** The Board has designated the Adviser as the Fund's valuation designee to perform the fair value determination for securities and other assets held by the Fund. The Adviser has established procedures for determining the fair value of investments for which price evaluations from pricing services or dealers and market quotations are not readily available. The procedures define an investment's "fair value" as the price that the Fund might reasonably expect to receive upon its current sale. The procedures assume that any sale would be made to a willing buyer in the ordinary course of trading. The procedures require consideration of factors that vary based on the type of investment and the information available. Factors that may be considered in determining an investment's fair value include: (1) the last reported price at which the investment was traded;

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

(2) information provided by dealers or investment analysts regarding the investment or the issuer; (3) changes in financial conditions and business prospects disclosed in the issuer's financial statements and other reports; (4) publicly announced transactions (such as tender offers and mergers) involving the issuer; (5) comparisons to other investments or to financial indices that are correlated to the investment; (6) with respect to fixed-income investments, changes in market yields and spreads; (7) with respect to investments that have been suspended from trading, the circumstances leading to the suspension; and (8) other factors that might affect the investment's value.

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

Using fair value to price investments may result in a value that is different from an investment's most recent closing price and from the prices used by other registered funds to calculate their NAVs. The application of the fair value procedures to an investment represents a good faith determination of such investment's fair value. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value could be materially different.

***Significant Events.*** The Adviser has adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;

■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; and

■ Announcements concerning matters such as acquisitions, recapitalizations or litigation developments, or a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry.

The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. The pricing service uses models that correlate changes between the closing and opening price of equity securities traded primarily in non-U.S. markets to changes in prices in U.S.-traded securities and derivative contracts. The pricing service seeks to employ the model that provides the most significant correlation based on a periodic review of the results. The model uses the correlation to adjust the reported closing price of a foreign equity security based on information available up to the close of the NYSE.

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

For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the fair value of the investment is determined using the methods discussed above in *"Fair Valuation Procedures."* The Board periodically reviews any fair valuations made in response to significant events.

**PAYMENTS TO FINANCIAL INTERMEDIARIES and other persons** 

The Adviser may pay out of its own resources amounts to certain financial intermediaries, including broker-dealers, banks, registered investment advisers, independent financial planners and retirement plan administrators, and other persons, that support the sale of Shares or provide services to the Fund and/or its shareholders. The amounts of these payments could be significant, and may create an incentive for the financial intermediary or its employees or associated persons or other persons to recommend

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or sell Shares of the Fund to you. Not all financial intermediaries and other persons receive such payments, and the amount of compensation may vary. In some cases, such payments may be made by or funded from the resources of companies affiliated with the Adviser. These payments are not reflected in the fees and expenses listed in the fee table section of the Fund's Prospectus and described above because they are not paid by the Fund.

These payments are negotiated and may be based on such factors as: the number or value of Shares that the financial intermediary or other persons sells, may sell or arrange for the sale of Shares; the value of client assets invested; the level and types of services or support furnished by the financial intermediary; or the Fund's and/or other Federated Hermes funds' relationship with the financial intermediary. You can ask your financial intermediary, or any other person that provides services to you, for information about any payments it receives from the Adviser and any services provided, as well as about fees and/or commissions it charges.

Portfolio Trading

**Brokerage Transactions And Investment Allocation** 

Equity securities may be traded in the over-the-counter market through broker/dealers acting as principal or agent, or in transactions directly with other investors. Transactions may also be executed on a securities exchange or through an electronic communications network. The Adviser seeks to obtain best execution of trades in equity securities by balancing the costs inherent in trading, including opportunity costs, market impact costs and commissions. As a general matter, the Adviser seeks to add value to its investment management by using market information to capitalize on market opportunities, actively seek liquidity and discover price. The Adviser continually monitors its trading results in an effort to improve execution. 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 fixed-income security. The Adviser's receipt of research services (as described below) may also be a factor in the Adviser's selection of brokers and dealers. The Adviser may also direct certain portfolio trades to a broker that, in turn, pays a portion of the Fund's operating expenses. 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. Except as noted below, 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. Investments for Federated Hermes Kaufmann Fund and other accounts managed by that fund's portfolio managers in initial public offerings (IPO) are made independently from any other accounts, and much of their non-IPO trading may also be conducted independently from other accounts. Trading and allocation of investments, including IPOs, for accounts managed by Federated MDTA LLC are also made independently from 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 also 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.

**Brokerage and Research Services** 

Brokerage services include execution of trades and products and services that relate to the execution of trades, including communications services related to trade execution, clearing and settlement, trading software used to route orders to market centers, software that provides algorithmic trading strategies and software used to transmit orders to direct market access (DMA) systems. Research services may include: advice as to the advisability of investing in securities; security analysis and reports; economic studies; industry studies; receipt of quotations for portfolio evaluations; and similar services. Research services assist the Adviser and its affiliates in terms of their overall investment responsibilities to funds and investment accounts for which they have investment discretion. However, particular brokerage and research services received by the Adviser and its affiliates may not be used to service every fund or account, and may not benefit the particular funds and accounts that generated the brokerage commissions. In addition, brokerage and research services paid for with commissions generated by the Fund may be used in managing other funds and accounts. To the extent that receipt of these services may replace services for which the Adviser or its

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affiliates might otherwise have paid, it would tend to reduce their expenses. The Adviser and its affiliates exercise reasonable business judgment in selecting brokers to execute securities transactions where receipt of research services is a factor. They determine in good faith that commissions charged by such persons are reasonable in relationship to the value of the brokerage and research services provided.

Taxes

The Fund intends to elect to be treated and to qualify each year as a regulated investment company (RIC) under the Internal Revenue Code of 1986, as amended (the "Code"). Accordingly, the Fund must, among other things, meet the following requirements regarding the source of its income and the diversification of its assets:

(i) The Fund must derive in each taxable year at least 90% of its gross income from the following sources: (a) dividends, interest (including tax-exempt interest), payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gain from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or foreign currencies; and (b) net income derived from interests in "qualified publicly traded partnerships" (as defined in the Code).

(ii) The Fund must diversify its holdings so that, at the end of each quarter of each taxable year: (a) at least 50% of the market value of the Fund's total assets is represented by cash and cash items, U.S. government securities, the securities of other regulated investment companies and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the Fund's total assets and not more than 10% of the outstanding voting securities of such issuer; and (b) not more than 25% of the market value of the Fund's total assets is invested in the securities (other than U.S. government securities and the securities of other regulated investment companies) of (I) any one issuer, (II) any two or more issuers that the Fund controls and that are determined to be engaged in the same business or similar or related trades or businesses or (III) any one or more "qualified publicly traded partnerships" (as defined in the Code).

As a RIC, the Fund generally will not be subject to U.S. federal income tax on income and gains that the Fund distributes to its shareholders provided that it distributes each taxable year at least the sum of (i) 90% of the Fund's investment company taxable income (which includes, among other items, dividends, interest and the excess of any net short-term capital gain over net long-term capital loss and other taxable income, other than any net long-term capital gain, reduced by deductible expenses) determined without regard to the deduction for dividends paid and (ii) 90% of the Fund's net tax-exempt interest (the excess of its gross tax-exempt interest over certain disallowed deductions). The Fund intends to distribute substantially all of such income each year. The Fund will be subject to income tax at regular corporation rates on any taxable income or gains that it does not distribute to its shareholders.

In order to avoid incurring a nondeductible 4% federal excise tax obligation, the Code requires that the Fund distribute (or be deemed to have distributed) by December 31 of each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for such year (ii) 98.2% of its capital gain net income (which is the excess of its realized net long-term capital gain over its realized net short-term capital loss), generally computed on the basis of the one-year period ending on October 31 of such year, after reduction by any available capital loss carryforwards, and (iii) 100% of any ordinary income and capital gain net income from the prior year (as previously computed) that were not paid out during such year and on which the Fund paid no federal income tax. While the Fund intends to distribute any ordinary income and capital gain in the manner necessary to minimize imposition of the 4% excise tax, there can be no assurance that sufficient amounts of the Fund's ordinary income and capital gain will be distributed to avoid entirely the imposition of the tax. In that event, the Fund will be liable for the tax only on the amount by which it does not meet the foregoing distribution requirement.

If the Fund does not qualify as a RIC for any taxable year, the Fund's taxable income will be subject to corporate income taxes, and all distributions from earnings and profits, including distributions of net capital gain (if any), will be taxable to the shareholder as ordinary income or, if certain holding period and other requirements are met, as qualified dividend income. In addition, in order to requalify for taxation as a RIC, the Fund may be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.

Distributions of any taxable net investment income and net short-term capital gain will generally be taxable as ordinary income. Distributions of the Fund's net capital gain designated as capital gain dividends, if any, will be taxable to shareholders as long-term capital gains, regardless of the length of time they held their Shares. Distributions, if any, in excess of the Fund's earnings and profits will first reduce the adjusted tax basis of a holder's Shares and, after that basis has been reduced to zero, will constitute capital gains to the shareholder (assuming the Shares are held as a capital asset). See below for a summary of the maximum tax rates applicable to capital gains (including capital gain dividends). The Fund's distributions generally will not qualify either for the dividends received deduction generally available to corporate taxpayers or as qualified dividend income

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subject to favorable tax treatment for individual taxpayers. "Qualified dividend income" means dividends received by the Fund from U.S. corporations and qualifying foreign corporations, provided that the Fund satisfies certain holding period and other requirements in respect of the stock of such corporations and, when distributed by the Fund to individual shareholders, such shareholders satisfy certain holding period and other requirements in respect of their Shares.

Dividends and other distributions declared by the Fund in October, November or December of any year and payable to shareholders of record on a date in any of those months will be deemed to have been paid by the Fund and received by the shareholders on December 31 of that year if the distributions are paid by the Fund during the following January. Accordingly, those distributions will be taxed to shareholders for the year in which that December 31 falls. The Fund will inform shareholders of the source and tax status of all distributions promptly after the close of each calendar year.

Dividends and interest received, and gains realized, by the Fund on foreign securities may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions (collectively "foreign taxes") that would reduce the return on its securities. Tax conventions between certain countries and the United States, however, may reduce or eliminate foreign taxes, and many foreign countries do not impose taxes on capital gains in respect of investments by foreign investors.

The Fund believes that substantially all of its investment strategies will generate qualifying income for purposes of the Fund meeting the requirements for treatment as a RIC under current federal income tax law. Interest received by the Fund in connection with its trade finance investments will be qualifying income for purposes of such requirements, but certain income from engaging in lending or other business activities would not be qualifying income. The Fund must take into account the distinction between these types of income in structuring its participation in trade finance investments. Also, the Code expressly provides the U.S. Treasury with authority to issue regulations that would exclude foreign currency gains from qualifying income if such gains are not directly related to a fund's business of investing in stock or securities. While to date the U.S. Treasury has not exercised this regulatory authority, there can be no assurance that it will not issue regulations in the future (possibly with retroactive application) that would treat some or all of the Fund's foreign currency gains as non-qualifying income for RIC purposes, which may affect the Fund's status as a RIC for all years to which such regulations are applicable.

Because the Fund will invest substantially in interest-bearing securities rather than in the stock of domestic corporations, dividends paid by the Fund are generally not expected to qualify for the reduced income tax rates applicable to qualified dividend income.

The Fund's investment in zero coupon and certain other securities will cause it to realize income prior to the receipt of cash payments with respect to these securities. Such income will be accrued daily by the Fund and, in order to avoid a tax payable by the Fund, the Fund may be required to liquidate securities that it might otherwise have continued to hold in order to generate cash so that the Fund may make required distributions to its shareholders.

Investments in lower rated or unrated securities may present special tax issues for the Fund to the extent that the issuers of these securities default on their obligations pertaining thereto. The Code is not entirely clear regarding the federal income tax consequences of the Fund's taking certain positions in connection with ownership of such distressed securities, such as when the Fund may cease to accrue interest, original issue discount, or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and income, and whether exchanges of debt obligations in a workout context are taxable. These and other issues will be addressed by the Fund if it holds such obligations in order to reduce the risk of distributing insufficient income to preserve its status as a regulated investment company and seek to avoid becoming subject to federal income or excise tax.

Any recognized gain or income attributable to market discount on long-term debt obligations (i.e., on obligations with a term of more than one year except to the extent of a portion of the discount attributable to original issue discount) purchased by the Fund is taxable as ordinary income. A long-term debt obligation is generally treated as acquired at a market discount if purchased after its original issue at a price less than (i) the stated principal amount payable at maturity, in the case of an obligation that does not have original issue discount or (ii) in the case of an obligation that does have original issue discount, the sum of the issue price and any original issue discount that accrued before the obligation was purchased, subject to a de minimis exclusion.

Foreign exchange gains and losses realized by the Fund in connection with certain transactions involving foreign currency-denominated debt securities, certain foreign currency futures and options, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Section 988 of the Code, which generally causes such gains and losses to be treated as ordinary income and losses and may affect the amount, timing and character of distributions to shareholders. If the net foreign exchange loss for a year treated as ordinary loss under Section 988 were to exceed the Fund's investment company taxable income, computed without regard to such loss but after considering the post-October loss regulations, the resulting overall ordinary loss for such year would not be deductible by the Fund or its shareholders in future years. Under such circumstances, distributions paid by the Fund could be deemed return of capital.

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Taxation of interest received by the Fund with respect to emerging market borrowers may be subject to foreign taxes that may or may not be reclaimable. Trade finance related securities may include methods to minimize such risks but no assurance can be given that such techniques will be successful. In addition, markets in which the Fund invests may have less well developed or defined tax laws and procedures than in more developed markets and this may adversely affect the level of tax suffered by investment in those markets. This may also include the imposition of retroactive taxation which had not reasonably been anticipated in the valuation of the assets of the Fund. This may result in uncertainty which could necessitate significant provisions being made for foreign taxes in the calculation of the NAV of the Fund.

Certain transactions entered into by the Fund are subject to special tax rules of the Code that may, among other things: (a) affect the character of gains and losses realized; (b) disallow, suspend or otherwise limit the allowance of certain losses or deductions; and (c) accelerate the recognition of income without a corresponding receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to RICs). Operation of these rules may affect the character, amount and timing of distributions to shareholders. Special tax rules may also require the Fund to mark-to-market (i.e., treat them as sold on the last day of the taxable year) certain types of positions in its portfolio (i.e., some of the call options written by the Fund) and may result in the recognition of income without a corresponding receipt of cash. The Fund intends to monitor transactions, make appropriate tax elections and make appropriate entries in its books and records to avoid any possible disqualification for the special treatment afforded RICs under the Code.

The Fund will inform shareholders of the source and tax status of all distributions promptly after the close of each calendar year.

The repurchase or transfer of Shares may result in a taxable gain or loss to the tendering shareholder. Different tax consequences may apply for tendering and non-tendering shareholders in connection with a repurchase offer. For example, if a shareholder does not tender all of his or her Shares, such repurchase may not be treated as an exchange for U.S. federal income tax purposes and may result in deemed distributions to non-tendering shareholders. On the other hand, shareholders who tender all of their Shares (including Shares deemed owned by shareholders under constructive ownership rules) will be treated as having sold their Shares and generally will realize a capital gain or loss. Such gain or loss is measured by the difference between the shareholder's amount received and his or her adjusted tax basis of the Shares. For non-corporate Shareholders, gain or loss from the transfer or repurchase of Shares generally will be taxable at a U.S. federal income tax rate dependent upon the length of time the Shares were held. The maximum tax rate applicable to net capital gains recognized by individuals and other non-corporate taxpayers is (i) the same as the maximum ordinary income tax rate for gains recognized on the sale of capital assets held for one year or less, or (ii) 20% for gains recognized on the sale of capital assets held for more than one year (as well as certain capital gain distributions). Any loss on a disposition of Shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain distributions received with respect to those Shares. For purposes of determining whether Shares have been held for six months or less, the holding period is suspended for any periods during which the shareholder's risk of loss is diminished as a result of holding one or more other positions in substantially similar or related property, or through certain options or short sales. Any loss realized on a sale or exchange of Shares will be disallowed to the extent those Shares are replaced by other Shares within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition of the Shares (whether through the reinvestment of distributions, which could occur, for example, if the shareholder is a participant in the Plan (as defined below) or otherwise). In that event, the basis of the replacement Shares will be adjusted to reflect the disallowed loss.

An investor should be aware that, if Shares are purchased shortly before the record date for any taxable distribution (including a capital gain distribution), the purchase price likely will reflect the value of the distribution and the investor then would receive a taxable distribution likely to reduce the trading value of such Shares, in effect resulting in a taxable return of some of the purchase price.

Amounts paid by the Fund to individuals and certain other shareholders who have not provided the Fund with their correct taxpayer identification number ("TIN") and certain certifications required by the Internal Revenue Service (the "IRS") as well as shareholders with respect to whom the Fund has received certain information from the IRS or a broker may be subject to "backup" withholding of federal income tax arising from the Fund's taxable dividends and other distributions as well as the gross proceeds of sales of Shares, at the current rate of 24%. An individual's TIN is generally his or her social security number. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules from payments made to a shareholder may be refunded or credited against such shareholder's U.S. federal income tax liability, if any, provided that the required information is furnished to the IRS.

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If a shareholder realizes a loss on disposition of Shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the Internal Revenue Service a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies.

Certain net investment income received by an individual having modified adjusted gross income in excess of $200,000 (or $250,000 for married individuals filing jointly) will be subject to a tax of 3.8 percent. Certain dividends and capital gain distributions paid by the Fund will constitute investment income of the type subject to this tax.

The foregoing briefly summarizes some of the material federal income tax consequences to shareholders of investing in Shares, reflects the federal tax law as of the date of this Statement of Additional Information, and does not address special tax rules applicable to certain types of investors, such as tax-exempt entities, foreign investors, insurance companies and financial institutions. Unless otherwise noted, this discussion assumes that an investor is a U.S. person and holds the Shares as a capital asset. This discussion is based upon present provisions of the Code, the regulations promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject to change or differing interpretations by the courts or the IRS retroactively or prospectively. Shareholders should consult their own tax advisers with respect to special tax rules that may apply in their particular situations, as well as the state, local, and, where applicable, foreign tax consequences of investing in the Fund.

Non-U.S. investors not engaged in a U.S. trade or business with which their investment in the Fund is effectively connected will be subject to U.S. federal income tax treatment that is different from that described above. These investors may be subject to nonresident alien withholding tax at the rate of 30% (or a lower rate under an applicable tax treaty) on amounts treated as ordinary dividends from a Fund and, unless an effective IRS Form W-8BEN or other authorized withholding certificate is on file and to backup withholding on certain other payments from the Fund. Capital gain distributions and dividends properly designated as interest-related dividends and short-term capital gain dividends will not be subject to the 30% withholding tax. Non-U.S. investors should consult their tax advisers regarding such treatment and the application of foreign taxes to an investment in the Fund.

A 30% U.S. withholding tax may apply under FATCA to any U.S.-source "withholdable payments" made to a non-U.S. entity unless the non-U.S. entity enters into an agreement with either the IRS or a governmental authority in its own country, as applicable, to collect and provide substantial information regarding the entity's owners, including "specified United States persons" and "United States owned foreign entities," or otherwise demonstrates compliance with or exemption from FATCA. The term "withholdable payment" for these purposes would include dividends paid by the Fund. Proposed regulations (having immediate effect while pending) would eliminate the withholding tax that was scheduled to begin in 2019 with respect to U.S.-source investment sale proceeds. Non-U.S. investors should consult their own tax advisers regarding the impact of FATCA on their investment in the Fund.

**State and local taxes** 

Shareholders should consult their own tax advisers as to the state or local tax consequences of investing in the Fund.

Other Information

The Fund is an organization of the type commonly known as a "Delaware statutory trust." The Fund's Declaration of Trust provides that the Trustees and officers of the Fund, in their capacity as such, will not be personally liable for errors of judgment or mistakes of fact or law; but nothing in the Declaration of Trust protects a Trustee against any liability to the Fund or its shareholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his office. Voting rights are not cumulative, which means that the holders of more than 50% of the Shares voting for the election of Trustees can elect 100% of the Trustees and, in such event, the holders of the remaining less than 50% of the Shares voting on the matter will not be able to elect any Trustees.

Pursuant to Delaware law, the Fund's Declaration of Trust places certain limitations on the ability of shareholders to bring derivative actions on behalf of the Fund. Such limitations include, but are not limited to, that generally at least 10% of shareholders must join a written demand of the Trustees to bring an action and that the Trustees may review and reject the demand after evaluation. The Fund's Declaration of Trust also includes provisions altering the fiduciary duties of the Fund's Trustees, officers, employees or agents of the Fund. Such limitations do not apply to claims asserted under the federal securities laws to the extent that any such federal laws, rules or regulations do not permit such application. To the extent it is determined that any such applicable laws or regulations preclude the application of these limitations under federal securities laws, the relevant provisions of the Fund's Declaration of Trust are severable and any such determination would not affect the remaining provisions of the Fund's Declaration of Trust.

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The Fund's Prospectus and this SAI do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC. The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its rules and regulations.

[Financial Information](https://www.sec.gov/Archives/edgar/data/1677615/000162363225000653/fptft1709-form.htm)

Effective at the open of business July 25, 2025, the Fund's issued Shares designated as the CS class were re-designated as the IS class. Also, effective at the open of business July 25, 2025, the Fund's SS class commenced operations. The Financial Statements for the Fund for the fiscal year ended March 31, 2025 are incorporated herein by reference to the Annual Report to Shareholders of Federated Hermes Project and Trade Finance Tender Fund dated March 31, 2025 .

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Addresses

**Federated Hermes Project and Trade Finance Tender Fund** 

**INSTITUTIONAL SHARES**

**SERVICE SHARES** 

**Investment Adviser** 

Federated Investment Management Company

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

1-800-341-7400

**Investment Sub-Adviser** 

Federated Hermes (UK) LLP

150 Cheapside

London, EC2V 6ET, England

**Administrator** 

Federated Administrative Services

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

1-800-341-7400

**Custodian** 

State Street Bank & Trust Company

1 Iron Street

Boston, MA 02210

**Transfer Agent and Dividend Disbursing Agent** 

SS&C GIDS, Inc.

1055 Broadway

Kansas City, MO 64105

**Independent Registered Public Accounting Firm** 

KPMG LLP

Two Financial Center

60 South Street

Boston, MA 02111

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PART C. OTHER INFORMATION.

Item 25. Financial Statements and Exhibits

(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements

Included in Part A:

Financial Highlights for period ended March 31, 2025

Included in Part B:

Portfolio of Investments.\*

Financial Highlights.\*

Statement of Assets and Liabilities.\*

Statement of Operations.\*

Statement of Changes in Net Assets.\*

Statement of Cash Flows.\*

Notes to Financial Statements.\*

Report of Independent Registered Public Accounting Firm.\*

\*[Incorporated by reference to the Registrant's Form N-CSR filed with the Securities and Exchange Commission on June 3, 2025 (Accession No. 0001623632-25-000653)](https://www.sec.gov/Archives/edgar/data/1677615/000162363225000653/fptft1709-form.htm)

(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits:

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| | |
|:---|:---|
| **(a)** | **Declaration of Trust** |
| 1 | [Conformed copy of Certificate of Trust of the Registrant dated June 23, 2016, including Amendment effective June 26, 2020, as filed via EDGAR in Post-Effective Amendment No. 2 on July 21, 2020 on Form N-2 (File Nos. 333-231065 and 811-23174)](https://www.sec.gov/Archives/edgar/data/1677615/000162363220001292/exhibit25-a1.htm) |
| 2 | [Conformed copy of Declaration of Trust of the Registrant dated October 1, 2016, including Amendment No. 1 effective June 26, 2020, as filed via EDGAR in Post-Effective Amendment No. 2 on July 21, 2020 on Form N-2 (File Nos. 333-231065 and 811-23174)](https://www.sec.gov/Archives/edgar/data/1677615/000162363220001292/exhibit25-a2.htm) |

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| | |
|:---|:---|
| **(b)** | **By-Laws** |
|  | [Copy of By-Laws of the Registrant dated October 1, 2016, (effective as of June 26, 2020) including Amendment No. 1 dated August 17, 2018, as filed via EDGAR in Post-Effective Amendment No. 2 on July 21, 2020 on Form N-2 (File Nos. 333-231065 and 811-23174)](https://www.sec.gov/Archives/edgar/data/1677615/000162363220001292/exhibit25-b.htm) |

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**(c)** **Copies of any Voting Trust Agreement with respect to more than Five Percent of any Class of Equity Securities of the Registrant**

 Not applicable

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| | |
|:---|:---|
| **(d)** | **Constituent Instruments Defining Rights of Holders of Securities** |
| 1 | [Response is incorporated by reference to Exhibit 2 (a)(2) above](https://www.sec.gov/Archives/edgar/data/1677615/000162363220001292/exhibit25-a2.htm) |
| 2 | [Response is incorporated by reference to Exhibit 2 (b) above](https://www.sec.gov/Archives/edgar/data/1677615/000162363220001292/exhibit25-b.htm) |

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| | |
|:---|:---|
| **(e)** | **Dividend Reinvestment Plan** |
|  | [Copy of Registrant's Dividend Reinvestment Plan (reflecting Registrant name change dated June 29, 2020), as filed via EDGAR in Post-Effective Amendment No. 2 on July 21, 2020 on Form N-2 (File Nos. 333-231065 and 811-23174)](https://www.sec.gov/Archives/edgar/data/1677615/000162363220001292/exhibit25-e.htm) |

---

**(f)** **Constituent Instruments Defining Rights of Holders of Long-Term Debt Securities of Subsidiaries for which Consolidated or Unconsolidated Financial Statements are Required to be Filed**

 Not applicable

---

| | |
|:---|:---|
| **(g)** | **Investment Advisory Contracts** |
| 1 | &nbsp;&nbsp; **Federated Investment Management Company**<br> [Conformed copy of the investment advisory contract of the Registrant (reflecting Registrant name change dated June 29, 2020), dated October 1, 2016, including Exhibit A, and Limited Power of Attorney dated June 1, 2017, as filed via EDGAR in Post-Effective Amendment No. 2 on July 21, 2020 on Form N-2 (File Nos. 333-231065 and 811-23174)](https://www.sec.gov/Archives/edgar/data/1677615/000162363220001292/exhibit25-g1.htm) |
| 2 | &nbsp;&nbsp; **Federated Hermes (UK) LLP**<br> [Conformed copy of the investment subadvisory agreement of the Registrant, Federated Investment Management Company and Federated Hermes (UK) LLP, dated October 17, 2016 (reflecting Registrant name change dated June 29, 2020 and Subadviser name change dated June 19, 2020), including Appendix A and Limited Power of Attorney dated June 1, 2017, as filed via EDGAR in Post-Effective Amendment No. 3 on May 27, 2021 (File Nos. 333-231065 and 811-23174)](https://www.sec.gov/Archives/edgar/data/1677615/000162363221000641/exhibit25-2g2.htm) |

---

---

| | |
|:---|:---|
| **(h)** | **Underwriting Contracts** |
|  | [Conformed copy of Distributor's Contact of the Registrant dated October 1, 2016, (reflecting Registrant name change dated June 29, 2020), as filed via EDGAR in Post-Effective Amendment No. 2 on July 21, 2020 on Form N-2 (File Nos. 333-231065 and 811-23174)](https://www.sec.gov/Archives/edgar/data/1677615/000162363220001292/exhibit25-h.htm) |

---

**(i)** **Bonus, Profit Sharing, Pension, or Other Similar Contracts or Arrangements**

 Not applicable

---

| | |
|:---|:---|
| **(j)** | **Custodian Agreements** |
|  | [Conformed copy of Amended and Restated Master Custodian Agreement dated March 1, 2017 by and between State Street Bank and Trust Company and the Registrant, including Appendix A, revised as of March 1, 2024, as filed via EDGAR in Amendment No. 27 on May 30, 2024 on Form N-2 (File Nos. 333-279816 and 811-23174)](https://www.sec.gov/Archives/edgar/data/1677615/000162363224000683/ex252jfptft1820.htm) |

---

---

| | | |
|:---|:---|:---|
| **(k)** | **Other Material Contracts** | |
| **1** | **Agency Agreement** |  |
|  | &nbsp;&nbsp; [Conformed copy of amended Agency Agreement between Registrant and DST Systems, Inc., dated December 6, 2016 (reflecting Registrant name change dated June 29, 2020), as filed via EDGAR in Post-Effective Amendment No. 2 filed July 21, 2020 on Form N-2 (File Nos. 333-231065 and 811-23174)](https://www.sec.gov/Archives/edgar/data/1677615/000162363220001292/exhibit25-k1.htm)<br>|  |
| **2** | **Administrative Services Agreement** |  |
|  | [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 (dated June 1, 2025) and Exhibit B](exhibit25-2k2.htm) | + |
| **3** | **Financial Administration and Accounting Agreement** |  |
|  | [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, including Exhibit A (updated as of March 1, 2024), as filed via EDGAR in Amendment No. 27 on May 30, 2024 on Form N-2 (File Nos. 333-279816 and 811-23174)](https://www.sec.gov/Archives/edgar/data/1677615/000162363224000683/ex252k3fptft1820.htm) |  |
| **4** | **Multiple Class Plan** |  |
|  | [Copy of Multiple Class Plan of the Registrant dated February 13, 2025](exhibit25-2k4.htm) | + |
| **5** | **Shareholder Service Plan** |  |
|  | [Copy of Shareholder Service Plan of the Registrant dated February 13, 2025](exhibit25-2k5.htm) | + |

---

---

| | | |
|:---|:---|:---|
| **(l)** | **Legal Opinion** | |
| | [Conformed copy of Opinion and Consent of K&L Gates LLP](exhibit25-2l.htm) | + |

---

**(m)** **Consent to Service of Process**

 Not applicable

---

| | | |
|:---|:---|:---|
| **(n)** | **Other Opinions** | |
| | &nbsp;&nbsp; [Conformed copy of Consent of KPMG LLP, Independent Registered Public Accounting Firm](exhibit25-2n.htm)<br>| + |

---

**(o)** **Omitted Financial Statements**

 Not applicable

---

| | |
|:---|:---|
| **(p)** | **Initial Capital Agreements** |
|  | [Conformed copy of Initial Capital Understanding, as filed via EDGAR in Pre-Effective Amendment No. 1 filed October 28, 2016 on Form N-2 (File Nos. 333-212613 and 811-23174)](https://www.sec.gov/Archives/edgar/data/1677615/000162363216004053/initialcapital.htm) |

---

**(q)** **Model Retirement Plans**

 Not applicable

---

| | |
|:---|:---|
| **(r)** | **Codes of Ethics** |
|  | [Conformed copy of the Federated Hermes, Inc. Code of Ethics for Access Persons, effective November 13, 2024, as filed via EDGAR in Amendment No. 29 on May 9, 2025 on Form N-2 (File Nos. 333-283469 and 811-23174)](https://www.sec.gov/Archives/edgar/data/1677615/000162363225000559/exhibit25-r.htm) |

---

---

| | | |
|:---|:---|:---|
| **(s)** | **Calculation of Filing Fee Table** | |
| | &nbsp;&nbsp; [Copy of the Registrant's Calculation of Filing Fee Tables (Newly Registered and Carry Forward Securities)](exhibit25-2s.htm)<br> **** | + |

---

---

| | |
|:---|:---|
| **(t)** | **Powers of Attorney** |
|  | [Conformed copy of Power of Attorney of the Registrant dated January 1, 2025, as filed via EDGAR in Amendment No. 29 on May 9, 2025 on Form N-2 (File Nos. 333-283469 and 811-23174)](https://www.sec.gov/Archives/edgar/data/1677615/000162363225000559/exhibit25-t.htm) |

---

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Index No.** | &nbsp;&nbsp;**Description of Exhibit** |
| &nbsp;&nbsp;EX-101.INS | &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;EX-101.SCH | &nbsp;&nbsp;XBRL Taxonomy Extension Schema Document |
| &nbsp;&nbsp;EX-101.CAL | &nbsp;&nbsp;XBRL Taxonomy Extension Calculation Linkbase |
| &nbsp;&nbsp;EX-101.DEF | &nbsp;&nbsp;XBRL Taxonomy Extension Definition Linkbase |
| &nbsp;&nbsp;EX-101.LAB | &nbsp;&nbsp;XBRL Taxonomy Extension Labels Linkbase |
| &nbsp;&nbsp;EX-101.PRE | &nbsp;&nbsp;XBRL Taxonomy Extension Presentation Linkbase |

---

Item 26. <u>Marketing Arrangements</u>

Distribution contract incorporated by reference to Pre-Effective Amendment #1 filed October 28, 2016.

Item 27. <u>Other Expenses of Issuance and Distribution</u>

Not applicable.

Item 28. <u>Persons Controlled by or Under Common Control with the Fund:</u>

None.

Item 29. <u>Number of Holders of Securities</u>

Set forth below is the number of record holders as of April 30, 2025, of each class of securities of the Registrant:

Title of Class <u>Number of Record Holders</u> <br> <u>Common shares of beneficial interest</u> <u>8</u>

Item 30. <u>Indemnification:</u>

Indemnification is provided to Officers and Trustees of the Registrant pursuant to the Registrant's By-Laws, as amended. This includes indemnification against: (a) any liabilities or expenses incurred in connection with the defense or disposition of any action, suit or proceeding in which an Officer or Trustee may be or may have been involved; and (b) any liabilities and expenses incurred by an Officer or Trustee as a result of having provided personally identifiable information to a regulator or counterparty by or with whom the Registrant or its series is regulated or engages in business to satisfy a legal or procedural requirement of such regulator or counterparty.

The Investment Advisory Contract, and Sub-Advisory Agreement as applicable, (collectively, "Advisory Contracts") between the Registrant and the investment adviser, and sub-adviser as applicable, (collectively, "Advisers") of its series, provide that, in the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of the obligations or duties under the Advisory Contracts on the part of the Advisers, Advisers shall not be liable to the Registrant or to any shareholder for any act or omission in the course of or connected in any way with rendering services or for any losses that may be sustained in the purchase, holding, or sale of any security.

The Registrant's distribution contract contains provisions limiting the liability, and providing for indemnification, of the Officers and Trustees under certain circumstances.

Registrant's Trustees and Officers are covered by an Investment Trust Errors and Omissions Policy.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to Trustees, Officers, and controlling persons of the Registrant by the Registrant pursuant to the By-Laws, as amended, or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Act and, therefore, is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by Trustees), Officers, or controlling persons of the Registrant in connection with the successful defense of any act, suit, or proceeding) is asserted by such Trustees, Officers, or controlling persons in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issues.

Insofar as indemnification for liabilities may be permitted pursuant to Section 17 of the Investment Company Act of 1940 for Trustees, Officers, and controlling persons of the Registrant by the Registrant pursuant to the By-Laws, as amended, or otherwise, the Registrant is aware of the position of the Securities and Exchange Commission as set forth in Investment Company Act Release No. IC-11330. Therefore, the Registrant undertakes that in addition to complying with the applicable provisions of the By-Laws, as amended, or otherwise, in the absence of a final decision on the merits by a court or other body before which the proceeding was brought, that an indemnification payment will not be made unless in the absence of such a decision, a reasonable determination based upon factual review has been made (i) by a majority vote of a quorum of non-party Trustees who are not interested persons of the Registrant or (ii) by independent legal counsel in a written opinion that the indemnitee was not liable for an act of willful misfeasance, bad faith, gross negligence, or reckless disregard of duties. The Registrant further undertakes that advancement of expenses incurred in the defense of a proceeding (upon undertaking for repayment unless it is ultimately determined that indemnification is appropriate) against an Officer, Trustee or controlling person of the Registrant will not be made absent the fulfillment of at least one of the following conditions: (i) the indemnitee provides security for his undertaking; (ii) the Registrant is insured against losses arising by reason of any lawful advances; or (iii) a majority of a quorum of disinterested non-party Trustees or independent legal counsel in a written opinion makes a factual determination that there is reason to believe the indemnitee will be entitled to indemnification.

---

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

---

---

| |
|:---|
| Item 31. <u>Business and Other Connections of Investment Sub-Adviser<br> (Federated Hermes (UK) LLP):</u> |
| &nbsp;&nbsp;For a description of the other business of the Investment Sub-Adviser, see the section entitled "Management of the Fund" in Part A. The affiliation with the Registrant of five of the Officers of the Investment Sub-Adviser is included in Part B of this Registration Statement under "Management of the Fund." The Trustees of the Investment Sub-Adviser and, in parentheses, their principal occupations are: Gregory P. Dulski,<sup>1</sup> Interested Trustee and Chair (Chief Regulatory Officer and Head of Government Affairs, Federated Hermes Limited); Deborah A. Cunningham,<sup>2</sup> Interested Trustee (Chief Investment Officer, Federated Hermes, Inc. Global Liquidity Markets); Michael Boyce,<sup>1</sup> Independent Trustee (Independent Non-Executive Director); and Ronan Walsh,<sup>1</sup> Independent Trustee (Independent Non-Executive Director). The business address of the Trustees is 1001 Liberty Avenue, Pittsburgh, Pennsylvania 15222-3779. The business addresses of the Trustees and the Officers of the Investment Sub-Adviser are noted below. |
| &nbsp;&nbsp;The Officers of the Investment Sub-Adviser are: |
| &nbsp;&nbsp;Senior Vice President: &nbsp;&nbsp; Gregory P. Dulski<sup>1</sup> Dennis Gepp<sup>1</sup> Robert Ostrowski<sup>2</sup> |
| &nbsp;&nbsp;Vice Presidents: &nbsp;&nbsp; Mohammed Hassan Elmi<sup>1</sup> Christopher McGinley<sup>2</sup> Maarten Offeringa<sup>1</sup> Clive Selman<sup>1</sup> Gary Skedge<sup>1</sup> Robert J. Wagner<sup>3</sup> |
| &nbsp;&nbsp;Assistant Vice President: &nbsp;&nbsp; Joanne Bartell<sup>1</sup> Andrii V. Shevchenko<sup>1</sup> Mohammed Kazaur Rahman<sup>1</sup> |
| &nbsp;&nbsp;Managing Director and Chief Investment Officer: &nbsp;&nbsp;Dennis Gepp<sup>1</sup> |
| &nbsp;&nbsp;Chief Operating Officer: &nbsp;&nbsp;Judith Benson<sup>1</sup> |
| &nbsp;&nbsp;Chief Compliance Officer: &nbsp;&nbsp;Stephen Van Meter<sup>2</sup> |
| &nbsp;&nbsp;Treasurer: &nbsp;&nbsp;Richard A. Novak<sup>2</sup> |
| &nbsp;&nbsp;Assistant Treasurer: &nbsp;&nbsp;Autumn Favero<sup>2</sup> |

---

<sup>1</sup> 150 Cheapside, London, EC2V 6ET, England

<sup>2</sup> 1001 Liberty Ave., Pittsburgh, PA 15222

<sup>3</sup> 4000 Ericsson Dr., Warrendale, PA 15086

Item 32. <u>Location of Accounts and Records</u>:

All accounts and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 promulgated thereunder are maintained at one of the following locations:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Federated Hermes Project and Trade Finance Tender Fund**<br> (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)<br>| &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 Hermes (UK) LLP**<br> (Sub-Adviser) | &nbsp;&nbsp;150 Cheapside<br> London EC2V 6ET<br> England |
| &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;1055 Broadway<br> Kansas City, MO 64105 |
| &nbsp;&nbsp; **State Street Bank and Trust Company**<br> (Custodian) | &nbsp;&nbsp;1 Iron Street<br> Boston, MA 02210 |

---

Item 33. <u>Management Services</u>: Not applicable.

Item 34. <u>Undertakings</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An undertaking to suspend the offering of shares until the prospectus is amended if (1) subsequent to the effective date of its registration statement, the net asset value declines more than ten percent from its net asset value as of the effective date of the registration statement or (2) the net asset value increases to an amount greater than its net proceeds as stated in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; To file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp; to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp; to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp; to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; That, for the purpose of determining liability under the Securities Act to any purchaser, (1) if the Registrant is relying on Rule 430B: (A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and (B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or (2) if the Registrant is subject to Rule 430C: each prospectus filed pursuant to Rule 424(b) under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; *provided, however*, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; That, for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp; any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp; free writing prospectus relating to the offering prepared by our on behalf of the undersigned Registrant or used or referred to by the undersigned Registrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp; the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp; any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of an oral or written request, its prospectus or Statement of Additional Information.

---

| |
|:---|
| &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 PROJECT AND TRADE FINANCE TENDER FUND, 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 24<sup>th</sup> day of July, 2025. |
| &nbsp;&nbsp;**FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND** |
| &nbsp;&nbsp; BY: /s/ George F. Magera<br> George F. Magera, Assistant Secretary |
| &nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacity and on the date indicated: |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NAME** | &nbsp;&nbsp;**TITLE** | &nbsp;&nbsp;**DATE** |
| &nbsp;&nbsp; <br> BY: <u>/s/ George F. Magera</u><br> George F. Magera, Assistant Secretary | &nbsp;&nbsp; <br> Attorney In Fact For the Persons Listed Below | &nbsp;&nbsp; <br> July 24, 2025 |
| &nbsp;&nbsp; J. Christopher Donahue\*<br>| &nbsp;&nbsp;President and Trustee (Principal Executive Officer) |  |
| &nbsp;&nbsp;Thomas R. Donahue\* | &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;Jeremy D. Boughton\* | &nbsp;&nbsp;Treasurer (Principal Financial Officer/Principal Accounting Officer) |  |
| &nbsp;&nbsp;John G. Carson\* | &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;G. Thomas Hough\* | &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;Karen L. Larrimer\* | &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;Max Miller\* | &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;Frank J. Nasta\* | &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;Thomas M. O'Neill\* | &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;Madelyn A. Reilly\* | &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;John S. Walsh\* | &nbsp;&nbsp;Trustee |  |
| &nbsp;&nbsp;\*By Power of Attorney |  |  |

---

<u>Exhibit List</u>

[(k)(2) 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 (dated June 1, 2025) and Exhibit B](exhibit25-2k2.htm)

[(k)(4) Copy of Multiple Class Plan of the Registrant dated February 13, 2025](exhibit25-2k4.htm)

[(k)(5) Copy of Shareholder Service Plan of the Registrant dated February 13, 2025](exhibit25-2k5.htm)

[(l) Conformed copy of Opinion and Consent of K&L Gates LLP](exhibit25-2l.htm)

[(n) Conformed copy of Consent of KPMG LLP, Independent Registered Public Accounting Firm](exhibit25-2n.htm)

[(s) Copy of the Registrant's Calculation of Filing Fee Tables (Newly Registered and Carry Forward Securities)](exhibit25-2s.htm)

## Exhibit 99.2

Exhibit 25(2)(k)(2) under Form N-2

**FOURTH AMENDED AND RESTATED**

**AGREEMENT**

**for**

**ADMINISTRATIVE SERVICES**

This Fourth Amended and Restated Agreement for Administrative Services (the "**Agreement**") is made, severally and not jointly, as of **September 1, 2022**, by each of the registered investment companies listed on **Exhibit A** hereto, each having its principal office and place of business at 4000 Ericsson Drive, Warrendale, Pennsylvania 15086 (collectively, the "**Investment Company**"), and FEDERATED ADMINISTRATIVE SERVICES, a Delaware statutory trust, having its principal office and place of business at Federated Hermes Tower, Pittsburgh, Pennsylvania 15222-3779 ("**FAS**"). The Agreement amends and restates in its entirety that Third Amended and Restated Agreement for Administrative Services by and between the Investment Company and FAS dated September 1, 2021, as amended, (the "**Superseded Agreement**").

**WHEREAS**, each investment company subject to this Agreement is registered as a management investment company under the Investment Company Act of 1940, as amended (the "**1940 Act**"), with authorized and issued shares of capital stock or beneficial interest ("**Shares**");

**WHEREAS**, certain investment companies subject to this Agreement are "series companies" as defined in Rule 18f-2 under the 1940 Act and, as used in this Agreement, the term "**Fund**" refers to either (i) an individual portfolio of such a series company or (ii) an investment company that is not organized as a series company, and the term "**Funds**" refers to all such portfolios and investment companies, collectively;

**WHEREAS**, certain of the Funds operate as exchange traded funds (each an **"ETF"**) in accordance with Rule 6c-11 under the 1940 Act (the **"ETF Rule"**);

**WHEREAS**, Shares of each Fund other than the ETFs may be subdivided into classes (each a "**Class**") as provided in Rule 18f-3 under the 1940 Act;

**WHEREAS**, the Investment Company wishes to appoint FAS as its administrator to provide it with Administrative Services (as herein defined) and FAS desires to accept such appointment;

**WHEREAS**, Investment Company and FAS are parties to the Superseded Agreement with respect to the subject matter hereof; and

**WHEREAS**, Investment Company and FAS desire to amend the Superseded Agreement by amending and restating the same in its entirety on the terms set forth herein;

**NOW THEREFORE**, in consideration of the premises and mutual covenants herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:

**<u>Article 1. Appointment</u>.**

The Investment Company hereby appoints FAS as Administrator for the period on the terms and conditions set forth in this Agreement. FAS hereby accepts such appointment and agrees to furnish the services set forth in Article 2 of this Agreement in return for the compensation set forth in Article 5 of this Agreement.

**<u>Article 2. FAS Duties</u>.**

As Administrator, and subject to the supervision and control of the Investment Company's Board of Trustees/Directors (the "**Board**"), FAS will provide facilities, equipment, and personnel to perform or cause to be performed the following "**Administrative Services**" for operation of the business and affairs of the Investment Company and each of its Funds, as such Administrative Services are applicable to each Fund, and any additional Administrative Services that FAS shall agree in writing to perform, or cause to be performed, for the Investment Company with respect to any Fund from time to time:

**A. LEGAL AND COMPLIANCE ADMINISTRATIVE SERVICES**

1. Prepare, file, and maintain the Investment Company's governing documents and any amendments thereto, including the charter documents, the by-laws and minutes of meetings of the Board, Board Committees and Shareholders.

2. Prepare and file with the Securities and Exchange Commission (the "**SEC**") and the appropriate state securities authorities: (i) the registration statements for the Investment Company and the Investment Company's Shares and all amendments thereto, (ii) annual and semi-annual reports to shareholders and other applicable regulatory reports and communications; (iii) proxy materials; (iv) notices pursuant to Rule 24f-2; and (v) such other documents all as may be necessary to enable the Investment Company to continuously offer its shares.

3. For each Fund that is an ETF, prepare and file with NYSE Arca, Inc., the Cboe BZX Exchange, Inc., The Nasdaq Stock Market LLC (each an **"Exchange"**), as applicable, (i) an initial listing application; and (ii) such other documents, reports and filings as may be required by the applicable Exchange for the ETF to maintain the listing of its Shares on the Exchange and to otherwise comply with the rules of the Exchange.

4. Prepare and administer contracts on behalf of the Investment Company and supervise relationships with the Investment Company's other service providers, including , the Investment Company's investment advisers, sub-advisers, fund accountants, custodians, transfer agents, distributors, and in the case of ETFs, authorized participants, subject to any terms and conditions established by the Board and the requirements of the 1940 Act, such supervision may include the engagement of outside consultants from time to time, at FAS's expense, to review the relationship contracts and recommend changes designed to reduce Fund expenses.

5. Provide due diligence of the Investment Company's other service providers, including, the Investment Company's investment advisers, sub-advisers, fund accountants, custodians, transfer agents, distributors, and in the case of ETFs, authorized participants, to the extent not otherwise provided by the Investment Company's other service providers.

6. Arrange for and attend shareholders' meetings; prepare the Investment Company's representatives who will attend shareholder meetings and all necessary materials in connection with such meetings including, a written script for such meetings, minutes and any follow-up documents.

7. Provide the Investment Company with legal guidance with respect to its regulated activities, including prospectus disclosures, investment activities, affiliated transactions, investment in senior securities, sales, redemptions and exchanges, distribution of income and capital gains, distribution of Shares, Board composition, code of ethics, fidelity bond, custodial services and service provider contracts and the general application of securities laws and regulations to the Investment Company's business and provide or arrange for all other legal services that constitute Administrative Service required by the Investment Company and not otherwise provided for under this Agreement (it being understood that various legal services will be provided to the Investment Company, the Board and the Independent Trustees at the expense of the Investment Company, as described herein).

8. Supervise outside legal counsel retained at the expense of the Investment Company with respect to litigation brought by the Investment Company (including participation in class-action lawsuits) and against the Investment Company and negotiate litigation settlements and pre-litigation settlements and work-out arrangements.

9. Obtain the required documentation to be filed in connection with any lawsuits against the Investment Company and provide information and expertise on administrative matters affecting such litigation.

10. Supervise outside legal counsel retained at the expense of the Investment Company with respect to, and review all contracts, filings and required documentation concerning, the acquisition of other investment companies or the liquidation of the Fund; provide guidance on the manner such transactions should be structured to comply with applicable law and obtain at the Investment Company's expense, legal opinions and regulatory authority rulings necessary for such transactions to comply with applicable law.

11. Using reasonable judgement and subject to any terms and conditions established by the Board and the requirements of the 1940 Act and in consultation with Fund Treasury, determine on behalf of the Investment Company whether or not to participate in domestic and/or offshore class-action lawsuits in which the Investment Company is eligible to participate, and provide guidance to Fund Treasury regarding the Investment Company's participation in any such class-action lawsuits.

12. Seek formal guidance from regulatory authorities concerning the application of various regulations to the Investment Company and seek exemptive relief, where appropriate.

13. Subject to the Board's direction, coordinate meetings of the Board (and its committees), including: (i) the creation of notices, agendas, legal memoranda and administrative reports, and (ii) the review and compilation of other materials prepared by the Investment Company's adviser, distributor, portfolio accountant, custodian, transfer agent, auditor, independent counsel or other service providers to support the Board's discussions and actions taken.

14. Negotiate and secure for the Investment Company and its directors and officers: (i) a fidelity bond in an amount that is at least adequate to satisfy the requirements of the 1940 Act, (ii) directors and officer's coverage and (iii) professional liability or errors and omissions coverage, in each case, under terms that are acceptable to the Board.

15. Monitor changes in applicable regulations and make corresponding changes in, or develop new, policies and procedures for the Fund or for the applicable service provider.

16. Prepare, review and negotiate standard forms of indentures, guarantees, agreements, certificates, confirmations and other documentation relating to the legal terms of securities eligible for purchase by money market funds, provided that FAS shall not have any obligation to: (i) provide any written legal opinions regarding such securities; or (ii) prepare, review or negotiate any document for which a standard form has not been developed and accepted for use by the investment company industry.

17. Perform the following "blue sky" services, either itself or through one or more affiliated or unaffiliated service providers: (1) provide a system to monitor the total number of Shares of the Investment Company (and/or Class) sold in each State, (2) monitor the total number of Shares of such Investment Company (and/or Class) sold in each State and, where appropriate, increase the number of Shares registered in such State, (3) with respect to shareholders of the Investment Company whose shareholdings are fully-disclosed on the transfer agent's recordkeeping system, (a) identify those transactions and assets to be treated as exempt from blue sky reporting for each State and (b) verify the classification of transactions for each State on the transfer agent's recordkeeping system, and (4) with respect to shareholders of the Investment Company whose shareholdings are not fully-disclosed on the transfer agent's recordkeeping system, rely upon information provided by the relevant financial intermediary transacting for such holder of Shares in performing the obligations set forth in subsection (2) above.

18. Provide compliance services, as directed by the Investment Company's Chief Compliance Officer, which include monitoring the Investment Company's compliance with its policies and procedures, and with applicable federal, state and foreign securities laws, the rules and regulations thereunder, and the rules of the Exchanges, as applicable.

19. For each Fund that is an ETF, administer and maintain the availability of the website required for each ETF by the ETF Rule. In such capacity, FAS will, among other things, contract with a third party service provider for or otherwise arrange for access to, and publish all information required by the ETF Rule on the website on each business day in accordance with the ETF Rule and the applicable Fund policies and procedures. Such information includes: (i) before the opening of regular trading on the primary listing Exchange of the Fund's shares, the following information for each portfolio holding that will form the basis of the next calculation of the Fund's net asset value (**"NAV"**): (a) Ticker symbol, (b) CUSIP or other identifier, (c) description of holding, (d) quantity of each security or other asset held, and (e) percentage weight of the holding in the portfolio; (ii) the Fund's NAV, market price, and the premium or discount at which the it is trading, each as of the end of the prior business day, on a daily basis; (iii) the Fund's median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, over the most recent 30 calendar days; (iv) a table showing the number of days the Fund's shares traded at a premium or discount during the most recently completed calendar year and for the most recently completed calendar quarter(s) of the current year (or the life of the Fund, if shorter); (v) a line graph showing the Fund's premiums and discounts for the most recently completed calendar year and for the most recently completed calendar quarter(s) of the current year (or the life of the Fund, if shorter); and (vi) if the share premium or discount at which the Fund is trading is greater than 2% for more than seven consecutive trading days, a statement that the Fund's premium or discount, as applicable, was greater than 2% and a discussion of the factors that are reasonably believed to have materially contributed to the premium or discount (this information must be posted on the website on the day immediately after the disclosure requirement is triggered and must remain on the Fund's website for one year after its initial posting).

20. Administer the Investment Company's code of ethics.

21. Monitor the Investment Company's compliance with its investment policies, objectives and restrictions as set forth in its currently effective registration statement.

22. Implement and maintain, together with affiliated companies, a business continuation and disaster recovery program for the Investment Company.

23. Assist the Investment Company in regulatory examinations, inspections or investigations of the Investment Company.

24. Provide the following administrative and compliance services with regard Commodity Futures Trading Commission ("**CFTC**") Rule 4.5 (as may be amended from time to time): (i) monitor the Investment Company's compliance with the rule; (ii) with respect to those Funds that are required under the rule to register as 'commodity pools' from time to time (the "**Registered Funds**") prepare, file and maintain the Registered Funds' registrations with the CFTC or applicable self-regulatory authority, as appropriate; (iii) with respect to those Funds that are subject to the rule but qualify for an exemption from registration as 'commodity pools', prepare, file and monitor the companies' exemptive filings with the CFTC or applicable self-regulatory authority, as appropriate; (iv) in relation to the Registered Funds' commodity pool status, prepare, file and maintain the Registered Funds advisers' registrations as 'commodity pool operators' ("**CPOs**") and prepare and file such reports as are required to be filed by the CPOs with the CFTC or applicable self-regulatory authority, as appropriate; and (v) any additional administrative and compliance services with regard to the Investment Company's and CPOs' CFTC Rule 4.5 activities, as directed by the Investment Company's Chief Compliance Officer, from time to time (collectively, "**CFTC Rule 4.5 Administrative Services**").

25. Provide administrative and compliance support services, as requested by the Derivatives Risk Management Administrator, for those Funds that transact in derivatives, which includes monitoring compliance with policies and procedures and applicable laws, rules and regulations.

**B. FINANCIAL ADMINISTRATIVE SERVICES**

1. Prepare and file the Investment Company's tax returns.

2. Evaluate and obtain custody services from a financial institution that meets the requirements of the 1940 Act.

3. Compare, as applicable, the fund accountant's calculation of the Investment Company's net asset value, yield, dividends, fund total return and performance and total assets with the fund accountant's previous calculations and with changes in the relevant securities market on a daily basis for reasonableness of changes.

4. With respect to each Fund that is an ETF, contract for and coordinate the intra-day publication, every 15 seconds throughout the trading day, through the facilities of the Consolidated Tape Association an amount (sometimes referred to as the **"INAV"**) equal to the sum of the current value of the portfolio positions as reflected in the Fund Deposit (as defined in the Fund's prospectus) divided by the number of Fund shares outstanding.

5. Review and compare, as applicable, the calculation of the Investment Company's average maturity with the previous calculations for reasonableness of changes.

6. Support the Investment Company's investment advisers as the "Valuation Designees" under Rule 2a-5 of the 1940 Act. Evaluate and recommend the pricing services used by the Investment Company; support the fair valuation of portfolio securities as required by the Investment Company's fair valuation procedures; review and recommend changes to the Investment Company's fair valuation procedures.

7. Compare the fund accountant's calculations of the Investment Company's undistributed net income balances with the fund accountant's previous calculations for reasonableness of changes.

8. Perform daily reviews, as applicable, of the fund accountant's shadow net asset value calculations with the previous calculations for reasonableness of changes; notify designated parties, as necessary, of deviations in compliance with the Investment Company's Rule 2a-7 procedures, if any.

9. Perform monthly comparison of the fund accountant's performance calculations with previous calculations for reasonableness of changes.

10. Perform quarterly comparison of the fund accountant's projected annual fund expenses with previous projections for reasonableness of changes; prepare monthly budgets for specific expense categories to be used in monthly updates to the Investment Company's expense accruals and projections.

11. Review fund expense reports prepared by the fund accountant; monitor compliance with the expense limits stated in the prospectus fee tables, including disclosure regarding which expense categories should be accrued in addition to the expense limits.

12. Coordinate and track the payment of all fund expenses that are paid directly by the Fund by the Investment Company's fund accountant. With respect to each Fund that is an ETF, review and monitor the payment of all fund expenses paid by the investment adviser to the ETF under the terms of the Investment Advisory Agreement with the Fund to confirm payment.

13. Compare the fund accountant's calculation of dividend recommendations with previous recommendations for reasonableness of changes; consult with portfolio managers concerning recommendations for fixed dividend resolution funds.

14. Calculate and determine capital gain distributions, if any, for the Investment Company.

15. Review the fund accountant's calculations for shareholder tax reporting of assets under management (**"AUM"**) income percentages, state income percentages and government income percentages.

16. Monitor and confirm the Investment Company's status as a regulated investment company under the current Internal Revenue Code ("**IRC**"); monitor and confirm compliance with IRC section 817(h) diversification requirements, as applicable.

17. Review and/or prepare, for shareholder tax reporting purposes, as applicable, (i) calculations for qualifying dividend income (QDI), dividends received deduction (DRD), qualified business interest income for purposes of shareholders' IRC Section 163J business interest expense deductions, if applicable, and interest-related and short-term capital gain dividends (QII), (ii) IRC section 1250 gain amounts, as well as assessing compliance with various states' threshold requirements for reporting certain tax characteristics to shareholders in those states, and (iii) and monitor, review and track the tax basis of the securities in each Fund's portfolio securities, and, with respect to each Fund that is an ETF, provide such information on a real time basis to the portfolio management team for use in the portfolio management process.

18. Supervise relationship with fund financial service providers (e.g., custodians, accounting and audit firms, tax specialists, etc.) and the services provided to the Investment Company, including foreign tax reclaims, and relief at source and stamp duty refunds. Participate in the negotiation of service providers' contracts and fees for such services, and provide assistance to service providers (e.g., providing requested data), as needed.

19. Supervise fund accountant's compilation of semi-annual and annual reports in accordance with required accounting standards, and provide review and needed assistance regarding certain disclosures, auditor requests and other information to facilitate the timely completion of the annual audits. Manage the Sarbanes-Oxley Section 302 certification process and respond to related regulator inquiries as needed.

20. Manage relationships with the respective independent audit firms, including the annual negotiation of the engagement letters and fees.

21. Using reasonable judgement and subject to any terms and conditions established by the Board and the requirements of the 1940 Act and in consultation with Legal, determine on behalf of the Investment Company whether or not to participate in domestic and/or offshore class-action lawsuits in which the Investment Company is eligible to participate.

22. Coordinate the Investment Company's participation in any class-action lawsuits, including the information flow among the Investment Company's third-party class-action service provider, the relevant "Claims Administrator" in a given action, the fund accountants, and fund advisors, and assist in resolving any data discrepancies that may arise in filing a claim.

23. Processes any settlement proceeds recovered by the Investment Company as a result of a class-action lawsuits.

**C. OTHER ADMINISTRATIVE SERVICES**

1. Coordinate the layout, printing and electronic delivery of publicly disseminated prospectuses and shareholder reports, make recommendations to improve their effectiveness or reduce expenses.

2. Perform internal audit examinations in accordance with a charter adopted by the Investment Company.

3. Monitor enterprise level risks associated with the services provided herein in accordance with a charter adopted by Investment Company.

4. Develop and recommend changes in the investment strategy and operation of the Investment Company that may be in the interest of its Shareholders.

5. Provide individuals reasonably acceptable to the Board for nomination, appointment, or election as the following officers of the Investment Company, who will be responsible for the management of certain of the Investment Company's affairs as specified in the Investment Company's charter documents and by-laws, subject to direction by the Board: (i) the president and principal executive officer, (ii) the treasurer and principal financial and accounting officer; (iii) the secretary, and (iv) such other officers as are mutually agreeable.

6. For each Fund that is not an ETF, monitor trading activity to help identify market timers and recommend policies to deter market timing.

7. For each Fund that is not an ETF, review potential intermediary clients and existing intermediary clients as appropriate to determine/monitor the client's ability to adhere to the terms of any servicing agreement between the client and Investment Company.

8. For each Fund that is an ETF, review potential authorized participants and existing authorized participants as appropriate to determine/monitor the authorized participant's ability to adhere to the terms of the authorized participant agreement between the authorized participant and the Fund's distributor.

9. Review and recommend changes to the transfer agent's policies and procedures to mitigate fraud, enhance shareholder services or reduce expenses.

10. Review and recommend changes to policies and procedures and operating processes designed to reduce Fund expenses.

11. Respond to all inquiries or other communications from shareholders and other parties, not otherwise provided by the Investment Company's other service providers; if the inquiry is more properly responded to by another of the Investment Company's service providers, referring the individual making the inquiry to the appropriate person.

12. Provide services and support, as requested by the Responsible Investing Office ("**RIO**"), in relation to environmental, social and governance ("ESG") investing by the Funds, which include monitoring compliance with its policies and procedures with all applicable laws, rules and regulations.

13. Perform the following services for each Fund, as applicable, either itself or through its affiliate, Federated Shareholder Services company; (i) select and perform due diligence regarding proposed new owners of omnibus accounts as proposed recordkeeping agents for the Investment Company, (ii) enter into agreements as agent for the Investment Company, or any of them, substantially in the form most recently approved by the Board, with the registered owners of omnibus accounts for the provision of services necessary for the recordkeeping or sub-accounting of share positions held in underlying sub-accounts ("**Recordkeeping Agreements**"), together with such changes thereto as may be agreed to by FAS so long as such changes do not (a) increase the fees payable by the Investment Company under the Recordkeeping Agreements, (b) alter the indemnity obligations of the Investment Company owing to or from the Investment Company thereunder or (c) otherwise materially alter the obligations of the Investment Company under the Recordkeeping Agreements, (iii) agree, on behalf of the Investment Company, to make payments for services rendered under Recordkeeping Agreements out of the assets of the Investment Company in amounts not to exceed the amounts determined from time to time by the Board, and (iv) give instructions to the transfer agent of the Investment Company (the "**Transfer Agent**"), for and on behalf of the Investment Company as "**Proper Instructions**" of the Investment Company under and pursuant to the agreement for transfer agency services with the Transfer Agent, to perform the services of Company and/or the Investment Company under each such Recordkeeping Agreement, excepting only the indemnity obligations owning from the Investment Company or Company thereunder.

**D. SUBCONTRACTORS**

1. FAS may without further consent on the part of the Investment Company at FAS's own expense, subcontract for the performance of Administrative Services with a sub-contractor selected by FAS. FAS shall be as fully responsible to the Investment Company for the acts and omissions of any subcontractor as it is for its own acts and omissions.

***2.*** FAS shall upon instruction from the Investment Company subcontract for the performance of services under this Agreement with an agent selected by the Investment Company, other than as described in D.1. above, provided, however, that FAS shall in no way be responsible to the Investment Company for the acts and omissions of the agent and the expenses of such agent shall be the responsibility of FAS or the Investment Company, as the parties may agree from time to time.

**<u>Article 3. Records</u>.**

FAS shall create and maintain all necessary books and records in accordance with all applicable laws, rules and regulations, including records required by Section 31(a) of the 1940 Act, pertaining to the Administrative Services performed by it and not otherwise created and maintained by another party pursuant to contract with the Investment Company. Where applicable, such records shall be maintained by FAS for the periods and in the places required by Rule 31a-2 under the 1940 Act. The books and records pertaining to the Investment Company which are in the possession of FAS shall be the property of the Investment Company. The Investment Company, or the Investment Company's authorized representatives, shall have access to such books and records at all times during FAS's normal business hours. Upon the reasonable request of the Investment Company, copies of any such books and records shall be provided promptly by FAS to the Investment Company or the Investment Company's authorized representatives.

**<u>Article 4. Expenses.</u>**

A. FAS shall be responsible for all expenses (i) expressly assumed by FAS under this Agreement; (ii) incurred in the ordinary course of providing (or causing to be provided) the Administrative Services, including CFTC Rule 4.5 Administrative Services, to the Investment Company and the equipment, office space, and facilities necessary to perform its obligations under this Agreement; and (iii) incurred in maintaining its staff and personnel, including the compensation of FAS employees who serve as trustees or directors or officers of the Investment Company.

B. Each Fund shall be solely responsible for (i) all expenses expressly assumed by the Funds under this Agreement; (ii) all other fees and expenses incurred in the operation of the Funds, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) investment advisory fees and expenses associated with the investment management of the Fund's portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shareholder servicing, recordkeeping and distribution and marketing expenses of the Funds (including expenses incurred in routing shareholder services fees, recordkeeping fees and distribution fees to third-party intermediaries);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) expenses for transfer agent(s), registrar(s) and dividend disbursing agent(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) expenses for custodian(s) and related custodial services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) costs of Fund accounting services provided by third parties to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) costs of services provided by independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) costs and services of outside legal and tax counsel (other than counsel sub-contracted with by FAS to perform services under this Agreement) and counsel to the Funds and the Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) ratings agency fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) costs related to short selling (e.g., prime brokerage fees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) postage and courier expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) printing expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) expenses for XRBL tagging and regulatory document production (e.g., ArcPro) provided by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) travel and lodging expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Fund registration fees, listing fees and filing fees and other Fund organizational expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) costs, including interest expenses, commitment fees, facilities fees and unused line fees of any borrowings made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) fees payable to persons who are not FAS employees and not FAS subcontractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Fund-allocation of trade association dues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) expenses of obtaining quotations and other pricing information for calculating the value of the Fund's net assets, including the Fund-allocation of costs of independent pricing services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) expenses related to the Fund's Directors and Fund Board meetings, including travel, Director's fees and costs of electronic board books;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) fees charged by third party custodians for calculating Form N-PORT and Form N-CEN information requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) expenses incurred in connection with bankruptcies, workouts and restructures, proceedings and other claims against the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) costs of third-party legal, tax, accounting or other expert advice incurred in connection with any litigation, threatened litigation or other regulatory proceeding, by or against the Funds (including a Fund's participation in a class-action lawsuit), including third-party record-retention costs related to litigation holds; (y) professional fees associated with tax reclaims, relief at source, stamp duty or other similar services provided by vendors such as accounting and legal firms or other providers specializing in such services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other expenses approved from time to time by the Fund's Board as properly payable by the Funds (any such expenses under (i), (ii) and (iii) reasonably incurred by FAS on the Fund's behalf "**Out of Pocket Expenses**") provided that, any Out of Pocket Expenses incurred by FAS that are payable to or by an affiliate of FAS will not be duplicative of services to be provided by those affiliates under any other agreement with the Funds.

C. Notwithstanding the foregoing, FAS and the Investment Company with respect to each Fund that is an ETF acknowledge, understand and agree that the investment adviser to a Fund that is an ETF may be responsible for making payment for certain Fund expenses identified above under the unitary fee terms of the investment advisory agreement with respect to a Fund (each a **"Unitary Fee Agreement"**).

**<u>Article 5. Compensation.</u>**

A. In addition to Out of Pocket Expenses, for the Administrative Services provided hereunder, excluding CFTC Rule 4.5 Administrative Services, the Investment Company hereby agrees to pay, or to cause the Fund's investment adviser to pay in accordance with the applicable Unitary Fee Agreement, and FAS hereby agrees to accept as full compensation for such services a pro rata "**Administrative Services Fee**" at the annual rates set forth below on the average daily net assets of each Fund listed on Exhibit A to this Agreement; provided however, that no Administrative Services Fee will be charged for those Funds also listed on Exhibit B to this Agreement.

---

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

---

For purposes of calculating the applicable breakpoint under this Agreement, "Investment Complex" is defined as those Funds listed on Exhibit A to this Agreement but not also listed on Exhibit B.

For purposes of implementing changes to the effective Administrative Services Fee rate, if any, changes to the effective rate will begin accruing on the first calendar day of the month following a calculated change equal to no less than 0.001% and only after such change remains static for at least 15 calendar days, provided the 15th day does not fall after approximately the 20th calendar day of the same month. Otherwise, any changes to the effective rate will begin accruing on the first calendar day of the second month following such calculated change.

For the CFTC Rule 4.5 Administrative Services provided hereunder, each Registered Fund agrees to pay, or to cause the Fund's investment adviser to pay in accordance with the applicable Unitary Fee Agreement, and FAS hereby agrees to accept as full compensation for such services, an annual "**Administrative Service Charge**" of $125,000 per Registered Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Administrative Services Fee, Administrative Services Charge and Out of Pocket Expenses attributable to each Fund shall be accrued by such Fund and paid to FAS by the Fund or investment adviser, as applicable, no less frequently than monthly, and shall be paid daily upon request of FAS. For the payment period in which this Agreement becomes effective or terminates with respect to any Fund, there shall be an appropriate proration of Administrative Service Fee and Administrative Service Charge payments, on the basis of the number of days that this Agreement is in effect during the month. FAS will maintain detailed information about the Administrative Services Fee, Administrative Service Charge and Out of Pocket Expenses paid by each Fund.

**<u>Article 6. Standard of Care and Indemnification.</u>**

A. FAS shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Investment Company in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its duties under this Agreement. Any person, even though also an officer, director, trustee, partner, employee or agent of FAS, who may be or become an officer, director, trustee, partner, employee or agent of the Investment Company, shall be deemed, when rendering services to the Investment Company or acting on any business of the Investment Company (other than services or business in connection with the duties of FAS hereunder) to be rendering such services to or acting solely for the Investment Company and not as an officer, director, trustee, partner, employee or agent or one under the control or direction of FAS, even though paid by FAS.

B. FAS shall be kept indemnified by the Investment Company and be without liability for any action taken or thing done by it in performing the Administrative Services in accordance with the above standards.

C. FAS shall not be responsible for and the Investment Company or Fund shall indemnify and hold FAS, including its officers, directors, shareholders and their agents, employees and affiliates, harmless against any and all losses, damages, costs, charges, counsel fees, payments, expenses and liabilities arising out of or attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The acts or omissions of any custodian, adviser, sub-adviser, fund accountant, distributor, transfer agent or other party contracted by or approved by the Investment Company or Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The reliance on or use by FAS or its agents or subcontractors of information, records and documents in proper form which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are received by FAS or its agents or subcontractors from any adviser, sub-adviser, fund accountant, distributor, transfer agent or other third party contracted by or approved by the Investment Company or Fund for use in the performance of services under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have been prepared and/or maintained by the Investment Company or its affiliates or any other person or firm on behalf of the Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The reliance on, or the carrying out by FAS or its agents or subcontractors of a Proper Instruction of the Investment Company or the Fund.

**"Proper Instruction"** means a writing signed or initialed by one or more person or persons as the Board shall have from time to time authorized. Each such writing shall set forth the specific transaction or type of transaction involved. Oral instructions will be deemed to be Proper Instructions if (a) FAS reasonably believes them to have been given by a person previously authorized in Proper Instructions to give such instructions with respect to the transaction involved, and (b) the Investment Company, or the Fund, and FAS promptly cause such oral instructions to be confirmed in writing. Proper Instructions may include communications effected directly between electro-mechanical or electronic devices provided that the Investment Company, or the Fund, and FAS are satisfied that such procedures afford adequate safeguards for the Fund's assets. Proper Instructions may only be amended in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The offer or sale of Shares in violation of any requirement under the federal securities laws or regulations or the securities laws or regulations of any state that such Shares be registered in such state or in violation of any stop order or other determination or ruling by any federal agency or any state with respect to the offer or sale of such Shares in such state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any untrue statement or alleged untrue statement of a material fact contained in the Investment Company's registration statement, any prospectus or statement of additional information ("**SAI**") (as from time to time amended or supplemented) or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon and in conformity with written information furnished to the Investment Company about FAS by or on behalf of FAS expressly for the use in the registration statement, any prospectus or SAI, or any amendment or supplement thereof.

Provided, however, that FAS shall not be protected by this Article 6.C. from liability for any act or omission resulting from FAS's willful misfeasance, bad faith, gross negligence in the performance of or reckless disregard of its duties under this Agreement.

D. At any time FAS may apply to any officer of the Investment Company or Fund for instructions, and may consult with legal counsel or the Investment Company's independent accountants with respect to any matter arising in connection with the services to be performed by FAS under this Agreement, and FAS and its agents or subcontractors shall not be liable and shall be indemnified by the Investment Company or the appropriate Fund for any action reasonably taken or omitted by it in reliance upon such instructions or upon the opinion of such counsel or independent accountant provided such action is not in violation of applicable federal or state laws or regulations.

E. The Investment Company or Fund shall not be responsible for and FAS shall indemnify and hold the Investment Company or Fund harmless against any and all losses, damages, costs, charges, counsel fees, payments, expenses and liabilities arising out of or attributable to FAS's willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or reckless disregard by it of its duties under this Agreement.

F. In order that the indemnification provisions contained in this Article 6 shall apply, upon the assertion of a claim for which any party may be required to indemnify another, the party seeking indemnification (the "**Claimant**"), shall promptly notify the indemnifying party (the "**Indemnifier**") of such assertion. It is further understood that each party will use all reasonable care to identify and notify the Indemnifier promptly concerning any situation that presents or appears likely to present the probability of such a claim for indemnification against the Indemnifier, provided that the failure to give notice as required by this paragraph 6.F. in a timely fashion shall not result in a waiver of any right to indemnification hereunder unless the Indemnifier is prejudiced thereby and then only to the extent of such prejudice. The Claimant shall permit the Indemnifier to assume the defense of any such claim or any litigation resulting from it, provided that Indemnifier's counsel that is conducting the defense of such claim or litigation shall be approved by the Claimant (which approval shall not be unreasonably withheld), and that the Claimant may participate in such defense at its expense.

The Indemnifier, in the defense of any such claim or litigation, shall not, without the consent of the Claimant, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term the giving by the alleging party or plaintiff to the Claimant of a release from all liability in respect to such claim or litigation.

**<u>Article 7. Assignment.</u>**

A. This Agreement shall inure to the benefit of and be binding upon the parties and their respective permitted successors and assigns.

B. FAS may, without further consent on the part of the Investment Company, assign its rights and obligations under this Agreement to any entity ultimately controlled by Federated Hermes, Inc.

C. Except as provided in Paragraph 7.B., FAS may not assign its rights and obligations under this Agreement, whether directly or by operation of law, without the prior written consent of the Investment Company, which consent may not be unreasonably withheld.

**<u>Article 8. Representations and Warranties.</u>**

FAS represents and warrants to the Investment Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is a statutory trust duly organized and existing and in good standing under the laws of the state of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is duly qualified to carry on its business in each jurisdiction where the nature of its business requires such qualification, and in the state of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is empowered under applicable laws and by its Declaration of Trust and by-laws to enter into and perform this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All requisite corporate proceedings have been taken to authorize it to enter into and perform its obligations under this Agreement.

**<u>Article 9. Term and Termination of Agreement.</u>**

A. This Agreement shall be effective from the date set forth above and shall continue indefinitely with respect to each Investment Company and Fund until terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Agreement may be terminated by FAS at any time, without payment of any penalty, upon eighteen (18) months' written notice to the Investment Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Agreement may be terminated by the Investment Company at any time, without payment of any penalty, upon eighteen (18) months' written notice to FAS; however, in the event, of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties by FAS, the Investment Company may terminate the Agreement upon 60 days' written notice to FAS, provided that FAS has not cured such willful misfeasance, bad faith, gross negligence or reckless disregard of its duties within the 60 day period of such notice of termination.

B. The termination of this Agreement with respect to one Investment Company or Fund shall not result in the termination of this Agreement with respect to any other Investment Company or Fund. Investment Companies that merge or dissolve during the term of the Agreement, shall, upon payment of all outstanding fees and Out of Pocket Expenses, cease to be a party on the effective date of such merger or dissolution.

C. Articles 6 and 19, 20, 21 and 22 shall survive the termination of this Agreement.

**<u>Article 10. Amendment.</u>**

This Agreement may be amended or modified only by a written agreement executed by both parties.

**<u>Article 11. Interpretive and Additional Provisions.</u>**

In connection with the operation of this Agreement, FAS and the Investment Company may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by both parties and shall be annexed hereto, provided that no such interpretive or additional provisions shall contravene any applicable federal or state regulations or any provision of any charter document.

Unless the context clearly requires otherwise, "includes," "including" and similar terms are intended to connote illustrative examples and shall be construed as being followed by ", without limitation,".

**<u>Article 12. Governing Law.</u>**

This Agreement shall be construed and the provisions hereof interpreted under and in accordance with the laws of the Commonwealth of Pennsylvania without giving effect to any conflicts or choice of laws rule or provision that would result in the application of the domestic substantive laws of any other jurisdiction.

**<u>Article 13. Notices.</u>**

Except as otherwise specifically provided herein, notices and other writings delivered or mailed postage prepaid to the Investment Company at 4000 Ericsson Drive, Warrendale, Pennsylvania 15086, or to FAS at Federated Hermes Tower, Pittsburgh, Pennsylvania, 15222-3779, or to such other address as the Investment Company or FAS may hereafter specify, shall be deemed to have been properly delivered or given hereunder to the respective address.

**<u>Article 14. Counterparts.</u>**

This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original.

**<u>Article 15. Merger of Agreement.</u>**

This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject hereof whether oral or written.

**<u>Article 16. Successor Administrator.</u>**

If a successor Administrator for the Investment Company shall be appointed by the Investment Company, FAS shall upon termination of this Agreement deliver to such successor Administrator at the office of FAS all properties of the Investment Company held by it hereunder. If no such successor Administrator shall be appointed, FAS shall at its office upon receipt of Proper Instructions deliver such properties in accordance with such instructions.

Each Fund will bear all out-of-pocket expenses arising from the transition of Administrative Services to a successor Administrator, including the expenses of moving or transmitting materials to the successor Administrator.

**<u>Article 17. Force Majeure.</u>**

If either party is unable to carry out any of its obligations under this Agreement because of conditions beyond its reasonable control, including, acts of war or terrorism, work stoppages, fire, civil disobedience, delays associated with hardware malfunction or availability, riots, rebellions, storms, electrical failures, epidemic, pandemic, acts of God, and similar occurrences ("**Force Majeure**"), this Agreement will remain in effect and the non-performing party's obligations shall be suspended without liability for a period equal to the period of the continuing Force Majeure (which such period shall not exceed fifteen (15) business days), provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the non-performing party gives the other party prompt notice describing the Force Majeure, including the nature of the occurrence and its expected duration and, where reasonably practicable, continues to furnish regular reports with respect thereto during the period of Force Majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the suspension of obligations is of no greater scope and of no longer duration than is required by the Force Majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. no obligations of either party that accrued before the Force Majeure are excused as a result of the Force Majeure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the non-performing Party uses reasonable efforts to remedy its inability to perform as quickly as possible.

**<u>Article 18. Severability.</u>**

In the event any provision of this Agreement is held illegal, void or unenforceable, the balance shall remain in effect.

**<u>Article 19. Limitations of Liability of the Board and Shareholders of the Investment Company.</u>**

The execution and delivery of this Agreement have been authorized by the Board of the Investment Company and signed by an authorized officer of the Investment Company, acting as such, and neither such authorization by the Board nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, and the obligations of this Agreement are not binding upon any member of the Board or Shareholders of the Investment Company, but bind only the property of the Fund, or Class, as provided in the Declaration of Trust.

**<u>Article 20. Limitations of Liability of Trustees and Shareholders of the Company.</u>**

The execution and delivery of this Agreement have been authorized by the Trustees of FAS and signed by an authorized officer of FAS, acting as such, and neither such authorization by such Trustees nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, and the obligations of this Agreement are not binding upon any of the Trustees or Shareholders of FAS, but bind only the property of FAS, as provided in FAS's Declaration of Trust.

**<u>Article 21. Confidential Information.</u>**

(a) **Definition.** Each party shall safeguard and hold confidential from disclosure to unauthorized parties all Confidential Information of the other party. For purposes of this Article, "**Confidential Information**" shall mean any and all non-public information which is in any way connected with, derived from or related to the business of the other party which is either designated as confidential or which, by its nature or under the circumstances surrounding its disclosure, reasonably ought to be treated as confidential, and any notes, memoranda, analyses compilations, studies and other documents, whether prepared by the party or others, to the extent they contain or otherwise reflect such information.

(b) **Exceptions.** Confidential Information shall not include information to the extent such information (i) is already known to the receiving party free of any restriction at the time obtained, including information in the public domain; (ii) is subsequently learned from an independent third party free of restriction; (iii) becomes publicly known through no breach of this Article; or (iv) is independently developed by one party without reference to information which is confidential.

(c) **Security.** Each party shall take reasonable security precautions, at least as great as the precautions it takes to protect its own confidential information, to keep confidential the Confidential Information.

(d) **Use of Information.** Confidential Information may be disclosed, reproduced, used, summarized or distributed only as necessary in the ordinary course of business to provide the services identified in the Agreement, and only as otherwise provided hereunder or as specifically required or permitted by applicable law.

**<u>Article 22. Privacy.</u>**

A. The Investment Company may disclose shareholder/customer non-public information ("**NPI**") to FAS as agent of the Investment Company and solely in furtherance of fulfilling FAS's contractual obligations under this Agreement in the ordinary course of business to support the Investment Company and its shareholders.

B. FAS hereby agrees to be bound to use and redisclose such NPI (i) for the limited purpose of fulfilling its duties and obligations under this Agreement; (ii) as permitted under Regulation S-P; and (iii) as required by any applicable federal or state law or regulation or request of or by any governmental or regulatory authority or self-regulatory organization having jurisdiction over FAS or the Investment Company.

C. FAS represents and warrants that it has implemented, and will continue to carry out for the term of this Agreement, policies and procedures in compliance with all applicable laws and regulations regarding the privacy of shareholder information which are reasonably designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. insure the security and confidentiality of records and NPI of Investment Company shareholders/customers, including encrypting such information as required by applicable federal and state laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. protect against any anticipated threats or hazards to the security or integrity of Investment Company customer records and NPI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. protect against unauthorized access to or use of such Investment Company customer records or NPI that could result in substantial harm or inconvenience to any Investment Company customer.

**<u>Article 23. Further Assurance</u>**.

Each party agrees to promptly sign all documents and take any additional actions reasonably requested by the other to accomplish the purposes of this Agreement.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed in their names and on their behalf under their seals by and through their duly authorized officers, as of the day and year first above written.

---

| |
|:---|
| **INVESTMENT COMPANIES** |
| **(listed on Exhibit A hereto)** |
| By: <u>/s/ J. Christopher Donahue</u> |
| Name: J. Christopher Donahue |
| Title: President |
| **FEDERATED ADMINISTRATIVE SERVICES** |
| By: <u>/s/ Peter J. Germain</u> |
| Name: Peter J. Germain |
| Title: President |

---

**Agreement for Administrative Services**

EXHIBIT A

This contract is for Federated Funds only.

June 1, 2025

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| | | |
|:---|:---|:---|
| **<u>CONTRACT DATE</u>** | **<u>INVESTMENT COMPANY</u>** | |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Adjustable Rate Securities Trust** |  |
| &nbsp;&nbsp;8/1/22 | &nbsp;&nbsp;Federated Hermes Adjustable Rate Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**6/1/17** | &nbsp;&nbsp;**Federated Hermes Adviser Series** |  |
| &nbsp;&nbsp;6/1/19 | &nbsp;&nbsp;Federated Hermes Emerging Markets Equity Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;12/1/20 | &nbsp;&nbsp;Federated Hermes Conservative Microshort Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/20 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/1/20 | &nbsp;&nbsp;Federated Hermes Conservative Municipal Microshort Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/20 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/1/18 | &nbsp;&nbsp;Federated Hermes SDG Engagement Equity Fund |  |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/1/18 | &nbsp;&nbsp;Federated Hermes SDG Engagement High Yield Credit Fund |  |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;3/1/20 | &nbsp;&nbsp;Federated Hermes US SMID Fund |  |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/1/19 | &nbsp;&nbsp;Federated Hermes International Equity Fund |  |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;6/1/19 | &nbsp;&nbsp;Federated Hermes International Growth Fund |  |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;6/1/17 | &nbsp;&nbsp;Federated Hermes MDT Large Cap Value Fund |  |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;7/1/21 | &nbsp;&nbsp;Federated Hermes MDT Market Neutral Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;7/1/21 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Core Trust** |  |
| &nbsp;&nbsp;03/1/16 | &nbsp;&nbsp;Emerging Markets Core Fund |  |
| &nbsp;&nbsp;9/1/10 | &nbsp;&nbsp;Bank Loan Core Fund |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Mortgage Core Fund |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;High Yield Bond Core Fund |  |
| &nbsp;&nbsp;**3/1/08** | &nbsp;&nbsp;**Federated Hermes Core Trust III** |  |
|  | &nbsp;&nbsp;Project and Trade Finance Core Fund |  |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Equity Funds** |  |
| &nbsp;&nbsp;12/1/08 | &nbsp;&nbsp;Federated Hermes Clover Small Value Fund |  |
| &nbsp;&nbsp;12/1/08 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/08 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;12/1/08 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/29/10 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;3/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;3/1/08 | &nbsp;&nbsp;Federated Hermes International Strategic Value Dividend Fund |  |
| &nbsp;&nbsp;3/1/08 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;3/1/08 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Kaufmann Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/17/07 | &nbsp;&nbsp;Federated Hermes Kaufmann Large Cap Fund |  |
| &nbsp;&nbsp;9/17/07 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/17/07 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/17/07 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;12/30/13 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/17/07 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Kaufmann Small Cap Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/05 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;9/1/17 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/15 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes MDT Mid Cap Growth Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/06 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;12/1/09 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/1/08 | &nbsp;&nbsp;Federated Hermes Prudent Bear Fund |  |
| &nbsp;&nbsp;9/1/08 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/1/08 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/08 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/1/04 | &nbsp;&nbsp;Federated Hermes Strategic Value Dividend Fund |  |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;3/1/05 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/1/16 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Equity Income Fund, Inc.** |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;1/25/13 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;3/1/12 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**9/1/21** | &nbsp;&nbsp;**Federated Hermes ETF Trust** |  |
| &nbsp;&nbsp;9/1/21 | &nbsp;&nbsp;Federated Hermes Short Duration Corporate ETF |  |
| &nbsp;&nbsp;9/1/21 | &nbsp;&nbsp;Federated Hermes Short Duration High Yield ETF |  |
| &nbsp;&nbsp;9/1/22 | &nbsp;&nbsp;Federated Hermes U.S. Strategic Dividend ETF |  |
| &nbsp;&nbsp;12/1/23 | &nbsp;&nbsp;Federated Hermes Total Return Bond ETF |  |
| &nbsp;&nbsp;8/1/24 | &nbsp;&nbsp;Federated Hermes MDT Large Cap Core ETF |  |
| &nbsp;&nbsp;8/1/24 | &nbsp;&nbsp;Federated Hermes MDT Large Cap Growth ETF |  |
| &nbsp;&nbsp;8/1/24 | &nbsp;&nbsp;Federated Hermes MDT Large Cap Value ETF |  |
| &nbsp;&nbsp;8/1/24 | &nbsp;&nbsp;Federated Hermes Small Cap Core ETF |  |
| &nbsp;&nbsp;8/22/24 | &nbsp;&nbsp;Federated Hermes Enhanced Income ETF |  |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Fixed Income Securities, Inc.** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Strategic Income Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;1/27/17 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/07 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Municipal Ultrashort Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;3/1/19 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;**6/1/08** | &nbsp;&nbsp;**Federated Hermes Global Allocation Fund** |  |
| &nbsp;&nbsp;6/1/08 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/08 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/08 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;3/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;3/1/09 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Government Income Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Government Income Fund | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Sustainable High Yield Bond Fund, Inc.** *(formerly Federated Hermes High Income Bond Fund, Inc.)* |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;1/27/17 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;1/27/17 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes High Yield Trust** |  |
| &nbsp;&nbsp;3/1/14 | &nbsp;&nbsp;Federated Hermes Opportunistic High Yield Bond Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;3/1/14 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;4/30/10 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;6/1/13 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Income Securities Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Capital Income Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;6/1/13 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;3/1/12 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/1/10 | &nbsp;&nbsp;Federated Hermes Floating Rate Strategic Income Fund |  |
| &nbsp;&nbsp;9/1/10 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/1/10 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Fund for U.S. Government Securities |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Intermediate Corporate Bond Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Muni and Stock Advantage Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;5/29/07 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;12/1/10 |  | &nbsp;&nbsp; Institutional Shares<br>|
| &nbsp;&nbsp;12/1/05 | &nbsp;&nbsp;Federated Hermes Inflation Protected Securities Fund (formerly Federated Hermes Real Return Bond Fund) |  |
| &nbsp;&nbsp;12/1/05 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/05 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;12/1/05 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;1/1/22 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Short-Term Income Fund |  |
| &nbsp;&nbsp;12/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Institutional Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Government Ultrashort Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;3/1/16 |  | &nbsp;&nbsp; Class R6 Shares<br>|
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Institutional High Yield Bond Fund |  |
| &nbsp;&nbsp;12/1/22 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/22 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;12/1/07 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;03/1/16 |  | &nbsp;&nbsp;R6 Shares |
| &nbsp;&nbsp;6/1/05 | &nbsp;&nbsp;Federated Hermes Short-Intermediate Total Return Bond Fund |  |
| &nbsp;&nbsp;1/31/14 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/1/05 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;6/1/05 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Insurance Series** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Fund for U.S. Government Securities II |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes High Income Bond Fund II |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Primary Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Kaufmann Fund II |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Primary Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Managed Volatility Fund II |  |
| &nbsp;&nbsp;6/1/18 |  | &nbsp;&nbsp;Primary Shares |
| &nbsp;&nbsp;6/1/18 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Government Money Fund II |  |
| &nbsp;&nbsp;9/1/15 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Quality Bond Fund II |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Primary Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Investment Series Funds, Inc.** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Corporate Bond Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/07 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**12/1/05** | &nbsp;&nbsp;**Federated Hermes Managed Pool Series** |  |
| &nbsp;&nbsp;12/1/05 | &nbsp;&nbsp;Federated Hermes Corporate Bond Strategy Portfolio |  |
| &nbsp;&nbsp;12/1/05 | &nbsp;&nbsp;Federated Hermes High-Yield Strategy Portfolio |  |
| &nbsp;&nbsp;12/1/05 | &nbsp;&nbsp;Federated Hermes International Bond Strategy Portfolio |  |
| &nbsp;&nbsp;12/1/14 | &nbsp;&nbsp;Federated Hermes International Dividend Strategy Portfolio |  |
| &nbsp;&nbsp;12/1/05 | &nbsp;&nbsp;Federated Hermes Mortgage Strategy Portfolio |  |
| &nbsp;&nbsp;**7/31/06** | &nbsp;&nbsp;**Federated Hermes MDT Series** |  |
| &nbsp;&nbsp;7/31/06 | &nbsp;&nbsp;Federated Hermes MDT All Cap Core Fund |  |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;7/31/06 | &nbsp;&nbsp;Federated Hermes MDT Balanced Fund |  |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;7/31/06 | &nbsp;&nbsp;Federated Hermes MDT Large Cap Growth Fund |  |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/24 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;7/31/06 | &nbsp;&nbsp;Federated Hermes MDT Small Cap Core Fund |  |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;3/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;7/31/06 | &nbsp;&nbsp;Federated Hermes MDT Small Cap Growth Fund |  |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;3/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Municipal Bond Fund, Inc.** |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;5/29/07 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Municipal Securities Income Trust** |  |
| &nbsp;&nbsp;6/1/06 | &nbsp;&nbsp;Federated Hermes Municipal High Yield Advantage Fund |  |
| &nbsp;&nbsp;6/1/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/06 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/06 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;6/1/13 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Ohio Municipal Income Fund |  |
| &nbsp;&nbsp;9/1/08 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Pennsylvania Municipal Income Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Premier Municipal Income Fund** |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Common Shares |
| &nbsp;&nbsp;**10/1/16** | &nbsp;&nbsp;**Federated Hermes Project and Trade Finance Tender Fund** |  |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Short-Intermediate Duration Municipal Trust** |  |
|  | &nbsp;&nbsp;Federated Hermes Short-Intermediate Municipal Fund |  |
| &nbsp;&nbsp;7/1/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Total Return Government Bond Fund** |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;3/1/16 |  | &nbsp;&nbsp;R6 Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Total Return Series, Inc.** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Core Bond Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Total Return Bond Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;4/17/15 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Ultrashort Bond Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;3/1/19 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Short-Term Government Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Short-Term Government Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Short-Intermediate Government Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Short-Intermediate Government Fund |  |
|  |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes World Investment Series, Inc.** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Emerging Market Debt Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;3/1/12 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes International Leaders Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/13 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;6/1/13 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/15/10 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes International Small-Mid Company Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;3/1/08 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Intermediate Municipal Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Intermediate Municipal Fund |  |
| &nbsp;&nbsp;8/1/22 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Money Market Obligations Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes California Municipal Cash Trust |  |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Cash II Shares |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Cash Series Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Wealth Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;12/1/04 | &nbsp;&nbsp;Federated Hermes Capital Reserves Fund |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Government Obligations Fund |  |
| &nbsp;&nbsp;9/1/17 |  | &nbsp;&nbsp;Administrative Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Advisor Shares |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash II Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash Series Shares |
| &nbsp;&nbsp;12/1/15 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/1/14 |  | &nbsp;&nbsp;Premier Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Trust Shares |
| &nbsp;&nbsp;4/1/22 |  | &nbsp;&nbsp;SDG Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Government Obligations Tax Managed Fund |  |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Automated Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;12/1/04 | &nbsp;&nbsp;Federated Hermes Government Reserves Fund |  |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Class P Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Institutional Prime Obligations Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Institutional Tax-Free Cash Trust |  |
| &nbsp;&nbsp;12/1/15 |  | &nbsp;&nbsp;Premier Shares |
| &nbsp;&nbsp;12/1/15 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Municipal Obligations Fund |  |
| &nbsp;&nbsp;10/27/17 |  | &nbsp;&nbsp;Automated Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash II Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash Series Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Investment Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Wealth Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes New York Municipal Cash Trust |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Cash II Shares |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Cash Series Shares |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Wealth Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Prime Cash Obligations Fund |  |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Advisor Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Automated Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash II Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash Series Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Wealth Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Trust Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Tax-Free Obligations Fund |  |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Advisor Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Wealth Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Treasury Obligations Fund |  |
|  |  | &nbsp;&nbsp;Administrative Shares |
|  |  | &nbsp;&nbsp;Advisor Shares |
| &nbsp;&nbsp;6/13/14 |  | &nbsp;&nbsp;Automated Shares |
|  |  | &nbsp;&nbsp;Cash Management Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
|  |  | &nbsp;&nbsp;Premier Shares |
|  |  | &nbsp;&nbsp;Select Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Trust Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Trust for U.S. Treasury Obligations |  |
| &nbsp;&nbsp;8/1/25 |  | &nbsp;&nbsp;Automated Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash II Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash Series Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;7/1/23 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes U.S. Treasury Cash Reserves |  |
| &nbsp;&nbsp;7/1/23 |  | &nbsp;&nbsp;Administrative Shares |
| &nbsp;&nbsp;7/1/23 |  | &nbsp;&nbsp;Advisor Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;7/1/23 |  | &nbsp;&nbsp;Premier Shares |
| &nbsp;&nbsp;7/1/23 |  | &nbsp;&nbsp;Select Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |

---

**EXHIBIT B**

**FUNDS NOT CHARGE AN ADMINISTRATIVE SERVICES FEE**

Emerging Markets Core Fund

Mortgage Core Fund

High Yield Bond Core Fund

Bank Loan Core Fund

Project and Trade Finance Core Fund

Federated Hermes Project and Trade Finance Tender Fund

## Exhibit 99.2

Exhibit 25(2)(k)(4) under Form N-2

**<u>MULTIPLE CLASS PLAN OF FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND</u>**

**<u>As of FEBRUARY 13. 2025</u>**

This Multiple Class Plan (this "Plan") is adopted by Federated Hermes Project and Trade Finance Tender Fund (the "Fund").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purpose</u>**

This Plan is adopted pursuant to Rule 18f-3 under the Investment Company Act of 1940, as amended (the "1940 Act") (the "Rule"), in connection with the issuance by the Fund of more than one class of shares (each a "Class" and together, the "Classes") in reliance on the Rule.<sup>[1]</sup> In documenting the exchange features for each Class, this plan describes the arrangements whereby Classes may be exchanged for or from certain other investment companies which are not part of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Separate Arrangements/Class Differences</u>**

The Fund offers one or more of the Classes described below, as set forth in the Fund's prospectus and statement of additional information filed with the Securities and Exchange Commission and currently in effect (collectively, the "Prospectus"). Sales charges, distribution fees and/or service fees for each Class, as applicable, shall be calculated and paid in accordance with the terms of the then-effective plan of the applicable Class, if any, pursuant to Rule 12b-1 under the 1940 Act. A general description of the fees applicable to each Class is set forth below. Sales charges, distribution and/or service fees, and repurchase/early redemption fees currently authorized are as set forth in the Prospectus.

<u>Service Shares ("SS Class")</u>. The SS Class of the Fund is offered without imposition of an initial sales charge or contingent sales charges, and is not subject to an annual distribution and/or service fee in accordance with any plan adopted pursuant to Rule 12b-1 under the 1940 Act for the SS Class. The SS Class will also have an active shareholder servicing fee of 10 bps. The SS Class is available for purchase only as described in the Prospectus and is subject to the minimum purchase requirements and exchange privileges as set forth in the Prospectus. Additional details regarding the shareholder services or the distribution of the SS Class are set forth in the **Service Shares Exhibit** attached hereto.

<u>Institutional Shares ("IS Class")</u>. The IS Class of the Fund is offered without imposition of an initial sales charge or contingent sales charges, and is not subject to an annual distribution and/or service fee in accordance with any plan adopted pursuant to Rule 12b-1 under the 1940 Act for the IS Class. The IS Class is available for purchase only as described in the Prospectus and is subject to the minimum purchase requirements and exchange privileges as set forth in the Prospectus. Additional details regarding the shareholder services or the distribution of the IS Class are set forth in the **Institutional Shares Exhibit** attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 this Plan. In addition, the following expenses may be specifically allocated to each Class to the extent that the Fund's officers determine that such expenses are actually incurred in a different amount by that Class, or that the Class receives services of a different kind or to a different degree than other Classes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer agent fees, recordkeeping fees and shareholder servicing expenses identified as being attributable to a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) legal, printing and postage expenses related to preparing and distributing materials such as shareholder reports, prospectuses, and proxies to current shareholders of a specific Class;

&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) Blue Sky registration fees incurred by a particular Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) SEC registration fees incurred by a particular Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the expense of administrative personnel and services as required to support the shareholders incurred by a particular Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Board of Trustees' (the "Board") fees incurred as a result of issues relating to a particular Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) litigation or other legal expenses relating solely to one Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) other expenses incurred on behalf of the Class or for events or activities pertaining exclusively to the Class.

All expenses not hereafter designated Class expenses shall be allocated to each Class on the basis of the net asset value of that class in relation to the net asset value of the Fund.

Any income, gain, loss, and expenses not allocated to specific Classes as described above, incurred by the Fund shall be charged to the Fund and allocated daily to each Class of the Fund in a manner consistent with Rule 18f-3(c)(1)(iii) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Voting Rights</u>**

Each Class governed by this Plan: (i) shall have exclusive voting rights on any matter submitted to shareholders that relates solely to its arrangement, including, if applicable, any Rule 12b-1 Plan; and (ii) shall have separate voting rights on any matter submitted to shareholders in which the interests of one Class differ from the interests of any other Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Class Designation</u>**

Subject to approval by the Board, the Fund may alter the nomenclature for the designations of one or more Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Date of Effectiveness</u>**

This Plan is effective as of February 13, 2025, provided that this Plan shall not become effective unless such action has first been approved by a vote of the majority of the Board and by vote of a majority of the Board who are not "interested persons" of the Fund (the "Interested Trustees").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Amendment</u>**

Any material amendment of this Plan by the Fund is subject to the approval of a majority of the Board and a majority of the Independent Trustees, pursuant to the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Severability</u>**

If any provision of this Plan is held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Plan shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Limitation of Liability</u>**

Consistent with the limitation of shareholder liability as set forth in the Fund's Agreement and Declaration of Trust, any obligations assumed by the Fund or any Class thereof, and any agreements related to this Plan shall be limited in all cases to the Fund and its assets, or Class and its assets, as the case may be, and shall not constitute obligations of any other fund or class of shares. All persons having any claim against the Fund, or any Class thereof, arising in connection with this Plan, are expressly put on notice of such limitation of shareholder liability, and agree that any such claim shall be limited in all cases to the Fund and its assets, or Class and its assets, as the case may be, and such person shall not seek satisfaction of any such obligation from the Board or any individual trustee of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Additional Information</u>**

This Plan is qualified by and subject to the terms of the then current registration statement for the applicable classes; provided, however, that none of the terms set forth in any such registration statement shall be inconsistent with the terms of the Classes contained in this:

*Multiple Class Plan of Federated Hermes Project and Trade Finance Tender Fund*.

The Prospectus contains additional information about the SS Class and IS Class and the Fund's multiple class structure.

**Service Shares Exhibit**

**To**

**MULTIPLE CLASS PLAN OF FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND (the "FUND")**

**As of February 13, 2025**

**1. Expense Allocation**

For purposes of Rule 18f-3 under the Investment Company Act of 1940, as amended, the Service Shares will be distributed through advisers, brokers, dealers or banks that have entered into selling agreements with Federated Securities Corp., the Fund's distributor. Initially, Service Shares are expected to be offered to registered investment advisors and distributed through certain clearing platforms a trade clearing platform for such Service Shares.

In connection with this basic arrangement, Service Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fees and Expenses** | &nbsp;&nbsp;**Maximum Amount Allocated Service Shares** |
| &nbsp;&nbsp;**Sales Load** |  |
| &nbsp;&nbsp; **Contingent Deferred** <br> **Sales Charge ("CDSC")** |  |
| &nbsp;&nbsp;**Shareholder Service Fee** | &nbsp;&nbsp;0.10% (Active); 0.15% (Dormant)<sup>[2]</sup> |
| &nbsp;&nbsp;**12b-1 Fee** |  |
| &nbsp;&nbsp;**Recordkeeping Fee** | &nbsp;&nbsp;0.10% (Dormant)<sup>[3]</sup> |
| &nbsp;&nbsp;**Other Expenses** | &nbsp;&nbsp;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:

---

| |
|:---|
| &nbsp;&nbsp;**Conversion Rights:** |
| &nbsp;&nbsp;**Exchange Privilege:** |

---

**Institutional Shares Exhibit**

**To**

**MULTIPLE CLASS PLAN OF FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND (the "FUND")**

**As of February 13, 2025**

**1. Expense Allocation**

For purposes of Rule 18f-3 under the Investment Company Act of 1940, as amended, the Institutional Shares will be sold exclusively to direct investors in the Fund through Federated Securities Corp., the Fund's distributor.

In connection with this basic arrangement, Institutional Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fees and Expenses** | &nbsp;&nbsp;**Maximum Amount Allocated Institutional Shares** |
| &nbsp;&nbsp;**Sales Load** |  |
| &nbsp;&nbsp; **Contingent Deferred** <br> **Sales Charge ("CDSC")** |  |
| &nbsp;&nbsp;**Shareholder Service Fee** |  |
| &nbsp;&nbsp;**12b-1 Fee** |  |
| &nbsp;&nbsp;**Recordkeeping Fee** |  |
| &nbsp;&nbsp;**Other Expenses** | &nbsp;&nbsp;Itemized expenses incurred by the Fund with respect to holders of Institutional Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Institutional Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| |
|:---|
| &nbsp;&nbsp;**Conversion Rights:** |
| &nbsp;&nbsp;**Exchange Privilege:** |

---

------

<sup>[1]</sup> The Fund is relying on the Rule pursuant to an exemptive order issued by the Securities and Exchange Commission to issue multiple Classes.

<sup>[2]</sup> The Fund will only incur and pay up to 0.10% of certain shareholder servicing fees for the Service Shares of the Fund. The Fund may incur and pay such fees on its Service Shares of up to a maximum of 0.25%. The Service Shares of the Fund will not incur and pay such fees to exceed 0.10% until such time as approved by the Board.

<sup>[3]</sup> The Fund may incur and pay certain recordkeeping fees on its Service Shares up to a maximum of 0.10%. No such fees are currently anticipated to be incurred and paid by Service Shares of the Fund. The Service Shares of the Fund will not incur and pay such fees until such time as approved by the Board.

## Exhibit 99.2

Exhibit 25(2)(k)(5) under Form N-2

**FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND**

**SHAREHOLDER SERVICE PLAN**

This Shareholder Service Plan (the "Plan") has been adopted by the Federated Hermes Project and Trade Finance Tender Fund, a Delaware statutory trust (the "Fund").

**Section 1. <u>Payments</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund, is authorized to compensate (either directly or through the Fund's distributor) financial institutions and other persons who provide services for and/or maintain shareholder accounts ("Service Providers") as set forth in this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As compensation for the services described herein, the Fund may pay the Service Provider a fee, as detailed below, from the assets of the Fund, as applicable, with respect to shareholder accounts for which the Service Provider maintains a service relationship.

**Section 2. <u>Shareholder Service Fee</u>**

Pursuant to this Plan, the Fund shall accrue daily and pay monthly each Service Provider a shareholder service fee not to exceed 0.25% per annum of the average daily net assets of the Fund with which the Service Provider maintains a service relationship; provided, however, that payments may be made on other than a monthly basis to the extent agreed upon by the Service Provider.

**Section 3. <u>Service Activities</u>**

"Service activities" may include, but are not limited to: (a) answering shareholder inquiries regarding the manner in which purchases, exchanges and redemptions of Fund shares may be effected and other matters pertaining to the Fund; (b) providing necessary personnel and facilities to establish and maintain shareholder accounts and records; (c) assisting shareholders in arranging for processing of purchase, exchange and tender transactions; (d) assisting in the enhancement of relations and communications between shareholders and the Fund; (e) assisting in the establishment and maintenance of shareholder accounts with the Fund; (f) assisting in the maintenance of Fund records containing shareholder information; (g) forwarding prospectuses, shareholder reports and other Fund-related information to shareholders; (h) producing and/or providing trade confirmations and/or periodic account statements to shareholders; and (g) providing such other related personal services as the shareholder may request. (In all instances, as applicable, references herein to "shareholders" mean the shareholder of record and/or the direct or indirect beneficial owner of such shares.

**Section 4. <u>Amendment</u>**

Any material amendment to the Plan shall be effective only upon approval by a majority of the Board, including a majority of the Trustees who are not interested persons of the Fund ("Independent Trustees").

**Section 5. <u>Termination</u>**

This Plan shall continue in effect after its initial one-year period provided that the plan is renewed at least annually by the Board of Trustees, including a majority of the Independent Trustees. The Plan may be terminated without penalty at any time by a vote of a majority of the Trustees or of a majority of Independent Trustees.

**Section 6. <u>Written Reports</u>**

At least annually (or at such more frequent intervals as determined by the Independent Trustees), any person authorized to direct the disposition of monies paid or payable by the Fund shall prepare and furnish to the Board, and the Board shall review, written reports which set forth the amounts expended under the Plan and the general purposes for which those expenditures were made.

**Section 7. <u>Limitation of Shareholder and Trustee Liability</u>**

The Trustees of the Fund and the shareholders of the Fund shall not be liable for any obligations of the Fund under the Plan, and each Service Provider shall agree that, in asserting any rights or claims under the Plan, it shall look only to the assets and property of the Fund to which such Service Provider's rights or claims relate in settlement of such rights or claims, and not to the Trustees of the Fund or the shareholders of the Fund.

**Section 8. <u>Not for Distribution</u>**

This Plan is not intended to compensate Service Providers for distribution activities or expenses primarily intended to result in the sale of shares of the Fund.

Adopted: February 13, 2025

## Exhibit 99.2

Exhibit 25(2)(l) under Form N-2

July 24, 2025

Federated Hermes Project and Trade Finance Tender Fund

4000 Ericsson Drive

Warrendale, Pennsylvania 15086-7561

Ladies and Gentlemen:

We have acted as counsel to Federated Hermes Project and Trade Finance Tender Fund, a Delaware statutory trust (the "<u>Trust</u>"), in connection with the registration of 10,000,000 common shares of beneficial interest in the Trust (the "<u>Shares</u>") under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), pursuant to a registration statement on Form N-2 (File Nos. 333-____; 811-23174), as amended (the "<u>Registration Statement</u>"). This filing also serves as Amendment No. 30 to the Registration Statement under the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>"). The Trust offers two classes of Shares, designated as Institutional Shares and Service Shares. The Fund is authorized to issue an unlimited number of Shares.

This opinion letter is being delivered at your request in accordance with the requirements of paragraph 29 of Schedule A of the Securities Act and Item 25(2)(l) of Form N-2 under the Securities Act and the Investment Company Act.

For purposes of this opinion letter, we have examined originals or copies, certified or otherwise identified to our satisfaction, of:

(i) the prospectus and statement of additional information (collectively, the " <u>Prospectus</u> ") filed as part of the Registration Statement;

(ii) the Trust's certificate of trust, governing instrument, and bylaws in effect on the date of this opinion letter; and

(iii) the resolutions adopted by the trustees of the Trust relating to the Registration Statement and the authorization for issuance and sale of the Shares.

We also have examined and relied upon certificates of public officials and, as to certain matters of fact that are material to our opinions, we have relied on a certificate of an officer of the Trust. We have not independently established any of the facts on which we have so relied.

For purposes of this opinion letter, we have assumed the accuracy and completeness of each document submitted to us, the genuineness of all signatures on original documents, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified, conformed, or photostatic copies thereof, and the due execution and delivery of all documents where due execution and delivery are prerequisites to the effectiveness thereof. We have further assumed the legal capacity of natural persons, that persons identified to us as officers of the Trust are actually serving in such capacity, and that the representations of officers of the Trust are correct as to matters of fact. We have not independently verified any of these assumptions.

The opinions expressed in this opinion letter are based on the facts in existence and the laws in effect on the date hereof and are limited to the Delaware Statutory Trust Act and the provisions of the Investment Company Act that are applicable to equity securities issued by registered closed-end investment companies. We are not opining on, and we assume no responsibility for, the applicability to or effect on any of the matters covered herein of any other laws.

Based upon and subject to the foregoing, it is our opinion that (1) the Shares to be issued pursuant to the Registration Statement, when issued and paid for by the purchasers upon the terms described in the Registration Statement and the Prospectus, will be validly issued, and (2) such purchasers will have no obligation to make any further payments for the purchase of the Shares or contributions to the Trust solely by reason of their ownership of the Shares.

This opinion is rendered solely in connection with the filing of the Registration Statement. We hereby consent to the filing of this opinion with the U.S. Securities and Exchange Commission (the "<u>Commission</u>") in connection with the Registration Statement and to the reference to this firm's name under the heading "Legal Opinions" in the Prospectus. In giving this consent, we do not thereby admit that we are experts with respect to any part of the Registration Statement or Prospectus within the meaning of the term "expert" as used in Section 11 of the Securities Act or the rules and regulations promulgated thereunder by the Commission, nor do we admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.

Very truly yours,

<u>/s/ K&L Gates LLP</u>

## Exhibit 99.2

Exhibit 25(2)(n) under Form N-2

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated May 23, 2025, with respect to the financial statements of Federated Hermes Project and Trade Finance Tender Fund, as of March 31, 2025, incorporated herein by reference and to the references to our firm under the headings "Financial Information" in the Prospectus and "Independent Registered Public Accounting Firm" in the Prospectus and Statement of Additional Information.

/s/ KPMG LLP<br>

Boston, Massachusetts<br> July 23, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Exhibit 25(2)(s) under Form N-2**

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**N-2**

**FEDERATED HERMES PROJECT AND TRADE FINANCE TENDER FUND**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> or Carry Forward Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** | **Carry Forward Form Type** | **Carry Forward File Number** | **Carry Forward Initial Effective Date** | **Filing Fee Previously Paid in Connection with<br>Unsold Securities<br>to be<br>Carried Forward** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Common shares of beneficial interest | (1) | 457(o) | 10000000 | $10.00 | $100000000.00 | 0.0001531 | $15310.00 |  |  |  | $— |
| *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* |
| Carry Forward Securities | Equity | Common shares of beneficial interest | (2) | 415(a)(6) | 16000000 |  | 160000000.00 |  |  | N-2 | 333-283469 | 11/27/2024 | 24740.96 |
| Carry Forward Securities | Equity | Common shares of beneficial interest | (3) | 415(a)(6) | 16100000 |  | 161000000.00 |  |  | N-2 | 333-279816 | 05/30/2024 | 23787.36 |
| Carry Forward Securities | Equity | Common shares of beneficial interest | (4) | 415(a)(6) | 18282534 | $— | $182825345.50 |  | $— | N-2 | 333-275487 | 11/14/2023 | $36864.00 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $603825345.50 |  | 15310.00 |  |  |  |  |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 85392.32 |  |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |  |  |  |  |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $15310.00 |  |  |  |  |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Shares are offered at net asset value, which will vary. The proposed maximum offering price per unit is calculated based on the net asset value per share of Registrant's shares as of July 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Pursuant to Rule 415(a)(6) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement includes $503,825,345.50 in aggregate principal offering price of unsold common shares of beneficial interest (the "Unsold Shares") that were previously registered for sale under the Registrant's prior Registration Statements on Form N-2 (File No. 333-283469) effective on November 27, 2024, (File No. 333-279816) effective on May 30, 2024, and (File No. 333-275487) effective on November 14, 2023 (collectively, the "Prior Registration Statements"). The Registrant previously paid filing fees in the aggregate of $85,392.32 relating to the Unsold Shares. Pursuant to Rule 415(a)(6) under the Securities Act, the filing fees previously paid with respect to the Unsold Shares will continue to be applied to such Unsold Shares. Pursuant to Rule 415(a)(6) under the Securities Act, the offering of Unsold Shares under the Prior Registration Statements will be deemed terminated as of the date of effectiveness of this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Pursuant to Rule 415(a)(6) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement includes $503,825,345.50 in aggregate principal offering price of unsold common shares of beneficial interest (the "Unsold Shares") that were previously registered for sale under the Registrant's prior Registration Statements on Form N-2 (File No. 333-283469) effective on November 27, 2024, (File No. 333-279816) effective on May 30, 2024, and (File No. 333-275487) effective on November 14, 2023 (collectively, the "Prior Registration Statements"). The Registrant previously paid filing fees in the aggregate of $85,392.32 relating to the Unsold Shares. Pursuant to Rule 415(a)(6) under the Securities Act, the filing fees previously paid with respect to the Unsold Shares will continue to be applied to such Unsold Shares. Pursuant to Rule 415(a)(6) under the Securities Act, the offering of Unsold Shares under the Prior Registration Statements will be deemed terminated as of the date of effectiveness of this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Pursuant to Rule 415(a)(6) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement includes $503,825,345.50 in aggregate principal offering price of unsold common shares of beneficial interest (the "Unsold Shares") that were previously registered for sale under the Registrant's prior Registration Statements on Form N-2 (File No. 333-283469) effective on November 27, 2024, (File No. 333-279816) effective on May 30, 2024, and (File No. 333-275487) effective on November 14, 2023 (collectively, the "Prior Registration Statements"). The Registrant previously paid filing fees in the aggregate of $85,392.32 relating to the Unsold Shares. Pursuant to Rule 415(a)(6) under the Securities Act, the filing fees previously paid with respect to the Unsold Shares will continue to be applied to such Unsold Shares. Pursuant to Rule 415(a)(6) under the Securities Act, the offering of Unsold Shares under the Prior Registration Statements will be deemed terminated as of the date of effectiveness of this registration statement.