# EDGAR Filing Document

**Accession Number:** 0000225318
**File Stem:** 0001623632-23-000386
**Filing Date:** 2023-3
**Character Count:** 1630668
**Document Hash:** 7f24d885f56e6bbf3315c47cd429fc53
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001623632-23-000386.hdr.sgml**: 20230627

**ACCESSION NUMBER**: 0001623632-23-000386

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 20

**FILED AS OF DATE**: 20230307

**DATE AS OF CHANGE**: 20230517

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes High Income Bond Fund, Inc.
- **CENTRAL INDEX KEY:** 0000225318
- **IRS NUMBER:** 251327974
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02782
- **FILM NUMBER:** 23713163

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Federated Hermes High Income Bond Fund, Inc.
- **DATE OF NAME CHANGE:** 20200626

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED HIGH INCOME BOND FUND INC
- **DATE OF NAME CHANGE:** 19960306

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIBERTY HIGH INCOME BOND FUND INC
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes High Income Bond Fund, Inc.
- **CENTRAL INDEX KEY:** 0000225318
- **IRS NUMBER:** 251327974
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-60103
- **FILM NUMBER:** 23713162

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Federated Hermes High Income Bond Fund, Inc.
- **DATE OF NAME CHANGE:** 20200626

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED HIGH INCOME BOND FUND INC
- **DATE OF NAME CHANGE:** 19960306

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIBERTY HIGH INCOME BOND FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Federated Hermes High Income Bond Fund, Inc. (Series ID: S000009068)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000024639 | Class A Shares       | FHIIX           |
| C000024641 | Class C Shares       | FHICX           |
| C000177176 | Class R6 Shares      | FHBRX           |
| C000177177 | Institutional Shares | FHISX           |

**1933 Act File No. 2-60103**

**1940 Act File No. 811-2782**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, DC 20549

**Form N-1A**

**REGISTRATION STATEMENT**

***UNDER***

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***THE SECURITIES ACT OF 1933*** | ***☒*** |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pre-Effective Amendment No.** | **☐** |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Post-Effective Amendment No. 85** | **☒** |

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**and/or**

**REGISTRATION STATEMENT**

***UNDER***

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***THE INVESTMENT COMPANY ACT OF 1940*** | ***☒*** |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amendment No. 78** | **☒** |

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**Federated Hermes High Income Bond Fund, Inc.**

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

**Federated Hermes Funds**<br> 4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

**(412) 288-1900**

(Registrant's Telephone Number, including Area Code)

**Peter J. Germain, Esquire**<br> 1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

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

---

| | |
|:---|:---|
| ☐ | immediately upon filing pursuant to paragraph (b) |
| ☐ | On ___________ pursuant to paragraph (b) |
| ☐ | 60 days after filing pursuant to paragraph (a)(1) |
| ☒ | On May 26, 2023 pursuant to paragraph (a)(1) |
| ☐ | 75 days after filing pursuant to paragraph (a)(2) |
| ☐ | On __________ pursuant to paragraph (a)(2) of Rule 485 |
|  | **If appropriate, check the following:** |
| **☐** | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |

---

**Prospectus** 

***May 31, 2023***![](img908a03391.gif)

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

***SUBJECT TO COMPLETION*** <br>*THE INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.* <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** \| Ticker | **A** \| FHIIX | **C** \| FHICX | **Institutional** \| FHISX | **R6** \| FHBRX |

---

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Federated Hermes Sustainable High Yield Bond Fund, Inc.

------

A mutual fund seeking high current income by investing primarily in high-yield, lower-rated corporate fixed-income securities, including debt securities issued by U.S. or foreign businesses.

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

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

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Fund Summary Information](#xx_bab32861-8342-4316-9d00-492c3cde1976_1) | &nbsp;&nbsp; [1](#xx_bab32861-8342-4316-9d00-492c3cde1976_1) |
| [What are the Fund's Investment Strategies?](#xx_bab32861-8342-4316-9d00-492c3cde1976_6) | &nbsp;&nbsp; [6](#xx_bab32861-8342-4316-9d00-492c3cde1976_6) |
| [What are the Fund's Principal Investments?](#xx_bab32861-8342-4316-9d00-492c3cde1976_8) | &nbsp;&nbsp; [8](#xx_bab32861-8342-4316-9d00-492c3cde1976_8) |
| [What are the Specific Risks of Investing in the Fund?](#xx_bab32861-8342-4316-9d00-492c3cde1976_12) | [12](#xx_bab32861-8342-4316-9d00-492c3cde1976_12) |
| [What Do Shares Cost?](#xx_bab32861-8342-4316-9d00-492c3cde1976_17) | [17](#xx_bab32861-8342-4316-9d00-492c3cde1976_17) |
| [How is the Fund Sold?](#xx_bab32861-8342-4316-9d00-492c3cde1976_22) | [22](#xx_bab32861-8342-4316-9d00-492c3cde1976_22) |
| [Payments to Financial Intermediaries](#xx_bab32861-8342-4316-9d00-492c3cde1976_24) | [24](#xx_bab32861-8342-4316-9d00-492c3cde1976_24) |
| [How to Purchase Shares](#xx_bab32861-8342-4316-9d00-492c3cde1976_26) | [26](#xx_bab32861-8342-4316-9d00-492c3cde1976_26) |
| [How to Redeem and Exchange Shares](#xx_bab32861-8342-4316-9d00-492c3cde1976_28) | [28](#xx_bab32861-8342-4316-9d00-492c3cde1976_28) |
| [Security and Privacy Protection](#xx_bab32861-8342-4316-9d00-492c3cde1976_31) | [31](#xx_bab32861-8342-4316-9d00-492c3cde1976_31) |
| [Account and Share Information](#xx_bab32861-8342-4316-9d00-492c3cde1976_32) | [32](#xx_bab32861-8342-4316-9d00-492c3cde1976_32) |
| [Who Manages the Fund?](#xx_bab32861-8342-4316-9d00-492c3cde1976_34) | [34](#xx_bab32861-8342-4316-9d00-492c3cde1976_34) |
| [Financial Information](#xx_bab32861-8342-4316-9d00-492c3cde1976_36) | [36](#xx_bab32861-8342-4316-9d00-492c3cde1976_36) |
| [Appendix A: Hypothetical Investment and Expense Information](#xx_c58b54ae-fd90-4caf-8c87-c36a2bf543d2_1) | [41](#xx_c58b54ae-fd90-4caf-8c87-c36a2bf543d2_1) |
| [Appendix B: Sales Charge Waivers and Exchange Features for Shareholders Purchasing Through Certain](#xx_3deaf715-91b9-49c2-9043-6c8b90c5051f_1)<br> [Financial Intermediaries](#xx_3deaf715-91b9-49c2-9043-6c8b90c5051f_1)<br>| [43](#xx_3deaf715-91b9-49c2-9043-6c8b90c5051f_1) |

---

------

Fund Summary Information

**Federated Hermes Sustainable High Yield Bond Fund, Inc. (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund's investment objective is to seek high current income.

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

This table describes the fees and expenses that you may pay if you buy, hold and sell Class A Shares (A), Class C Shares (C), Institutional Shares (IS) and Class R6 Shares (R6) of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in certain classes (e.g., A class) of Federated Hermes funds. More information about these and other discounts is available from your financial professional, in the "What Do Shares Cost?" section of the Prospectus on page 16 and in "Appendix B" to this Prospectus.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **A** | **C** | **IS** | **R6** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 4.50% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | 0.00% | 1.00% |  |  |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of <br> offering price)<br>|  |  |  |  |
| Redemption Fee (as a percentage of amount redeemed, if applicable) |  |  |  |  |
| Exchange Fee |  |  |  |  |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **A** | **C** | **IS** | **R6** |
| Management Fee | 0.50% | 0.50% | 0.50% | 0.50% |
| Distribution (12b-1) Fee |  | 0.75% |  |  |
| Other Expenses | 0.50% | 0.51% | 0.25% | 0.18% |
| Total Annual Fund Operating Expenses | 1.00% | 1.76% | 0.75% | 0.68% |
| Fee Waivers and/or Expense Reimbursements<sup>1</sup> | (0.10)% | (0.02)% | (0.10)% | (0.04)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements  | 0.90% | 1.74% | 0.65% | 0.64% |

---

The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding acquired fund fees and expenses, interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's A, C, IS and R6 classes (after the voluntary waivers and/or reimbursements) will not exceed 0.89%, 1.73%, 0.64% and 0.63% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) [to be filed by amendment]; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Fund's Board of Trustees.

**1**

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**Example**

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

The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. Expenses assuming no redemption are also shown. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example does not reflect sales charges (loads) on reinvested dividends. If these sales charges (loads) were included, your costs would be higher. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **A:** |  |  |  |  |
| Expenses assuming redemption | &nbsp;&nbsp; $547 | &nbsp;&nbsp;&nbsp;&nbsp; $754 | &nbsp;&nbsp;&nbsp;&nbsp; $978 | &nbsp;&nbsp;&nbsp; $1620 |
| Expenses assuming no redemption | &nbsp;&nbsp; $547 | &nbsp;&nbsp;&nbsp;&nbsp; $754 | &nbsp;&nbsp;&nbsp;&nbsp; $978 | &nbsp;&nbsp;&nbsp; $1620 |
| **C:** |  |  |  |  |
| Expenses assuming redemption | &nbsp;&nbsp; $279 | &nbsp;&nbsp;&nbsp;&nbsp; $554 | &nbsp;&nbsp;&nbsp;&nbsp; $954 | &nbsp;&nbsp;&nbsp; $1873 |
| Expenses assuming no redemption | &nbsp;&nbsp; $179 | &nbsp;&nbsp;&nbsp;&nbsp; $554 | &nbsp;&nbsp;&nbsp;&nbsp; $954 | &nbsp;&nbsp;&nbsp; $1873 |
| **IS:** |  |  |  |  |
| Expenses assuming redemption | &nbsp;&nbsp;&nbsp;&nbsp; $77 | &nbsp;&nbsp;&nbsp;&nbsp; $240 | &nbsp;&nbsp;&nbsp;&nbsp; $417 | &nbsp;&nbsp;&nbsp;&nbsp; $930 |
| Expenses assuming no redemption | &nbsp;&nbsp;&nbsp;&nbsp; $77 | &nbsp;&nbsp;&nbsp;&nbsp; $240 | &nbsp;&nbsp;&nbsp;&nbsp; $417 | &nbsp;&nbsp;&nbsp;&nbsp; $930 |
| **R6:** |  |  |  |  |
| Expenses assuming redemption | &nbsp;&nbsp;&nbsp;&nbsp; $69 | &nbsp;&nbsp;&nbsp;&nbsp; $218 | &nbsp;&nbsp;&nbsp;&nbsp; $379 | &nbsp;&nbsp;&nbsp;&nbsp; $847 |
| Expenses assuming no redemption | &nbsp;&nbsp;&nbsp;&nbsp; $69 | &nbsp;&nbsp;&nbsp;&nbsp; $218 | &nbsp;&nbsp;&nbsp;&nbsp; $379 | &nbsp;&nbsp;&nbsp;&nbsp; $847 |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.

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

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

The Fund pursues its investment objective by investing primarily in a diversified portfolio of sustainable, lower-rated fixed-income investments. These investments include lower-rated corporate bonds (also known as "junk bonds") which include debt securities issued by U.S. or foreign businesses (including emerging market debt securities). The Fund's investment adviser or sub-adviser (as applicable, the "Adviser") does not target an average maturity for the Fund's portfolio.

The Adviser's securities selection process includes a focus on sustainable investments and the avoidance of issuers with high environmental, social and governance ("ESG") risk as determined in accordance with the Adviser's sustainable investment methodology, which includes a proprietary analysis of a company's creditworthiness, ESG risks and sustainability credentials.

The Adviser assigns an ESG Rating to individual securities based on a proprietary assessment of material ESG risks. The Adviser determines these ratings based on research and due diligence, including a review of information that may be publicly available, company provided and/or from third party sources. The ESG Rating is determined by the Adviser's view of material risks including: environmental (e.g. temperature alignment, carbon intensity, water usage, waste reduction), social (e.g. human rights, employee rights, health/safety concerns, data privacy), and governance (e.g. management effectiveness and board composition). Additionally, issuers will be evaluated based on their willingness and ability to decarbonize based on the Adviser's proprietary Climate Change Impact Score (CCI) methodology. These scores are determined by combining a review of data on greenhouse gas emissions, publicly available or company-disclosed information, third-party opinions and engagement with issuers.

The Adviser may invest up to 15% of the Fund's net assets in companies that have not been subject to sustainability analysis. The Fund will generally not purchase securities with ESG Ratings or CCI Scores below certain thresholds deemed by the Adviser to have failed an analysis of sustainability credentials. However, the Fund may purchase a "Green Bond", "Social Bond" or "Sustainability-Linked Bond" (collectively, "GSS Bonds") from certain issuers whose securities may otherwise be excluded based on ESG Ratings or CCI Scores.

**2**

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The Adviser will exclude companies that generate greater than 5% of their revenue from the manufacture of tobacco or controversial weapons, or that, in the Adviser's view, are in violation of the UN Global Compact principles. For purposes of this strategy, examples of controversial weapons include cluster munitions, anti-personnel mines, biological weapons and chemical weapons. The Adviser also targets a lower weighted-average carbon intensity compared to that of the Bloomberg US Corporate High Yield 2% Issuer Capped Index.

The Fund may invest in derivative contracts, in particular, futures contracts, option contracts and swap contracts, and/or hybrid instruments to implement elements of its investment strategy. For example, the Fund may use derivative contracts and/or hybrid instruments to increase or decrease the portfolio's exposure to the investment(s) underlying the derivative contracts or hybrid instruments in an attempt to benefit from changes in the value of the underlying investment(s). There can be no assurance that the Fund's use of derivative contracts or hybrid instruments 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 Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in sustainable, lower-rated fixed-income investments. The Fund will notify shareholders at least 60 days in advance of any change in its investment policy to invest, under normal circumstances, less than 80% of its net assets (plus any borrowings for investment purposes) in sustainable, lower-rated fixed-income investments. For the purposes of this policy, the Adviser will consider "sustainable" investments as those that are selected in accordance with its sustainable investment methodology, which is based on a materiality assessment of a company's carbon intensity and incorporates a proprietary scoring methodology focusing on the overall sustainability credentials of issuers.

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

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

◾ **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.

◾ **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 the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategy.

◾ **Liquidity Risk.** Liquidity of individual corporate bonds varies considerably. Low-grade corporate bonds have less liquidity than investment-grade securities, which means that it may be more difficult to buy or sell a security at a favorable price or time.

◾ **Risk Associated with Noninvestment-Grade Securities.** Securities rated below investment grade may be subject to greater interest rate, credit and liquidity risks than investment-grade securities. These securities are considered speculative with respect to the issuer's ability to pay interest and repay principal.

◾ **Risk Related to the Economy.** The value of the Fund's portfolio may decline in tandem with a drop in the overall value of the markets in which the Fund invests and/or other markets. Economic, political and financial conditions, industry or economic trends and developments or public health risks, such as epidemics or pandemics, may, from time to time, and for varying periods of time, cause the Fund to experience volatility, illiquidity, shareholder redemptions, or other potentially adverse effects. Among other investments, lower-grade bonds and loans may be particularly sensitive to changes in the economy.

◾ **Environmental, Social and Governance Risk.** The Adviser considers environmental, social and governance (ESG) issues as part of its security selection process. ESG factors are not the only factors considered by the Adviser and there is no guarantee the companies in which the Fund invests will be considered ESG companies or have high ESG ratings from third-party agencies. Such considerations may fail to produce the intended result, and the Fund may underperform funds that do not have such a strategy.

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

◾ **Call Risk.** There is a possibility that an issuer of fixed-income securities in which the Fund may invest may redeem a 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.

◾ **Risk of Foreign Investing.** Because the Fund invests in securities issued by foreign companies, the Fund's Share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than could otherwise be the case.

**3**

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◾ **Currency Risk.** Exchange rates for currencies fluctuate daily. Foreign securities are normally denominated and traded in foreign currencies. As a result, the value of the Fund's foreign investments and the value of the shares may be affected favorably or unfavorably by changes in currency exchange rates relative to the U.S. dollar.

◾ **European Union and Eurozone Related Risk.** A number of countries in the European Union (EU), including certain countries within the EU that have adopted the euro (Eurozone), have experienced, and may continue to experience, severe economic and financial difficulties. Additional countries within the EU may also fall subject to such difficulties. These events could negatively affect the value and liquidity of the Fund's investments in euro-denominated securities and derivatives contracts, securities of issuers located in the EU or with significant exposure to EU issuers or countries.

◾ **Risk of Investing in Emerging Market Countries.** Securities issued or traded in emerging markets generally entail greater risks than securities issued or traded in developed markets. Emerging market economies may also experience more severe downturns (with corresponding currency devaluations) than developed economies.

◾ **Risk of Investing in Derivative Contracts and Hybrid Instruments.** Derivative contracts and hybrid instruments involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such contracts and instruments include valuation and tax issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivative contracts and hybrid instruments may also involve other risks described in this Prospectus such as interest rate, credit, currency, liquidity and leverage risks.

◾ **Leverage Risk.** Leverage risk is created when an investment exposes the Fund to a level of risk that exceeds the amount invested.

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

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

**Performance: Bar Chart and Table** 

**Risk/Return Bar Chart**

Prior to May 26, 2023, the Fund was managed pursuant to a different investment strategy. As a result of the difference in investment strategy, the performance information presented for periods prior to May 26, 2023 reflects management of the Fund consistent with investment strategies in effect during those periods and might have differed materially if the Fund's investments had been managed under its current strategies. The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's A class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns for each class *averaged* over the stated periods, and includes comparative performance information. *The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.* Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.

![](fhibfprog0066702_18.jpg)

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

*The total returns shown in the bar chart do not reflect the payment of any sales charges or recurring shareholder account fees. If these charges or fees had been included, the returns shown would have been lower.* 

*The Fund's A class total return for the three-month period from January 1, 2023 to March 31, 2023, was [to be filed by amendment].* 

**4**

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*Within the periods shown in the bar chart, the Fund's A class highest quarterly return was 9.34% (quarter ended June 30, 2020). Its lowest quarterly return was (12.22)% (quarter ended March 31, 2020).*

**Average Annual Total Return Table**

The Fund's IS and R6 classes commenced operations on January 27, 2017. For the periods prior to commencement of operations of the Fund's IS and R6 classes, the performance information shown below is for the Fund's A class. The performance of the A class has not been adjusted to reflect the expenses applicable to the IS and R6 classes since the IS and R6 classes have a lower expense ratio than the expense ratio of the A class. The performance of the A class has been adjusted to reflect the absence of sales charges.

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

(For the Period Ended December 31, 2022)

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| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **A:** |  |  |  |
| Return Before Taxes | (15.74)% | 0.70% | 2.89% |
| Return After Taxes on Distributions | (17.56)% | (1.41)% | 0.57% |
| Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; (9.28)% | -0.32% | 1.18% |
| **C:** |  |  |  |
| Return Before Taxes | (13.32)% | 0.82% | 2.72% |
| **IS:** |  |  |  |
| Return Before Taxes | (11.53)% | 1.89% | 3.50% |
| **R6:** |  |  |  |
| Return Before Taxes | (11.51)% | 1.90% | 3.52% |
| **Bloomberg US Corporate High Yield 2% Issuer Capped Index**<sup>1</sup><br> (reflects no deduction for fees, expenses or taxes)<br>| (11.18)% | 2.30% | 4.03% |
| **Lipper High Yield Funds Average**<sup>2</sup> | (10.66)% | 1.73% | 3.23% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The Bloomberg US Corporate High Yield 2% Issuer Capped Index is an issuer-constrained version of the Bloomberg US Corporate High Yield Index that measures the market of USD-denominated, noninvestment-grade, fixed-rate, taxable corporate bonds. The index follows the same rules as the uncapped index but limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro rata basis.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Lipper figures represent the average of the total returns reported by all mutual funds designated by Lipper, Inc., as falling into the respective category and is not adjusted to reflect any sales charges.*

**Fund Management** 

The Fund's Investment Adviser is Federated Investment Management Company and the Fund's Sub-Adviser, an affiliate of the Investment Adviser, is Hermes Investment Management Limited.

Kathryn P. Glass, CFA, Portfolio Manager, has been the Fund's portfolio manager since May of 2023.

Thomas Scherr, CFA, Portfolio Manager, has been the Fund's portfolio manager since May of 2023.

Mitch Reznick, CFA, Portfolio Manager, has been the Fund's portfolio manager since May of 2023.

Mark E. Durbiano, CFA, Senior Portfolio Manager, has been the Fund's portfolio manager since January of 1987.

Steven J. Wagner, Senior Portfolio Manager, has been the Fund's portfolio manager since May of 2017.

**purchase and sale of fund shares**

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

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**A and C Classes** 

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

**IS Class** 

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

**R6 Class** 

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

**Tax Information** 

**A, C and IS Classes** 

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

**R6 Class** 

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

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

**A, C and IS Classes** 

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

**R6 Class** 

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

What are the Fund's Investment Strategies?

The Fund's investment objective is to seek high current income. While there is no assurance that the Fund will achieve its investment objective, it endeavors to do so by following the strategies and policies described in this Prospectus.

The Fund pursues its investment objective by investing primarily in a diversified portfolio of sustainable, lower-rated fixed-income investments. These investments include lower-rated corporate bonds (also known as "junk bonds"), which include debt securities issued by U.S. or foreign businesses (including emerging market debt securities). A description of the various types of securities in which the Fund invests, and their risks, immediately follows the strategy discussion.

The Fund's investment adviser's or sub-adviser's (as applicable, the "Adviser") securities selection process includes a focus on sustainable investments and the avoidance of issuers with high environmental, social and governance ("ESG") risk as determined in accordance with the Adviser's sustainable investment methodology, which includes a proprietary analysis of a company's creditworthiness, ESG risks and sustainability credentials.

The Adviser assigns an ESG Rating to individual securities based on a proprietary assessment of material ESG risks. The Adviser determines these ratings based on research and due diligence, including a review of information that may be publicly available, company provided and/or from third party sources. The Adviser may supplement this information through engagement with the issuer and may utilize input from its affiliates, including EOS at Federated Hermes, a stewardship and engagement team, to support the identification of, and engagement with, suitable companies that meet the criteria outlined above and below.

The ESG Rating is determined by the Adviser's view of material risks including: environmental (e.g. temperature alignment, carbon intensity, water usage, waste reduction), social (e.g. human rights, employee rights, health/safety concerns, data privacy), and governance (e.g. management effectiveness and board composition). While the Adviser considers ESG factors when evaluating an issuer, not all ESG factors may be deemed to be material, and those under

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consideration may be weighted differently according to the individual issuer and sector under review. Additionally, issuers will be evaluated based on their willingness and ability to decarbonize based on the Adviser's proprietary Climate Change Impact Score (CCI) methodology. These scores are determined by combining a review of data on greenhouse gas emissions, publicly available or company-disclosed information, third-party opinions and engagement with issuers. ESG Ratings and CCI Scores are determined at or prior to purchase and will be reviewed at least annually. The Adviser may periodically update its ESG Rating and CCI Score methodologies.

The Adviser may invest up to 15% of the Fund's net assets in companies that have not been subject to sustainability analysis. The Fund will generally not purchase securities with ESG Ratings or CCI Scores below certain thresholds deemed by the Adviser to have failed an analysis of sustainability credentials. The Adviser will seek to divest within a reasonable time period from investments for which the ESG Rating or CCI Score falls below the established thresholds. However, the Fund may purchase a "Green Bond", "Social Bond" or "Sustainability-Linked Bond" (collectively, "GSS Bonds") from certain issuers whose securities may otherwise be excluded based on ESG Ratings or CCI Scores. GSS Bond issuers make a commitment to either use the proceeds raised for environmental, social and sustainable projects in the case of use-of-proceeds bonds, or to meet a pre-defined sustainability objective in the case of sustainability-linked bonds.

The Adviser will exclude companies that generate greater than 5% of their revenue from the manufacture of tobacco or controversial weapons, or that, in the Adviser's view, are in violation of the UN Global Compact principles, which represent a set of values that the UN believes responsible businesses should incorporate into their operations in order to meet fundamental responsibilities in the areas of human rights, labor, environment and anti-corruption. For purposes of this strategy, examples of controversial weapons include cluster munitions, anti-personnel mines, biological weapons and chemical weapons. The Adviser may rely on information from third parties in the creation of excluded company lists.

Once a security has been deemed investable through both the ESG Rating and the CCI Score and after applying the exclusions identified above, the Adviser will select securities based on its bottom-up fundamental research and credit assessment. The Adviser selects securities that it believes have attractive risk-return characteristics. The securities in which the Fund invests have high yields primarily because of the market's greater uncertainty about the issuer's ability to make all required interest and principal payments, and therefore about the returns that will in fact be realized by the Fund. The Adviser attempts to select bonds for investment by the Fund which offer high potential returns for the default risks being assumed. The Adviser's securities selection process consists of a credit-intensive, fundamental analysis of the issuing firm. The Adviser's analysis focuses on the financial condition of the issuing firm together with the issuer's business and product strength, competitive position and management expertise. Further, the Adviser considers current economic, financial market and industry factors, which may affect the issuer.

The Adviser attempts to minimize the Fund's portfolio credit risk through diversification. The Adviser selects securities to maintain broad portfolio diversification both by company and industry. The Adviser does not target an average maturity for the Fund's portfolio.

The Adviser also targets a lower weighted-average carbon intensity compared to that of the Bloomberg US Corporate High Yield 2% Issuer Capped Index. Carbon intensity values are calculated by a third-party vendor, who may not provide a carbon intensity value for each security in the Fund and the index. For those companies missing carbon intensity data due to lack of disclosure, carbon intensity will be estimated by the Adviser based on the sector mean.

The Fund may invest in derivative contracts, in particular, futures contracts, option contracts and swap contracts, and/or hybrid instruments to implement elements of its investment strategy. For example, the Fund may use derivative contracts and/or hybrid instruments to increase or decrease the portfolio's exposure to the investment(s) underlying the derivative contracts or hybrid instruments in an attempt to benefit from changes in the value of the underlying investment(s). Additionally, by way of example, the Fund may use derivative contracts in an attempt to:

◾ increase or decrease the effective duration of the Fund portfolio;

◾ obtain premiums from the sale of derivative contracts;

◾ realize gains from trading a derivative contract; or

◾ hedge against potential losses.

There can be no assurance that the Fund's use of derivative contracts or hybrid instruments 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 Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in sustainable, lower-rated fixed-income investments. The Fund will notify shareholders at least 60 days in advance of any change in its investment policy to invest, under normal circumstances, less than 80% of its net assets (plus any borrowings for investment purposes) in sustainable, lower-rated fixed-income investments. For the purposes of this policy, the Adviser will consider "sustainable" investments as those that are selected in accordance with its sustainable investment methodology, which is based on a materiality assessment of a company's carbon intensity and incorporates a proprietary scoring methodology focusing on the overall sustainability credentials of issuers.

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**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 redemptions; 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.

What are the Fund's Principal Investments?

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

**Fixed-Income Securities** 

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

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

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

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

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

**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.

**Green Bonds, Social Bonds and Sustainability-Linked Bonds (A Type of Fixed-Income Security)** 

"Green Bonds", "Social Bonds" and "Sustainability-Linked Bonds" (collectively, "GSS Bonds") are examples of types of debt instruments issued primarily by governments, companies and municipalities. Most GSS Bonds are referred to as "use of proceeds" bonds such that the issuer has committed to devote the proceeds raised to fund an existing or new ESG or sustainability project or to achieve a pre-defined climate or sustainability objective. Other GSS Bonds may be used to raise funds to assist issuers in meeting certain ESG goals or targets. GSS Bonds are structured similarly to conventional fixed-income securities and, like other fixed-income securities, the structure and risks associated with GSS Bonds will vary depending on the specific issuer and type of fixed-income security involved.

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

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

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

**Demand Instruments (A Type of Corporate Debt Security)** 

Demand instruments are corporate debt securities that require the issuer or a third party, such as a dealer or bank (the "Demand Provider"), to repurchase the security for its face value upon demand. Some demand instruments are "conditional," so that the occurrence of certain conditions relieves the Demand Provider of its obligation to repurchase the security. Other demand instruments are "unconditional," so that there are no conditions under which the Demand Provider's obligation to repurchase the security can terminate. The Fund treats demand instruments as short-term securities, even though their stated maturity may extend beyond one year.

**Asset-Backed Securities (A Type of 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, such as corporate debt securities) may be used to create an asset-backed security. Asset-backed securities may take the form of notes or pass-through certificates.

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

Convertible securities are fixed-income securities that the Fund has the option to exchange for equity securities at a specified conversion price. The option allows the Fund to realize additional returns if the market price of the equity securities exceeds the conversion price. For example, the Fund may hold fixed-income securities that are convertible into shares of common stock at a conversion price of $10 per share. If the market value of the shares of common stock reached $12, the Fund could realize an additional $2 per share by converting its fixed-income securities.

Convertible securities have lower yields than comparable fixed-income securities. In addition, at the time a convertible security is issued, the conversion price exceeds the market value of the underlying equity securities. Thus, convertible securities may provide lower returns than nonconvertible, fixed-income securities or equity securities depending upon changes in the price of the underlying equity securities. However, convertible securities permit the Fund to realize some of the potential appreciation of the underlying equity securities with less risk of losing its initial investment.

The Fund treats convertible securities as fixed-income securities for purposes of its investment policies and limitations, because of their unique characteristics.

**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.

While the Fund typically invests in U.S. dollar denominated foreign securities, the Fund may also invest in foreign securities that are 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 may also be subject to liquidity risks.

**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, or to decrease or eliminate the Fund's exposure to foreign currencies in which a portfolio security is denominated, 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.

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**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.

**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.

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.

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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.

**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.

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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.

As the Fund's derivative exposure, if any, is 10% or less of its net assets, excluding certain currency and interest rate hedging transactions, the Fund is classified as a limited derivatives user under the Derivatives Rule and will not be subject to the full requirements of the Derivatives Rule as noted above, including VAR testing and stress testing and certain Board reporting requirements. However, the Fund is still required to implement written compliance policies and procedures reasonably designed to manage its derivatives risks and monitor its derivatives exposure daily.

**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 are managed independently of the Fund and incur additional fees and/or expenses which would, therefore, be borne indirectly by the Fund in connection with any such investment. These investments also can create conflicts of interests for the Adviser to the Fund and the investment adviser to the acquired fund. For example, a conflict of interest can arise due to the possibility that the Adviser to the Fund could make a decision to redeem the Fund's investment in the acquired fund. In the case of an investment in an affiliated fund, a conflict of interest can arise if, because of the Fund's investment in the acquired fund, the acquired fund is able to garner more assets, thereby growing the acquired fund and increasing the management fees received by the investment adviser to the acquired fund, which would either be the Adviser or an affiliate of the Adviser. However, the Adviser believes that the benefits and efficiencies of making investments in other investment companies should outweigh the potential additional fees and/or expenses and resulting conflicts of interest. The Fund may invest in money market securities directly.

What are the Specific Risks of Investing in the Fund?

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

**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.

The high-yield bonds in which the Fund invests 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. Low-grade bonds may be uncollateralized and subordinated to other debt that a firm has outstanding.

Many fixed-income securities receive credit ratings from services such as Fitch Rating Service, Moody's Investor Services, Inc. and Standard & Poor's that assign ratings to securities by assessing the likelihood of an issuer and/or guarantor default. Higher credit ratings correspond to lower perceived credit risk and lower credit ratings correspond to higher perceived credit risk. Credit ratings may be upgraded or downgraded from time to time as an NRSRO's assessment of the financial condition of a party obligated to make payments with respect to such securities and credit risk changes. The impact of any downgrade in a credit rating 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 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 relative to higher-quality instruments.

**counterparty Credit Risk** 

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

**Liquidity Risk** 

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

Also, if dealer capacity has not kept, or does not keep pace with market growth, or if regulatory changes or other certain developments warrant, dealer inventories of securities (such as corporate bonds) may reach low levels and impact a dealer's ability to "make markets" (or buy or sell a security at a quoted bid and ask price).

These factors 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 or not 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. A significant reduction in dealer inventories or "market makers," or other factors resulting in infrequent trading of securities, can lead to decreased liquidity and may also lead to an increase in their price volatility. These affects may be exacerbated during times of economic or political stress. 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. 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.

Increased Fund redemption activity, which may occur in a rising interest rate environment or for other reasons, also may increase liquidity risk due to the need of the Fund to sell portfolio securities and may negatively impact Fund performance.

**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.

**RISKS RELATED TO THE ECONOMY** 

The value of the Fund's portfolio may decline in tandem with a drop in the overall value of the markets in which the Fund invests and/or other markets based on negative developments in the U.S. and global economies. Economic, political and financial conditions, or industry or economic trends and developments may, from time to time, and for varying periods of time, cause volatility, illiquidity and/or other potentially adverse effects in the financial markets, including the fixed-income market. The commencement, continuation or ending of government policies and economic stimulus programs, changes in monetary policy, increases or decreases in interest rates, or other factors or events that affect the financial markets, including the fixed-income markets, may contribute to the development of or increase in volatility, illiquidity, shareholder redemptions and other adverse effects which could negatively impact the Fund's performance. For example, the value of certain portfolio securities may rise or fall in response to changes in interest rates, which could result from a change in government policies, and has the potential to cause investors to move out of certain portfolio securities,

**13**

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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.

**Epidemic and Pandemic Risk** 

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

**Environmental, Social and Governance RISK** 

The Adviser considers environmental, social and governance (ESG) issues as part of its security selection process. ESG factors are not the only factors considered by the Adviser and there is no guarantee the companies in which the Fund invests will be considered ESG companies or have high ESG ratings from third party agencies. Such considerations may fail to produce the intended result, and the Fund may underperform funds that do not have such a strategy.

**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%.

The impact of interest rate changes on the value of floating rate investments is typically reduced by periodic interest rate resets. Variable and floating rate loans and securities generally are less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much or as quickly as interest rates in general. Conversely, variable and floating rate loans and securities generally will not increase in value as much as fixed rate debt instruments if interest rates decline.

**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.

**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.

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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 attempts 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(s) 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.

**European Union and eurozone Related risk** 

A number of countries in the European Union (EU), including certain countries within the EU that have adopted the euro (Eurozone), have experienced, and may continue to experience, severe economic and financial difficulties. Additional countries within the EU may also fall subject to such difficulties. These events could negatively affect the value and liquidity of the Fund's investments in euro-denominated securities and derivatives contracts, securities of issuers located in the EU or with significant exposure to EU issuers or countries. If the euro is dissolved entirely, the legal and contractual consequences for holders of euro-denominated obligations and derivative contracts would be determined by laws in effect at such time. Such investments may continue to be held, or purchased, to the extent consistent with the Fund's investment objective(s) and permitted under applicable law. These potential developments, or market perceptions concerning these and related issues, could adversely affect the value of the Shares.

Certain countries in the EU have had to accept assistance from supra-governmental agencies such as the International Monetary Fund, the European Stability Mechanism (the "ESM") or other supra-governmental agencies. The European Central Bank has also been intervening to purchase Eurozone debt in an attempt to stabilize markets and reduce borrowing costs. There can be no assurance that these agencies will continue to intervene or provide further assistance and markets may react adversely to any expected reduction in the financial support provided by these agencies. Responses to the financial problems by European governments, central banks and others including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences.

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In addition, one or more countries may withdraw from the EU, and one or more countries within the Eurozone may abandon the euro. The impact of these actions, especially if they occur in a disorderly fashion, could be significant and far-reaching. On January 31, 2020, the United Kingdom (UK) left the EU, commonly referred to as "Brexit," and there commenced a transition period during which the EU and UK negotiated and agreed on the nature of their future relationship, with such agreements becoming effective on December 31, 2020. There is significant market uncertainty regarding Brexit's ramifications, and the range and potential implications of possible political, regulatory, economic and market outcomes are difficult to predict. This long-term uncertainty may affect other countries in the EU and elsewhere and may cause volatility within the EU, triggering prolonged economic downturns in certain countries within the EU. In addition, Brexit may create additional and substantial economic stresses for the UK, including a contraction of the UK economy and price volatility in UK stocks, decreased trade, capital outflows, devaluation of the British pound, wider corporate bond spreads due to uncertainty and declines in business and consumer spending as well as foreign direct investment. Brexit may also adversely affect UK-based financial firms, including certain sub-advisers to the Federated Hermes Funds, that have counterparties in the EU or participate in market infrastructure (trading venues, clearinghouses, settlement facilities) based in the EU. These events and the resulting market volatility may have an adverse effect on the performance of the Fund.

**RISK OF INVESTING IN EMERGING MARKET COUNTRIES** 

Securities issued or traded in emerging markets generally entail greater risks than securities issued or traded in developed markets. For example, the prices of such securities may be significantly more volatile than prices of securities in developed countries. Emerging market economies may also experience more severe downturns (with corresponding currency devaluations) than developed economies.

Emerging market countries may have relatively unstable governments and may present the risks of nationalization of businesses, expropriation, confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economies.

**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 redemptions 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.

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**Leverage Risk** 

Leverage risk is created when an investment exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund's risk of loss and potential for gain. Investments can have these same results if their returns are based on a multiple of a specified index, security or other benchmark.

**technology Risk** 

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

What Do Shares Cost?

**CALCULATION OF NET ASSET VALUE**

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

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

When the Fund holds securities that trade principally in foreign markets on days the NYSE is closed, the value of the Fund's assets may change on days you cannot purchase or redeem Shares. This may also occur when the U.S. markets for fixed-income securities are open on a day the NYSE is closed.

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

◾ Fixed-income securities 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** 

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Board has designated the Adviser as the Fund's valuation designee to perform the fair valuation determination for securities and other assets held by the Fund. The Adviser, acting through its "Valuation Committee," is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is subject to Board oversight and certain reporting and other requirements intended to provide the Board the information it needs to oversee the Adviser's fair value determinations.

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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 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. See "Account and Share Information–Frequent Trading Policies" for other procedures the Fund employs to deter such short-term trading.

**SALES CHARGE INFORMATION** 

The following table summarizes the minimum investment amount and the maximum sales charge, if any, that you will pay on an investment in the Fund. Keep in mind that financial intermediaries may charge you fees for their services in connection with your Share transactions.

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| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Minimum** <br> **Initial/Subsequent** <br> **Investment** <br> **Amounts**<sup>1</sup>  | **Maximum Sales Charges** | **Maximum Sales Charges** |
| <br>**Shares Offered** | &nbsp;&nbsp; **Minimum** <br> **Initial/Subsequent** <br> **Investment** <br> **Amounts**<sup>1</sup>  | &nbsp;&nbsp; **Front-End** <br> **Sales Charge**<sup>2</sup> <br>| &nbsp;&nbsp; **Contingent** <br> **Deferred** <br> **Sales Charge**<sup>3</sup> <br>|
| A | $1,500/$100 | 4.50% | 0.00% |
| C | $1,500/$100 |  | 1.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The minimum initial and subsequent investment amounts for Individual Retirement Accounts (IRAs) are generally $250 and $100, respectively. There is no minimum initial or subsequent investment amount required for employer-sponsored retirement plans; however, such accounts remain subject to the Fund's policy on "Accounts with Low Balances" as discussed later in this Prospectus. Please see "By Systematic Investment Program" for applicable minimum investment. Financial intermediaries may impose higher or lower minimum investment requirements on their customers than those imposed by the Fund.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*To maximize your return and minimize the sales charges and marketing fees, purchases of the C class are generally limited to $1,000,000. Purchases equal to or in excess of these limits may be made in the A class. If your Shares are held on the books of the Fund in the name of a financial intermediary, you may be subject to rules of your financial intermediary that differ from those of the Fund. See "Purchase Restrictions on C Class" below.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*After C Shares have been held for eight years from the date of purchase, they will automatically convert to A Shares on the next monthly conversion processing date, provided that certain conditions are satisfied. See "How is the Fund Sold?" This conversion is a non-taxable event.* 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Front-End Sales Charge is expressed as a percentage of public offering price. See "Sales Charge When You Purchase."* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*See "Sales Charge When You Redeem."* 

As shown in the table above, each class of Shares has a different sales charge structure. In addition, the ongoing annual operating expenses ("expense ratios"), as well as the compensation payable to financial intermediaries, also vary among the classes. Before you decide which class to purchase, you should review the different charges and expenses of each class carefully, in light of your personal circumstances, and consult with your financial intermediary.

Among the important factors to consider are the amount you plan to invest and the length of time you expect to hold your investment (for example, whether the investment is in connection with a long-term retirement program). You should also consider, for example, that it may be possible to reduce or eliminate the front-end sales charges imposed on purchases of the A class. Among other ways, as described below, the A class has a series of "breakpoints," which means that the front-end sales charges decrease (and can be eliminated entirely) as the amount invested increases. (The breakpoint schedule is set out below, along with detailed information on ways to reduce, or eliminate, front-end sales charges.) The C class does not have front-end sales charges, but does impose a contingent deferred sales charge only if redeemed within one year after purchase; however, the asset-based 12b-1 fees charged to the C class are greater than those charged to the A class.

You should also consider that the expense ratio for the A class will be lower than that for the C class. Thus, the fact that no front-end charges are ever imposed on purchases of the C class does not always make it preferable to the A class.

**SALES CHARGE WHEN YOU PURCHASE** 

The following table lists the sales charges which will be applied to your Share purchase, subject to the breakpoint discounts indicated in the table and described below.

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| | | |
|:---|:---|:---|
| **A Class:** | **A Class:** | **A Class:** |
| Purchase Amount | &nbsp;&nbsp; Sales Charge <br> as a Percentage <br> of Public <br> Offering Price<br>| &nbsp;&nbsp; Sales Charge <br> as a Percentage <br> of Net Amount Invested<br>|
| Less than $100,000 | 4.50% | 4.71% |
| $100,000 but less than $250,000 | 3.75% | 3.90% |
| $250,000 but less than $500,000 | 2.50% | 2.56% |
| $500,000 but less than $1 million | 2.00% | 2.04% |
| $1 million or greater<sup>1</sup> <br>| 0.00% | 0.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A contingent deferred sales charge (CDSC) of 0.75% of the redemption amount applies to Shares originally purchased in an amount of $1 million or more and redeemed up to 24 months after purchase under certain investment programs where a financial intermediary received an advance payment on the transaction. CDSC exceptions may apply. See "Sales Charge When You Redeem."* 

**REDUCING THE SALES CHARGE WITH BREAKPOINT DISCOUNTS** 

Your investment may qualify for a reduction or elimination of the sales charge, also known as a breakpoint discount. The breakpoint discounts offered by the Fund are indicated in the table above.

You or your financial intermediary must notify the Fund's Transfer Agent of eligibility for any applicable breakpoint discount at the time of purchase.

In order to receive the applicable breakpoint discount, it may be necessary at the time of purchase for you to inform your financial intermediary or the Transfer Agent of the existence of other accounts in which there are holdings eligible to be aggregated to meet a sales charge breakpoint ("Qualifying Accounts"). Qualifying Accounts mean those share accounts in the Federated Hermes funds held directly or through a financial intermediary or through a single-participant retirement account by you, your spouse, your parents (if you are under age 21) and/or your children under age 21, which can be linked using tax identification numbers (TINs), social security numbers (SSNs) or broker identification numbers (BINs). Accounts held through 401(k) plans and similar multi-participant retirement plans, or through "Section 529" college savings plans or those accounts which cannot be linked using TINs, SSNs or BINs, are not Qualifying Accounts.

In order to verify your eligibility for a breakpoint discount, you will be required to provide to your financial intermediary or the Transfer Agent certain information on your New Account Form and may be required to provide account statements regarding Qualifying Accounts. If you purchase through a financial intermediary, you may be asked to provide additional information and records as required by the financial intermediary. Failure to provide proper notification or verification of eligibility for a breakpoint discount may result in your not receiving a breakpoint discount to which you are otherwise entitled. Breakpoint discounts apply only to your current purchase and do not apply retroactively to previous purchases. The sales charges applicable to the Shares offered in this Prospectus, and the breakpoint discounts offered with respect to such Shares, are described in full in this Prospectus. Because the Prospectus is available on FederatedInvestors.com free of charge, Federated Hermes does not disclose this information separately on the website.

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**Contingent upon notification to the Transfer Agent, the sales charge at purchase of the A class only, may be reduced or eliminated by:** 

**Larger Purchases** 

◾ Purchasing the A class in greater quantities to reduce the applicable sales charge;

**Concurrent and Accumulated Purchases** 

◾ Excluding any Federated Hermes fund A class without a sales charge ("no-load A class"), combining concurrent purchases of and/or current investments in the A class, C class, F class and R class shares of any Federated Hermes fund made or held by Qualifying Accounts; the purchase amount used in determining the sales charge on your additional Share purchase will be calculated by multiplying the respective maximum public offering price times the number of the A class, C class, F class and R class shares of any Federated Hermes fund currently held in Qualifying Accounts and adding the dollar amount of your current purchase; or

**Letter of Intent** 

◾ Signing a letter of intent to purchase a qualifying amount of the A class within 13 months. (Call your financial intermediary or the Fund for more information.) The Fund's custodian will hold Shares in escrow equal to the maximum applicable sales charge. If you complete the Letter of Intent, the Custodian will release the Shares in escrow to your account. If you do not fulfill the Letter of Intent, the Custodian will redeem the appropriate amount from the Shares held in escrow to pay the sales charges that were not applied to your purchases.

**PURCHASE RESTRICTIONS ON c class** 

In order to maximize shareholder returns and minimize sales charges and marketing fees, an investor's purchases of the C class are generally limited to $1,000,000 (except for employer-sponsored retirement plans held in omnibus accounts with respect to C Shares). In applying the limit, the dollar amount of the current purchase is added to the product obtained by multiplying the respective maximum public offering price times the number of the A class, C class, F class and R class shares of any Federated Hermes fund currently held in linked Qualifying Accounts, as defined in the section entitled "Reducing the Sales Charge with Breakpoint Discounts." If the sum of these two amounts would equal or exceed the limit, then the current purchase order will not be processed. Instead, the Distributor will attempt to contact the investor or the investor's financial intermediary to offer the opportunity to convert the order to the A class. If your Shares are held on the books of the Fund in the name of a financial intermediary, you may be subject to rules of your financial intermediary that differ from those of the Fund.

**ELIMINATING The SALES CHARGE** 

Your investment may qualify for a sales charge waiver. Sales charge waivers offered by the Fund are listed below. In order to receive a sales charge waiver, you must inform your financial intermediary or the Transfer Agent at the time of each purchase that your investment is eligible for a waiver. It is possible that your financial intermediary may not, in accordance with its policies, procedures and system limitations, be able to ensure your receipt of one or more of these waiver categories. In this situation, you would need to invest directly through the Fund's Transfer Agent. If you do not let your financial intermediary or the Transfer Agent know that your investment is eligible for a sales charge waiver at the time of purchase, you may not receive the waiver to which you may otherwise be entitled.

**Contingent upon notification to the Transfer Agent, the sales charge will be eliminated when you purchase or acquire Shares:** 

◾ within 120 days of redeeming Shares of an equal or greater amount (see "120 Day Reinstatement Program" below);

◾ through an eligible program offered by a Financial Intermediary that provides for the purchase of Shares without imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement, or other fee-based program offered by the Financial Intermediary);

◾ with reinvested dividends or capital gains;

◾ issued in connection with the merger, consolidation, or acquisition of the assets of another fund. Further, the sales charge will be eliminated on purchases of Shares made by a shareholder that originally became a shareholder of a Federated Hermes fund pursuant to the terms of an agreement and plan of reorganization which permits shareholders to acquire Shares at NAV, provided that such purchased Shares are held directly with the Fund's transfer agent. If the Shares are held through a financial intermediary, the sales charge waiver will not apply (A class only);

◾ as a Federated Life Member (Federated Hermes shareholders who originally were issued shares through the "Liberty Account," which was an account for the Liberty Family of Funds on February 28, 1987, or who invested through an affinity group prior to August 1, 1987, into the Liberty Account) (A class only);

◾ as a Director, employee or former employee of the Fund, the Adviser, the Distributor and their affiliates, an employee of any financial intermediary that sells Shares according to a sales agreement with the Distributor, an immediate family member of these individuals or a trust, pension or profit-sharing plan for these individuals; or

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◾ pursuant to the exchange privilege.

The sales charge will not be eliminated if you purchase Shares of the Fund through an exchange of shares of any no-load A class unless your no-load A class shares were acquired through an exchange of shares on which the sales charge had previously been paid.

**120 DAY REINSTATEMENT PROGRAM** 

Within 120 days of redeeming Class A Shares and Class C Shares of the Fund, upon proper notification to the Fund's Transfer Agent, you may reinvest all or a portion of the redemption proceeds in Class A Shares of the Fund at net asset value, without the imposition of a sales charge or CDSC. Please note:

◾ The ownership of the account receiving the purchase is not required to be identical to that of the account in which the redemption was placed; however, the registration of the account receiving the purchase must include at least one registered shareholder of the account from which the redemption occurred.

◾ You will not be reimbursed for any fees originally incurred on the redemption (e.g., CDSC or redemption fees) by subsequently participating in the 120 Day Reinstatement Program.

◾ The 120 Day Reinstatement Program does not supersede or override any restrictions placed on an account due to frequent trading and/or client contractual issues.

Additional operational restrictions may apply, please contact a Client Service Representative at 1-800-341-7400 for more information.

**sales charge when you redeem** 

Your redemption proceeds may be reduced by a sales charge, commonly referred to as a contingent deferred sales charge (CDSC). Shares otherwise subject to a CDSC will not be charged a CDSC at the time of an exchange; however, the CDSC will continue to be measured from the date of your original purchase. The CDSC schedule applicable to your original purchase will continue to apply to the shares you receive in an exchange.

**To keep the sales charge as low as possible, the Fund redeems your Shares in this order:** 

◾ Shares that are not subject to a CDSC; and

◾ Shares held the longest. (To determine the number of years your Shares have been held, include the time you held shares of other Federated Hermes funds that have been exchanged for Shares of this Fund.)

The CDSC is then calculated using the Share price at the time of purchase or redemption, whichever is lower.

---

| |
|:---|
| **A Class:** |
| If you make a purchase of the A class in the amount of $1 million or more and your financial intermediary received an advance commission on the sale, you will <br> pay a 0.75% CDSC on any such Shares redeemed within 24 months of the purchase. |
| **C Class:** |
| You will pay a 1.00% CDSC if you redeem Shares within 12 months of the purchase date. |

---

Your redemption may qualify for a waiver of the CDSC. The CDSC waivers offered by the Fund are listed below. In order to receive a waiver of the CDSC, you must inform your financial intermediary or the Transfer Agent at the time of each redemption that your investment is eligible for a waiver. It is possible that your financial intermediary may not, in accordance with its policies, procedures and system limitations, be able to ensure your receipt of one or more of these waiver categories. In this situation, you would need to invest directly through the Fund's Transfer Agent in order to take advantage of the waiver. If you do not let your financial intermediary or the Transfer Agent know that your redemption is eligible for a CDSC waiver at the time of redemption, you may not receive the waiver to which you may otherwise be entitled.

**Contingent upon notification to the Transfer Agent, you will not be charged a CDSC when redeeming Shares:** 

◾ following the death of the last surviving shareholder on the account or the post-purchase disability of all registered shareholders, as defined in Section 72(m)(7) of the Internal Revenue Code of 1986 (the beneficiary on an account with a Transfer on Death registration is deemed the last surviving shareholder on the account);

◾ due to the termination of a trust following the death of the trustor/grantor or beneficiary, provided that the trust document specifically states that the trust is terminated upon the death;

◾ representing minimum required distributions from an IRA or other retirement plan as required under the Internal Revenue Code;

◾ purchased by Directors, employees of the Fund, the Adviser, the Distributor and their affiliates, by employees of a financial intermediary that sells Shares according to a sales agreement with the Distributor, by the immediate family members of the above persons and by trusts, pension or profit-sharing plans for the above persons;

◾ purchased through an eligible program offered by a Financial Intermediary that provides for the purchase of Shares without imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement, or other fee-based program offered by the Financial Intermediary);

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◾ purchased with reinvested dividends or capital gains;

◾ redeemed by the Fund when it closes an account for not meeting the minimum balance requirements;

◾ purchased pursuant to the exchange privilege, if the Shares were held for the applicable CDSC holding period (the holding period on the Shares purchased in the exchange will include the holding period of the Shares sold in the exchange);

**A Class Only** 

◾ purchased in the amount of $1 million or more and redeemed within 24 months of purchase if the Shares were originally purchased through an eligible program offered by a Financial Intermediary that provides for the purchase of Shares without the imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement, or other fee-based program offered by the Financial Intermediary).

**ADDITIONAL INFORMATION ON THE AVAILABILITY OF CERTAIN WAIVERS AND DISCOUNTS** 

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Fund or through a financial intermediary. **Certain financial intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or CDSC waivers which are discussed in Appendix B to this Prospectus. The information contained in Appendix B is provided by these financial intermediaries. Please contact your financial intermediary to ensure that you have the information regarding the sales charge waivers and discounts available to you and that you understand the steps you must take to qualify for available waivers and discounts.** In all instances, it is the shareholder's responsibility to notify the Fund or the shareholder's Financial Intermediary at the time of purchase of any relationship or other facts qualifying the investor for sales charge waivers or discounts. **For waivers and discounts not available through a particular financial intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another financial intermediary to receive these waivers or discounts.**

**COMMISSIONS ON CERTAIN SHARES** 

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

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

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

How is the Fund Sold?

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

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

**A and C Classes** 

The Fund's Distributor markets the A and C classes to customers of financial institutions or to individuals, directly or through financial intermediaries.

**IS Class** 

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

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

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

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◾ A trustee/director, employee or former employee of the Fund, the Adviser, the Distributor and their affiliates; an immediate family member of these individuals or a trust, pension or profit-sharing plan for these individuals;

◾ An employer-sponsored retirement plan;

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

◾ Additional sales to an investor (including a natural person) who owned the IS class of the Fund as of December 31, 2008;

◾ A Federated Hermes Fund;

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

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

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

◾ An investor, other than a natural person, purchasing the IS class directly from the Fund; and

◾ In connection with an initial purchase of the IS class through an exchange, an investor (including a natural person) who owned the IS class of another Federated Hermes fund as of December 31, 2008.

**R6 Class** 

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

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

Following are categories of Eligible Investors:

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

◾ A trustee/director, employee or former employee of the Fund, the Adviser, the Distributor and their affiliates; an immediate family member of these individuals or a trust, pension or profit-sharing plan for these individuals;

◾ An employer-sponsored retirement plan;

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

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

◾ A Federated Hermes Fund;

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

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

**Intra-Fund Share Conversion Program** 

A shareholder in the Fund's Shares may convert their Shares at net asset value to any other share class of the Fund if the shareholder meets the investment minimum and eligibility requirements for the share class into which the conversion is sought, as applicable. The share conversion program is not applicable to the Fund's Class A Shares and Class C Shares subject to a contingent deferred sales charge, if applicable. For Class C Shares purchased through a financial intermediary after June 30, 2017, such shares may only be converted to another share class of the same Fund if: (i) the shares are no longer subject to a CDSC or the financial intermediary agrees to reimburse the Fund's distributor the CDSC otherwise payable upon the sale of such shares; (ii) the shareholder meets the investment minimum and eligibility requirements for the share class into which the conversion is sought, as applicable; and (iii) (a) the conversion is made to facilitate the

**23**

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shareholder's participation in a self-directed brokerage (non-advice) account or a fee-based advisory program offered by the intermediary; or (b) the conversion is part of a multiple-client transaction through a particular financial intermediary as pre-approved by the Fund's Administrator. Such conversion of classes should not result in a realization event for tax purposes. Contact your financial intermediary or call 1-800-341-7400 to convert your Shares.

**Class C Share Automatic Conversion Feature** 

After Class C Shares have been held for eight years from the date of purchase, they will automatically convert into Class A Shares on the next monthly conversion processing date, provided that the Fund or financial intermediary has records confirming that the Class C Shares have been held for at least eight years and that the Class A Shares are available for purchase. For Class C Shares acquired in an exchange from another Federated Hermes fund, the date of purchase will be based on the initial purchase of the Class C Shares of the prior Federated Hermes fund. Certain financial intermediaries, record keepers and platforms do not track shareholder level share lot aging for certain types of accounts. These Class C Shares would not satisfy the conditions for the conversion. Contact your financial intermediary or call 1-800-341-7400 for more information.

Payments to Financial Intermediaries

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

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

**FRONT-END SALES CHARGE REALLOWANCES** 

The Distributor receives a front-end sales charge on certain Share sales. The Distributor pays a portion of this charge to financial intermediaries that are eligible to receive it (the "Dealer Reallowance") and retains any remaining portion of the front-end sales charge.

When a financial intermediary's customer purchases Shares, the financial intermediary may receive a Dealer Reallowance as follows:

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| | |
|:---|:---|
| **A Class:** |  |
| Purchase Amount | &nbsp;&nbsp; Dealer Reallowance <br> as a Percentage of <br> Public Offering Price<br>|
| Less than $100,000 | 4.00% |
| $100,000 but less than $250,000 | 3.25% |
| $250,000 but less than $500,000 | 2.25% |
| $500,000 but less than $1 million | 1.80% |
| $1 million or greater | 0.00% |

---

**ADVANCE COMMISSIONS** 

When a financial intermediary's customer purchases Shares, the financial intermediary may receive an advance commission as follows:

---

| | |
|:---|:---|
| **A Class (for purchases over $1 million):** |  |
| Purchase Amount | &nbsp;&nbsp; Advance Commission<br> as a Percentage of<br> Public Offering Price<br>|
| First $1 million - $5 million | 0.75% |
| Next $5 million - $20 million | 0.50% |
| Over $20 million | 0.25% |

---

Advance commissions are calculated on a year-by-year basis based on amounts invested during that year. Accordingly, with respect to additional purchase amounts, the advance commission breakpoint resets annually to the first breakpoint on the anniversary of the first purchase.

The A class purchases under this program may be made by Letter of Intent or by combining concurrent purchases. The above advance commission will be paid only on those purchases that were not previously subject to a front-end sales charge or dealer advance commission. Certain retirement accounts may not be eligible for this program.

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| | |
|:---|:---|
| **C Class:** |  |
|  | &nbsp;&nbsp; Advance Commission <br> as a Percentage of <br> Public Offering Price<br>|
| All Purchase Amounts | 1.00% |

---

**RULE 12b-1 FEES**

**C Class** 

The Board has adopted a Rule 12b-1 Plan, which allows payment of marketing fees of up to 0.75% of average net assets to the Distributor for the sale, distribution, administration and customer servicing of the Fund's C class. When the Distributor receives Rule 12b-1 fees, it may pay some or all of them to financial intermediaries whose customers purchase Shares. In addition, in connection with the sale of the C class, Federated Hermes and its subsidiaries make advance commission payments to financial intermediaries and in return may receive Rule 12b-1 fees and contingent deferred sales loads from the C class. Federated Hermes and its subsidiaries may benefit or sustain losses from such arrangements. Because these Shares pay marketing fees on an ongoing basis, your investment cost may be higher over time than other shares with different sales charges and marketing fees.

**service fees** 

**A and C Classes** 

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

**ACCOUNT ADMINISTRATION FEES** 

**A and C Classes** 

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

**RECORDKEEPING FEES** 

**A, C and IS Classes** 

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

**networking fees** 

**A, C and IS Classes** 

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

**ADDITIONAL PAYMENTS TO FINANCIAL INTERMEDIARIES** 

**A, C and IS Classes** 

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

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

How to Purchase Shares

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

Where the Fund offers more than one Share class and you do not specify the class choice on your New Account Form or form of payment (e.g*.,* Federal Reserve wire or check), you automatically will receive the A class.

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

**A and C Classes** 

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

**IS Class** 

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

Where applicable, the required minimum initial investment for Institutional Shares is generally $1,000,000. There is no minimum subsequent investment amount.

**R6 Class** 

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

There is no minimum initial or subsequent investment amount required.

**THROUGH A FINANCIAL INTERMEDIARY**

◾ Establish an account with the financial intermediary; and

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

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

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

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

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

**DIRECTLY FROM THE FUND** 

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

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

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

**By Wire** 

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

State Street Bank and Trust Company <br>Boston, MA <br>Dollar Amount of Wire <br>ABA Number 011000028 <br>BNF: 23026552 <br> Attention: Federated Hermes EDGEWIRE <br>Wire Order Number, Dealer Number or Group Number <br>Nominee/Institution Name <br>Fund Name and Number and Account Number

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

**By Check** 

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

The Federated Hermes Funds <br>P.O. Box 219318 <br>Kansas City, MO 64121-9318

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

The Federated Hermes Funds <br>430 W 7<sup>th</sup> Street <br>Suite 219318 <br>Kansas City, MO 64105-1407

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

**By Direct Deposit** 

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

**THROUGH AN EXCHANGE**

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

◾ meet any applicable shareholder eligibility requirements;

◾ ensure that the account registrations are identical;

◾ meet any applicable minimum initial investment requirements; and

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

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

**A and C Classes** 

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

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**IS and R6 Classes** 

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

**By Online Account Services** 

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

**BY SYSTEMATIC INVESTMENT PROGRAM (SIP)**

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

**BY AUTOMATED CLEARING HOUSE (ACH)** 

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

**RETIREMENT INVESTMENTS** 

**A, C and R6 Classes** 

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

How to Redeem and Exchange Shares

You should redeem or exchange Shares:

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

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

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

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

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

**THROUGH A FINANCIAL INTERMEDIARY** 

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

**DIRECTLY FROM THE FUND**

**By Telephone** 

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

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

**By Mail** 

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

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

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Send requests by mail to:

The Federated Hermes Funds <br>P.O. Box 219318 <br>Kansas City, MO 64121-9318

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

The Federated Hermes Funds <br>430 W 7<sup>th</sup> Street <br>Suite 219318 <br>Kansas City, MO 64105-1407

All requests must include:

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

◾ amount to be redeemed or exchanged;

◾ signatures of all shareholders exactly as registered; and

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

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

**Signature Guarantees** 

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

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

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

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

◾ transferring into another fund with a different shareholder registration.

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

**By Online Account Services** 

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

**PAYMENT METHODS FOR REDEMPTIONS**

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

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

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

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

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

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

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

◾ **Committed Line of Credit.** The Fund participates with certain other Federated Hermes funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement. The LOC was made available to temporarily finance the repurchase or redemption of shares of the funds, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding.

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◾ **Redemption in Kind.** Although the Fund intends to pay Share redemptions in cash, it reserves the right to pay the redemption price in whole or in part by an "in-kind" distribution of the Fund's portfolio securities. Because the Fund has elected to be governed by Rule 18f-1 under the 1940 Act, the Fund is obligated to pay Share redemptions to any one shareholder in cash only up to the lesser of $250,000 or 1% of the net assets represented by such Share class during any 90-day period. Redemptions in kind are made consistent with the procedures adopted by the Fund's Board, which generally include distributions of a pro rata share of the Fund's portfolio assets. Redemption in kind is not as liquid as a cash redemption. If redemption is made in kind, securities received may be subject to market risk and the shareholder could incur taxable gains and brokerage or other charges in converting the securities to cash.

**LIMITATIONS ON REDEMPTION PROCEEDS**

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

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

◾ during periods of market volatility;

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

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

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

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

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

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

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

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

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

**redemptions from retirement accounts** 

**A, C and R6 Classes** 

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

**EXCHANGE PRIVILEGE**

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

◾ meet any applicable shareholder eligibility requirements;

◾ ensure that the account registrations are identical;

◾ meet any applicable minimum initial investment requirements; and

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

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

In addition, the Fund may terminate your exchange privilege if your exchange activity is found to be excessive under the Fund's frequent trading policies. See "Account and Share Information–Frequent Trading Policies."

Financial intermediaries may have different policies and procedures regarding the availability of intra-fund exchanges ("automatic exchanges"). These exchanges which are directed by the financial intermediary and not the Fund are discussed in Appendix B to this Prospectus.

**A and C Classes** 

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

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**IS and R6 Classes** 

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

**Systematic Withdrawal/Exchange Program**

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

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

**ADDITIONAL CONDITIONS** 

**Telephone Transactions** 

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

**Share Certificates** 

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

Security and Privacy Protection

**ONLINE ACCOUNT and TELEPHONE ACCESS SECURITY** 

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

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

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

**ANTI-MONEY LAUNDERING COMPLIANCE** 

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

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

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

Account and Share Information

**CONFIRMATIONS AND ACCOUNT STATEMENTS** 

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

**DIVIDENDS AND CAPITAL GAINS**

The Fund declares and pays any dividends monthly to shareholders. Dividends are paid to all shareholders invested in the Fund on the record date. The record date is the date on which a shareholder must officially own Shares in order to earn a dividend.

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

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

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

**Small Distributions and Uncashed Checks** 

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

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

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

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**ACCOUNTS WITH LOW BALANCES**

**A, C and IS Classes** 

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

◾ $1,500 for the A and C classes (or in the case of IRAs, $250); and

◾ $25,000 for the IS class.

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

**TAX INFORMATION**

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

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

**FREQUENT TRADING POLICIES**

Frequent or short-term trading into and out of the Fund can have adverse consequences for the Fund and shareholders who use the Fund as a long-term investment vehicle. Such trading in significant amounts can disrupt the Fund's investment strategies (e.g., by requiring it to sell investments at inopportune times or maintain excessive short-term or cash positions to support redemptions), increase brokerage and administrative costs and affect the timing and amount of taxable gains distributed by the Fund. Investors engaged in such trading may also seek to profit by anticipating changes in the Fund's NAV in advance of the time as of which NAV is calculated or through an overall strategy to buy and sell Shares in response to incremental changes in the Fund's NAV.

The Fund's Board has approved policies and procedures intended to discourage excessive frequent or short-term trading of the Fund's Shares. The Fund's fair valuation procedures are intended in part to discourage short-term trading strategies by reducing the potential for these strategies to succeed. See "What Do Shares Cost?" The Fund also monitors trading in Fund Shares in an effort to identify disruptive trading activity. The Fund monitors trades into and out of the Fund within a period of 30 days or less. The Fund may also monitor trades into and out of the Fund for potentially disruptive trading activity over periods longer than 30 days. The size of Share transactions subject to monitoring varies. Where it is determined that a shareholder has exceeded the detection amounts twice within a period of 12 months, the Fund will temporarily prohibit the shareholder from making further purchases or exchanges of Fund Shares. If the shareholder continues to exceed the detection amounts for specified periods the Fund will impose lengthier trading restrictions on the shareholder, up to and including permanently prohibiting the shareholder from making any further purchases or exchanges of Fund Shares. Whether or not the specific monitoring limits are exceeded, the Fund's management or the Adviser may determine from the amount, frequency or pattern of purchases and redemptions or exchanges that a shareholder is engaged in excessive trading that is or could be detrimental to the Fund and other shareholders and may prohibit the shareholder from making further purchases or exchanges of Fund Shares. No matter how the Fund defines its limits on frequent trading of Fund Shares, other purchases and sales of Fund Shares may have adverse effects on the management of the Fund's portfolio and its performance.

The Fund's frequent trading restrictions do not apply to purchases and sales of Fund Shares by other Federated Hermes funds. These funds impose the same frequent trading restrictions as the Fund at their shareholder level. In addition, allocation changes of the investing Federated Hermes fund are monitored, and the managers of the recipient fund must determine that there is no disruption to their management activity. The intent of this exception is to allow investing fund managers to accommodate cash flows and other activity that result from non-abusive trading in the investing fund, without being stopped from such trading because the aggregate of such trades exceeds the monitoring limits. Nonetheless, as with any trading in Fund Shares, purchases and redemptions of Fund Shares by other Federated Hermes funds could adversely affect the management of the Fund's portfolio and its performance.

The Fund will not restrict transactions made on a non-discretionary basis by certain asset allocation programs, wrap programs, fund of funds, collective funds or other similar accounts that have been pre-approved by Federated Hermes ("Approved Accounts"). The Fund will continue to monitor transactions by the Approved Accounts and will seek to limit or restrict even non-discretionary transactions by Approved Accounts that are determined to be disruptive or harmful to the Fund.

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The Fund's objective is that its restrictions on short-term trading should apply to all shareholders that are subject to the restrictions, regardless of the number or type of accounts in which Shares are held. However, the Fund anticipates that limitations on its ability to identify trading activity to specific shareholders, including where shares are held through intermediaries in multiple or omnibus accounts, will mean that these restrictions may not be able to be applied uniformly in all cases.

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

**PORTFOLIO HOLDINGS INFORMATION** 

Information concerning the Fund's portfolio holdings is available via the link to the Fund and share class name at FederatedInvestors.com/FundInformation. A complete listing of the Fund's portfolio holdings as of the end of each calendar quarter is posted on the website 30 days (or the next business day) after the end of the quarter and remains posted for six months thereafter. Summary portfolio composition information as of the close of each month is posted on the website 15 days (or the next business day) after month-end and remains posted until replaced by the information for the succeeding month. The summary portfolio composition information may include identification of the Fund's top 10 holdings and percentage breakdowns of the portfolio by sector and credit quality.

You may also access portfolio information as of the end of the Fund's fiscal quarters via the link to the Fund and share class name at FederatedInvestors.com. The Fund's Annual and Semi-Annual Shareholder Reports contain complete listings of the Fund's portfolio holdings as of the end of the Fund's second and fourth fiscal quarters. Fiscal quarter information is made available on the website within 70 days after the end of the fiscal quarter. This information is also available in reports filed with the SEC at the SEC's website at sec.gov.

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

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

Who Manages the Fund?

The Board governs the Fund. The Board selects and oversees the Adviser, Federated Investment Management Company. The Adviser manages the Fund's assets, including buying and selling portfolio securities. Federated Advisory Services Company (FASC), an affiliate of the Adviser, provides research, quantitative analysis, equity trading and transaction settlement and 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 has delegated daily management of some or all of the Fund assets to the Sub-Adviser, Hermes Investment Management Limited, who 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 Sixth Floor, 150 Cheapside, London EC2V 6ET, England. The Sub-Adviser is a wholly owned subsidiary of Federated Hermes Limited (formerly, Hermes Fund Managers Limited (FHL)), which is a 100% indirect, wholly owned subsidiary of Federated Hermes, Inc.

The Adviser, Sub-Adviser and other advisory subsidiaries of Federated Hermes combined, advise approximately 102 registered investment companies spanning equity, fixed-income and money market mutual funds and also manage a variety of other pooled investment vehicles, private investment companies and customized separately managed accounts (including non-U.S./offshore funds). Federated Hermes' assets under management totaled approximately $668.9 billion as of December 31, 2022. Federated Hermes was established in 1955 as Federated Investors, Inc. and is one of the largest investment managers in the United States with nearly 2,000 employees. Federated Hermes provides investment products to more than 11,000 investment professionals and institutions.

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

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The Sub-Adviser advises approximately five registered investment companies and also manages differentiated strategies in high-active share equities, credit and private markets, including real estate, infrastructure, private debt and private equity (including non-U.S./offshore funds). The Sub-Adviser's assets under management totaled approximately $48.2 billion (£39.9 billion) as of December 31, 2022. All asset information is reported as of December 31, 2022 and converted using December 31, 2022 exchange rates.

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**PORTFOLIO MANAGEMENT INFORMATION**

**Kathryn P. Glass** 

Kathryn P. Glass, CFA, Portfolio Manager, has been the Fund's portfolio manager since May of 2023.

Ms. Glass is responsible for day-to-day management of the Fund focusing on asset allocation, security selection and ESG risk factor integration. She has been with the Adviser or an affiliate since 1999; has worked in investment management since 1999; has managed investment portfolios since 2014. Education; B.A., University of Pittsburgh; M.A., Cornell University; M.S.I.A., Carnegie Mellon University.

**Thomas Scherr** 

Thomas Scherr, CFA, Portfolio Manager, has been the Fund's portfolio manager since May of 2023.

Mr. Scherr is responsible for day-to-day management of the Fund focusing on asset allocation, security selection and ESG risk factor integration. He has been with the Adviser or an affiliate since 2006; has worked in investment management since 2006; has managed investment portfolios since 2014. Education; B.S., Lehigh University; M.B.A., Carnegie Mellon University.

**Mitch Reznick** 

Mitch Reznick, CFA, Portfolio Manager, has been the Fund's portfolio manager since May of 2023.

Mr. Reznick is Head of Sustainable Fixed Income. He is responsible for providing research and advice on the sustainable investment strategy for the Fund. He has been with the Adviser or an affiliate since 2010 as Head of Research on the Hermes Credit team. Education; MIA, Columbia University;B.A., Pitzer College.

**Mark E. Durbiano** 

Mark E. Durbiano, CFA, Senior Portfolio Manager, has been the Fund's portfolio manager since January of 1987.

Mr. Durbiano is Head of the Domestic High Yield Group and Head of the Bond SectorPod/Committee. He is responsible for overseeing the macro strategy of the Fund and general team oversight. He has been with the Adviser or an affiliate since 1982; has worked in investment management since 1982; has managed investment portfolios since 1984. Education: B.A., Dickinson College; M.B.A., University of Pittsburgh.

**Steven J. Wagner** 

Steven J. Wagner, Senior Portfolio Manager, has been the Fund's portfolio manager since May of 2017.

Mr. Wagner is responsible for providing research and advice on security selection. He has been with the Adviser or an affiliate since 1997; has worked in investment management since 1997; has managed investment portfolios since 2011. Education; B.S., Boston College; M.B.A., University of Pittsburgh.

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

**ADVISORY FEES** 

The Fund's investment advisory contract provides for payment to the Adviser of an annual investment advisory fee of 0.50% 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 "Risk/Return Summary: Fees and Expenses" table found in the "Fund Summary" section of the Prospectus.

A discussion of the Board's review of the Fund's investment advisory contract is available in the Fund's Annual and Semi-Annual Shareholder Reports for the periods ended March 31 and September 30, respectively.

Financial Information

**[FINANCIAL HIGHLIGHTS TO BE UPDATED BY AMENDMENT]**

**FINANCIAL HIGHLIGHTS** 

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

This information has been audited by [ ], an independent registered public accounting firm, whose report, along with the Fund's audited financial statements, is included in the Annual Report.

**36**

------

Financial Highlights–Class A Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months** <br>**Ended** <br>(unaudited) <br>**9/30/2022** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended** <br>(unaudited) <br>**9/30/2022** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$7.19** | **$7.58** | **$6.54** | **$7.38** | **$7.39** | **$7.59** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (0.98) | &nbsp;&nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.07 | &nbsp;&nbsp;&nbsp;&nbsp; (0.82) | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41 | &nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp; (0.40) |
| **Redemption fees** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> |
| **Net Asset Value, End of Period** | **$6.20** | **$7.19** | **$7.58** | **$6.54** | **$7.38** | **$7.39** |
| **Total Return**<sup>3</sup> | &nbsp;&nbsp;&nbsp; (11.42)% | &nbsp;&nbsp;&nbsp;&nbsp; (0.64)% | &nbsp;&nbsp;&nbsp;&nbsp; 21.86% | &nbsp;&nbsp;&nbsp;&nbsp; (6.52)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16% |
| Expense waiver/reimbursement<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $320520 | $387138 | $419564 | $350673 | $418481 | $457942 |
| Portfolio turnover<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23% |

---

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

---

| | |
|:---|:---|
| 1 | *Per share numbers have been calculated using the average shares method.* |
| 2 | *Represents less than $0.01.* |
| 3 | *Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of* <br> *less than one year are not annualized.*<br>|
| 4 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|
| 7 | *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, 2023], which can be obtained free of charge.

**37**

------

Financial Highlights–Class C Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months** <br>**Ended** <br>(unaudited) <br>**9/30/2022** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended** <br>(unaudited) <br>**9/30/2022** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$7.16** | **$7.56** | **$6.52** | **$7.36** | **$7.37** | **$7.57** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.98) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp; 1.07 | &nbsp;&nbsp;&nbsp; (0.82) | &nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment Operations | &nbsp;&nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; 1.35 | &nbsp;&nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp; (0.34) |
| **Redemption fees** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> |
| **Net Asset Value, End of Period** | **$6.18** | **$7.16** | **$7.56** | **$6.52** | **$7.36** | **$7.37** |
| **Total Return**<sup>3</sup> | &nbsp;&nbsp; (11.70)% | &nbsp;&nbsp;&nbsp; (1.58)% | &nbsp;&nbsp;&nbsp; 20.95% | &nbsp;&nbsp;&nbsp; (7.30)% | &nbsp;&nbsp;&nbsp;&nbsp; 4.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.81% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.72%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.37%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.62% | &nbsp;&nbsp;&nbsp;&nbsp; 3.85% | &nbsp;&nbsp;&nbsp;&nbsp; 4.32% | &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.34% |
| Expense waiver/reimbursement<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.06%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $27838 | $34895 | $49852 | $51588 | $67721 | $119868 |
| Portfolio turnover<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23% |

---

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

---

| | |
|:---|:---|
| 1 | *Per share numbers have been calculated using the average shares method.* |
| 2 | *Represents less than $0.01.* |
| 3 | *Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of* <br> *less than one year are not annualized.*<br>|
| 4 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|
| 7 | *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, 2023], which can be obtained free of charge.

**38**

------

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months** <br>**Ended** <br>(unaudited) <br>**9/30/2022** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended** <br>(unaudited) <br>**9/30/2022** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$7.18** | **$7.58** | **$6.54** | **$7.37** | **$7.39** | **$7.59** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36 | &nbsp;&nbsp;&nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp; 0.41 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.98) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.06 | &nbsp;&nbsp;&nbsp; (0.82) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment Operations | &nbsp;&nbsp;&nbsp; (0.80) | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.42 | &nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp;&nbsp; 0.22 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; (0.42) |
| **Redemption fees** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> |
| **Net Asset Value, End of Period** | **$6.19** | **$7.18** | **$7.58** | **$6.54** | **$7.37** | **$7.39** |
| **Total Return**<sup>3</sup> | &nbsp;&nbsp; (11.33)% | &nbsp;&nbsp;&nbsp; (0.52)% | &nbsp;&nbsp;&nbsp;&nbsp; 22.17% | &nbsp;&nbsp;&nbsp; (6.15)% | &nbsp;&nbsp;&nbsp;&nbsp; 5.62% | &nbsp;&nbsp;&nbsp;&nbsp; 2.90% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.64%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp;&nbsp; 0.64% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.50%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89% | &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | &nbsp;&nbsp;&nbsp;&nbsp; 5.59% | &nbsp;&nbsp;&nbsp;&nbsp; 5.35% |
| Expense waiver/reimbursement<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.13%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp; 0.09% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $72678 | $99434 | $101547 | $74375 | $96041 | $53084 |
| Portfolio turnover<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23% |

---

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

---

| | |
|:---|:---|
| 1 | *Per share numbers have been calculated using the average shares method.* |
| 2 | *Represents less than $0.01.* |
| 3 | *Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of* <br> *less than one year are not annualized.*<br>|
| 4 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|
| 7 | *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, 2023], which can be obtained free of charge.

**39**

------

Financial Highlights–Class R6 Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months** <br>**Ended** <br>(unaudited) <br>**9/30/2022** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended** <br>(unaudited) <br>**9/30/2022** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$7.18** | **$7.58** | **$6.54** | **$7.38** | **$7.39** | **$7.60** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 0.36 | &nbsp;&nbsp;&nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp; 0.41 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.97) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp; 1.06 | &nbsp;&nbsp;&nbsp; (0.82) | &nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> | &nbsp;&nbsp;&nbsp; (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment Operations | &nbsp;&nbsp;&nbsp; (0.79) | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; 1.42 | &nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp; 0.21 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; (0.42) |
| **Redemption fees** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> |
| **Net Asset Value, End of Period** | **$6.20** | **$7.18** | **$7.58** | **$6.54** | **$7.38** | **$7.39** |
| **Total Return**<sup>3</sup> | &nbsp;&nbsp; (11.19)% | &nbsp;&nbsp;&nbsp; (0.51)% | &nbsp;&nbsp;&nbsp; 22.18% | &nbsp;&nbsp;&nbsp; (6.27)% | &nbsp;&nbsp;&nbsp;&nbsp; 5.78% | &nbsp;&nbsp;&nbsp;&nbsp; 2.72% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.63%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp;&nbsp; 0.63% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.39%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | &nbsp;&nbsp;&nbsp;&nbsp; 5.59% | &nbsp;&nbsp;&nbsp;&nbsp; 5.33% |
| Expense waiver/reimbursement<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.06%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.03% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $56293 | $74977 | $71801 | $47053 | $53574 | $54262 |
| Portfolio turnover<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23% |

---

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

---

| | |
|:---|:---|
| 1 | *Per share numbers have been calculated using the average shares method.* |
| 2 | *Represents less than $0.01.* |
| 3 | *Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of* <br> *less than one year are not annualized.*<br>|
| 4 | *Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.* |
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/*<br> *reimbursement recorded by investment companies in which the Fund may invest.*<br>|
| 7 | *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, 2023], which can be obtained free of charge.

**40**

------

Appendix A: Hypothetical Investment and Expense Information

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES HIGH INCOME BOND FUND, INC. - A CLASS** | **FEDERATED HERMES HIGH INCOME BOND FUND, INC. - A CLASS** | **FEDERATED HERMES HIGH INCOME BOND FUND, INC. - A CLASS** | **FEDERATED HERMES HIGH INCOME BOND FUND, INC. - A CLASS** | | |
| **ANNUAL EXPENSE RATIO: 1.00%** | **ANNUAL EXPENSE RATIO: 1.00%** | **ANNUAL EXPENSE RATIO: 1.00%** | **ANNUAL EXPENSE RATIO: 1.00%** | | |
| **MAXIMUM FRONT-END SALES CHARGE: 4.50%** | **MAXIMUM FRONT-END SALES CHARGE: 4.50%** | **MAXIMUM FRONT-END SALES CHARGE: 4.50%** | **MAXIMUM FRONT-END SALES CHARGE: 4.50%** | | |
| **Year** | **Hypothetical**<br> **Beginning** <br> **Investment**<br>| **Hypothetical** <br> **Performance** <br> **Earnings**<br>| **Investment** <br> **After**<br> **Returns**<br>| <br>**Hypothetical** <br> **Expenses**<br>| <br>**Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00 | &nbsp;&nbsp; $477.50 | $10027.50 | &nbsp;&nbsp; $547.41 | &nbsp;&nbsp; $9932.00 |
| 2 | &nbsp;&nbsp; $9932.00 | &nbsp;&nbsp; $496.60 | $10428.60 | &nbsp;&nbsp; $101.31 | $10329.28 |
| 3 | $10329.28 | &nbsp;&nbsp; $516.46 | $10845.74 | &nbsp;&nbsp; $105.36 | $10742.45 |
| 4 | $10742.45 | &nbsp;&nbsp; $537.12 | $11279.57 | &nbsp;&nbsp; $109.57 | $11172.15 |
| 5 | $11172.15 | &nbsp;&nbsp; $558.61 | $11730.76 | &nbsp;&nbsp; $113.96 | $11619.04 |
| 6 | $11619.04 | &nbsp;&nbsp; $580.95 | $12199.99 | &nbsp;&nbsp; $118.51 | $12083.80 |
| 7 | $12083.80 | &nbsp;&nbsp; $604.19 | $12687.99 | &nbsp;&nbsp; $123.25 | $12567.15 |
| 8 | $12567.15 | &nbsp;&nbsp; $628.36 | $13195.51 | &nbsp;&nbsp; $128.18 | $13069.84 |
| 9 | $13069.84 | &nbsp;&nbsp; $653.49 | $13723.33 | &nbsp;&nbsp; $133.31 | $13592.63 |
| 10 | $13592.63 | &nbsp;&nbsp; $679.63 | $14272.26 | &nbsp;&nbsp; $138.64 | $14136.34 |
| Cumulative |  | $5732.91 |  | $1619.50 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES HIGH INCOME BOND FUND, INC. - C CLASS** | **FEDERATED HERMES HIGH INCOME BOND FUND, INC. - C CLASS** | **FEDERATED HERMES HIGH INCOME BOND FUND, INC. - C CLASS** | **FEDERATED HERMES HIGH INCOME BOND FUND, INC. - C CLASS** | | |
| **ANNUAL EXPENSE RATIO: 1.76%** | **ANNUAL EXPENSE RATIO: 1.76%** | **ANNUAL EXPENSE RATIO: 1.76%** | **ANNUAL EXPENSE RATIO: 1.76%** | | |
| **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>| <br>**Hypothetical** <br> **Expenses**<br>| <br>**Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00 | &nbsp;&nbsp; $500.00 | $10500.00 | &nbsp;&nbsp; $178.85 | $10324.00 |
| 2 | $10324.00 | &nbsp;&nbsp; $516.20 | $10840.20 | &nbsp;&nbsp; $184.65 | $10658.50 |
| 3 | $10658.50 | &nbsp;&nbsp; $532.93 | $11191.43 | &nbsp;&nbsp; $190.63 | $11003.84 |
| 4 | $11003.84 | &nbsp;&nbsp; $550.19 | $11554.03 | &nbsp;&nbsp; $196.80 | $11360.36 |
| 5 | $11360.36 | &nbsp;&nbsp; $568.02 | $11928.38 | &nbsp;&nbsp; $203.18 | $11728.44 |
| 6 | $11728.44 | &nbsp;&nbsp; $586.42 | $12314.86 | &nbsp;&nbsp; $209.76 | $12108.44 |
| 7 | $12108.44 | &nbsp;&nbsp; $605.42 | $12713.86 | &nbsp;&nbsp; $216.56 | $12500.75 |
| 8 | $12500.75 | &nbsp;&nbsp; $625.04 | $13125.79 | &nbsp;&nbsp; $223.58 | $12905.77 |
| **Converts from Class C to Class A** |  |  | **Annual Expense Ratio: 1.00%** | **Annual Expense Ratio: 1.00%** | **Annual Expense Ratio: 1.00%** |
| 9 | $12905.77 | &nbsp;&nbsp; $645.29 | $13551.06 | &nbsp;&nbsp; $131.64 | $13422.00 |
| 10 | $13422.00 | &nbsp;&nbsp; $671.10 | $14093.10 | &nbsp;&nbsp; $136.90 | $13958.88 |
| Cumulative |  | $5800.61 |  | $1872.55 |  |

---

**41**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES HIGH INCOME BOND FUND, INC. - IS CLASS** | **FEDERATED HERMES HIGH INCOME BOND FUND, INC. - IS CLASS** | **FEDERATED HERMES HIGH INCOME BOND FUND, INC. - IS CLASS** | **FEDERATED HERMES HIGH INCOME BOND FUND, INC. - IS CLASS** | | |
| **ANNUAL EXPENSE RATIO: 0.75%** | **ANNUAL EXPENSE RATIO: 0.75%** | **ANNUAL EXPENSE RATIO: 0.75%** | **ANNUAL EXPENSE RATIO: 0.75%** | | |
| **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | | |
| **Year** | **Hypothetical**<br> **Beginning** <br> **Investment**<br>| **Hypothetical** <br> **Performance** <br> **Earnings**<br>| **Investment** <br> **After**<br> **Returns**<br>| <br>**Hypothetical** <br> **Expenses**<br>| <br>**Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00 | &nbsp;&nbsp; $500.00 | $10500.00 | &nbsp;&nbsp; $76.59 | $10425.00 |
| 2 | $10425.00 | &nbsp;&nbsp; $521.25 | $10946.25 | &nbsp;&nbsp; $79.85 | $10868.06 |
| 3 | $10868.06 | &nbsp;&nbsp; $543.40 | $11411.46 | &nbsp;&nbsp; $83.24 | $11329.95 |
| 4 | $11329.95 | &nbsp;&nbsp; $566.50 | $11896.45 | &nbsp;&nbsp; $86.78 | $11811.47 |
| 5 | $11811.47 | &nbsp;&nbsp; $590.57 | $12402.04 | &nbsp;&nbsp; $90.47 | $12313.46 |
| 6 | $12313.46 | &nbsp;&nbsp; $615.67 | $12929.13 | &nbsp;&nbsp; $94.31 | $12836.78 |
| 7 | $12836.78 | &nbsp;&nbsp; $641.84 | $13478.62 | &nbsp;&nbsp; $98.32 | $13382.34 |
| 8 | $13382.34 | &nbsp;&nbsp; $669.12 | $14051.46 | $102.50 | $13951.09 |
| 9 | $13951.09 | &nbsp;&nbsp; $697.55 | $14648.64 | $106.86 | $14544.01 |
| 10 | $14544.01 | &nbsp;&nbsp; $727.20 | $15271.21 | $111.40 | $15162.13 |
| Cumulative |  | $6073.10 |  | $930.32 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES HIGH INCOME BOND FUND, INC. - R6 CLASS** | **FEDERATED HERMES HIGH INCOME BOND FUND, INC. - R6 CLASS** | **FEDERATED HERMES HIGH INCOME BOND FUND, INC. - R6 CLASS** | **FEDERATED HERMES HIGH INCOME BOND FUND, INC. - R6 CLASS** | | |
| **ANNUAL EXPENSE RATIO: 0.68%** | **ANNUAL EXPENSE RATIO: 0.68%** | **ANNUAL EXPENSE RATIO: 0.68%** | **ANNUAL EXPENSE RATIO: 0.68%** | | |
| **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | | |
| **Year** | **Hypothetical**<br> **Beginning** <br> **Investment**<br>| **Hypothetical** <br> **Performance** <br> **Earnings**<br>| **Investment** <br> **After**<br> **Returns**<br>| <br>**Hypothetical** <br> **Expenses**<br>| <br>**Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00 | &nbsp;&nbsp; $500.00 | $10500.00 | &nbsp;&nbsp; $69.47 | $10432.00 |
| 2 | $10432.00 | &nbsp;&nbsp; $521.60 | $10953.60 | &nbsp;&nbsp; $72.47 | $10882.66 |
| 3 | $10882.66 | &nbsp;&nbsp; $544.13 | $11426.79 | &nbsp;&nbsp; $75.60 | $11352.79 |
| 4 | $11352.79 | &nbsp;&nbsp; $567.64 | $11920.43 | &nbsp;&nbsp; $78.87 | $11843.23 |
| 5 | $11843.23 | &nbsp;&nbsp; $592.16 | $12435.39 | &nbsp;&nbsp; $82.27 | $12354.86 |
| 6 | $12354.86 | &nbsp;&nbsp; $617.74 | $12972.60 | &nbsp;&nbsp; $85.83 | $12888.59 |
| 7 | $12888.59 | &nbsp;&nbsp; $644.43 | $13533.02 | &nbsp;&nbsp; $89.54 | $13445.38 |
| 8 | $13445.38 | &nbsp;&nbsp; $672.27 | $14117.65 | &nbsp;&nbsp; $93.40 | $14026.22 |
| 9 | $14026.22 | &nbsp;&nbsp; $701.31 | $14727.53 | &nbsp;&nbsp; $97.44 | $14632.15 |
| 10 | $14632.15 | &nbsp;&nbsp; $731.61 | $15363.76 | $101.65 | $15264.26 |
| Cumulative |  | $6092.89 |  | $846.54 |  |

---

**42**

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Appendix B: Sales Charge Waivers and Exchange Features for Shareholders Purchasing Through Certain Financial Intermediaries

**The term "fund family," used herein, shall refer to the Federated Hermes mutual funds.** 

**The following Appendix applies to certain share classes offered by the Fund.** 

***Ameriprise Financial*** 

**CLASS A SHARES FRONT-END SALES CHARGE WAIVERS AVAILABLE AT AMERIPRISE FINANCIAL:** 

**The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:** 

Effective January 15, 2021, shareholders purchasing Fund shares through an Ameriprise Financial retail brokerage account are eligible for the following front-end sales charge waivers, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI:

◾ Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

◾ Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family).

◾ Shares exchanged from Class C shares of the same fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares or conversion of Class C shares following a shorter holding period, that waiver will apply.

◾ Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

◾ Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

◾ Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

***Robert W. Baird & Co., Inc.*** 

Effective June 15, 2020, shareholders purchasing Fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

**Front-End Sales Charge Waivers on Investors A-shares Available at Baird** 

◾ Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund;

◾ Share purchase by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird;

◾ Shares purchase from the proceeds of redemptions within the same fund family, provided: (1) the repurchase occurs within 90 days following the redemption; (2) the redemption and purchase occur in the same accounts; and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement);

◾ Class C (i.e., level-load) shares that are no longer subject to a CDSC and are exchanged to Class A shares (or the appropriate share class) of the same fund pursuant to Baird's intra-fund share class policies and procedures;

◾ Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

**43**

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**CDSC Waivers on Investor A and C Shares Available at Baird** 

◾ Shares sold upon the death or disability of the shareholder;

◾ Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus;

◾ Shares bought due to returns of excess contributions from an IRA Account;

◾ Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code;

◾ Shares sold to pay Baird fees but only if the transaction is initiated by Baird;

◾ Shares acquired through a right of reinstatement.

**Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations** 

◾ Breakpoints as described in this prospectus;

◾ Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets;

◾ Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time.

***Edward D. Jones & Co., L.P. (EDWARD JONES)*** 

**Policies Regarding Transactions Through Edward Jones**

Effective on or after March 1, 2021, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Shareholders purchasing Fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge (CDSC), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or statement of additional information (SAI). In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of fund family, or other facts qualifying the purchaser for waivers or discounts. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

**Front-End Sales Load Waivers on Class A and F Shares Available at Edward Jones** 

Sales charges are waived for the following shareholders and in the following situations:

◾ Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

◾ Shares purchased in an Edward Jones fee-based program.

◾ Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

◾ Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account.

◾ Shares exchanged into Class A shares from another share Class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

◾ Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones. Edward Jones will be responsible for any remaining CDSC due to the fund company, if applicable.

**CDSC Waivers on A, B, C and F Shares Available at Edward Jones** 

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder will be responsible to pay the CDSC except in the following conditions:

◾ Shares sold upon the death or disability of the shareholder.

◾ Shares sold as part of a systematic withdrawal plan (limited to up to 10% per year of the account value).

◾ Return of excess contributions from an Individual Retirement Account (IRA).

**44**

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◾ Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

◾ Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

◾ Shares exchanged in an Edward Jones fee-based program. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable.

◾ Shares acquired through a right of reinstatement.

◾ Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Front-End Load Discounts Available at Edward Jones:** 

**Rights of Accumulation (ROA)** 

◾ The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of the fund family held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

◾ The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

◾ ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

**Letter of Intent (LOI)** 

◾ Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

◾ If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

**Other Important Information REGARDING TRANSACTIONS THROUGH EDWARD JONES** 

**Minimum Purchase Amounts** 

◾ Initial purchase minimum: $250

◾ Subsequent purchase minimum: none

**Minimum Balances** 

◾ Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

◾ A fee-based account held on an Edward Jones platform

◾ A 529 account held on an Edward Jones platform

◾ An account with an active systematic investment plan or LOI

**Exchanging Share Classes** 

◾ At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

**45**

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***Janney Montgomery Scott LLC*** 

Effective May 1, 2020, if you purchase or redeem Fund shares through a Janney Montgomery Scott LLC ("Janney") brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (CDSC), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-end sales charge waivers on Class A Shares available at Janney** 

◾ Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

◾ Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

◾ Shares purchased from the proceeds of redemptions within the same fund family, provided: (1) the repurchase occurs within ninety (90) days following the redemption; (2) the redemption and purchase occur in the same account; and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

◾ Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

◾ Shares acquired through a right of reinstatement.

◾ Class C shares that are no longer subject to a contingent deferred sales charge and are exchanged to Class A shares (or the appropriate share class) of the same fund pursuant to Janney's intra-fund share class policies and procedures.

**CDSC Waivers on Class A and C Shares available at Janney** 

◾ Shares sold upon the death or disability of the shareholder.

◾ Shares sold as part of a systematic withdrawal plan as described in the fund's Prospectus.

◾ Shares purchased in connection with a return of excess contributions from an IRA account.

◾ Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

◾ Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

◾ Shares acquired through a right of reinstatement.

◾ Shares exchanged into the same share class of a different Federated Hermes fund, if the shares were held for the applicable CDSC holding period (the holding period on the shares purchased in the exchange will include the holding period of the shares sold in the exchange).

**Front-end sales charge discounts available at Janney: Breakpoints, Rights of Accumulation, and/or Letters of Intent** 

◾ Breakpoints as described in the fund's Prospectus.

◾ Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

◾ Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

***Merrill Lynch*** 

Shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI.

**Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch** 

◾ Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan;

◾ Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents);

◾ Shares purchased through a Merrill Lynch affiliated investment advisory program or exchanged due to the holdings moving from the program;

**46**

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◾ Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers;

◾ Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch's platform;

◾ Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable);

◾ Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family);

◾ Shares exchanged from Class C (i.e., level-load) shares of the same fund pursuant to Merrill Lynch's policies relating to sales load discounts and waivers;

◾ Employees and registered representatives of Merrill Lynch or its affiliates and their family members;

◾ Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in the prospectus;

◾ Eligible shares purchased from the proceeds of redemptions within the same fund family, provided: (1) the repurchase occurs within 90 days following the redemption; (2) the redemption and purchase occur in the same account; and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for reinstatement.

**CDSC Waivers on A, B and C Shares available at Merrill Lynch** 

◾ Death or disability of the shareholder;

◾ Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus;

◾ Return of excess contributions from an IRA Account;

◾ Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code;

◾ Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch;

◾ Shares acquired through a right of reinstatement;

◾ Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only);

◾ Class A Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers.

**Front-end load Discounts Available at Merrill Lynch:** <br>**Breakpoints, Rights of Accumulation & Letters of Intent** 

◾ Breakpoints as described in this prospectus;

◾ Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the Fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser's household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets;

◾ Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable).

***Morgan Stanley Smith Barney*** 

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A Shares Available at Morgan Stanley Wealth Management** 

◾ Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans;

◾ Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules;

◾ Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund;

**47**

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◾ Shares purchased through a Morgan Stanley self-directed brokerage account;

◾ Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are exchanged to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's intra-fund share class exchange program;

◾ Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

***OPPENHEIMER & CO., INC.*** 

Effective May 1, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co., Inc. (OPCO) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI.

**Front-end Sales Load Waivers on Class A Shares available at OPCO** 

◾ Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

◾ Shares purchased by or through a 529 Plan

◾ Shares purchased through an OPCO affiliated investment advisory program

◾ Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund (but not any other fund within the fund family)

◾ Shares purchased from the proceeds of redemptions within the same fund family, provided: (1) the repurchase occurs within 90 days following the redemption; (2) the redemption and purchase occur in the same account; and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

◾ A shareholder in the Fund's Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the automatic exchange is in line with the policies and procedures of OPCO

◾ Employees and registered representatives of OPCO or its affiliates and their family members

◾ Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this prospectus

**CDSC Waivers on A, B and C Shares available at OPCO** 

◾ Death or disability of the shareholder

◾ Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus

◾ Return of excess contributions from an IRA Account

◾ Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

◾ Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

◾ Shares acquired through a right of reinstatement

**Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent** 

◾ Breakpoints as described in this prospectus.

◾ Rights of Accumulation (ROA), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

***Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")*** 

Effective March 1, 2019, shareholders purchasing and redeeming Fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI.

**48**

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**Front-End Sales Load Waivers on Class A Shares Available at Raymond James** 

◾ Shares purchased in an investment advisory program.

◾ Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

◾ Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

◾ Shares purchased from the proceeds of redemptions within the same fund family, provided: (1) the repurchase occurs within 90 days following the redemption; (2) the redemption and purchase occur in the same account; and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

◾ A shareholder in the Fund's Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the automatic exchange is in line with the policies and procedures of Raymond James.

**CDSC Waivers on A, B and C Shares Available at Raymond James** 

◾ Death or disability of the shareholder.

◾ Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

◾ Return of excess contributions from an IRA Account.

◾ Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund's prospectus.

◾ Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

◾ Shares acquired through a right of reinstatement.

**Front-End Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation, and/or Letters of Intent** 

◾ Breakpoints as described in this prospectus;

◾ Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

◾ Letters of Intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

***Stifel, Nicolaus & Company, Incorporated*** 

Effective July 1, 2020, shareholders purchasing Fund shares through a Stifel, Nicolaus & Company, Incorporated ("Stifel") platform or account or who own shares for which Stifel or an affiliate is the broker-dealer of record are eligible for the following additional sales charge waiver.

**Front-End Sales Load Waiver on Class A Shares** 

◾ Class C shares that have been held for more than seven (7) years will be converted to Class A shares of the same Fund pursuant to Stifel's policies and procedures

All other sales charge waivers and reductions described elsewhere in the Fund's Prospectus or SAI still apply.

***U.S. Bancorp Investments, Inc.*** 

Effective November 1, 2021, shareholders purchasing Fund shares through a U.S. Bancorp Investments, Inc. ("USBI") platform or who own shares for which USBI is the broker-dealer, where the shares are held in an omnibus account, will be eligible for the following front-end sales charge waivers and discounts, which may differ from those disclosed elsewhere in the Funds' Prospectus or SAI. All other sales charge waivers and reductions described elsewhere in the Fund's Prospectus or SAI still apply.

**USBI Conversion of Class C Shares** 

Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge are systematically converted to the Class A shares of the same fund pursuant to USBI's intra-fund share class policy. No front-end sales charge will apply to such conversions.

**49**

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An SAI dated May 31, 2023, is incorporated by reference into this Prospectus. Additional information about the Fund and its investments is contained in the Fund's SAI and Annual and Semi-Annual Reports to shareholders as they become available. The Annual Report's Management's Discussion of Fund Performance discusses market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. The SAI contains a description of the Fund's policies and procedures with respect to the disclosure of its portfolio securities. To obtain the SAI, Annual Report, Semi-Annual Report and other information without charge, and to make inquiries, call your financial intermediary or the Fund at 1-800-341-7400.

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

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

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

![](fhilogok11p_2.jpg)

Federated Hermes Sustainable High Yield Bond Fund, Inc. <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at  **<u>FederatedInvestors.com</u>** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*Investment Company Act File No. 811-2782* 

*CUSIP 314195108* <br>*CUSIP 314195306* <br>*CUSIP 314195405* <br>*CUSIP 314195504*

*G00667-02 (5/22)*© 2023 Federated Hermes, Inc.

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**Statement of Additional Information**

***May 31, 2023***

![](img6168bea11.gif)

***SUBJECT TO COMPLETION*** <br> *THE INFORMATION IN THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL* <br> *THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS* <br> *STATEMENT OF ADDITIONAL INFORMATION IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE* <br> *SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.* 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** \| Ticker | **A** \| FHIIX | **C** \| FHICX | **Institutional** \| FHISX | **R6** \| FHBRX |

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Federated Hermes Sustainable High Yield Bond Fund, Inc.

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This Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes Sustainable High Yield Bond Fund, Inc. (the "Fund"), dated May 31, 2023.

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

---

| | |
|:---|:---|
|  | **Contents** |
| &nbsp;&nbsp; 1 | [How is the Fund Organized?](#xx_e2f8d92a-51c2-4e51-b5c1-1e89a92e1b03_1) |
| &nbsp;&nbsp; 1 | [Securities in Which the Fund Invests](#xx_e2f8d92a-51c2-4e51-b5c1-1e89a92e1b03_1) |
| 12 | [Investment Risks](#xx_e2f8d92a-51c2-4e51-b5c1-1e89a92e1b03_12) |
| 17 | [Investment Objective (and Policies) and Investment Limitations](#xx_e2f8d92a-51c2-4e51-b5c1-1e89a92e1b03_17) |
| 19 | [What Do Shares Cost?](#xx_e2f8d92a-51c2-4e51-b5c1-1e89a92e1b03_19) |
| 21 | [How is the Fund Sold?](#xx_e2f8d92a-51c2-4e51-b5c1-1e89a92e1b03_21) |
| 25 | [Purchases In-Kind](#xx_e2f8d92a-51c2-4e51-b5c1-1e89a92e1b03_25) |
| 25 | [Redemption In-Kind](#xx_e2f8d92a-51c2-4e51-b5c1-1e89a92e1b03_25) |
| 25 | [Account and Share Information](#xx_e2f8d92a-51c2-4e51-b5c1-1e89a92e1b03_25) |
| 26 | [Tax Information](#xx_e2f8d92a-51c2-4e51-b5c1-1e89a92e1b03_26) |
| 26 | [Who Manages and Provides Services to the Fund?](#xx_e2f8d92a-51c2-4e51-b5c1-1e89a92e1b03_26) |
| 46 | [Financial Information](#xx_e2f8d92a-51c2-4e51-b5c1-1e89a92e1b03_46) |
| 47 | [Investment Ratings](#xx_e2f8d92a-51c2-4e51-b5c1-1e89a92e1b03_47) |
| 52 | [Addresses](#xx_7e03c079-df3b-4b3a-b2c3-2e83459eb020_1) |
| 53 | [Appendix](#xx_c78f63f0-6c35-4c69-891a-0c8d06c813d1_1) |

---

Federated Hermes Sustainable High Yield Bond Fund, Inc. <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*8062805B (5/23)*© 2023 Federated Hermes, Inc.

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How is the Fund Organized?

The Fund is a diversified open-end, management investment company that was established under the laws of the State of Maryland on October 14, 1977. Effective June 26, 2020 the Fund changed its name from Federated High Income Bond Fund, Inc. to Federated Hermes High Income Bond Fund, Inc. Effective May 26, 2023 the Fund changed its name from Federated Hermes High Income Bond Fund, Inc. to Federated Hermes Sustainable High Yield Bond Fund, Inc.

The Board of Directors (the "Board") has established the following shares of the Fund, known as Class A Shares, Class C Shares, Institutional Shares and Class R6 Shares ("Shares"). This SAI relates to all classes of Shares. The Fund's investment adviser is Federated Investment Management Company ("FIMCO") and the Fund's sub-adviser is Hermes Investment Management Limited ("HIML" and, collectively with FIMCO, the "Adviser").

Securities in Which the Fund Invests

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

**Securities Descriptions And Techniques**

**Fixed-Income Securities** 

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

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

The following further describes the types of fixed-income securities in which the Fund 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).

**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.

**Loan Instruments (A Fixed-Income Security)** 

The Fund may invest in loans and loan-related instruments, which are generally interests in amounts owed by a corporate, governmental, or other borrower to lenders or groups of lenders known as lending syndicates (loans and loan participations). Such instruments include, but are not limited to, interests in trade finance loan transactions, pre-export/import finance transactions, factoring, syndicated loan transactions and forfaiting transactions.

Trade finance refers generally to loans made to producers, sellers, importers and/or exporters in relation to commodities, goods or services. Such loans typically have short-to-medium term maturities and will generally be self-liquidating (i.e., as the goods or commodities are sold, proceeds from payments for such goods or commodities are used to pay the principal on the loan prior to being distributed to the borrower). These trade finance structures are subject to significant individual variation but typical structures may include but not be limited to the following:

**1**

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◾ **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 acts 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 through the future export of goods. 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.

◾ **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. 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. See the headings "Loan Assignments" and "Loan Participations" below for a complete description of such loan assignments and loan participations.

Typically, administration of the instrument, including the collection and allocation of principal and interest payments due from the borrower, is the responsibility of a single bank that is a member of the lending syndicate and referred to as the agent bank or mandated lead arranger. A financial institution's employment as agent bank might be terminated in the event that it fails to observe a requisite standard of care or becomes insolvent. A successor agent bank would generally be appointed to replace the terminated agent bank, and assets held by the agent bank under the loan agreement should remain available to holders of such indebtedness. However, if assets held by the agent bank for the benefit of a Fund were determined to be subject to the claims of the agent bank's general creditors, the Fund might incur certain costs and delays in realizing payment on a loan assignment or loan participation and could suffer a loss of principal and/or interest. In situations involving other interposed financial institutions (e.g., an insurance company or governmental agency), similar risks may arise.

Loan instruments may be secured or unsecured. If secured, then the lenders have been granted rights to specific property, which is commonly referred to as collateral. The purpose of securing loans is to allow the lenders to exercise rights over the collateral if a loan is not repaid as required by the terms of the loan agreement. Collateral may include security interests in receivables, goods, commodities, or real property. With regard to trade finance loan transactions the collateral itself may be the source of proceeds to repay the loan (i.e., the borrower's ability to repay the loan will be dependent on the borrower's ability to sell, and the purchaser's ability to buy, the goods or commodities that are collateral for the loan). Interests in loan instruments may also be tranched or tiered with respect to collateral rights. Unsecured loans expose the lenders to increased credit risk.

The loan instruments in which the Fund may invest may involve borrowers, agent banks, co-lenders and collateral located both in the United States and outside of the United States (in both developed and emerging markets).

The Fund treats loan instruments as a type of fixed-income security. Investments in loan instruments may expose the Fund to interest rate risk, risks of investing in foreign securities, credit risk, liquidity risk, risks of noninvestment-grade securities, risks of emerging markets, and leverage risk. (For purposes of the descriptions in this SAI of these various risks, references to "issuer," include borrowers under loan instruments.) Many loan instruments incorporate risk mitigation, credit enhancement (e.g., standby letters of credit) and insurance products into their structures, in order to manage these risks. There is no guarantee that these risk management techniques will work as intended.

**2**

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Loans and loan-related instruments are generally considered to be illiquid due to the length of time required to transfer an interest in a loan or a related instrument. Additionally, in the case of some loans, such as those related to trade finance, there is a limited secondary market. The liquidity of a particular loan will be determined by the Adviser under guidelines adopted by the Fund's board.

**Floating Rate Loans** 

Floating rate loans are debt instruments issued by companies or other entities with floating interest rates that reset periodically. Most floating rate loans are secured by specific collateral of the borrower and are senior to most other instruments of the borrower (e.g., common stock or debt instruments) in the event of bankruptcy. Floating rate loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts and refinancing. Floating rate loans are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the floating rate loan. Floating rate loans may be acquired directly through the agent, as an assignment from another lender who holds a direct interest in the floating rate loan, or as a participation interest in another lender's portion of the floating rate loan.

**Loan Assignments (A Type of Loan Instrument)** 

The Fund may purchase a loan assignment from the agent bank or other member of the lending syndicate. Investments in loans through an assignment may involve additional risks to the Funds. For example, if a loan is foreclosed, a Fund could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral. In addition, it is conceivable that under emerging legal theories of lender liability, a Fund could be held liable as co-lender. It is unclear whether loans and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. In the absence of definitive regulatory guidance, the Funds rely on the Adviser's research in an attempt to avoid situations where fraud or misrepresentation could adversely affect the Funds.

**Loan Participations (A Type of Loan Instrument)** 

The Fund may purchase a funded participation interest in a loan, by which the Fund has the right to receive payments of principal, interest and fees from an intermediary (typically a bank, financial institution, or lending syndicate) that has a direct contractual relationship with a borrower. In loan participations, the Fund does not have a direct contractual relationship with the borrower.

The Fund may also purchase a type of a participation interest, known as risk participation interest. In this case, the Fund will receive a fee in exchange for the promise to make a payment to a lender if a borrower fails to make a payment of principal, interest, or fees, as required by the loan agreement.

When purchasing loan participations, the Fund will be exposed to credit risk of the borrower and, in some cases, the intermediary offering the participation. A participation agreement also may limit the rights of the Fund to vote on changes that may be made to the underlying loan agreement, such as waiving a breach of a covenant. The participation interests in which a Fund intends to invest may not be rated by any nationally recognized rating service or, if rated, may be below investment grade and expose the fund to the risks of noninvestment-grade securities.

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

Commercial paper is an issuer's obligation with a maturity of less than nine months. Companies typically issue commercial paper to pay for current expenditures. Most issuers constantly reissue their commercial paper and use the proceeds (or bank loans) to repay maturing paper. If the issuer cannot continue to obtain liquidity in this fashion, its commercial paper may default. The short maturity of commercial paper generally reduces both the market and credit risks as compared to other debt securities of the same issuer.

**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.

**3**

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

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

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

***Additional Information Related to Freddie Mac and Fannie Mae.*** The extreme and unprecedented volatility and disruption that impacted the capital and credit markets beginning in 2008 led to market concerns regarding the ability of Freddie Mac and Fannie Mae to withstand future credit losses associated with securities held in their investment portfolios, and on which they provide guarantees, without the direct support of the federal government. On September 7, 2008, Freddie Mac and Fannie Mae were placed under the conservatorship of the Federal Housing Finance Agency (FHFA). Under the plan of conservatorship, the FHFA assumed control of, and generally has the power to direct, the operations of Freddie Mac and Fannie Mae, and is empowered to exercise all powers collectively held by their respective shareholders, directors and officers, including the power to: (1) take over the assets of and operate Freddie Mac and Fannie Mae with all the powers of the shareholders, the directors and the officers of Freddie Mac and Fannie Mae and conduct all business of Freddie Mac and Fannie Mae; (2) collect all obligations and money due to Freddie Mac and Fannie Mae; (3) perform all functions of Freddie Mac and Fannie Mae which are consistent with the conservator's appointment; (4) preserve and conserve the assets and property of Freddie Mac and Fannie Mae; and (5) contract for assistance in fulfilling any function, activity, action or duty of the conservator.

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

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

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

**IOs and POs (Types of Asset-Backed Securities)** 

Asset-backed securities may allocate interest payments to one class ("Interest Only" or IOs) and principal payments to another class ("Principal Only" or POs). POs increase in value when prepayment rates increase. In contrast, IOs decrease in value when prepayments increase, because the underlying mortgages generate less interest payments. However, IOs tend to increase in value when interest rates rise (and prepayments decrease), making IOs a useful hedge against interest rate risks.

**Floaters and Inverse Floaters (Types of Asset-Backed Securities)** 

Another variant allocates interest payments between two classes of asset-backed securities. One class ("Floaters") receives a share of interest payments based upon a market index such as the London Interbank Offered Rate (LIBOR). The other class ("Inverse Floaters") receives any remaining interest payments from the underlying mortgages. Floater classes receive more interest (and Inverse Floater classes receive correspondingly less interest) as interest rates rise. This shifts prepayment and interest rate risks from the Floater to the Inverse Floater class, reducing the price volatility of the Floater class and increasing the price volatility of the Inverse Floater class.

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

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

**4**

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**Credit Enhancement** 

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

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

**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 may offer greater potential for appreciation than many other types of securities, because their value usually increases directly with the value of the issuer's business.

The following further describes the types of equity 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).

**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.

**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.

**Real Estate Investment Trusts (REITs)** 

REITs are real estate investment trusts (including foreign REITs and REIT-like entities) that lease, operate and finance commercial real estate. REITs in the United States are exempt from federal corporate income tax if they limit their operations and distribute most of their income. Such tax requirements limit a U.S. REIT's ability to respond to changes in the commercial real estate market.

**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.

**Depositary Receipts (A Type of Foreign Equity Security)** 

Depositary receipts represent interests in underlying securities issued by a foreign company. Depositary receipts are not traded in the same market as the underlying security. The foreign securities underlying American Depositary Receipts (ADRs) are not traded in the United States. ADRs provide a way to buy shares of foreign-based companies in the United States rather than in overseas markets. ADRs are also traded in U.S. dollars, eliminating the need for foreign exchange transactions. The foreign securities underlying European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs) and International Depositary Receipts (IDRs), are traded globally or outside the United States. Depositary receipts involve many of the same risks of investing directly in foreign securities, including currency risks and risks of foreign investing.

**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

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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.

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 as 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:

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**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 that 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 London Interbank Offered Rate (commonly referred to as LIBOR); 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 (Types of Futures 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:

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◾ Buy put options on a Reference Instrument in anticipation of a decrease in the value of the Reference Instrument; and

◾ 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)** 

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. For example, a $10 million London Interbank Offered Rate (commonly referred to as LIBOR) swap would require one party to pay the equivalent of the London Interbank Offered Rate of interest (which fluctuates) on $10 million principal amount in exchange for the right to receive the equivalent of a stated fixed rate of interest on $10 million principal amount.

**Caps and Floors (A Type of Swap Contract)** 

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.

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**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").

**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.

**Reverse Repurchase Agreements** 

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

**Delayed Delivery Transactions** 

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

**Securities Lending** 

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

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

Loans are subject to termination at the option of the Fund or the borrower. The Fund will not have the right to vote on securities while they are on loan. However, the Fund will attempt to terminate a loan in an effort to reacquire the securities in time to vote on matters that are deemed to be material by the Adviser. There can be no assurance that the Fund will have sufficient notice of such matters to be able to terminate the loan in time to vote thereon. The Fund may pay administrative and custodial fees in connection with a loan and may pay a negotiated portion of the interest earned on the cash collateral to a securities lending agent or broker.

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

**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

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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.

**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.

**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 1940 Act replaced the asset segregation framework previously used by funds to comply with limitations on leverage imposed by the 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.

As the Fund's derivative exposure, if any, is 10% or less of its net assets, excluding certain currency and interest rate hedging transactions, the Fund is classified as a limited derivatives user under the Derivatives Rule and will not be subject to the full requirements of the Derivatives Rule as noted above, including VAR testing and stress testing, and certain Board reporting requirements. However, the Fund is still required to implement written compliance policies and procedures reasonably designed to manage its derivatives risks and monitor its derivatives exposure daily.

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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.

**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. The Fund may also invest in high-yield securities primarily by investing in another investment company (which is not available for general investment by the public) that owns those securities and that is advised by an affiliate of the Adviser. The Fund may also invest in loan instruments, including trade finance loan instruments, primarily by investing in another investment company (which is not available for general investment by the public) that owns those instruments and that is advised by an affiliate of the Adviser. The Fund's investment in the trade finance instruments through these other investment vehicles may expose the Fund to risks of loss after redemption. The Fund may also invest in such securities directly. These other investment companies are managed independently of the Fund and incur additional fees and/or expenses which would, therefore, be borne indirectly by the Fund in connection with any such investment. These investments also can create conflicts of interests for the Adviser to the Fund and the investment adviser to the acquired fund. For example, a conflict of interest can arise due to the possibility that the Adviser to the Fund could make a decision to redeem the Fund's investment in the acquired fund. In the case of an investment in an affiliated fund, a conflict of interest can arise if, because of the Fund's investment in the acquired fund, the acquired fund is able to garner more assets, thereby growing the acquired fund and increasing the management fees received by the investment adviser to the acquired fund, which would either be the Adviser or an affiliate of the Adviser. However, the Adviser believes that the benefits and efficiencies of making investments in other investment companies should outweigh the potential additional fees and/or expenses and resulting conflicts of interest. The Fund may invest in money market securities directly.

**Investing in Exchange-Traded Funds** 

The Fund may invest in exchange-traded funds (ETFs) as an efficient means of carrying out its investment strategies. As with traditional mutual funds, ETFs charge asset-based fees, although these fees tend to be relatively low. ETFs are traded on stock exchanges or on the over-the-counter market. ETFs do not charge initial sales charges or redemption fees and investors pay only customary brokerage fees to buy and sell ETF shares.

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

**Inter-Fund Borrowing** 

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

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

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**Third-Party Line of Credit** 

The Fund participates with certain other Federated Hermes funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund's ability to borrow under the LOC also is subject to the limitations of the 1940 Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on any day, of: (i) the federal funds effective rate; (ii) the published secured overnight financing rate plus an assigned percentage; and (iii) 0.0%; plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of a commitment fee based on the amount of the lenders' commitment that has not been utilized, quarterly in arrears and at maturity. As of the date of this Statement of Additional Information, there were no outstanding loans. During the most recently ended fiscal year, the Fund did not utilize the LOC.

**LIQUIDITY RISK MANAGEMENT PROGRAM** 

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

Investment Risks

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

**Credit Enhancement Risk** 

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

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

**Stock Market Risk** 

The value of equity securities in the Fund's portfolio will rise and fall. These fluctuations could be a sustained trend or a drastic movement. 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. 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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Information publicly available about a company, whether from the company's financial statements or other disclosures or from third parties, or information available to some but not all market participants, can affect the price of a company's shares in the market. The price of a company's shares depends significantly on the information publicly available about the company. The restatement of a company's financial statements or corrections to other information regarding a company or its business may adversely affect the price of its shares, as would allegations of fraud or other misconduct by the company's management. The Fund may also be disadvantaged if some market participants have access to material information not readily available to other market participants, including the Fund.

**Risk of Investing in Loans** 

In addition to the risks generally associated with debt instruments, such as credit, market, interest rate, liquidity and derivatives risks, bank loans are also subject to the risk that the value of the collateral securing a loan may decline, be insufficient to meet the obligations of the borrower or be difficult to liquidate. The Fund's access to the collateral may be limited by bankruptcy, other insolvency laws or by the type of loan the Fund has purchased. For example, if the Fund purchases a participation instead of an assignment, it would not have direct access to collateral of the borrower. As a result, a floating rate loan may not be fully collateralized and can decline significantly in value. 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 generally are subject to legal or contractual restrictions on resale.

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.

**Loan Liquidity Risk** 

Loans generally are subject to legal or contractual restrictions on resale. The liquidity of loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual loans. For example, if the credit quality of a loan unexpectedly declines significantly, secondary market trading in that loan can also decline for a period of time. During periods of infrequent trading, valuing a loan can be more difficult and buying and selling a loan at an acceptable price can be more difficult and delayed. Difficulty in selling a loan can result in a loss.

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 redemptions in a timely manner.

A majority of the Fund's assets are likely to be invested in assets that are considerably less liquid than debt instruments traded on national exchanges. Market quotations for such assets may be volatile and/or subject to large spreads between bid and ask prices.

**Loan Prepayment 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.

**Risk of Loss After Redemption** 

The Fund may also invest in trade finance loan instruments primarily by investing in other investment companies (which are not available for general investment by the public) that own those instruments, is advised by an affiliate of the Adviser and is structured as an extended payment fund (EPF). In the EPF, the Fund, as shareholder, will bear the risk of investment loss during the period between when shares of such EPF are presented to the transfer agent of the EPF for redemption and when the net asset value of the EPF is determined for payment of the redeemed EPF shares (the "Redemption Pricing Date"). The time between when EPF shares are presented for redemption and the Redemption Pricing Date will be no more than twenty-four (24) calendar days. EPF shares tendered for redemption will participate proportionately in the EPF's gains and losses during between when EPF shares are presented for redemption and the Redemption Pricing Date. During this time the value of the EPF shares will likely fluctuate and EPF shares presented for redemption could be worth less on the Redemption Pricing Date than on the day the EPF shares were presented to the transfer agent of the EPF for redemption. The EPF has adopted a fundamental policy that may only be changed by shareholder vote, that the Redemption Pricing Date will fall no more than twenty-four (24) days after the date the Fund, as shareholder, presents EPF shares for redemption in good order. If such date is a weekend or holiday, the Redemption Pricing Date will be on the preceding business day.

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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 redemptions 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 stock market, interest rate, credit, currency, liquidity and leverage risks.

**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."

**EXCHANGE-TRADED FUNDS RISK** 

An investment in an exchange-traded fund (ETF) generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. The price of an ETF can fluctuate up or down, and the Fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs may be subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF's shares may trade above or below its net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

**REAL ESTATE INVESTMENT TRUST RISK** 

Real estate investment trusts (REITs), including foreign REITs and REIT-like entities, are subject to risks associated with the ownership of real estate. Some REITs experience market risk due to investment in a limited number of properties, in a narrow geographic area, or in a single property type, which increases the risk that such REIT could be unfavorably affected by the poor performance of a single investment or investment type. These companies are also sensitive to factors such as changes in real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand and the

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management skill and creditworthiness of the issuer. Borrowers could default on or sell investments that a REIT holds, which could reduce the cash flow needed to make distributions to investors. In addition, REITs may also be affected by tax and regulatory requirements impacting the REITs' ability to qualify for preferential tax treatments or exemptions. REITs require specialized management and pay management expenses. REITs also are subject to physical risks to real property, including weather, natural disasters, terrorist attacks, war, or other events that destroy real property. Foreign REITs and REIT-like entities can also be subject to currency risk, emerging market risk, limited public information, illiquid trading and the impact of local laws.

REITs include equity REITs and mortgage REITs. Equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while mortgage REITs may be affected by the quality of any credit extended. Further, equity and mortgage REITs are dependent upon management skills and generally may not be diversified. Equity and mortgage REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidations. In addition, equity and mortgage REITs could possibly fail to qualify for tax-free pass-through of income under applicable tax laws or to maintain their exemptions from registration under the Investment Company Act of 1940, as amended. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments. In addition, even many of the larger REITs in the industry tend to be small- to medium-sized companies in relation to the equity markets as a whole.

Effective for taxable years beginning after December 31, 2017, the Tax Cuts and Jobs Act generally allows individuals and certain non-corporate entities, such as partnerships, a deduction for 20% of qualified REIT dividends. Related regulations allow a regulated investment company to pass the character of its qualified REIT dividends through to its shareholders, provided certain holding period requirements are met.

**LIBOR Risk** 

Certain derivatives or debt securities, or other financial instruments in which the Fund may invest, utilize the London Interbank Offered Rate (LIBOR) as the reference or benchmark rate for interest rate calculations.

LIBOR is a measure of the average interest rate at which major global banks can borrow from one another. LIBOR has historically been quoted in multiple currencies and tenors using data reported by a panel of private-sector banks. Following allegations of rate manipulation in 2012 and concerns regarding its thin liquidity, the use of LIBOR came under increasing pressure, and in July 2017, the UK Financial Conduct Authority, which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations needed to sustain LIBOR. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing most LIBOR tenors, including some USD LIBOR tenors, on December 31, 2021, and will cease publishing the remaining and most liquid USD LIBOR tenors no later than June 30, 2023. Regulators have encouraged the development of and transition to the use of alternative reference or benchmark rates.

While the transition away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation of LIBOR, the impact on certain debt securities, derivatives and other financial instruments remains uncertain. Further, the process for amending existing contracts or instruments to transition away from LIBOR remains unclear in the absence of global consensus.

It is expected that market participants will amend financial instruments referencing LIBOR to include fallback provisions and other measures that contemplate the discontinuation of LIBOR or other similar market disruption events. However, neither the effect of the transition process nor the viability of such measures is known. To facilitate the transition of legacy derivatives contracts referencing LIBOR, the International Swaps and Derivatives Association, Inc. launched a protocol to incorporate fallback provisions. However, there are obstacles to converting certain longer-term securities and transactions to a new benchmark or benchmarks. For example, certain proposed replacement rates to LIBOR, such as the Secured Overnight Financing Rate (SOFR), which is a broad measure of secured overnight U.S. Treasury repo rates, or the Bloomberg Short-Term Bank Yield Index (BSBY), a proprietary series of credit sensitive reference rates that incorporate bank credit spreads, are materially different from LIBOR, and changes in the applicable spread for financial instruments transitioning away from LIBOR will need to be made to accommodate the differences. In addition, regulators in foreign jurisdictions have proposed alternative replacement rates. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition to alternative rates may be exacerbated if an orderly transition to an alternative reference rate is not completed in a timely manner.

The effectiveness of multiple alternative reference rates as opposed to one primary reference rate has not been determined. The effectiveness of alternative reference rates used in new or existing financial instruments and products has also not yet been determined. As market participants transition away from LIBOR, LIBOR's usefulness may deteriorate, and these effects could be experienced until the permanent cessation of the majority of USD LIBOR rates in 2023. The transition process may lead to

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increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. LIBOR's deterioration may adversely affect the liquidity and/or market value of securities that use LIBOR as a benchmark interest rate, including securities and other financial instruments held by the Fund. Further, the utilization of an alternative reference rate, or the transition process to an alternative reference rate, may adversely affect the Fund's investment performance.

**LARGE SHAREHOLDER RISK** 

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

**CYBERSECURITY AND OPERATIONAL RISK** 

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

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

Cyber-events can affect, potentially in a material way, Federated Hermes' relationships with its customers, employees, products, accounts, shareholders and relevant service providers. Any cyber-event could adversely impact the Fund and its shareholders and cause the Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, damage to employee perceptions of the company, and additional compliance costs associated with corrective measures and credit monitoring for impacted individuals. A cyber-event can cause the Fund, or its service providers, to lose proprietary information, suffer data corruption, lose operational capacity (such as, for example, the loss of the ability to process transactions, generate or make filings or deliver reports or statements, calculate the Fund's NAV, or allow shareholders to transact business or

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other disruptions to operations), and/or fail to comply with applicable privacy and other laws. Among other potentially harmful effects, cyber-events also can result in theft, unauthorized monitoring and failures in the physical infrastructure or operating systems that support the Fund and its service providers. In addition, cyber-events affecting issuers in which the Fund invests could cause the Fund's investments to lose value.

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

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

Investment Objective (and Policies) and Investment Limitations

The Fund's investment objective is to seek high current income.

The Fund invests 65% of its assets in lower-rated fixed income bonds.

The investment objective and policy described above may not be changed by the Fund's Directors without shareholder approval.

**Diversification of Investments** 

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

**Borrowing Money and Issuing Senior Securities** 

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

**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.

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**Underwriting** 

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

**Making Loans** 

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

**Concentration of Investments** 

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

**The above limitations 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.** 

**Buying on Margin** 

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

**Investing in Securities of Other Investment Companies** 

The Fund may invest its assets in securities of other investment companies, including securities of affiliated investment companies, as an efficient means of carrying out its investment policies and managing its uninvested cash.

**Illiquid Investments** 

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

**Additional Information** 

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

The Fund may temporarily depart from its principal investment strategies by investing its assets in cash, cash item, and shorter-term, higher-quality debt securities and similar obligations.

For purposes of the commodities policy, 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.

In applying the concentration restriction, the Fund will adhere to the requirements of the 1940 Act which limits investments in a particular industry or group of industries to no more than 25% of the value of the Fund's total assets. Further, in applying the Fund's concentration restriction: (a) utility companies will be divided according to their services, for example, gas, gas transmission, electric and telephone will each be considered a separate industry; (b) financial service companies will be classified according to the end users of their services, for example, automobile finance, bank finance and diversified finance will each be considered a separate industry; (c) asset-backed securities will be classified according to the underlying assets securing such securities; and (d) private activity municipal debt securities which are principally backed by the assets and revenues of the non-governmental user of the funds generated by the securities issuance will be classified according to the industry of the non-governmental entity. To conform to the current view of the SEC staff that only domestic bank instruments may be excluded from industry concentration limitations, as a matter of non-fundamental policy, the Fund will not exclude foreign bank instruments from industry concentration limitation tests as long as the policy of the SEC remains in effect. In addition, investments in bank instruments, and investments in certain industrial development bonds funded by activities in a single industry, will be deemed to constitute investment in an industry, except when held for temporary defensive purposes.

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For purposes of the above limitations, the Fund considers certificates of deposit and demand and time deposits issued by a U.S. branch of a domestic bank or savings association having capital, surplus and undivided profits in excess of $100,000,000 at the time of investment to be "cash items" and "bank instruments."

Except with respect to borrowing money, if a percentage limitation is adhered to at the time of investment, a later increase or decrease in percentage resulting from any change in value or net assets will not result in a violation of such limitation.

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

**Non-Fundamental Names Rule Policy** 

The Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in sustainable lower-rated fixed-income investments. The Fund will notify shareholders at least 60 days in advance of any change in its investment policy to invest, under normal circumstances, less than 80% of its net assets (plus any borrowings for investment purposes) in sustainable lower-rated fixed-income investments.

For the purposes of this policy, the Adviser will consider "sustainable" investments as those that are selected in accordance with its sustainable investment methodology, which is based on a materiality assessment of a company's carbon intensity and incorporates a proprietary scoring methodology focusing on the overall sustainability credentials of issuers.

What Do Shares Cost?

**Determining Market Value of Securities** 

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

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

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

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

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

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

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

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

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

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

**Fair Valuation and Significant Events Procedures** 

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Board has designated the Adviser as the Fund's valuation designee to perform the fair value determination for securities and other assets held by the Fund. The Adviser, acting through its "Valuation Committee," is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide price evaluations of the current fair value of certain investments for purposes of calculating the NAV. The Valuation Committee is subject to Board oversight and certain reporting and other requirements intended to provide the Board the information it needs to oversee the Adviser's fair value determinations.

***Pricing Service Valuations.*** The Valuation Committee, subject to Board oversight, is authorized to use pricing services that provide daily fair value evaluations of the current value of certain investments, primarily fixed-income securities and OTC 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 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

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factors that vary based on the type of investment and the information available. Factors that may be considered in determining an investment's fair value include: (1) the last reported price at which the investment was traded; (2) information provided by dealers or investment analysts regarding the investment or the issuer; (3) changes in financial conditions and business prospects disclosed in the issuer's financial statements and other reports; (4) publicly announced transactions (such as tender offers and mergers) involving the issuer; (5) comparisons to other investments or to financial indices that are correlated to the investment; (6) with respect to fixed-income investments, changes in market yields and spreads; (7) with respect to investments that have been suspended from trading, the circumstances leading to the suspension; and (8) other factors that might affect the investment's value.

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

Using fair value to price investments may result in a value that is different from an investment's most recent closing price and from the prices used by other registered funds to calculate their NAVs. The application of the fair value procedures to an investment represents a good faith determination of such investment's fair value. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value could be materially different.

***Significant Events.*** The Adviser has adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

◾ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;

◾ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; and

◾ Announcements concerning matters such as acquisitions, recapitalizations or litigation developments, or a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry.

The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. The pricing service uses models that correlate changes between the closing and opening price of equity securities traded primarily in non-U.S. markets to changes in prices in U.S.-traded securities and derivative contracts. The pricing service seeks to employ the model that provides the most significant correlation based on a periodic review of the results. The model uses the correlation to adjust the reported closing price of a foreign equity security based on information available up to the close of the NYSE.

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

For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the fair value of the investment is determined using the methods discussed above in *"Fair Valuation Procedures."* The Board periodically reviews fair valuations made in response to significant events.

How is the Fund Sold?

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

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**Rule 12b-1 Plan (C CLASS)** 

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

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

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

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

In addition, in connection with the sale of Class C Shares, Federated Hermes and its subsidiaries make advance commission payments to financial intermediaries and in return may receive Rule 12b-1 fees and contingent deferred sales loads from the Class C Shares. Federated Hermes and its subsidiaries may benefit or sustain losses from such arrangements.

**Additional Payments To Financial Intermediaries** 

**A, C and IS Classes** 

The Distributor may pay out of its own resources amounts to certain financial intermediaries, including broker-dealers, banks, registered investment advisers, independent financial planners and retirement plan administrators. In some cases, such payments may be made by, or funded from the resources of, companies affiliated with the Distributor (including the Adviser). While Financial Industry Regulatory Authority, Inc. (FINRA) regulations limit the sales charges that you may bear, there are no limits with regard to the amounts that the Distributor may pay out of its own resources. In addition to the payments which are generally described herein and in the Prospectus, the financial intermediary also may receive payments under the Rule 12b-1 Plan and/or Service Fees. In connection with these payments, the financial intermediary may elevate the prominence or profile of the Fund and/or other Federated Hermes funds within the financial intermediary's organization by, for example, placement on a list of preferred or recommended funds and/or granting the Distributor preferential or enhanced opportunities to promote the funds in various ways within the financial intermediary's organization. The same financial intermediaries may receive payments under more than one or all categories. These payments assist in the Distributor's efforts to support the sale of Shares. These payments are negotiated and may be based on such factors as: the number or value of Shares that the financial intermediary sells or may sell; the value of client assets invested; the level and types of services or support furnished by the financial intermediary; or the Fund's and/or other Federated Hermes funds' relationship with the financial intermediary. Not all financial intermediaries receive such payments and the amount of compensation may vary by intermediary. You should ask your financial intermediary for information about any payments it receives from the Distributor or the Federated Hermes funds and any services it provides, as well as the fees and/or commissions it charges.

The categories of additional payments are described below.

**Supplemental Payments** 

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

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**Processing Support Payments** 

The Distributor may make payments to certain financial intermediaries that sell Federated Hermes fund shares to help offset their costs associated with client account maintenance support, statement processing and transaction processing. The types of payments that the Distributor may make under this category include: payment of ticket charges on a per-transaction basis; payment of networking fees; and payment for ancillary services such as setting up funds on the financial intermediary's mutual fund trading system.

**Retirement Plan Program Servicing Payments** 

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

**Marketing Support Payments** 

From time to time, the Distributor, at its expense, may provide additional compensation to financial intermediaries that sell or arrange for the sale of Shares. Such compensation, provided by the Distributor, may include financial assistance to financial intermediaries that enable the Distributor to participate in or present at conferences or seminars, sales or training programs for invited registered representatives and other employees, client entertainment, client and investor events and other financial intermediary-sponsored events. The Distributor may also provide additional compensation to financial intermediaries for services rendered in connection with technology and programming set-up, platform development and maintenance or similar services and for the provision of sales-related data to the Adviser and/or its affiliates.

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

For the year ended December 31, 2022, the following is a list of FINRA member firms that received additional payments from the Distributor or an affiliate. Additional payments may also be made to certain other financial intermediaries that are not FINRA member firms that sell Federated Hermes fund shares or provide services to the Federated Hermes funds and shareholders. These firms are not included in this list. Any additions, modifications or deletions to the member firms identified in this list that have occurred since December 31, 2022, are not reflected. You should ask your financial intermediary for information about any additional payments it receives from the Distributor.

ADP Broker-Dealer, Inc. <br>American Enterprise Investment Services Inc. <br>American Portfolios Advisors, Inc. <br>Aspyre Wealth Partners <br>Avidian Wealth Solutions LLC <br>B. C. Ziegler And Company <br>Beam Wealth Advisors, Inc. <br>Benjamin F. Edwards & Company, Inc. <br>BMO Harris Financial Advisors, Inc. <br>BofA Securities, Inc. <br>Bolton Global Capital, Inc. <br>Broadridge Business Process Outsourcing, LLC <br>Brown Investment Advisory & Trust Company <br>Cadaret, Grant & Co., Inc. <br>Cambridge Financial Group, Inc. <br>CBIZ Financial Solutions, Inc. <br>Cetera Advisor Networks LLC <br>Cetera Advisors LLC <br>Cetera Investment Services LLC <br>Charles Schwab & Company, Inc. <br>Citigroup Global Markets Inc. <br>

Citizens Securities, Inc. <br>Comerica Securities, Inc. <br>Commonwealth Financial Network <br>D A Davidson & Co. <br>Davenport & Company LLC <br>Deutsche Bank Securities Inc. <br>Edward D. Jones & Co., LP <br>Emerald Advisors, LLC <br>Empower Financial Services, Inc. <br>Envestnet PMC <br>FBL Marketing Services, LLC <br>Fidelity Investments Institutional Operations Company, Inc. (FIIOC) <br>Fifth Third Securities, Inc. <br>FIS Brokerage & Securities Services LLC <br>Gerber Kawasaki Wealth & Investment Management <br>Goldman Sachs & Co. LLC <br>Hancock Whitney Investment Services Inc. <br>HighTower Securities, LLC <br>Hilltop Securities, Inc. <br>HUB International Investment Services Inc. <br>

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The Huntington Investment Company <br>Huntington Securities, Inc. <br>IFP Securities, LLC <br>Insigneo Securities, LLC <br>Institutional Cash Distributors, LLC <br>Interactive Brokers LLC <br>J.P. Morgan Securities LLC <br>Janney Montgomery Scott LLC <br>Jefferies LLC <br>KeyBanc Capital Markets Inc. <br>Kowal Investment Group, LLC <br>Leafhouse Financial Advisors, LLC <br>Lincoln Financial Advisors Corporation <br>Lincoln Financial Distributors, Inc. <br>Lincoln Investment Planning, LLC <br>LPL Financial LLC <br>Lyrical Partners, L.P. <br>MML Investors <br>Materetsky Financial Group <br>Merrill Lynch, Pierce, Fenner and Smith Incorporated <br>Moneta Group Investment Advisors, LLC <br>Morgan Stanley Smith Barney LLC <br>National Financial Services LLC <br>Nationwide Investment Services Corporation <br>NewEdge Securities, Inc. <br>Northwestern Mutual Investment Services, LLC <br>NYLIFE Distributors LLC <br>Open Range Financial Group, LLC <br>Oppenheimer & Company, Inc. <br>Paychex Securities Corp <br>Pensionmark Financial Group, LLC <br>Pershing LLC <br>PNC Capital Markets, LLC <br>PNC Investments LLC <br>Private Client Services, LLC <br>Raymond James & Associates, Inc. <br>Raymond James Financial Services, Inc. <br>RBC Capital Markets, LLC <br>Rise Consulting, LLC <br>

Robert W Baird & Co. Incorporated <br>Rockefeller Capital Management <br>Royal Alliance Associates, Inc. <br>Sagepoint Financial, LLC <br>Sageview Advisory Group, LLC <br>Sanford C. Bernstein & Company, LLC <br>SBC Wealth Management <br>Securian Financial Services, Inc. <br>Securities America, Inc. <br>Security Distributors, LLC <br>Spire Securities, LLC <br>State Street Global Markets, LLC <br>Stephens Inc. <br>Steward Partners Investment Advisory, LLC <br>Stifel, Nicolaus & Company, Incorporated <br>Strategic Financial Partners, Ltd <br>TD Ameritrade, Inc. <br>Teachers Insurance and Annuity Association of America <br>The London Company of Virginia LLC <br>Towerpoint Wealth, LLC <br>Truist Investment Services, Inc. <br>Truist Securities, Inc. <br>U.S. Bancorp Investments, Inc. <br>UBS Financial Services Inc. <br>UBS Securities LLC <br>UMB Financial Services, Inc. <br>United Planners Financial Services of America, L.P. <br>Validus Capital LLC <br>Vanguard Marketing Corporation <br>Veridian Capital Partners <br>Vining-Sparks IBG, LLC <br>Vision Financial Markets, LLC <br>Voya Financial Advisors, Inc. <br>Wells Fargo Clearing Services LLC <br>Wells Fargo Securities, LLC <br>Woodbury Financial Services, Inc. <br>WR Wealth Planners LLC <br>XML Financial Group

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

**[To be Filed by Amendment]**

**UNDERWRITING COMMISSIONS** 

The following chart reflects the total front-end sales charges and/or contingent deferred sales charges paid in connection with the sale of Class A Shares and Class C Shares and the amount retained by the Distributor for the fiscal years ended March 31:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
|  | &nbsp;&nbsp;&nbsp; **Total** <br> **Sales** <br> **Charges**<br>| &nbsp;&nbsp;&nbsp; **Amount** <br> **Retained**<br>| &nbsp;&nbsp;&nbsp; **Total** <br> **Sales**<br> **Charges**<br>| &nbsp;&nbsp;&nbsp; **Amount**<br> **Retained**<br>| &nbsp;&nbsp;&nbsp; **Total** <br> **Sales**<br> **Charges**<br>| &nbsp;&nbsp;&nbsp; **Amount**<br> **Retained**<br>|
| Class A Shares | $253880 | $37308 | $371427 | $60583 | $517506 | $63140 |
| Class B Shares\* | $2791 | $2791 | $5789 | $5789 | $15497 | $15497 |
| Class C Shares | $5370 | $5370 | $3544 | $3544 | $6380 | $6380 |

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\*Effective February 3, 2023, Class B Shares were converted into Class A Shares.

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Purchases In-Kind

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

Redemption In-Kind

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

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

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

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

Account and Share Information

**Voting Rights** 

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

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

Directors may be removed by the Board or by shareholders at a special meeting. A special meeting of shareholders will be called by the Board upon the written request of shareholders who own at least 10% of the Fund's outstanding Shares.

**To be filed by amendment** 

As of May XX, 2023, the following shareholders owned of record, beneficially, or both, 5% or more of outstanding Class A Shares: Edward D Jones & Co., Saint Louis, MO, owned approximately 10,020,616 Shares (18.75%); National Financial Services LLC, New York, NY, owned approximately 5,309,109 Shares (9.93%); Wells Fargo Clearing Services, LLC, St. Louis, MO, owned approximately 4,694,073 Shares (8.78%); Pershing LLC, Jersey City, NJ, owned approximately 4,372,527 Shares (8.18%); Raymond James, St. Petersburg, FL, owned approximately 3,610,220 Shares (6.75%); and Charles Schwab & Co. Inc., San Francisco, CA, owned approximately 2,839,250 Shares (5.31%).

As of May XX, 2023, the following shareholders owned of record, beneficially, or both, 5% or more of outstanding Class C Shares: Raymond James, St. Petersburg, FL, owned approximately 1,592,139 Shares (33.83%); Wells Fargo Clearing Services, LLC, St. Louis, MO, owned approximately 600,540 Shares (12.76%); Charles Schwab & Co. Inc., San Francisco, CA, owned approximately 500,354 Shares (10.63%); LPL Financial, San Diego, CA, owned approximately 443,172 Shares (9.41%); American Enterprise Inv Svc, Minneapolis, MN, owned approximately 261,072 Shares (5.54%); National Financial Services LLC, New York, NY, owned approximately 260,382 Shares (5.53%); and UBS WM USA, Weehawken, NJ, owned approximately 246,104 Shares (5.22%).

As of May XX, 2023, the following shareholders owned of record, beneficially, or both, 5% or more of outstanding Institutional Shares: Pershing LLC, Jersey City, NJ, owned approximately 2,697,024 Shares (19.92%); Raymond James, St. Petersburg, FL, owned approximately 2,035,811 Shares (15.04%); UBS WM USA, Weehawken, NJ, owned approximately 1,377,573 Shares (10.17%); Charles Schwab & Co. Inc., San Francisco, CA, owned approximately 976,001 Shares (7.21%); RBC Capital Markets LLC, Minneapolis, MN, owned approximately 942,642 Shares (6.96%); LPL Financial, San Diego, CA, owned approximately 929,240 Shares (6.86%); First State Bank, Montecello, IL, owned approximately 803,223 Shares (5.93%); Wells Fargo Clearing Services LLC, St. Louis, MO, owned approximately 724,571 Shares (5.35%); and Charles Schwab & Co. Inc., San Francisco, CA, owned approximately 724,528 Shares (5.35%).

As of May XX, 2023, the following shareholders owned of record, beneficially, or both, 5% or more of outstanding Class R6 Shares: J.P. Morgan Securities LLC, Brooklyn, NY, owned approximately 9,253,462 Shares (91.78%).

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.

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

Raymond James Financial Services, Inc. is organized in the State of Florida.

J.P. Morgan Securities LLC is organized in the State of Delaware.

Tax Information

**Federal Income Tax** 

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

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

**Tax Basis Information** 

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

**Foreign Investments** 

If the Fund purchases foreign securities, its investment income may be subject to foreign withholding or other taxes that could reduce the return on these securities. Tax treaties between the United States and foreign countries, however, may reduce or eliminate the amount of foreign taxes to which the Fund would be subject. The effective rate of foreign tax cannot be predicted since the amount of Fund assets to be invested within various countries is uncertain. However, the Fund intends to operate so as to qualify for treaty-reduced tax rates when applicable.

Distributions from the Fund may be based on estimates of book income for the year. Book income generally consists solely of the income generated by the securities in the portfolio, whereas tax-basis income includes, in addition, gains or losses attributable to currency fluctuation. Due to differences in the book and tax treatment of fixed-income securities denominated in foreign currencies, it is difficult to project currency effects on an interim basis. Therefore, to the extent that currency fluctuations cannot be anticipated, a portion of distributions to shareholders could later be designated as a return of capital, rather than income, for income tax purposes, which may be of particular concern to certain trusts.

Certain foreign corporations may qualify as Passive Foreign Investment Companies (PFIC). There are special rules prescribing the tax treatment of such an investment by the Fund, which could subject the Fund to federal income tax.

If more than 50% of the value of the Fund's assets at the end of the tax year is represented by stock or securities of foreign corporations, the Fund will qualify for certain Code provisions that allow its shareholders to claim a foreign tax credit or deduction on their U.S. income tax returns. The Code may limit a shareholder's ability to claim a foreign tax credit. Shareholders who elect to deduct their portion of the Fund's foreign taxes rather than take the foreign tax credit must itemize deductions on their income tax returns.

Who Manages and Provides Services to the Fund?

**Board of Directors** 

The Board of Directors 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 Director and the senior officers of the Fund. Where required, the tables separately list Directors who are "interested persons" of the Fund (i.e., "Interested" Directors) and those who are not (i.e., "Independent" Directors). Unless otherwise noted, the address of each person listed is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779. The address of all Independent Directors listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2022, the Fund comprised one portfolio, and the Federated Hermes Complex consisted of 33 investment companies (comprising 102 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Director oversees all portfolios in the Federated Hermes Complex and serves for an indefinite term.

**[To be Filed by Amendment]**

As of May XX, 2023, the Fund's Board and Officers as a group owned less than 1% of each class of the Fund's outstanding Shares.

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**qualifications of Independent Directors** 

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

◾ Outstanding skills in disciplines deemed by the Independent Directors to be particularly relevant to the role of Independent Director 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 Directors.

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

◾ Diversity of background.

**[To be Filed by Amendment]**

**interested Directors Background and Compensation** 

---

| | | | |
|:---|:---|:---|:---|
| **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 Director<br> Indefinite Term<br> Began serving: July 1987<br>| &nbsp;&nbsp; **Principal Occupations:** Principal Executive Officer and President of certain <br> of the Funds in the Federated Hermes Complex; Director or Trustee of the <br> Funds in the Federated Hermes Complex; President, Chief Executive <br> Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, <br> Federated Investment Management Company; Trustee, Federated <br> Investment Counseling; Chairman and Director, Federated Global <br> Investment Management Corp.; Chairman and Trustee, Federated Equity <br> Management Company of Pennsylvania; Trustee, Federated Shareholder <br> Services Company; Director, Federated Services Company.<br> **Previous Positions:** President, Federated Investment Counseling; President <br> and Chief Executive Officer, Federated Investment Management Company, <br> Federated Global Investment Management Corp. and Passport <br> Research, Ltd.; Chairman, Passport Research, Ltd.<br>| $0 | $0 |
| **John B. Fisher\***<br> Birth Date: May 16, 1956<br> Director<br> Indefinite Term<br> Began serving: May 2016<br>| &nbsp;&nbsp; **Principal Occupations:** Principal Executive Officer and President of certain <br> of the Funds in the Federated Hermes Complex; Director or Trustee of <br> certain of the Funds in the Federated Hermes Complex; Director and Vice <br> President, Federated Hermes, Inc.; President, Director/Trustee and CEO, <br> Federated Advisory Services Company, Federated Equity Management <br> Company of Pennsylvania, Federated Global Investment Management <br> Corp., Federated Investment Counseling, Federated Investment <br> Management Company and Federated MDTA LLC; Director, Federated <br> Investors Trust Company.<br> **Previous Positions:** President and Director of the Institutional Sales <br> Division of Federated Securities Corp.; President and CEO of Passport <br> Research, Ltd.; Director and President, Technology, Federated <br> Services Company.<br>| $0 | $0 |

---

\*

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

**27**

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**Independent Directors Background, Qualifications 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) and Other Directorships Held for** <br> **Past Five Years, Previous Position(s) and Qualifications**<br>| **Aggregate** <br> **Compensation**<br> **From Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **John T. Collins**<br> Birth Date: January 24, 1947<br> Director<br> Indefinite Term<br> Began serving: October 2013<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee and Chair of the Board of <br> Directors or Trustees, of the Federated Hermes Complex; formerly, <br> Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).<br> **Other Directorships Held:** Director, KLX Energy Services Holdings, Inc. <br> (oilfield services); former Director of KLX Corp (aerospace).<br> **Qualifications:** Mr. Collins has served in several business and financial <br> management roles and directorship positions throughout his career. <br> Mr. Collins previously served as Chairman and CEO of The Collins Group, <br> Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves <br> as Chairman Emeriti, Bentley University. Mr. Collins previously served as <br> Director and Audit Committee Member, Bank of America Corp.; Director, <br> FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical <br> Center (Harvard University Affiliate Hospital).<br>| $1313.77 | $385000 |
| **G. Thomas Hough**<br> Birth Date: February 28, 1955<br> Director<br> Indefinite Term<br> Began serving: August 2015<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee, Chair of the Audit Committee <br> of the Federated Hermes Complex; Retired.<br> **Other Directorships Held:** Director, Chair of the Audit Committee, <br> Equifax, Inc.; Lead Director, Member of the Audit and Nominating and <br> Corporate Governance Committees, Haverty Furniture Companies, Inc.; <br> formerly, Director, Member of Governance and Compensation Committees, <br> Publix Super Markets, Inc.<br> **Qualifications:** Mr. Hough has served in accounting, business management <br> and directorship positions throughout his career. Mr. Hough most recently <br> held the position of Americas Vice Chair of Assurance with Ernst & <br> Young LLP (public accounting firm). Mr. Hough serves on the President's <br> Cabinet and Business School Board of Visitors for the University of <br> Alabama. Mr. Hough previously served on the Business School Board of <br> Visitors for Wake Forest University, and he previously served as an <br> Executive Committee member of the United States Golf Association.<br>| $1606.55 | $365000 |

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**28**

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Fund**<br> **Date Service Began**<br>| &nbsp;&nbsp; **Principal Occupation(s) and Other Directorships Held for** <br> **Past Five Years, Previous Position(s) and Qualifications**<br>| **Aggregate** <br> **Compensation**<br> **From Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **Maureen Lally-Green**<br> Birth Date: July 5, 1949<br> Director<br> Indefinite Term<br> Began serving: August 2009<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Adjunct Professor Emerita of Law, Duquesne University School of <br> Law; formerly, Dean of the Duquesne University School of Law and <br> Professor of Law and Interim Dean of the Duquesne University School of <br> Law; formerly, Associate General Secretary and Director, Office of Church <br> Relations, Diocese of Pittsburgh.<br> **Other Directorships Held:** Director, CNX Resources Corporation <br> (natural gas).<br> **Qualifications:** Judge Lally-Green has served in various legal and business <br> roles and directorship positions throughout her career. Judge Lally-Green <br> previously held the position of Dean of the School of Law of Duquesne <br> University (as well as Interim Dean). Judge Lally-Green previously served as <br> Associate General Secretary for the Diocese of Pittsburgh, a member of the <br> Superior Court of Pennsylvania and as a Professor of Law, Duquesne <br> University School of Law. Judge Lally-Green was appointed by the Supreme <br> Court of Pennsylvania to serve on the Supreme Court's Board of Continuing <br> Judicial Education and the Supreme Court's Appellate Court Procedural <br> Rules Committee. Judge Lally-Green also currently holds the positions on <br> not for profit or for profit boards of directors as follows: Director and Chair, <br> UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, <br> Pennsylvania State Board of Education (public); Director, Catholic Charities, <br> Pittsburgh; and Director, CNX Resources Corporation (natural gas). Judge <br> Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy <br> Foundation of Western and Central Pennsylvania; Director, Ireland Institute <br> of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, <br> Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, <br> Pennsylvania Bar Institute; Director, Saint Vincent College; Director and <br> Chair, North Catholic High School, Inc.; Director and Vice Chair, Our <br> Campaign for the Church Alive!, Inc.; and Director and Vice Chair, Saint <br> Francis University.<br>| $1445.14 | $330000 |
| **Thomas M. O'Neill**<br> Birth Date: June 14, 1951<br> Director<br> Indefinite Term<br> Began serving: October 2006<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Sole Proprietor, Navigator Management Company (investment <br> and strategic consulting).<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. O'Neill has served in several business, mutual fund and <br> financial management roles and directorship positions throughout his <br> career. Mr. O'Neill serves as Director, Medicines for Humanity. Mr. O'Neill <br> previously served as Chief Executive Officer and President, Managing <br> Director and Chief Investment Officer, Fleet Investment Advisors; President <br> and Chief Executive Officer, Aeltus Investment Management, Inc.; General <br> Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment <br> Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending <br> Officer, Fleet Bank; Director and Consultant, EZE Castle Software <br> (investment order management software); Director, Midway Pacific <br> (lumber); and Director, The Golisano Children's Museum of Naples, Florida<br>| $1445.14 | $330000 |
| **Madelyn A. Reilly**<br> Birth Date: February 2, 1956<br> Director<br> Indefinite Term<br> Began serving: November 2020<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; formerly, Senior Vice President for Legal Affairs, General Counsel <br> and Secretary of Board of Directors, Duquesne University (Retired).<br> **Other Directorships Held:** None.<br> **Qualifications:** Ms. Reilly has served in various business and legal <br> management roles throughout her career. Ms. Reilly previously served as <br> Senior Vice President for Legal Affairs, General Counsel and Secretary of <br> Board of Directors and Director of Risk Management and Associate General <br> Counsel, Duquesne University. Prior to her work at Duquesne University, <br> Ms. Reilly served as Assistant General Counsel of Compliance and <br> Enterprise Risk as well as Senior Counsel of Environment, Health and <br> Safety, PPG Industries. Ms. Reilly currently serves as a member of the Board <br> of Directors of UPMC Mercy Hospital.<br>| $1313.77 | $300000 |

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**29**

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Fund**<br> **Date Service Began**<br>| &nbsp;&nbsp; **Principal Occupation(s) and Other Directorships Held for** <br> **Past Five Years, Previous Position(s) and Qualifications**<br>| **Aggregate** <br> **Compensation**<br> **From Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **P. Jerome Richey**<br> Birth Date: February 23, 1949<br> Director<br> Indefinite Term<br> Began serving: October 2013<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, <br> University of Pittsburgh and Executive Vice President and Chief Legal <br> Officer, CONSOL Energy Inc. (split into two separate publicly traded <br> companies known as CONSOL Energy Inc. and CNX Resources Corp.).<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Richey has served in several business and legal <br> management roles and directorship positions throughout his career. <br> Mr. Richey most recently held the positions of Senior Vice Chancellor and <br> Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as <br> Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and <br> Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey <br> previously served as Chief Legal Officer and Executive Vice President, <br> CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics <br> Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).<br>| $1445.14 | $330000 |
| **John S. Walsh**<br> Birth Date: November 28, 1957<br> Director<br> Indefinite Term<br> Began serving: January 1999<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; President and Director, Heat Wagon, Inc. (manufacturer of <br> construction temporary heaters); President and Director, Manufacturers <br> Products, Inc. (distributor of portable construction heaters); President, <br> Portable Heater Parts, a division of Manufacturers Products, Inc.<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Walsh has served in several business management roles <br> and directorship positions throughout his career. Mr. Walsh previously <br> served as Vice President, Walsh & Kelly, Inc. (paving contractors).<br>| $1313.77 | $300000 |

---

**OFFICERS\*** 

---

| | |
|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Fund**<br> **Date Service Began**<br>| **Principal Occupation(s) and Previous Position(s)** |
| **Lori A. Hensler**<br> Birth Date: January 6, 1967<br> Treasurer <br> Officer since: April 2013<br>| &nbsp;&nbsp;&nbsp; **Principal Occupations:** Principal Financial Officer and Treasurer of the Federated Hermes Complex; Senior Vice President, <br> Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, <br> Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation.<br> **Previous Positions:** Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors <br> Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, <br> Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services <br> Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., <br> Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd. and Federated MDTA, <br> LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution <br> Services, Inc.<br>|
| **Peter J. Germain**<br> Birth Date: September 3, 1959<br> CHIEF LEGAL OFFICER, <br> SECRETARY and EXECUTIVE<br> VICE PRESIDENT<br> Officer since: January 2005<br>| &nbsp;&nbsp;&nbsp; **Principal Occupations:** Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes <br> Complex. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee <br> and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative <br> Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities <br> Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; <br> and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a <br> member of the Pennsylvania Bar Association.<br> **Previous Positions:** Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, <br> Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc.<br>|
| **Stephen Van Meter**<br> Birth Date: June 5, 1975<br> CHIEF COMPLIANCE OFFICER <br> AND SENIOR VICE PRESIDENT<br> Officer since: July 2015<br>| &nbsp;&nbsp;&nbsp; **Principal Occupations:** Senior Vice President and Chief Compliance Officer of the Federated Hermes Complex; Vice President <br> and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. <br> Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66.<br> **Previous Positions:** Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to <br> joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions <br> of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement.<br>|

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**30**

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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)** |
| **Robert J. Ostrowski**<br> Birth Date: April 26, 1963<br> Chief Investment Officer<br> Officer since: May 2004<br>| &nbsp;&nbsp;&nbsp; **Principal Occupations:** Robert J. Ostrowski joined Federated Hermes, Inc. in 1987 as an Investment Analyst and became a <br> Portfolio Manager in 1990. He was named Chief Investment Officer of Federated Hermes, Inc. taxable fixed-income products in <br> 2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund's Adviser in <br> 2009 and served as a Senior Vice President of the Fund's Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered <br> Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University.<br>|

---

\*

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

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

**DIRECTOR/TRUSTEE EMERITUS PROGRAM** 

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

A Director/Trustee Emeritus that has been approved as such receives an annual fee in an amount equal to a percent of the annual base compensation paid to a Director/Trustee. In the case of a Director/Trustee Emeritus who had previously served at least five years but less than 10 years as a Director/Trustee, the percent will be 10%. In the case of a Director/Trustee Emeritus who had previously served at least 10 years as a Director/Trustee, the percent will be 20%. The Director/Trustee Emeritus will be reimbursed for any expenses incurred in connection with their service, including expenses of travel and lodging incurred in attendance at Board meetings. Director/Trustee Emeritus will continue to receive relevant materials concerning the Funds, will be expected to attend at least one regularly scheduled quarterly meeting of the Board of Directors/Trustees each year and will be available to consult with the Committees or its representatives at reasonable times as requested by the Chairman; however, a Director/Trustee Emeritus does not have any voting rights at Board meetings and is not subject to election by shareholders of the Funds.

The Director/Trustee Emeritus will be permitted to serve in such capacity at the pleasure of the Committee, but the annual fee will cease to be paid at the end of the calendar year during which he or she has attained the age of 80 years, thereafter the position will be honorary.

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

**[To be Filed by Amendment]**

**EMERITUS Directors and Compensation** 

---

| | | |
|:---|:---|:---|
| **Director/Trustee Emeritus** | **Compensation**<br> **From Fund**<br> **(past fiscal year)**<br>| **Total**<br> **Compensation**<br> **Paid to**<br> **Director/Trustee**<br> **Emeritus**<sup>1</sup> <br>|
| **Charles F. Mansfield, Jr.** | To come | $60000.00 |

---

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

**BOARD LEADERSHIP STRUCTURE** 

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

**31**

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**Committees of the Board** 

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| | | | |
|:---|:---|:---|:---|
| **Board**<br> **Committee**<br>| &nbsp;&nbsp;&nbsp; **Committee**<br> **Members**<br>| **Committee Functions** | &nbsp;&nbsp;&nbsp; **Meetings Held**<br> **During Last**<br> **Fiscal Year**<br>|
| **Executive** | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;J. Christopher Donahue<br> John T. Collins<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<br>| &nbsp;&nbsp;&nbsp; In between meetings of the full Board, the Executive Committee generally may <br> exercise all the powers of the full Board in the management and direction of the <br> business and conduct of the affairs of the Fund in such manner as the Executive <br> Committee shall deem to be in the best interests of the Fund. However, the <br> Executive Committee cannot elect or remove Board members, increase or decrease <br> the number of Directors, elect or remove any Officer, declare dividends, issue shares <br> or recommend to shareholders any action requiring shareholder approval.<br>| One |
| **Audit** | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<br> Maureen Lally-Green<br> Thomas M. O'Neill<br> &nbsp;&nbsp;&nbsp;&nbsp;P. Jerome Richey<br>| &nbsp;&nbsp;&nbsp; The purposes of the Audit Committee are to oversee the accounting and financial <br> reporting process of the Fund, the Fund's internal control over financial reporting <br> and the quality, integrity and independent audit of the Fund's financial statements. <br> The Committee also oversees or assists the Board with the oversight of compliance <br> with legal requirements relating to those matters, approves the engagement and <br> reviews the qualifications, independence and performance of the Fund's <br> independent registered public accounting firm, acts as a liaison between the <br> independent registered public accounting firm and the Board and reviews the Fund's <br> internal audit function.<br>| Seven |
| **Nominating** | &nbsp;&nbsp;&nbsp; John T. Collins<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough <br> Maureen Lally-Green<br> Thomas M. O'Neill<br> Madelyn A. Reilly<br> &nbsp;&nbsp;&nbsp;&nbsp;P. Jerome Richey<br> John S. Walsh<br>| &nbsp;&nbsp;&nbsp; The Nominating Committee, whose members consist of all Independent Directors, <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 Directors, 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 Director," the existence of material relationships <br> which may create the appearance of a lack of independence, financial or accounting <br> knowledge and experience and dedication and willingness to devote the time and <br> attention necessary to fulfill Board responsibilities.<br>| One |

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**BOARD'S ROLE IN RISK OVERSIGHT** 

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

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

**32**

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

---

| | | |
|:---|:---|:---|
| **Interested Board**<br> **Member Name**<br>| &nbsp;&nbsp; **Dollar Range of**<br> **Shares Owned in**<br> **Federated Hermes** <br> **Sustainable High Yield Bond** <br> **Fund, Inc.**<br>| &nbsp;&nbsp; **Aggregate**<br> **Dollar Range of**<br> **Shares Owned in**<br> **Federated Hermes Family of**<br> **Investment Companies\***<br>|
| J. Christopher Donahue |  | Over $100,000 |
| John B. Fisher |  | Over $100,000 |
| **Independent Board**<br> **Member Name**<br>|  |  |
| John T. Collins |  | Over $100,000 |
| G. Thomas Hough |  | Over $100,000 |
| Maureen Lally-Green |  | Over $100,000 |
| Thomas M. O'Neill |  | Over $100,000 |
| Madelyn A. Reilly |  | Over $100,000 |
| P. Jerome Richey |  | Over $100,000 |
| John S. Walsh |  | Over $100,000 |

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**Investment Adviser AND SUB-ADVISER** 

Federated Investment Management Company, as the investment adviser, is responsible for the supervision of the sub-adviser's services to the Fund and, subject to general oversight of the Board, manages and supervises the investment operations and business affairs of the Fund. Hermes Investment Management, as the sub-adviser, conducts investment research and makes investment decisions for the Fund, subject to the supervision of Federated Investment Management Company.

Federated Investment Management Company is a wholly owned subsidiary of Federated Hermes. Hermes Investment Management is a wholly owned subsidiary of Federated Hermes Limited (FHL) (formerly, Hermes Fund Managers Limited), which is a 100% indirect, wholly owned subsidiary of Federated Hermes.

Neither Federated Investment Management Company nor Hermes Investment Management shall 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.

In December 2017, Federated Investors, Inc. now Federated Hermes, Inc., became a signatory to the Principles for Responsible Investment (PRI). The PRI is an investor initiative in partnership with the United Nations Environment Programme Finance Initiative and the United Nations Global Compact. Commitments made as a signatory to the PRI are not legally binding, but are voluntary and aspirational. They include efforts, where consistent with our fiduciary responsibilities, to incorporate environmental, social and corporate governance (ESG) issues into investment analysis and investment decision making, to be active owners and incorporate ESG issues into our ownership policies and practices, to seek appropriate disclosure on ESG issues by the entities in which we invest, to promote acceptance and implementation of the PRI within the investment industry, to enhance our effectiveness in implementing the PRI, and to report on our activities and progress towards implementing the PRI. Being a signatory to the PRI does not obligate Federated Hermes to take, or not take, any particular action as it relates to investment decisions or other activities.

In July 2018, Federated Investors, Inc., now Federated Hermes, Inc., acquired a majority interest in 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 team that conducts long-term, objectives-driven dialogue with board and senior executive level representatives of approximately 1,000 unique issuers annually. It seeks to address the most material ESG risks and opportunities through constructive and continuous discussions with the goal of improving long-term results for investors. Engagers' deep understanding across sectors, themes and regional markets, along with language and cultural expertise, allows EOS to provide insights to companies on the merits of addressing ESG risks and the positive benefits of capturing opportunities. Federated Hermes investment management teams have access to the insights gained from understanding a company's approach to these long-term strategic matters as an additional input to improve portfolio risk/return characteristics.

**33**

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**Portfolio Manager Information** 

As a general matter, certain conflicts of interest may arise in connection with a portfolio manager's management of a fund's investments, on the one hand, and the investments of other funds/pooled investment vehicles or accounts (collectively, including the Fund, as applicable, "accounts") for which the portfolio manager is responsible, on the other. For example, it is possible that the various accounts managed could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Fund. Alternatively, to the extent that the same investment opportunities might be desirable for more than one account, possible conflicts could arise in determining how to allocate them.

HIML and its affiliates, which are wholly owned subsidiaries of Federated Hermes Limited ("FHL"), which is a wholly owned subsidiary of Federated Hermes ("FHL Advisory Companies") have trading desks that are separate from those of Federated Investment Management Company and other wholly owned advisory companies of Federated Hermes ("Federated Advisory Companies") (collectively, the "Advisory Companies"). Therefore, actual or potential conflicts could arise to the extent the Advisory Companies may share material non-public information (MNPI). In order to address such potential conflicts and protect client interests, information barriers have been established between the Federated Advisory Companies and the FHL Advisory Companies such that personnel of the FHL Advisory Companies and of the Federated Advisory Companies are generally precluded from sharing investment-related information, including MNPI, across the barriers. In addition, there will be no integration or allocation of trades between the Advisory Companies. To the extent that applicable U.S. and U.K. law, and the laws of certain other jurisdictions, require the Advisory Companies to make regulatory filings that may require sharing of MNPI, the Advisory Companies have implemented internal controls which require that such information will be shared only among such limited personnel as is necessary to make accurate and timely regulatory filings and to maintain proper trading limitations. The Advisory Companies will generally operate subject to their own internal personal dealing, trade allocation, and side by side management policies. In any limited situation in which the Federated Advisory Companies may "need to know" certain investment-related information from FHL Advisory Companies, or vice versa, written approval, requiring certain conditions, must be granted by the Chief Compliance Officer of the Federated Advisory Companies.

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.

The compensation information provided below for Ms. Glass, Mr. Reznick and Mr. Sherr is as of December 31, 2022. The compensation information provided below for Mr. Durbiano and Mr. Wanger is as of March 31, 2022. **[All compensation disclosure will be updated by amendment as of the Fund's fiscal year end March 31, 2023.]**

**Kathryn P. Glass, Portfolio Manager** 

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| | |
|:---|:---|
| **Types of Accounts Managed by Kathryn P. Glass** | **Total Number of Additional Accounts Managed/Total Assets\*** |
| Registered Investment Companies | 1/$123.5 million |
| Other Pooled Investment Vehicles | 0/0 |
| Other Accounts | 3/$19.4 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.

Kathryn P. Glass 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 benchmark (i.e., Bloomberg US Corporate High Yield 2% Issuer Capped Index) and versus the Fund's designated peer group of comparable accounts. Performance periods are adjusted if a portfolio manager has been managing an account for less than five years; accounts with less than one year of performance history under a portfolio manager may be excluded.

As noted above, Ms. Glass 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 Ms. Glass is responsible when her 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 three 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 lesser than or equal to the

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weighting assigned to certain other accounts, and is greater than or equal to the weighting assigned to certain other accounts used to determine IPP (but can be adjusted periodically). Additionally, a portion of Ms. Glass's IPP score is based on the performance of the accounts for which she 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).

**Mitch Reznick, Portfolio Manager** 

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| | |
|:---|:---|
| **Types of Accounts Managed**<br> **by Mitch Reznick**<br>| &nbsp;&nbsp;&nbsp; **Total Number of Additional**<br> **Accounts Managed/Total Assets\***<br>|
| Registered Investment Companies | 0/$0 |
| Other Pooled Investment Vehicles | 1/$876.9 million |
| 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.* 

Mitch Reznick is paid a competitive fixed base salary and a discretionary annual incentive. The annual incentive amount is determined by considering investment performance of all products managed, as well as the individual's performance. Any other factors deemed relevant may also be considered (and may be adjusted periodically). The bonus pool is calculated at an aggregate firm-wide level.

A portion of Mr. Reznick's annual incentive may be treated as deferred compensation. The deferral period is three years. At least 50% of the deferred component of Mr. Reznick's bonus is notionally co-invested in the strategies that he manages. The percentage deferred may exceed 50% if the total combined annual incentive reaches certain levels.

Additionally, Hermes has established a long-term incentive plan that allows participants to benefit from ownership of restricted Hermes shares, held by an employee benefit trust, 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 and approved by the Remuneration Committee, which oversees the scheme.

Through focusing on long-term awards, our incentive pay strategies encourage investment managers to act like long-term shareholders and support our performance and partnership culture to create a sustainable business, discouraging excessive or concentrated risk taking and avoids conflicts of interest.

Individual and organizational performance is transparently and rigorously assessed against a combination of financial (multi-year) and non-financial targets in order to determine appropriate total compensation.

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**Thomas Scherr, Portfolio Manager** 

---

| | | |
|:---|:---|:---|
| **Types of Accounts Managed** <br> **by Thomas Scherr**<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 | 0/$0 | 0/$0 |
| Other Pooled Investment Vehicles | 1/$196.0 million | 0/$0 |
| Other Accounts | 1/$707.3 million | 1/$83.2 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.* 

Thomas Scherr 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 managers' 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 benchmark (i.e., Bloomberg US Corporate High Yield 2% Issuer Capped) and versus the Fund's designated peer group of comparable accounts. 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. Scherr is also a portfolio manager for other accounts. Such other accounts may have different benchmarks and performance measures. The allocation or weighting given to the performance of the other accounts for which they are responsible when their compensation is calculated may be equal or can vary. 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 three 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. Scherr's IPP score is based on the performance of the accounts for which she 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.

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**Mark Durbiano, Portfolio Manager** 

---

| | | |
|:---|:---|:---|
| **Types of Accounts Managed** <br> **by Mark Durbiano**<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 | 20/$18.7 billion | 0/$0 |
| Other Pooled Investment Vehicles | 3/$333.4 million | 0/$0 |
| Other Accounts | 6/$954.8 million | 1/$89.7 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.* 

Mark Durbiano 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 benchmark (i.e., Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) and versus the Fund's designated peer group of comparable accounts. 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. Durbiano 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. Durbiano is responsible when his compensation is calculated may be equal or can vary.

In addition, Mr. Durbiano 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, volatility and/or yield curve) for taxable, fixed-income accounts. A portion of the IPP score is based on Federated Hermes' senior management's assessment of team contributions.

For purposes of calculating the annual incentive amount, each account managed by the portfolio manager currently is categorized into one of two IPP groups (which may be adjusted periodically). Within each performance measurement period and IPP group, IPP currently is calculated on the basis of an assigned weighting to each account managed or activity engaged in by the portfolio manager and included in the IPP groups. At the account level, the weighting assigned to the Fund is lesser than or equal to the weighting assigned to other accounts or activities, and is greater than or equal to certain other 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. Pursuant to the terms of a business agreement, Mr. Durbiano's annual incentives may include certain guaranteed amounts.

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).

**Steven J. Wagner, Portfolio Manager** 

---

| | |
|:---|:---|
| **Types of Accounts Managed** <br> **by Steven J. Wagner**<br>| &nbsp;&nbsp;&nbsp; **Total Number of Additional Accounts** <br> **Managed/Total Assets\***<br>|
| Registered Investment Companies | 12/$14.7 billion |
| Other Pooled Investment Vehicles | 1/$53.6 million |
| Other Accounts | 3/$103.0 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.* 

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Steven J. Wagner 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 benchmark (i.e., Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) and versus the Fund's designated peer group of comparable accounts. 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. Wagner 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. Wagner is responsible when his compensation is calculated may be equal or can vary.

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

For purposes of calculating the annual incentive amount, each account managed by the portfolio manager currently is categorized into one of two IPP groups (which may be adjusted periodically). Within each performance measurement period and IPP group, IPP currently is calculated on the basis of an assigned weighting to each account managed or activity engaged in by the portfolio manager and included in the IPP groups. At the account level, the weighting assigned to the Fund is lesser than or equal to the weighting assigned to other accounts or activities used to determine IPP (but can be adjusted periodically). Additionally, a portion of Mr. Wagner'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).

**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, its sub-adviser HIML (the "Sub-Adviser"), and its Distributor have adopted codes of ethics. These codes govern securities trading activities of investment personnel, Fund Directors 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.

**PROXY VOTING POLICIES AND PROCEDURES** 

The Board has delegated to the Adviser, and the Adviser has in turn delegated to the Sub-Adviser, the authority to vote proxies on the securities held in the Fund's portfolio. The Sub-Adviser has established a Governance Committee ("Governance Committee") to oversee all engagement and proxy voting activities related to the Fund.

**Overview** 

The Sub-Adviser's Corporate Governance and Responsible Investment Guidelines (any corporate governance and/or responsible investment policies adopted by the Sub-Adviser from time to time) inform its investment beliefs and provide a framework for engagement with investee companies and the exercising of voting rights.

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The Sub-Adviser expects investee companies at a minimum to observe accepted corporate governance standards in their local markets or explain why not doing so is in the best interests of shareholders. The Sub-Adviser views engagement as a critical activity because it provides the Sub-Adviser with an opportunity to improve its understanding of the investee company and its governance structures. This understanding is a significant input for voting decisions.

**Procedures** 

The Fund has hired the Sub-Adviser to manage its assets and to execute the stewardship program, which includes company engagement and voting. The Sub-Adviser will use its affiliate, EOS at Federated to assist with engagement with investee companies and provide voting recommendations, informed by company disclosure, engagement with the company, and research from external research providers, including Institutional Shareholder Services (ISS).

While EOS' voting recommendation will inform the Sub-Adviser's assessment, the Sub-Adviser will make a final judgment, with a view to its fiduciary obligations to its clients and the Fund's stated investment objectives.

The Sub-Adviser retains ISS for its administrative voting infrastructure. Besides providing an electronic voting platform, ISS's service includes ballot collection, reconciliation and proxy voting bookkeeping.

**Conflicts of Interest** 

The Sub-Adviser seeks always to act in the client's best interests, and takes all reasonable steps to identify conflicts of interest and maintain and operate arrangements to minimize the possibility of such conflicts giving rise to a material risk of damage to the interests of clients. In fulfilling its commitment to being good stewards of those companies in which client assets are invested through engagement and voting, the Sub-Adviser may encounter potential conflicts of interest. The Sub-Adviser has adopted a Stewardship Conflicts of Interest Policy designed to ensure that such conflicts are identified and managed fairly, and that proxies are voted in a manner that prioritizes the long-term value of the companies concerned rather than the interests of the Sub-Adviser, HEOS or any affiliates. This policy is disclosed on the Sub-Adviser's website and is outlined in the Sub-Adviser's Global Stewardship Code Statement.

When any Sub-Adviser or HEOS staff member recognizes a potential conflict of interest, he or she must raise it with their line manager. Among other conflicts, our policies require that staff members identify conflicts of interest arising from engagements with companies in which (i) the Sub-Adviser, HEOS or its affiliates have a material interest; (ii) individuals, including portfolio managers or HEOS engagers, have personal investments or some material personal relationship with a relevant individual; and (iii) the Sub-Adviser's third party fund management or stewardship service clients or prospective clients have a material interest. Where a staff member has a personal connection with a company, he or she is required to make this known and is not involved in any relevant engagement activities or voting recommendations.

A register of instances of conflicts as they arise is maintained by the Sub-Adviser. In those circumstances where a conflict exists or there is a difference opinion between different Sub-Adviser staff members, the vote recommendation will be escalated to the Governance Committee for decision. Where the Governance Committee is unable to agree, then the CEO of the Sub-Adviser will adjudicate. All such instances will be reported to an independent sub-committee of the Sub-Adviser's Board.

**Securities Lending** 

The Sub-Adviser does not engage in securities lending.

**Record Keeping** 

The Sub-Adviser maintains the following records with respect to proxy voting:

◾ A copy of proxy voting policies and procedures;

◾ A copy of all proxy statements received (the Sub-Adviser may rely on a third party to satisfy this requirement);

◾ A record of each vote cast by the Fund (the Sub-Adviser may rely on a third party to satisfy this requirement);

◾ A copy of any document prepared by the Sub-Adviser that was material to making a voting decision or that memorializes the basis for that decision–for example insights gleaned from engagement.

**Proxy Voting Report** 

A report on "Form N-PX" of how the Fund voted any proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's web site at sec.gov.

**Proxy Voting Policies** 

Under these policies, the Sub-Adviser's general policy is to cast proxy votes in favour of management proposals and shareholder proposals that we anticipate will enhance the long-term value of the securities being voted.

This approach to voting proxy proposals will be referred to hereafter as the "General Policy."

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The following illustrates how this General Policy may apply to management proposals and shareholder proposals submitted for approval or ratification by holders of the company's voting securities. The Fund seeks to vote consistently on different issues in accordance with the stated policies and guidelines. However, recognizing the limitations of any policy to anticipate all potential scenarios, the Fund uses discretion when voting, taking account the specific circumstances described in the proxy statement and other company disclosure.

All proxy voting decisions are informed by the Sub-Adviser's ongoing engagement with the management and directors of the company concerned. These engagements provide important context and will influence the final voting decision of the Fund. For a defined set of high-priority companies (watchlist companies), we will generally endeavor to engage with the company before voting against management recommendations. Otherwise, the Fund generally endeavors to inform companies where it has voted against management recommendations and invites further engagement.

The General Policy is informed by a hierarchy of external and internally developed global and regional best practice guidelines. Our HEOS-developed regional corporate governance principles are informed by general best practice guidance such as the Organisation for Economic Co-operation and Development Principles for Corporate Governance and tailored for local market standards by accounting for regional corporate governance codes as applicable. The Sub-Adviser's engagement activities are directed by the Sub-Adviser's annually refreshed Engagement Plan. Both the General Policy and the Engagement Plan are available on the Sub-Adviser's website: hermes-investment.com.

Based on the specific context in which proxy voting decisions are being made, the Sub-Adviser may vote contrary to the voting guidelines should it judge that it is in the best long-term interests of the value of the securities to do so.

**Global Voting Policy**

**Board and Directors** 

**1. Board independence:** We expect boards to meet minimum standards of independence to be able to hold management to account and may vote against the election of directors whose appointment would cause independence to fall below these standards, and/or against the chair of the board where we have serious concerns. We set minimum standards at a market level but, as a general guide, we expect at least half of the board directors to be independent in companies with a dispersed ownership structure, and at least one-third to be independent in controlled companies. In judging a director's independence, our considerations include, but are not limited to: length of tenure; concurrent service with other board members; whether they represent a significant shareholder; and whether they have any direct, material relationship with the company, other directors or its executives, including receiving any remuneration beyond director fees. Our expectations may exceed the minimum standards set by regulation or best practice codes in some markets.

**2. Board committees:** Where separate committees are established to oversee remuneration, audit, nomination and other functions, we may vote against chairs or members where we have concerns about independence, skills, the director's attendance or ability to commit time to the role, or the matters overseen by the committee.

**3. Board diversity:** In recognition of the value that diversity of thought, skills and attributes brings to board oversight, we will consider voting against relevant directors, including the chair, where we consider board diversity–in terms of gender, ethnicity, age, functional and geographic experience, tenure, and other characteristics–to be below minimum thresholds. Some thresholds, such as gender diversity, are defined at a market level; others, such as skills and experience, are more globally consistent. Our expectations may exceed the minimum standards set by regulation or best practice codes in some markets.

**4. Director election:** We will generally support the election of directors unless there are specific concerns relating to issues such as board independence and composition; a director's skills, experience or suitability for the role; a director's attendance or ability to commit time to the role; or governance or other failures which a director has oversight of or involvement in, including those at other companies.

**5. Director attendance:** We may vote against directors who miss a substantial number of meetings–as a guideline, 25% or more–without sufficient explanation.

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

**6. Director commitments:** We will consider voting against a director who appears over-committed to other duties, with the guideline of having no more than five directorships. When considering this issue, we take into account a number of factors, including the size and complexity of roles. As a broad guideline, we consider a chair role equivalent to two non-executive directorships and an executive role equivalent to four non-executive directorships. A chair should not hold another executive role and an executive should hold no more than one non-executive role, except for cases where serving as a shareholder representative on boards is an explicit part of an executive's responsibilities. A significant post at a civil society organisation or in public life may also count as equivalent to a directorship, whether executive, non-executive or a chair role.

**Remuneration** 

We set market-specific voting policies on remuneration with reference to local market practice. Our broad guidelines are:

**7. Alignment to long-term value:** We will consider opposing incentive arrangements that do not align to the creation of long-term value for shareholders and other stakeholders including, for example, those which disproportionally focus on short-term growth of share price or total shareholder returns.

**8. Executive shareholdings:** We support executive management making material, long-term investment in the company's shares and may oppose remuneration proposals and reports where shareholding requirements or actual executive shareholdings are insufficient. As a general guideline, we support the aim that executives hold at least 500% of salary in shares and no less than 200%, with varying minimum thresholds based on regional pay practices.

**9. Complexity:** We will consider voting against overly complex incentive arrangements which are difficult to readily understand. An important factor in assessing complexity is the number of different components that comprise the whole remuneration package.

**10. Variable to fixed pay:** We will consider voting against proposed incentive schemes or pay awards where we consider the ratio of variable pay relative to fixed pay to be too high, as part of our long-term desire to see simpler pay schemes, based on majority fixed pay and long-term share ownership. We set varying maximum thresholds for variable pay to reflect regional pay practices.

**11. Justification for high pay:** We will consider voting against pay proposals which appear excessive in the context of wider industry pay practices or where executive pay is raised significantly above inflation or that of the workforce average without a convincing justification.

**12. Discretion:** We expect boards and remuneration committees to apply discretion to ensure pay outcomes are aligned with performance and the wider experience of shareholders and may oppose remuneration reports and the election of relevant directors where this is not the case.

**13. Disclosure:** We will generally vote against remuneration reporting where disclosure is insufficient to understand the approach to incentive arrangements and how pay outcomes have been achieved, or where disclosure otherwise falls below expected market practice.

**Audit** 

**14. Ratification of external auditors:** We will generally oppose the ratification of external auditors and/or the payment of audit fees where we have concerns, including those relating to audit quality or independence, or controversies involving the audit partner or firm.

**Protection of Shareholder Rights** 

**15. Limitation of shareholder rights:** We will generally vote against any limitation on shareholder rights or the transfer of authority from shareholders to directors and only support proposals which enhance shareholder rights or maximize shareholder value.

**16. Related-party transactions:** We will generally only support related-party transactions (RPTs) which are made on terms equivalent to those that would prevail in an arm's length transaction, together with good supporting evidence. We expect RPTs to be overseen and reviewed by independent board directors with annual disclosure of significant RPTs.

**17. Differential voting rights:** We will generally vote against the authorisation of stock with differential voting rights if the issuance of such stock would adversely affect the voting rights of existing shareholders.

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**18. Anti-takeover proposals:** We will generally vote against anti-takeover proposals or other "poison pill" arrangements including the authority to grant shares which may be used in such a manner.

**19. Poll voting:** We will generally support proposals to adopt mandatory voting by poll and full disclosure of voting outcomes, together with proposals to adopt confidential voting and independent vote tabulation practices.

**20. Authorities to allot shares:** We will generally vote against unusual or excessive authorities to increase issued share capital.

**21. Rights issues:** We generally support rights issues, provided that shareholder approval is obtained for any rights issue for any significant amount of capital (greater than 10% of share capital).

**22. Market purchase of ordinary shares (share buybacks):** We will generally support proposals for a general authority to buy back shares provided these meet local governance standards. We may not support this authority where it exceeds a period of 18 months, where the potential effect of the buyback programme on executive remuneration is not made sufficiently clear, or where we oppose the strategy for long-term capital allocation.

**23. Bundled resolutions:** We will generally vote against a resolution relating to capital decisions, where the resolution has bundled more than one decision into a single resolution, denying investors the opportunity to make separate voting decisions on separate issues.

**24. Virtual/electronic general meetings:** We will generally vote against proposals allowing for the conveying of virtual-only shareholder meetings unless such arrangements are a temporary solution in response to restrictions on in-person gatherings. We may accept meetings to be convened in a "hybrid" format–where shareholders have the option to join the meeting via an online platform or to join in person, provided all shareholder rights are protected or enhanced.

**Commercial Transactions** 

**25. Commercial transactions:** When considering our vote on a commercial transaction, we consider a range of factors in the context of seeking to protect and promote long-term, sustainable value. These include: consistency with strategy; risks and opportunities (the key risks and opportunities and the extent to which these appear to have been managed); and conflicts of interest. The underlying expectation is that due process is followed, with information made available to all shareholders.

**Shareholder Resolutions** 

**26. Shareholder resolutions:** We support the selective use of shareholder resolutions as a useful tool for communicating investor concerns and priorities or the assertion of shareholder rights, and as a supplement to, or escalation of, direct engagement with companies. We consider such resolutions on a case-by-case basis. When considering whether or not to support resolutions, we consider factors including whether the proposal promotes long-term shareholders' interests; what the company is already doing or has committed to do; the nature and motivations of the filers, if known; and what potential impacts–positive and negative–the proposal could have on the company if implemented.

**Climate Change**

**27. Climate change:** We will consider voting against the chair, and other relevant directors or resolutions, at companies where we consider a company's response to the risks and opportunities presented by climate change to be materially misaligned with the goals of the Paris Agreement.

**28. Climate transition plans:** On votes on climate transition plans, we will assess proposals against key criteria of (i) alignment to the Paris Goals and achieving 1.5C; (ii) the quality of the plan to deliver this; and (iii) the commitment of the company to achieving its stated goals.

**Human Rights** 

**29. Human rights:** Where we have significant concerns about a company's actions relating to human rights, we will consider voting against relevant directors, the discharge of management or other relevant resolutions. Our assessment is informed by a range of indicators, such as a failure to comply with legislation or internationally recognized guidance (such as the UN Guiding Principles for Business and Human Rights), or evidence that a company has caused or contributed to egregious, adverse human rights impacts or controversies and has failed to provide appropriate remedy.

**42**

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**Portfolio Holdings Information** 

Information concerning the Fund's portfolio holdings is available via the link to the Fund and share class name at FederatedInvestors.com/FundInformation. A complete listing of the Fund's portfolio holdings as of the end of each calendar quarter is posted on the website 30 days (or the next business day) after the end of the quarter and remains posted for six months thereafter. Summary portfolio composition information as of the close of each month is posted on the website 15 days (or the next business day) after month-end and remains posted until replaced by the information for the succeeding month. The summary portfolio composition information may include: identification of the Fund's top 10 holdings and percentage breakdowns of the portfolio by sector and credit quality.

You may also access portfolio information as of the end of the Fund's fiscal quarters via the link to the Fund and share class name at FederatedInvestors.com. The Fund's Annual Shareholder Report and Semi-Annual Shareholder Report contain complete listings of the Fund's portfolio holdings as of the end of the Fund's second and fourth fiscal quarters. Fiscal quarter information is made available on the website within 70 days after the end of the fiscal quarter. This information is also available in reports filed with the SEC at the SEC's website at sec.gov.

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

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

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

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

**Brokerage Transactions And Investment Allocation** 

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

**43**

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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 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.

**[To be Filed by Amendment]**

For the fiscal year ended March 31, 2022, the Fund's Adviser directed brokerage transactions to certain brokers in connection with the Adviser's receipt of research services. The total amount of these transactions was $0.00 for which the Fund paid $0.00 in brokerage commissions.

**MiFID II** 

Directive 2014/61/EU on markets in financial instruments and Regulation 600/2014/EU on markets in financial instruments (collectively, MiFID II) took effect in member states of the European Union (the EU) on January 3, 2018. MiFID II forms the legal framework governing the requirements applicable to EU investment firms, such as the Sub-Adviser, and trading venues and third-country firms providing investment services or activities in the EU. The extent to which MiFID II will have an indirect impact on markets and market participants outside the EU is unclear and yet to fully play out in practice. It will likely impact pricing, liquidity and transparency in most asset classes.

MiFID II introduces a new rule that an EU regulated firm may execute an equity trade only on an EU trading venue (or with a firm which is a systematic internalizer as defined by MiFID II or an equivalent venue in a third country). This requirement applies to any equities admitted to trading on an EU trading venue, including those with only a secondary listing in the EU. The effect of this rule is to introduce a substantial limit on the possibility of trading off-exchange or OTC in EU-listed equities with EU counterparties.

MiFID II prohibits an EU authorized investment firm from receiving investment research unless it is paid for directly by the firm out of its own resources or from a separate research payment account regulated under MiFID II. All such research costs attributable to the Sub-Adviser will be borne by the Sub-Adviser.

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**Administrator** 

Federated Administrative Services (FAS), a subsidiary of Federated Hermes, provides administrative personnel and services, including certain legal, compliance and financial administrative services ("Administrative Services"), necessary for the operation of the Fund. FAS provides Administrative Services for a fee based upon the rates set forth below paid on the average daily net assets of the Fund. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes funds subject to a fee under the Administrative Services Agreement with FAS. FAS is also entitled to reimbursement for certain out-of-pocket expenses incurred in providing Administrative Services to the Fund.

---

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

---

**CUSTODIAN** 

State Street Bank and Trust Company, Boston, Massachusetts, 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 and 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, [To be filed by amendment], 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.

**[To be Filed by Amendment]**

**Fees Paid by the Fund for Services** 

---

| | | | |
|:---|:---|:---|:---|
| **For the Year Ended March 31** | **2022** | **2021** | **2020** |
| Advisory Fee Earned | $3252533 | $3025801 | $3206537 |
| Advisory Fee Waived | $254223 | $286874 | $255440 |
| Advisory Fee Reimbursed | $8219 | $13737 | $15297 |
| Brokerage Commissions | $1091 | $968 | $2487 |
| Net Administrative Fee | $518279 | $477900 | $509194 |
| **Net 12b-1 Fee:** |  |  |  |
| Class B Shares\* | $26920 | $54893 | $98931 |
| Class C Shares | $303923 | $388797 | $465374 |
| **Net Shareholder Services Fee:** |  |  |  |
| Class A Shares | $1048660 | $1000428 | $1032233 |
| Class B Shares\* | $8973 | $18298 | $32977 |
| Class C Shares | $101308 | $129599 | $155125 |

---

\*Effective February 3, 2023, Class B Shares were converted into Class A Shares.

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

Shareholder Services Fee includes $667.18 paid to a company affiliated with management of Federated Hermes.

**Securities Lending Activities** 

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

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

---

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

---

**[To be Filed by Amendment]**

[Financial](https://www.sec.gov/Archives/edgar/data/225318/000162363222000656/form161.htm) [Information](https://www.sec.gov/Archives/edgar/data/225318/000162363222000656/form161.htm)

The Financial Statements for the Fund for the fiscal year ended March 31, 2022, are incorporated herein by reference to the Annual Report to Shareholders of Federated Hermes Sustainable High Yield Bond Fund, Inc. dated March 31, 2022.

**46**

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Investment Ratings

**Standard & Poor's Rating Services (S&P) LONG-TERM Issue RATINGS** 

Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations: the likelihood of payment-capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation; the nature of and provisions of the obligation; and the protection afforded by, and relative position of, the obligation in the event of bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

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

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

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

**BBB**—An obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

Obligations rated "BB," "B," "CCC," "CC" and "C" are regarded as having significant speculative characteristics. "BB" indicates the least degree of speculation and "C" the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

**BB**—An obligation rated "BB" is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.

**B**—An obligation rated "B" is more vulnerable to nonpayment than obligations rated "BB," but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation.

**CCC**—An obligation rated "CCC" is currently vulnerable to nonpayment, and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

**CC**—An obligation rated "CC" is currently highly vulnerable to nonpayment.

**C**—A "C" rating is assigned to obligations that are currently highly vulnerable to nonpayment, obligations that have payment arrearages allowed by the terms of the documents, or obligations of an issuer that is the subject of a bankruptcy petition or similar action which have not experienced a payment default. Among others, the "C" rating may be assigned to subordinated debt, preferred stock or other obligations on which cash payments have been suspended in accordance with the instrument's terms or when preferred stock is the subject of a distressed exchange offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other instruments having a total value that is less than par.

**D**—An obligation rated "D" is in payment default. The "D" rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within five business days, irrespective of any grace period. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of similar action if payments on an obligation are jeopardized. An obligation's rating is lowered to "D" upon completion of a distressed exchange offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other instruments having a total value that is less than par.

The ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

**S&P Rating Outlook** 

An S&P rating outlook assesses the potential direction of a long-term credit rating over the intermediate term (typically six months to two years). In determining a rating outlook, consideration is given to any changes in the economic and/or fundamental business conditions.

**Positive**—Positive means that a rating may be raised.

**Negative**—Negative means that a rating may be lowered.

**Stable**—Stable means that a rating is not likely to change.

**Developing**—Developing means a rating may be raised or lowered.

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**N.M.**—N.M. means not meaningful.

**S&P Short-Term Issue RATINGS** 

Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. In the United States, for example, that means obligations with an original maturity of no more than 365 days–including commercial paper.

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

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

**A-3**—A short-term obligation rated "A-3" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

**B**—A short-term obligation rated "B" is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to the obligor's inadequate capacity to meet its financial commitments.

**C**—A short-term obligation rated "C" is currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation.

**D**—A short-term obligation rated "D" is in payment default. The "D" rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized.

**MOODY'S Investor Services, Inc. (MOODY's) LONG-TERM RATINGS** 

Moody's long-term ratings are assigned to issuers or obligations with an original maturity of one year or more and reflect both on the likelihood of a default on contractually promised payments and the expected financial loss suffered in the event of default.

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

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

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

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

**Ba**—Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B**—Obligations rated B are considered speculative and are subject to high credit risk.

**Caa**—Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca**—Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C**—Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Moody's appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aaa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

**MOODY'S Short-Term RATINGS** 

Moody's short-term ratings are assigned to obligations with an original maturity of 13 months or less and reflect the likelihood of a default on contractually promised payments.

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

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

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

**NP**—Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

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**FITCH, INC. (Fitch) LONG-TERM Debt RATINGs** 

Fitch long-term ratings report Fitch's opinion on an entity's relative vulnerability to default on financial obligations. The "threshold" default risk addressed by the rating is generally that of the financial obligations whose non-payment would best reflect the uncured failure of that entity. As such, Fitch long-term ratings also address relative vulnerability to bankruptcy, administrative receivership or similar concepts, although the agency recognizes that issuers may also make pre-emptive and therefore voluntary use of such mechanisms.

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

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

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

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

**BB: Speculative**—"BB" ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists which supports the servicing of financial commitments.

**B: Highly Speculative**—"B" ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

**CCC: Substantial Credit Risk**—Default is a real possibility.

**CC: Very High Levels of Credit Risk**—Default of some kind appears probable.

**C: Exceptionally High Levels of Credit Risk**—Default is imminent or inevitable, or the issuer is in standstill. Conditions that are indicative of a "C" category rating for an issuer include: (a) the issuer has entered into a grace or cure period following non-payment of a material financial obligation; (b) the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; or (c) Fitch otherwise believes a condition of "RD" or "D" to be imminent or inevitable, including through the formal announcement of a distressed debt exchange.

**RD: Restricted Default**—"RD" ratings indicate an issuer that in Fitch's opinion has experienced an uncured payment default on a bond, loan or other material financial obligation but which has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, and which has not otherwise ceased operating. This would include: (a) the selective payment default on a specific class or currency of debt; (b) the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation; (c) the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; or (d) execution of a distressed debt exchange on one or more material financial obligations.

**D: Default**—"D" ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, or which has otherwise ceased business.

Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

"Imminent" default typically refers to the occasion where a payment default has been intimated by the issuer, and is all but inevitable. This may, for example, be where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default. Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies several days or weeks in the immediate future.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings, and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

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**FITCH SHORT-TERM DEBT RATINGs** 

A Fitch short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity or security stream and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short-term" based on market convention. Typically, this means up to 13 months for corporate, sovereign and structured obligations, and up to 36 months for obligations in U.S. public finance markets.

**F1: Highest Short-Term Credit Quality**—Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

**F2: Good Short-Term Credit Quality**—Good intrinsic capacity for timely payment of financial commitments.

**F3: Fair Short-Term Credit Quality**—The intrinsic capacity for timely payment of financial commitments is adequate.

**B: Speculative Short-Term Credit Quality**—Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near-term adverse changes in financial and economic conditions.

**C: High Short-Term Default Risk**—Default is a real possibility.

**RD: Restricted Default**—Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Applicable to entity ratings only.

**D: Default**—Indicates a broad-based default event for an entity, or the default of a short-term obligation.

**A.M. BEST Company, Inc. (a.m. best) LONG-TERM DEBT and Preferred Stock RATINGS** 

A Best's long-term debt rating is Best's independent opinion of an issuer/entity's ability to meet its ongoing financial obligations to security holders when due.

**aaa: Exceptional**—Assigned to issues where the issuer has an exceptional ability to meet the terms of the obligation.

**aa: Very Strong**—Assigned to issues where the issuer has a very strong ability to meet the terms of the obligation.

**a: Strong**—Assigned to issues where the issuer has a strong ability to meet the terms of the obligation.

**bbb: Adequate**—Assigned to issues where the issuer has an adequate ability to meet the terms of the obligation; however, the issue is more susceptible to changes in economic or other conditions.

**bb: Speculative**—Assigned to issues where the issuer has speculative credit characteristics, generally due to a modest margin or principal and interest payment protection and vulnerability to economic changes.

**b: Very Speculative**—Assigned to issues where the issuer has very speculative credit characteristics, generally due to a modest margin of principal and interest payment protection and extreme vulnerability to economic changes.

**ccc, cc, c: Extremely Speculative**—Assigned to issues where the issuer has extremely speculative credit characteristics, generally due to a minimal margin of principal and interest payment protection and/or limited ability to withstand adverse changes in economic or other conditions.

**d: In Default**—Assigned to issues in default on payment of principal, interest or other terms and conditions, or when a bankruptcy petition or similar action has been filed.

Ratings from "aa" to "ccc" may be enhanced with a "+" (plus) or "-" (minus) to indicate whether credit quality is near the top or bottom of a category.

**A.M. BEST SHORT-TERM DEBT RATINGS** 

A Best's short-term debt rating is Best's opinion of an issuer/entity's ability to meet its financial obligations having original maturities of generally less than one year, such as commercial paper.

**AMB-1+ Strongest**—Assigned to issues where the issuer has the strongest ability to repay short-term debt obligations.

**AMB-1 Outstanding**—Assigned to issues where the issuer has an outstanding ability to repay short-term debt obligations.

**AMB-2 Satisfactory**—Assigned to issues where the issuer has a satisfactory ability to repay short-term debt obligations.

**AMB-3 Adequate**—Assigned to issues where the issuer has an adequate ability to repay short-term debt obligations; however, adverse economic conditions likely will reduce the issuer's capacity to meet its financial commitments.

**AMB-4 Speculative**—Assigned to issues where the issuer has speculative credit characteristics and is vulnerable to adverse economic or other external changes, which could have a marked impact on the company's ability to meet its financial commitments.

**d: In Default**—Assigned to issues in default on payment of principal, interest or other terms and conditions, or when a bankruptcy petition or similar action has been filed.

**50**

------

**A.M. Best Rating Modifiers** 

Both long- and short-term credit ratings can be assigned a modifier.

**u**—Indicates the rating may change in the near term, typically within six months. Generally is event-driven, with positive, negative or developing implications.

**pd**—Indicates ratings assigned to a company that chose not to participate in A.M. Best's interactive rating process (discontinued in 2010).

**i**—Indicates rating assigned is indicative.

**A.M. BEST RATING OUTLOOK** 

A.M. Best Credit Ratings are assigned a Rating Outlook that indicates the potential direction of a credit rating over an intermediate term, generally defined as the next 12 to 36 months.

**Positive**—Indicates possible ratings upgrade due to favorable financial/market trends relative to the current trading level.

**Negative**—Indicates possible ratings downgrade due to unfavorable financial/market trends relative to the current trading level.

**Stable**—Indicates low likelihood of rating change due to stable financial/market trends.

**Not Rated** 

Certain nationally recognized statistical rating organizations (NRSROs) may designate certain issues as NR, meaning that the issue or obligation is not rated.

**51**

------

Addresses

**Federated Hermes Sustainable High Yield Bond Fund, Inc.** 

**Class A Shares** <br>**Class C Shares** <br> **Institutional Shares** <br>**Class R6 Shares** 

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

**Distributor** 

Federated Securities Corp. <br>1001 Liberty Avenue <br>Pittsburgh, PA 15222-3779

**Investment Adviser** 

Federated Investment Management Company <br>1001 Liberty Avenue <br> Pittsburgh, PA 15222-3779

**Sub-Adviser** 

Hermes Investment Management Limited <br> Sixth Floor <br> 150 Cheapside <br> London EC2V 6ET <br> England

**Custodian** 

State Street Bank and Trust Company <br>1 Iron Street <br>Boston, MA 02110

**Transfer Agent and Dividend Disbursing Agent** 

SS&C GIDS, Inc. <br>P.O. Box 219318 <br>Kansas City, MO 64121-9318

**Independent Registered Public Accounting Firm**

[To Be Filed By Amendment]

**52**

------

Appendix

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

**CUSTODIAN(S)** 

State Street Bank and Trust Company

**SECURITIES LENDING AGENT** 

Citibank, N.A.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

[To be filed by amendment]

**LEGAL COUNSEL** 

Goodwin Procter LLP <br>K&L Gates LLP

**Financial Printer(S)** 

Donnelley Financial Solutions

**Proxy Voting Administrator** 

Institutional Shareholder Services

**SECURITY PRICING SERVICES** 

Bloomberg L.P. <br>IHS Markit (Markit North America) <br>ICE Data Pricing & Reference Data, LLC <br>JPMorgan PricingDirect <br>Refinitiv US Holdings Inc.

**RATINGS AGENCIES** 

Fitch, Inc. <br>Moody's Investors Service, Inc. <br>Standard & Poor's Financial Services LLC

**Other SERVICE PROVIDERS** 

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

ACA Technology Surveillance, Inc. <br> Bank of America Merrill Lynch <br>Bloomberg L.P. <br> Charles River Development <br>Citibank, N.A. <br> Eagle Investment Systems LLC <br>Electra Information Systems <br>FactSet Research Systems Inc. <br> FISGlobal <br> Institutional Shareholder Services <br>Investortools, Inc. <br> MSCI ESG Research LLC <br>Northern Trust Corporation <br>Sustainalytics U.S. Inc. <br>Wolters Kluwer N.V. <br>

**53**

------

**Item 28. Exhibits**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(a)** | &nbsp;&nbsp;**Articles of Incorporation** |
|  | &nbsp;&nbsp;[Conformed copy of Articles of Restatement of the Registrant dated April 30, 1993, including Articles Supplementary dated November 20, 1993, July 29, 1994, September 27, 1994, November 17, 2016, February 22, 2017 and November 18, 2020, Certificates of Correction dated July 29, 1994, February 28, 1997 and April 11, 1997, and Articles of Amendment dated March 29, 1996, January 13, 2000 and June 18, 2020, as filed via EDGAR in Post-Effective Amendment No. 83 filed May 25, 2021 on Form N-1A (File Nos. 2-60103 and 811-02782). (To be Filed by Amendment)](https://www.sec.gov/Archives/edgar/data/225318/000162363221000599/exhibit28-a.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(b)** | &nbsp;&nbsp;**By-Laws** |
|  | &nbsp;&nbsp;[Conformed Copy of Amended and Restated By-Laws of the Registrant, including Amendment Nos. 10 through 19, as filed via EDGAR in Post-Effective Amendment No. 83 filed May 25, 2021 on Form N-1A (File Nos. 2-60103 and 811-02782). (To be Filed by Amendment)](https://www.sec.gov/Archives/edgar/data/225318/000162363221000599/exhibit28-b.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(c)** | &nbsp;&nbsp;**Instruments Defining Rights of Security Holders** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Copy of Specimen Certificate for Shares of Beneficial Interest for Class A Shares, Class B Shares and Class C Shares of the Registrant, as filed via EDGAR in Post-Effective Amendment No. 39 filed July 29, 1994 on Form N-1A (File Nos. 2-60103 and 811-02782) |
|  | &nbsp;&nbsp;As of September 1, 1997, Federated Securities Corp. stopped issuing share certificates. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(d)** | &nbsp;&nbsp;**Investment Advisory Contracts** |  |
| &nbsp;&nbsp;**1** | &nbsp;&nbsp;**Investment Advisory Agreement between the Registrant and Federated Investment Management Company** |  |
|  | &nbsp;&nbsp;[Conformed copy of the Investment Advisory Contract of the Registrant dated November 2, 1992, including Amendment No. 1 dated December 1, 2016, Amendment dated June 1, 2001 and Limited Power of Attorney dated June 1, 2017](ex28d1.htm) | &nbsp;&nbsp;+ |
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Subadvisory Agreement between Federated Investment Management Company and Hermes Investment Management Limited** |  |
|  | &nbsp;&nbsp;Conformed copy of the Form of Subadvisory Agreement (To be Filed by Amendment) |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(e)** | &nbsp;&nbsp;**Underwriting Contracts** |  |
|  | &nbsp;&nbsp;[Conformed copy of the Distributor's Contract of the Registrant dated March 1, 1993 including Exhibits A through G and Amendments dated June 1, 2001 and October 1, 2003](ex28e.htm) | &nbsp;&nbsp;+ |

---

---

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

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(g)** | &nbsp;&nbsp;**Custodian Agreements** |  |
|  | [Conformed copy of Amended and Restated Master Custodian Agreement dated March 1, 2017 by and between State Street Bank and Trust Company and the Registrant, including Appendix A, updated as of June 1, 2021](ex28g.htm) | &nbsp;&nbsp;+ |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(h)** | &nbsp;&nbsp;**Other Material Contracts** |  |
| &nbsp;&nbsp;**1** | &nbsp;&nbsp;**Services Agreement** |  |
| &nbsp;&nbsp;(a) | [Conformed copy of Services Agreement between Federated Advisory Services Company and Federated Investment Management Company dated January 1, 2004, including Schedule 1 (revised September 1, 2022)](ex28h1a.htm). | &nbsp;&nbsp;+ |
| &nbsp;&nbsp;(b) | &nbsp;&nbsp;[Conformed copy of the Second Amended and Restated Services Agreement, amended and restated as of December 1, 2001, between Federated Shareholder Services Company and the Registrant, including Schedule 1 (revised April 1, 2022)](ex28h1b.htm) | &nbsp;&nbsp;+ |
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Transfer Agency Agreement** |  |
|  | &nbsp;&nbsp;[Conformed copy of the Transfer Agency and Service Agreement between the Federated Funds and DST Asset Manager Solutions, Inc. dated June 1, 2022](ex28h2.htm) | &nbsp;&nbsp;+ |
| &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Administrative Services Agreement** |  |
|  | &nbsp;&nbsp;[Conformed copy of the Fourth Amended and Restated Agreement for Administrative Services between the Federated Funds and Federated Administrative Services dated September 1, 2022](ex28h3.htm) | &nbsp;&nbsp;+ |
| &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Financial Administration and Accounting Agreement** |  |
|  | &nbsp;&nbsp;[Conformed copy of the Financial Administration and Accounting Services Agreement between the Federated Funds and State Street Bank and Trust Company dated March 1, 2011, as amended, including Exhibit A (revised December 1, 2021)](ex28h4.htm) | &nbsp;&nbsp;+ |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(i)** | &nbsp;&nbsp;**Legal Opinion** |
|  | &nbsp;&nbsp;Conformed copy of Opinion and Consent of Counsel as to legality of shares being registered, as filed on paper in Pre-Effective Amendment No. 2 on November 29, 1977 (File Nos. 2-60103 and 811-2782) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(j)** | &nbsp;&nbsp;**Other Opinions** |
|  | &nbsp;&nbsp;Conformed copy of Consent of Independent Registered Public Accounting Firm (To be Filed by Amendment) |

---

---

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

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(l)** | &nbsp;&nbsp;**Initial Capital Agreements** |
|  | &nbsp;&nbsp;Not Applicable |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(m)** | &nbsp;&nbsp;**Rule 12b-1 Plan** |  |
|  | &nbsp;&nbsp;[Conformed copy of the Distribution Plan between certain classes of the Registrant and Federated Securities Corp., dated February 12, 2004, including Exhibit A](ex28m.htm) | + |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(n)** | &nbsp;&nbsp;**Rule 18f-3 Plan** |  |
|  | [Conformed copy of the Multiple Class Plan and all share class Exhibits as adopted by certain Federated investment companies offering separate classes of shares as of February 8, 2023](ex28n.htm) | + |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(o)** | &nbsp;&nbsp;**Powers of Attorney** |
|  | &nbsp;&nbsp;[Conformed copy of Power of Attorney of the Registrant dated November 1, 2020, as filed via EDGAR in Post-Effective Amendment No. 83 filed May 25, 2021 on Form N-1A (File Nos. 2-60103 and 811-02782).](https://www.sec.gov/Archives/edgar/data/225318/000162363221000599/exhibit28-o.htm) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(p)** | &nbsp;&nbsp;**Codes of Ethics** |  |
|  | [Conformed copy of the Federated Hermes, Inc. Code of Ethics for Access Persons, effective November 10, 2021](ex28p.htm) | + |

---

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

**Exhibit List for Inline Interactive Data File Submission.** (To Be Filed By Amendment)

---

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

---

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

---

| |
|:---|
| &nbsp;&nbsp;**Item 30. Indemnification** |
| &nbsp;&nbsp; Indemnification is provided to Officers and Directors 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 Director may be or may have been involved; and (b) any liabilities and expenses incurred by an Officer or Director as a result of having provided personally identifiable information to a regulator or counterparty by or with whom the Registrant (or its series, as applicable) is regulated or engages in business to satisfy a legal or procedural requirement of such regulator or counterparty.<br> The Investment Advisory Contract, and Sub-advisory Agreement as applicable, (collectively, "Advisory Contracts") between the Registrant and the investment adviser, and sub-adviser as applicable, (collectively, "Advisers") of its series, provide that, in the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of the obligations or duties under the Advisory Contracts on the part of the Advisers, Advisers shall not be liable to the Registrant or to any shareholder for any act or omission in the course of or connected in any way with rendering services or for any losses that may be sustained in the purchase, holding, or sale of any security.<br> The Registrant's distribution contract contains provisions limiting the liability, and providing for indemnification, of the Officers and Directors under certain circumstances.<br> Registrant's Directors and Officers are covered by an Investment Trust Errors and Omissions Policy.<br> Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to Directors, 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 Directors), Officers, or controlling persons of the Registrant in connection with the successful defense of any act, suit, or proceeding) is asserted by such Directors, Officers, or controlling persons in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issues.<br> Insofar as indemnification for liabilities may be permitted pursuant to Section 17 of the Investment Company Act of 1940 for Directors, 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 Directors 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, Director 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 Directors 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 two of the Officers of the Investment Adviser are included in Part B of this Registration Statement under "Who Manages and Provides Services to the Fund?" The remaining Trustees of the Investment Adviser and, in parentheses, their principal occupations are: Thomas R. Donahue, (Chief Financial Officer, Federated Hermes, Inc.), 1001 Liberty Avenue, Pittsburgh, PA, 15222-3779, John B. Fisher, (Vice Chairman, Federated Hermes, Inc.) 1001 Liberty Avenue, Pittsburgh, PA, 15222-3779 and James J. Gallagher, II, Partner, Morris James LLP, 500 Delaware Avenue, Suite 1500, Wilmington, DE 19801-1494. The business address of each of the Officers of the Investment Adviser is 1001 Liberty Avenue, Pittsburgh, Pennsylvania 15222-3779. These individuals are also officers of a majority of the Investment Advisers to the investment companies in the Federated Hermes Fund Complex described in Part B of this Registration Statement. | &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 two of the Officers of the Investment Adviser are included in Part B of this Registration Statement under "Who Manages and Provides Services to the Fund?" The remaining Trustees of the Investment Adviser and, in parentheses, their principal occupations are: Thomas R. Donahue, (Chief Financial Officer, Federated Hermes, Inc.), 1001 Liberty Avenue, Pittsburgh, PA, 15222-3779, John B. Fisher, (Vice Chairman, Federated Hermes, Inc.) 1001 Liberty Avenue, Pittsburgh, PA, 15222-3779 and James J. Gallagher, II, Partner, Morris James LLP, 500 Delaware Avenue, Suite 1500, Wilmington, DE 19801-1494. The business address of each of the Officers of the Investment Adviser is 1001 Liberty Avenue, Pittsburgh, Pennsylvania 15222-3779. These individuals are also officers of a majority of the Investment Advisers to the investment companies in the Federated Hermes Fund Complex described in Part B of this Registration Statement. |
| &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> Randall S. Bauer<br> Jonathan C. Conley<br> Mark E. Durbiano<br> Donald T. Ellenberger<br> Eamonn G. Folan<br> Richard J. Gallo<br> John T. Gentry<br> Michael R. Granito<br> Lori A. Hensler<br> Susan R. Hill<br> William R. Jamison<br> Jeffrey A. Kozemchak<br> Tracey L. Lusk<br> Judith J. Mackin<br> Marian R. Marinack<br> Mary Jo Ochson<br> Ihab Salib<br> Michael W. Sirianni, Jr.<br> Steven J. Wagner<br> Paige Wilhelm |
| &nbsp;&nbsp;Vice Presidents: | &nbsp;&nbsp; John Badeer<br> Christopher S. Bodamer<br> G. Andrew Bonnewell<br> Hanan Callas<br> David B. Catalane, Jr.<br> Nicholas S. Cecchini<br> James Chelmu<br> Leslie Ciferno<br> Jerome Conner<br> Lee R. Cunningham, II<br> Gregory Czamara, V<br> B. Anthony Delserone, Jr.<br> Jason DeVito<br> Bryan Dingle<br> William Ehling<br> Ann Ferentino<br> Kevin M. Fitzpatrick<br> Timothy P. Gannon<br> Kathryn P. Glass<br> James L. Grant<br> Nathan H. Kehm<br> Allen J. Knizner<br> Karen Manna<br> Daniel James Mastalski<br> Robert J. Matthews<br> Christopher McGinley<br> Keith E. Michaud<br> Karl Mocharko<br> Joseph M. Natoli<br> Gene Neavin<br> Bob Nolte<br> Liam O'Connell<br> Mary Kay Pavuk<br> John Polinski<br> Rae Ann Rice<br> Brian Ruffner<br> Thomas C. Scherr<br> John Sidawi<br> Paul Smith<br> Peter Snook<br> Kyle Stewart<br> Randal Stuckwish<br> Mary Ellen Tesla<br> James Damen Thompson<br> Nicholas S. Tripodes<br> Anthony A. Venturino<br> Mark Weiss<br> George B. Wright<br> Christopher Wu |
| &nbsp;&nbsp;Assistant Vice Presidents: | &nbsp;&nbsp; Patrick Benacci<br> Brandon Ray Hochstetler<br> Christopher F. Hopkins<br> Jeff J. Ignelzi<br> Bennett L. Lo<br> Nick Navari<br> Bradley Payne<br> Braden Rotberg<br> John W. Scullion<br> Steven J. Slanika<br> Tyler R. Stenger<br> Patrick O. Watson<br> Michael S. Wilson<br> John E. Wyda |
| &nbsp;&nbsp;Secretary: | &nbsp;&nbsp;G. Andrew Bonnewell |
| &nbsp;&nbsp;Assistant Secretaries: | &nbsp;&nbsp; Edward C. Bartley<br> George F. Magera<br>|
| &nbsp;&nbsp;Treasurer: | &nbsp;&nbsp;Thomas R. Donahue |
| &nbsp;&nbsp;Assistant Treasurers: | &nbsp;&nbsp; Jeremy D. Boughton<br> Richard A. Novak |
| &nbsp;&nbsp;Chief Compliance Officer: | &nbsp;&nbsp;Stephen Van Meter |

---

---

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

---

---

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

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; (1)<br> Positions and Offices with Distributor | &nbsp;&nbsp; (2)<br> Name<br>| &nbsp;&nbsp; (3)<br> Positions and Offices With Registrant |
| &nbsp;&nbsp;Executive Vice Presidents: | &nbsp;&nbsp; Michael Bappert<br> Peter W. Eisenbrandt<br> Anne H. Kruczek<br> Amy M. Michaliszyn<br> Brian S. Ronayne |  |
| &nbsp;&nbsp;Senior Vice Presidents: | &nbsp;&nbsp; Irving Anderson<br> Christopher D. Berg<br> Daniel G. Berry<br> Jack Bohnet<br> Edwin J. Brooks, III<br> Bryan Burke<br> Scott J. Charlton<br> Steven R. Cohen<br> James S. Conley<br> Stephen R. Cronin<br> Charles L. Davis, Jr.<br> Jack C. Ebenreiter<br> James Getz, Jr.<br> Erik Gosule<br> Scott A. Gunderson<br> Dayna C. Haferkamp<br> Vincent L. Harper, Jr.<br> Bruce E. Hastings<br> Jeffrey S. Jones<br> Ryan W. Jones<br> Scott D. Kavanagh<br> Scott R. Kelley<br> Michael Koenig<br> Edwin C. Koontz<br> Jane E. Lambesis<br> Michael Liss<br> Judith J. Mackin<br> Brian McInis<br> Diane Marzula<br> Richard C. Mihm<br> Vincent T. Morrow<br> John C. Mosko<br> Alec H. Neilly<br> James E. Ostrowski<br> Stephen Otto<br> Richard P. Paulson<br> Richard A. Recker<br> Diane M. Robinson<br> Timothy A. Rosewicz<br> Eduardo G. Sanchez<br> Tom Schinabeck<br> Peter C. Siconolfi<br> Edward L. Smith<br> John A. Staley<br> Mark J. Strubel<br> William C. Tustin<br> G. Walter Whalen<br> Lewis C. Williams<br> Theodore E. Williams<br> Michael Wolff<br> Daniel R. Wroble<br> Erik Zettlemayer |  |
| &nbsp;&nbsp;Vice Presidents: | &nbsp;&nbsp; Frank Amato<br> Catherine M. Applegate<br> Kenneth C. Baber<br> Raisa E. Barkaloff<br> Robert W. Bauman<br> Marc Benacci<br> Joshua W. Billiel<br> Bill Boarts<br> Zachary Bono<br> Matthew A. Boyle<br> Thomas R. Brown<br> Ryan P. Cain<br> Mark Carroll<br> Dan Casey<br> Stephen J. Costlow<br> Mary Ellen Coyne<br> David G. Dankmyer<br> Christopher T. Davis<br> Michael DiMarsico<br> Charles R. Ebbs<br> Mark A. Flisek<br> Heather W. Froelich<br> David D. Gregoire<br> Raymond J. Hanley<br> George M. Hnaras<br> Scott A. Holick<br> Christopher Jackson<br> Todd Jones<br> Patrick Kelly<br> Nicholas R. Kemerer<br> Robert H. Kern<br> Shawn E. Knutson<br> Joseph R. Lantz<br> David M. Larrick<br> John S. Larson<br> Anthony W. Lennon<br> Justin Levy<br> John P. Liekar<br> Jonathan Lipinski<br> Paul J. Magan<br> Alexi A. Maravel<br> Meghan McAndrew<br> Samuel McGowan<br> Daniel McGrath<br> Mark J. Murphy<br> Ryan M. Newman<br> Catherine M. Nied<br> Ted Noethling<br> John A. O'Neill<br> Mark Patsy<br> Marcus Persichetti<br> Max E. Recker<br> Emory Redd<br> Matt Ryan<br> John Shrewsbury<br> Bradley Smith<br> John R. Stanley<br> Jonathan Sullivan<br> Gregory Tzanoukakis<br> James M. Wagner<br> David Wasik<br> Brian R. Willer<br> Littell Wilson Jr.<br> James J. Wojciak |  |
|  | &nbsp;&nbsp; Frank Amato<br> Catherine M. Applegate<br> Kenneth C. Baber<br> Raisa E. Barkaloff<br> Robert W. Bauman<br> Marc Benacci<br> Joshua W. Billiel<br> Bill Boarts<br> Zachary Bono<br> Matthew A. Boyle<br> Thomas R. Brown<br> Ryan P. Cain<br> Mark Carroll<br> Dan Casey<br> Stephen J. Costlow<br> Mary Ellen Coyne<br> David G. Dankmyer<br> Christopher T. Davis<br> Michael DiMarsico<br> Charles R. Ebbs<br> Mark A. Flisek<br> Heather W. Froelich<br> David D. Gregoire<br> Raymond J. Hanley<br> George M. Hnaras<br> Scott A. Holick<br> Christopher Jackson<br> Todd Jones<br> Patrick Kelly<br> Nicholas R. Kemerer<br> Robert H. Kern<br> Shawn E. Knutson<br> Joseph R. Lantz<br> David M. Larrick<br> John S. Larson<br> Anthony W. Lennon<br> Justin Levy<br> John P. Liekar<br> Jonathan Lipinski<br> Paul J. Magan<br> Alexi A. Maravel<br> Meghan McAndrew<br> Samuel McGowan<br> Daniel McGrath<br> Mark J. Murphy<br> Ryan M. Newman<br> Catherine M. Nied<br> Ted Noethling<br> John A. O'Neill<br> Mark Patsy<br> Marcus Persichetti<br> Max E. Recker<br> Emory Redd<br> Matt Ryan<br> John Shrewsbury<br> Bradley Smith<br> John R. Stanley<br> Jonathan Sullivan<br> Gregory Tzanoukakis<br> James M. Wagner<br> David Wasik<br> Brian R. Willer<br> Littell Wilson Jr.<br> James J. Wojciak |  |
| &nbsp;&nbsp;Assistant Vice Presidents: | &nbsp;&nbsp; Debbie Adams-Marshall<br> Edward R. Costello<br> Adina A. Davis<br> Madison Dischinger<br> Kristen C. Kiesling<br> Leah Kaitlin Leitzel<br> Stephen R. Massey<br> John K. Murray<br> Kathryn Ringer<br> Melissa R. Ryan<br> Carol Anne Sheppard<br> Scott A. Vallina<br> Laura Vickerman |  |
| &nbsp;&nbsp;Secretary: | &nbsp;&nbsp;Kary A. Moore |  |
| &nbsp;&nbsp;Assistant Secretaries: | &nbsp;&nbsp;Edward C. Bartley |  |
|  | &nbsp;&nbsp;Thomas R. Donahue |  |
|  | &nbsp;&nbsp;George F. Magera |  |
| &nbsp;&nbsp;Treasurer: | &nbsp;&nbsp;Richard A. Novak |  |
| &nbsp;&nbsp;Assistant Treasurer: | &nbsp;&nbsp;Jeremy D. Boughton |  |
| &nbsp;&nbsp;Chief Compliance Officer: | &nbsp;&nbsp;Stephen Van Meter |  |

---

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

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

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

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

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

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| |
|:---|
| &nbsp;&nbsp; SIGNATURES<br> Pursuant to the requirements of the Securities Act of 1933, and the Investment Company Act of 1940, the Registrant, Federated Hermes High Income Bond Fund, Inc. and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Pittsburgh and Commonwealth of Pennsylvania, on the 7th day of March 2023. |
| &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND FUND, INC. |
| &nbsp;&nbsp; BY: <u>/s/ George F. Magera</u><br> George F. Magera, Assistant Secretary |
| &nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Amendment to its Registration Statement has been signed below by the following person in the capacity and on the date indicated: |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;NAME | &nbsp;&nbsp;TITLE | &nbsp;&nbsp;DATE |
| &nbsp;&nbsp; BY: <u>/s/ George F. Magera</u><br> George F. Magera,<br> Assistant Secretary | &nbsp;&nbsp;Attorney In Fact For the Persons Listed Below | &nbsp;&nbsp;March 7, 2023 |
| &nbsp;&nbsp;J. Christopher Donahue\* | &nbsp;&nbsp;President and Director (Principal Executive Officer) |  |
| &nbsp;&nbsp;Lori A. Hensler\* | &nbsp;&nbsp;Treasurer (Principal Financial Officer/Principal Accounting Officer) |  |
| &nbsp;&nbsp;John B. Fisher\* | &nbsp;&nbsp;Director |  |
| &nbsp;&nbsp;John T. Collins\* | &nbsp;&nbsp;Director |  |
| &nbsp;&nbsp;G. Thomas Hough\* | &nbsp;&nbsp;Director |  |
| &nbsp;&nbsp;Maureen Lally-Green\* | &nbsp;&nbsp;Director |  |
| &nbsp;&nbsp;Thomas O'Neill\* | &nbsp;&nbsp;Director |  |
| &nbsp;&nbsp;Madelyn A. Reilly\* | &nbsp;&nbsp;Director |  |
| &nbsp;&nbsp;P. Jerome Richey\* | &nbsp;&nbsp;Director |  |
| &nbsp;&nbsp;John S. Walsh\* | &nbsp;&nbsp;Director |  |
| &nbsp;&nbsp;\*By Power of Attorney |  |  |

---

## Ex-99.D

Exhibit 28 (d) (1) under Form N-1A<br> Exhibit 10 under Item 601/Reg. S-K

 

*6/29/20 – Name changed to Federated Hermes High Income Bond Fund, Inc.*

*3/31/99 - Adviser name changed to Federated Investment Management Company*

3/31/96 - Name changed to Federated High Income Bond Fund, Inc.

**LIBERTY HIGH INCOME BOND FUND, INC.**

**INVESTMENT ADVISORY CONTRACT**

The Contract is made between FEDERATED ADVISERS, a Delaware business trust having its principal place of business in Pittsburgh, Pennsylvania (hereinafter referred to as "Adviser"), and LIBERTY HIGH INCOME BOND FUND, INC., a Maryland corporation having its principal place of business in Pittsburgh, Pennsylvania (hereinafter referred to as the "Company"), and is based on the following premises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) That the Company is an open-end management investment company as that term is defined in the Investment Company Act of 1940 and is registered as such with the Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) That Adviser is engaged in the business of rendering investment advisory services.

NOW, THEREFORE, the parties hereto, intending to be legally bound hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company hereby appoints Adviser as Investment Adviser and Adviser accepts the appointment. Subject to the direction of the Directors of the Company, Adviser shall provide investment research and supervision of the investments of the Company and conduct a continuous program of investment evaluation and of appropriate sale or other disposition and reinvestment of the Company's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Adviser, in it supervision of the investments of the Company will be guided by the Company's fundamental investment policies and the provisions and restrictions contained in the Charter and By-Laws of the Company and as set forth in the Registration Statements of the Company and exhibits thereto as may be on file with the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Company shall pay or cause to be paid all of its operating expenses, including, without limitation, the expenses of continuing the Company's existence; fees and expenses of disinterested Directors; fees for investment advisory services and administrative personnel and services; fees and expenses of preparing and printing amendments to its Registration Statements under the Securities Act of 1933 and the Investment Company Act of 1940; expenses of continuing the registration of the Company and its Shares under Federal and state laws and regulations; expenses of preparing, printing and distributing prospectuses and any amendments to shareholders; interest expense, taxes, fees and commissions of every kind; expenses of issue (including cost of Share certificates), repurchase and redemption of Shares, including expenses attributable to a program of periodic issue; charges and expenses of custodians, transfer agents, dividend disbursing agents, shareholder servicing agents and registrars; printing and mailing costs; auditing, accounting and legal expenses; reports to shareholders and governmental officers and commissions; expenses of meetings of Directors and shareholders and proxy solicitations therefor; insurance expenses; association membership dues and such nonrecurring items as may arise, including all losses and liabilities incurred in administering the Company. The Company will also pay such extraordinary expenses as may arise, including expenses incurred in connection with litigation, proceedings and claims and the legal obligations of the Company to indemnify its Officers and Directors and agents with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. For all services rendered by Adviser hereunder, the Company shall pay to Adviser and Adviser agrees to accept as full compensation for all services rendered hereunder, a net investment advisory fee equal to .75 of 1% of the average daily net assets of the Company. Such fee shall be accrued daily at the rate of 1/365th of .75 of 1% applied to the daily net assets of the Company. The net advisory fee shall be paid to Adviser daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The net asset value of Company shares as used herein will be calculated to the nearest 1/10th of one cent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Adviser may from time to time and for such periods as it deems appropriate reduce its compensation (and, if appropriate, assume expenses of the Company) to the extent that the Company's expenses exceed such lower expense limitation as the Adviser may, by notice to the Company, voluntarily declare to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The parties hereto acknowledge that Federated Investors has reserved the right to grant the nonexclusive use of the name "Liberty" or any derivative thereof to any other investment company, investment adviser or other business enterprise, and to withdraw from the Company the use of the name "Liberty." In the event that Federated Investors should elect to withdraw the use of the name "Liberty" from the Company, the Company will submit the question of continuing this Contract to a vote of the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The term of this Contract shall begin on the date of its execution and shall continue in effect for a period of two years from its execution and from year to year thereafter, subject to the provisions for termination and all of the other terms and conditions hereof if: (a) such continuation shall be approved at least annually by the vote of a majority of the Directors of the Company, including a majority of the Directors who are not parties to this Contract or interested persons of any such party (other than as Directors of the Company), cast in person at a meeting called for that purpose; and (b) Adviser shall not have notified the Company in writing at least sixty (60) days prior to the anniversary date of this Contract in any year thereafter that it does not desire such continuation.

IN WITNESS WHEREOF, the parties have caused this Contract to be executed on their behalf by their authorized officers and their corporate seals to be affixed hereto this 2nd day of November, 1992.

Attest: FEDERATED ADVISERS

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;By:<u>/s/ John W. McGonigle</u> | &nbsp;&nbsp;&nbsp;By:<u>/s/ John A. Staley, III</u> |

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Secretary President

Attest: LIBERTY HIGH INCOME BOND FUND, INC.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;By:<u>/s/ John W. McGonigle</u> | &nbsp;&nbsp;&nbsp;By:<u>/s/ Richard B. Fisher</u> |

---

Secretary President

*6/29/20 – Name changed to Federated Hermes High Income Bond Fund, Inc.*

Amendment #1

to the

Investment Advisory Contract

**Federated High Income Bond Fund, Inc.**

This Amendment #1 to the Investment Advisory Contract between Federated Investment Management Company and Federated High Income Bond Fund, Inc. approved at a board meeting on November 17, 2016, shall become effective on

December 30, 2016.

For all services rendered by Adviser hereunder, the Company shall pay to Adviser and Adviser agrees to accept as full compensation for all services rendered hereunder, a net investment advisory fee equal to 0.50% of 1% of the average daily net assets of the Company.

The portion of the fee based upon the average daily net assets of the Fund shall be accrued daily at the rate of 1/365th of 0.50% of 1% applied to the daily net assets of the Company.

The net advisory fee shall be paid to Adviser daily.<br>Witness the due executition hereof this 1<sup>st</sup> day of December, 2016.

 **Federated High Income Bond Fund, Inc.**

By:_<u>/s/J. Christopher Donahue</u>

Name: J. Christopher Donahue

Title: President

 **Federated Invesment Management Company**

By:_<u>/s/ John B. Fisher</u>

Name: John B. Fisher

Title: President

<u>LIMITED POWER OF ATTORNEY</u>

KNOW ALL MEN BY THESE PRESENTS, dated as of June 1, 2017, that Federated High Income Bond Fund, Inc., a corporation duly organized under the laws of the State of Maryland (the "Corporation"), does hereby nominate, constitute and appoint Federated Investment Management Company, a business trust duly organized under the laws of the state of Delaware (the "Adviser"), to act hereunder as the true and lawful agent and attorney-in-fact of the Corporation, acting on behalf of each of the series portfolios of the Corporation for which the Adviser provides advisory services and acts as investment adviser as of the date of this limited power attorney and for such series portfolios that may be established by the Corporation in the future from time to (each such series portfolio being hereinafter referred to as a "Fund" and collectively as the "Funds"), for the specific purpose of executing and delivering all such agreements, instruments, contracts, assignments, bond powers, stock powers, transfer instructions, receipts, waivers, consents and other documents, and performing all such acts, as the Adviser may deem necessary or reasonably desirable, related to the acquisition, disposition and/or reinvestment of the funds and assets of a Fund of the Corporation in accordance with Adviser's supervision of the investment, sale and reinvestment of the funds and assets of each Fund pursuant to the authority granted to the Adviser as investment adviser of each Fund under that certain investment advisory contract dated November 2, 1992 by and between the Adviser and the Trust (such investment advisory contract, as may be amended, supplemented or otherwise modified from time to time is hereinafter referred to as the "Investment Advisory Contract").

The Adviser shall exercise or omit to exercise the powers and authorities granted herein in each case as the Adviser in its sole and absolute discretion deems desirable or appropriate under existing circumstances. The Corporation hereby ratifies and confirms as good and effectual, at law or in equity, all that the Adviser, and its officers and employees, may do by virtue hereof. However, despite the above provisions, nothing herein shall be construed as imposing a duty on the Adviser to act or assume responsibility for any matters referred to above or other matters even though the Adviser may have power or authority hereunder to do so. Nothing in this Limited Power of Attorney shall be construed (i) to be an amendment or modifications of, or supplement to, the Investment Advisory Contract, (ii) to amend, modify, limit or denigrate any duties, obligations or liabilities of the Adviser under the terms of the Investment Advisory Contract or (iii) exonerate, relieve or release the Adviser any losses, obligations, penalties, actions, judgments and suits and other costs, expenses and disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Adviser (x) under the terms of the Investment Advisory Contract or (y) at law, or in equity, for the performance of its duties as the investment adviser of any of the Funds.

The Corporation hereby agrees to indemnify and save harmless the Adviser and its directors, officers and employees (each of the foregoing an "Indemnified Party" and collectively the "Indemnified Parties") against and from any and all losses, obligations, penalties, actions, judgments and suits and other costs, expenses and disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against an Indemnified Party, other than as a consequence of gross negligence or willful misconduct on the part of an Indemnified Party, arising out of or in connection with this Limited Power of Attorney or any other agreement, instrument or document executed in connection with the exercise of the authority granted to the Adviser herein to act on behalf of the Corporation, including without limitation the reasonable costs, expenses and disbursements in connection with defending such Indemnified Party against any claim or liability related to the exercise or performance of any of the Adviser's powers or duties under this Limited Power of Attorney or any of the other agreements, instruments or documents executed in connection with the exercise of the authority granted to the Adviser herein to act on behalf of the Corporation, or the taking of any action under or in connection with any of the foregoing. The obligations of the Corporation under this paragraph shall survive the termination of this Limited Power of Attorney with respect to actions taken by the Adviser on behalf of the Corporation during the term of this Limited Power of Attorney. No Fund shall have any joint or several obligation with any other Fund to reimburse or indemnify an Indemnified Party for any action, event, matter or occurrence performed or omitted by or on behalf of the Adviser in its capacity as agent or attorney-in-fact of Corporation acting on behalf of any other Fund hereunder.

Any person, partnership, corporation or other legal entity dealing with the Adviser in its capacity as attorney-in-fact hereunder for the Corporation is hereby expressly put on notice that the Adviser is acting solely in the capacity as an agent of the Corporation and that any such person, partnership, corporation or other legal entity must look solely to the Corporation in question for enforcement of any claim against the Corporation, as the Adviser assumes no personal liability whatsoever for obligations of the Corporation entered into by the Adviser in its capacity as attorney-in-fact for the Corporation.

Each person, partnership, corporation or other legal entity which deals with a Fund of the Corporation through the Adviser in its capacity as agent and attorney-in-fact of the Corporation, is hereby expressly put on notice (i) that all persons or entities dealing with the Corporation must look solely to the assets of the Fund of the Corporation on whose behalf the Adviser is acting pursuant to its powers hereunder for enforcement of any claim against the Corporation, as the Directors, officers and/or agents of such Corporation, the shareholders of the various classes of shares of the Corporation and the other Funds of the Corporation assume no personal liability whatsoever for obligations entered into on behalf of such Fund of the Corporation, and (ii) that the rights, liabilities and obligations of any one Fund are separate and distinct from those of any other Fund of the Corporation.

The execution of this Limited Power of Attorney by the Corporation acting on behalf of the several Funds shall not be deemed to evidence the existence of any express or implied joint undertaking or appointment by and among any or all of the Funds. Liability for or recourse under or upon any undertaking of the Adviser pursuant to the power or authority granted to the Adviser under this Limited Power of Attorney under any rule of law, statute or constitution or by the enforcement of any assessment or penalty or by legal or equitable proceedings or otherwise shall be limited only to the assets of the Fund of the Corporation on whose behalf the Adviser was acting pursuant to the authority granted hereunder.

The Corporation hereby agrees that no person, partnership, corporation or other legal entity dealing with the Adviser shall be bound to inquire into the Adviser's power and authority hereunder and any such person, partnership, corporation or other legal entity shall be fully protected in relying on such power or authority unless such person, partnership, corporation or other legal entity has received prior written notice from the Corporation that this Limited Power of Attorney has been revoked. This Limited Power of Attorney shall be revoked and terminated automatically upon the cancellation or termination of the Investment Advisory Contract between the Corporation and the Adviser. Except as provided in the immediately preceding sentence, the powers and authorities herein granted may be revoked or terminated by the Corporation at any time provided that no such revocation or termination shall be effective until the Adviser has received actual notice of such revocation or termination in writing from the Corporation.

This Limited Power of Attorney constitutes the entire agreement between the Corporation and the Adviser, may be changed only by a writing signed by both of them, and shall bind and benefit their respective successors and assigns; provided, however, the Adviser shall have no power or authority hereunder to appoint a successor or substitute attorney in fact for the Corporation.

This Limited Power of Attorney shall be governed and construed in accordance with the laws of the Commonwealth of Pennsylvania without reference to principles of conflicts of laws. Without limiting any other authority expressly granted hereunder, for purposes of Pennsylvania law, this Limited Power of Attorney shall be deemed to constitute a power used in a commercial transaction which authorizes an agency relationship which is exclusively granted to facilitate transfer of stock, bonds and other assets and which may be exercised independently of any other agent designated by the Corporation and includes, but is not limited to, the power to engage in stock, bond and other securities transactions as specified by 20 Pa.C.S. § 5603(k). The authority granted to the Adviser by this Limited Power of Attorney may be delegated by the Adviser to one or more successor agents or subadvisors, or to other persons the Adviser in its sole discretion determines are appropriate or necessary. If any provision hereof, or any power or authority conferred upon the Adviser herein, would be invalid or unexercisable under applicable law, then such provision, power or authority shall be deemed modified to the extent necessary to render it valid or exercisable while most nearly preserving its original intent, and no provision hereof, or power or authority conferred upon the Adviser herein, shall be affected by the invalidity or the non-exercisability of another provision hereof, or of another power or authority conferred herein.

This Limited Power of Attorney may be executed in as many identical counterparts as may be convenient and by the different parties hereto on separate counterparts. This Limited Power of Attorney shall become binding on the Corporation when the Corporation shall have executed at least one counterpart and the Adviser shall have accepted its appointment by executing this Limited Power of Attorney. Immediately after the execution of a counterpart original of this Limited Power of Attorney and solely for the convenience of the parties hereto, the Corporation and the Adviser will execute sufficient counterparts so that the Adviser shall have a counterpart executed by it and the Corporation, and the Trust shall have a counterpart executed by the Corporation and the Adviser. Each counterpart shall be deemed an original and all such taken together shall constitute but one and the same instrument, and it shall not be necessary in making proof of this Limited Power of Attorney to produce or account for more than one such counterpart.

IN WITNESS WHEREOF, the Corporation has caused this Limited Power of Attorney to be executed by its duly authorized officer as of the date first written above.

&nbsp;&nbsp;&nbsp;**Federated High Income Bond Fund, Inc.**

&nbsp;&nbsp;&nbsp;By:<u>/s/ J. Christopher Donahue</u>

Name: J. Christopher Donahue

Title: President

Accepted and agreed to this **June 1, 2017**

**Federated Investment Management Company** 

By:<u>/s/ John B. Fisher</u>

Name: John B. Fisher

Title: President

**Amendment to**

**Investment Advisory Contract**

**between**

**Federated High Income Bond Fund, Inc.**

**and**

**Federated Investment Management Company**

This Amendment to the Investment Advisory Contract ("Agreement") dated November 2, 1992, between Federated High Income Bond Fund, Inc. ("Fund") and Federated Investment Management Company ("Service Provider") is made and entered into as of the 1st day of June, 2001.

WHEREAS, the Fund has entered into the Agreement with the Service Provider;

WHEREAS, the Securities and Exchange Commission has adopted Regulation S-P at 17 CFR Part 248 to protect the privacy of individuals who obtain a financial product or service for personal, family or household use;

WHEREAS, Regulation S-P permits financial institutions, such as the Fund, to disclose "nonpublic personal information" ("NPI") of its "customers" and "consumers" (as those terms are therein defined in Regulation S-P) to affiliated and nonaffiliated third parties of the Fund, without giving such customers and consumers the ability to opt out of such disclosure, for the limited purposes of processing and servicing transactions (17 CFR § 248.14) ("Section 248.14 NPI"); for specified law enforcement and miscellaneous purposes (17 CFR § 248.15) ("Section 248.15 NPI") ; and to service providers or in connection with joint marketing arrangements (17 CFR § 248.13) ("Section 248.13 NPI");

WHEREAS, Regulation S-P provides that the right of a customer and consumer to opt out of having his or her NPI disclosed pursuant to 17 CFR § 248.7 and 17 CFR § 248.10 does not apply when the NPI is disclosed to service providers or in connection with joint marketing arrangements, provided the Fund and third party enter into a contractual agreement that prohibits the third party from disclosing or using the information other than to carry out the purposes for which the Fund disclosed the information (17 CFR § 248.13);

NOW, THEREFORE, the parties intending to be legally bound agree as follows:

The Fund and the Service Provider hereby acknowledge that the Fund may disclose shareholder NPI to the Service Provider as agent of the Fund and solely in furtherance of fulfilling the Service Provider's contractual obligations under the Agreement in the ordinary course of business to support the Fund and its shareholders.

The Service Provider hereby agrees to be bound to use and redisclose such NPI only for the limited purpose of fulfilling its duties and obligations under the Agreement, for law enforcement and miscellaneous purposes as permitted in 17 CFR §§ 248.15, or in connection with joint marketing arrangements that the Funds may establish with the Service Provider in accordance with the limited exception set forth in 17 CFR § 248.13.

The Service Provider further represents and warrants that, in accordance with 17 CFR § 248.30, it has implemented, and will continue to carry out for the term of the Agreement, policies and procedures reasonably designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· insure the security and confidentiality of records and NPI of Fund customers,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· protect against any anticipated threats or hazards to the security or integrity of Fund customer records and NPI, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· protect against unauthorized access to or use of such Fund customer records or NPI that could result in substantial harm or inconvenience
to any Fund customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Service Provider may redisclose Section 248.13 NPI only to: (a) the Funds and affiliated persons of the Funds ("Fund Affiliates"); (b) affiliated persons of the Service Provider ("Service Provider Affiliates") (which in turn may disclose or use the information only to the extent permitted under the original receipt); (c) a third party not affiliated with the Service Provider of the Funds ("Nonaffiliated Third Party") under the service and processing (§248.14) or miscellaneous (§248.15) exceptions, but only in the ordinary course of business to carry out the activity covered by the exception under which the Service Provider received the information in the first instance; and (d) a Nonaffiliated Third Party under the service provider and joint marketing exception (§248.13), provided the Service Provider enters into a written contract with the Nonaffiliated Third Party that prohibits the Nonaffiliated Third Party from disclosing or using the information other than to carry out the purposes for which the Funds disclosed the information in the first instance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Service Provider may redisclose Section 248.14 NPI and Section 248.15 NPI to: (a) the Funds and Fund Affiliates; (b) Service Provider Affiliates (which in turn may disclose the information to the same extent permitted under the original receipt); and (c) a Nonaffiliated Third Party to whom the Funds might lawfully have disclosed NPI directly.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Service Provider is obligated to maintain beyond the termination date of the Agreement the confidentiality of any NPI it receives
from the Fund in connection with the Agreement or any joint marketing arrangement, and hereby agrees that this Amendment shall survive
such termination.

WITNESS the due execution hereof this 1st day of June, 2001.

**Federated High Income Bond Fund, Inc.**

By:<u>/s/ Richard B. Fisher</u> 

Name: Richard B. Fisher

Title: President

**Federated Investment Management Company**

By: <u>/s/ G. Andrew Bonnewell</u> 

Name: G. Andrew Bonnewell

Title: Vice President

## Ex-99.E

Exhibit 28 (e) under Form N-1A<br> Exhibit 1 under Item 601/Reg. S-K

*6/29/20 – Name changed to Federated Hermes High Income Bond Fund, Inc.*

3/31/96 - Name changed to Federated High Income Bond Fund, Inc.

LIBERTY HIGH INCOME BOND FUND, INC.

<u>DISTRIBUTOR'S CONTRACT</u>

AGREEMENT made this 1st day of March, 1993, by and between LIBERTY HIGH INCOME BOND FUND, INC. (the "Corporation"), a Maryland Corporation, and FEDERATED SECURITIES CORP. ("FSC"), a Pennsylvania Corporation.

In consideration of the mutual covenants hereinafter contained, it is hereby agreed by and between the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Corporation hereby appoints FSC as its agent to sell and distribute shares of the Corporation which may be offered in one or more series (the "Funds") consisting of one or more classes (the "Classes") of shares (the "Shares"), as described and set forth on one or more exhibits to this Agreement, at the current offering price thereof as described and set forth in the current Prospectuses of the Corporation. FSC hereby accepts such appointment and agrees to provide such other services for the Corporation, if any, and accept such compensation from the Corporation, if any, as set forth in the applicable exhibit to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The sale of any Shares may be suspended without prior notice whenever in the judgment of the Corporation it is in its best interest to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Neither FSC nor any other person is authorized by the Corporation to give any information or to make any representation relative to any Shares other than those contained in the Registration Statement, Prospectuses, or Statements of Additional Information ("SAIs") filed with the Securities and Exchange Commission, as the same may be amended from time to time, or in any supplemental information to said Prospectuses or SAIs approved by the Corporation. FSC agrees that any other information or representations other than those specified above which it or any dealer or other person who purchases Shares through FSC may make in connection with the offer or sale of Shares, shall be made entirely without liability on the part of the Corporation. No person or dealer, other than FSC, is authorized to act as agent for the Corporation for any purpose. FSC agrees that in offering or selling Shares as agent of the Corporation, it will, in all respects, duly conform to all applicable state and federal laws and the rules and regulations of the National Association of Securities Dealers, Inc., including its Rules of Fair Practice. FSC will submit to the Corporation copies of all sales literature before using the same and will not use such sales literature if disapproved by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement is effective with respect to each Class as of the date of execution of the applicable exhibit and shall continue in effect with respect to each Class presently set forth on an exhibit and any subsequent Classes added pursuant to an exhibit during the initial term of this Agreement for one year from the date set forth above, and thereafter for successive periods of one year if such continuance is approved at least annually by the Directors of the Corporation including a majority of the members of the Board of Directors of the Corporation who are not interested persons of the Corporation and have no direct or indirect financial interest in the operation of any Distribution Plan relating to the Corporation or in any related documents to such Plan ("Disinterested Directors") cast in person at a meeting called for that purpose. If a Class is added after the first annual approval by the Directors as described above, this Agreement will be effective as to that Class upon execution of the applicable exhibit and will continue in effect until the next annual approval of this Agreement by the Directors and thereafter for successive periods of one year, subject to approval as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Agreement may be terminated with regard to a particular Fund or Class at any time, without the payment of any penalty, by the vote of a majority of the Disinterested Directors or by a majority of the outstanding voting securities of the particular Fund or Class on not more than sixty (60) days' written notice to any other party to this Agreement. This Agreement may be terminated with regard to a particular Fund or Class by FSC on sixty (60) days' written notice to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Agreement may not be assigned by FSC and shall automatically terminate in the event of an assignment by FSC as defined in the Investment Company Act of 1940, as amended, provided, however, that FSC may employ such other person, persons, corporation or corporations as it shall determine in order to assist it in carrying out its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. FSC shall not be liable to the Corporation for anything done or omitted by it, except acts or omissions involving willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties imposed by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This Agreement may be amended at any time by mutual agreement in writing of all the parties hereto, provided that such amendment is approved by the Directors of the Corporation including a majority of the Disinterested Directors of the Corporation cast in person at a meeting called for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Agreement shall be construed in accordance with and governed by the laws of the Commonwealth of Pennsylvania.

10. (a) Subject to the conditions set forth below, the Corporation agrees to indemnify and hold harmless FSC and each person, if any, who controls FSC within the meaning of Section 15 of the Securities Act of 1933 and Section 20 of the Securities Act of 1934, as amended, against any and all loss, liability, claim, damage and expense whatsoever (including but not limited to any and all expenses whatsoever reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, any Prospectuses or SAIs (as from time to time amended and supplemented) or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon and in conformity with written information furnished to the Corporation about FSC by or on behalf of FSC expressly for use in the Registration Statement, any Prospectuses and SAIs or any amendment or supplement thereof.

If any action is brought against FSC or any controlling person thereof with respect to which indemnity may be sought against the Corporation pursuant to the foregoing paragraph, FSC shall promptly notify the Corporation in writing of the institution of such action and the Corporation shall assume the defense of such action, including the employment of counsel selected by the Corporation and payment of expenses. FSC or any such controlling person thereof shall have the right to employ separate counsel in any such case, but the fees and expenses of such counsel shall be at the expense of FSC or such controlling person unless the employment of such counsel shall have been authorized in writing by the Corporation in connection with the defense of such action or the Corporation shall not have employed counsel to have charge of the defense of such action, in any of which events such fees and expenses shall be borne by the Corporation. Anything in this paragraph to the contrary notwithstanding, the Corporation shall not be liable for any settlement of any such claim of action effected without its written consent. The Corporation agrees promptly to notify FSC of the commencement of any litigation or proceedings against the Corporation or any of its officers or Directors or controlling persons in connection with the issue and sale of Shares or in connection with the Registration Statement, Prospectuses, or SAIs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) FSC agrees to indemnify and hold harmless the Corporation, each of its Directors, each of its officers who have signed the Registration Statement and each other person, if any, who controls the Corporation within the meaning of Section 15 of the Securities Act of 1933, but only with respect to statements or omissions, if any, made in the Registration Statement or any Prospectus, SAI, or any amendment or supplement thereof in reliance upon, and in conformity with, information furnished to the Corporation about FSC by or on behalf of FSC expressly for use in the Registration Statement or any Prospectus, SAI, or any amendment or supplement thereof. In case any action shall be brought against the Corporation or any other person so indemnified based on the Registration Statement or any Prospectus, SAI, or any amendment or supplement thereof, and with respect to which indemnity may be sought against FSC, FSC shall have the rights and duties given to the Corporation, and the Corporation and each other person so indemnified shall have the rights and duties given to FSC by the provisions of subsection (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing herein contained shall be deemed to protect any person against liability to the Corporation or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the duties of such person or by reason of the reckless disregard by such person of the obligations and duties of such person under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Insofar as indemnification for liabilities may be permitted pursuant to Section 17 of the Investment Company Act of 1940, as amended, for Directors, officers, FSC and controlling persons of the Corporation by the Corporation pursuant to this Agreement, the Corporation is aware of the position of the Securities and Exchange Commission as set forth in the Investment Company Act Release No. IC-11330. Therefore, the Corporation undertakes that in addition to complying with the applicable provisions of this Agreement, in the absence of a final decision on the merits by a court or other body before which the proceeding was brought, that an indemnification payment will not be made unless in the absence of such a decision, a reasonable determination based upon factual review has been made (i) by a majority vote of a quorum of non-party Disinterested Directors, 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 Corporation 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, Director, FSC or controlling person of the Corporation 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 Corporation is insured against losses arising by reason of any lawful advances; or (iii) a majority of a quorum of non-party Disinterested Directors or independent legal counsel in a written opinion makes a factual determination that there is reason to believe the indemnitee will be entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. If at any time the Shares of any Fund are offered in two or more Classes, FSC agrees to adopt compliance standards as to when a class of shares may be sold to particular investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Agreement will become binding on the parties hereto upon the execution of the attached exhibits to the Agreement.

*6/29/20 – Name changed to Federated Hermes High Income Bond Fund, Inc.*

*3/31/96 - Name changed to Federated High Income Bond Fund, Inc.*

 

Exhibit A

to the

Distributor's Contract

LIBERTY HIGH INCOME BOND FUND, INC.

Class A Shares

In consideration of the mutual covenants set forth in the Distributor's Contract dated March 1, 1993, between LIBERTY HIGH INCOME BOND FUND, INC. and Federated Securities Corp., LIBERTY HIGH INCOME BOND FUND, INC. executes and delivers this Exhibit on behalf of the Funds, and with respect to the Class of Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 1st day of March, 1993.

---

| | |
|:---|:---|
| &nbsp;&nbsp;ATTEST: | &nbsp;&nbsp;LIBERTY HIGH INCOME BOND FUND, INC. |
| &nbsp;&nbsp;<u>/s/ John W. McGonigle</u> | &nbsp;&nbsp;By:<u>/s/ Richard B. Fisher</u> |
| &nbsp;&nbsp;Secretary | &nbsp;&nbsp;President |
| &nbsp;&nbsp;(SEAL) |  |
| &nbsp;&nbsp;ATTEST: | &nbsp;&nbsp;FEDERATED SECURITIES CORP. |
| &nbsp;&nbsp;<u>/s/ S. Elliott Cohan</u> | &nbsp;&nbsp;By:<u>/s/ John W. McGonigle</u> |
| &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Executive Vice President |
| &nbsp;&nbsp;(SEAL) |  |

---

*6/29/20 – Name changed to Federated Hermes High Income Bond Fund, Inc.*

*3/31/96 - Name changed to Federated High Income Bond Fund, Inc.*

Exhibit B

to the

Distributor's Contract

LIBERTY HIGH INCOME BOND FUND, INC.

Class C Shares

The following provisions are hereby incorporated and made part of the Distributor's Contract dated the 1st day of March, 1993, between LIBERTY HIGH INCOME BOND FUND, INC. and Federated Securities Corp. with respect to Class of the Funds set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Corporation hereby appoints FSC to engage in activities principally intended to result in the sale of shares of the above-listed Classes ("Shares"). Pursuant to this appointment, FSC is authorized to select a group of brokers ("Brokers") to sell Shares at the current offering price thereof as described and set forth in the respective prospectuses of the Corporation, and to render administrative support services to the Corporation and its shareholders. In addition, FSC is authorized to select a group of administrators ("Administrators") to render administrative support services to the Corporation and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Administrative support services may include, but are not limited to, the following functions: 1) account openings: the Broker or Administrator communicates account openings via computer terminals located on the Broker's or Administrator's premises; 2) account closings: the Broker or Administrator communicates account closings via computer terminals; 3) enter purchase transactions: purchase transactions are entered through the Broker's or Administrator's own personal computer or through the use of a toll-free telephone number; 4) enter redemption transactions: Broker or Administrator enters redemption transactions in the same manner as purchases; 5) account maintenance: Broker or Administrator provides or arranges to provide accounting support for all transactions. Broker or Administrator also wires funds and receives funds for Corporation share purchases and redemptions, confirms and reconciles all transactions, reviews the activity in the Corporation's accounts, and provides training and supervision of its personnel; 6) interest posting: Broker or Administrator posts and reinvests dividends to the Corporation's accounts; 7) prospectus and shareholder reports: Broker or Administrator maintains and distributes current copies of prospectuses and shareholder reports; 8) advertisements: the Broker or Administrator continuously advertises the availability of its services and products; 9) customer lists: the Broker or Administrator continuously provides names of potential customers; 10) design services: the Broker or Administrator continuously designs material to send to customers and develops methods of making such materials accessible to customers; and 11) consultation services: the Broker or Administrator continuously provides information about the product needs of customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. During the term of this Agreement, the Corporation will pay FSC for services pursuant to this Agreement, a monthly fee computed at the annual rate of .75 of 1% of the average aggregate net asset value of the shares of the Class C Shares held during the month. For the month in which this Agreement becomes effective or terminates, there shall be an appropriate proration of any fee payable on the basis of the number of days that the Agreement is in effect during the month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. FSC may from time-to-time and for such periods as it deems appropriate reduce its compensation to the extent any Classes' expenses exceed such lower expense limitation as FSC may, by notice to the Corporation, voluntarily declare to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. FSC will enter into separate written agreements with various firms to provide certain of the services set forth in Paragraph 1 herein. FSC, in its sole discretion, may pay Brokers and Administrators a periodic fee in respect of Shares owned from time to time by their clients or customers. The schedules of such fees and the basis upon which such fees will be paid shall be determined from time to time by FSC in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FSC will prepare reports to the Board of Directors of the Corporation on a quarterly basis showing amounts expended hereunder including amounts paid to Brokers and Administrators and the purpose for such payments.

In consideration of the mutual covenants set forth in the Distributor's Contract dated March 1, 1993, between LIBERTY HIGH INCOME BOND FUND, INC. and Federated Securities Corp., LIBERTY HIGH INCOME BOND FUND, INC. executes and delivers this Exhibit on behalf of the Funds, and with respect to the separate Classes of Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 4th day of May, 1993.

---

| | |
|:---|:---|
| &nbsp;&nbsp;ATTEST: | &nbsp;&nbsp;LIBERTY HIGH INCOME BOND FUND, INC. |
| &nbsp;&nbsp;<u>/s/ John W. McGonigle</u> | &nbsp;&nbsp;By:<u>/s/ Richard B. Fisher</u> |
| &nbsp;&nbsp;Secretary | &nbsp;&nbsp;President |
| &nbsp;&nbsp;(SEAL) |  |
| &nbsp;&nbsp;ATTEST: | &nbsp;&nbsp;FEDERATED SECURITIES CORP. |
| &nbsp;&nbsp;<u>/s/ S. Elliott Cohan</u> | &nbsp;&nbsp;By:<u>/s/ John W. McGonigle</u> |
| &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Executive Vice President |
| &nbsp;&nbsp;(SEAL) |  |

---

Select Shares terminated.

Exhibit C

to the

Distributor's Contract

LIBERTY HIGH INCOME BOND FUND, INC.

Select Shares

The following provisions are hereby incorporated and made part of the Distributor's Contract dated the 1st day of March, 1993, between LIBERTY HIGH INCOME BOND FUND, INC. and Federated Securities Corp. with respect to Class of the Funds set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Corporation hereby appoints FSC to engage in activities principally intended to result in the sale of shares of the above-listed Classes ("Shares"). Pursuant to this appointment, FSC is authorized to select a group of brokers ("Brokers") to sell Shares at the current offering price thereof as described and set forth in the respective prospectuses of the Corporation, and to render administrative support services to the Corporation and its shareholders. In addition, FSC is authorized to select a group of administrators ("Administrators") to render administrative support services to the Corporation and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Administrative support services may include, but are not limited to, the following functions: 1) account openings: the Broker or Administrator communicates account openings via computer terminals located on the Broker's or Administrator's premises; 2) account closings: the Broker or Administrator communicates account closings via computer terminals; 3) enter purchase transactions: purchase transactions are entered through the Broker's or Administrator's own personal computer or through the use of a toll-free telephone number; 4) enter redemption transactions: Broker or Administrator enters redemption transactions in the same manner as purchases; 5) account maintenance: Broker or Administrator provides or arranges to provide accounting support for all transactions. Broker or Administrator also wires funds and receives funds for Corporation share purchases and redemptions, confirms and reconciles all transactions, reviews the activity in the Corporation's accounts, and provides training and supervision of its personnel; 6) interest posting: Broker or Administrator posts and reinvests dividends to the Corporation's accounts; 7) prospectus and shareholder reports: Broker or Administrator maintains and distributes current copies of prospectuses and shareholder reports; 8) advertisements: the Broker or Administrator continuously advertises the availability of its services and products; 9) customer lists: the Broker or Administrator continuously provides names of potential customers; 10) design services: the Broker or Administrator continuously designs material to send to customers and develops methods of making such materials accessible to customers; and 11) consultation services: the Broker or Administrator continuously provides information about the product needs of customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. During the term of this Agreement, the Corporation will pay FSC for services pursuant to this Agreement, a monthly fee computed at the annual rate of .75 of 1% of the average aggregate net asset value of the shares of the Select Shares held during the month. For the month in which this Agreement becomes effective or terminates, there shall be an appropriate proration of any fee payable on the basis of the number of days that the Agreement is in effect during the month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. FSC may from time-to-time and for such periods as it deems appropriate reduce its compensation to the extent any Classes' expenses exceed such lower expense limitation as FSC may, by notice to the Corporation, voluntarily declare to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. FSC will enter into separate written agreements with various firms to provide certain of the services set forth in Paragraph 1 herein. FSC, in its sole discretion, may pay Brokers and Administrators a periodic fee in respect of Shares owned from time to time by their clients or customers. The schedules of such fees and the basis upon which such fees will be paid shall be determined from time to time by FSC in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FSC will prepare reports to the Board of Directors of the Corporation on a quarterly basis showing amounts expended hereunder including amounts paid to Brokers and Administrators and the purpose for such payments.

In consideration of the mutual covenants set forth in the Distributor's Contract dated March 1, 1993, between LIBERTY HIGH INCOME BOND FUND, INC. and Federated Securities Corp., LIBERTY HIGH INCOME BOND FUND, INC. executes and delivers this Exhibit on behalf of the Funds, and with respect to the separate Classes of Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 1st day of December, 1993.

---

| | |
|:---|:---|
| &nbsp;&nbsp;ATTEST: | &nbsp;&nbsp;LIBERTY HIGH INCOME BOND FUND, INC. |
| &nbsp;&nbsp;<u>/s/ John W. McGonigle</u> | &nbsp;&nbsp;By:<u>/s/ Richard B. Fisher</u> |
| &nbsp;&nbsp;Secretary | &nbsp;&nbsp;President |
| &nbsp;&nbsp;(SEAL) |  |
| &nbsp;&nbsp;ATTEST: | &nbsp;&nbsp;FEDERATED SECURITIES CORP. |
| &nbsp;&nbsp;<u>/s/ S. Elliott Cohan</u> | &nbsp;&nbsp;By:<u>/s/ John W. McGonigle</u> |
| &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Executive Vice President |
| &nbsp;&nbsp;(SEAL) |  |

---

10/24/97 - Exhibit superseded by Class B Shares document

Exhibit D

to the

Distributor's Contract

LIBERTY HIGH INCOME BOND FUND, INC.

Class B Shares

The following provisions are hereby incorporated and made part of the Distributor's Contract dated the 1st day of March, 1993, between LIBERTY HIGH INCOME BOND FUND, INC. and Federated Securities Corp. with respect to Class of the Funds set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Corporation hereby appoints FSC to engage in activities principally intended to result in the sale of shares of the above-listed Classes ("Shares"). Pursuant to this appointment, FSC is authorized to select a group of brokers ("Brokers") to sell Shares at the current offering price thereof as described and set forth in the respective prospectuses of the Corporation, and to render administrative support services to the Corporation and its shareholders. In addition, FSC is authorized to select a group of administrators ("Administrators") to render administrative support services to the Corporation and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Administrative support services may include, but are not limited to, the following functions: 1) account openings: the Broker or Administrator communicates account openings via computer terminals located on the Broker's or Administrator's premises; 2) account closings: the Broker or Administrator communicates account closings via computer terminals; 3) enter purchase transactions: purchase transactions are entered through the Broker's or Administrator's own personal computer or through the use of a toll-free telephone number; 4) enter redemption transactions: Broker or Administrator enters redemption transactions in the same manner as purchases; 5) account maintenance: Broker or Administrator provides or arranges to provide accounting support for all transactions. Broker or Administrator also wires funds and receives funds for Corporation share purchases and redemptions, confirms and reconciles all transactions, reviews the activity in the Corporation's accounts, and provides training and supervision of its personnel; 6) interest posting: Broker or Administrator posts and reinvests dividends to the Corporation's accounts; 7) prospectus and shareholder reports: Broker or Administrator maintains and distributes current copies of prospectuses and shareholder reports; 8) advertisements: the Broker or Administrator continuously advertises the availability of its services and products; 9) customer lists: the Broker or Administrator continuously provides names of potential customers; 10) design services: the Broker or Administrator continuously designs material to send to customers and develops methods of making such materials accessible to customers; and 11) consultation services: the Broker or Administrator continuously provides information about the product needs of customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. During the term of this Agreement, the Corporation will pay FSC for services pursuant to this Agreement, a monthly fee computed at the annual rate of .75 of 1% of the average aggregate net asset value of the shares of the Class B Shares held during the month. For the month in which this Agreement becomes effective or terminates, there shall be an appropriate proration of any fee payable on the basis of the number of days that the Agreement is in effect during the month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. FSC may from time-to-time and for such periods as it deems appropriate reduce its compensation to the extent any Classes' expenses exceed such lower expense limitation as FSC may, by notice to the Corporation, voluntarily declare to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. FSC will enter into separate written agreements with various firms to provide certain of the services set forth in Paragraph 1 herein. FSC, in its sole discretion, may pay Brokers and Administrators a periodic fee in respect of Shares owned from time to time by their clients or customers. The schedules of such fees and the basis upon which such fees will be paid shall be determined from time to time by FSC in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FSC will prepare reports to the Board of Directors of the Corporation on a quarterly basis showing amounts expended hereunder including amounts paid to Brokers and Administrators and the purpose for such payments.

In consideration of the mutual covenants set forth in the Distributor's Contract dated March 1, 1993, between LIBERTY HIGH INCOME BOND FUND, INC. and Federated Securities Corp., LIBERTY HIGH INCOME BOND FUND, INC. executes and delivers this Exhibit on behalf of the Funds, and with respect to the separate Classes of Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 1st day of September, 1994.

---

| | |
|:---|:---|
| &nbsp;&nbsp;ATTEST: | &nbsp;&nbsp;LIBERTY HIGH INCOME BOND FUND, INC. |
| &nbsp;&nbsp;<u>/s/ John W. McGonigle</u> | &nbsp;&nbsp;By:<u>/s/ Richard B. Fisher</u> |
| &nbsp;&nbsp;Secretary | &nbsp;&nbsp;President |
| &nbsp;&nbsp;(SEAL) |  |
| &nbsp;&nbsp;ATTEST: | &nbsp;&nbsp;FEDERATED SECURITIES CORP. |
| &nbsp;&nbsp;<u>/s/ S. Elliott Cohan</u> | &nbsp;&nbsp;By:<u>/s/ Edward C. Gonzales</u> |
| &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Executive Vice President |
| &nbsp;&nbsp;(SEAL) |  |

---

*6/29/20 – Name changed to Federated Hermes High Income Bond Fund, Inc.*

Exhibit E

to the

Distributor's Contract

Federated High Income Bond Fund

**Class R6 Shares**

The following provisions are hereby incorporated and made part of the Distributor's Contract dated the 1st day of March, 1993 between Federated High Income Bond Fund and Federated Securities Corp. ("FSC") with respect to the Class R6 Shares of Federated High Income Bond Fund set forth above.

1. FSC is authorized to select a group of financial institutions ("Financial Institutions") to sell Shares at the current offering price thereof as described and set forth in the respective prospectuses of the Trust.

2. FSC will enter into separate written agreements with such Financial Institutions to sell Shares as set forth in Paragraph 1 herein.

In consideration of the mutual covenants set forth in the Distributor's Contract dated the 1st day of March, 1993 between Federated High Income Bond Fund and FSC, executes and delivers this Exhibit with respect to the Class R6 Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 1st day of December, 2016.

---

| |
|:---|
| &nbsp;&nbsp;FEDERATED HIGH INCOME BOND FUND INC. |
| &nbsp;&nbsp;By:__<u>/s/ J. Christopher Dohanhe</u> |
| &nbsp;&nbsp;Name: J. Christopher Donahue |
| &nbsp;&nbsp;President |
| &nbsp;&nbsp;FEDERATED SECURITIES CORP. |
| &nbsp;&nbsp;By:__<u>/s/ Thomas R. Donahue</u> |
| &nbsp;&nbsp;Name: Thomas R. Donahue |
| &nbsp;&nbsp;Executive Vice President |

---

*6/29/20 – Name changed to Federated Hermes High Income Bond Fund, Inc.*

Exhibit F

to the

Distributor's Contract

Federated High Income Bond Fund

**Institutional Shares**

The following provisions are hereby incorporated and made part of the Distributor's Contract dated the 1st day of March, 1993 between Federated High Income Bond Fund and Federated Securities Corp. ("FSC") with respect to the Institutional Shares of the Federated High Income Bond Fund, set forth above.

1. FSC is authorized to select a group of financial institutions ("Financial Institutions") to sell Shares at the current offering price thereof as described and set forth in the respective prospectuses of the Trust.

2. FSC will enter into separate written agreements with such Financial Institutions to sell Shares as set forth in Paragraph 1 herein.

The following provisions are hereby incorporated and made part of the Distributor's Contract dated the 1st day of March, 1993 between Federated High Income Bond Fund and Federated Securities Corp. ("FSC") with respect to Institutional Shares hereof, first set forth in this Exhibit.

Witness the due execution hereof this 1st day of December, 2016.

---

| |
|:---|
| &nbsp;&nbsp;FEDERATED HIGH INCOME BOND FUND INC. |
| &nbsp;&nbsp;By: <u>/s/ J. Christopher Donahue</u> |
| &nbsp;&nbsp;Name: J. Christopher Donahue |
| &nbsp;&nbsp;President |
| &nbsp;&nbsp;FEDERATED SECURITIES CORP. |
| &nbsp;&nbsp;By:**__**<u>/s/ Thomas R. Donahue</u>**_** |
| &nbsp;&nbsp;Name: Thomas R. Donahue |
| &nbsp;&nbsp;Executive Vice President |

---

*11/30/20 – T Shares were discontinued..*

*6/29/20 – Name changed to Federated Hermes High Income Bond Fund, Inc.*

Exhibit G

to the

Distributor's Contract

**Federated High Income Bond Fund**

**Class T Shares**

The following provisions are hereby incorporated and made part of the Distributor's Contract dated the 1st day of March, 1993 between Federated High Income Bond Fund (the "Corporation") and Federated Securities Corp. ("FSC") with respect to the Class T Shares set forth above.

1. FSC is authorized to select a group of financial institutions ("Financial Institutions") to sell Shares at the current offering price thereof as described and set forth in the respective prospectuses of the Corporation.

2. FSC will enter into separate written agreements with such Financial Institutions to sell Shares as set forth in Paragraph 1 herein.

In consideration of the mutual covenants set forth in the Distributor's Contract dated the 1st day of March, 1993 between the Corporation and FSC, the Corporation executes and delivers this Exhibit with respect to the Class T Shares thereof, first set forth in this Exhibit.

Witness the due execution hereof this 1st day of March, 2017.

---

| |
|:---|
| &nbsp;&nbsp;**FEDERATED HIGH INCOME BOND FUND INC.** |
| &nbsp;&nbsp;By:<u>/s/ J. Christopher Donahue</u> |
| &nbsp;&nbsp;Name: J. Christopher Donahue |
| &nbsp;&nbsp;President |
| &nbsp;&nbsp;**FEDERATED SECURITIES CORP.** |
| &nbsp;&nbsp;By<u>:./s/.Paul A. Uhlman</u> |
| &nbsp;&nbsp;Name: Paul A. Uhlman |
| &nbsp;&nbsp;President |

---

**Amendment to**

**Distributor's Contract**

**between**

**Federated High Income Bond Fund, Inc.**

**and**

**Federated Securities Corp.**

This Amendment to the Distributor's Contract ("Agreement") dated March 1, 1993, between Federated High Income Bond Fund, Inc. ("Fund") and Federated Securities Corp. ("Service Provider") is made and entered into as of the 1st day of June, 2001.

WHEREAS, the Fund has entered into the Agreement with the Service Provider;

WHEREAS, the Securities and Exchange Commission has adopted Regulation S-P at 17 CFR Part 248 to protect the privacy of individuals who obtain a financial product or service for personal, family or household use;

WHEREAS, Regulation S-P permits financial institutions, such as the Fund, to disclose "nonpublic personal information" ("NPI") of its "customers" and "consumers" (as those terms are therein defined in Regulation S-P) to affiliated and nonaffiliated third parties of the Fund, without giving such customers and consumers the ability to opt out of such disclosure, for the limited purposes of processing and servicing transactions (17 CFR § 248.14) ("Section 248.14 NPI"); for specified law enforcement and miscellaneous purposes (17 CFR § 248.15) ("Section 248.15 NPI") ; and to service providers or in connection with joint marketing arrangements (17 CFR § 248.13) ("Section 248.13 NPI");

WHEREAS, Regulation S-P provides that the right of a customer and consumer to opt out of having his or her NPI disclosed pursuant to 17 CFR § 248.7 and 17 CFR § 248.10 does not apply when the NPI is disclosed to service providers or in connection with joint marketing arrangements, provided the Fund and third party enter into a contractual agreement that prohibits the third party from disclosing or using the information other than to carry out the purposes for which the Fund disclosed the information (17 CFR § 248.13);

NOW, THEREFORE, the parties intending to be legally bound agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund and the Service Provider hereby acknowledge that the Fund may disclose shareholder NPI to the
Service Provider as agent of the Fund and solely in furtherance of fulfilling the Service Provider's contractual obligations under
the Agreement in the ordinary course of business to support the Fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Service Provider hereby agrees to be bound to use and redisclose such NPI only for the limited purpose
of fulfilling its duties and obligations under the Agreement, for law enforcement and miscellaneous purposes as permitted in 17 CFR §§
248.15, or in connection with joint marketing arrangements that the Funds may establish with the Service Provider in accordance with the
limited exception set forth in 17 CFR § 248.13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Service Provider further represents and warrants that, in accordance with 17 CFR § 248.30,
it has implemented, and will continue to carry out for the term of the Agreement, policies and procedures reasonably designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· insure the security and confidentiality of records and NPI of Fund customers,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· protect against any anticipated threats or hazards to the security or integrity
of Fund customer records and NPI, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· protect against unauthorized access to or use of such Fund customer records
or NPI that could result in substantial harm or inconvenience to any Fund customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Service Provider may redisclose Section 248.13 NPI only to: (a) the Funds and affiliated persons of the Funds ("Fund Affiliates"); (b) affiliated persons of the Service Provider ("Service Provider Affiliates") (which in turn may disclose or use the information only to the extent permitted under the original receipt); (c) a third party not affiliated with the Service Provider of the Funds ("Nonaffiliated Third Party") under the service and processing (§248.14) or miscellaneous (§248.15) exceptions, but only in the ordinary course of business to carry out the activity covered by the exception under which the Service Provider received the information in the first instance; and (d) a Nonaffiliated Third Party under the service provider and joint marketing exception (§248.13), provided the Service Provider enters into a written contract with the Nonaffiliated Third Party that prohibits the Nonaffiliated Third Party from disclosing or using the information other than to carry out the purposes for which the Funds disclosed the information in the first instance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Service Provider may redisclose Section 248.14 NPI and Section 248.15 NPI to: (a) the Funds and Fund Affiliates; (b) Service Provider Affiliates (which in turn may disclose the information to the same extent permitted under the original receipt); and (c) a Nonaffiliated Third Party to whom the Funds might lawfully have disclosed NPI directly.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Service Provider is obligated to maintain beyond the termination date of the Agreement the confidentiality of any NPI it receives
from the Fund in connection with the Agreement or any joint marketing arrangement, and hereby agrees that this Amendment shall survive
such termination.

WITNESS the due execution hereof this 1st day of June, 2001.

**Federated High Income Bond Fund, Inc.**

By: <u>/s/ Richard B. Fisher</u> 

Name: Richard B. Fisher

Title: President

**Federated Securities Corp.**

By: <u>/s/ David M. Taylor</u> 

Name: David M. Taylor

Title: Executive Vice President

**Amendment to**

**Distributor's Contracts**

**between**

**the Federated Funds**

**and**

**Federated Securities Corp.**

This Amendment to the Distributor's Contracts (each an "Agreement" and together, the "Agreements") between the Federated Funds listed on Exhibit A, (each a "Fund" and collectively, the "Funds") and Federated Securities Corp. ("Distributor") is made and entered into as of the 1st day of October, 2003.

WHEREAS, each Fund has entered into an Agreement with the Distributor under and pursuant to which the Distributor is the principal underwriter of the shares of the Fund;

WHEREAS, the Securities and Exchange Commission and the United States Treasury Department ("Treasury Department") have adopted a series of rules and regulations arising out of the USA PATRIOT Act (together with such rules and regulations, the "Applicable Law"), specifically requiring certain financial institutions, including the Funds and the Distributor, to establish a written anti-money laundering and customer identification program ("Program");

WHEREAS, each of the Funds and the Distributor have established a Program and wish to amend the Agreements to reflect the existence of such Programs and confirm the allocation of responsibility for the performance of certain required functions;

NOW, THEREFORE, the parties intending to be legally bound agree and amend each Agreement as follows:

1. The Funds and the Distributor each represent, warrant and certify that they have established, and covenant
that at all times during the existence of each respective Agreement they will maintain, a Program in compliance with Applicable Law.

2. The Funds each represent and warrant that the Funds have entered into an amendment to the agreement
with the transfer agent of the Funds, pursuant to which the transfer agent has agreed to perform all activities, including the establishment
and verification of customer identities as required by Applicable Law or its Program, with respect to all customers on whose behalf Distributor
maintains an account with the Funds **.** 

3. Distributor covenants that it will enter into appropriate amendments to selling or other agreements
with financial institutions that establish and maintain accounts with the Funds on behalf of their customers, pursuant to which such financial
institutions covenant to establish and maintain a Program with respect to those customers in accordance with Applicable Law.

In all other respects, each Agreement first referenced above shall remain in full force and effect.

WITNESS the due execution hereof as of the 1st day of October, 2003.

**FUNDS**

By: <u>/s/ John W. McGonigle</u> 

Name: John W. McGonigle

Title: Executive Vice President

**federated Securities Corp.**

By: <u>/s/ James F. Getz</u> 

Name: James F. Getz

Title: President - Broker/Dealer

**EXHIBIT A**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Funds</u>** | &nbsp;&nbsp;**<u>Distributor's Contract Date</u>** |
| &nbsp;&nbsp;Cash Trust Series, Inc. | &nbsp;&nbsp;March 1, 1993 |
| &nbsp;&nbsp;Cash Trust Series II | &nbsp;&nbsp;January 25, 1991 |
| &nbsp;&nbsp;Edward Jones Money Market Fund | &nbsp;&nbsp;April 1, 2001 |
| &nbsp;&nbsp;Edward Jones Tax-Free Money Market Fund | &nbsp;&nbsp;March 1, 2001 |
| &nbsp;&nbsp;Federated Adjustable Rate Securities Fund | &nbsp;&nbsp;April 24, 1992 |
| &nbsp;&nbsp;Federated American Leaders Fund, Inc. | &nbsp;&nbsp;March 1, 1993 |
| &nbsp;&nbsp;Federated Equity Funds | &nbsp;&nbsp;June 1, 1995 |
| &nbsp;&nbsp;Federated Equity Income Fund, Inc. | &nbsp;&nbsp;March 1, 1993 |
| &nbsp;&nbsp;Federated Fixed Income Securities Fund, Inc. | &nbsp;&nbsp;December 24, 1991 |
| &nbsp;&nbsp;Federated GNMA Trust | &nbsp;&nbsp;May 29, 1992 |
| &nbsp;&nbsp;Federated Government Income Securities, Inc. | &nbsp;&nbsp;July 17, 1996 |
| &nbsp;&nbsp;Federated High Income Bond Fund, Inc. | &nbsp;&nbsp;March 1, 1993 |
| &nbsp;&nbsp;Federated High Yield Trust | &nbsp;&nbsp;August 1, 1989 |
| &nbsp;&nbsp;Federated Income Securities Trust | &nbsp;&nbsp;December 31, 1991 |
| &nbsp;&nbsp;Federated Income Trust | &nbsp;&nbsp;June 1, 1992 |
| &nbsp;&nbsp;Federated Index Trust | &nbsp;&nbsp;September 3, 1991 |
| &nbsp;&nbsp;Federated Institutional Trust | &nbsp;&nbsp;September 1, 1994 |
| &nbsp;&nbsp;Federated Insurance Series | &nbsp;&nbsp;December 1, 1993 |
| &nbsp;&nbsp;Federated International Series, Inc. | &nbsp;&nbsp;February 11, 1991 |
| &nbsp;&nbsp;Federated Investment Series Funds, Inc. | &nbsp;&nbsp;June 22, 1992 |
| &nbsp;&nbsp;Federated Limited Duration Government Fund, Inc. | &nbsp;&nbsp;July 22, 1991 |
| &nbsp;&nbsp;Federated Managed Allocation Portfolios | &nbsp;&nbsp;December 1, 1993 |
| &nbsp;&nbsp;Federated Municipal Opportunities Fund, Inc. | &nbsp;&nbsp;July 17, 1996 |
| &nbsp;&nbsp;Federated Municipal Securities Fund, Inc. | &nbsp;&nbsp;March 1, 1993 |
| &nbsp;&nbsp;Federated Municipal Securities Income Trust | &nbsp;&nbsp;September 9, 1991 |
| &nbsp;&nbsp;Federated Short-Term Municipal Trust | &nbsp;&nbsp;June 1, 1993 |
| &nbsp;&nbsp;Federated Stock and Bond Fund, Inc. | &nbsp;&nbsp;March 1, 1993 |
| &nbsp;&nbsp;Federated Stock Trust | &nbsp;&nbsp;August 1, 1989 |
| &nbsp;&nbsp;Federated Total Return Government Bond Fund | &nbsp;&nbsp;September 1, 1995 |
| &nbsp;&nbsp;Federated Total Return Series, Inc. | &nbsp;&nbsp;December 1, 1993 |
| &nbsp;&nbsp;Federated U.S. Government Bond Fund | &nbsp;&nbsp;August 1, 1989 |
| &nbsp;&nbsp;Federated U.S. Government Securities Fund: 1-3 Years | &nbsp;&nbsp;May 29, 1992 |
| &nbsp;&nbsp;Federated U.S. Government Securities Fund: 2-5 Years | &nbsp;&nbsp;May 29, 1992 |
| &nbsp;&nbsp;Federated World Investment Series, Inc. | &nbsp;&nbsp;March 1, 1994 |
| &nbsp;&nbsp;Intermediate Municipal Trust | &nbsp;&nbsp;June 1, 1993 |
| &nbsp;&nbsp;Money Market Obligations Trust | &nbsp;&nbsp;March 1, 1994 |

---

## Ex-99.G

Exhibit 28 (g) under Form N-1A<br> Exhibit 10 under Item 601/Reg. S-K

*Execution Copy*

**<u>Amended and Restated Master Custodian Agreement</u>**

This Amended and Restated Master Custodian Agreement is made as of March 1, 2017 (this "***Agreement***"), between each management investment company identified on Appendix A and each management investment company which becomes a party to this Agreement in accordance with the terms hereof (in each case, a "***Fund***"), including, if applicable, each series of the Fund identified on Appendix A and each series which becomes a party to this Agreement in accordance with the terms hereof, and State Street Bank and Trust Company, a Massachusetts trust company (the "***Custodian***"). This Agreement amends and restates the Custodian Contract between the Funds and the Custodian dated as of December 1, 1993, as amended.

*W**itnesseth:***

**Whereas,** each Fund desires for the Custodian to provide certain custodial services relating to securities and other assets of the Fund; and

**Whereas,** the Custodian is willing to provide the services upon the terms contained in this Agreement;

Section 1. <u>Definitions</u>. In addition to terms defined in Section 4.1 (Rule 17f-5 and Rule 17f-7 related definitions) or elsewhere in this Agreement, (a) terms defined in the UCC have the same meanings herein as therein and (b) the following other terms have the following meanings for purposes of this Agreement:

"***1940 Act***" means the Investment Company Act of 1940, as amended from time to time.

"***Board***" means, in relation to a Fund, the board of directors, trustees or other governing body of the Fund.

"***Client Publications***" means the general client publications of State Street Bank and Trust Company available from time to time to clients and their investment managers.

"***Deposit Account Agreement***" means the Deposit Account Agreement and Disclosure, as may be amended from time to time, issued by the Custodian and available on the Custodian's internet customer portal, "my.statestreet.com".

"***Domestic securities***" means securities held within the United States.

"***Foreign securities***" means securities held primarily outside of the United States.

"***Held outside of the United States***" means not held within the United States.

"***Held within the United States***" means (a) in relation to a security or other financial asset, the security or other financial asset (i) is a certificated security registered in the name of the Custodian or its sub-custodian, agent or nominee or is endorsed to the Custodian or its sub-custodian, agent or nominee or in blank and the security certificate is located within the United States, (ii) is an uncertificated security or other financial asset registered in the name of the Custodian or its sub-custodian, agent or nominee at an office located in the United States, or (iii) has given rise to a security entitlement of which the Custodian or its sub-custodian, agent or nominee is the entitlement holder against a U.S. Securities System or another securities intermediary for which the securities intermediary's jurisdiction is within the United States, and (b) in relation to cash, the cash is maintained in a deposit account denominated in U.S. dollars with the banking department of the Custodian or with another bank or trust company's office located in the United States.

"***Investment Advisor***" means, in relation to a Portfolio, the investment manager or investment advisor of the Portfolio.

"***On book currency***" means (a) U.S. dollars or (b) a foreign currency that, when credited to a deposit account of a customer maintained in the banking department of the Custodian or an Eligible Foreign Custodian, the Custodian maintains on its books as an amount owing as a liability by the Custodian to the customer.

"***Portfolio***" means (a) in relation to a Fund that is a series organization, a series of the Fund and (b) in relation to a Fund that is not a series organization, the Fund itself.

"***Portfolio Interests***" means beneficial interests in a Portfolio.

"***Proper Instructions***" means instructions in accordance with Section 9 received by the Custodian from a Fund, the Fund's Investment Advisor, or an individual or organization duly authorized by the Fund or the Investment Advisor. The term includes standing instructions.

"***SEC***" means the U.S. Securities and Exchange Commission.

"***Series organization***" means an organization that, pursuant to the statute under which the organization is organized, has the following characteristics: (a) the organic record of the organization provides for creation by the organization of one or more series (however denominated) with respect to specified property of the organization, and provides for records to be maintained for each series that identify the property of or associated with the series, (b) debt incurred or existing with respect to the activities of, or property of or associated with a particular series is enforceable against the property of or associated with the series only, and not against the property of or associated with the organization or of other series of the organization, and (c) debt incurred or existing with respect to the activities or property of the organization is enforceable against the property of the organization only, and not against the property of or associated with any series of the organization.

"***UCC***" means the Uniform Commercial Code of the Commonwealth of Massachusetts as in effect from time to time.

"***Underlying Portfolios***" means a group of investment companies as defined in Section 12(d)(1)(F) of the 1940 Act.

"***Underlying Shares"*** means shares or other securities, issued by a U.S. issuer, of Underlying Portfolios and other registered "investment companies" (as defined in Section 3(a)(1) of the 1940 Act), whether or not in the same "group of investment companies" (as defined in Section 12(d)(1)(G)(ii) of the 1940 Act).

"***Underlying Transfer Agent***" means State Street Bank and Trust Company or such other organization which may from time to time be appointed by the Fund to act as a transfer agent for the Underlying Portfolios and with respect to which the Custodian is provided with Proper Instructions.

"***U.S. Securities System***" means a securities depository or book-entry system authorized by the U.S. Department of the Treasury or a "clearing corporation" as defined in Section 8-102 of the UCC.

Section 2. <u>Employment of Custodian</u>.

Section 2.1 <u>General</u>. Each Fund hereby employs the Custodian as a custodian of (a) securities and cash of each of the Portfolios and (b) other assets of each of the Portfolios that the Custodian agrees to treat as financial assets. Each Fund, on behalf of each of its Portfolios, agrees to deliver to the Custodian (i) all securities and cash of the Portfolios, (ii) all other assets of each Portfolio that the Fund desires the Custodian, and the Custodian is willing, to treat as a financial asset and (iii) all cash and other proceeds of the securities and financial assets held in custody under this Agreement. The holding of confirmation statements that identify Underlying Shares as being recorded in the Custodian's name on behalf of the Portfolios will be custody for purposes of this Section 2.1. This Agreement does not require the Custodian to accept an asset for custody hereunder or to treat any asset that is not a security as a financial asset if such acceptance or treatment is inconsistent with applicable law and/or internal policies and procedures of the Custodian .

Section 2.2 <u>Sub-custodians</u>. Upon receipt of Proper Instructions, the Custodian shall on behalf of a Fund appoint one or more banks, trust companies or other entities located in the United States and designated in the Proper Instructions to act as a sub-custodian for the purposes of effecting such transactions as may be designated by the Fund in the Proper Instructions. The Custodian may place and maintain each Fund's foreign securities with foreign banking institution sub-custodians employed by the Custodian or foreign securities depositories, all in accordance with the applicable provisions of Sections 4 and 5. An entity acting in the capacity of Underlying Transfer Agent is not an agent or sub-custodian of the Custodian for purposes of this Agreement.

Section 2.3 <u>Relationship</u>. With respect to securities and other financial assets, the Custodian is a securities intermediary and the Portfolio is the entitlement holder. With respect to cash maintained in a deposit account and denominated in an "on book" currency, the Custodian is a bank and the Portfolio is the bank's customer. If cash is maintained in a deposit account with a bank other than the Custodian and the cash is denominated in an "on book" currency, the Custodian is that bank's customer. The Custodian agrees to treat the claim to the cash as a financial asset for the benefit of the Portfolio**.** The Custodian does not otherwise agree to treat cash as a financial asset. The duties of the Custodian as securities intermediary and bank set forth in the UCC are varied by the terms of this Agreement to the extent that the duties may be varied by agreement under the UCC.

Section 3. <u>Activities of the Custodian with Respect to Property Held in the United States</u>.

Section 3.1 <u>Holding Securities</u>. The Custodian may deposit and maintain securities or other financial assets of a Portfolio in a U.S. Securities System in compliance with the conditions of Rule 17f-4 under the 1940 Act. Upon receipt of Proper Instructions on behalf of a Portfolio, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Portfolio and into which account or accounts may be transferred cash or securities and other financial assets, including securities and financial assets maintained in a U.S. Securities System. The Custodian shall hold and physically segregate for the account of each Portfolio all securities and other financial assets held by the Custodian in the United States, including all domestic securities of the Portfolio, other than (a) securities or other financial assets maintained in a U.S. Securities System and (b) Underlying Shares maintained pursuant to Section 3.6 in an account of an Underlying Transfer Agent. The Custodian may at any time or times in its discretion appoint any other bank or trust company, qualified under the 1940 Act to act as a custodian, as the Custodian's agent to carry out such of the provisions of this Section as the Custodian may from time to time direct, provided, however, that prior to such appointment on behalf of a Portfolio the Custodian must first provide the Fund with written notice of such appointment. The appointment of any agent shall not relieve the Custodian of any of its duties, responsibilities or liabilities, including the standard of care set forth in Section 14.1. The Custodian may at any time or times in its discretion remove the bank or trust company as the Custodian's agent.

Section 3.2 <u>Registration of Securities</u>. Domestic securities or other financial assets held by the Custodian and that are not bearer securities shall be registered in the name of the applicable Portfolio or in the name of any nominee of a Fund on behalf of the Portfolio or of any nominee of the Custodian, or in the name or nominee name of any agent or any sub-custodian permitted hereby. All securities accepted by the Custodian on behalf of the Portfolio under the terms of this Agreement shall be in "street name" or other good delivery form. However, if a Fund directs the Custodian to maintain securities or other financial assets in "street name," the Custodian shall utilize reasonable efforts only to timely collect income due the Fund on the securities and other financial assets and to notify the Fund of relevant issuer actions including, without limitation, pendency of calls, maturities, tender or exchange offers.

Section 3.3 <u>Bank Accounts</u>. The Custodian shall open and maintain upon the terms of the Deposit Account Agreement a separate deposit account or accounts in the United States in the name of each Portfolio, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement. The Custodian shall credit to the deposit account or accounts, subject to the provisions hereof, all cash received by the Custodian from or for the account of the Portfolio, other than cash maintained by the Portfolio in a deposit account established and used in accordance with Rule 17f-3 under the 1940 Act. Funds held by the Custodian for a Portfolio may be deposited by the Custodian to its credit as Custodian in the banking department of the Custodian or in such other banks or trust companies as it may in its discretion deem necessary or desirable; provided, however, that (a) every such bank or trust company shall be qualified to act as a custodian under the 1940 Act and (b) each such bank or trust company and the funds to be deposited with each such bank or trust company shall on behalf of each applicable Portfolio of a Fund be approved by vote of a majority of the Fund's Board. The funds shall be deposited by the Custodian in its capacity as Custodian and shall be withdrawable by the Custodian only in that capacity.

Section 3.4 <u>Collection of Income</u>. Subject to the domestic securities or other financial assets held in the United States being registered as provided in Section 3.2, the Custodian shall collect on a timely basis all income and other payments with respect to the securities and other financial assets and to which a Portfolio shall be entitled either by law or pursuant to custom in the securities business. The Custodian shall collect on a timely basis all income and other payments with respect to bearer domestic securities if, on the date of payment by the issuer, the securities are held by the Custodian or its agent. The Custodian shall present for payment all income items requiring presentation as and when they become due and shall collect interest when due on securities and other financial assets held hereunder. The Custodian shall credit income to the Portfolio as such income is received or in accordance with the Custodian's then current payable date income schedule. Any credit to the Portfolio in advance of receipt may be reversed when the Custodian determines that payment will not occur in due course, and the Portfolio may be charged at the Custodian's applicable rate for time credited.

Section 3.5 <u>Delivery Out</u>. The Custodian shall release and deliver out domestic securities and other financial assets of a Portfolio held in a U.S. Securities System, or in an account at the Underlying Transfer Agent, only upon receipt of Proper Instructions on behalf of the applicable Portfolio, specifying the domestic securities or financial assets held in the United States to be delivered out and the person or persons to whom delivery is to be made. The Custodian shall pay out cash of a Portfolio upon receipt of Proper Instructions on behalf of the applicable Portfolio, specifying the amount of the payment and the person or persons to whom the payment is to be made.

Section 3.6 <u>Deposit of Fund Assets with the Underlying Transfer Agent</u>. Underlying Shares of a Fund, on behalf of a Portfolio, shall be deposited and held in an account or accounts maintained with an Underlying Transfer Agent. Each Portfolio hereby directs the Custodian to deposit and/or maintain such securities with the Underlying Transfer Agent, subject to the following provisions:

1) Upon receipt of a confirmation or statement from an Underlying Transfer Agent that the Underlying Transfer Agent is holding or maintaining Underlying Shares in the name of the Custodian (or a nominee of the Custodian) for the benefit of a Portfolio, the Custodian shall identify by book-entry that the Underlying Shares are being held by it as custodian for the benefit of the Portfolio.

2) Upon receipt of Proper Instructions to purchase Underlying Shares for the account of a Portfolio, the Custodian shall pay out cash of the Portfolio as so directed to purchase the Underlying Shares and record the payment from the account of the Portfolio on the Custodian's books and records.

3) Upon receipt of Proper Instructions for the sale or redemption of Underlying Shares for the account of a Portfolio, the Custodian shall transfer the Underlying Shares as so directed to sell or redeem the Underlying Shares, record the transfer from the account of the Portfolio on the Custodian's books and records and, upon the Custodian's receipt of the proceeds of the sale or redemption, record the receipt of the proceeds for the account of such Portfolio on the Custodian's books and records.

4) The Custodian shall not be liable to any Fund or any Portfolio for any loss or damage to any Fund or any Portfolio resulting from maintenance of Underlying Shares with Underlying Transfer Agent provided that the Custodian meets the standard of care set forth in Section 14.1.

Section 3.7 <u>Proxies</u>. The Custodian shall cause to be promptly executed by the registered holder of domestic securities or other financial assets held in the United States of a Portfolio, if the securities or other financial assets are registered otherwise than in the name of the Portfolio or a nominee of the Portfolio, all proxies, without indication of the manner in which the proxies are to be voted, and shall promptly deliver to the Fund or its delegates such proxies, all proxy soliciting materials and all notices relating to the securities or other financial assets.

Section 3.8 <u>Communications</u>. Subject to the domestic securities or other financial assets held in the United States being registered as provided in Section 3.2, the Custodian shall transmit promptly to the applicable Fund or its delegates for each Portfolio all written information received by the Custodian from issuers of the securities and other financial assets being held for the Portfolio. The Custodian shall transmit promptly to the applicable Fund or its delegates all written information (including, without limitation, pendency of calls and maturities of securities and expiration of rights in connection therewith, notices of exercise of call and put options written by the Fund, and the maturity of futures contracts purchased or sold by the Fund) received by the Custodian from issuers of the securities and other financial assets whose tender or exchange is sought and from the party or its agent making the tender or exchange offer. The Custodian shall also transmit promptly to the applicable Fund or its delegates for each Portfolio all written information received by the Custodian regarding any class action or other collective litigation relating to Portfolio securities or other financial assets issued in the United States and then held, or previously held, during the relevant class-action period during the term of this Agreement by the Custodian for the account of the Fund for the Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. The Custodian does not support class-action participation by a Fund beyond such forwarding of written information received by the Custodian to the Fund or its delegates.

Section 4. <u>Provisions Relating to Rules 17f-5 and 17f-7</u>.

Section 4.1. <u>Definitions</u>. As used in this Agreement, the following terms have the following meanings:

"***Country Risk***" means all factors reasonably related to the systemic risk of holding Foreign Assets in a particular country. The factors include but are not limited to risks arising from the country's political environment, economic and financial infrastructure (including any Eligible Securities Depository operating in the country); prevailing or developing custody, tax and settlement practices; nationalization, expropriation or other government actions; currency restrictions, devaluations or fluctuations; market conditions affecting the orderly execution of securities transactions or the value of assets; the regulation of the banking and securities industries, including changes in market rules; and laws and regulations applicable to the safekeeping and recovery of Foreign Assets held in custody in that country.

"***Covered Foreign Country***" means a country listed on Schedule A, which list of countries may be amended from time to time at the request of any Fund and with the agreement of the Foreign Custody Manager.

"***Eligible Foreign Custodian***" has the meaning set forth in Section (a)(1) of Rule 17f-5.

"***Eligible Securities Depository***" has the meaning set forth in section (b)(1) of Rule 17f-7.

"***Foreign Assets***" means, in relation to a Portfolio, any of the Portfolio's securities or other investments (including foreign currencies) for which the primary market is outside the United States, and any cash and cash equivalents that are reasonably necessary to effect transactions of the Portfolio in those investments.

"***Foreign Custody Manager***" has the meaning set forth in section (a)(3) of Rule 17f-5.

"***Foreign Securities System***" means an Eligible Securities Depository listed on Schedule B.

"***Rule 17f-5***" means Rule 17f-5 promulgated under the 1940 Act.

"***Rule 17f-7***" means Rule 17f-7 promulgated under the 1940 Act.

Section 4.2. <u>The Custodian as Foreign Custody Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 <u>Delegation</u>. Each Fund, by resolution adopted by its Board, hereby delegates to the Custodian, subject to Section (b) of Rule 17f-5, the responsibilities set forth in this Section 4.2 with respect to Foreign Assets of the Portfolios held outside the United States. The Custodian hereby accepts such delegation. By giving at least 30 days' prior written notice to the Fund, the Foreign Custody Manager may withdraw its acceptance of the delegated responsibilities generally or with respect to a Covered Foreign Country designated in the notice. Following the withdrawal, the Custodian shall have no further responsibility in its capacity as Foreign Custody Manager to the Fund generally or, as the case may be, with respect to the Covered Foreign Country so designated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 <u>Exercise of Care as Foreign Custody Manager</u>. In performing the responsibilities delegated to it, the Foreign Custody Manager shall exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of the Foreign Assets would exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 <u>Foreign Custody Arrangements</u>. The Foreign Custody Manager shall be responsible for performing the delegated responsibilities only with respect to Covered Foreign Countries. The Foreign Custody Manager shall list on Schedule A for a Covered Foreign Country each Eligible Foreign Custodian selected by the Foreign Custody Manager to maintain the Foreign Assets of the Portfolios with respect to the Covered Foreign Country. The list of Eligible Foreign Custodians may be amended from time to time upon notice in the sole discretion of the Foreign Custody Manager. This Agreement constitutes a Proper Instruction by a Fund, on behalf of each applicable Portfolio, to open an account, and to place and maintain Foreign Assets, for the Portfolio in each applicable Covered Foreign Country. The Fund, on behalf of the Portfolios, shall satisfy the account opening requirements for the Covered Foreign Country, and the delegation with respect to the Portfolio for the Covered Foreign Country will not be considered to have been accepted by the Custodian until that satisfaction. If the Foreign Custody Manager receives from the Fund Proper Instructions directing the Foreign Custody Manager to close the account, the delegation shall be considered withdrawn, and the Custodian shall immediately cease to be the Foreign Custody Manager with respect to the Portfolio for the Covered Foreign Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4 <u>Scope of Delegated Responsibilities</u>: Subject to the provisions of this Section 4.2, the Foreign Custody Manager may place and maintain Foreign Assets in the care of an Eligible Foreign Custodian selected by the Foreign Custody Manager in each applicable Covered Foreign Country. The Foreign Custody Manager shall determine that (a) the Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by the Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1) and (b) the contract between the Foreign Custody Manager and the Eligible Foreign Custodian governing the foreign custody arrangements will satisfy the requirements of Rule 17f-5(c)(2). The Foreign Custody Manager shall establish a system to monitor (i) the appropriateness of maintaining the Foreign Assets with the Eligible Foreign Custodian and (ii) the performance of the contract governing the custody arrangements. If the Foreign Custody Manager determines that the custody arrangements with an Eligible Foreign Custodian are no longer appropriate, the Foreign Custody Manager shall so notify the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5 <u>Reporting Requirements</u>. The Foreign Custody Manager shall (a) report the withdrawal of Foreign Assets from an Eligible Foreign Custodian and the placement of Foreign Assets with another Eligible Foreign Custodian by providing to the Fund's Board an amended Schedule A at the end of the calendar quarter in which the action has occurred, and (b) after the occurrence of any other material change in the foreign custody arrangements of the Portfolios described in this Section 4.2, make a written report to the Board containing a notification of the change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.6 <u>Representations</u>. The Foreign Custody Manager represents to each Fund that it is a U.S. Bank as defined in Section (a)(7) of Rule 17f-5. Each Fund represents to the Custodian that its Board has (a) determined that it is reasonable for the Board to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Portfolios and (b) considered and determined to accept such Country Risk as is incurred by placing and maintaining the Foreign Assets of each Portfolio in each Covered Foreign Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.7 <u>Termination by a Portfolio of the Custodian as Foreign Custody Manager</u>. By giving at least 30 days' prior written notice to the Custodian, a Fund, on behalf of a Portfolio, may terminate the delegation to the Custodian as the Foreign Custody Manager for the Portfolio. Following the termination, the Custodian shall have no further responsibility in its capacity as Foreign Custody Manager to the Portfolio.

Section 4.3 <u>Monitoring of Eligible Securities Depositories</u>. The Custodian shall (a) provide the Fund or its Investment Advisor with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set forth on Schedule B in accordance with Section (a)(1)(i)(A) of Rule 17f-7 and (b) monitor such risks on a continuing basis and promptly notify the Fund or its Investment Advisor of any material change in such risks, in accordance with Section (a)(1)(i)(B) of Rule 17f-7.

Section 5. <u>Activities of the Custodian with Respect to Property Held Outside the United States</u>.

Section 5.1. <u>Holding Securities</u>. Foreign securities and other financial assets held outside of the United States shall be maintained in a Foreign Securities System in a Covered Foreign Country through arrangements implemented by the Custodian or an Eligible Foreign Custodian, as applicable, in the Covered Foreign Country. The Custodian shall identify on its books as belonging to the Portfolios the foreign securities and other financial assets held by each Eligible Foreign Custodian or Foreign Securities System. The Custodian may hold foreign securities and other financial assets for all of its customers, including the Portfolios, with any Eligible Foreign Custodian in an account that is identified as the Custodian's account for the benefit of its customers; provided however, that (a) the records of the Custodian with respect to foreign securities or other financial assets of a Portfolio maintained in the account shall identify those securities and other financial assets as belonging to the Portfolio and (b) to the extent permitted and customary in the market in which the account is maintained, the Custodian shall require that securities and other financial assets so held by the Eligible Foreign Custodian be held separately from any assets of the Eligible Foreign Custodian or of other customers of the Eligible Foreign Custodian.

Section 5.2. <u>Registration of Foreign Securities</u>. Foreign securities and other financial assets held outside of the United States maintained in the custody of an Eligible Foreign Custodian and that are not bearer securities shall be registered in the name of the applicable Portfolio or in the name of the Custodian or in the name of any Eligible Foreign Custodian or in the name of any nominee of any of the foregoing. To the extent applicable, the Custodian and each Eligible Foreign Custodian shall establish and maintain current powers-of-attorney with respect to such foreign securities and other financial assets held outside of the United States to facilitate the voting of all proxies, without indication of the manner in which the proxies are to be voted, and shall promptly deliver to the Fund or its delegates such proxies, all proxy soliciting materials and all notices relating to the securities or other financial assets. The Fund on behalf of the Portfolio agrees to hold any such nominee harmless from any liability as a holder of record of the foreign securities or other financial assets. The Custodian or an Eligible Foreign Custodian reserves the right not to accept securities or other financial assets on behalf of a Portfolio under the terms of this Agreement unless the form of the securities or other financial assets and the manner in which they are delivered are in accordance with local market practice.

Section 5.3. <u>Indemnification by Eligible Foreign Custodians</u>. Each contract pursuant to which the Custodian employs an Eligible Foreign Custodian shall, to the extent possible, require the Eligible Foreign Custodian to exercise reasonable care in the performance of its duties and to indemnify and hold harmless the Custodian from and against any loss, cost, expense, liability or claim arising out of or in connection with the Eligible Foreign Custodian's performance of its obligations. At a Fund's election, a Portfolio shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against an Eligible Foreign Custodian as a consequence of any such loss, cost or expense if and to the extent that the Portfolio has not been made whole for the loss, cost or expense. In no event shall the Custodian be obligated to bring suit in its own name or to allow suit to be brought in its name.

Section 5.4 <u>Bank Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1 <u>General</u>. The Custodian shall identify on its books as for the account of the applicable Portfolio the amount of cash (including cash denominated in foreign currencies) deposited with the Custodian. The Custodian shall maintain cash deposits in on book currencies on its balance sheet. The Custodian shall be liable for such balances. If the Custodian is unable to maintain, or market practice does not facilitate the maintenance for the Portfolio of a cash balance in a currency as an on book currency, a deposit account shall be opened and maintained by the Custodian outside the United States on behalf of the Portfolio with an Eligible Foreign Custodian. The Custodian shall not maintain the cash deposit on its balance sheet. The Eligible Foreign Custodian will be liable for such balance directly to the Portfolio. All deposit accounts referred to in this Section shall be subject only to draft or order by the Custodian or, if applicable, the Eligible Foreign Custodian acting pursuant to the terms of this Agreement, and shall be withdrawable by the Custodian or the Eligible Foreign Custodian only in that capacity. Cash maintained in a deposit account and denominated in an "on book" currency will be maintained under and subject to the laws of the Commonwealth of Massachusetts. The Custodian will not have any deposit liability for deposits in any currency that is not an "on book" currency, provided, however, that Custodian shall remain liable for the acts or omissions of an Eligible Foreign Custodian in accordance with Section 14.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2 <u>Non-U.S. Branch and Non-U.S. Dollar Deposits</u>. In accordance with the laws of the Commonwealth of Massachusetts, the Custodian shall not be required to repay any deposit made at a non-U.S. branch of the Custodian or any deposit made with the Custodian and denominated in a non-U.S. dollar currency, if repayment of the deposit or the use of assets denominated in the non-U.S. dollar currency is prevented, prohibited or otherwise blocked due to (a) an act of war, insurrection or civil strife; (b) any action by a non-U.S. government or instrumentality or authority asserting governmental, military or police power of any kind, whether such authority be recognized as a de facto or a de jure government, or by any entity, political or revolutionary movement or otherwise that usurps, supervenes or otherwise materially impairs the normal operation of civil authority; or (c) the closure of a non-U.S. branch in order to prevent, in the reasonable judgment of the Custodian, harm to the employees or property of the Custodian.

Section 5.5. <u>Collection of Income</u>. The Custodian shall use reasonable commercial efforts to collect all income and other payments with respect to the Foreign Assets held hereunder to which a Portfolio shall be entitled. If extraordinary measures are required to collect the income or payment, the Fund and the Custodian shall consult as to such measures and as to the compensation and expenses of the Custodian relating to such measures. The Custodian shall credit income to the applicable Portfolio as such income is received or in accordance with the Custodian's then current payable date income schedule. Any credit to the Portfolio in advance of receipt may be reversed when the Custodian determines that payment will not occur in due course, and the Portfolio may be charged at the Custodian's applicable rate for time credited. Income on securities or other financial assets loaned other than from the Custodian's securities lending program shall be credited as received.

Section 5.6. <u>Transactions in Foreign Custody Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.1 <u>Delivery Out</u>. The Custodian or an Eligible Foreign Custodian shall release and deliver foreign securities or other financial assets held outside of the United States owned by a Portfolio and held by the Custodian or such Eligible Foreign Custodian, or in a Foreign Securities System account, only upon receipt of Proper Instructions, specifying the foreign securities to be delivered and the person or persons to whom delivery is to be made. The Custodian shall pay out, or direct the respective Eligible Foreign Custodian or the respective Foreign Securities System to pay out, cash of a Portfolio only upon receipt of Proper Instructions specifying the amount of the payment and the person or persons to whom the payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.2 <u>Market Conditions</u>. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Foreign Assets received for the account of the Portfolios and delivery of Foreign Assets maintained for the account of the Portfolios may be effected in accordance with the customary established securities trading or processing practices and procedures in the country or market in which the transaction occurs, including, without limitation, delivering Foreign Assets to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) with the expectation of receiving later payment for the Foreign Assets from such purchaser or dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.3 <u>Settlement Practices</u>. The Custodian shall provide to each Board the information with respect to custody and settlement practices in countries in which the Custodian employs an Eligible Foreign Custodian described on Schedule C at the time or times set forth on the Schedule. The Custodian may revise Schedule C from time to time, but no revision shall result in a Board being provided with substantively less information than had been previously provided on Schedule C.

Section 5.7 <u>Shareholder or Bondholder Rights</u>. The Custodian shall use reasonable commercial efforts to facilitate the exercise of voting and other shareholder and bondholder rights with respect to foreign securities and other financial assets held outside the United States, subject always to the laws, regulations and practical constraints that may exist in the country where the securities or other financial assets are issued. The Custodian may utilize Broadridge Financial Solutions, Inc. or another proxy service firm of recognized standing as its delegate to provide proxy services for the exercise of shareholder and bondholder rights. Local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of a Fund to exercise shareholder and bondholder rights.

Section 5.8. <u>Communications</u>. The Custodian shall transmit promptly to the applicable Fund written information with respect to materials received by the Custodian through Eligible Foreign Custodians from issuers of the foreign securities and other financial assets being held outside the United States for the account of a Portfolio. The Custodian shall transmit promptly to the applicable Fund written information with respect to materials so received by the Custodian from issuers of foreign securities whose tender or exchange is sought or from the party or its agent making the tender or exchange offer. The Custodian shall also transmit promptly to the Fund all written information received by the Custodian through Eligible Foreign Custodians from issuers of the foreign securities or other financial assets issued outside of the United States and being held for the account of the Portfolio regarding any class action or other collective litigation relating to the Portfolio's foreign securities or other financial assets issued outside the United States and then held, or previously held, during the relevant class-action period during the term of this Agreement by the Custodian via an Eligible Foreign Custodian for the account of the Fund for the Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. The Custodian does not support class-action participation by a Fund beyond such forwarding of written information received by the Custodian.

Section 6. <u>Foreign Exchange</u>.

Section 6.1. <u>Generally</u>. Upon receipt of Proper Instructions, which for purposes of this Section may also include security trade advices, the Custodian shall facilitate the processing and settlement of foreign exchange transactions. Such foreign exchange transactions do not constitute part of the services provided by the Custodian under this Agreement.

Section 6.2. <u>Fund Elections</u>. Each Fund (or its Investment Advisor acting on its behalf) may elect to enter into and execute foreign exchange transactions with third parties that are not affiliated with the Custodian, with State Street Global Markets, which is the foreign exchange division of State Street Bank and Trust Company and its affiliated companies ("***SSGM***"), or with a sub-custodian. Where the Fund or its Investment Advisor gives Proper Instructions for the execution of a foreign exchange transaction using an indirect foreign exchange service described in the Client Publications, the Fund (or its Investment Advisor) instructs the Custodian, on behalf of the Fund, to direct the execution of such foreign exchange transaction to SSGM or, when the relevant currency is not traded by SSGM, to the applicable sub-custodian. The Custodian shall not have any agency (except as contemplated in preceding sentence), trust or fiduciary obligation to the Fund, its Investment Advisor or any other person in connection with the execution of any foreign exchange transaction. The Custodian shall have no responsibility under this Agreement for the selection of the counterparty to, or the method of execution of, any foreign exchange transaction entered into by the Fund (or its Investment Advisor acting on its behalf) or the reasonableness of the execution rate on any such transaction.

Section 6.3. <u>Fund Acknowledgement</u> Each Fund acknowledges that in connection with all foreign exchange transactions entered into by the Fund (or its Investment Advisor acting on its behalf) with SSGM or any sub-custodian, SSGM and each such sub-custodian:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall be acting in a principal capacity and not as broker, agent or fiduciary to the Fund or its Investment
Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall seek to profit from such foreign exchange transactions, and are entitled to retain and not disclose
any such profit to the Fund or its Investment Advisor; and

(iii) shall enter into such foreign exchange transactions pursuant to the terms and conditions, including pricing
or pricing methodology, (a) agreed with the Fund or its Investment Advisor from time to time or (b) in the case of an indirect foreign
exchange service, (i) as established by SSGM and set forth in the Client Publications with respect to the particular foreign exchange
execution services selected by the Fund or the Investment Advisor or (ii) as established by the sub-custodian from time to time.

Section 6.4. <u>Transactions by State Street</u>. The Custodian or its affiliates, including SSGM, may trade based upon information that is not available to the Fund (or its Investment Advisor acting on its behalf), and may enter into transactions for its own account or the account of clients in the same or opposite direction to the transactions entered into with the Fund (or its Investment Manager), and shall have no obligation, under this Agreement, to share such information with or consider the interests of their respective counterparties, including, where applicable, the Fund or the Investment Advisor.

Section 6A. <u>Contractual Settlement Services (Purchase/Sales)</u>.

Section 6A.1 <u>General</u>. The Custodian shall, in accordance with the terms set out in this Section 6A, debit or credit the appropriate deposit account of each Portfolio on a contractual settlement basis in connection with the purchase of securities or other financial assets for the Portfolio or the receipt of the proceeds of the sale or redemption of securities or other financial assets.

Section 6A.2 <u>Provision of Services</u>. The services described in Section 6A.1 (the "***Contractual Settlement Services***") shall be provided for the securities and other financial assets and in such markets as the Custodian may advise from time to time. The Custodian may terminate or suspend any part of the provision of the Contractual Settlement Services at its sole discretion immediately upon notice to the applicable Fund on behalf of each Portfolio, including, without limitation, in the event of force majeure events affecting settlement, any disorder in markets, or other changed external business circumstances affecting the markets or the Fund.

Section 6A.3 <u>Purchase Consideration</u>. The consideration payable in connection with a purchase transaction shall be debited from the appropriate deposit account of the Portfolio as of the time and date that funds would ordinarily be required to settle the transaction in the applicable market. The Custodian shall promptly recredit the amount at the time that the Portfolio or the Fund notifies the Custodian by Proper Instruction that the transaction has been canceled.

Section 6A.4 <u>Sales and Redemptions</u>. A provisional credit of an amount equal to the net sale price for a sale or redemption of securities or other financial assets shall be made to the account of the Portfolio as if the amount had been received as of the close of business on the date on which good funds would ordinarily be immediately available in the applicable market. The provisional credit will be made conditional upon the Custodian having received Proper Instructions with respect to, or reasonable notice of, the transaction, as applicable; and the Custodian or its agent having possession of the securities of other financial assets (excluding financial assets subject to any third party lending arrangement entered into by a Portfolio) associated with the transaction in good deliverable form and not being aware of any facts which would lead the Custodian or its agent to believe that the transaction will not settle in the time period ordinarily applicable to such transactions in the applicable market.

Section 6A.5 <u>Reversals of Provisional Credits or Debits</u>. The Custodian shall have the right to reverse any provisional credit or debit given in connection with the Contractual Settlement Services at any time when the Custodian believes, in its reasonable judgment, that such transaction will not settle in accordance with its terms or amounts due pursuant thereto, will not be collectable or where the Custodian has not been provided Proper Instructions with respect thereto, as applicable. The Portfolio shall be responsible for any costs or liabilities resulting from such reversal. Upon such reversal, a sum equal to the credited or debited amount shall become immediately payable by the Portfolio to the Custodian and may be debited from any deposit or other account held for benefit of the Portfolio.

Section 7. <u>Tax Services</u>.

Section 7.1 <u>General</u>. Subject to and to the extent of receipt by the Custodian of relevant and necessary documentation and information with respect to the Portfolios that the Custodian has requested, the Custodian shall perform the following services: (a) file claims for exemptions, reductions in withholding taxes, or refunds of any tax with respect to withheld foreign (non-U.S.) taxes in instances in which such claims are appropriate; (b) withhold appropriate amounts as required by U.S. tax laws with respect to amounts received on behalf of nonresident aliens; and (c) provide to the Portfolios such information actually received by the Custodian that is reasonably requested by the Fund or could, in the Custodian's reasonable belief, assist any of the Portfolios in their submission of any reports or returns with respect to taxes. It shall be the responsibility of each Portfolio to notify the Custodian of the obligations imposed on the Portfolio or the Custodian as custodian by the tax law of countries, states and political subdivisions thereof, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting. The sole responsibility of the Custodian with regard to such tax law shall be to use reasonable efforts to assist the Portfolio with respect to any claim for exemption or refund under the tax law of countries for which the Portfolio has provided sufficient information and documentation.

Section 7.2 <u>Ownership Certificates for Tax Purposes</u>. The Custodian shall execute ownership and other certificates and affidavits for all federal and state tax purposes in connection with receipt of income or other payments with respect to domestic securities or other financial assets held within the United States of each Portfolio held by the Custodian and in connection with transfers of securities and other financial assets.

Section 7.3 <u>Authorizations</u>. The Custodian is authorized to deduct from any cash received or credited to the account of a Portfolio any taxes or levies required by any tax or other governmental authority having jurisdiction in respect of such Portfolio's transactions and to disclose any information required by any such tax or other governmental authority in relation to processing any claim for exemption from or reduction or refund of any taxes relating to Portfolio transactions and holdings.

Section 7.4 <u>Services Further Limited</u>. Other than the servicing responsibilities provided herein, the Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on any Fund, any Portfolio or the Custodian as custodian of the assets of the Fund or the Portfolio by the tax law of any country or of any state or political subdivision thereof. The Custodian shall not be considered the Fund's tax advisor or tax counsel.

Section 8. <u>Payments for Sales or Redemptions of Portfolio Interests</u>.

Section 8.1 <u>Payment for Portfolio Interests Issued</u>. The Custodian shall receive from the distributor of Portfolio Interests of a Fund or from the Fund's transfer agent (the "***Transfer Agent***") and deposit into the account of the Portfolio such payments as are received for Portfolio Interests issued or sold from time to time by the Fund. The Custodian will provide timely notification to the Fund on behalf of the Portfolio and the Transfer Agent of any receipt of the payments by the Custodian.

Section 8.2 <u>Payment for Portfolio Interests Redeemed</u>. Upon receipt of instructions from the Transfer Agent, the Custodian shall set aside funds of a Portfolio to the extent available for payment to holders of Portfolio Interests who have delivered to the Transfer Agent a request for redemption of their Portfolio Interests. The Custodian is authorized upon receipt of instructions from the Transfer Agent, if any, or from the Portfolio, to wire funds to or through a commercial bank designated by the redeeming interest holders. If the Custodian furnishes a check to a holder in payment for the redemption of the holder's Portfolio Interests and the check is drawn on the Custodian, the Custodian shall honor the check so long as the check is presented to the Custodian in accordance with the Deposit Account Agreement and such procedures and controls as are mutually agreed upon from time to time between the Fund and the Custodian.

Section 9. <u>Proper Instructions</u>.

Section 9. 1 <u>Form and Security Procedures</u>. Proper Instructions may be in writing signed by the authorized individual or individuals or may be in a tested communication or in a communication utilizing access codes effected between electro-mechanical or electronic devices or may be by such other means and utilizing such intermediary systems and utilities as may be agreed to from time to time by the Custodian and the individual or organization giving the instruction, provided that the Fund has followed any security procedures agreed to from time to time by the applicable Fund and the Custodian including, but not limited to, the security procedures selected by the Fund. The Custodian may agree to accept oral instructions, and in such case oral instructions will be considered Proper Instructions. The Fund shall cause all oral instructions to be confirmed in writing, but the Fund's failure to do so shall not affect the Custodian's authority to rely on the oral instructions, if the Custodian reasonably believes the oral instructions have been given by an individual authorized to give such instructions with respect to the transaction involved.

Section 9.2 <u>Reliance on Officer's Certificate</u>. Concurrently with the execution of this Agreement, and from time to time thereafter, as appropriate, each Fund shall deliver to the Custodian an officer's certificate setting forth the names, titles, signatures and scope of authority of all individuals authorized to give Proper Instructions or any other notice, request, direction, instruction, certificate or instrument on behalf of the Fund. The certificate may be accepted and conclusively relied upon by the Custodian and shall be considered to be in full force and effect until receipt by the Custodian of a similar certificate to the contrary and the Custodian has had a reasonable time to act thereon.

Section 9.3 <u>Untimely Proper Instructions</u>. If the Custodian is not provided with reasonable time to execute a Proper Instruction (including any Proper Instruction not to execute, or any other modification to, a prior Proper Instruction), the Custodian will use good faith efforts to execute the Proper Instruction but, provided that the Custodian meets the standard of care set forth in Section 14.1, will not be responsible or liable if the Custodian's efforts are not successful (including any inability to change any actions that the Custodian had taken pursuant to the prior Proper Instruction). The inclusion of a statement of purpose or intent (or any similar notation) in a Proper Instruction shall not impose any additional obligations on the Custodian or condition or qualify its authority to effect the Proper Instruction. The Custodian will not assume a duty to ensure that the stated purpose or intent is fulfilled and will have no responsibility or liability when it follows the Proper Instruction without regard to such purpose or intent; provided, however, the Custodian will use good faith efforts when it follows such Proper Instruction, taking into account past practices (including with respect to resolution of issues and responsibility).

Section 10. <u>Actions Permitted without Express Authority</u>.

The Custodian may in its discretion, without express authority from the applicable Fund on behalf of each Portfolio:

1) Make payments to itself or others for minor expenses of handling securities or other financial assets relating to its duties under this Agreement; provided that all such payments shall be accounted for to the Fund on behalf of the Portfolio and the Fund shall have the opportunity to review such payments and the parties shall use good faith efforts to resolve any dispute with respect to such payments;

2) Surrender securities or other financial assets in temporary form for securities or other financial assets in definitive form;

3) Endorse for collection, in the name of the Portfolio, checks, drafts and other negotiable instruments; and

4) In general, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with the securities and other financial assets of the Portfolio except as otherwise directed by the applicable Board.

Section 11. <u>Reserved</u>.

Section 12. <u>Records</u>.

The Custodian shall with respect to each Portfolio create and maintain all records relating to its activities and obligations under this Agreement in such manner as will meet the obligations of each Fund under the 1940 Act, with particular attention to Section 31 thereof and Rules 31a-1 and 31a-2 thereunder. All such records shall be the property of the Fund and shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of the Fund and employees and agents of the SEC or other regulators with jurisdiction over the Funds with respect to the Portfolios. The Custodian shall, at the Fund's request, supply the Fund with a tabulation of securities owned by each Portfolio and held by the Custodian and shall, when requested to do so by the Fund and for such compensation as shall be agreed upon between the Fund and the Custodian, include certificate numbers in such tabulations. In the event that the Custodian is requested or authorized by a Fund, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Fund by state or federal regulatory agencies, to produce the records of the Fund or the Custodian's personnel as witnesses, the Fund will pay the Custodian for the Custodian's time and expenses incurred in responding to a non-routine request, order or requirement as reasonably agreed by the Fund and the Custodian, taking into account past practices.

Section 13. <u>Fund's Independent Accountants; Reports</u>.

Section 13.1 <u>Opinions</u>. The Custodian shall take all reasonable action, as a Fund with respect to a Portfolio may from time to time request, to obtain from year to year favorable opinions from the Fund's independent accountants with respect to its activities hereunder in connection with the preparation of the Fund's Form N-1A or Form N-2, as applicable, and Form N-CEN or other monthly or annual reports to the SEC and with respect to any other requirements thereof.

Section 13.2 <u>Reports</u>. Upon reasonable request of a Fund, the Custodian shall provide the Fund with a copy of the Custodian's Service Organizational Control (SOC) 1 reports prepared in accordance with the requirements of AT section 801, *Reporting on Controls at a Service Organization* (formerly Statement on Standards for Attestation Engagements (SSAE) No. 16). The Custodian shall use commercially reasonable efforts to provide the Fund with such reports as the Fund may reasonably request or otherwise reasonably require to fulfill its duties under Rule 38a-1 of the 1940 Act or similar legal and regulatory requirements.

Section 14. <u>Custodian's Standard of Care; Exculpation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 <u>Standard of Care.</u> In carrying out the provisions of this Agreement, the Custodian shall act in good faith and without negligence, misfeasance or willful misconduct and shall be held to the exercise of reasonable care; provided, however, that the Custodian shall be held to any higher standard of care which would be imposed upon the Custodian by any applicable law or regulation, as if such above-stated higher standard of reasonable care were part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 <u>Reliance on Proper Instructions</u>. The Custodian shall be entitled conclusively to rely and act upon Proper Instructions until the Custodian has received notice of any change from the Fund and has had a reasonable time to act thereon. The Custodian may act on a Proper Instruction if it reasonably believes that it contains sufficient information and may refrain from acting on any Proper Instructions until such time that it has reasonably determined, in its sole discretion, that is has received any required clarification or authentication of Proper Instructions. The Custodian may rely upon and shall be protected in acting upon any Proper Instruction or any other instruction, notice, request, consent, certificate or other instrument or paper believed by it in good faith to be genuine and to have been properly executed by or on behalf of the applicable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 <u>Other Reliance</u>. The Custodian is authorized and instructed to reasonably rely upon the information that the Custodian receives from the Fund or any authorized third party on behalf of the Fund. The Custodian shall have no responsibility to review, confirm or otherwise assume any duty with respect to the accuracy or completeness of any information supplied to it by or on behalf of any Fund. The Custodian shall have no liability in respect of any loss, cost or expense incurred or sustained by the Fund arising from the performance of the Custodian's duties hereunder in reliance upon records that were maintained for the Fund by any individual or organization, other than the Custodian, prior to the Custodian's appointment as custodian hereunder. The Custodian shall be entitled to reasonably rely on and may act upon advice of counsel (who may be counsel for the Fund) on all matters and shall be without liability for any action reasonably taken or omitted pursuant to such advice, provided that the Custodian meets the standard of care set forth in Section 14.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 <u>Liability for Foreign Custodians</u>. The Custodian shall be liable for the acts or omissions of an Eligible Foreign Custodian to the same extent as if the action or omission were performed by the Custodian itself, taking into account the facts and circumstances and the established local market practices and laws prevailing in the particular jurisdiction in which the Fund or Portfolio elects to invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 <u>Insolvency and Country Risk</u>. The Custodian shall in no event be liable for any loss, cost or expense incurred or sustained by a Fund or Portfolio resulting from or caused by Country Risk. The Custodian shall be without liability for any loss, damage or expense caused by or resulting from the insolvency of any domestic sub-custodian or Eligible Foreign Custodian that is not a wholly-owned subsidiary of the Custodian; provided, however, that the foregoing exculpation of the Custodian with respect to the insolvency of a particular Eligible Foreign Custodian shall not be applicable if the Custodian fails to comply with its obligations under this Agreement or as a Foreign Custody Manager pursuant to Rule 17f-5 with respect to such Eligible Foreign Custodian. For the avoidance of doubt, if the Custodian has met its standard of care hereunder and has fulfilled its obligations as a Foreign Custody Manager pursuant to Rule 17f-5 with respect to an Eligible Foreign Custodian, then the Custodian shall be without liability for any loss, damage or expense caused by or resulting from the insolvency of such Eligible Foreign Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 <u>Force Majeure and Third Party Actions</u>. Except as may arise from the Custodian's gross negligence or willful misconduct, the Custodian shall be without responsibility or liability to any Fund or Portfolio for: (a) events or circumstances beyond the reasonable control of the Custodian, including, without limitation, the interruption, suspension or restriction of trading on or the closure of any currency or securities market or system, power or other mechanical or technological failures or interruptions, computer viruses or communications disruptions, work stoppages, natural disasters, acts of war, revolution, riots or terrorism or other similar force majeure events or acts; (b) errors by any Fund, its Investment Advisor or any other duly authorized person in their instructions to the Custodian; (c) the insolvency of or acts or omissions by a U.S. Securities System, Foreign Securities System, Underlying Transfer Agent or domestic sub-custodian designated pursuant to Section 2.2; (d) the failure of any Fund, its Investment Advisor, Portfolio or any duly authorized individual or organization to adhere to the Custodian's operational policies and procedures; (e) any delay or failure of any broker, agent, securities intermediary or other intermediary, central bank or other commercially prevalent payment or clearing system to deliver to the Custodian's sub-custodian or agent securities or other financial assets purchased or in the remittance or payment made in connection with securities or other financial assets sold; (f) any delay or failure of any organization in charge of registering or transferring securities or other financial assets in the name of the Custodian, any Fund, any Portfolio, the Custodian's sub-custodians, nominees or agents including non-receipt of bonus, dividends and rights and other accretions or benefits; (g) delays or inability to perform its duties due to any disorder in market infrastructure with respect to any particular security, other financial asset, U.S. Securities System or Foreign Securities System; and (h) the effect of any provision of any law or regulation or order of the United States of America, or any state thereof, or any other country, or political subdivision thereof or of any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 <u>Indirect/Special/Consequential Damages</u>. Notwithstanding Section

15.2 and any other provision of this Agreement to the contrary, in no event shall either party be liable for any indirect, incidental, consequential, special, punitive, exemplary or enhanced damages of any kind or nature whatsoever (including loss of profit goodwill, reputation, business opportunity or anticipated savings, or losses arising from any special circumstances of the other party or any other person) arising under this Agreement or under law or otherwise in connection with or in any way related to this Agreement or the subject matter hereof (including the provision of the services, and the performance, non-performance or breach of any obligation or duty owed by a party) whether or not such party (including each party's relevant affiliates) has been advised of, or otherwise might or should have anticipated, the possibility or likelihood of such damages. The limitations of liability set forth in this Section 14.7 shall apply regardless of the form or type of action in which a claim is brought or under which it is made, whether in contract, tort (including negligence of any kind), warranty, strict liability, indemnity or any other legal or equitable grounds, and shall survive failure of an exclusive remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 <u>Delivery of Property</u>. The Custodian shall not be responsible for any securities or other assets of a Portfolio which are not received by the Custodian or which are delivered out in accordance with Proper Instructions. The Custodian shall not be responsible for the title, validity or genuineness of any securities or other assets or evidence of title thereto received by it or delivered by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 <u>No Investment Advice</u>. The Custodian has no responsibility to monitor or oversee the investment activity undertaken by a Fund or its Investment Advisor or by a Portfolio. The Custodian has no duty to ensure or to inquire whether an Investment Advisor complies with any investment objectives or restrictions agreed upon between a Fund and the Investment Advisor or whether the Investment Advisor complies with its legal obligations under applicable securities laws or other laws, including laws intended to protect the interests of investors. The Custodian shall neither assess nor take any responsibility or liability for the suitability or appropriateness of the investments made by a Fund or a Portfolio or on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 <u>Communications</u>. The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with securities or other financial assets of a Portfolio at any time held by the Custodian unless (a) the Custodian or the Eligible Foreign Custodian is in actual possession of such securities or other financial assets, (b) the Custodian receives Proper Instructions with regard to the exercise of the right or power, and (c) both of the conditions referred to in the foregoing clauses (a) and (b) have been satisfied at least three business days prior to the date on which the Custodian is to take action to exercise the right or power. However, the Custodian shall nevertheless exercise its best efforts to take such action in the event that notification is received three business days or less prior to the date on which action is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 <u>Loaned Securities</u>. Income due to each Portfolio on securities or other financial assets loaned shall be the responsibility of the applicable Fund. The Custodian will have no duty or responsibility, pursuant to this Agreement, in connection with loaned securities or other financial assets, other than to provide the Fund with such information or data as may be necessary to assist the Fund in arranging for the timely delivery to the Custodian of the income to which the Portfolio is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 <u>Trade Counterparties</u>. A Fund's receipt of securities or other financial assets from a counterparty in connection with any of its purchase transactions and its receipt of cash from a counterparty in connection with any sale or redemption of securities or other financial assets will be at the Fund's sole risk, and the Custodian shall not be obligated to make demands on the Fund's behalf if the Fund's counterparty defaults. If a Fund's counterparty fails to deliver securities, other financial assets or cash, the Custodian will notify the Fund's Investment Advisor of the failure within a reasonable time after the Custodian became aware of the failure.

Section 15. <u>Compensation and Indemnification of Custodian; Security Interest</u>.

Section. 15.1 <u>Compensation</u>. The Custodian shall be entitled to reasonable compensation for its services and expenses as agreed upon from time to time between each Fund on behalf of each applicable Portfolio and the Custodian.

Section 15.2 <u>Indemnification</u>. Each Portfolio agrees to indemnify the Custodian and to hold the Custodian harmless from and against any loss, cost or expense sustained or incurred by the Custodian in acting or omitting to act under or in respect of this Agreement in good faith, without negligence and with reasonable care, including, without limitation, (a) the Custodian's compliance with Proper Instructions and (b) in connection with the provision of services to a Fund pursuant to Section 7, any obligations, including taxes, withholding and reporting requirements, claims for exemption and refund, additions for late payment, interest, penalties and other expenses, that may be assessed against the Fund, the Portfolio or the Custodian as custodian of the assets of the Fund or the Portfolio. If a Fund on behalf of a Portfolio instructs the Custodian to take any action with respect to securities or other financial assets, and the action involves the payment of money or may, in the opinion of the Custodian, result in the Custodian or its nominee assigned to the Fund or the Portfolio being liable therefor, the Fund on behalf of the Portfolio, as a prerequisite to the Custodian taking the action, shall provide to the Custodian at the Custodian's request such further indemnification in an amount and form satisfactory to the Custodian. The obligations and liabilities any Portfolio assumes shall be limited in any case to the relevant Portfolio and its assets and the Custodian shall not seek satisfaction of any obligation from the shareholders of the relevant Portfolio, any other Portfolio or its shareholders or the Trustees, officers, employees or agents of the Fund. In addition, in connection with the discharge and satisfaction of any claim made by the Custodian against a Fund involving more than one Portfolio, the Fund has the exclusive right to determine the appropriate allocations of liability for any claim between or among Portfolios.

Section 15.3 <u>Security Interest</u>. Each Fund hereby grants to the Custodian, to secure the payment and performance of the Fund's obligations under this Agreement, whether contingent or otherwise, a security interest in and right of recoupment and setoff against all cash and all securities and other financial assets at any time held for the account of a Portfolio by or through the Custodian. The obligations include, without limitation, the Fund's obligations to reimburse the Custodian if the Custodian or any of its affiliates, subsidiaries or agents advances cash or securities or other financial assets to the Fund for any purpose (including but not limited to settlements of securities or other financial assets, foreign exchange contracts and assumed settlement), or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee's own negligence, as well as the Fund's obligation to compensate the Custodian pursuant to Section 15.1 or indemnify the Custodian pursuant to Section 15.2. Should the Fund fail to reimburse or otherwise pay the Custodian any obligation under this Agreement promptly, the Custodian shall have the rights and remedies of a secured party under this Agreement, the UCC and other applicable law, including the right to utilize available cash and to sell or otherwise dispose of the Portfolio's assets to the extent necessary to obtain payment or reimbursement. The Custodian may at any time decline to follow Proper Instructions to deliver out cash, securities or other financial assets if the Custodian determines in its reasonable discretion that, after giving effect to the Proper Instructions, the cash, securities or other financial assets remaining will not have sufficient value fully to secure the Fund's payment or reimbursement obligations, whether contingent or otherwise.

Section 16. <u>Effective Period and Termination</u>.

Section 16.1 <u>Term</u>. This Agreement shall remain in full force and effect for an initial term ending February 28, 2021. After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the Initial Term or any renewal term, as the case may be. A written notice of non-renewal may be given as to a Fund or a Portfolio.

Section 16.2 <u>Termination</u>. Either party may terminate this Agreement as to a Fund or a Portfolio: (a) in the event of the other party's material breach of a material provision of this Agreement that the other party has either failed to cure, or failed to establish a remedial plan to cure that is reasonably acceptable to the non-breaching party, within 60 days' written notice being given by the non-breaching party of the breach, or (b) in the event of the appointment of a conservator or receiver for the other party, the commencement by or against the other party of a bankruptcy or insolvency case or proceeding, or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction.

Section 16.3 <u>Payments Owing to the Custodian</u>. Upon termination of this Agreement pursuant to Section 16.1 or 16.2 with respect to any Fund or Portfolio, the applicable Fund shall pay to the Custodian any compensation then due and shall reimburse the Custodian for its other reasonable costs, expenses and charges then due. Upon receipt of such payment and reimbursement, the Custodian will deliver the Fund's or Portfolio's cash and its securities and other financial assets as set forth in Section 17.

Section 16.4 <u>Reserved</u>.

Section 16.5 <u>Effect of Termination</u>. Termination of this Agreement with respect to any one particular Fund or Portfolio shall in no way affect the rights and duties under this Agreement with respect to any other Fund or Portfolio. Following termination with respect to a Fund or Portfolio, the Custodian shall have no further responsibility to forward information under Section 3.8 or 5.8. The provisions of Sections 7, 14, 15 and 17 of this Agreement shall survive termination of this Agreement. To the extent the Custodian continues to possess confidential information or records of the Fund or its agents or service providers after the termination of this Agreement, the obligations contained in Sections 12, 20.11, 20.12, and 20.13 of this Agreement shall continue until the five (5) year anniversary of the termination date of this Agreement.

Section 17. <u>Successor Custodian</u>.

Section 17.1 <u>Successor Appointed</u>. If a successor custodian shall be appointed for a Portfolio by its Board, the Custodian shall, upon termination of this Agreement and receipt of Proper Instructions, deliver to the successor custodian at the office of the Custodian, duly endorsed and in the form for transfer, all cash and all securities and other financial assets of the Portfolio then held by the Custodian hereunder and shall transfer to an account of the successor custodian all of the securities and other financial assets of the Portfolio held in a U.S. Securities System or Foreign Securities System or at the Underlying Transfer Agent.

Section 17.2 <u>No Successor Appointed</u>. If no such successor custodian shall be appointed, the Custodian shall, in like manner, upon receipt of Proper Instructions, deliver at the office of the Custodian and transfer the cash and the securities and other financial assets of the Portfolio in accordance with the Proper Instructions.

Section 17.3 <u>No Successor Appointed and No Proper Instructions</u>. If no successor custodian has been appointed and no Proper Instructions have been delivered to the Custodian on or before the termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company, which is a "bank" as defined in the 1940 Act, doing business in Boston, Massachusetts, or New York, New York, of its own selection, all cash and all securities and other financial assets of the Portfolio then held by the Custodian hereunder, and to transfer to an account of the bank or trust company all of the securities and other financial assets of the Portfolio held in any U.S. Securities System or Foreign Securities System or at the Underlying Transfer Agent. The transfer will be on such terms as are contained in this Agreement or as the Custodian may otherwise reasonably negotiate with the bank or trust company. Any compensation payable to the bank or trust company, and any cost or expense incurred by the Custodian, in connection with the transfer shall be for the account of the Portfolio.

Section 17.4 <u>Remaining Property</u>. If any cash or any securities or other financial assets of the Portfolio held by the Custodian hereunder remain held by the Custodian after the termination of this Agreement owing to the failure of the applicable Fund to provide Proper Instructions, the Custodian shall be entitled to fair compensation for its services during such period as the Custodian holds the cash or the securities or other financial assets (the existing agreed-to compensation at the time of termination shall be one indicator of what is considered fair compensation). The provisions of this Agreement relating to the duties, exculpation and indemnification of the Custodian shall apply in favor of the Custodian during such period.

Section 17.5 <u>Reserves</u>. Notwithstanding the foregoing provisions of this Section 17, the Custodian may retain cash or securities or other financial assets of the Fund or Portfolio as a reserve reasonably established by the Custodian to secure the payment or performance of any obligations of the Fund or Portfolio secured by a security interest or right of recoupment or setoff in favor of the Custodian.

Section 18. [Reserved]

Section 19. <u>Loan Services Addendum</u>. If a Fund directs the Custodian in writing to perform loan services, the Custodian and the Fund will be bound by the terms of the Loan Services Addendum attached hereto. The Fund shall reimburse Custodian for its fees and expenses related thereto as agreed upon from time to time in writing by the Fund and the Custodian.

Section 20. <u>General</u>.

Section 20.1 <u>Governing Law</u>. Any and all matters in dispute between the parties hereto, whether arising from or relating to this Agreement, shall be governed by and construed in accordance with laws of the Commonwealth of Massachusetts, without giving effect to any conflict of laws rules. Likewise, the law applicable to all issues in Article 2(1) of the Hague Convention on the Law Applicable to Certain Rights in respect of Securities Held with an Intermediary is the law in force in the Commonwealth of Massachusetts.

Section 20.2 [Reserved]

Section 20.3 <u>Prior Agreements; Amendments</u>. This Agreement supersedes the December 1, 1993 Custodian Contract, as amended, between each Fund on behalf of each of the Fund's Portfolios and the Custodian relating to the custody of the Fund's assets. This Agreement may be amended at any time in writing by mutual agreement of the parties hereto.

Section 20.4 <u>Assignment</u>. This Agreement may not be assigned by (a) any Fund without the written consent of the Custodian or (b) the Custodian without the written consent of each applicable Fund. However, without the consent of any Fund or any Portfolio, the Custodian may assign this Agreement to a successor of all or a substantial portion of its business, or to a party controlling, controlled by or under common control with the Custodian. Notwithstanding the foregoing, the Custodian may employ, engage, associate or contract with such person or persons, including, without limitation, affiliates and subsidiaries of the Custodian, as the Custodian may deem desirable to assist it in performing certain of its non-custodial obligations under this Agreement without the consent of any Fund; <u>provided, however</u>, that the compensation of such person or persons shall be paid by the Custodian and that the Custodian shall be as fully responsible to the Fund for the acts and omissions of any such person or persons as it is for its own acts and omissions under this Agreement.

Section 20.5 <u>Interpretive and Additional Provisions.</u> In connection with the operation of this Agreement, the Custodian and each Fund on behalf of each of the Portfolios, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions shall contravene any applicable laws or regulations or any provision of a Fund's organic record and Prospectus. No interpretive or additional provisions made as provided in the preceding sentence shall be an amendment of this Agreement.

Section 20.6 <u>Additional Funds and Portfolios</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.1 <u>Additional Fund</u>. If any management investment company in addition to those listed on Appendix A desires the Custodian to render services as custodian under the terms of this Agreement, the management investment company shall so notify the Custodian in writing. If the Custodian agrees in writing to provide the services, the management investment company shall become a Fund hereunder and be bound by all terms and conditions and provisions hereof including, without limitation, the representations and warranties set forth in Section 20.7 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.2 <u>Additional Portfolio</u>. If any Fund establishes a series in addition to the Portfolios set forth on Appendix A with respect to which the Fund desires the Custodian to render services as custodian under the terms of this Agreement, the Fund shall so notify the Custodian in writing. If the Custodian agrees in writing to provide the services, the series shall become a Portfolio hereunder.

Section 20.7 <u>The Parties; Representations and Warranties</u>. All references in this Agreement to the "Fund" are to each of the management investment companies listed on Appendix A, and each management investment company made subject to this Agreement in accordance with Section 20.6 above, individually, as if this Agreement were between the individual Fund and the Custodian. In the case of a series organization, all references in this Agreement to the "Portfolio" are to the individual series of the series organization on behalf of the individual series. Any reference in this Agreement to "the parties" shall mean the Custodian and such other individual Fund as to which the matter pertains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.7.1 <u>Fund Representations and Warranties</u>. Each Fund hereby represents and warrants that (a) it is duly organized and validly existing in good standing in its jurisdiction of organization; (b) it has the requisite power and authority under applicable law and its organic record to enter into and perform this Agreement; (c) all requisite proceedings have been taken to authorize it to enter into and perform this Agreement; (d) no legal or administrative proceedings have been instituted or threatened which would materially impair the Fund's ability to perform its duties and obligations under this Agreement; and (e) its entering into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Fund or any law or regulation applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.7.2 <u>Custodian Representations and Warranties</u>. The Custodian hereby represents and warrants that (a) it is a trust company, duly organized and validly existing under the laws of the Commonwealth of Massachusetts; (b) it has the requisite power and authority to carry on its business in the Commonwealth of Massachusetts; (c) all requisite proceedings have been taken to authorize it to enter into and perform this Agreement; (d) no legal or administrative proceedings have been instituted or threatened which would materially impair the Custodian's ability to perform its duties and obligations under this Agreement; and (e) its entering into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Custodian or any law or regulation applicable to it.

Section 20.8 <u>Notices</u>. Any notice, instruction or other communication required to be given hereunder will, unless otherwise provided in this Agreement, be in writing and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized delivery service, to the parties at the following addresses or such other addresses as may be notified by any party from time to time.

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| | |
|:---|:---|
| &nbsp;&nbsp;To any Fund: | &nbsp;&nbsp;c/o Federated Investors, Inc. |
|  | &nbsp;&nbsp;Federated Investors Tower - 21st Floor |
|  | &nbsp;&nbsp;1001 Liberty Avenue |
|  | &nbsp;&nbsp;Pittsburgh, PA 15222-3779 |
|  | &nbsp;&nbsp;Attention: Lori Hensler, Director of Funds Financial Services |
|  | &nbsp;&nbsp;Telephone: 412-288-1277 |
|  | &nbsp;&nbsp;Telecopy: 412-288-8668 |
| &nbsp;&nbsp;with a copy to: | &nbsp;&nbsp;Federated Investors, Inc. |
|  | &nbsp;&nbsp;Federated Investors Tower - 17th Floor |
|  | &nbsp;&nbsp;1001 Liberty Avenue |
|  | &nbsp;&nbsp;Pittsburgh, PA 15222-3779 |
|  | &nbsp;&nbsp;Attention: Chief Legal Officer |
|  | &nbsp;&nbsp;Telephone: 412-288-6331 |
|  | &nbsp;&nbsp;Telecopy: 412-288-8668 |
|  | &nbsp;&nbsp;Federated Investors Tower - 17th Floor |
| &nbsp;&nbsp;To the Custodian: | &nbsp;&nbsp;State Street Bank and Trust Company |
|  | &nbsp;&nbsp;1 Iron Street |
|  | &nbsp;&nbsp;Boston, MA 02110 |
|  | &nbsp;&nbsp;Attention: Andrea Griffin |
|  | &nbsp;&nbsp;Telephone: 617-662-3590 |
|  | &nbsp;&nbsp;Telecopy: 617-375-4279 |
| &nbsp;&nbsp;with a copy to: | &nbsp;&nbsp;State Street Bank and Trust Company |
|  | &nbsp;&nbsp;Legal Division – Global Services Americas |
|  | &nbsp;&nbsp;One Lincoln Street |
|  | &nbsp;&nbsp;Boston, MA 02111 |
|  | &nbsp;&nbsp;Attention: Senior Vice President and Senior Managing Counsel |

---

Section 20.9 <u>Counterparts</u>. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement*.* Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received in electronically transmitted form.

Section 20.10 <u>Severability; No Waiver</u>. If any provision of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. The failure of a party hereto to insist upon strict adherence to any term of this Agreement on any occasion or the failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any the term, right or remedy or a waiver of any other rights or remedies, and no single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy.

Section 20.11 <u>Confidentiality</u>. All information provided under this Agreement by or on behalf of a party or its agents or service providers (the "Disclosing Party") to the other party (the "Receiving Party") regarding the Disclosing Party's business and operations shall be treated as confidential. Subject to Section 20.12 below, all confidential information provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under the Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 20.12 below), including financial and operational management and reporting, risk management, legal and regulatory compliance and client service management. The foregoing shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Custodian or its affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose is expressly permitted under applicable law or regulation to disclose for a legitimate business purpose subject to confidentiality obligation, or has received the prior written consent of the Disclosing Party providing the information, which consent shall not be unreasonably withheld*.* A Receiving Party shall protect confidential information of a Disclosing Party at least to the same degree as the Receiving Party protects its own confidential information. All confidential information, provided by a Disclosing Party shall remain the property of such Disclosing Party. All confidential information, together with any copies thereof, in whatever form, shall, upon the Disclosing Party's written request, be returned to the Disclosing Party or destroyed, at the Receiving Party's election; <u>provided,</u> that the Receiving Party shall be permitted to retain all or any portion of the confidential information, in accordance with the confidentiality obligations specified in this Agreement, to the extent required by applicable law or regulatory authority or to the extent required by the Receiving Party's internal policies and in accordance with its customary practices for backup and storage.

Section 20.12 <u>Use of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Custodian (which term for purposes of this Section 20.12 includes each of its parent company, branches and affiliates ("***Affiliates***")) may collect and store information regarding a Fund and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Fund and the Custodian or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (c) below, the Custodian and/or its Affiliates (except those Affiliates or business divisions principally engaged in the business of asset management) may use any data or other information ("***Data***") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Fund and the Custodian or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Fund, and publish, sell, distribute or otherwise commercialize the Data; provided that, unless the Fund otherwise consents, Data is combined or aggregated with information relating to (i) other customers of the Custodian and/or its Affiliates or (ii) information derived from other sources, in each case such that any published information will be displayed in a manner designed to prevent attribution to or identification of such Data with the Fund. The Fund agrees that Custodian and/or its Affiliates may seek to profit and realize economic benefit from the commercialization and use of the Data, that such benefit will constitute part of the Custodian's compensation for services under this Agreement or such other agreement, and the Custodian and/or its Affiliates shall be entitled to retain and not be required to disclose the amount of such economic benefit and profit to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as expressly contemplated by this Agreement, nothing in this Section 20.12 shall limit the confidentiality and data-protection obligations of the Custodian and its Affiliates under this Agreement and applicable law. The Custodian shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 20.12 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

Section 20.13 <u>Data Privacy.</u> The Custodian will implement and maintain a written information security program that contains appropriate security measures generally consistent with industry standard practices aligned with a security framework appropriate for a large financial services company to safeguard the personal information of the Funds' shareholders, employees, directors and officers that the Custodian receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. The term, "***personal information***", as used in this Section, means (a) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (i) Social Security or other tax identification number, (ii) driver's license number, (iii) state identification card number, (iv) debit or credit card number, (v) financial account number or (vi) personal identification number or password that would permit access to a person's account, (b) any combination of any of the foregoing that would allow a person to log onto or access an individual's account, or (c) any other non-public personal information within the meaning of applicable law or regulation. "Personal Information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public (except to the extent applicable law in a particular jurisdiction does not exclude such publicly available information from protection as personal information).

Section 20.14 <u>Reproduction of Documents</u>. This Agreement and all schedules, addenda, exhibits, appendices, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. Any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

Section 20.15 <u>Regulation GG</u>. Each Fund represents and warrants that it does not engage in an "Internet gambling business," as such term is defined in Section 233.2(r) of Federal Reserve Regulation GG (12 CFR 233) and covenants that it shall not engage in an Internet gambling business. In accordance with Regulation GG, each Fund is hereby notified that "restricted transactions," as such term is defined in Section 233.2(y) of Regulation GG, are prohibited in any dealings with the Custodian pursuant to this Agreement or otherwise between or among any party hereto.

Section 20.16 <u>Shareholder Communications Election</u>. SEC Rule 14b-2 requires banks that hold securities, as that term is used in federal securities laws, for the account of customers to respond to requests by issuers of securities for the names, addresses and holdings of beneficial owners of securities of that issuer held by the bank unless the beneficial owner has expressly objected to disclosure of this information. In order to comply with the rule, as may be applicable, the Custodian needs each Fund to indicate whether it authorizes the Custodian to provide such Fund's name, address, and share position to requesting companies whose securities the Fund owns. If a Fund tells the Custodian "no," the Custodian will not provide this information to requesting companies. If a Fund tells the Custodian "yes" or does not check either "yes" or "no" below, the Custodian is required by the rule, as applicable, to treat the Fund as consenting to disclosure of this information for all securities owned by the Fund or any funds or accounts established by the Fund. For a Fund's protection, the Rule, as applicable, prohibits the requesting company from using the Fund's name and address for any purpose other than corporate communications. Please indicate below whether the Fund consents or objects by checking one of the alternatives below.

YES [ ] The Custodian is authorized to release the Fund's name, address, and share positions.

NO [X] The Custodian is not authorized to release the Fund's name, address, and share positions.

Section 20.17 <u>Business Continuity/Disaster Recovery</u>. In the event of equipment failure, work stoppage, governmental action, communication disruption or other impossibility of performance beyond the Custodian's control, the Custodian shall take reasonable steps to minimize service interruptions. Specifically, Custodian shall implement reasonable procedures to prevent the loss of data and to recover from service interruptions caused by equipment failure or other circumstances with resumption of all substantial elements of services in a timeframe sufficient to meet business requirements. The Custodian shall enter into and shall maintain in effect at all times during the term of this Agreement with appropriate parties one or more agreements making reasonable provision for (i) periodic back-up of the computer files and data with respect to the Fund; and (ii) emergency use of electronic data processing equipment to provide services under this Agreement. Custodian shall test the ability to recover to alternate data processing equipment in accordance with State Street program standards, and provide a high level summary of business continuity test results to the Fund upon request. Custodian will remedy any material deficiencies in accordance with State Street program standards. Upon reasonable advance notice, and at no cost to Custodian, the Fund retains the right to review Custodian's business continuity, crisis management, disaster recovery, and third-party vendor management processes and programs (including discussions with the relevant subject matter experts and an on-site review of the production facilities used) related to delivery of the service no more frequently than an annual basis. Upon reasonable request, the Custodian also shall discuss with senior management of the Fund any business continuity/disaster recovery plan of the Custodian and/or provide a high-level presentation summarizing such plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.18 <u>Anti-Money Laundering</u>. With respect to the Fund's offering and sale of Interests at any time, and for all subsequent transfers of such interests, the Fund or its delegate shall, directly or indirectly and to the extent required by law: (i) conduct know your customer/client identity due diligence with respect to potential investors and transferees in the Interests and shall obtain and retain due diligence records for each investor and transferee; (ii) use its best efforts to ensure that each investor's and any transferee's funds used to purchase Interests shall not be derived from, nor the product of, any criminal activity; (iii) if requested, provide periodic written verifications that such investors/transferees have been checked against the United States Department of the Treasury Office of Foreign Assets Control database for any non-compliance or exceptions; and (iv) perform its obligations under this Section in accordance with all applicable anti-money laundering laws and regulations. In the event that the Custodian has received advice from counsel that access to underlying due diligence records pertaining to the investors/transferees is necessary to ensure compliance by the Custodian with relevant anti-money laundering (or other applicable) laws or regulations, the Fund shall, upon receipt of written request from the Custodian, provide the Custodian with copies of such due diligence records.

[Remainder of page intentionally left blank.]

**<u>Signature Page</u>**

**In Witness Whereof**, each of the parties has caused this Agreement to be executed in its name and behalf by its duly authorized representative under seal as of the date first above-written.

**EACH OF THE MANAGEMENT INVESTMENT COMPANIES AND SERIES** 

**SET FORTH ON APPENDIX A HERETO**

By: <u>/s/ Lori A. Hensler</u>

Name: Lori A. Hensler

Title: Fund Treasurer

**STATE STREET BANK AND TRUST COMPANY**

By:<u>/s/ Andrew Erickson</u>

Name: Andrew Erickson

Title: Executive Vice President

**APPENDIX A**

**to**

**<u>Master Custodian Agreement</u>**

(revised as of June 1, 2021)

<u>Management Investment Companies Registered with the SEC and Portfolios thereof, If Any</u>

**Federated Hermes Adjustable Rate Securities Trust** 

Federated Hermes Adjustable Rate Fund

**Federated Hermes Adviser Series:**

Federated Hermes Conservative Microshort Fund

Federated Hermes Conservative Municipal Microshort Fund

Federated Hermes MDT Market Neutral Fund

**Federated Hermes Equity Income Fund, Inc.** 

**Federated Hermes Global Allocation Fund**

**Federated Hermes Government Income Securities, Inc.**

**Federated Hermes Government Income Trust**

Federated Hermes Government Income Fund

**Federated Hermes High Income Bond Fund, Inc.**

**Federated Hermes Total Return Bond Fund** 

**Federated Hermes Short-Term Government Trust**

Federated Hermes Short-Term Government Fund

**Federated Hermes Short-Intermediate Government Trust**

Federated Hermes Short-Intermediate Government Fund

**Federated Hermes Core Trust:**

Bank Loan Core Fund

Mortgage Core Fund

High Yield Bond Core Fund

Emerging Markets Core Fund

**Federated Hermes Core Trust III:**

Project and Trade Finance Core Fund

**Federated Hermes Equity Funds:**

Federated Hermes Clover Small Value Fund

Federated Hermes Kaufmann Fund

Federated Hermes Kaufmann Large Cap Fund

Federated Hermes Kaufmann Small Cap Fund

Federated Hermes MDT Mid Cap Growth Fund

Federated Hermes Prudent Bear Fund

Federated Hermes Strategic Value Dividend Fund

**Federated Hermes Fixed Income Securities, Inc.:**

Federated Hermes Strategic Income Fund

**Federated Hermes High Yield Trust**

Federated Hermes Opportunistic High Yield Bond Fund

**Federated Hermes Income Securities Trust:**

Federated Hermes Capital Income Fund

Federated Hermes Floating Rate Strategic Income Fund

Federated Hermes Fund for U.S. Government Securities

Federated Hermes Intermediate Corporate Bond Fund

Federated Hermes Real Return Bond Fund

Federated Hermes Short-Term Income Fund

**Federated Hermes Index Trust:**

Federated Hermes Max-Cap Index Fund

Federated Hermes Mid-Cap Index Fund

**Federated Hermes Institutional Trust:**

Federated Hermes Government Ultrashort Fund

Federated Hermes Institutional High Yield Bond Fund

Federated Hermes Short-Intermediate Total Return Bond Fund

**Federated Hermes Insurance Series:**

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes High Income Bond Fund II

Federated Hermes Kaufmann Fund II

Federated Hermes Managed Volatility Fund II

Federated Hermes Government Money Fund II

Federated Hermes Quality Bond Fund II

**Federated Hermes Investment Series Funds, Inc.:**

Federated Hermes Corporate Bond Fund

**Federated Hermes Managed Pool Series:**

Federated Hermes Corporate Bond Strategy Portfolio

Federated Hermes High-Yield Strategy Portfolio

Federated Hermes Mortgage Strategy Portfolio

**Federated Herme**s **MDT Series:**

Federated Hermes MDT All Cap Core Fund

Federated Hermes MDT Balanced Fund

Federated Hermes MDT Large Cap Growth Fund

Federated Hermes MDT Small Cap Growth Fund

Federated Hermes MDT Small Cap Core Fund

**Federated Hermes Project and Trade Finance Tender Fund**

**Federated Total Return Series, Inc.:**

Federated Hermes Select Total Return Bond Fund

Federated Hermes Total Return Bond Fund

Federated Hermes Ultrashort Bond Fund

**Federated Hermes Money Market Obligations Trust:**

Federated Hermes California Municipal Cash Trust

Federated Hermes Government Obligations Fund

Federated Hermes Institutional Money Market Management

Federated Hermes Municipal Obligations Fund

Federated Hermes New York Municipal Cash Trust

Federated Hermes Prime Cash Obligations Fund

Federated Hermes Institutional Prime Obligations Fund

Federated Hermes Institutional Prime Value Obligations Fund

Federated Hermes Tax-Free Obligations Fund

Federated Hermes Institutional Tax-Free Cash Trust

Federated Hermes Treasury Obligations Fund

Federated Hermes Trust for U.S. Treasury Obligations

[ ]

Appendix A

<u>Management Investment Companies Registered with the SEC and Portfolios thereof, If Any</u>

Federated Hermes Adjustable Rate Securities Trust

Federated Hermes Equity Income Fund, Inc.

Federated Hermes Global Allocation Fund

Federated Hermes Government Income Securities, Inc.

Federated Hermes Government Income Trust

Federated Hermes High Income Bond Fund, Inc.

Federated Hermes Total Return Government Bond Fund

Federated Hermes Short-Term Government Trust

Federated Hermes Short-Intermediate Government Trust

**Federated Hermes Core Trust:**

Bank Loan Core Fund

Mortgage Core Fund

High Yield Bond Core Fund

Emerging Markets Core Fund

**Federated Hermes Core Trust III:**

Project and Trade Finance Core Fund

**Federated Hermes Equity Funds:**

Federated Hermes Clover Small Value Fund

Federated Hermes Kaufmann Fund

Federated Hermes Kaufmann Large Cap Fund

Federated Hermes Kaufmann Small Cap Fund

Federated Hermes MDT Mid Cap Growth Fund

Federated Hermes Prudent Bear Fund

Federated Hermes Strategic Value Dividend Fund

**Federated** Hermes **Fixed Income Securities, Inc.:**

Federated Hermes Strategic Income Fund

**Federated Hermes High Yield Trust**

Federated Hermes Equity Advantage Fund

Federated Hermes Opportunistic High Yield Bond Fund

**Federated Hermes Income Securities Trust:**

Federated Hermes Capital Income Fund

Federated Hermes Floating Rate Strategic Income Fund

Federated Hermes Fund for U.S. Government Securities

Federated Hermes Intermediate Corporate Bond Fund

Federated Hermes Real Return Bond Fund

Federated Hermes Short-Term Income Fund

**Federated Hermes Index Trust:**

Federated Hermes Max-Cap Index Fund

Federated Hermes Mid-Cap Index Fund

**Federated Hermes Institutional Trust:**

Federated Hermes Government Ultrashort Fund

Federated Hermes Institutional High Yield Bond Fund

Federated Hermes Short-Intermediate Total Return Bond Fund

**Federated Hermes Insurance Series:**

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes High Income Bond Fund II

Federated Hermes Hermes Kaufmann Fund II

Federated Managed Volatility Fund II

Federated Hermes Government Money Fund II

Federated Hermes Quality Bond Fund II

**Federated Hermes Investment Series Funds, Inc.:**

Federated Hermes Corporate Bond Fund

**Federated Hermes Managed Pool Series:**

Federated Hermes Corporate Bond Strategy Portfolio

Federated Hermes High-Yield Strategy Portfolio

Federated Hermes Managed Volatility Strategy Portfolio

Federated Hermes Mortgage Strategy Portfolio

**Federated Hermes MDT Series:**

Federated Hermes MDT All Cap Core Fund

Federated Hermes MDT Balanced Fund

Federated Hermes MDT Large Cap Growth Fund

Federated Hermes MDT Small Cap Growth Fund

Federated Hermes MDT Small Cap Core Fund

**Federated Hermes Project and Trade Finance Tender Fund**

**Federated Hermes Total Return Series, Inc.:**

Federated Hermes Select Total Return Bond Fund

Federated Hermes Total Return Bond Fund

Federated Hermes Ultrashort Bond Fund

**Federated Hermes Money Market Obligations Trust:**

Federated Hermes California Municipal Cash Trust

Federated Hermes Connecticut Municipal Cash Trust

Federated Hermes Florida Municipal Cash Trust

Federated Hermes Georgia Municipal Cash Trust

Federated Hermes Government Obligations Fund

Federated Hermes Massachusetts Municipal Cash Trust

Federated Hermes Michigan Municipal Cash Trust

Federated Hermes Institutional Money Market Management

Federated Hermes Municipal Obligations Fund

Federated Hermes New York Municipal Cash Trust

Federated Hermes Ohio Municipal Cash Trust

Federated Hermes Pennsylvania Municipal Cash Trust

Federated Hermes Prime Cash Obligations Fund

Federated Hermes Institutional Prime Obligations Fund

Federated Hermes Institutional Prime Value Obligations Fund

Federated Hermes Tax-Free Obligations Fund

Federated Hermes Institutional Tax-Free Cash Trust

Federated Hermes Treasury Obligations Fund

Federated Hermes Trust for U.S. Treasury Obligations

Federated Hermes Virginia Municipal Cash Trust

Appendix B

[ ]

**<u>LOAN SERVICES ADDENDUM</u>**

**<u>TO AMENDED AND RESTATED</u>**

**<u>MASTER CUSTODIAN AGREEMENT</u>**

ADDENDUM to that certain Amended and Restated Master Custodian Agreement, dated March 1, 2017, as amended (the "***Custodian Agreement***") by and among each fund (a "***Fund***") identified on Appendix A thereto or made subject thereto pursuant to Section 20.6 thereof and State Street Bank and Trust Company, including its subsidiaries and other affiliates (the "***Custodian***"). As used in this Addendum, the term "***Fund***", in relation to a Loan (as defined below), includes a Portfolio on whose behalf the Fund acts with respect to the Loan.

The following provisions will apply with respect to interests in commercial loans, including loan participations, whether the loans are bilateral or syndicated and whether any obligor is located in or outside of the United States (collectively, "***Loans***"), made or acquired by a Fund on behalf of one or more of its Portfolios.

Section 1. <u>Payment Custody</u>. If a Fund wishes the Custodian to receive payments directly with respect to a Loan for credit to the bank account maintained by the Custodian for the Fund under the Custodian Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Fund will cause the Custodian to be named as the Fund's nominee for payment purposes under the relevant financing documents, e.g., in the case of a syndicated loan, the administrative contact for the agent bank, and otherwise provide for the payment to the Custodian of the payments with respect to the Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Custodian will credit to the bank account maintained by the Custodian for the Fund under the Custodian Agreement any payment on or in respect of the Loan actually received by the Custodian and identified as relating to the Loan, but with any amount credited being conditional upon clearance and actual receipt by the Custodian of final payment.

Section 2. <u>Monitoring</u>. If a Fund wishes the Custodian to monitor payments on and forward notices relating to a Loan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Fund will deliver, or cause to be delivered, to the Custodian a schedule identifying the amount and due dates of the scheduled principal payments, the scheduled interest payment dates and related payment amount information, and such other information with respect to the Loan as the Custodian may reasonably require in order to perform its services hereunder (collectively, "***Loan Information***"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Custodian will (i) if the amount of a principal, interest, fee or other payment with respect to the Loan is not received by the Custodian on the date on which the amount is scheduled to be paid as reflected in the Loan Information, use best efforts to notify the agent of the obligor and/or any other intermediary banks of the obligor's failure to make timely payment, and (ii) if such payment is not received, promptly notify the Fund (or the Investment Manager on its behalf) of such obligor's failure to make the loan payment, and (iii) provide a report to the Fund that the payment has not been received and (iv) if the Custodian receives any consent solicitation, notice of default or similar notice from any syndication agent, lead or obligor on the Loan, undertake reasonable efforts to forward the notice to the Fund.

Section 3. <u>Exculpation of the Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Payment Custody and Monitoring.* The Custodian will have no liability for any delay or failure by the Fund or any third party in providing Loan Information to the Custodian or for any inaccuracy or incompleteness of any Loan Information. The Custodian will have no obligation to verify, investigate, recalculate, update or otherwise confirm the accuracy or completeness of any Loan Information or other information or notices received by the Custodian in respect of the Loan. The Custodian will be entitled to (i) rely upon the Loan Information provided to it by or on behalf of the Fund or any other information or notices that the Custodian may receive from time to time from any syndication agent, lead or obligor or any similar party with respect to the Loan and (ii) update its records on the basis of such information or notices as may from time to time be received by the Custodian.

 

(b) *Any Service*. The Custodian will have no obligation to (i) determine whether any necessary steps have been taken or requirements have been met for the Fund to have acquired good or record title to a Loan, (ii) ensure that the Fund's acquisition of the Loan has been authorized by the Fund, (iii) collect past due payments on the Loan, preserve any rights against prior parties, exercise any right or perform any obligation in connection with the Loan (including taking any action in connection with any consent solicitation, notice of default or similar notice received from any syndication agent, lead or obligor on the Loan) or otherwise take any other action to enforce the payment obligations of any obligor on the Loan, (iv) become itself the record title holder of the Loan or (v) make any advance of its own funds with respect to the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Miscellaneous.* The Custodian will not be considered to have been or be charged with knowledge of the sale of a Loan by the Fund, unless and except to the extent that the Custodian shall have received written notice of the sale from the Fund and the proceeds of the sale have been received by the Custodian for credit to the bank account maintained by the Custodian for the Fund under the Custodian Agreement. If any question arises as to the Custodian's duties under this Addendum, the Custodian may request instructions from the Fund and will be entitled at all times to refrain from taking any action unless it has received Proper Instructions from the Fund. The Custodian will in all events have no liability, risk or cost for any action taken or omitted with respect to the Loan pursuant to Proper Instructions. The Custodian will have no responsibilities or duties whatsoever with respect to the Loan except as are expressly set forth in this Addendum.

Global Custody Network

Schedule A

**D** **ECEMBER 31, 2016**

---

| | | |
|:---|:---|:---|
| **M** **ARKET** | **S** **UBCUSTODIAN** | **A** **DDRESS** |
| &nbsp;&nbsp;**A** **lbania** | &nbsp;&nbsp;Raiffeisen Bank sh.a. | &nbsp;&nbsp;Blv. "Bajram Curri" ETC – Kati 14<br> Tirana, Albania |
| &nbsp;&nbsp;**A** **rgentina** | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;Bartolome Mitre 530<br> 1036 Buenos Aires, Argentina |
| &nbsp;&nbsp;**A** **ustralia** | &nbsp;&nbsp;The Hongkong and Shanghai Banking Corporation Limited | &nbsp;&nbsp;HSBC Securities Services <br> Level 3, 10 Smith St., <br> Parramatta, NSW 2150, Australia |
| &nbsp;&nbsp;**A** **ustria** | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;Fleischmarkt 1 <br> A-1010 Vienna, Austria |
| &nbsp;&nbsp;**A** **ustria** | &nbsp;&nbsp;UniCredit Bank Austria AG | &nbsp;&nbsp;Custody Department / Dept. 8398-TZ Julius Tandler Platz 3 <br> A-1090 Vienna, Austria |
| &nbsp;&nbsp;**Bahrain** | &nbsp;&nbsp;HSBC Bank Middle East Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;&nbsp;1st Floor, Bldg. #2505 <br> Road # 2832, Al Seef 428 <br> Kingdom of Bahrain |
| &nbsp;&nbsp;**Bangladesh** | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;Silver Tower, Level 7 <br> 52 South Gulshan Commercial Area <br> Gulshan 1, Dhaka 1212, Bangladesh |
| &nbsp;&nbsp;**Belgium** | &nbsp;&nbsp;Deutsche Bank AG, Netherlands (operating through its Amsterdam branch with support from its Brussels branch) | &nbsp;&nbsp;De Entrees 99-197 <br> 1101 HE Amsterdam, Netherlands |
| &nbsp;&nbsp;**Benin** | &nbsp;&nbsp;via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | &nbsp;&nbsp;23, Bld de la République <br> 17 BP 1141 Abidjan 17 Côte d'Ivoire |
| &nbsp;&nbsp;**Bermuda** | &nbsp;&nbsp;HSBC Bank Bermuda Limited | &nbsp;&nbsp;6 Front Street <br> Hamilton, HM06, Bermuda |
| &nbsp;&nbsp;**F** **ederation of Bosnia and Herzegovina** | &nbsp;&nbsp;UniCredit Bank d.d. | &nbsp;&nbsp;Zelenih beretki 24 <br> 71 000 Sarajevo <br> Federation of Bosnia and Herzegovina |
| &nbsp;&nbsp;**Botswana** | &nbsp;&nbsp;Standard Chartered Bank Botswana Limited | &nbsp;&nbsp;4th Floor, Standard Chartered House <br> Queens Road <br> The Mall <br> Gaborone, Botswana |
| &nbsp;&nbsp;**Brazil** | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;AV Paulista 1111 <br> São Paulo, SP 01311-920 Brazil |
| &nbsp;&nbsp;**Bulgaria** | &nbsp;&nbsp;Citibank Europe plc, Bulgaria Branch | &nbsp;&nbsp;Serdika Offices, 10th floor <br> 48 Sitnyakovo Blvd. <br> 1505 Sofia, Bulgaria |
| &nbsp;&nbsp;**Bulgaria** | &nbsp;&nbsp;UniCredit Bulbank AD | &nbsp;&nbsp;7 Sveta Nedelya Square <br> 1000 Sofia, Bulgaria |
| &nbsp;&nbsp;**Burkina Faso** | &nbsp;&nbsp;via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | &nbsp;&nbsp;23, Bld de la République <br> 17 BP 1141 Abidjan 17 Côte d'Ivoire |
| &nbsp;&nbsp;**Canada** | &nbsp;&nbsp;State Street Trust Company Canada | &nbsp;&nbsp;30 Adelaide Street East, Suite 800 <br> Toronto, ON Canada M5C 3G6 |
| &nbsp;&nbsp;**Chile** | &nbsp;&nbsp;Itaú CorpBanca S.A. | &nbsp;&nbsp;Presidente Riesco Street # 5537 <br> Floor 18 <br> Las Condes, Santiago de Chile |
| &nbsp;&nbsp;**P** **eople's Republic of China** | &nbsp;&nbsp;HSBC Bank (China) Company Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;&nbsp;33rd Floor, HSBC Building, Shanghai IFC <br> 8 Century Avenue <br> Pudong, Shanghai, China (200120) |
| &nbsp;&nbsp;**P** **eople's Republic of China** | &nbsp;&nbsp;China Construction Bank Corporation (for A-share market only) | &nbsp;&nbsp;No.1 Naoshikou Street Chang An Xing Rong Plaza Beijing 100032-33, China |
| &nbsp;&nbsp;**P** **eople's Republic of China** | &nbsp;&nbsp;Citibank N.A. (for Shanghai – Hong Kong Stock Connect market only) | &nbsp;&nbsp;39/F., Champion Tower <br> 3 Garden Road <br> Central, Hong Kong |
| &nbsp;&nbsp;**P** **eople's Republic of China** | &nbsp;&nbsp;The Hongkong and Shanghai Banking Corporation Limited (for Shanghai – Hong Kong Stock Connect market only) | &nbsp;&nbsp;Level 30, <br> HSBC Main Building <br> 1 Queen's Road <br> Central, Hong Kong |
| &nbsp;&nbsp;**P** **eople's Republic of China** | &nbsp;&nbsp;Standard Chartered Bank (Hong Kong) Limited (for Shanghai – Hong Kong Stock Connect market) | &nbsp;&nbsp;&nbsp;15th Floor Standard Chartered Tower <br> 388 Kwun Tong Road <br> Kwun Tong, Hong Kong |
| &nbsp;&nbsp;**Colombia** | &nbsp;&nbsp;Cititrust Colombia S.A. Sociedad Fiduciaria | &nbsp;&nbsp;Carrera 9A, No. 99-02 <br> Bogotá DC, Colombia |
| &nbsp;&nbsp;**Costa Rica** | &nbsp;&nbsp;Banco BCT S.A. | &nbsp;&nbsp;160 Calle Central <br> Edificio BCT <br> San José, Costa Rica |
| &nbsp;&nbsp;**Croatia** | &nbsp;&nbsp;Privredna Banka Zagreb d.d. | &nbsp;&nbsp;Custody Department <br> Radnička cesta 50 <br> 10000 Zagreb, Croatia |
| &nbsp;&nbsp;**Croatia** | &nbsp;&nbsp;Zagrebacka Banka d.d. | &nbsp;&nbsp;Savska 60 <br> 10000 Zagreb, Croatia |
| &nbsp;&nbsp;**C** **yprus** | &nbsp;&nbsp;BNP Paribas Securities Services, S.C.A., Greece (operating through its Athens branch) | &nbsp;&nbsp;2 Lampsakou Str. <br> 115 28 Athens, Greece |
| &nbsp;&nbsp;**Czech Republic** | &nbsp;&nbsp;Československá obchodní banka, a.s. | &nbsp;&nbsp;Radlická 333/150 <br> 150 57 Prague 5, Czech Republic |
| &nbsp;&nbsp;**Czech Republic** | &nbsp;&nbsp;UniCredit Bank Czech Republic and Slovakia, a.s. | &nbsp;&nbsp; BB Centrum – FILADELFIE Želetavská 1525/1 140 92 Praha 4 - Michle, Czech Republic<br>|
| &nbsp;&nbsp;**Denmark** | &nbsp;&nbsp;Nordea Bank AB (publ), Sweden (operating through its subsidiary, Nordea Bank Danmark A/S) | &nbsp;&nbsp;Strandgade 3 <br> 0900 Copenhagen C, Denmark |
| &nbsp;&nbsp;**Denmark** | &nbsp;&nbsp;Skandinaviska Enskilda Banken AB (publ), Sweden (operating through its Copenhagen branch) | &nbsp;&nbsp;Bernstorffsgade 50 <br> 1577 Copenhagen, Denmark |
| &nbsp;&nbsp;**E** **gypt** | &nbsp;&nbsp;HSBC Bank Egypt S.A.E. (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;&nbsp;6th Floor <br> 306 Corniche El Nil <br> Maadi <br> Cairo, Egypt |
| &nbsp;&nbsp;**E** **stonia** | &nbsp;&nbsp;AS SEB Pank | &nbsp;&nbsp;Tornimäe 2 <br> 15010 Tallinn, Estonia |
| &nbsp;&nbsp;**F** **inland** | &nbsp;&nbsp;Nordea Bank AB (publ), Sweden (operating through its subsidiary, Nordea Bank Finland Plc.) | &nbsp;&nbsp;Satamaradankatu 5 <br> 00500 Helsinki, Finland |
| &nbsp;&nbsp;**F** **inland** | &nbsp;&nbsp;Skandinaviska Enskilda Banken AB (publ), Sweden (operating through its Helsinki branch) | &nbsp;&nbsp;Securities Services <br> Box 630 <br> SF-00101 Helsinki, Finland |
| &nbsp;&nbsp;**F** **rance** | &nbsp;&nbsp;Deutsche Bank AG, Netherlands (operating through its Amsterdam branch with support from its Paris branch) | &nbsp;&nbsp;De Entrees 99-197 <br> 1101 HE Amsterdam, Netherlands |
| &nbsp;&nbsp;**Republic of Georgia** | &nbsp;&nbsp;JSC Bank of Georgia | &nbsp;&nbsp;29a Gagarini Str. Tbilisi 0160, Georgia |
| &nbsp;&nbsp;**G** **ermany** | &nbsp;&nbsp;State Street Bank International GmbH | &nbsp;&nbsp;Brienner Strasse 59 <br> 80333 Munich, Germany |
|  | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;Alfred-Herrhausen-Allee 16-24 <br> D-65760 Eschborn, Germany |
| &nbsp;&nbsp;**Gh** **ana** | &nbsp;&nbsp;Standard Chartered Bank Ghana Limited | &nbsp;&nbsp;P. O. Box 768 <br> 1st Floor <br> High Street Building <br> Accra, Ghana |
| &nbsp;&nbsp;**G** **reece** | &nbsp;&nbsp;BNP Paribas Securities Services, S.C.A. | &nbsp;&nbsp;2 Lampsakou Str. <br> 115 28 Athens, Greece |
| &nbsp;&nbsp;**Gu** **inea-Bissau** | &nbsp;&nbsp;via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | &nbsp;&nbsp;23, Bld de la République <br> 17 BP 1141 Abidjan 17 Côte d'Ivoire |
| &nbsp;&nbsp;**Hong Kong** | &nbsp;&nbsp;Standard Chartered Bank (Hong Kong) Limited | &nbsp;&nbsp;&nbsp;15th Floor Standard Chartered Tower <br> 388 Kwun Tong Road <br> Kwun Tong, Hong Kong |
| &nbsp;&nbsp;**Hungary** | &nbsp;&nbsp;Citibank Europe plc Magyarországi Fióktelepe | &nbsp;&nbsp;7 Szabadság tér, Bank Center <br> Budapest, H-1051 Hungary |
| &nbsp;&nbsp;**Hungary** | &nbsp;&nbsp;UniCredit Bank Hungary Zrt. | &nbsp;&nbsp;6th Floor <br> Szabadság tér 5-6 <br> H-1054 Budapest, Hungary |
| &nbsp;&nbsp;**Iceland** | &nbsp;&nbsp;Landsbankinn hf. | &nbsp;&nbsp;Austurstræti 11 <br> 155 Reykjavik, Iceland |
| &nbsp;&nbsp;**India** | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;Block B1, 4th Floor, Nirlon Knowledge Park <br> Off Western Express Highway <br> Goregaon (E) <br> Mumbai 400 063, India |
| &nbsp;&nbsp;**India** | &nbsp;&nbsp;The Hongkong and Shanghai Banking Corporation Limited | &nbsp;&nbsp;11F, Building 3, NESCO - IT Park, NESCO Complex, <br>Western Express Highway <br> Goregaon (East), Mumbai 400 063, India |
| &nbsp;&nbsp;**Indonesia** | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;Deutsche Bank Building, 4th floor <br> Jl. Imam Bonjol, No. 80 <br> Jakarta 10310, Indonesia |
| &nbsp;&nbsp;**Ireland** | &nbsp;&nbsp;State Street Bank and Trust Company, United Kingdom branch | &nbsp;&nbsp;525 Ferry Road <br> Edinburgh EH5 2AW, Scotland |
| &nbsp;&nbsp;**Israel** | &nbsp;&nbsp;Bank Hapoalim B.M. | &nbsp;&nbsp;50 Rothschild Boulevard <br> Tel Aviv, Israel 61000 |
| &nbsp;&nbsp;**Italy** | &nbsp;&nbsp;Deutsche Bank S.p.A. | &nbsp;&nbsp;Investor Services <br> Via Turati 27 – 3rd Floor <br> 20121 Milan, Italy |
| &nbsp;&nbsp;**Ivory Coast** | &nbsp;&nbsp;Standard Chartered Bank Côte d'Ivoire S.A. | &nbsp;&nbsp;23, Bld de la République <br> 17 BP 1141 Abidjan 17 Côte d'Ivoire |
| &nbsp;&nbsp;**Japan** | &nbsp;&nbsp;Mizuho Bank, Limited | &nbsp;&nbsp;Shinagawa Intercity Tower A <br> 2-15-1, Konan, Minato-ku <br> Tokyo 108-6009, Japan |
| &nbsp;&nbsp;**Japan** | &nbsp;&nbsp;The Hongkong and Shanghai Banking Corporation Limited | &nbsp;&nbsp;HSBC Building <br> 11-1 Nihonbashi 3-chome, Chuo-ku <br> Tokyo 1030027, Japan |
| &nbsp;&nbsp;**Jordan** | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;Shmeissani Branch <br> Al-Thaqafa Street, Building # 2 <br> P.O. Box 926190 <br> Amman 11110, Jordan |
| &nbsp;&nbsp;**Kazakhstan** | &nbsp;&nbsp;JSC Citibank Kazakhstan | &nbsp;&nbsp;Park Palace, Building A, <br> 41 Kazibek Bi street, <br> Almaty 050010, Kazakhstan |
| &nbsp;&nbsp;**Kenya** | &nbsp;&nbsp;Standard Chartered Bank Kenya Limited | &nbsp;&nbsp;Custody Services <br> Standard Chartered @ Chiromo, Level 5 <br> 48 Westlands Road <br> P.O. Box 40984 – 00100 GPO Nairobi, Kenya |
| &nbsp;&nbsp;**Republic of Korea** | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;18th Fl., Young-Poong Building <br> 41 Cheonggyecheon-ro <br> Jongro-ku-, Seoul 03188, Korea |
| &nbsp;&nbsp;**Republic of Korea** | &nbsp;&nbsp;The Hongkong and Shanghai Banking Corporation Limited | &nbsp;&nbsp;5F <br> HSBC Building #37 <br> Chilpae-ro <br> Jung-gu, Seoul 04511, Korea |
| &nbsp;&nbsp;**Kuwait** | &nbsp;&nbsp;HSBC Bank Middle East Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;Kuwait City, Sharq Area Abdulaziz Al Sager Street Al Hamra Tower, 37F <br>P. O. Box 1683, Safat 13017, Kuwait |
| &nbsp;&nbsp;**L** **atvia** | &nbsp;&nbsp;AS SEB banka | &nbsp;&nbsp;Unicentrs, Valdlauči <br> LV-1076 Kekavas pag., Rigas raj., Latvia |
| &nbsp;&nbsp;**L** **ebanon** | &nbsp;&nbsp;HSBC Bank Middle East Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;St. Georges Street, Minet El-Hosn <br> Beirut 1107 2080, Lebanon |
| &nbsp;&nbsp;**L** **ithuania** | &nbsp;&nbsp;AB SEB bankas | &nbsp;&nbsp;Gedimino av. 12 <br> LT 2600 Vilnius, Lithuania |
| &nbsp;&nbsp;**M** **alawi** | &nbsp;&nbsp;Standard Bank Limited | &nbsp;&nbsp;Kaomba Centre <br> Cnr. Victoria Avenue & Sir Glyn Jones <br> Road <br> Blantyre, Malawi |
| &nbsp;&nbsp;**M** **alaysia** | &nbsp;&nbsp;Deutsche Bank (Malaysia) Berhad | &nbsp;&nbsp;Domestic Custody Services <br> Level 20, Menara IMC <br> 8 Jalan Sultan Ismail <br> 50250 Kuala Lumpur, Malaysia |
| &nbsp;&nbsp;**M** **alaysia** | &nbsp;&nbsp;Standard Chartered Bank Malaysia Berhad | &nbsp;&nbsp;Menara Standard Chartered <br> 30 Jalan Sultan Ismail <br> 50250 Kuala Lumpur, Malaysia |
| &nbsp;&nbsp;**M** **ali** | &nbsp;&nbsp;via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | &nbsp;&nbsp;23, Bld de la République <br> 17 BP 1141 Abidjan 17 Côte d'Ivoire |
| &nbsp;&nbsp;**M** **auritius** | &nbsp;&nbsp;The Hongkong and Shanghai Banking Corporation Limited | &nbsp;&nbsp;6F HSBC Centre <br> 18 CyberCity <br> Ebene, Mauritius |
| &nbsp;&nbsp;**M** **exico** | &nbsp;&nbsp;Banco Nacional de México, S.A. | &nbsp;&nbsp;3er piso, Torre Norte <br> Act. Roberto Medellín No. 800 <br> Col. Santa Fe <br> Mexico, DF 01219 |
| &nbsp;&nbsp;**M** **orocco** | &nbsp;&nbsp;Citibank Maghreb | &nbsp;&nbsp;Zénith Millénium Immeuble1 <br> Sidi Maârouf – B.P. 40 <br> Casablanca 20190, Morocco |
| &nbsp;&nbsp;**Namibia** | &nbsp;&nbsp;Standard Bank Namibia Limited | &nbsp;&nbsp;Standard Bank Center <br> Cnr. Werner List St. and Post St. Mall <br> 2nd Floor <br> Windhoek, Namibia |
| &nbsp;&nbsp;**Netherlands** | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;De Entrees 99-197 <br> 1101 HE Amsterdam, Netherlands |
| &nbsp;&nbsp;**New Zealand** | &nbsp;&nbsp;The Hongkong and Shanghai Banking Corporation Limited | &nbsp;&nbsp;HSBC House <br> Level 7, 1 Queen St. <br> Auckland 1010, New Zealand |
| &nbsp;&nbsp;**Niger** | &nbsp;&nbsp;via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | &nbsp;&nbsp;23, Bld de la République <br> 17 BP 1141 Abidjan 17 Côte d'Ivoire |
| &nbsp;&nbsp;**Nigeria** | &nbsp;&nbsp;Stanbic IBTC Bank Plc. | &nbsp;&nbsp;Plot 1712 <br> Idejo St <br> Victoria Island, <br> Lagos 101007, Nigeria |
| &nbsp;&nbsp;**Norway** | &nbsp;&nbsp;Nordea Bank AB (publ), Sweden (operating through its subsidiary, Nordea Bank Norge ASA) | &nbsp;&nbsp;Essendropsgate 7 <br> 0368 Oslo, Norway |
| &nbsp;&nbsp;**Norway** | &nbsp;&nbsp;Skandinaviska Enskilda Banken AB (publ), Sweden (operating through its Oslo branch) | &nbsp;&nbsp;P.O. Box 1843 Vika <br> Filipstad Brygge 1 <br> N-0123 Oslo, Norway |
| &nbsp;&nbsp;**Om** **an** | &nbsp;&nbsp;HSBC Bank Oman S.A.O.G. (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;&nbsp;2nd Floor Al Khuwair <br> PO Box 1727 PC 111 <br> Seeb, Oman |
| &nbsp;&nbsp;**P** **akistan** | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;Unicentre – Unitowers I.I. Chundrigar Road P.O. Box 4925 <br> Karachi - 74000, Pakistan |
| &nbsp;&nbsp;**P** **anama** | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;Boulevard Punta Pacifica Torre de las Americas Apartado <br>Panama City, Panama 0834-00555 |
| &nbsp;&nbsp;**P** **eru** | &nbsp;&nbsp;Citibank del Perú, S.A. | &nbsp;&nbsp;&nbsp;Canaval y Moreyra 480 <br> 3rd Floor, San Isidro <br> Lima 27, Perú |
| &nbsp;&nbsp;**P** **hilippines** | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;Global Transaction Banking <br> Tower One, Ayala Triangle <br> 1226 Makati City, Philippines |
| &nbsp;&nbsp;**P** **oland** | &nbsp;&nbsp;Bank Handlowy w Warszawie S.A. | &nbsp;&nbsp;ul. Senatorska 16 <br> 00-293 Warsaw, Poland |
| &nbsp;&nbsp;**P** **oland** | &nbsp;&nbsp;Bank Polska Kasa Opieki S.A. | &nbsp;&nbsp;31 Zwirki I Wigury Street <br> 02-091, Warsaw, Poland |
| &nbsp;&nbsp;**P** **ortugal** | &nbsp;&nbsp;Deutsche Bank AG, Netherlands (operating through its Amsterdam branch with support from its Lisbon branch) | &nbsp;&nbsp;De Entrees 99-197 <br> 1101 HE Amsterdam, Netherlands |
| &nbsp;&nbsp;**P** **uerto Rico** | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;1 Citibank Drive, Lomas Verdes Avenue <br> San Juan, Puerto Rico 00926 |
| &nbsp;&nbsp;**Q** **atar** | &nbsp;&nbsp;HSBC Bank Middle East Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;2 Fl Ali Bin Ali Tower <br> Building no.: 150 <br> Airport Road <br> Doha, Qatar |
| &nbsp;&nbsp;**Romania** | &nbsp;&nbsp;Citibank Europe plc, Dublin – Romania Branch | &nbsp;&nbsp;8, Iancu de Hunedoara Boulevard <br> 712042, Bucharest Sector 1, Romania |
| &nbsp;&nbsp;**Russia** | &nbsp;&nbsp;AO Citibank | &nbsp;&nbsp;8-10 Gasheka Street, Building 1 <br> 125047 Moscow, Russia |
| &nbsp;&nbsp;**S** **audi Arabia** | &nbsp;&nbsp;HSBC Saudi Arabia Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;HSBC Head Office <br> 7267 Olaya - Al Murooj <br> Riyadh 12283-2255 <br> Kingdom of Saudi Arabia |
| &nbsp;&nbsp;**S** **enegal** | &nbsp;&nbsp;via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | &nbsp;&nbsp;23, Bld de la République <br> 17 BP 1141 Abidjan 17 Côte d'Ivoire |
| &nbsp;&nbsp;**S** **erbia** | &nbsp;&nbsp;UniCredit Bank Serbia JSC | &nbsp;&nbsp;Rajiceva 27-29 <br> 11000 Belgrade, Serbia |
| &nbsp;&nbsp;**S** **ingapore** | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;3 Changi Business Park Crescent <br> #07-00, Singapore 486026 |
| &nbsp;&nbsp;**S** **ingapore** | &nbsp;&nbsp;United Overseas Bank Limited | &nbsp;&nbsp;156 Cecil Street <br> FEB Building #08-03 <br> Singapore 069544 |
| &nbsp;&nbsp;**S** **lovak Republic** | &nbsp;&nbsp;UniCredit Bank Czech Republic and Slovakia, a.s. | &nbsp;&nbsp;Ŝancová 1/A <br> 813 33 Bratislava, Slovak Republic |
| &nbsp;&nbsp;**S** **lovenia** | &nbsp;&nbsp;UniCredit Banka Slovenija d.d. | &nbsp;&nbsp;Šmartinska 140 <br> SI-1000 Ljubljana, Slovenia |
| &nbsp;&nbsp;**S** **outh Africa** | &nbsp;&nbsp;FirstRand Bank Limited | &nbsp;&nbsp;Mezzanine Floor <br> 3 First Place Bank City <br> Corner Simmonds & Jeppe Sts. Johannesburg 2001 <br> Republic of South Africa |
| &nbsp;&nbsp;**S** **outh Africa** | &nbsp;&nbsp;Standard Bank of South Africa Limited | &nbsp;&nbsp;&nbsp;3rd Floor, 25 Pixley Ka Isaka Seme St. Johannesburg 2001 <br>Republic of South Africa |
| &nbsp;&nbsp;**S** **pain** | &nbsp;&nbsp;Deutsche Bank S.A.E. | &nbsp;&nbsp;Calle de Rosario Pino 14-16, Planta 1 <br> 28020 Madrid, Spain |
| &nbsp;&nbsp;**Sr** **i Lanka** | &nbsp;&nbsp;The Hongkong and Shanghai Banking Corporation Limited | &nbsp;&nbsp;24, Sir Baron Jayatilake Mawatha <br> Colombo 01, Sri Lanka |
| &nbsp;&nbsp;**Republic of Srpska** | &nbsp;&nbsp;UniCredit Bank d.d. | &nbsp;&nbsp;Zelenih beretki 24 <br> 71 000 Sarajevo <br> Federation of Bosnia and Herzegovina |
| &nbsp;&nbsp;**S** **waziland** | &nbsp;&nbsp;Standard Bank Swaziland Limited | &nbsp;&nbsp;Standard House, Swazi Plaza <br> Mbabane, Swaziland H101 |
| &nbsp;&nbsp;**S** **weden** | &nbsp;&nbsp;Nordea Bank AB (publ) | &nbsp;&nbsp;Smålandsgatan 17 <br> 105 71 Stockholm, Sweden |
| &nbsp;&nbsp;**S** **weden** | &nbsp;&nbsp;Skandinaviska Enskilda Banken AB (publ) | &nbsp;&nbsp;Sergels Torg 2 <br> SE-106 40 Stockholm, Sweden |
| &nbsp;&nbsp;**S** **witzerland** | &nbsp;&nbsp;Credit Suisse (Switzerland) Limited | &nbsp;&nbsp;Uetlibergstrasse 231 <br> 8070 Zurich, Switzerland |
| &nbsp;&nbsp;**S** **witzerland** | &nbsp;&nbsp;UBS Switzerland AG | &nbsp;&nbsp;Max-Högger-Strasse 80-82 <br> CH-8048 Zurich-Alstetten, Switzerland |
| &nbsp;&nbsp;**T** **aiwan - R.O.C.** | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;296 Ren-Ai Road <br> Taipei 106 Taiwan, Republic of China |
|  | &nbsp;&nbsp;Standard Chartered Bank (Taiwan) Limited | &nbsp;&nbsp;168 Tun Hwa North Road <br> Taipei 105, Taiwan, Republic of China |
| &nbsp;&nbsp;**T** **anzania** | &nbsp;&nbsp;Standard Chartered Bank (Tanzania) Limited | &nbsp;&nbsp;1 Floor, International House <br> Corner Shaaban Robert St and Garden <br> Ave <br> PO Box 9011 <br> Dar es Salaam, Tanzania |
| &nbsp;&nbsp;**T** **hailand** | &nbsp;&nbsp;Standard Chartered Bank (Thai) Public Company Limited | &nbsp;&nbsp;&nbsp;Sathorn Nakorn Tower <br> 14th Floor, Zone B <br> 90 North Sathorn Road <br> Silom, Bangkok 10500, Thailand |
| &nbsp;&nbsp;**T** **ogo** | &nbsp;&nbsp;via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | &nbsp;&nbsp;23, Bld de la République <br> 17 BP 1141 Abidjan 17 Côte d'Ivoire |
| &nbsp;&nbsp;**T** **unisia** | &nbsp;&nbsp;Union Internationale de Banques | &nbsp;&nbsp;65 Avenue Bourguiba <br> 1000 Tunis, Tunisia |
| &nbsp;&nbsp;**T** **urkey** | &nbsp;&nbsp;Citibank, A.Ş. | &nbsp;&nbsp;Tekfen Tower <br> Eski Buyukdere Caddesi 209 <br> Kat 3 <br> Levent 34394 Istanbul, Turkey |
| &nbsp;&nbsp;**T** **urkey** | &nbsp;&nbsp;Deutsche Bank A.Ş. | &nbsp;&nbsp;Eski Buyukdere Caddesi <br> Tekfen Tower No. 209 <br> Kat: 17 4 <br> Levent 34394 Istanbul, Turkey |
| &nbsp;&nbsp;**Uganda** | &nbsp;&nbsp;Standard Chartered Bank Uganda Limited | &nbsp;&nbsp;5 Speke Road <br> P.O. Box 7111 <br> Kampala, Uganda |
| &nbsp;&nbsp;**Ukraine** | &nbsp;&nbsp;PJSC Citibank | &nbsp;&nbsp;16-g Dilova St. <br> Kyiv 03150, Ukraine |
| &nbsp;&nbsp;**United Arab Emirates Dubai Financial Market** | &nbsp;&nbsp;HSBC Bank Middle East Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;HSBC Securities Services <br> Emaar Square <br> Level 3, Building No. 5 <br> P O Box 502601 <br> Dubai, United Arab Emirates |
| &nbsp;&nbsp;**United Arab Emirates Dubai International Financial Center** | &nbsp;&nbsp;HSBC Bank Middle East Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;HSBC Securities Services <br> Emaar Square <br> Level 3, Building No. 5 <br> P O Box 502601 <br> Dubai, United Arab Emirates |
| &nbsp;&nbsp;**United Arab Emirates Abu Dhabi** | &nbsp;&nbsp;HSBC Bank Middle East Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;HSBC Securities Services <br> Emaar Square <br> Level 3, Building No. 5 <br> P O Box 502601 <br> Dubai, United Arab Emirates |
| &nbsp;&nbsp;**United Kingdom** | &nbsp;&nbsp;State Street Bank and Trust Company, United Kingdom branch | &nbsp;&nbsp;525 Ferry Road <br> Edinburgh EH5 2AW, Scotland |
| &nbsp;&nbsp;**Uruguay** | &nbsp;&nbsp;Banco Itaú Uruguay S.A. | &nbsp;&nbsp;Zabala 1463 <br> 11000 Montevideo, Uruguay |
| &nbsp;&nbsp;**V** **enezuela** | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;Centro Comercial El Recreo <br> Torre Norte, Piso 19 <br> Avenida Casanova <br> Caracas, Venezuela 1050 |
| &nbsp;&nbsp;**V** **ietnam** | &nbsp;&nbsp;HSBC Bank (Vietnam) Limited (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | &nbsp;&nbsp;Centre Point <br> 106 Nguyen Van Troi Street <br> Phu Nhuan District <br> Ho Chi Minh City, Vietnam |
| &nbsp;&nbsp;**Z** **ambia** | &nbsp;&nbsp;Standard Chartered Bank Zambia Plc. | &nbsp;&nbsp;Standard Chartered House <br> Cairo Road <br> P.O. Box 32238 <br> 10101, Lusaka, Zambia |
| &nbsp;&nbsp;**Z** **imbabwe** | &nbsp;&nbsp;Stanbic Bank Zimbabwe Limited (as delegate of Standard Bank of South Africa Limited) | &nbsp;&nbsp;3rd Floor <br> Stanbic Centre <br> 59 Samora Machel Avenue <br> Harare, Zimbabwe |

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Depositories Operating in Network Markets Schedule B

**D** **ECEMBER 31, 2016**

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| | | |
|:---|:---|:---|
| **M** **ARKET** | **DEPOSITORY** | **TYPES OF SECURITIES** |
| &nbsp;&nbsp;**A** **lbania** | &nbsp;&nbsp;Bank of Albania | &nbsp;&nbsp;Government debt |
| &nbsp;&nbsp;**A** **rgentina** | &nbsp;&nbsp;Caja de Valores S.A. | &nbsp;&nbsp;Equities, government and corporate bonds, and corporate money market instruments |
| &nbsp;&nbsp;**A** **ustralia** | &nbsp;&nbsp;Austraclear Limited | &nbsp;&nbsp;Government securities, corporate bonds, and corporate money market instruments |
| &nbsp;&nbsp;**A** **ustria** | &nbsp;&nbsp;OeKB Central Securities Depository GmbH | &nbsp;&nbsp;All securities listed on Wiener Börse AG, the Vienna Stock Exchange (as well as virtually all other Austrian securities) |
| &nbsp;&nbsp;**Bahrain** | &nbsp;&nbsp;Clearing, Settlement, Depository and Registry System of the Bahrain Bourse | &nbsp;&nbsp;Equities |
| &nbsp;&nbsp;**Bangladesh** | &nbsp;&nbsp;Bangladesh Bank | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**Bangladesh** | &nbsp;&nbsp;Central Depository Bangladesh Limited | &nbsp;&nbsp;Equities and corporate bonds |
| &nbsp;&nbsp;**Belgium** | &nbsp;&nbsp;Euroclear Belgium | &nbsp;&nbsp;Equities and most corporate bonds |
| &nbsp;&nbsp;**Belgium** | &nbsp;&nbsp;National Bank of Belgium | &nbsp;&nbsp;Government securities, corporate bonds, and money market instruments |
| &nbsp;&nbsp;**Benin** | &nbsp;&nbsp;Dépositaire Central – Banque de Règlement | &nbsp;&nbsp;All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger,Senegal and Togo. |
| &nbsp;&nbsp;**Benin** | &nbsp;&nbsp;Banque Centrale des Etats d'Afrique de l'Ouest | &nbsp;&nbsp;Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**Bermuda** | &nbsp;&nbsp;Bermuda Securities Depository | &nbsp;&nbsp;Equities, corporate bonds |
| &nbsp;&nbsp;**F** **ederation of Bosnia and Herzegovina** | &nbsp;&nbsp;Registar vrijednosnih papira u Federaciji Bosne i Hercegovine, d.d. | &nbsp;&nbsp;Equities, corporate bonds, government securities, money market instruments |
| &nbsp;&nbsp;**Botswana** | &nbsp;&nbsp;Bank of Botswana | &nbsp;&nbsp;Government debt |
| &nbsp;&nbsp;**Botswana** | &nbsp;&nbsp;Central Securities Depository Company of Botswana Ltd. | &nbsp;&nbsp;Equities and corporate bonds |
| &nbsp;&nbsp;**Brazil** | &nbsp;&nbsp;Central de Custódia e de Liquidação Financeira de Títulos Privados (CETIP) | &nbsp;&nbsp;Corporate debt and money market instruments |
| &nbsp;&nbsp;**Brazil** | &nbsp;&nbsp;Companhia Brasileira de Liquidação e Custódia (CBLC) | &nbsp;&nbsp;All equities listed on BM&F BOVESPA S.A. and SOMA, and non-financial corporate bonds traded at BM&F BOVESPA S.A. |
| &nbsp;&nbsp;**Brazil** | &nbsp;&nbsp;Sistema Especial de Liquidação e de Custódia (SELIC) | &nbsp;&nbsp;Government debt issued by the central bank and the National Treasury |
| &nbsp;&nbsp;**Bulgaria** | &nbsp;&nbsp;Bulgarian National Bank | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**Bulgaria** | &nbsp;&nbsp;Central Depository AD | &nbsp;&nbsp;Eligible equities and corporate bonds |
| &nbsp;&nbsp;**Burkina Faso** | &nbsp;&nbsp;Dépositaire Central – Banque de Règlement | &nbsp;&nbsp;All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger,Senegal and Togo. |
| &nbsp;&nbsp;**Burkina Faso** | &nbsp;&nbsp;Banque Centrale des Etats d'Afrique de l'Ouest | &nbsp;&nbsp;Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**Canada** | &nbsp;&nbsp;The Canadian Depository for Securities Limited | &nbsp;&nbsp;All book-entry eligible securities, including government securities, equities, corporate bonds, money market instruments, strip bonds, and asset- backed securities |
| &nbsp;&nbsp;**Chile** | &nbsp;&nbsp;Depósito Central de Valores S.A. | &nbsp;&nbsp;Government securities, equities, corporate bonds, mortgage-backed securities, and money market instruments |
| &nbsp;&nbsp;**P** **eople's Republic of China** | &nbsp;&nbsp;China Securities Depository and Clearing Corporation Limited, Shanghai and Shenzhen Branches | &nbsp;&nbsp;A shares, B shares, Treasury bonds, local government bonds, enterprise bonds, corporate bonds, open and closed-end funds, convertible bonds, and warrants |
| &nbsp;&nbsp;**P** **eople's Republic of China** | &nbsp;&nbsp;China Central Depository and Clearing Co., Ltd. | &nbsp;&nbsp;Bonds traded through the China Interbank Bond Market (CIBM), including Treasury bonds, local government bonds, policy bank bonds, central bank bills, medium-term notes, commercial paper, enterprise bonds, and commercial bank bonds |
| &nbsp;&nbsp;**Colombia** | &nbsp;&nbsp;Depósito Central de Valores | &nbsp;&nbsp;Securities issued by the central bank and the Republic of Colombia |
| | &nbsp;&nbsp;Depósito Centralizado de Valores de Colombia S.A. (DECEVAL) | &nbsp;&nbsp;Equities, corporate bonds, money market instruments |
| &nbsp;&nbsp;**Costa Rica** | &nbsp;&nbsp;Interclear Central de Valores S.A. | &nbsp;&nbsp;Securities traded on Bolsa Nacional de Valores |
| &nbsp;&nbsp;**Croatia** | &nbsp;&nbsp;Središnje klirinško depozitarno društvo d.d. | &nbsp;&nbsp;Eligible equities, corporate bonds, government securities, and corporate money market instruments |
| &nbsp;&nbsp;**C** **yprus** | &nbsp;&nbsp;Central Depository and Central Registry | &nbsp;&nbsp;Equities, corporate bonds, dematerialized government securities, corporate money market instruments |
| &nbsp;&nbsp;**Czech Republic** | &nbsp;&nbsp;Centrální depozitář cenných papírů, a.s. | &nbsp;&nbsp;All dematerialized equities, corporate debt, and government debt, excluding Treasury bills |
| &nbsp;&nbsp;**Czech Republic** | &nbsp;&nbsp;Czech National Bank | &nbsp;&nbsp;Treasury bills |
| &nbsp;&nbsp;**Denmark** | &nbsp;&nbsp;VP Securities A/S | &nbsp;&nbsp;Equities, government securities, corporate bonds, corporate money market instruments, warrants |
| &nbsp;&nbsp;**E** **gypt** | &nbsp;&nbsp;Central Bank of Egypt | &nbsp;&nbsp;Treasury bills |
| &nbsp;&nbsp;**E** **gypt** | &nbsp;&nbsp;Misr for Central Clearing, Depository and Registry S.A.E. | &nbsp;&nbsp;Eligible equities, corporate bonds, and Treasury bonds |
| &nbsp;&nbsp;**E** **stonia** | &nbsp;&nbsp;AS Eesti Väärtpaberikeskus | &nbsp;&nbsp;All registered equity and debt securities |
| &nbsp;&nbsp;**F** **inland** | &nbsp;&nbsp;Euroclear Finland | &nbsp;&nbsp;Equities, corporate bonds, government securities, money market instruments |
| &nbsp;&nbsp;**F** **rance** | &nbsp;&nbsp;Euroclear France | &nbsp;&nbsp;Government securities, equities, bonds, and money market instruments |
| &nbsp;&nbsp;**Republic of Georgia** | &nbsp;&nbsp;Georgian Central Securities Depository | &nbsp;&nbsp;Equities, corporate bonds, and money market instruments |
| &nbsp;&nbsp;**Republic of Georgia** | &nbsp;&nbsp;National Bank of Georgia | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**G** **ermany** | &nbsp;&nbsp;Clearstream Banking AG, Frankfurt | &nbsp;&nbsp;Equities, government securities, corporate bonds, money market instruments, warrants, investment funds, and index certificates |
| &nbsp;&nbsp;**Gh** **ana** | &nbsp;&nbsp;Central Securities Depository (Ghana) Limited | &nbsp;&nbsp;Government securities and Bank of Ghana securities; equities and corporate bonds |
| &nbsp;&nbsp;**G** **reece** | &nbsp;&nbsp;Bank of Greece, System for Monitoring Transactions in Securities in Book-Entry Form | &nbsp;&nbsp;Government debt |
| &nbsp;&nbsp;**G** **reece** | &nbsp;&nbsp;Hellenic Central Securities Depository | &nbsp;&nbsp;Eligible listed equities, government debt, and corporate bonds |
| &nbsp;&nbsp;**Gu** **inea-Bissau** | &nbsp;&nbsp;Dépositaire Central – Banque de Règlement | &nbsp;&nbsp;All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger,Senegal and Togo. |
| | &nbsp;&nbsp;Banque Centrale des Etats d'Afrique de l'Ouest | &nbsp;&nbsp;Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**Hong Kong** | &nbsp;&nbsp;Central Moneymarkets Unit | &nbsp;&nbsp;Government debt (i.e., exchange fund bills and notes issued by the HKMA), other private debt, and money market instruments |
| &nbsp;&nbsp;**Hong Kong** | &nbsp;&nbsp;Hong Kong Securities Clearing Company Limited | &nbsp;&nbsp;Securities listed or traded on the Stock Exchange of Hong Kong Limited |
| &nbsp;&nbsp;**Hungary** | &nbsp;&nbsp;KELER Központi Értéktár Zrt. | &nbsp;&nbsp;Government securities, equities, corporate bonds, and investment fund notes |
| &nbsp;&nbsp;**Iceland** | &nbsp;&nbsp;Nasdaq verðbréfamiðstöð hf. | &nbsp;&nbsp;Government securities, equities, corporate bonds, and money market instruments |
| &nbsp;&nbsp;**India** | &nbsp;&nbsp;Central Depository Services (India) Limited | &nbsp;&nbsp;Eligible equities, debt securities, and money market instruments |
| &nbsp;&nbsp;**India** | &nbsp;&nbsp;National Securities Depository Limited | &nbsp;&nbsp;Eligible equities, debt securities, and money market instruments |
| &nbsp;&nbsp;**India** | &nbsp;&nbsp;Reserve Bank of India | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**Indonesia** | &nbsp;&nbsp;Bank Indonesia | &nbsp;&nbsp;Sertifikat Bank Indonesia (central bank certificates), Surat Utang Negara (government debt instruments), and Surat Perbendaharaan Negara (Treasury bills) |
| &nbsp;&nbsp;**Indonesia** | &nbsp;&nbsp;PT Kustodian Sentral Efek Indonesia | &nbsp;&nbsp;Equities, corporate bonds, and money market instruments |
| &nbsp;&nbsp;**Ireland** | &nbsp;&nbsp;Euroclear UK & Ireland Limited | &nbsp;&nbsp;GBP- and EUR-denominated money market instruments |
| &nbsp;&nbsp;**Ireland** | &nbsp;&nbsp;Euroclear Bank S.A./N.V. | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**Israel** | &nbsp;&nbsp;Tel Aviv Stock Exchange Clearing House Ltd. (TASE Clearing House) | &nbsp;&nbsp;Government securities, equities, corporate bonds and trust fund units |
| &nbsp;&nbsp;**Italy** | &nbsp;&nbsp;Monte Titoli S.p.A. | &nbsp;&nbsp;Equities, corporate debt, government debt, money market instruments, and warrants |
| &nbsp;&nbsp;**Ivory Coast** | &nbsp;&nbsp;Dépositaire Central – Banque de Règlement | &nbsp;&nbsp;All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger,Senegal and Togo. |
| &nbsp;&nbsp;**Ivory Coast** | &nbsp;&nbsp;Banque Centrale des Etats d'Afrique de l'Ouest | &nbsp;&nbsp;Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**Japan** | &nbsp;&nbsp;Bank of Japan – Financial Network System | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**Japan** | &nbsp;&nbsp;Japan Securities Depository Center (JASDEC) Incorporated | &nbsp;&nbsp;Equities, corporate bonds, and corporate money market instruments |
| &nbsp;&nbsp;**Jordan** | &nbsp;&nbsp;Central Bank of Jordan | &nbsp;&nbsp;Treasury bills, government bonds, development bonds, and public entity bonds |
| &nbsp;&nbsp;**Jordan** | &nbsp;&nbsp;Securities Depository Center | &nbsp;&nbsp;Equities and corporate bonds |
| &nbsp;&nbsp;**Kazakhstan** | &nbsp;&nbsp;Central Securities Depository | &nbsp;&nbsp;Government securities, equities, corporate bonds, and money market instruments |
| &nbsp;&nbsp;**Kenya** | &nbsp;&nbsp;Central Bank of Kenya | &nbsp;&nbsp;Treasury bills and Treasury bonds |
| &nbsp;&nbsp;**Kenya** | &nbsp;&nbsp;Central Depository and Settlement Corporation Limited | &nbsp;&nbsp;Equities and corporate debt |
| &nbsp;&nbsp;**Republic of Korea** | &nbsp;&nbsp;Korea Securities Depository | &nbsp;&nbsp;Equities, government securities, corporate bonds and money market instruments |
| &nbsp;&nbsp;**Kuwait** | &nbsp;&nbsp;Kuwait Clearing Company | &nbsp;&nbsp;Money market instruments, equities, and corporate bonds |
| &nbsp;&nbsp;**L** **atvia** | &nbsp;&nbsp;Latvian Central Depository | &nbsp;&nbsp;Equities, government securities, corporate bonds, and money market instruments |
| &nbsp;&nbsp;**L** **ebanon** | &nbsp;&nbsp;Banque du Liban | &nbsp;&nbsp;Government securities and certificates of deposit issued by the central bank |
| &nbsp;&nbsp;**L** **ebanon** | &nbsp;&nbsp;Custodian and Clearing Center of Financial Instruments for Lebanon and the Middle East (Midclear) S.A.L. | &nbsp;&nbsp;Equities, corporate bonds and money market instruments |
| &nbsp;&nbsp;**L** **ithuania** | &nbsp;&nbsp;Central Securities Depository of Lithuania | &nbsp;&nbsp;All securities available for public trading |
| &nbsp;&nbsp;**M** **alawi** | &nbsp;&nbsp;Reserve Bank of Malawi | &nbsp;&nbsp;Reserve Bank of Malawi bills and Treasury bills |
| &nbsp;&nbsp;**M** **alaysia** | &nbsp;&nbsp;Bank Negara Malaysia | &nbsp;&nbsp;Treasury bills, Bank Negara Malaysia bills, Malaysian government securities, private debt securities, and money market instruments |
| &nbsp;&nbsp;**M** **alaysia** | &nbsp;&nbsp;Bursa Malaysia Depository Sdn. Bhd. | &nbsp;&nbsp;Securities listed on Bursa Malaysia Securities Berhad |
| &nbsp;&nbsp;**M** **ali** | &nbsp;&nbsp;Dépositaire Central – Banque de Règlement | &nbsp;&nbsp;All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger,Senegal and Togo. |
| &nbsp;&nbsp;**M** **ali** | &nbsp;&nbsp;Banque Centrale des Etats d'Afrique de l'Ouest | &nbsp;&nbsp;Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**M** **auritius** | &nbsp;&nbsp;Bank of Mauritius | &nbsp;&nbsp;Government debt (traded through primary dealers) |
| &nbsp;&nbsp;**M** **auritius** | &nbsp;&nbsp;Central Depository and Settlement Co. Limited | &nbsp;&nbsp;Listed and unlisted equity and debt securities (corporate debt and T-bills traded on the exchange) |
| &nbsp;&nbsp;**M** **exico** | &nbsp;&nbsp;S.D. Indeval, S.A. de C.V. | &nbsp;&nbsp;All securities |
| &nbsp;&nbsp;**M** **orocco** | &nbsp;&nbsp;Maroclear | &nbsp;&nbsp;Eligible listed equities, corporate and government debt, certificates of deposit, commercial paper |
| &nbsp;&nbsp;**Namibia** | &nbsp;&nbsp;Bank of Namibia | &nbsp;&nbsp;Treasury bills |
| &nbsp;&nbsp;**Netherlands** | &nbsp;&nbsp;Euroclear Nederland | &nbsp;&nbsp;Government securities, equities, corporate bonds, corporate money market instruments, and stripped government bonds |
| &nbsp;&nbsp;**New Zealand** | &nbsp;&nbsp;New Zealand Central Securities Depository Limited | &nbsp;&nbsp;Government securities, equities, corporate bonds, and money market instruments |
| &nbsp;&nbsp;**Niger** | &nbsp;&nbsp;Dépositaire Central – Banque de Règlement | &nbsp;&nbsp;All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger,Senegal and Togo. |
| &nbsp;&nbsp;**Niger** | &nbsp;&nbsp;Banque Centrale des Etats d'Afrique de l'Ouest | &nbsp;&nbsp;Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**Nigeria** | &nbsp;&nbsp;Central Bank of Nigeria | &nbsp;&nbsp;Treasury bills and government bonds |
| &nbsp;&nbsp;**Nigeria** | &nbsp;&nbsp;Central Securities Clearing System Limited | &nbsp;&nbsp;Equities and corporate bonds traded on the Nigeria Stock Exchange |
| &nbsp;&nbsp;**Norway** | &nbsp;&nbsp;Verdipapirsentralen | &nbsp;&nbsp;All listed securities |
| &nbsp;&nbsp;**Om** **an** | &nbsp;&nbsp;Muscat Clearing & Depository Company S.A.O.G. | &nbsp;&nbsp;Equities, corporate bonds, government debt |
| &nbsp;&nbsp;**P** **akistan** | &nbsp;&nbsp;Central Depository Company of Pakistan Limited | &nbsp;&nbsp;Equities and corporate bonds |
| &nbsp;&nbsp;**P** **akistan** | &nbsp;&nbsp;State Bank of Pakistan | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**P** **anama** | &nbsp;&nbsp;Central Latinoamericana de Valores, S.A. (LatinClear) | &nbsp;&nbsp;Equities, government and corporate debt, commercial paper, short-term securities |
| &nbsp;&nbsp;**P** **eru** | &nbsp;&nbsp;CAVALI S.A. Institución de Compensación y Liquidación de Valores | &nbsp;&nbsp;All securities in book-entry form traded on the stock exchange |
| &nbsp;&nbsp;**P** **hilippines** | &nbsp;&nbsp;Philippine Depository & Trust Corporation | &nbsp;&nbsp;Eligible equities and debt |
| &nbsp;&nbsp;**P** **hilippines** | &nbsp;&nbsp;Registry of Scripless Securities (ROSS) of the Bureau of the Treasury | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**P** **oland** | &nbsp;&nbsp;Rejestr Papierów Wartościowych | &nbsp;&nbsp;Treasury bills |
| &nbsp;&nbsp;**P** **oland** | &nbsp;&nbsp;Krajowy Depozyt Papierów Wartościowych, S.A. | &nbsp;&nbsp;Equities, corporate bonds, corporate money market instruments, Treasury bonds, warrants, and futures contracts |
| &nbsp;&nbsp;**P** **ortugal** | &nbsp;&nbsp;INTERBOLSA - Sociedad Gestora de Sistemas de Liquidação e de Sistemas Centralizados de Valores Mobiliários, S.A. | &nbsp;&nbsp;All local Portuguese instruments |
| &nbsp;&nbsp;**Q** **atar** | &nbsp;&nbsp;Qatar Central Securities Depository | &nbsp;&nbsp;Equities, government bonds and Treasury bills listed on the Qatar Exchange |
| &nbsp;&nbsp;**Romania** | &nbsp;&nbsp;National Bank of Romania | &nbsp;&nbsp;Treasury bills and bonds |
| &nbsp;&nbsp;**Romania** | &nbsp;&nbsp;S.C. Depozitarul Central S.A. | &nbsp;&nbsp;Bursa de Valori Bucuresti- (Bucharest Stock Exchange-) listed equities, corporate bonds, government bonds, and municipal bonds |
| &nbsp;&nbsp;**Russia** | &nbsp;&nbsp;National Settlement Depository | &nbsp;&nbsp;Eligible equities, Obligatsii Federal'nogo Zaima (OFZs), and corporate debt denominated in RUB |
| &nbsp;&nbsp;**S** **audi Arabia** | &nbsp;&nbsp;Saudi Arabian Monetary Authority | &nbsp;&nbsp;Government securities and Saudi government development bonds (SGDBs) |
| &nbsp;&nbsp;**S** **audi Arabia** | &nbsp;&nbsp;Tadawul Central Securities Depository | &nbsp;&nbsp;Equities |
| &nbsp;&nbsp;**S** **enegal** | &nbsp;&nbsp;Dépositaire Central – Banque de Règlement | &nbsp;&nbsp;All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger,Senegal and Togo. |
| &nbsp;&nbsp;**S** **enegal** | &nbsp;&nbsp;Banque Centrale des Etats d'Afrique de l'Ouest | &nbsp;&nbsp;Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**S** **erbia** | &nbsp;&nbsp;Central Securities Depository and Clearinghouse | &nbsp;&nbsp;All instruments |
| &nbsp;&nbsp;**S** **ingapore** | &nbsp;&nbsp;Monetary Authority of Singapore | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**S** **ingapore** | &nbsp;&nbsp;The Central Depository (Pte.) Limited | &nbsp;&nbsp;Eligible listed equities and eligible private debt traded in Singapore |
| &nbsp;&nbsp;**S** **lovak Republic** | &nbsp;&nbsp;Centrálny depozitár cenných papierov SR, a.s. | &nbsp;&nbsp;All dematerialized securities |
| &nbsp;&nbsp;**S** **lovenia** | &nbsp;&nbsp;KDD – Centralna klirinško depotna družba d.d. | &nbsp;&nbsp;All publicly traded securities |
| &nbsp;&nbsp;**S** **outh Africa** | &nbsp;&nbsp;Strate (Pty) Ltd. | &nbsp;&nbsp;Eligible equities, government securities, corporate bonds, money market instruments, and warrants |
| &nbsp;&nbsp;**S** **pain** | &nbsp;&nbsp;IBERCLEAR | &nbsp;&nbsp;Government securities, equities, warrants, money market instruments, and corporate bonds |
| &nbsp;&nbsp;**Sr** **i Lanka** | &nbsp;&nbsp;Central Bank of Sri Lanka | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**Sr** **i Lanka** | &nbsp;&nbsp;Central Depository System (Pvt) Limited | &nbsp;&nbsp;Equities and corporate bonds |
| &nbsp;&nbsp;**Republic of Srpska** | &nbsp;&nbsp;Central Registry of Securities in the Republic of Srpska JSC | &nbsp;&nbsp;Government securities, equities, and corporate and municipal bonds |
| &nbsp;&nbsp;**S** **waziland** | &nbsp;&nbsp;Central Bank of Swaziland | &nbsp;&nbsp;Treasury bills and Treasury bonds |
| &nbsp;&nbsp;**S** **weden** | &nbsp;&nbsp;Euroclear Sweden | &nbsp;&nbsp;Government securities, equities, bonds, money market instruments, derivatives, exchange traded funds, and warrants |
| &nbsp;&nbsp;**S** **witzerland** | &nbsp;&nbsp;SIX SIS AG | &nbsp;&nbsp;Government securities, equities, corporate bonds, money market instruments, derivatives, mutual funds, and warrants |
| &nbsp;&nbsp;**T** **aiwan - R.O.C.** | &nbsp;&nbsp;Central Bank of the Republic of China (Taiwan) | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**T** **aiwan - R.O.C.** | &nbsp;&nbsp;Taiwan Depository and Clearing Corporation | &nbsp;&nbsp;Listed equities, short-term bills, and corporate bonds |
| &nbsp;&nbsp;**T** **anzania** | &nbsp;&nbsp;Central Depository System (CDS), a department of the Dar es Salaam Stock Exchange | &nbsp;&nbsp;Equities and corporate bonds |
| &nbsp;&nbsp;**T** **hailand** | &nbsp;&nbsp;Thailand Securities Depository Company Limited | &nbsp;&nbsp;Government securities, equities and corporate bonds |
| &nbsp;&nbsp;**T** **ogo** | &nbsp;&nbsp;Dépositaire Central – Banque de Règlement | &nbsp;&nbsp;All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger,Senegal and Togo. |
| &nbsp;&nbsp;**T** **ogo** | &nbsp;&nbsp;Banque Centrale des Etats d'Afrique de l'Ouest | &nbsp;&nbsp;Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| &nbsp;&nbsp;**T** **unisia** | &nbsp;&nbsp;Tunisie Clearing | &nbsp;&nbsp;All eligible listed securities |
| &nbsp;&nbsp;**T** **urkey** | &nbsp;&nbsp;Central Bank of Turkey | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**T** **urkey** | &nbsp;&nbsp;Central Registry Agency | &nbsp;&nbsp;Equities, corporate bonds, money market instruments, mutual fund certificates, exchange traded funds |
| &nbsp;&nbsp;**Uganda** | &nbsp;&nbsp;Bank of Uganda | &nbsp;&nbsp;Treasury bills and Treasury bonds |
| &nbsp;&nbsp;**Uganda** | &nbsp;&nbsp;Securities Central Depository | &nbsp;&nbsp;Equities, corporate bonds |
| &nbsp;&nbsp;**Ukraine** | &nbsp;&nbsp;National Depository of Ukraine | &nbsp;&nbsp;Equities, bonds, and money market instruments |
| &nbsp;&nbsp;**United Arab Emirates – Abu Dhabi** | &nbsp;&nbsp;Clearing, Settlement, Depository and Registry department of the Abu Dhabi Securities Exchange | &nbsp;&nbsp;Equities, government securities, and corporate debt |
| &nbsp;&nbsp;**United Arab Emirates – Dubai Financial Market** | &nbsp;&nbsp;Clearing, Settlement and Depository Division, a department of the Dubai Financial Market | &nbsp;&nbsp;Equities, government securities, and corporate debt listed on the DFM |
| &nbsp;&nbsp;**United Arab Emirates – Dubai International Financial Center** | &nbsp;&nbsp;Central Securities Depository, owned and operated by NASDAQ Dubai Limited | &nbsp;&nbsp;Equities, corporate bonds, and corporate money market instruments |
| &nbsp;&nbsp;**United Kingdom** | &nbsp;&nbsp;Euroclear UK & Ireland Limited | &nbsp;&nbsp;GBP- and EUR-denominated money market instruments |
| &nbsp;&nbsp;**Uruguay** | &nbsp;&nbsp;Banco Central del Uruguay | &nbsp;&nbsp;Government securities |
| &nbsp;&nbsp;**V** **enezuela** | &nbsp;&nbsp;Banco Central de Venezuela | &nbsp;&nbsp;Government securities |
|  | &nbsp;&nbsp;Caja Venezolana de Valores | &nbsp;&nbsp;Equities and corporate bonds |
| &nbsp;&nbsp;**V** **ietnam** | &nbsp;&nbsp;Vietnam Securities Depository | &nbsp;&nbsp;Equities, government bonds, T-bills, corporate bonds, and public fund certificates |
| &nbsp;&nbsp;**Z** **ambia** | &nbsp;&nbsp;Bank of Zambia | &nbsp;&nbsp;Treasury bills and Treasury bonds |
|  | &nbsp;&nbsp;LuSE Central Shares Depository Limited | &nbsp;&nbsp;Treasury bonds, corporate bonds, and equities |
| &nbsp;&nbsp;**Z** **imbabwe** | Chengetedzai Depository Company Limited | &nbsp;&nbsp;Equities and corporate bonds |
|  | Reserve Bank of Zimbabwe | &nbsp;&nbsp;Treasury bills and Treasury bonds |

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**TRANSNATIONAL DEPOSITORIES**

**E** **uroclear Bank S.A./N.V.** Domestic securities from more than 40 markets

**Clearstream Banking, S.A.** Domestic securities from more than 50 markets

**G** **lobal Custody Network Publications**

Schedule C

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| | |
|:---|:---|
| &nbsp;&nbsp; **P** **ublication / Type of Information**<br> (scheduled update frequency) | &nbsp;&nbsp;**Brief Description** |
| &nbsp;&nbsp; **T** **he Guide to Custody in World Markets**<br> (regular <u>m</u><u>y</u><u>.statestreet.com</u> updates) | &nbsp;&nbsp;An overview of settlement and safekeeping procedures, custody practices, and foreign investor considerations for the markets in which State Street offers custodial services. |
| &nbsp;&nbsp; **G** **lobal Custody Network Review**<br> (updated annually on <u>m</u><u>y</u><u>.statestreet.com</u>) | &nbsp;&nbsp;Information relating to Foreign Subcustodians in State Street's Global Custody Network. The Review stands as an integral part of the materials that State Street provides to its U.S. mutual fund clients to assist them in complying with SEC Rule 17f-5. The Review also gives insight into State Street's market expansion and Foreign Subcustodian selection processes, as well as the procedures and controls used to monitor the financial condition and performance of our Foreign Subcustodian banks. |

| &nbsp;&nbsp; **G** **lobal Legal Survey**<br> (updated annually on <u>m</u><u>y</u><u>.statestreet.com</u>) | &nbsp;&nbsp; With respect to each market in which State Street offers custodial services, opinions relating to whether local law restricts:<br>(i) access of a fund's independent public accountants to books and records of a Foreign Subcustodian or Foreign Securities System,<br>(ii) a fund's ability to recover in the event of bankruptcy or insolvency of a Foreign Subcustodian or Foreign Securities System,<br>(iii) a fund's ability to recover in the event of a loss by a Foreign Subcustodian or Foreign Securities System, and<br>(iv) the ability of a foreign investor to convert cash and cash equivalents to U.S. dollars. |
| &nbsp;&nbsp; **S** **ubcustodian Agreements**<br> (available on CD-ROM annually) | &nbsp;&nbsp;Copies of the contracts that State Street has entered into with each Foreign Subcustodian that maintains U.S. mutual fund assets in the markets in which State Street offers custodial services. |
| &nbsp;&nbsp; **G** **lobal Market Bulletin**<br> (daily or as necessary via email and on <u>m</u><u>y</u><u>.statestreet.com</u>) | &nbsp;&nbsp;Information on changing settlement and custody conditions in markets where State Street offers custodial services. Includes changes in market and tax regulations, depository developments, dematerialization information, as well as other market changes that may impact State Street's clients. |
| **Fo** **reign Custody Risk Advisories** (provided as necessary and on <u>m</u><u>y</u><u>.statestreet.com</u>) | &nbsp;&nbsp;For those markets where State Street offers custodial services that exhibit special risks or infrastructures impacting custody, State Street maintains market advisories to highlight those unique market factors which might impact our ability to offer recognized custody service levels. |
| &nbsp;&nbsp; **Fo** **reign Custody Manager Material**<br> **Change Notices**<br> (quarterly or as necessary and on my.statestreet.com) | &nbsp;&nbsp;Informational letters and accompanying materials, pursuant to our role as Foreign Custody Manager, confirming State Street's foreign custody arrangements, including a summary of material changes with Foreign Subcustodians that have occurred during the previous quarter. The notices also identify any material changes in the custodial risks associated with maintaining assets with Foreign Securities Depositories. |

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Please contact GlobalMarketInformation@statestreet.com with questions about this document.

The information contained in this document has been carefully researched and is believed to be reliable as of the publication date. Due to the complexities of the markets and changing conditions, however, State Street cannot guarantee that it is complete or accurate in every respect. This document should not be construed or used as a substitute for appropriate legal or investment counsel. Specific advice should be sought on matters relevant to the investment activities of the reader. This application contains proprietary information and is fully protected by relevant copyright laws worldwide.

Copyright 2017 State Street Corporation

www.statestreet.com

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January 19, 2021

State Street Bank and Trust Company<br> 1 Iron Street<br> Boston, MA 02110<br> Attention: Andrea Griffin, Vice President

Re: <u>FEDERATED HERMES ADVISER SERIES (the "Company")</u>

Ladies and Gentlemen:

Please be advised that the undersigned Company has established new Funds to be known as Federated Hermes Conservative Municipal Microshort Fund, and Federated Hermes Conservative Microshort Fund, respectively (the "Funds").

In accordance with Section 20.6, the Additional Funds and Portfolios provision, of the Master Custodian Agreement dated as of March 1, 2017, as amended, modified, or supplemented from time to time (the "Agreement"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("State Street"), the undersigned Company hereby requests that State Street act as Custodian for the new Funds under the terms of the Agreement, and that Appendix A to the Agreement is hereby amended and restated as set forth on Exhibit A attached hereto. In connection with such request, the undersigned Company hereby confirms, as of the date hereof, its representations and warranties set forth in Section 20.7.1 of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Company.

Sincerely,

**FEDERATED HERMES ADVISER SERIES**<br> on behalf of:

**FEDERATED HERMES CONSERVATIVE MUNICIPAL MICROSHORT FUND**, and

**FEDERATED HERMES CONSERVATIVE MICROSHORT FUND**

By: <u>/s/ Lori A. Hensler</u> 

Name: <u>Lori A. Hensler</u> 

Title: <u>Treasurer</u> , Duly Authorized

**Agreed and Accepted:**

**STATE STREET BANK AND TRUST COMPANY**

By: <u>/s/ Stefanie Mansfield</u> 

Name: <u>Stefanie Mansfield</u> 

Title: <u>Managing Director</u> , Duly Authorized

Effective Date: <u>January 19, 2021</u>![](image_002.jpg)

September 1, 2021

State Street Bank and Trust Company

1Iron Street

Boston, MA 02110

Attention: Andrea Griffin, Vice President

Re: <u>FEDERATED HERMES ADVISER SERIES (the "Company")</u>

Ladies and Gentlemen:

Please be advised that the undersigned Company has established a new Fund to be known as Federated Hermes MDT Market Neutral Fund (the "Fund").

In accordance with Section 20.6, the Additional Funds and Portfolios provision, of the Master Custodian Agreement dated as of March 1, 2017, as amended, modified, or supplemented from time to time (the "Agreement"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("State Street"), the undersigned Company hereby requests that State Street act as Custodian for the new Funds under the terms of the Agreement, and that Appendix A to the Agreement is hereby amended and restated as set forth on Exhibit A attached hereto. In connection with such request, the undersigned Company hereby confirms, as of the date hereof, its representations and warranties set forth in Section 20.7.1 of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Company.

Sincerely,

**FEDERATED HERMES ADVISER SERIES**

on behalf of:

**Federated Hermes MDT Market Neutral Fund**

By: <u>/s/ Lori A. Hensler</u>

Name: <u>Lori A. Hensler</u>

Title: <u>Treasurer, Duly Authorized</u>

**Agreed and Accepted:**

**STATE STREET BANK AND TRUST COMPANY**

By: <u>/s/ Suzanne M. Hinckley</u>

Name: <u>Suzanne M. Hinckley</u>

Title: <u>Senior Vice President,</u> Duly Authorized

Effective Date: <u>September 15, 2021</u>

APPENDIX A

TO

MASTER CUSTODIAN AGREEMENT DATED MARCH 1, 2017

(revised as of June 1, 2021)

MANAGEMENT INVESTMENT COMPANIES REGISTERED WITH THE SEC AND PORTFOLIOS THEREOF, IF ANY

---

| | |
|:---|:---|
| &nbsp;&nbsp;Federated Hermes Equity Income Fund, Inc. | &nbsp;&nbsp;Federated Hermes Fund for U.S. Government Securities |
| &nbsp;&nbsp;Federated Hermes Global Allocation Fund | &nbsp;&nbsp;Federated Hermes Intermediate Corporate Bond Fund |
| &nbsp;&nbsp;Federated Hermes Government Income Securities, Inc. | &nbsp;&nbsp;Federated Hermes Real Return Bond Fund |
|  | &nbsp;&nbsp;Federated Hermes Short-Term Income Fund |
| &nbsp;&nbsp;**Federated Hermes Adjustable Rate Securities Trust:** |  |
| &nbsp;&nbsp;Federated Hermes Adjustable Rate Fund | &nbsp;&nbsp;**Federated Hermes Institutional Trust:** |
|  | &nbsp;&nbsp;Federated Hermes Government Ultra Short Fund |
| &nbsp;&nbsp;**Federated Hermes Adviser Series:** | &nbsp;&nbsp;Federated Hermes Institutional High Yield Bond Fund |
| &nbsp;&nbsp;Federated Hermes Conservative Municipal Microshort Fund | &nbsp;&nbsp;Federated Hermes Short-Intermediate Total Return Bond Fund |
| &nbsp;&nbsp;Federated Hermes Conservative Microshort Fund |  |
| &nbsp;&nbsp;Federated Hermes MDT Market Neutral Fund | &nbsp;&nbsp;**Federated Hermes Insurance Series:** |
| &nbsp;&nbsp;**Federated Hermes Government Income Trust:** | &nbsp;&nbsp;Federated Hermes Fund for U.S. Government Securities II |
| &nbsp;&nbsp;Federated Hermes Government Income Fund | &nbsp;&nbsp;Federated Hermes High Income Bond Fund II |
|  | &nbsp;&nbsp;Federated Hermes Kaufmann Fund II |
| &nbsp;&nbsp;Federated Hermes High Income Bond Fund, Inc. | &nbsp;&nbsp;Federated Hermes Managed Volatility Fund II |
| &nbsp;&nbsp;Federated Hermes Total Return Government Bond Fund | &nbsp;&nbsp;Federated Hermes Government Money Fund II |
|  | &nbsp;&nbsp;Federated Hermes Quality Bond Fund II |
| &nbsp;&nbsp;**Federated Hermes Short-Term Government Trust:** |  |
| &nbsp;&nbsp;Federated Hermes Short-Term Government Fund | &nbsp;&nbsp;**Federated Hermes Investment Series Funds, Inc.:** |
|  | &nbsp;&nbsp;Federated Hermes Corporate Bond Fund |
| &nbsp;&nbsp;**Federated Hermes Short-Intermediate Government Trust:** |  |
| &nbsp;&nbsp;Federated Short-Intermediate Government Fund | &nbsp;&nbsp;**Federated Hermes Managed Pool Series:** |
|  | &nbsp;&nbsp;Federated Hermes Corporate Bond Strategy Portfolio |
| &nbsp;&nbsp;**Federated Hermes Core Trust:** | &nbsp;&nbsp;Federated Hermes High-Yield Strategy Portfolio |
| &nbsp;&nbsp;Bank Loan Core Fund | &nbsp;&nbsp;Federated Hermes Mortgage Strategy Portfolio |
| &nbsp;&nbsp;Mortgage Core Fund |  |
| &nbsp;&nbsp;High Yield Bond Core Fund | &nbsp;&nbsp;**Federated Hermes MDT Series:** |
| &nbsp;&nbsp;Emerging Markets Core Fund | &nbsp;&nbsp;Federated Hermes MDT All Cap Core Fund |
|  | &nbsp;&nbsp;Federated Hermes MDT Balanced Fund |
| &nbsp;&nbsp;**Federated Hermes Core Trust III:** | &nbsp;&nbsp;Federated Hermes MDT Large Cap Growth Fund |
| &nbsp;&nbsp;Project and Trade Finance Core Fund | &nbsp;&nbsp;Federated Hermes MDT Small Cap Growth Fund |
|  | &nbsp;&nbsp;Federated Hermes MDT Small Cap Core Fund |
| &nbsp;&nbsp;**Federated Hermes Equity Funds:** |  |
| &nbsp;&nbsp;Federated Hermes Clover Small Value Fund | &nbsp;&nbsp;**Federated Hermes Project and Trade Finance Tender Fund** |
| &nbsp;&nbsp;Federated Hermes Kaufmann Fund |  |
| &nbsp;&nbsp;Federated Hermes Kaufmann Large Cap Fund | &nbsp;&nbsp;**Federated Hermes Total Return Series, Inc.:** |
| &nbsp;&nbsp;Federated Hermes Kaufmann Small Cap Fund | &nbsp;&nbsp;Federated Hermes Core Bond Fund |
| &nbsp;&nbsp;Federated Hermes MDT Mid Cap Growth Fund | &nbsp;&nbsp;Federated Hermes Total Return Bond Fund |
| &nbsp;&nbsp;Federated Hermes Prudent Bear Fund | &nbsp;&nbsp;Federated Hermes Ultrashort Bond Fund |
| &nbsp;&nbsp;**Federated Hermes Fixed Income Securities, Inc.:** | &nbsp;&nbsp;**Federated Hermes Money Market Obligations Trust:** |
| &nbsp;&nbsp;Federated Hermes Strategic Income Fund | &nbsp;&nbsp;Federated Hermes California Municipal Cash Trust |
| &nbsp;&nbsp;Federated Hermes High Yield Trust | &nbsp;&nbsp;Federated Hermes Government Obligations Fund |
| &nbsp;&nbsp;Federated Hermes Equity Advantage Fund | &nbsp;&nbsp;Federated Hermes Institutional Money Market Management |
| &nbsp;&nbsp;Federated Hermes Opportunistic High Yield Bond Fund | &nbsp;&nbsp;Federated Hermes Municipal Obligations Fund |
|  | &nbsp;&nbsp;Federated Hermes New York Municipal Cash Trust |
| &nbsp;&nbsp;**Federated Hermes Income Securities Trust:** | &nbsp;&nbsp;Federated Hermes Prime Cash Obligations Fund |
| &nbsp;&nbsp;Federated Hermes Capital Income Fund |  |
| &nbsp;&nbsp;Federated Hermes Floating Rate Strategic Income Fund |  |

---

**APPENDIX A**

**to**

**<u>Master Custodian Agreement Dated March 1, 2017</u>**

(revised as of December 1, 2021)

<u>Management Investment Companies Registered with the SEC and Portfolios thereof, If Any</u>

Federated Hermes Equity Income Fund, Inc.

Federated Hermes Global Allocation Fund

Federated Hermes Government Income Securities, Inc.

**Federated Hermes Adjustable Rate Securities Trust:**

Federated Hermes Adjustable Rate Fund

**Federated Hermes Adviser Series:**

Federated Hermes Conservative Municipal Microshort Fund

Federated Hermes Conservative Microshort Fund

Federated Hermes MDT Market Neutral Fund

**Federated Hermes Government Income Trust:**

Federated Hermes Government Income Fund

Federated Hermes High Income Bond Fund, Inc.

Federated Hermes Total Return Government Bond Fund

**Federated Hermes Short-Term Government Trust:**

Federated Hermes Short-Term Government Fund

**Federated Hermes Short-Intermediate Government Trust:**

Federated Short-Intermediate Government Fund

**Federated Hermes Core Trust:**

Bank Loan Core Fund

Mortgage Core Fund

High Yield Bond Core Fund

Emerging Markets Core Fund

**Federated Hermes Core Trust III:**

Project and Trade Finance Core Fund

**Federated Hermes Equity Funds:**

Federated Hermes Clover Small Value Fund

Federated Hermes Kaufmann Fund

Federated Hermes Kaufmann Large Cap Fund

Federated Hermes Kaufmann Small Cap Fund

Federated Hermes MDT Mid Cap Growth Fund

Federated Hermes Prudent Bear Fund

**Federated Hermes ETF Trust**

Federated Hermes Short Duration Corporate ETF

Federated Hermes Short Duration High Yield ETF

**Federated Hermes Fixed Income Securities, Inc.:**

Federated Hermes Strategic Income Fund

**Federated Hermes High Yield Trust**

Federated Hermes Opportunistic High Yield Bond Fund

**Federated Hermes Income Securities Trust:**

Federated Hermes Capital Income Fund

Federated Hermes Floating Rate Strategic Income Fund

Federated Hermes Fund for U.S. Government Securities

Federated Hermes Intermediate Corporate Bond Fund

\*\*Federated Hermes Inflation Protected Securities Fund (formlery, Federated Hermes Real Return Bond Fund)

Federated Hermes Short-Term Income Fund

**Federated Hermes Institutional Trust:**

Federated Hermes Government Ultra Short Fund

Federated Hermes Institutional High Yield Bond Fund

Federated Hermes Short-Intermediate Total Return Bond Fund

 

**Federated Hermes Insurance Series:**

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes High Income Bond Fund II

Federated Hermes Kaufmann Fund II

Federated Hermes Managed Volatility Fund II

Federated Hermes Government Money Fund II

Federated Hermes Quality Bond Fund II

**Federated Hermes Investment Series Funds, Inc.:**

Federated Hermes Corporate Bond Fund

**Federated Hermes Managed Pool Series:**

Federated Hermes Corporate Bond Strategy Portfolio

Federated Hermes High-Yield Strategy Portfolio

Federated Hermes Mortgage Strategy Portfolio

 

**Federated Herme**s **MDT Series:**

Federated Hermes MDT All Cap Core Fund

Federated Hermes MDT Balanced Fund

Federated Hermes MDT Large Cap Growth Fund

Federated Hermes MDT Small Cap Growth Fund

Federated Hermes MDT Small Cap Core Fund

**Federated Hermes Project and Trade Finance Tender Fund**

**Federated Hermes Total Return Series, Inc.:**

Federated Hermes Select Total Return Bond Fund

Federated Hermes Total Return Bond Fund

Federated Hermes Ultrashort Bond Fund

**Federated Hermes Money Market Obligations Trust:**

Federated Hermes California Municipal Cash Trust

Federated Hermes Government Obligations Fund

Federated Hermes Institutional Money Market Management

Federated Hermes Municipal Obligations Fund

Federated Hermes New York Municipal Cash Trust

Federated Hermes Prime Cash Obligations Fund

Federated Hermes Institutional Prime Obligations Fund

Federated Hermes Institutional Prime Value Obligations Fund

Federated Hermes Tax-Free Obligations Fund

Federated Hermes Institutional Tax-Free Cash Trust

Federated Hermes Treasury Obligations Fund

Federated Hermes Trust for U.S. Treasury Obligations

\*\* Federated Hermes Real Return Bond Fund will change its name to Federated Hermes Inflation Protected Securities Fund on or about December 29, 2021.

## Ex-99.H

Exhibit 28 (h) (1) (a) under Form N-1A<br> Exhibit 10 under Item 601/Reg. S-K

SERVICES AGREEMENT

THIS AGREEMENT, dated and effective as of January 1, 2004 (this "Agreement") between FEDERATED INVESTMENT MANAGEMENT COMPANY, a Delaware statutory trust (the "Adviser"), and FEDERATED ADVISORY SERVICES COMPANY, a Delaware statutory trust ("FASC"),

WITNESSETH:

WHEREAS, the Adviser serves pursuant to advisory or subadvisory agreements ("Advisory Agreements") as investment advisor or subadvisor to investment companies registered under the Investment Company Act of 1940 (the "1940 Act") and/or separate accounts not required to be so registered (collectively, "Accounts"); and

WHEREAS, the Adviser desires to engage FASC to provide certain services to Adviser in connection with the services to be provided by the Adviser under the Advisory Agreements;

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Services</u>. FASC agrees to provide to the Adviser the services indicated in Exhibit A to this Agreement (the "Services").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Fees</u>. For its Services under this Agreement, Adviser agrees to pay FASC the Services Fees calculated and payable in accordance with Exhibit B to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Records</u>. FASC shall create and maintain all necessary books and records in accordance with all applicable laws, rules and regulations, including but not limited to records required by Section 31(a) of the 1940 Act and the rules thereunder, as the same may be amended from time to time, pertaining to the Services performed by it and not otherwise created and maintained by another party. Where applicable, such records shall be maintained by FASC for the periods and in the places required by Rule 31a-2 under the 1940 Act. The books and records pertaining to any Account which are in the possession of FAS shall be the property of such Account. The Account, or its owners or authorized representatives, shall have access to such books and records at all times during FASC's normal business hours. Upon reasonable request, copies of any such books and records shall be provided promptly by FASC to the Account or the Account's owners or authorized representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Limitation of Liability and Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) FASC shall not be responsible for any error of judgment or mistake of law or for any loss suffered by the Advisor or any Account in connection with the matters to which this Agreement relates, except a loss resulting from willful malfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser shall indemnify FASC and shall hold FASC harmless from and against any liability to any Account or to any other person which may incurred by or asserted against FASC for any action taken or omitted by it in performing the Services in accordance with the above standards, and any expenses (including the reasonable fees and expenses of its counsel) which may be incurred by FASC in investigating or defending itself against the assertion of any such liability. FASC shall give prompt notice to the Adviser of the assertion of any claim or liability which is reasonably likely to result in a claim for indemnification under this Section; provided that the failure to give such notice, or any delay in giving such notice, shall not lessen the obligation of the Adviser to indemnify FASC except to the extent it results in actual prejudice. The Adviser shall have the option, by notice to FASC, to assume the defense of any claim which may be the subject of indemnification hereunder. In the event such notice is given, the Adviser shall assume the defense of the claim, and FASC shall cooperate with the Adviser in such defense, subject to the obligation of the Adviser to reimburse FASC for the expenses resulting therefrom. In the event Adviser gives notice that it will assume the defense of any claim, the Adviser shall not be obligated to indemnify FASC for any further legal or other expenses incurred in investigating or defending such claim, except those incurred at the request of the Adviser or its counsel. FASC shall in no event compromise or settle any claim for which it may seek indemnification hereunder, except with the prior written consent of the Adviser or unless the Adviser fails, within 30 days after notice of the terms of such settlement, to notify FASC that it has assumed the defense of such claim and will indemnify FASC for any liability resulting therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser and FASC are each hereby expressly put on notice of the limitation of liability set forth in the Declaration of Trust of the other party. Each party agrees that the obligations of the other party pursuant to this Agreement shall be limited solely to such party and its assets, and neither party shall seek satisfaction of any such obligation from the shareholders, trustees, officers, employees or agents of the other party, or any of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the remaining provisions of this Section, the term of this Agreement shall begin on the effective date first above written and shall continue until terminated by mutual agreement of the parties hereto or by either party on not less than 60 days' written notice to the other party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, to the extent that the Services to be provided with respect to any Account which is registered as an investment company under the 1940 Act (herein referred to as a "registered investment company") are services referred to in the definition of "investment advisor" under Section 202(a)(11) of the Investment Company Act of 1940 (herein referred to as "investment advisory services"), then with respect to such Account, this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall not commence until the effective date of its approval by the board of directors or trustees ("Board") of such Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall continue from year to year thereafter, subject to the provisions for termination and all other terms and conditions hereof, only if such continuation shall be specifically approved at least annually by a majority of the Board, including a majority of the members of the Board who are not parties to this Agreement or interested persons of any such party (other than as members of the Board) cast in person at a meeting called for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) may be terminated at any time without the payment of any penalty by the Board or by a vote of a majority of the outstanding voting securities (as defined in Section 2(a)(42) of the 1940 Act) of the Account on 60 days' written notice to the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) shall automatically terminate in the event of (A) its assignment (as defined in the 1940 Act) or (B) termination of the Advisory Agreement for any reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Amendment</u>. This Agreement may be amended at any time by mutual written agreement of the parties hereto; provided, however, that no Amendment to this Agreement shall be effective with respect to any investment advisory services to be provided to any Account which is registered investment company unless, to the extent required by Section 15(a)(2) of the 1940 Act, such amendment has been approved both by the vote of a majority of the Board of the Account, including a majority of the members of the Board who are not parties to this Agreement or interested persons of any such party (other than as members of the Board), cast in person at a meeting called for that purpose and, where required by Section 15(a)(2) of the 1940 Act, on behalf of the Account by a majority of the outstanding voting securities of such Account as defined in Section 2(a)(42) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Section Headings; Counterparts</u>. The underlined Section headings in this Agreement are for convenience of reference only and shall not affect its construction or interpretation. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement.

IN WITNESS WHEREOF, the parties hereto, through their duly authorized officers, have executed this Agreement as of the effective date first above written.

---

| | |
|:---|:---|
| &nbsp;&nbsp; FEDERATED INVESTMENT MANAGEMENT COMPANY<br> By: <u>/s/ G. Andrew Bonnewell</u><br> Name: G. Andrew Bonnewell<br> Title: Vice President | &nbsp;&nbsp; FEDERATED ADVISORY SERVICES COMPANY<br> By: <u>/s/ Keith M. Schappert</u> <br> Name: Keith M. Schappert<br> Title: President |

---

EXHIBIT A

DESCRIPTION OF SERVICES

The following are the categories of Services to be provided by FASC to the Adviser pursuant to the Agreement:

1. <u>Performance attribution</u>. Performance attribution enables portfolio managers and senior management to identify the specific drivers behind each portfolio's performance. Performance attribution analysts are responsible for data integrity, creation of attribution reports and maintenance of attribution models.

2. <u>Administration and Risk Management</u>. Employees of Federated Advisory Services Company provide support to portfolio managers and other employees of affiliated advisers. Such services may include development of risk management programs, production of portfolio and compliance reports for clients and/or fund Boards, completion of required broker and custody documentation, development and documentation of operational procedures, coordination of proxy voting activities, on-site support of hardware and software, etc.

Categories 1 and 2 above shall not be treated as "investment advisory services" for purposes of Section 5(b) of the Agreement.

EXHIBIT B

CALCULATION AND PAYMENT OF SERVICES FEES

For each Category of Services referenced in Exhibit A, Adviser shall pay FASC a Services Fee, payable monthly in arrears, determined according to the following formula:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Services Fee | = | Cost of Services | x | &nbsp;&nbsp;<u>Adviser's Assets under Management</u><br> Total Assets Under Management | x | (1 + Applicable Margin) |

---

Where:

"Cost of Services" is FASC's total Operating Costs incurred in providing the applicable Category of Services during the month to all investment advisers for which FASC provides that Category of Services.

"Adviser's Assets under Management" is the total average assets under management for the month for all Accounts or portions thereof for which the Adviser acts as investment adviser or subadvisor and which utilize the Category of Services.

"Total Assets under Management" is the total average assets under management for the month for all Accounts or portions thereof for which all investment advisers (including the Adviser) to which FASC provides that Category of Services act as investment adviser or subadviser and which utilize the Category of Services.

"Applicable Margin" is 0.10.

"Operating Costs" means all operating expenses and non-operating expenses of FASC for the cost center(s) providing the applicable Category of Services.

AMENDMENT TO SERVICES AGREEMENT<br>

This AMENDMENT TO SERVICES AGREEMENT, dated and effective as of March 30, 2009 (this "Amendment"), is made between FEDERATED INVESTMENT MANAGEMENT COMPANY, a Delaware statutory trust (the "Adviser"), and FEDERATED ADVISORY SERVICES COMPANY, a Delaware statutory trust ("FASC"). Capitalized terms used, but not defined, in this Amendment have the meanings given to such terms in the Services Agreement (as defined below).

RECITALS

WHEREAS, the Adviser and FASC have entered into that certain Services Agreement dated as of January 1, 2004 (as amended, the "Services Agreement"), pursuant to which FASC provides certain performance attribution, administration and risk management, equity trading and transaction settlement, fundamental analysis, and quantitative analysis services to Adviser in connection with Adviser providing investment advisory or sub-advisory services to investment companies registered under the Investment Company Act of 1940 ("1940 Act") and/or separate accounts not required to be so registered (collectively, "Accounts"); and

WHEREAS, the Adviser and FASC desire to amend the Services indicated in Exhibit A to the Services Agreement, solely with respect to Accounts that are not investment companies registered under the 1940 Act, to provide that, as part of the administration and risk management services provided by FASC, FASC may provide certain coordination of client portfolios and related fixed income trade execution implementation and administration services to Adviser when Adviser is acting as adviser or sub-adviser with respect to such Accounts.

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment to Exhibit A to Services Agreement</u>. Solely with respect to Accounts that are not investment companies registered under the 1940 Act, the section of Exhibit A to the Services Agreement entitled "Administration and Risk Management" shall be, and hereby is, deleted in its entirety and replaced with the following:

"2. <u>Administration and Risk Management</u>. Employees of Federated Advisory Services Company provide support to portfolio managers and other employees of affiliated advisers. Such services may include development of risk management programs, production of portfolio and compliance reports for clients and/or fund Boards, coordination of client portfolios and related fixed income trade execution implementation and administration, completion of required broker and custody documentation, development and documentation of operational procedures, coordination of proxy voting activities, on-site support of hardware and software, etc."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>. This Amendment shall be effective as of the date first above written upon its execution and delivery by each of the parties hereto. The Services Agreement, as amended by this Amendment with respect to Accounts that are not investment companies registered under the 1940 Act, shall remain in full force and effect. The Services Agreement also shall remain in full force and effect without amendment with respect to Accounts that are investment companies under the 1940 Act. This Amendment shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. This Amendment may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Amendment and all of which, when taken together, will be deemed to constitute one and the same agreement.

IN WITNESS WHEREOF, the parties hereto, through their duly authorized officers, have executed this Amendment as of the date first above written.

---

| | |
|:---|:---|
| &nbsp;&nbsp;FEDERATED INVESTMENT MANAGEMENT COMPANY | &nbsp;&nbsp;FEDERATED ADVISORY SERVICES COMPANY |
| &nbsp;&nbsp;By: <u>/s/ John B. Fisher</u> | &nbsp;&nbsp;By: <u>/s/ J. Christopher Donahue</u> |
| &nbsp;&nbsp;Name: <u>John B. Fisher</u> | &nbsp;&nbsp;Name: <u>J. Christopher Donahue</u> |
| &nbsp;&nbsp;Title: <u>President</u> | &nbsp;&nbsp;Title: <u>Chairman</u> |

---

SECOND AMENDMENT TO SERVICES AGREEMENT

This SECOND AMENDMENT TO SERVICES AGREEMENT, dated and effective as of March 1, 2016, (this "Second Amendment"), is made between FEDERATED INVESTMENT MANAGEMENT COMPANY, a Delaware statutory trust (the "Adviser"), and FEDERATED ADVISORY SERVICES COMPANY, a Delaware statutory trust ("FASC"). Capitalized terms used, but not defined, in this Amendment have the meanings given to such terms in the Services Agreement (as defined below).

RECITALS

WHEREAS, the Adviser and FASC have entered into that certain Services Agreement dated as of January 1, 2004 (as amended, the "Services Agreement"), pursuant to which FASC provides certain performance attribution and administration and risk management services to Adviser in connection with Adviser providing investment advisory or sub-advisory services to investment companies registered under the Investment Company Act of 1940 ("1940 Act") and/or separate accounts not required to be so registered (collectively, "Accounts");

WHEREAS, the Adviser and FASC have entered into the Amendment to Services Agreement dated as of March 30, 2009 (the "Amendment"), pursuant to which the Services indicated in Exhibit A to the Services Agreement were amended solely with respect to Accounts that are not investment companies registered under the 1940 Act, to provide that, as part of the administration and risk management services provided by FASC, FASC may provide certain coordination of client portfolios and related fixed income trade execution implementation and administration services to Adviser when Adviser is acting as adviser or sub-adviser with respect to such Accounts; and

WHEREAS, the Adviser and FASC desire to amend the Services indicated in Exhibit A to the Services Agreement, as amended, solely with respect to Accounts for which the Adviser trades in equity securities, equity derivatives and other related equity investments as part of the investment strategy for the Account, to provide that FASC may provide equity trading and transaction settlement, fundamental analysis and quantitative analysis services to Adviser when Adviser is acting as adviser or sub-adviser with respect to such Accounts.

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Second Amendment to Exhibit A to Services Agreement</u>. Exhibit A to the Services Agreement shall be, and here by is, supplemented with the following:

"3. <u>Equity Trading and Transaction Settlement</u>. The equity trading desks execute buy and sell order based on instructions provided by affiliated advisers. The trading staff either places orders electronically or contacts brokers to place orders, find liquidity and seek price levels. Upon completion of a transaction, the transaction settlement group works with the broker and the account custodian to ensure timely and accurate exchange of securities and monies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Fundamental Analysis</u>. The equity investment analysts provide independent research and analysis
of specific companies within a sector. Typically, analysis includes review of published reports, interviews of company management, on-site
observation of company operations, and the use of various financial models. In addition, analysts read trade journals, attend industry
conferences, and focus on trends within the sector and industry. Based on this proprietary analysis, the analyst makes buy, sell or hold
recommendations to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Quantitative Analysis</u>. Quantitative analysts develop and apply financial models designed to enable
equity portfolio managers and fundamental analysts to screen potential and current investments, assess relative risk and enhance performance
relative to benchmarks and peers.

To the extent that such services are to be provided with respect to any Account which is a registered investment company, Categories 3, 4 and 5 above shall be treated as "investment advisory services" for purposes of Section 5(b) of the Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>. This Second Amendment shall be effective as of the date first above written upon its execution and delivery by each of the parties hereto. The Services Agreement, as amended by the Amendment and this Second Amendment with respect to Accounts for which the Adviser trades in equity securities, equity derivatives and other related equity investments as part of the investment strategy for the Account, shall remain in full force and effect. The Services Agreement, as amended by the Amendment, also shall remain in full force and effect without this Second Amendment with respect to Accounts for which the Adviser does not trade in equity securities, equity derivatives and other related equity investments as part of the investment strategy for the Account. This Second Amendment shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. This Second Amendment may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Second Amendment and all of which, when taken together, will be deemed to constitute one and the same agreement.

IN WITNESS WHEREOF, the parties hereto, through their duly authorized officers, have executed this Second Amendment as of the date first above written.

---

| | |
|:---|:---|
| &nbsp;&nbsp;FEDERATED INVESTMENT MANAGEMENT COMPANY | &nbsp;&nbsp;FEDERATED ADVISORY SERVICES COMPANY |
| &nbsp;&nbsp;By: <u>/s/ John B. Fisher</u> | &nbsp;&nbsp;By: <u>/s/ J. Christopher Donahue</u> |
| &nbsp;&nbsp;Name: <u>John B. Fisher</u> | &nbsp;&nbsp;Name: <u>J. Christopher Donahue</u> |
| &nbsp;&nbsp;Title: <u>President</u> | &nbsp;&nbsp;Title: <u>Chairman</u> |

---

<u>LIMITED POWER OF ATTORNEY</u>

KNOW ALL MEN BY THESE PRESENTS, dated as of January 1, 2004, that **FEDERATED INVESTMENT MANAGEMENT COMPANY**, a statutory trust duly organized under the laws of the State of Delaware (the "Adviser"), does hereby nominate, constitute and appoint **FEDERATED ADVISORY SERVICES COMPANY**, a statutory trust duly organized under the laws of the State of Delaware ("FASC"), to act hereunder as the true and lawful agent and attorney-in-fact of the Adviser, acting on behalf of each of the funds or accounts for which Adviser acts as investment adviser or subadviser shown on Schedule 1 attached hereto and incorporated by reference herein (each such fund or account being hereinafter referred to as a "Fund" and collectively as the "Funds"), for the specific purpose of executing and delivering all such agreements, instruments, contracts, assignments, bond powers, stock powers, transfer instructions, receipts, waivers, consents and other documents, and performing all such acts, as Adviser, or FASC acting as agent for the Adviser pursuant to the Services Agreement dated as of January 1, 2004 between the Adviser and FASC (such agreement, as may be amended, supplemented or otherwise modified from time to time is hereinafter referred to as the "Services Agreement"), may deem necessary or reasonably desirable, related to the acquisition, disposition and/or reinvestment of the funds and assets of a Fund in accordance with Adviser's supervision of the investment, sale and reinvestment of the funds and assets of each Fund pursuant to the authority granted to the Adviser as investment adviser or subadviser of each Fund under the Adviser's investment advisory or subadvisory contract for such Fund (such investment advisory or subadvisory contract, as may be amended, supplemented or otherwise modified from time to time is hereinafter referred to as the "Investment Advisory Contract").

The Adviser hereby ratifies and confirms as good and effectual, at law or in equity, all that FASC, and its officers and employees, may do by virtue hereof. However, despite the above provisions, nothing herein shall be construed as imposing a duty on FASC to act or assume responsibility for any matters referred to above or other matters even though FASC may have power or authority hereunder to do so. Nothing in this Limited Power of Attorney shall be construed (i) to be an amendment or modifications of, or supplement to, the Investment Advisory Contract, (ii) to amend, modify, limit or denigrate any duties, obligations or liabilities of the Adviser under the terms of the Investment Advisory Contract or (iii) exonerate, relieve or release the Adviser from any losses, obligations, penalties, actions, judgments and suits and other costs, expenses and disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Adviser (x) under the terms of the Investment Advisory Contract or (y) at law, or in equity, for the performance of its duties as the investment adviser or subadviser of any of the Funds.

The Adviser hereby agrees to indemnify and save harmless FASC and its trustees, officers and employees (each of the foregoing an "Indemnified Party" and collectively the "Indemnified Parties") against and from any and all losses, obligations, penalties, actions, judgments and suits and other costs, expenses and disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against an Indemnified Party, other than as a consequence of gross negligence or willful misconduct on the part of an Indemnified Party, arising out of or in connection with this Limited Power of Attorney or any other agreement, instrument or document executed in connection with the exercise of the authority granted to FASC herein to act on behalf of the Adviser, including without limitation the reasonable costs, expenses and disbursements in connection with defending such Indemnified Party against any claim or liability related to the exercise or performance of any of FASC's powers or duties under this Limited Power of Attorney or any of the other agreements, instruments or documents executed in connection with the exercise of the authority granted to FASC herein to act on behalf of the Adviser, or the taking of any action under or in connection with any of the foregoing. The obligations of the Adviser under this paragraph shall survive the termination of this Limited Power of Attorney with respect to actions taken by FASC on behalf of the Adviser during the term of this Limited Power of Attorney.

Any person, partnership, corporation or other legal entity dealing with FASC in its capacity as attorney-in-fact hereunder for the Adviser on behalf of any Fund is hereby expressly put on notice that FASC is acting solely in the capacity as an agent of the Adviser as agent for the Fund and that any such person, partnership, corporation or other legal entity must look solely to the Fund in question for enforcement of any claim against the Fund, as FASC assumes no personal liability whatsoever for obligations of the Fund entered into by FASC in its capacity as attorney-in-fact for the Adviser.

Each person, partnership, corporation or other legal entity which deals with a Fund through FASC in its capacity as agent and attorney-in-fact of the Adviser, is hereby expressly put on notice (i) that all persons or entities dealing with the Fund must look solely to the assets of the Fund on whose behalf FASC is acting pursuant to its powers hereunder for enforcement of any claim against the Fund, as the trustees, officers and/or agents of such Fund, the shareholders of the various classes of shares of the Fund, and the other Funds of the trust or corporation of which a Fund may be a series, assume no personal liability whatsoever for obligations entered into on behalf of such Fund, and (ii) that the rights, liabilities and obligations of any one Fund are separate and distinct from those of any other Fund.

The execution of this Limited Power of Attorney by the Adviser acting on behalf of the several Funds shall not be deemed to evidence the existence of any express or implied joint undertaking or appointment by and among any or all of the Funds. Liability for or recourse under or upon any undertaking of FASC pursuant to the power or authority granted to FASC under this Limited Power of Attorney under any rule of law, statute or constitution or by the enforcement of any assessment or penalty or by legal or equitable proceedings or otherwise shall be limited only to the assets of the Fund on whose behalf FASC was acting pursuant to the authority granted hereunder.

The Adviser hereby agrees that no person, partnership, corporation or other legal entity dealing with FASC shall be bound to inquire into FASC's power and authority hereunder and any such person, partnership, corporation or other legal entity shall be fully protected in relying on such power or authority unless such person, partnership, corporation or other legal entity has received prior written notice from the Adviser that this Limited Power of Attorney has been revoked. This Limited Power of Attorney shall be revoked and terminated automatically upon the cancellation or termination of the Services Agreement or as to any Fund upon the cancellation or termination of the Adviser's Investment Advisory Contract for such Fund. Except as provided in the immediately preceding sentence, the powers and authorities herein granted may be revoked or terminated by the Adviser at any time provided that no such revocation or termination shall be effective until FASC has received actual notice of such revocation or termination in writing from the Adviser.

This Limited Power of Attorney constitutes the entire agreement between the Adviser and FASC and may be changed only by a writing signed by both of them, except that the Adviser may at any time change the list of Funds to which this Limited Power of Attorney relates by executing and delivering to FASC a later dated version of Schedule 1. This Limited Power of Attorney shall bind and benefit the respective successors and assigns of the Adviser and FASC; provided, however, that FASC shall have no power or authority hereunder to appoint a successor or substitute attorney in fact for the Adviser or any Fund.

This Limited Power of Attorney shall be governed and construed in accordance with the laws of the Commonwealth of Pennsylvania without reference to principles of conflicts of laws. If any provision hereof, or any power or authority conferred upon FASC herein, would be invalid or unexercisable under applicable law, then such provision, power or authority shall be deemed modified to the extent necessary to render it valid or exercisable while most nearly preserving its original intent, and no provision hereof, or power or authority conferred upon FASC herein, shall be affected by the invalidity or the non-exercisability of another provision hereof, or of another power or authority conferred herein.

This Limited Power of Attorney may be executed in as many identical counterparts as may be convenient and by the different parties hereto on separate counterparts. This Limited Power of Attorney shall become binding on the Adviser when the Adviser shall have executed at least one counterpart and FASC shall have accepted its appointment by executing this Limited Power of Attorney. Immediately after the execution of a counterpart original of this Limited Power of Attorney and solely for the convenience of the parties hereto, the Adviser and FASC will execute sufficient counterparts so that FASC shall have a counterpart executed by it and the Adviser, and the Adviser shall have a counterpart executed by the Adviser and FASC. Each counterpart shall be deemed an original and all such taken together shall constitute but one and the same instrument, and it shall not be necessary in making proof of this Limited Power of Attorney to produce or account for more than one such counterpart.

IN WITNESS WHEREOF, the Adviser has caused this Limited Power of Attorney to be executed by its duly authorized officer as of the date first written above.

**FEDERATED INVESTMENT MANAGEMENT COMPANY** 

By: <u>/s/ Keith M. Schappert</u> 

Name Keith M. Schappert

Title: President

Accepted and agreed to this

January 1, 2004

**FEDERATED ADVISORY SERVICES COMPANY**

By: <u>/s/ G. Andrew Bonnewell</u> 

Name: G. Andrew Bonnewell

Title: Vice President

Schedule 1<br> to Limited Power of Attorney<br> dated as of January 1, 2004<br> revised September 1, 2022<br> by **FEDERATED INVESTMENT MANAGEMENT COMPANY** (the Adviser "),<br> acting on behalf of each of the funds and accounts listed below, and appointing<br> **FEDERATED ADVISORY SERVICES COMPANY**<br> the attorney-in-fact of the Adviser

<u>List of Funds and Accounts</u>

Emerging Markets Core Fund

Bank Loan Core Fund

Federated Hermes Corporate Bond Fund

Federated Hermes California Municipal Cash Trust

Federated Hermes Capital Reserves Fund

Federated Hermes Conservative Microshort Fund

Federated Hermes Conservative Municipal Microshort Fund

Federated Hermes Corporate Bond Strategy Portfolio

Federated Hermes Emerging Market Debt Fund

Federated Hermes Floating Rate Strategic Income Fund

Federated Hermes Fund for U.S. Government Securities

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes Government Income Securities, Inc.

Federated Hermes Government Income Fund

Federated Hermes Government Obligations Fund

Federated Hermes Government Obligations Tax-Managed Fund

Federated Hermes Government Reserves Fund

Federated Hermes Government Ultrashort Fund

Federated Hermes SDG Engagement High Yield Credit Fund

Federated Hermes Unconstrained Credit Fund

Federated Hermes High Income Bond Fund II

Federated Hermes High Income Bond Fund, Inc.

Federated Hermes High Yield Strategy Portfolio

Federated Hermes Opportunistic High Yield Bond Fund

Federated Hermes Institutional High Yield Bond Fund

Federated Hermes Intermediate Corporate Bond Fund

Federated Hermes Intermediate Municipal Fund

Federated Hermes Global Total Return Bond Fund

Federated Hermes International Bond Strategy Portfolio

Federated Hermes Managed Volatility Fund II

Federated Hermes Institutional Money Market Management

Federated Mortgage Core Portfolio

Federated Hermes Michigan Intermediate Municipal Income Fund

Federated Hermes Core Bond Fund

Federated Hermes Mortgage Strategy Portfolio

Federated Hermes Municipal High Yield Advantage Fund

Federated Hermes Municipal Obligations Fund

Federated Hermes Municipal Ultrashort Fund

Federated Hermes New York Municipal Cash Trust

Federated Hermes Ohio Municipal Income Fund

Federated Hermes Pennsylvania Municipal Income Fund

Federated Hermes Premier Municipal Income Fund

Federated Hermes Prime Cash Obligations Fund

Federated Hermes Prime Money Fund II

Federated Hermes Institutional Prime Obligations Fund

Federated Hermes Institutional Prime Value Obligations Fund

Project and Trade Finance Core Fund

Federated Hermes Quality Bond Fund II

Federated Hermes Inflation Protected Securities Fund

Federated Hermes Short Duration Corporate ETF

Federated Hermes Short Duration High Yield ETF

Federated Hermes Short-Intermediate Municipal Fund

Federated Hermes Short-Intermediate Total Return Bond Fund

Federated Hermes Short-Term Income Fund

Federated Hermes Strategic Income Fund

Federated Hermes Tax-Free Obligations Fund

Federated Hermes Institutional Tax-Free Cash Trust

Federated Hermes Total Return Bond Fund

Federated Hermes Total Return Government Bond Fund

Federated Trade Finance Income Fund

Federated Hermes Treasury Obligations Fund

Federated Hermes Trust for U.S. Treasury Obligations

Federated Hermes Short-Term Government Fund

Federated Hermes Short-Intermediate Government Fund

Federated Hermes U.S. Treasury Cash Reserves

Federated Hermes Ultrashort Bond Fund

High Yield Core Bond Fund

Short Fixed Income Fund

AS - Federated High Yield Bond Fund

AS - Federated High Yield Portfolio

BB&T Funds Prime Money Market

Chesapeake Investors

Gartmore- Federated GVIT High Income

Great West- Maxim Federated Bond Fund

IDEX Federated Tax Exempt

ONatl - High Income Bond Portfolio

SA - Corporate Bond Portfolio

Trav - High Yield Portfolio

## Ex-99.H

Exhibit 28 (h) (1) (b) under Form N-1A<br> Exhibit 10 under Item 601/Reg. S-K

**SECOND AMENDED AND RESTATED SERVICES AGREEMENT**

**THIS AGREEMENT**, amended and restated as of December 1, 2001, is entered into between each Fund listed on Schedule 1, as may be amended from time to time, severally and not jointly, and Federated Shareholder Services Company, ("FSSC"). Unless otherwise defined herein, Section 10 sets forth the definition of capitalized terms used in this Agreement.

**WHEREAS,** Schedule 1 to this Agreement sets forth the classes of Shares for which the Funds will compensate persons who agree to provide services to Shareholders and assist in the maintenance of Shareholder accounts ("Services");

**WHEREAS**, FSSC and certain of the Funds entered into a Shareholder Services Agreement dated March 1, 1994 and amended September 1, 1995, (the "Prior Agreement") which provided for FSSC to enter into agreements for Services with third parties ("Third-Party Agreements") and to utilize fees received under the Prior Agreement to compensate third parties pursuant to such Third-Party Agreements;

**WHEREAS,** it is contemplated that hereafter, the Funds will compensate third-parties for Services directly, and that FSSC will no longer enter into Third-Party Agreements;

**WHEREAS**, FSSC will continue to compensate third parties pursuant to any Third-Party Agreements and the Funds will continue to make payments to FSSC to fund those obligations; and

**WHEREAS,** FSSC will also receive fees for Services it provides to Shareholders under this Agreement.

**NOW THEREFORE**, the parties agree to amend and restate the Agreement as follows:

SECTION 1. Agreement to Provide Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Services**. FSSC agrees to provide Services for Shareholders of the Funds that have fully-disclosed accounts in the Funds for which either (i) Federated Securities Corp. or any other affiliate of FSSC is the dealer of record; or (ii) for which the dealer of record does not provide Services (collectively, the "FSSC Accounts"). FSSC shall also provide Services or cause Services to be provided to Shareholders whose accounts are subject to Third-Party Agreements. Services shall include, but are not limited to, telephone, mail or electronic communications with Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Delivery of Disclosure Documents**. Upon request by a customer that is a Shareholder of the Funds, FSSC will send a copy of the current Prospectus (and, if expressly requested, Statement of Additional Information), annual report or semi-annual report for any Fund ("Disclosure Documents") to the customer within three (3) business days of such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Funds will furnish to FSSC at the Funds' own expense such number
of copies of the then-current Disclosure Documents as FSSC requests to satisfy its obligations under this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) FSSC covenants to the Funds that it will not make any representations concerning
any Shares other than those contained in the Disclosure Documents of the applicable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The parties may agree from time to time to set appropriate security procedures
and to perform electronically certain of their obligations under this Agreement, including without limitation the delivery of requested
Disclosure Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) FSSC shall not have any obligation to pay the cost of producing or delivering Disclosure Documents or any other costs incurred by the Funds in connection with the Services provided hereunder.

SECTION 2. Service Fees Payable to FSSC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the term of this Agreement, FSSC will be entitled to receive from each Fund as full compensation for Services rendered hereunder a fee calculated daily at an annual rate, as set forth Schedule 1 to this Agreement, of up to 0.25% of average net assets held in FSSC Accounts of each Fund. Service fees paid by the Funds are in addition to other fees paid by the Funds such as those paid pursuant to an Agreement for Fund Accounting Services, Administrative Services, Transfer Agency Services and Custody Services Procurement and fees paid pursuant to each Fund's Distributor's Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For so long as any Third-Party Agreement remains in effect, FSSC shall be entitled to receive fees from the Funds calculated daily at an annual rate, as set forth in Schedule 1 to this Agreement, of up to 0.25% on the average net assets held in accounts of each Fund for which Services are provided by such third-parties which amount shall be paid by FSSC in accordance with such Third-Party Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Funds shall pay service fees to FSSC in accordance with their regular payment schedules. For the payment period in which this Agreement becomes effective or terminates with respect to any Fund, there shall be an appropriate proration of the fee on the basis of the number of days that this Agreement is in effect with respect to such Fund during the period.

SECTION 3. Agreements with Other Service Providers

Each Fund hereby appoints FSSC as the Fund's agent to enter into agreements with financial intermediaries that are not registered as broker/dealers under the 1934 Act (each an "Unregistered Intermediary") to provide Services to their customers that are Shareholders of the Fund. Each Fund agrees to pay Service Fees at an annual rate as set forth in Schedule 1 to this Agreement of up to 0.25% of the average net assets held in Fund accounts for which an Unregistered Intermediary has agreed to provide Services. Any such accounts shall not be treated as FSSC Accounts for purposes of this Agreement.

SECTION 4. Representations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each party represents and warrants to the other party that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Status.** It is duly organized and validly existing under the laws
of the jurisdiction of its organization or incorporation and, if relevant under such laws, in good standing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Powers.** It has the power to execute this Agreement and any other
documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this
Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and has taken all necessary
action to authorize such execution, delivery and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **No Violation or Conflict.** Such execution, delivery and performance
do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any
court or other agency of government applicable to it or any contractual restriction binding on or affecting it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Obligations Binding.** Its obligations under this Agreement constitute
its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganization,
insolvency, moratorium or similar laws affecting creditors' rights generally and subject, as to enforceability, to equitable principles
of general application regardless of whether enforcement is sought in a proceeding in equity or law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Compliance with Laws.** It will comply in all material respects with
all applicable laws and orders to which it may be subject if failure to so comply would materially impair its ability to perform its obligations
under this Agreement.

SECTION 5. Indemnification and Limitation of Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or duties hereunder on the part of FSSC and its trustees, officers, employees, agents and representatives, the Funds agree to indemnify FSSC and its trustees, officers, employees, agents and representatives against any and all claims, demands, liabilities and reasonable expenses (including attorneys' fees), related to or otherwise connected with (i) any breach by the Funds of any provision of this Agreement; or (ii) any action by a Fund's Shareholder against FSSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) FSSC shall not be liable for any error of judgment or mistake of law or for any loss suffered by any Fund in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement. In no event shall FSSC be liable for indirect or consequential damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any person, even though also an officer, trustee, partner, employee or agent of FSSC, who may be or become an officer, employee or agent of any Fund or a member of a Fund's Board, shall be deemed, when rendering services to such Fund or acting on any business of such Fund (other than services or business in connection with the duties of FSSC hereunder) to be rendering such services to or acting solely for such Fund and not as an officer, trustee, partner, employee or agent or one under the control or direction of FSSC even though paid by FSSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) FSSC is expressly put on notice of the limitation of liability as set forth in the Declaration of Trust of each Fund that is a Massachusetts business trust and agrees that the obligations assumed by each such Fund pursuant to this Agreement shall be limited in any case to such Fund and its assets and that FSSC shall not seek satisfaction of any such obligations from the Shareholders of such Fund, the Trustees, Officers, Employees or Agents of such Fund, or any of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The provisions of this Section shall survive the termination of this Agreement.

SECTION 6. Privacy Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties acknowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Securities and Exchange Commission has adopted Regulation S-P at 17
CFR Part 248 to protect the privacy of individuals who obtain a financial product or service for personal, family or household use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Regulation S-P permits financial institutions, such as the Funds, to disclose
"nonpublic personal information" ("NPI") of its "customers" and "consumers" (as those
terms are therein defined in Regulation S-P) to affiliated and nonaffiliated third parties of the Funds, without giving such customers
and consumers the ability to opt out of such disclosure, for the limited purposes of processing and servicing transactions (17 CFR §
248.14); for specified law enforcement and miscellaneous purposes (17 CFR § 248.15); and to service providers or in connection with
joint marketing arrangements (17 CFR § 248.13); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Regulation S-P provides that the right of a customer and consumer to opt
out of having his or her NPI disclosed pursuant to 17 CFR § 248.7 and 17 CFR § 248.10 does not apply when the NPI is disclosed
to service providers or in connection with joint marketing arrangements, provided the Fund and third party enter into a contractual agreement
that prohibits the third party from disclosing or using the information other than to carry out the purposes for which the Fund disclosed
the information (17 CFR § 248.13).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties agree that the Funds may disclose Shareholder NPI to FSSC as agent of the Funds and solely in furtherance of fulfilling FSSC's contractual obligations under the Agreement in the ordinary course of business to support the Funds and their Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) FSSC hereby agrees to be bound to use and redisclose such NPI only for the limited purpose of fulfilling its duties and obligations under the Agreement, for law enforcement and miscellaneous purposes as permitted in 17 CFR §248.15, or in connection with joint marketing arrangements that the Funds may establish with FSSC in accordance with the limited exception set forth in 17 CFR 248.13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) FSSC represents and warrants that, in accordance with 17 CFR § 248.30, it has implemented, and will continue to carry out for the term of the Agreement, policies and procedures reasonably designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Insure the security and confidentiality of records and NPI of Fund customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Protect against any anticipated threats or hazards to the security or integrity
of Fund customer records and NPI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Protect against unauthorized access or use of such Fund customer records
or NPI that could result in substantial harm or inconvenience to any Fund customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) FSSC may redisclose Section 248.13 NPI only to: (a) the Funds and affiliated persons of the Funds ("Fund Affiliates"); (b) affiliated persons of FSSC ("Service Provider Affiliates") (which in turn may disclose or use the information only to the extent permitted under the original receipt); (c) a third party not affiliated with FSSC or the Funds ("Nonaffiliated Third Party") under the service and processing (§248.14) or miscellaneous (§248.15) exceptions, but only in the ordinary course of business to carry out the activity covered by the exception under which FSSC received the information in the first instance; and (d) a Nonaffiliated Third Party under the service provider and joint marketing exception (§248.13), provided FSSC enters into a written contract with the Nonaffiliated Third Party that prohibits the Nonaffiliated Third Party from disclosing or using the information other than to carry out the purposes for which the Funds disclosed the information in the first instance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) FSSC may redisclose Section 248.14 NPI and Section 248.15 NPI to: (a) the Funds and Fund Affiliates; (b) Service Provider Affiliates (which in turn may disclose the information to the same extent permitted under the original receipt); and (c) a Nonaffiliated Third Party to whom the Funds might lawfully have disclosed NPI directly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The provisions of this Section shall survive the termination of the Agreement.

SECTION 7. Notices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All notices of any kind to be given hereunder shall be given in writing and delivered by personal delivery or by postage prepaid, registered or certified United States first class mail, return receipt requested, overnight courier services, or by fax or e-mail (with confirming copy by mail).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise notified in writing, all notices to any Fund shall be given or sent to such Fund at:

5800 Corporate Drive

Pittsburgh, Pennsylvania 15237-7000

Attention: President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless otherwise notified in writing, all notices to FSSC shall be given or sent to:

Federated Investors Tower

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

Attention: President

SECTION 8. Assignments and No Third-Party Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for any Third-Party Agreements entered into prior to the date of this Agreement, this Agreement will not be assigned or subcontracted by either party, without prior written consent of the other party, except that either party may assign or subcontract this Agreement to an affiliate controlled, controlled by, or under common control with the assigning or subcontracting party without such consent. Subject to the preceding, this Agreement will apply to, be binding in all respects upon, and inure to the benefit of permitted assigns and subcontractors of the parties. In no event shall the Funds be obligated to make any payment under this Agreement to any person other than FSSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing expressed or referred to in this Agreement will be construed to give anyone other than the parties to this Agreement any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement. This Agreement and all of its provisions and conditions are for the sole and exclusive benefit of the parties to this Agreement and their permitted assigns and subcontractors.

SECTION 9. Force Majeure

If either party is unable to carry out any of its obligations under this Agreement because of conditions beyond its reasonable control, including, but not limited to, acts of war or terrorism, work stoppages, fire, civil disobedience, delays associated with hardware malfunction or availability, riots, rebellions, storms, electrical failures, acts of God, and similar occurrences ("Force Majeure"), this Agreement will remain in effect and the non-performing party's obligations shall be suspended without liability for a period equal to the period of the continuing Force Majeure (which period shall not exceed fifteen (15) business days), provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the non-performing party gives the other party prompt notice describing
the Force Majeure, including the nature of the occurrence and its expected duration and, where reasonably practicable, continues to furnish
regular reports with respect thereto during the period of Force Majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the suspension of obligations is of no greater scope and of no longer duration
than is required by the Force Majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no obligations of either party that accrued before the Force Majeure are
excused as a result of the Force Majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the non-performing party uses all reasonable efforts to remedy its inability
to perform as quickly as possible.

SECTION 10. Definition of Terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**1934 Act**" means the Securities Exchange Act of 1934, and "**1940 Act**" means the Investment Company Act of 1940, in each case as amended and in effect at the relevant time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Fund**" means an investment company registered under the 1940 Act and, in the case of a "series company" as defined in Rule 18f-2(a) under the 1940 Act, each individual portfolio of the series company, set forth on Schedule 1 to this Agreement from time to time. "**Funds**" means the Funds listed on Schedule 1 collectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Prospectus**" means, with respect to any Shares the most recent Prospectus and Statement of Additional Information ("SAI") and any supplement thereto, pursuant to which a Fund publicly offers the Shares; provided, however, that this definition shall not be construed to require FSC, Dealer or any Fund to deliver any SAI other than at the express request of Dealer's customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Shares**" means (1) shares of beneficial interest in a Fund organized as a business trust; and (2) shares of capital stock in a Fund organized as a corporation. With respect to a Fund that has established separate classes of Shares in accordance with Rule 18f-3 under the 1940 Act, Shares refers to the relevant class. "**Shareholder**" means the beneficial owner of any Share.

SECTION 11. Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be terminated by either party by giving the other party at least sixty (60) days' written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be amended only by a writing signed by both parties, provided that, any Fund may amend Schedule 1 from time to time by sending a copy of the amended Schedule to FSSC. Any such amendment shall be effective ten (10) days after notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement constitutes (along with its Schedules) a complete and exclusive statement of the terms of the agreement between the parties and supersedes any prior agreement with respect to its subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement has been entered into between FSSC and each Fund severally and not jointly, and the provisions this Agreement shall apply separately to each Fund. No Fund shall be obligated to make any payments to FSSC under this Agreement other than with respect to its Shares. No breach of this Agreement by a Fund, or by FSSC against a Fund, shall constitute a breach of this Agreement with respect to any other Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be executed by different parties on separate counterparts, each of which, when so executed and delivered, shall be an original, and all such counterparts shall together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any provision of this Agreement is held invalid or unenforceable, the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid and unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Agreement will be governed by the laws of the Commonwealth of Pennsylvania, without regard to conflicts of laws principles thereof. Any action or proceeding seeking to enforce any provision of, or based on any right arising out of, this Agreement may be brought against the parties in the courts of the Commonwealth of Pennsylvania, County of Allegheny, or, if it has or can acquire jurisdiction, in the United States District Court for the Western District of Pennsylvania, and each of the parties consents to the jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection to venue laid therein. Each party waives its right to a jury trial.

**IN WITNESS WHEREOF,** the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Attest: | &nbsp;&nbsp;**Funds (listed on Schedule 1)** |
| &nbsp;&nbsp;<u>/s/ John W. McGonigle</u> | &nbsp;&nbsp;By:<u>/s/ John F. Donahue</u> |
| &nbsp;&nbsp;John W. McGonigle | &nbsp;&nbsp;John F. Donahue |
| &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Chairman |
| &nbsp;&nbsp;Attest: | &nbsp;&nbsp;**Federated Shareholder Services Company** |
| &nbsp;&nbsp;<u>/s/ Timothy S. Johnson</u> | &nbsp;&nbsp;By: <u>/s/ Arthur L. Cherry, Jr.</u> |
| &nbsp;&nbsp;Timothy S. Johnson | &nbsp;&nbsp;Arthur L. Cherry, Jr. |
| &nbsp;&nbsp;Secretary |  |

---

**SCHEDULE 1**

**TO SECOND AMENDED AND RESTATED SERVICES AGREEMENT**

**(revised 12/1/22)**

The following lists the Funds and Shares subject to the Second Amended and Restated Services Agreement ("Agreement") which have the ability to charge the maximum 0.25% Service Fee payable by the Funds pursuant to the Agreement.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FEDERATED HERMES ADJUSTABLE RATE SECURITIES TRUST** | &nbsp;&nbsp;**FEDERATED HERMES ADJUSTABLE RATE SECURITIES TRUST** |  |
|  | &nbsp;&nbsp;Federated Hermes Adjustable Rate Fund | &nbsp;&nbsp;Class A Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;FEDERATED HERMES ADVISER SERIES | &nbsp;&nbsp;FEDERATED HERMES ADVISER SERIES | &nbsp;&nbsp;FEDERATED HERMES ADVISER SERIES |
|  | &nbsp;&nbsp;Federated Hermes Emerging Markets Equity Fund | &nbsp;&nbsp;Class A Shares |
|  |  | &nbsp;&nbsp;Class C Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Federated Hermes Conservative Microshort Fund | &nbsp;&nbsp;Class A Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Federated Hermes Conservative Municipal Microshort Fund | &nbsp;&nbsp;Class A Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Federated Hermes Global Equity Fund | &nbsp;&nbsp;Class A Shares |
|  |  | &nbsp;&nbsp;Class C Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Federated Hermes International Developed Equity Fund | &nbsp;&nbsp;Class A Shares |
|  |  | &nbsp;&nbsp;Class C Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Federated Hermes SDG Engagement Equity Fund | &nbsp;&nbsp;Class A Shares |
|  |  | &nbsp;&nbsp;Class C Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Federated Hermes SDG Engagement High Yield Credit Fund | &nbsp;&nbsp;Class A Shares |
|  |  | &nbsp;&nbsp;Class C Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Federated Hermes Unconstrained Credit Fund | &nbsp;&nbsp;Class A Shares |
|  |  | &nbsp;&nbsp;Class C Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Federated Hermes US SMID Fund | &nbsp;&nbsp;Class A Shares |
|  |  | &nbsp;&nbsp;Class C Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Federated Hermes International Equity Fund | &nbsp;&nbsp;Class A Shares |
|  |  | &nbsp;&nbsp;Class C Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Federated Hermes International Growth Fund | &nbsp;&nbsp;Class A Shares |
|  |  | &nbsp;&nbsp;Class C Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Federated Hermes MDT Large Cap Value Fund | &nbsp;&nbsp;Service Shares |
|  |  | &nbsp;&nbsp;Class A Shares |
|  |  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Federated Hermes MDT Market Neutral Fund | &nbsp;&nbsp;*Class A Shares* |
|  |  | &nbsp;&nbsp;*Institutional Shares* |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;FEDERATED EQUITY FUNDS | &nbsp;&nbsp;FEDERATED EQUITY FUNDS |
| &nbsp;&nbsp;Federated Hermes Clover Small Value Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes International Strategic Value Dividend Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes Kaufmann Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;Federated Hermes Kaufmann Large Cap Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes Kaufmann Small Cap Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes MDT Mid Cap Growth Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes Prudent Bear Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes Strategic Value Dividend Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND, INC. | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;FEDERATED HERMES FIXED INCOME SECURITIES, INC. | &nbsp;&nbsp;FEDERATED HERMES FIXED INCOME SECURITIES, INC. |
| &nbsp;&nbsp;Federated Hermes Municipal Ultrashort Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;Federated Hermes Strategic Income Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT INCOME SECURITIES, INC. | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class F Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT INCOME TRUST | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT INCOME TRUST |
| &nbsp;&nbsp;Federated Hermes Government Income Fund | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND FUND, INC. | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;FEDERATED HERMES HIGH YIELD TRUST |  |
| &nbsp;&nbsp;Federated Hermes Opportunistic High Yield Fund | &nbsp;&nbsp;Service Shares |
|  | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;FEDERATED HERMES INCOME SECURITIES TRUST | &nbsp;&nbsp;FEDERATED HERMES INCOME SECURITIES TRUST |
| &nbsp;&nbsp;Federated Hermes Capital Income Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;Federated Hermes Floating Rate Strategic Income Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class A1 Shares |
| &nbsp;&nbsp;Federated Hermes Fund for U.S. Government Securities | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;Federated Hermes Intermediate Corporate Bond Fund | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;Federated Hermes Muni and Stock Advantage Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;Federated Hermes Inflation Protected Securities Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;Federated Hermes Short-Term Income Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class A2 Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;FEDERATED HERMES INDEX TRUST | &nbsp;&nbsp;FEDERATED HERMES INDEX TRUST |
| &nbsp;&nbsp;Federated Hermes Max-Cap Index Fund | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;Federated Hermes Mid-Cap Index Fund | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL TRUST | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL TRUST |
| &nbsp;&nbsp;Federated Hermes Government Ultrashort Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;Federated Hermes Institutional High Yield Bond Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes Short-Intermediate Total Return Bond Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;FEDERATED HERMES INSURANCE SERIES | &nbsp;&nbsp;FEDERATED HERMES INSURANCE SERIES |
| &nbsp;&nbsp;Federated Hermes Fund for US Government Securities II |  |
| &nbsp;&nbsp;Federated Hermes High Income Bond Fund II | &nbsp;&nbsp;Primary Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;Federated Hermes Kaufmann Fund II | &nbsp;&nbsp;Primary Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;Federated Hermes Managed Volatility Fund II |  |
| &nbsp;&nbsp;Federated Hermes Government Money Fund II | &nbsp;&nbsp;Primary Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL SERIES, INC. | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL SERIES, INC. |
| &nbsp;&nbsp;Federated Hermes Global Total Return Bond Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;FEDERATED HERMES INVESTMENT SERIES FUNDS, INC. | &nbsp;&nbsp;FEDERATED HERMES INVESTMENT SERIES FUNDS, INC. |
| &nbsp;&nbsp;Federated Hermes Corporate Bond Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;FEDERATED HERMES MDT SERIES | &nbsp;&nbsp;FEDERATED HERMES MDT SERIES |
| &nbsp;&nbsp;Federated Hermes MDT All Cap Core Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes MDT Large Cap Growth Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes MDT Small Cap Core Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes MDT Small Cap Growth Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes MDT Balanced Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND, INC. | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class F Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL SECURITIES INCOME TRUST | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL SECURITIES INCOME TRUST |
| &nbsp;&nbsp;Federated Hermes Michigan Intermediate Municipal Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;Federated Hermes Municipal High Yield Advantage Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;Federated Hermes Ohio Municipal Income Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class F Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;Federated Hermes Pennsylvania Municipal Income Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;FEDERATED HERMES SHORT-INTERMEDIATE DURATION MUNICIPAL TRUST |  |
| &nbsp;&nbsp;Federated Hermes Short-Intermediate Municipal Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class A2 Shares |
|  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN GOVERNMENT BOND FUND | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;<br> FEDERATED HERMES TOTAL RETURN SERIES, INC. | &nbsp;&nbsp;<br> FEDERATED HERMES TOTAL RETURN SERIES, INC. |
| &nbsp;&nbsp;Federated Hermes Core Bond Fund | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;Federated Hermes Total Return Bond Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;Federated Hermes Ultrashort Bond Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM GOVERNMENT TRUST |  |
| &nbsp;&nbsp;Federated Hermes Short-Term Government Fund | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;FEDERATED HERMES SHORT-INTERMEDIATE GOVERNMENT TRUST |  |
| &nbsp;&nbsp;Federated Hermes Short-Intermediate Government Fund | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;FEDERATED HERMES WORLD INVESTMENT SERIES, INC. | &nbsp;&nbsp;FEDERATED HERMES WORLD INVESTMENT SERIES, INC. |
| &nbsp;&nbsp;Federated Hermes Emerging Market Debt Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes International Leaders Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;Federated Hermes International Small-Mid Company Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;FEDERATED HERMES INTERMEDIATE MUNICIPAL TRUST | &nbsp;&nbsp;FEDERATED HERMES INTERMEDIATE MUNICIPAL TRUST |
| &nbsp;&nbsp;Federated Hermes Intermediate Municipal Fund | &nbsp;&nbsp;Class A Shares |
|  | &nbsp;&nbsp;Institutional Shares |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;FEDERATED HERMES MONEY MARKET OBLIGATIONS TRUST | &nbsp;&nbsp;FEDERATED HERMES MONEY MARKET OBLIGATIONS TRUST | &nbsp;&nbsp;FEDERATED HERMES MONEY MARKET OBLIGATIONS TRUST |
|  | &nbsp;&nbsp;Federated Hermes California Municipal Cash Trust | &nbsp;&nbsp;Capital Shares |
|  |  | &nbsp;&nbsp;Cash II Shares |
|  |  | &nbsp;&nbsp;Cash Series Shares |
|  |  | &nbsp;&nbsp;Wealth Shares |
|  |  | &nbsp;&nbsp;Service Shares |
|  | &nbsp;&nbsp;Federated Hermes Capital Reserves Fund |  |
|  | &nbsp;&nbsp;Federated Hermes Government Obligations Fund | &nbsp;&nbsp;Advisor Shares |
|  |  | &nbsp;&nbsp;Capital Shares |
|  |  | &nbsp;&nbsp;Cash II Shares |
|  |  | &nbsp;&nbsp;Cash Series Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  |  | &nbsp;&nbsp;Select Shares |
|  |  | &nbsp;&nbsp;Service Shares |
|  |  | &nbsp;&nbsp;Trust Shares |
|  |  | &nbsp;&nbsp;SDG Shares |
|  | &nbsp;&nbsp;Federated Hermes Government Obligations Tax-Managed Fund | &nbsp;&nbsp;Automated Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  |  | &nbsp;&nbsp;Service Shares |
|  | &nbsp;&nbsp;Federated Hermes Government Reserves Fund | &nbsp;&nbsp;Class A Shares |
|  |  | &nbsp;&nbsp;Class C Shares |
|  |  | &nbsp;&nbsp;Class F Shares |
|  |  | &nbsp;&nbsp;Class P Shares |
|  | &nbsp;&nbsp;Federated Hermes Institutional Money Market Management | &nbsp;&nbsp;Capital Shares |
|  |  | &nbsp;&nbsp;Eagle Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  |  | &nbsp;&nbsp;Service Shares |
|  | &nbsp;&nbsp;Federated Hermes Municipal Obligations Fund | &nbsp;&nbsp;Automated Shares |
|  |  | &nbsp;&nbsp;Capital Shares |
|  |  | &nbsp;&nbsp;Cash II Shares |
|  |  | &nbsp;&nbsp;Cash Series Shares |
|  |  | &nbsp;&nbsp;Wealth Shares |
|  |  | &nbsp;&nbsp;Investment Shares |
|  |  | &nbsp;&nbsp;Service Shares |
|  | &nbsp;&nbsp;Federated Hermes New York Municipal Cash Trust | &nbsp;&nbsp;Cash II Shares |
|  |  | &nbsp;&nbsp;Cash Series Shares |
|  |  | &nbsp;&nbsp;Service Shares |
|  |  | &nbsp;&nbsp;Wealth Shares |
|  | &nbsp;&nbsp;Federated Hermes Prime Cash Obligations Fund | &nbsp;&nbsp;Advisor Shares |
|  |  | &nbsp;&nbsp;Automated Shares |
|  |  | &nbsp;&nbsp;Capital Shares |
|  |  | &nbsp;&nbsp;Cash II Shares |
|  |  | &nbsp;&nbsp;Cash Series Shares |
|  |  | &nbsp;&nbsp;Class R Shares |
|  |  | &nbsp;&nbsp;Wealth Shares |
|  |  | &nbsp;&nbsp;Service Shares |
|  |  | &nbsp;&nbsp;Trust Shares |
|  | &nbsp;&nbsp;Federated Hermes Institutional Prime Obligations Fund | &nbsp;&nbsp;Capital Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  |  | &nbsp;&nbsp;Service Shares |
|  | &nbsp;&nbsp;Federated Hermes Institutional Prime Value Obligations Fund | &nbsp;&nbsp;Capital Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  |  | &nbsp;&nbsp;Service Shares |
|  | &nbsp;&nbsp;Federated Hermes Tax-Free Obligations Fund | &nbsp;&nbsp;Advisor Shares |
|  |  | &nbsp;&nbsp;Service Shares |
|  |  | &nbsp;&nbsp;Wealth Shares |
|  | &nbsp;&nbsp;Federated Hermes Institutional Tax-Free Cash Trust | &nbsp;&nbsp;Institutional Shares |
|  |  | &nbsp;&nbsp;Premier Shares |
|  | &nbsp;&nbsp;Federated Hermes Treasury Obligations Fund | &nbsp;&nbsp;Automated Shares |
|  |  | &nbsp;&nbsp;Capital Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  |  | &nbsp;&nbsp;Service Shares |
|  |  | &nbsp;&nbsp;Trust Shares |
|  | &nbsp;&nbsp;Federated Hermes Trust for U.S. Treasury Obligations | &nbsp;&nbsp;Cash II Shares |
|  |  | &nbsp;&nbsp;Cash Series Shares |
|  |  | &nbsp;&nbsp;Institutional Shares |
|  | &nbsp;&nbsp;Federated Hermes U.S. Treasury Cash Reserves | &nbsp;&nbsp;Institutional Shares |
|  |  | &nbsp;&nbsp;Service Shares |

---

## Ex-99.H

Exhibit 28 (h) (2) under Form N-1A<br> Exhibit (10) under Item 601/Reg. S-K

**Services Agreement**

This Services Agreement (the "<u>Agreement</u>") is entered into and effective as of June 1, 2022 (the "<u>Effective Date</u>") by and between:

1. **DST Asset Manager Solutions, Inc.,** a corporation organized in the
Commonwealth of Massachusetts (referred to herein as "DST" or the "Transfer Agent"), and

2. Each of the investment vehicles listed in <u>Schedule A</u> (each, a " <u>Fund</u> "
and collectively, the " <u>Funds</u> ");

The Funds and DST each may be referred to individually as a "<u>Party</u>" or collectively as "<u>Parties</u>."

**1.**  **<u>Definitions; Interpretation</u>** 

1.1. As used in this Agreement, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Action</u>" means any civil, criminal, regulatory or administrative lawsuit, allegation, demand, claim, counterclaim, action, dispute, sanction, suit, request, inquiry, investigation, arbitration or proceeding, in each case, made, asserted, commenced or threatened by any Person (including any Government Authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Affiliate</u>" means, with respect to any Person, any other Person that is controlled by, controls, or is under common control with such Person and "control" of a Person means: (i) ownership of, or possession of the right to vote, more than 25% of the outstanding voting equity of that Person or (ii) the right to control the appointment of the board of directors or analogous governing body, management or executive officers of that Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Authorized Person</u>" has the meaning set forth in Schedule B "Services" hereto, Section B.1.A(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Business Day</u>" means a day other than a Saturday or Sunday on which the New York Stock Exchange is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Claim</u>" means any Action arising out of the subject matter of, or in any way related to, this Agreement, its formation or the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Fund Data</u>" means all information Fund, including data related to securities trades and other transaction data, investment returns, issue descriptions, and Market Data provided by the Fund and all output and derivatives thereof, necessary to enable DST to perform the Services, but excluding DST Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Confidential Information</u>" means any information about the Fund or DST, including this Agreement, and any third party information that either Party is required to keep confidential, including Customer Information, except for information that (i) is or becomes part of the public domain without breach of this Agreement by the receiving Party, (ii) was rightfully acquired from a third party, or is developed independently, by the receiving Party, or (iii) is generally known by Persons in the technology, securities, or financial services industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Customer Information</u>" means all the customer identifying data however collected or received, including without limitation, through "cookies" or non-electronic means pertaining to or identifiable to the Fund's shareholders, prospective shareholders and plan administrators (collectively, "Fund Customers"), including without limitation, (i) name, address, email address, passwords, account numbers, personal financial information, personal preferences, demographic data, marketing data, data about securities transactions, credit data or any other identification data; or (ii) any data otherwise submitted in the process of registering for a Fund service. For the avoidance of doubt, Customer Information shall include, without limitation, all "nonpublic personal information," as defined under the GLB Act and all "personal information" as defined in the Mass Privacy Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Data Supplier</u>" means a third party supplier of Market Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>DST Associates</u>" means DST and each of its Affiliates, members, shareholders, directors, officers, partners, employees, agents, successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>DST Property</u>" means all hardware, software, source code, data, report designs, spreadsheet formulas, information gathering or reporting techniques, know-how, technology and all other property commonly referred to as intellectual property used by DST in connection with its performance of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>GLB Act</u>" means the Gramm-Leach-Bliley Act of 1999 (Public Law 106-102, 113 Stat. 1138)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Governing Documents</u>" means the constitutional documents of an entity and, with respect to the Fund, the Fund's prospectus and statement of additional information and all minutes of meetings of the board of directors or analogous governing body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Government Authority</u>" means any relevant administrative, judicial, executive, legislative or other governmental or intergovernmental entity, department, agency, commission, board, bureau or court, and any other regulatory or self-regulatory organizations, in any country or jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Law</u>" means statutes, rules, regulations, interpretations and orders of any Government Authority that are applicable to the party upon which compliance with such Law is being required or to its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Losses</u>" means any and all compensatory, direct, indirect, special, incidental, consequential, punitive, exemplary, enhanced or other damages, settlement payments, attorneys' fees, costs, damages, charges, expenses, interest, applicable taxes or other losses of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Market Data</u>" means any third party market and reference data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Mass Privacy Act</u>" means the Massachusetts Standards for the Protection of Personal Information, 201 CMR 17.00, et seq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Person</u>" means any natural person or corporate or unincorporated entity or organization and that person's personal representatives, successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Services</u>" means the services listed in <u>Schedule A</u>, as may be amended, or under such other service Schedules, which may be added to this Agreement by the Parties from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>Service Schedules</u>" has the meaning set forth in Section 2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Third Party Claim</u>" means a Claim (i) brought by any Person other than the indemnifying Party or (ii) brought by a Party on behalf of or that could otherwise be asserted by a third party.

1.2. Other capitalized terms used in this Agreement but not defined in this Section 1 shall have the meanings ascribed thereto.

1.3. Section and Schedule headings shall not affect the interpretation of this Agreement. This Agreement includes the schedules and appendices hereto. In the event of a conflict between this Agreement and a schedule or appendix, the former shall control, except to the extent that such schedule or appendix expressly provides otherwise as to the services under such schedule or appendix.

1.4. Words in the singular include the plural and words in the plural include the singular. The words "including," "includes," "included" and "include", when used, are deemed to be followed by the words "without limitation." Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "hereof," "herein" and "hereunder" and words of analogous import shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

1.5. The Parties' duties and obligations are governed by and limited to the express terms and conditions of this Agreement, and shall not be modified, supplemented, amended or interpreted in accordance with, any industry custom or practice, or any internal policies or procedures of any Party that are not referenced in this Agreement or the applicable Schedule. The Parties have mutually negotiated the terms hereof and there shall be no presumption of law relating to the interpretation of contracts against the drafter.

**2.**  **<u>Services and Fees</u>** 

2.1. Subject to the terms of this Agreement, DST will perform, with reasonable care, skill, prudence and diligence, and in accordance with applicable Law, for the Fund and, if and to the extent specifically set forth therein, the Services set forth in <u>Schedule B</u> and such other service schedules as may be added to this Agreement by the Parties (collectively, the "<u>Service Schedules</u>"). DST shall be under no duty or obligation to perform any service except as specifically listed in the Service Schedules, or take any other action except as specifically listed in a Service Schedules to this Agreement, or this Agreement, and no other duties or obligations, including, valuation related, fiduciary or analogous duties or obligations, shall be implied. Fund requests to change the Services, will only be binding on DST when they are reflected in an amendment to the Service Schedules. For the avoidance of doubt DST agrees to amend the Service Schedules if necessitated by a change in applicable Law or a change to the Governing Documents of the Fund. For clarification, this will include costs related changes to the software, systems or processes used by DST to provide the Services necessitated by change in applicable Law; provided in such case the Fund will only be responsible for its pro-rata share of such cost.

2.2. In carrying out its duties and obligations pursuant to this Agreement, some or all Services may, with the Fund's prior written consent, be delegated by DST to one or more of its Affiliates or other Persons (and any Fund consent to such delegation, if any, shall not be unreasonably revoked or withheld in respect of any such delegations), provided that such Persons are selected in good faith and with reasonable care and are monitored by DST. If DST delegates any Services, (i) such delegation shall not relieve DST of its duties and obligations hereunder, (ii) such delegation shall be subject to a written agreement obliging the delegate to comply with the relevant delegated duties and obligations of DST, and (iii) DST will identify such agents and the Services delegated and will update the Fund when making any material changes in sufficient detail to enable the Fund to revoke its consent to a particular arrangement.

2.3. [ ]

2.4. Charges attendant to the development of reasonable changes to the TA2000 System requested by the Fund ("Client Requested Software") shall be at DST's standard rates and fees in effect at the time as set forth in the Fee Letter. If the cost to DST of operating the TA2000 System is increased by the addition of Client Requested Software, DST shall be entitled to increase its fees by an amount to be mutually agreed upon in the Fee Letter.

**3.**  **<u>Fund Responsibilities</u>** 

3.1. The management and control of the Fund are vested exclusively in the Fund's governing body (e.g., the board of directors or trustees for a Fund that is a mutual fund or the Trustee for a Fund that is a collective trust, as applicable) and such officers and agents as may be appointed by the board from time to time, subject to the terms and provisions of the Fund's Governing Documents. The Fund's governing body and the duly appointed officers and agents appointed by the governing body on behalf of the Fund will make all decisions, perform all management functions relating to the operation of the Fund and shall authorize all Transactions. Without limiting the foregoing, the Fund shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designate properly qualified individuals to oversee the Services and establish and maintain internal controls, including monitoring the ongoing activities of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluate the accuracy, and accept responsibility for the results, of the Services, review and approve all reports, analyses and records resulting from the Services and inform DST of any errors that it is in a position to identify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Provide DST with timely and accurate information required by DST in order to perform the Services and its duties and obligations hereunder.

3.2. Without limiting DST's obligations to comply with applicable Law and the Fund's Governing Documents, the Fund is responsible for ensuring that it complies with Law and its respective Governing Documents. It is the Fund's responsibility to provide all final Fund Governing Documents as of the Effective Date. The Fund will notify DST in writing of any changes to the Fund Governing Documents, with the exception of minutes of meetings of the board of directors, that may materially impact the Services prior to such changes taking effect. DST is not responsible for monitoring compliance by the Fund with (i) Law, or (ii) its respective Governing Documents.

3.3. In the event that Market Data is supplied to or through DST Associates in connection with the Services, the Market Data is proprietary to Data Suppliers and is provided on a limited internal-use license basis. Market Data may: (i) only be used by the Fund in connection with the Services and (ii) not be disseminated by the Fund or used to populate internal systems in lieu of obtaining a data license. Access to and delivery of Market Data is dependent on the Data Suppliers and may be interrupted or discontinued with or without notice. Notwithstanding anything in this Agreement to the contrary, neither DST nor any Data Supplier shall be liable to the Fund or any other Person for any Losses with respect to Market Data, reliance by DST Associates or the Fund on Market Data or the provision of Market Data in connection with this Agreement.

3.4. The Fund shall deliver, and procure that its agents, counsel, advisors, auditors, and any other Persons promptly deliver to DST all Fund Data. The Fund shall arrange with each such Person to deliver such information and materials on a timely basis, and DST will not be required to enter any agreements with that Person in order for DST to provide the Services.

3.5. Notwithstanding anything in this Agreement to the contrary, so long as they act in good faith and without negligence, willful misconduct or fraud, DST Associates shall be entitled to rely on the authenticity, completeness and accuracy of information and communications received by DST Associates from Authorized Persons, or Proper Instructions from the Fund in connection with the performance of the Services and DST's duties and obligations hereunder, without further enquiry or liability.

**4.**  **<u>Term</u>** 

4.1. The initial term of this Agreement will be from the Effective Date through February 28, 2027 ("<u>Initial Term</u>"). Thereafter, this Agreement will automatically renew for successive terms of 1 year each unless either DST or the Fund provides the other with a written notice of termination at least 180 calendar days prior to the commencement of any successive term (such periods, in the aggregate, the "<u>Term</u>").

**5.**  **<u>Termination</u>** 

5.1. DST or the Fund also may, by written notice to the other, terminate this Agreement for cause if any of the following events occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund breaches any material term, condition or provision of this Agreement, which breach, if capable of being cured, is not cured within 60 calendar days after DST gives the Fund written notice of such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) DST breaches any material term, condition or provision of this Agreement, which breach, if capable of being cured, is not cured within 60 calendar days after the Fund gives DST written notice of such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The other Party (i) terminates or suspends its business, (ii) becomes insolvent, admits in writing its inability to pay its debts as they mature, makes an assignment for the benefit of creditors, or becomes subject to direct control of a trustee, receiver or analogous authority, or (iii) becomes subject to any bankruptcy, insolvency or analogous proceeding or (iv) where the other Party is the Fund, material changes in the Fund's Governing Documents or the assumptions set forth in the Fee Letter are mutually agreed by both parties in writing to materially affect the Services or to be materially adverse to DST.

If any such event occurs, the termination will become effective immediately or on the date stated in the written notice of termination, which date shall not be greater than 90 calendar days after the event.

5.2. [ ]

5.3. Upon receipt of a termination notice from the Fund, subject to the receipt by DST of all undisputed, properly invoiced, and then-due fees, charges and expenses, DST shall continue to provide the Services up to the effective date of the termination notice; thereafter, DST shall have no obligation to perform any services of any type unless and to the extent set forth in an amendment to this Agreement executed by DST. In the event of the termination of this Agreement, DST shall provide reasonable exit assistance to the Fund in converting the Fund's records from DST's systems to whatever services or systems are designated by the Fund (the "Deconversion"); provided that all fees, charges and expenses have been paid, including any fees required under <u>Section 5.4</u> for the balance of the unexpired portion of the Term, if applicable. The Deconversion is subject to the recompense of DST for such assistance at its standard rates and fees in effect at the time and to a reasonable time frame for performance as agreed to by the parties. As used herein "reasonable exit assistance" shall not include requiring DST (i) to assist any new service or system provider to modify, to alter, to enhance, or to improve such provider's system, or to provide any new functionality to such provider's system, (ii) to disclose any protected information of DST, including the proprietary information of DST or its affiliates, or (iii) to develop Deconversion software, to modify any of DST's software, or to otherwise alter the format of the data as maintained on any provider's systems.

5.4. [ ]

5.5. In the event that the Fund wishes to retain DST to perform additional transition or related post-termination services, including providing additional data and reports, the Fund and DST shall agree in writing to the additional services and related fees and expenses in an amendment to this Agreement. To the extent any services are performed by DST for the Fund after the termination of this Agreement, all of the provisions of this Agreement except portions that are inapplicable to such continuing services shall survive the termination of this Agreement for so long as those services are performed. Termination of this Agreement shall not affect: (i) any liabilities or obligations of any Party arising before such termination (including payment of fees and expenses) or (ii) any damages or other remedies to which a Party may be entitled for breach of this Agreement or otherwise. Sections 2.3, 5, 6, 8, 9, 10, 11, 12, and 13 of this Agreement shall survive the termination of this Agreement.

**6.**  **<u>Standard of Care, Limitation of Liability and Indemnification</u>** 

6.1. [ ]

6.2 DST shall not be responsible for, and the Fund shall, subject to the provisions of Section 6.1 above, indemnify, defend and hold harmless DST and its directors, officers, employees, agents, subcontractors, Affiliates and subsidiaries (the "DST Indemnitees") from and against direct Losses (including legal fees and costs to enforce this provision) that may at any time be asserted against or incurred by any of them in connection with Third Party Claims solely arising out of or in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All actions of DST or DST Indemnitees required to be taken pursuant to this Agreement (including the defense of any lawsuit in a DST's name or the name of a DST Indemnitee), provided that such actions were taken in good faith and without negligence, willful misconduct or fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund's lack of good faith, negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The reliance upon, and any subsequent use of or action taken or omitted, by DST, or DST Indemnitees on: (i) any information, records, documents, data, stock certificates or services, which are received by DST or DST Indemnitees by hard copy, machine readable input, facsimile, data entry, email, electronic instructions, or other similar means authorized by the Fund, and which have been prepared, maintained or performed by the Fund or any other person or firm on behalf of the Fund including but not limited to any broker-dealer, TPA or previous transfer agent; (ii) any Proper Instructions (as defined below); (iii) any written instructions or opinions of the Fund's legal counsel with respect to any matter arising in connection with the services to be performed by DST under this Agreement that are provided to DST by the Fund after consultation by the Fund with such legal counsel and that expressly allow DST to rely upon such instructions or opinions; or (iv) any paper or document, reasonably believed to be genuine, authentic, or signed by the proper person or persons with the authority to provide instructions to DST hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The offer or sale of Shares in violation of federal or state securities laws or regulations requiring that such Shares be registered, or in violation of any stop order or other determination or ruling by any federal or any state agency with respect to the offer or sale of such Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The acceptance of facsimile or email transaction requests on behalf of individual shareholders of the Fund from broker-dealers, TPAs or the Fund, and the reliance by DST or DST Indemnitees on the broker-dealer, TPA or the Fund ensuring that the original source documentation is in good order and properly retained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The negotiation and processing of any checks, wires and ACH transmissions including without limitation for deposit into, or credit to, the Fund's demand deposit accounts maintained by DST; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The entering into or the carrying out of any obligations under, any NSCC agreements required for the transmission of Fund or Fund shareholder data through the NSCC clearing systems.

When used in this Agreement, the term <u>"Proper Instructions"</u> shall mean a writing signed or initialed by one or more persons as shall have been authorized from time to time by the board of directors/trustees of each Fund (the <u>"Board")</u> and with respect to which a written confirmation of such authorization shall have been filed with DST by the Fund. Each such writing shall set forth the specific transaction or type of transaction involved. Oral instructions ("Oral Instructions") will be deemed to be Proper Instructions if (a) they otherwise comply with the definition thereof and (b) DST reasonably believes them to have been given by a person authorized to give such instructions with respect to the transaction involved. The Fund shall promptly confirm all Oral Instructions or cause such Oral Instructions given by a third party who is authorized to give such Oral Instructions, to be promptly confirmed in writing. Proper Instructions may include communications effected through electro-mechanical or electronic devices. Proper Instructions, oral or written, may only be amended or changed in writing, including without limitation through electro-mechanical or electronic device.

6.3 DST shall, subject to the provisions of Section 6.1 above, indemnify, defend and hold harmless the Fund and its directors, officers, employee, agents, subcontractors, Affiliates and subsidiaries (the "<u>Fund Indemnitees</u>") from and against direct Losses (including legal fees and costs to enforce this provision) that may at any time be asserted against or incurred by any of them in connection with third party claims arising solely out of or in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) DST's failure to perform the Services in accordance with the terms of this Agreement in good faith and without negligence or willful misconduct or fraud in the performance of its obligations under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a claim that any aspect of the Services or systems provided under, and used within the scope of, this Agreement infringes any U.S. patent, copyright, trade secret or other intellectual property rights. With respect to any claims under this Section 6.3(b), DST may, in its sole discretion, either (i) procure for the Fund a right to continue to use such service or system, (ii) replace or modify the service or system so as to be non-infringing without materially affecting the functions of the service or system, or (iii) if, in DST's reasonable discretion, the actions described in (i) and (ii) are not capable of being accomplished on commercially reasonable terms, terminate this Agreement with respect to the affected service or system. Notwithstanding the foregoing, DST shall have no liability or obligation of indemnity for any claim which is based upon a modification of a service or system by anyone other than DST, use of such service or system other than in accordance with the terms of this Agreement, or use of such service or system in combination with other software or hardware not provided by DST if infringement could have been avoided by not using the service or system in combination with such other software or hardware

6.4 In order that the indemnification provisions contained in this Section 6 shall apply, upon the assertion of a claim for which one party may be required to indemnify the other party, the indemnified party shall promptly notify the indemnifying party of such assertion and shall keep the indemnifying party advised with respect to all developments concerning such claim. The indemnifying party shall have the option to participate with the indemnified party in the defense of such claim or to defend against said claim in its own name or in the name of the indemnified party. The indemnified party shall in no case confess any claim or make any compromise in any case in which the indemnifying party may be required to indemnify the indemnified party except with the indemnifying party's prior written consent.

**7.**  **<u>Representations, Warranties and Covenants</u>** 

7.1. Each Party represents and warrants to each other Party that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a legal entity duly created, validly existing and in good standing under the Law of the jurisdiction in which it is created and is in good standing in each other jurisdiction where the failure to be in good standing would have a material adverse effect on its business or its ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 3.3 with respect to licenses from a Data Supplier, which may be terminated at any time, it has all necessary legal power and authority to own, lease and operate its assets and to carry on its business as presently conducted and as it will be conducted pursuant to this Agreement and will comply in all material respects with all Law to which it may be subject, and to the best of its knowledge and belief, it is not subject to any Action that would prevent it from performing its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has all necessary legal power and authority to enter into this Agreement, the execution of which has been duly authorized and will not violate the terms of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Person signing on its behalf has the authority to contractually bind it to the terms and conditions in this Agreement and that this Agreement constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with its terms.

7.2. The Fund represents and warrants to DST that (i) Proper Instructions are consistent with the Governing Documents of Fund and other corporate actions thereof and (ii) it will promptly notify DST of (1) any Action against it and (2) changes (or pending changes) in applicable Law or the Governing Documents of the Fund that are relevant to the Services.

7.3. DST represents and warrants to the Fund that (i) it is in compliance with federal securities law requirements in all material respects with respect to its business, including but not limited to applicable Law, and is in good standing as a registered transfer agent under Section 17A(c)(2) of the Securities Exchange Act of 1934, as amended.

7.4. DST maintains, and covenants that during the Term hereof, it shall maintain a Financial Institution Bond (FIB) insurance policy covering losses resulting from theft committed by employees, a cyber liability insurance policy (or shall maintain cyber liability coverage through other insurance policies set forth herein), and a Professional Liability insurance policy covering errors and omissions by DST in the performance of services for the Funds, with all aforementioned policies with such limits and with such carriers, deemed appropriate and commercially reasonable in terms of coverage and policy limits by DST's management in light of DST's duties and responsibilities hereunder. Upon the request of the Funds, DST shall provide certificates of insurance as evidence that such coverages are in place.

**8.**  **<u>Fund Data</u>** 

8.1. The Fund (i) will provide or ensure that other Persons provide all Fund Data to DST in an electronic format that is acceptable to DST (or as otherwise agreed in writing) and (ii) confirm that each has the right to so share such Fund Data. As between DST and the Fund, all Fund Data shall remain the property of the applicable Fund. Fund Data shall not be used or disclosed by DST other than in connection with providing the Services and as permitted under <u>Section 11</u>. Subject to the terms of this Agreement, DST shall be permitted to act upon instructions from an Authorized Person with respect to the disclosure or disposition of Fund Data but may refuse to act upon such instructions where it doubts, reasonably and in good faith, the authenticity or authority of such instructions.

8.2. DST shall keep records relating to the services to be performed hereunder, in the form and manner as it may deem advisable. To the extent required by Section 31 of the 1940 Act, DST agrees that all such records prepared or maintained by DST relating to the services to be performed by DST hereunder are the property of the Fund and will be preserved, maintained and made available in accordance with the Act, and will be surrendered promptly to the Fund on and in accordance with its request. For the avoidance of doubt, the preceding sentence shall apply to any Funds that are collective trusts as if they were 1940 Act registered funds. DST shall maintain and store such records for a rolling period of 7 years starting from the date that such records were created, or such longer period as required by applicable Law or its internal policies or until such earlier time as it returns such records to the Fund.

**9.**  **<u>Data Protection</u>** 

9.1. From time to time and in connection with the Services DST may obtain access to certain personal information from the Fund (including, without limitation, Customer Information). Personal information relating to the Fund and its Affiliates, directors, officers, employees, agents, current and prospective Fund shareholders, plan sponsors and plan participants may be processed by DST and its Affiliates. Each Fund consents to the transmission and processing of such information within and outside the United States in accordance with applicable Law.

9.2. DST will notify the Fund without undue delay after becoming aware of any confirmed unauthorized access to, or acquisition, use, loss, destruction, alteration or compromise of Confidential Information (including, without limitation, Customer Information) of the Fund ("Security Breach") maintained on DST's computers, hardware, networks or systems, including any third party data centers, or of any Security Breach occurring at any sub-custodian, agent or service provider of DST, and will provide reasonable assistance to the Fund in its notification of that breach to the relevant supervisory authority and those individuals impacted, as required by applicable Law. DST will not disclose or use Personal Information obtained from or on behalf of the Fund except in accordance with the lawful instructions of the Fund to carry out DST's obligations under, or as otherwise permitted pursuant to the terms of, its agreements with the Fund and to comply with applicable Law.

9.3. Notwithstanding anything to the contrary contained in Section 13.3, DST shall maintain at a location other than its normal location appropriate redundant facilities for operational back up in the event of a power failure, disaster or other interruption. DST shall continuously back up Fund records and shall store the back up in a secure manner at a location other than its normal location, so that, in the event of a power failure, disaster or other interruption at such normal location, the Fund records, will be maintained intact and will enable DST to perform under this Agreement. DST will maintain a comprehensive business continuity plan and will provide an executive summary of such plan upon reasonable request of the Fund. Without limiting the foregoing, DST will test the adequacy of its business continuity plan at least annually and upon request, the Fund may participate in such test. Upon request by the Fund, DST will provide the Fund with a letter assessing the most recent business continuity test results. In the event of a business disruption that materially impacts DST's provision of services under this Agreement, DST will promptly notify the Fund of the disruption and the steps being implemented under the business continuity plan. Upon reasonable request, DST also shall discuss with senior management of the Fund (or personnel authorized by the Fund's senior management) the business continuity/disaster recovery plan of DST and/or provide a high-level presentation summarizing such plan.

9.4. DST shall deliver to the Funds on an annual basis and subject to customary disclaimers and indemnities required by the audit firms that prepare such reports a copy of a report prepared under Statement on SSAE No. 18 Service Organization Controls 1 (SOC 1) Type II, as applicable to DST's application servers, database servers and related systems and equipment upon which Fun Confidential Information, Client Data, and/or Personal Data is maintained.

9.5. DST also agrees to implement commercially reasonable software and other appropriate measures to scan for, detect and prevent the transmission from DST's computers, hardware, networks and systems of any virus, malware, Trojan horse, worm, time bomb, drop dead device, or other malicious code.

**10. <u>DST Property</u>**

10.1 DST Property is and shall remain the property of DST or, when applicable, its Affiliates or suppliers. The Fund shall not acquire any license or right to use, sell, disclose, or otherwise exploit or benefit in any manner from, any DST Property, except as specifically set forth herein. The Fund shall not (unless required by Law) either before or after the termination of this Agreement, disclose to any Person not authorized by DST to receive the same, any information concerning the DST Property and shall use reasonable efforts to prevent any such disclosure. This Agreement shall not be construed as granting DST any ownership rights in the Customer Information.

**11.**  **<u>Confidentiality</u>** 

11.1 Each Party shall not at any time disclose to any Person any Confidential Information concerning the business, affairs, customers, clients or suppliers of the other Party or its Affiliates, except as permitted by this Section 11.

11.2 Each Party may disclose the other Party's Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of the Fund, to each of its Affiliates, directors, officers, employees and agents ("<u>Fund Representative</u>") who need to know such information for the purpose of carrying out its duties under, or receiving the benefits of or enforcing, this Agreement. The Fund shall ensure compliance by Fund Representatives with Section 11.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of DST, to Fund and each DST Associate, Fund Representative, investor, bank or broker, counterparty or agent thereof, or payment infrastructure provider who needs to know such information for the purpose of carrying out DST's duties under or enforcing this Agreement. DST shall ensure compliance by DST Associates with Section 11.1 but shall not be responsible for such compliance by any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As may be required by applicable law or regulation, or pursuant to any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process; provided that the disclosing Party (i) where reasonably practicable and to the extent legally permissible, provides the other Party with prompt written notice of the required disclosure so that the other Party may seek a protective order or take other analogous action, (ii) discloses no more of the other Party's Confidential Information than reasonably necessary and (iii) reasonably cooperates with actions of the other Party in seeking to protect its Confidential Information at that other Party's expense.

11.3 Neither Party shall use the other Party's Confidential Information for any purpose other than to perform its obligations under this Agreement. Each Party may retain a record of the other Party's Confidential Information for 7 years or as required by Law.

11.4 DST's ultimate parent company is subject to U.S. federal and state securities Law and may make disclosures that do not contain Confidential Information as it deems necessary to comply with such Law.

11.5 DST shall have no obligation to use Confidential Information of, or data obtained with respect to, any other client of DST in connection with the Services.

11.6 Upon the prior written consent of the Fund, DST shall have the right to identify Fund in connection with its marketing-related activities and in its marketing materials as a client of DST. Upon the prior written consent of DST, Fund shall have the right to identify DST and to describe the Services and the material terms of this Agreement in the offering documents of Fund. This Agreement shall not prohibit DST from using any Fund or Management data (including Client Data) in tracking and reporting on DST's clients generally or making public statements about such subjects as its business or industry; provided that neither Fund nor Management is named in such public statements without its prior written consent. If the Services include the distribution by DST of notices or statements to investors, DST may, upon advance notice to Fund, include reasonable notices describing those terms of this Agreement relating to DST and its liability and the limitations thereon; if investor notices are not sent by DST but rather by Fund or some other Person, Fund will reasonably cooperate with any request by DST to include such notices. The Fund shall not, in any communications with any Person, whether oral or written, make any representations stating or implying that DST is (i) providing valuations with respect to the securities, products or services of Fund, or verifying any valuations, (ii) verifying the existence of any assets in connection with the investments, products or services of Fund, or (iii) acting as a fiduciary, investment advisor, tax preparer or advisor, custodian or bailee with respect to Fund or any of its assets, investors or customers.

11.7 In the event the Fund obtains information from DST or the TA2000 System which is not intended for the Fund, the Fund agrees to (i) immediately, and in no case more than twenty-four (24) hours after discovery thereof, notify DST that unauthorized information has been made available to the Fund; (ii) not knowingly review, disclose, release, or in any way, use such unauthorized information; (iii) provide DST reasonable assistance in retrieving such unauthorized information and/or destroy such unauthorized information; and (iv) deliver to DST a certificate executed by an authorized officer of the Fund certifying that all such unauthorized information in the Fund's possession or control has been delivered to DST or destroyed as required by this provision.

11.8 DST and the Fund acknowledge that their obligation to protect Confidential Information is essential to the business interest of the Fund and DST, respectively, and that the disclosure of such information in breach of this Agreement may cause the Fund or DST immediate, substantial and irreparable harm, the value of which would be difficult to determine. Accordingly, the parties agree that, in addition to any other remedies that may be available in law, equity, or otherwise for the disclosure or use of Confidential Information in breach of this Agreement, the disclosing party shall be entitled to seek and obtain a temporary restraining order, injunctive relief, or other equitable relief against the continuance of such breach.

11.9 DST shall maintain reasonable safeguards for maintaining in confidence any and all Fund Confidential Information, including, without limitation, the policies and procedures described in Section 11.7(ii). DST shall not, at any time, use any such Fund Confidential Information for any purpose other than as specifically authorized by this Agreement, or in writing by the Fund.

11.10 DST has implemented and maintains, and at a minimum agrees to comply with and continue to comply with, at each service location physical and information security and data protection safeguards against the destruction, loss, theft, unauthorized access, unauthorized use, or alteration of the Fund's Confidential Information in the possession of DST that will be no less rigorous than those described in the Information Security Schedule attached hereto as Appendix 2 and from time to time enhanced in accordance with changes in regulatory requirements. DST will, at a minimum, update its policies to remain compliant with applicable regulatory requirements, including, without limitation, the GLBA and the Mass Privacy Act. DST will meet with the Fund, at its request, on an annual basis to discuss information security safeguards. If DST or its agents discover or are notified that someone has violated security relating to the Fund's Confidential Information DST will promptly (a) notify the Fund of such violation, and (b) if the applicable Confidential Information was in the possession or under the control of DST or its agents at the time of such violation, DST will promptly (i) investigate, contain and address the violation, (ii) provide the Funds with information on the steps being taken to reduce the risk of a reoccurrence of such violation, and (iii) without limiting (and subject to) this Agreement, if requested by the Fund based on the facts and circumstances of the incident, provide credit monitoring, or other similar services or remedies as required by applicable law, for a one-year period (or such shorter or longer period required by applicable law) to shareholders of the Fund or others affected by the violation.

11.11 DST shall maintain systems located in DST's facilities that host Fund data or provide services under the Agreement in an environment that is designed to be physically secure and to allow access only to authorized individuals. A secure environment includes the availability of onsite security personnel on a 24 x 7 basis or equivalent means of monitoring locations supporting the delivery of services under the Agreement.

11.12 Section 11 shall not restrict the Fund from sharing information received from DST pursuant to Section 9.2 of this Agreement regarding information security threats including, without limitation, virus, malware, Trojan horse, worm, time bomb, drop dead device, or other malicious code, with third parties for the purpose of evaluating and enhancing the Fund's information security; provided that such third parties are subject to a written agreement with the Fund to keep any such information confidential.

**12.**  **<u>Notices</u>** 

12.1 Except as otherwise provided herein, all notices required or permitted under this Agreement or required by Law shall be effective only if in writing and delivered: (i) personally, (ii) by registered mail, postage prepaid, return receipt requested, (iii) by receipted prepaid courier, (iv) by any confirmed facsimile or (v) by any electronic mail, to the relevant address or number listed below (or to such other address or number as a Party shall hereafter provide by notice to the other Parties). Notices shall be deemed effective when received by the Party to whom notice is required to be given.

**If to DST:**

DST Asset Manager Solutions, Inc.

333 W. 11<sup>th</sup> Street, 5<sup>th</sup> Floor

Kansas City, MO 64105

Attention: Legal Department

**<br> If to the Fund:**

[Name of Fund]

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15237

Attention: President

With a copy to:

Federated Investors, Inc.

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222

Attention: General Counsel

**13.**  **<u>Miscellaneous</u>** 

13.1 <u>Amendment; Modification</u>. This Agreement may not be amended or modified except in writing signed by an authorized representative of each Party. No DST Associate has authority to bind DST in any way to any oral covenant, promise, representation or warranty concerning this Agreement, the Services or otherwise.

13.2 <u>Assignment</u>. Neither this Agreement nor any rights under this Agreement may be assigned or otherwise transferred by the Fund, in whole or in part, whether directly or by operation of Law, without the prior written consent of DST. DST may assign or otherwise transfer this Agreement: (i) to a successor in the event of a change in control of DST, (ii) to an Affiliate or (iii) in connection with an assignment or other transfer of a material part of DST's business, provided that the DST gives the Fund sixty (60) days' prior written notice of such assignment or transfer and such assignment or transfer does not impair the provision of services under this Agreement in any material respect, and the assignee or transferee agrees to be bound by all terms of this Agreement in place of DST. If DST assigns or transfers this Agreement pursuant to this Section 13.2 to an entity that is not an Affiliate of DST without the written consent of the Fund, the Fund shall have the option, exercisable for ninety (90) days after receiving written notice of such assignment or transfer (or for such longer period as may be mutually agreed by the Parties), to terminate this Agreement. Any attempted delegation, transfer or assignment prohibited by this Agreement shall be null and void. An acquisition, merger, reorganization, or change of control of a Fund resulting in the Fund as the surviving entity shall not be deemed to cause an assignment hereunder.

13.3 <u>Choice of Law; Choice of Forum</u>. This Agreement shall be interpreted in accordance with and governed by the Law of the Commonwealth of Massachusetts. The courts of the Commonwealth of Massachusetts and the United States District Court for the Commonwealth of Massachusetts shall have exclusive jurisdiction to settle any Claim. Each Party submits to the exclusive jurisdiction of such courts and waives to the fullest extent permitted by Law all rights to a trial by jury.

13.4 <u>Counterparts; Signatures</u>. This Agreement may be executed in counterparts, each of which when so executed will be deemed to be an original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and shall be binding to the same extent as if original signatures were exchanged.

13.5 <u>Entire Agreement</u>. This Agreement (including any schedules, attachments, amendments and addenda hereto) contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes all previous communications, representations, understandings and agreements, either oral or written, between the Parties with respect thereto. This Agreement sets out the entire liability of DST Associates related to the Services and the subject matter of this Agreement, and no DST Associate shall have any liability to the Fund or any other Person for, and the Fund hereby waives to the fullest extent permitted by applicable law recourse under, tort, misrepresentation or any other legal theory other than contract or equity.

13.6 <u>Force Majeure</u>. A Party will not be responsible for any Losses of property in their possession or for any failure to fulfill its duties or obligations hereunder if such Loss or failure is caused, directly or indirectly, by war, terrorist action, riot, rebellion, acts of God, strike, power failure, computer error or failure, delay or breakdown in communications or electronic transmission systems, or other analogous events reasonably beyond its control. DST shall use commercially reasonable efforts to minimize the effects on the Services of any such event. Nothing in this Section 13.6 shall relieve DST of its obligations set forth in Section 9.3.

13.7 <u>Non-Exclusivity</u>. The duties and obligations of DST hereunder shall not preclude DST from providing services of a comparable or different nature to any other Person and to receive economic or other benefits in connection therewith. The Fund understands that DST may have commercial relationships with Data Suppliers and other providers of technology, data or other services that are used by the Fund.

13.8 <u>No Partnership</u>. Nothing in this Agreement is intended to, or shall be deemed to, constitute a partnership or joint venture of any kind between or among any of the Parties.

13.9 <u>No Solicitation</u>. During the term of this Agreement and for a period of 12 months thereafter, the Fund will not directly or indirectly solicit the services of, or otherwise attempt to employ or engage any employee of DST or its Affiliates without the consent of DST; provided, however, that the foregoing shall not prevent the Fund from soliciting employees through general advertising not targeted specifically at any or all DST Associates. If the Fund employs or engages any DST Associate during the term of this Agreement or the period of 12 months thereafter in contravention of this Section 13.9, the Fund agrees to pay for any fees and expenses (including recruiters' fees) incurred by DST or its Affiliates in hiring replacement personnel as well as any other remedies available to DST.

13.9 <u>No Warranties</u>. Except as expressly listed herein, DST makes no warranties, whether express, implied, contractual or statutory with respect to the Services. DST disclaims all implied warranties of merchantability and fitness for a particular purpose with respect to the Services. All warranties, conditions and other terms implied by Law are, to the fullest extent permitted by Law, excluded from this Agreement.

13.10 <u>Severance</u>. If any provision (or part thereof) of this Agreement is or becomes invalid, illegal or unenforceable, the provision shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not practical, the relevant provision shall be deemed deleted. Any such modification or deletion of a provision shall not affect the validity, legality and enforceability of the rest of this Agreement. If a Party gives notice to another Party of the possibility that any provision of this Agreement is invalid, illegal or unenforceable, the Parties shall negotiate to amend such provision so that, as amended, it is valid, legal and enforceable and achieves the intended commercial result of the original provision.

13.11 <u>Testimony</u>. If DST is required by a third party subpoena or otherwise, to produce documents, testify or provide other evidence regarding the Services, this Agreement or the operations of the Fund in any Action to which the Fund is a party or otherwise related to the Fund, the Fund shall reimburse DST for all costs and expenses, including the time of its professional staff at DST's standard rates and the cost of legal representation, that DST reasonably incurs in connection therewith.

13.12 <u>Third Party Beneficiaries</u>. This Agreement is entered into for the sole and exclusive benefit of the Parties and will not be interpreted in such a manner as to give rise to or create any rights or benefits of or for any other Person.

13.13 <u>Waiver</u>. No failure or delay by a Party to exercise any right or remedy provided under this Agreement or by Law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No exercise (or partial exercise) of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy.

13.14 <u>Cooperation with Respect to Examinations and Audits</u>. DST shall provide assistance to and cooperate with the Fund with respect to any federal or state government-directed examinations and with the Fund's internal or external auditors in connection with any Fund-directed audits. For purposes of such examinations and audits, at the request of the Fund, DST will use all reasonable efforts to make available, during normal business hours of DST's facilities, all records and Policies solely as they directly pertain to DST's activities under or pursuant to this Agreement. Such audits and examinations shall be conducted at the Fund's expense and in a manner that will not interfere with DST's normal and customary conduct of its business activities. To the extent practicable, the Fund shall make every effort to coordinate Fund-directed audits so as to minimize the inconvenience to DST and, except as otherwise agreed by the parties, no more frequently than once a year. In connection with any Fund-directed audit, the Fund shall not physically access DST's systems and shall not conduct any testing on such systems. With respect to Fund-directed audits, DST shall provide such assistance in accordance with reasonable procedures and at reasonable frequencies, and the Fund shall provide reasonable advance notice of not less than three (3) business days to DST of such audits, and to the extent possible, of such examinations. DST may require any persons seeking access to its facilities to provide reasonable evidence of their authority. With respect to Fund- directed audits, DST may require such persons to execute a confidentiality agreement before granting access. On an annual basis, DST will provide the Fund with copies of its SOC 1 report.

 

*[Signatures appear on next page.]*

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the day and year first above written.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **DST ASSET MANAGER SOLUTIONS, INC.** | &nbsp;&nbsp; **DST ASSET MANAGER SOLUTIONS, INC.** | **BY EACH OF THE FEDERATED FUNDS LISTED ON SCHEDULE A (OTHER THAN COLLECTIVE TRUSTS), SEVERALLY AND NOT JOINTLY** | **BY EACH OF THE FEDERATED FUNDS LISTED ON SCHEDULE A (OTHER THAN COLLECTIVE TRUSTS), SEVERALLY AND NOT JOINTLY** |
| &nbsp;&nbsp; <br> By: | /s/Rahul Kanwar | &nbsp;&nbsp; <br> By: | /s/Peter J. Germain |
| &nbsp;&nbsp; <br> Name: | Rahul Kanwar | &nbsp;&nbsp; <br> Name: | Peter J. Germain |
| &nbsp;&nbsp; <br> Title: | President/COO | &nbsp;&nbsp; <br> Title: | Secretary |

---

---

| | |
|:---|:---|
| **BY EACH OF THE FEDERATED FUNDS THAT ARE COLLECTIVE TRUSTS, SEVERALLY AND NOT JOINTLY** | **BY EACH OF THE FEDERATED FUNDS THAT ARE COLLECTIVE TRUSTS, SEVERALLY AND NOT JOINTLY** |
| &nbsp;&nbsp; <br> By: | /s/Richard A. Novak |
| &nbsp;&nbsp; <br> Name: | Richard A. Novak |
| &nbsp;&nbsp; <br> Title: | President |

---

**Schedule A**

**Funds**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Date added to the contract | &nbsp;&nbsp;REGISTRANT NAME | &nbsp;&nbsp;SERIES NAME<br> (if applicable) | &nbsp;&nbsp;Transfer Agent Fund Number | &nbsp;&nbsp;Class |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Adjustable Rate Securities Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ADJUSTABLE RATE FUND | &nbsp;&nbsp;96 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ADJUSTABLE RATE FUND | &nbsp;&nbsp;325 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;8/31/2017 | &nbsp;&nbsp;Federated Hermes Adviser Series |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKETS EQUITY FUND | &nbsp;&nbsp;813 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKETS EQUITY FUND | &nbsp;&nbsp;818 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CONSERV MICROSHORT | &nbsp;&nbsp;564 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CONSERV MUNI MICRO | &nbsp;&nbsp;567 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL EQUITY FUND | &nbsp;&nbsp;934 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL EQUITY FUND | &nbsp;&nbsp;935 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL SMALL CAP FUND | &nbsp;&nbsp;939 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL SMALL CAP FUND | &nbsp;&nbsp;944 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL DEVELOPED EQUITY FUND | &nbsp;&nbsp;443 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL DEVELOPED EQUITY FUND | &nbsp;&nbsp;444 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT EQUITY FUND | &nbsp;&nbsp;431 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT EQUITY FUND | &nbsp;&nbsp;441 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT EQUITY FUND | &nbsp;&nbsp;442 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT HY CREDIT FUND | &nbsp;&nbsp;669 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT HY CREDIT FUND | &nbsp;&nbsp;672 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL EQUITY FUND | &nbsp;&nbsp;713 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL EQUITY FUND | &nbsp;&nbsp;714 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL EQUITY FUND | &nbsp;&nbsp;717 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL EQUITY FUND | &nbsp;&nbsp;718 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL GROWTH FUND | &nbsp;&nbsp;728 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL GROWTH FUND | &nbsp;&nbsp;778 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;426 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;428 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;429 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;419 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;420 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;422 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;425 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES U.S. SMID FUND | &nbsp;&nbsp;165 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES U.S. SMID FUND | &nbsp;&nbsp;187 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MARKET NEUTRAL FUND | &nbsp;&nbsp;299 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MARKET NEUTRAL FUND | &nbsp;&nbsp;315 | &nbsp;&nbsp;IS |
|  | &nbsp;&nbsp;Federated Hermes Core Trust: |  |  |  |
| &nbsp;&nbsp;3/21/2016 |  | &nbsp;&nbsp;EMERGING MARKETS CORE FUND | &nbsp;&nbsp;812 |  |
| &nbsp;&nbsp;8/16/2010 |  | &nbsp;&nbsp;BANK LOAN CORE FUND | &nbsp;&nbsp;850 |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;MORTGAGE CORE FUND | &nbsp;&nbsp;938 |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;HIGH YIELD BOND CORE FUND | &nbsp;&nbsp;871 |  |
|  | &nbsp;&nbsp;Federated Hermes Core Trust III: |  |  |  |
| &nbsp;&nbsp;3/1/2008 |  | &nbsp;&nbsp;PROJECT AND TRADE FINANCE CORE FUND | &nbsp;&nbsp;148 |  |
|  | &nbsp;&nbsp;Federated Hermes Equity Funds: |  |  |  |
| &nbsp;&nbsp;12/1/2008 |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;639 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;658 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;659 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;670 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;539 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;3/1/2008 |  | &nbsp;&nbsp;FEDERATED HERMES INTL STRATEGIC VAL DIV FUND | &nbsp;&nbsp;432 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL STRATEGIC VAL DIV FUND | &nbsp;&nbsp;433 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL STRATEGIC VAL DIV FUND | &nbsp;&nbsp;434 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL STRATEGIC VAL DIV FUND | &nbsp;&nbsp;466 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;66 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;67 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;70 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;74 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;123 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;9/17/2007 |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;352 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;353 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;355 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;354 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;401 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;163 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;146 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;757 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;758 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;759 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;154 | &nbsp;&nbsp;R |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MDT MID CAP GROWTH FUND | &nbsp;&nbsp;677 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MID CAP GROWTH FUND | &nbsp;&nbsp;650 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MID CAP GROWTH FUND | &nbsp;&nbsp;656 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MID CAP GROWTH FUND | &nbsp;&nbsp;679 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;9/1/2008 |  | &nbsp;&nbsp;FEDERATED HERMES PRUDENT BEAR FUND | &nbsp;&nbsp;409 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRUDENT BEAR FUND | &nbsp;&nbsp;415 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRUDENT BEAR FUND | &nbsp;&nbsp;418 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;12/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC VALUE DIVIDEND | &nbsp;&nbsp;661 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC VALUE DIVIDEND | &nbsp;&nbsp;663 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC VALUE DIVIDEND | &nbsp;&nbsp;662 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC VALUE DIVIDEND | &nbsp;&nbsp;251 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Equity Income Fund Inc. |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;34 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;629 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;241 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;326 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;849 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;304 | &nbsp;&nbsp;F |
|  | &nbsp;&nbsp;Federated Hermes Fixed Income Securities, Inc.: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MUNI ULTRASHORT FUND | &nbsp;&nbsp;253 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI ULTRASHORT FUND | &nbsp;&nbsp;254 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI ULTRASHORT FUND | &nbsp;&nbsp;230 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;652 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;382 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;383 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;381 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;414 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;653 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;6/1/2008 | &nbsp;&nbsp;Federated Hermes Global Allocation Fund |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;373 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;608 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;894 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;232 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;11 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;879 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Government Income Securities, Inc. |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV INCOME SECURITIES | &nbsp;&nbsp;166 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV INCOME SECURITIES | &nbsp;&nbsp;171 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV INCOME SECURITIES | &nbsp;&nbsp;21 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV INCOME SECURITIES | &nbsp;&nbsp;615 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Government Income Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT INCOME FUND | &nbsp;&nbsp;36 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT INCOME FUND | &nbsp;&nbsp;102 | &nbsp;&nbsp;ss |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes High Income Bond Fund, Inc. |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND FUND | &nbsp;&nbsp;630 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND FUND | &nbsp;&nbsp;492 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND FUND | &nbsp;&nbsp;242 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND FUND | &nbsp;&nbsp;317 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND FUND | &nbsp;&nbsp;491 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes High Yield Trust: |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;77 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;113 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;120 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;430 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;38 | &nbsp;&nbsp;ss |
|  | &nbsp;&nbsp;Federated Hermes Income Securities Trust: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;312 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;631 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;244 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;374 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;300 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;830 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;9/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES FLTG RATE STR INCOME FUND | &nbsp;&nbsp;701 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FLTG RATE STR INCOME FUND | &nbsp;&nbsp;693 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FLTG RATE STR INCOME FUND | &nbsp;&nbsp;687 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FLTG RATE STR INCOME FUND | &nbsp;&nbsp;188 | &nbsp;&nbsp;A1 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES | &nbsp;&nbsp;601 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES | &nbsp;&nbsp;238 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES | &nbsp;&nbsp;309 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES | &nbsp;&nbsp;614 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INTERM CORP BOND FUND | &nbsp;&nbsp;303 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERM CORP BOND FUND | &nbsp;&nbsp;348 | &nbsp;&nbsp;ss |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;888 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;887 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;889 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;901 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;876 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES INFL PROTECTED SEC FD | &nbsp;&nbsp;183 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INFL PROTECTED SEC FD | &nbsp;&nbsp;184 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INFL PROTECTED SEC FD | &nbsp;&nbsp;185 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;***FEDERATED HERMES INFL PROTECTED SEC FD*** | &nbsp;&nbsp;***327*** | &nbsp;&nbsp;***R6*** |
| &nbsp;&nbsp;7/18/2004 |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;292 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;65 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;638 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;607 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;579 | &nbsp;&nbsp;A2 |
|  | &nbsp;&nbsp;Federated Hermes Index Trust: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MAX-CAP INDEX FUND | &nbsp;&nbsp;39 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MAX-CAP INDEX FUND | &nbsp;&nbsp;895 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MAX-CAP INDEX FUND | &nbsp;&nbsp;281 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MAX-CAP INDEX FUND | &nbsp;&nbsp;867 | &nbsp;&nbsp;C |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MID-CAP INDEX FUND | &nbsp;&nbsp;156 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MID-CAP INDEX FUND | &nbsp;&nbsp;153 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MID-CAP INDEX FUND | &nbsp;&nbsp;151 | &nbsp;&nbsp;ss |
|  | &nbsp;&nbsp;Federated Hermes Institutional Trust |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GOV ULTRASHORT DUR FUND | &nbsp;&nbsp;969 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV ULTRASHORT DUR FUND | &nbsp;&nbsp;891 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV ULTRASHORT DUR FUND | &nbsp;&nbsp;840 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV ULTRASHORT DUR FUND | &nbsp;&nbsp;626 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INSTL HIGH YIELD BOND FUND | &nbsp;&nbsp;900 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTL HIGH YIELD BOND FUND | &nbsp;&nbsp;221 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;6/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT TOTAL RETURN BOND | &nbsp;&nbsp;114 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT TOTAL RETURN BOND | &nbsp;&nbsp;63 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT TOTAL RETURN BOND | &nbsp;&nbsp;107 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT TOTAL RETURN BOND | &nbsp;&nbsp;127 | &nbsp;&nbsp;R6 |
|  | &nbsp;&nbsp;Federated Hermes Insurance Series |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MANAGED VOLATILITY FUND II | &nbsp;&nbsp;333 | &nbsp;&nbsp;P |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MANAGED VOLATILITY FUND II | &nbsp;&nbsp;403 | &nbsp;&nbsp;S |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES II | &nbsp;&nbsp;334 | &nbsp;&nbsp;-- |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND II | &nbsp;&nbsp;250 | &nbsp;&nbsp;S |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND II | &nbsp;&nbsp;336 | &nbsp;&nbsp;p |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND II | &nbsp;&nbsp;953 | &nbsp;&nbsp;p |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND II | &nbsp;&nbsp;957 | &nbsp;&nbsp;s |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT MONEY FUND II | &nbsp;&nbsp;330 | &nbsp;&nbsp;s |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT MONEY FUND II | &nbsp;&nbsp;402 | &nbsp;&nbsp;p |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES QUALITY BOND II | &nbsp;&nbsp;921 | &nbsp;&nbsp;p |
|  |  | &nbsp;&nbsp;FEDERATED HERMES QUALITY BOND II | &nbsp;&nbsp;929 | &nbsp;&nbsp;s |
|  | &nbsp;&nbsp;Federated Hermes International Series, Inc.: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL TOTAL RETURN BOND FD | &nbsp;&nbsp;152 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL TOTAL RETURN BOND FD | &nbsp;&nbsp;240 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL TOTAL RETURN BOND FD | &nbsp;&nbsp;316 | &nbsp;&nbsp;A |
|  | &nbsp;&nbsp;Federated Hermes Investment Series Funds, Inc.: |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;641 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;642 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;643 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;655 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;671 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;198 | &nbsp;&nbsp;F |
|  | &nbsp;&nbsp;Federated Hermes Managed Pool Series: |  |  |  |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND STRATEGY PORTFOLIO | &nbsp;&nbsp;157 |  |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES HIGH-YIELD STRATEGY PORTFOLIO | &nbsp;&nbsp;744 |  |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES INTL BOND STRATEGY PORT | &nbsp;&nbsp;742 |  |
| &nbsp;&nbsp;12/1/2014 |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL DIV STRATEGY | &nbsp;&nbsp;569 |  |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES MORTGAGE STRATEGY PORT | &nbsp;&nbsp;743 |  |
|  | &nbsp;&nbsp;Federated Hermes MDT Series: |  |  |  |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT ALL CAP CORE FUND | &nbsp;&nbsp;210 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT ALL CAP CORE FUND | &nbsp;&nbsp;224 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT ALL CAP CORE FUND | &nbsp;&nbsp;226 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT ALL CAP CORE FUND | &nbsp;&nbsp;233 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT BALANCED FUND | &nbsp;&nbsp;285 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT BALANCED FUND | &nbsp;&nbsp;296 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT BALANCED FUND | &nbsp;&nbsp;297 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT BALANCED FUND | &nbsp;&nbsp;314 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP GROWTH FUND | &nbsp;&nbsp;265 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP GROWTH FUND | &nbsp;&nbsp;271 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP GROWTH FUND | &nbsp;&nbsp;267 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP GROWTH FUND | &nbsp;&nbsp;269 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP CORE FUND | &nbsp;&nbsp;237 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP CORE FUND | &nbsp;&nbsp;245 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP CORE FUND | &nbsp;&nbsp;255 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP CORE FUND | &nbsp;&nbsp;223 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP GROWTH FUND | &nbsp;&nbsp;282 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP GROWTH FUND | &nbsp;&nbsp;283 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP GROWTH FUND | &nbsp;&nbsp;284 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP GROWTH FUND | &nbsp;&nbsp;231 | &nbsp;&nbsp;R6 |
|  | &nbsp;&nbsp;Federated Hermes Municipal Bond Fund, Inc: |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;141 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;375 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;602 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;243 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;384 | &nbsp;&nbsp;A |
|  | &nbsp;&nbsp;Federated Hermes Municipal Securities Income Trust: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MICHIGAN INTERM MUNICIPAL FUND | &nbsp;&nbsp;145 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MICHIGAN INTERM MUNICIPAL FUND | &nbsp;&nbsp;622 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;6/1/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;310 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;214 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;167 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;170 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;380 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OHIO MUNI INCOME | &nbsp;&nbsp;164 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OHIO MUNI INCOME | &nbsp;&nbsp;313 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OHIO MUNI INCOME | &nbsp;&nbsp;623 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES PENNSYLVANIA MUNI INCOME | &nbsp;&nbsp;311 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PENNSYLVANIA MUNI INCOME | &nbsp;&nbsp;673 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Short- Intermediate Duration Municipal Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT MUNI FUND | &nbsp;&nbsp;291 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT MUNI FUND | &nbsp;&nbsp;24 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT MUNI FUND | &nbsp;&nbsp;289 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT MUNI FUND | &nbsp;&nbsp;84 | &nbsp;&nbsp;A2 |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Total Return Government Bond Fund |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN GOVT BOND FUND | &nbsp;&nbsp;234 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN GOVT BOND FUND | &nbsp;&nbsp;648 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN GOVT BOND FUND | &nbsp;&nbsp;647 | &nbsp;&nbsp;IS |
|  | &nbsp;&nbsp;Federated Hermes Total Return Series, Inc.: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES CORE BOND FUND | &nbsp;&nbsp;835 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORE BOND FUND | &nbsp;&nbsp;837 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORE BOND FUND | &nbsp;&nbsp;890 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;328 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;288 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;893 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;225 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;404 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;405 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;406 | &nbsp;&nbsp;C |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES ULTRASHORT BOND FUND | &nbsp;&nbsp;218 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ULTRASHORT BOND FUND | &nbsp;&nbsp;838 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ULTRASHORT BOND FUND | &nbsp;&nbsp;108 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ULTRASHORT BOND FUND | &nbsp;&nbsp;344 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Short-Term Government Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM GOV'T FUND | &nbsp;&nbsp;100 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM GOV'T FUND | &nbsp;&nbsp;79 | &nbsp;&nbsp;y |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM GOV'T FUND | &nbsp;&nbsp;9 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Short-Intermediate Government Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-INTERMEDIATE GOV'T FUND | &nbsp;&nbsp;192 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-INTERMEDIATE GOV'T FUND | &nbsp;&nbsp;896 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-INTERMEDIATE GOV'T FUND | &nbsp;&nbsp;47 | &nbsp;&nbsp;IS |
|  | &nbsp;&nbsp;Federated Hermes World Investment Series, Inc.: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKET DEBT FUND | &nbsp;&nbsp;831 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKET DEBT FUND | &nbsp;&nbsp;609 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKET DEBT FUND | &nbsp;&nbsp;611 | &nbsp;&nbsp;C |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;103 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;104 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;105 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;119 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;106 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;110 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INTL SMALL-MID COMPANY FUND | &nbsp;&nbsp;695 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL SMALL-MID COMPANY FUND | &nbsp;&nbsp;697 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL SMALL-MID COMPANY FUND | &nbsp;&nbsp;682 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Intermediate Municipal Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERMEDIATE MUNI FUND | &nbsp;&nbsp;78 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERMEDIATE MUNI FUND | &nbsp;&nbsp;739 | &nbsp;&nbsp;IS |
|  | &nbsp;&nbsp;Federated Hermes Money Market Obligations Trust: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;80 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;800 | &nbsp;&nbsp;ws |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;280 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;809 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;810 | &nbsp;&nbsp;cs |
| &nbsp;&nbsp;12/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL RESERVES FUND | &nbsp;&nbsp;806 |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;386 | &nbsp;&nbsp;cs |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;385 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;805 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;158 | &nbsp;&nbsp;ADM |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;117 | &nbsp;&nbsp;PRM |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;5 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;703 | &nbsp;&nbsp;TR |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;395 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;7 | &nbsp;&nbsp;SEL |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;484 | &nbsp;&nbsp;AVR |
|  |  | &nbsp;&nbsp;***FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND*** | &nbsp;&nbsp;***707*** | &nbsp;&nbsp;***SDG*** |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GOVT OBLIGATIONS TAX-MGD FD | &nbsp;&nbsp;613 | &nbsp;&nbsp;AS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVT OBLIGATIONS TAX-MGD FD | &nbsp;&nbsp;636 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVT OBLIGATIONS TAX-MGD FD | &nbsp;&nbsp;637 | &nbsp;&nbsp;ss |
| &nbsp;&nbsp;12/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;970 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;971 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;972 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;807 | &nbsp;&nbsp;p |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;973 | &nbsp;&nbsp;F |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL MMKT MGMT | &nbsp;&nbsp;136 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL MMKT MGMT | &nbsp;&nbsp;349 | &nbsp;&nbsp;EAG |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL MMKT MGMT | &nbsp;&nbsp;58 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL MMKT MGMT | &nbsp;&nbsp;219 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSITUTIONAL PRIME OBLIGATIONS FUND | &nbsp;&nbsp;10 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSITUTIONAL PRIME OBLIGATIONS FUND | &nbsp;&nbsp;143 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSITUTIONAL PRIME OBLIGATIONS FUND | &nbsp;&nbsp;396 | &nbsp;&nbsp;ss |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;858 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;821 | &nbsp;&nbsp;cs |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;820 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;852 | &nbsp;&nbsp;ws |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;839 | &nbsp;&nbsp;IV |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;855 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;833 | &nbsp;&nbsp;AS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES NEW YORK MUNI CASH TRUST | &nbsp;&nbsp;878 | &nbsp;&nbsp;cs |
|  |  | &nbsp;&nbsp;FEDERATED HERMES NEW YORK MUNI CASH TRUST | &nbsp;&nbsp;12 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES NEW YORK MUNI CASH TRUST | &nbsp;&nbsp;825 | &nbsp;&nbsp;ws |
|  |  | &nbsp;&nbsp;FEDERATED HERMES NEW YORK MUNI CASH TRUST | &nbsp;&nbsp;111 | &nbsp;&nbsp;CII |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;857 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;911 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;851 | &nbsp;&nbsp;ws |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;854 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;909 | &nbsp;&nbsp;AS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;914 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;913 | &nbsp;&nbsp;cs |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;915 | &nbsp;&nbsp;TR |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;485 | &nbsp;&nbsp;AVR |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL PRIME VAL OBL | &nbsp;&nbsp;859 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL PRIME VAL OBL | &nbsp;&nbsp;853 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL PRIME VAL OBL | &nbsp;&nbsp;856 | &nbsp;&nbsp;ss |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES TAX-FREE OBLIGATIONS FUND | &nbsp;&nbsp;15 | &nbsp;&nbsp;ws |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TAX-FREE OBLIGATIONS FUND | &nbsp;&nbsp;397 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TAX-FREE OBLIGATIONS FUND | &nbsp;&nbsp;486 | &nbsp;&nbsp;AVR |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL TX-FREE CSH TR | &nbsp;&nbsp;42 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL TX-FREE CSH TR | &nbsp;&nbsp;73 | &nbsp;&nbsp;PRM |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;115 | &nbsp;&nbsp;AS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;862 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;68 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;398 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;702 | &nbsp;&nbsp;TR |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES TR FOR U.S. TRSY OBLIGATIONS | &nbsp;&nbsp;54 | &nbsp;&nbsp;cs |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TR FOR U.S. TRSY OBLIGATIONS | &nbsp;&nbsp;52 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TR FOR U.S. TRSY OBLIGATIONS | &nbsp;&nbsp;59 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES U.S. TREASURY CASH RSV | &nbsp;&nbsp;632 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES U.S. TREASURY CASH RSV | &nbsp;&nbsp;125 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;COLLECTIVE TRUSTS |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;4 | &nbsp;&nbsp;ISP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;25 | &nbsp;&nbsp;RP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;26 | &nbsp;&nbsp;SP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;27 | &nbsp;&nbsp;yp |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;35 | &nbsp;&nbsp;R6P |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;40 | &nbsp;&nbsp;IP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL FIXED INCOME FUND | &nbsp;&nbsp;45 |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**DST Asset Manager Solutions, Inc.** | &nbsp;&nbsp;**By each of the Federated Funds Set forth on Exhibit A.** |
| &nbsp;&nbsp;By: /s/Rahul Kanwar | &nbsp;&nbsp;By: /s/Peter Germain |
| &nbsp;&nbsp;Name: Rahul Kanwar | &nbsp;&nbsp;Name: Peter Germain |
| &nbsp;&nbsp;Title: President/COO | &nbsp;&nbsp;Title: Secretary |

---

**Schedule B**

**Transfer Agency Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>General</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As used in this <u>Schedule A</u>, the following additional terms have the
following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "ACH" shall mean the Automated Clearing House;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Bank" shall mean a nationally or regionally known banking institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "Code" shall mean the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "DTCC" shall mean the Depository Trust Clearing Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "IRA" shall mean Individual Retirement Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "Procedures" shall collectively mean DST's transfer agency
procedures manual, third party check procedures, checkwriting draft procedures, Compliance + and identity theft programs and signature
guarantee procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "Program" shall mean Networking, Fund Serv or other DTCC program;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) "TA2000 System" shall mean DST's TA2000<sup>TM</sup>computerized
data processing system for shareholder accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any references to Law shall be construed to mean the Law as amended to the
date of the effectiveness of the applicable provision referencing the Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Fund acknowledges that DST's ability to perform the Services is
subject to the following dependencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fund and other Persons that are not employees or agents of DST, whose
cooperation is reasonably required for DST to provide the Services, providing cooperation, information and, as applicable, instructions
to DST promptly, in agreed formats, by agreed media and within agreed timeframes as required to provide the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The communications systems operated by the Fund and other Persons that are
not employees or agents of DST remaining fully operational.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The accuracy and completeness of any the Fund Data or other information
provided to DST in connection with the Services by any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any warranty, representation, covenant or undertaking expressly made by
the Fund under or in connection with this Agreement being and remaining true, correct and discharged at all relevant times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The following Services will be performed by DST and, as applicable, are
contingent on the performance by the Fund of the duties and obligations listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. <u>SERVICES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Scope of Agency Services; DST Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DST utilizing the TA2000 System will perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issuing, transferring and redeeming book entry shares or cancelling share certificates as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintaining shareholder accounts on the records of the Fund on the TA2000 System in accordance with the instructions and information received by DST from the Fund, the Fund's distributor, manager or managing dealer, the Fund's investment adviser, the Fund's sponsor, the Fund's custodian, or the Fund's administrator and any other person whom the Fund names on Schedule C (each an "Authorized Person"), broker-dealers or shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) when and if a Fund participates in the DTCC, and to the extent DST supports the functionality of the applicable DTCC program:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) DST will accept and effectuate the registration and maintenance of accounts through the Program and the purchase, redemption, exchange and transfer of shares in such accounts through systems or applications offered via the Program in accordance with instructions transmitted to and received by DST by transmission from DTCC on behalf of broker-dealers and banks which have been established by, or in accordance with the instructions of, an Authorized Person, on the Dealer File maintained by DST,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issuing instructions to the Funds' banks for the settlement of transactions between the Funds and DTCC (acting on behalf of its broker-dealer and bank participants),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) providing account and transaction information from each affected Fund's records on TA2000 in accordance with the applicable Program's rules, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) maintaining shareholder accounts on TA2000 through the Programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) providing control book, also known as transaction journal and super sheet which is a daily record for the Fund of all transactions and receipts and disbursements of money and securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) preparing shareholder meeting lists as needed for use in connection with shareholder meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) withholding, as required by federal law, taxes on shareholder accounts, performing and paying backup withholding as required for all shareholders, and preparing, filing and providing, in electronic format, the applicable U.S. Treasury Department information returns or K-1 data file, as applicable, to Fund's vendor of choice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) disbursing income dividends and capital gains distributions to shareholders and recording reinvestment of dividends and distributions in shares of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) preparing and providing, in electronic format, a file to Fund's print vendor of choice in order that the vendor may prepare and send:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) confirmation forms for shareholders for all purchases and liquidations of shares of the Fund and other confirmable transactions in shareholders' accounts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) copies of shareholder statements, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shareholder reports and prospectuses provided by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) providing or making available on-line daily and monthly reports as provided by the TA2000 System and as requested by the Fund or its management company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) maintaining those records necessary to carry out DST's duties hereunder, including all information reasonably required by the Fund to account for all transactions on TA2000 in the Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) calculating the appropriate sales charge, if applicable and supported by TA2000, with respect to each purchase of the Fund shares as instructed by an Authorized Person, determining the portion of each sales charge payable to the dealer participating in a sale in accordance with schedules and instructions delivered to DST by the Fund's managing dealer or distributor or any other Authorized Person from time to time, disbursing dealer commissions collected to such dealers, deducting from all redemption proceeds any applicable contingent deferred sales charges or other appropriate fees and determining the portion of each sales charge payable to such managing dealer and disbursing such commissions to the managing dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) receiving correspondence pertaining to any former, existing or new shareholder account, processing such correspondence for proper recordkeeping, and responding to shareholder correspondence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) processing, generally on the date of receipt, purchases, redemptions, exchanges, or instructions, as applicable, to settle any mail or wire order purchases, redemptions or exchanges received in proper order as set forth in the prospectus and general exchange privilege applicable, and rejecting any requests not received in proper order (as defined by an Authorized Person or the Procedures as hereinafter defined);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) pursue and enforce any claims related to or in connection with medallion signature guarantees and undertake all such reasonable efforts to seek any required collections in connection with such medallion signature guarantee claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) provide daily data files to the Fund indicating the total number of shares issued and outstanding in each state for "blue sky" purposes as determined according to Proper Instructions delivered from time to time by the Fund to DST.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) providing to the Fund escheatment reports as requested by an Authorized Person with respect to the status of accounts and outstanding checks on TA2000; DST shall perform the following services (the "Core Escheatment Services") for, and to assist, the Fund in complying with state escheatment requirements: (i) identify and process the Fund's accounts that have returned post office mail ("RPO accounts"), inactive accounts and uncashed checks; (ii) perform all required lost shareholder searches in compliance with Rule 17Ad-17; (iii) perform all required state unclaimed property due diligence mailings based on state mailing schedules; (iv) provide pre-escheatment reports during January/February for the Fall cycle and November/December for the Spring/Summer cycles; (v) capture and maintain customer "date of last contact" and type of contact; and (vi) escheat abandoned and unclaimed assets based on applicable state dormancy periods and remittance schedules. In consideration of the performance of the Core Escheatment Services by DST, the Funds shall pay DST the Core Escheatment Service fees set forth in a separate fee letter. In addition to the Core Escheatment Services, DST has enhanced its unclaimed property administration ("UPA") services to include certain additional optional outreach capabilities DST shall provide the Outreach Services to the Fund in accordance with the terms set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) as mutually agreed upon by the parties as to the service scope and fees, answer telephone inquiries during mutually agreed upon times, each day on which the New York Stock Exchange is open for trading. DST shall answer and respond to inquiries from existing shareholders, prospective shareholders of the Fund and broker-dealers on behalf of such shareholders in accordance with the telephone scripts provided by the Fund to DST, such inquiries may include requests for information on account set-up and maintenance, general questions regarding the operation of the Fund, general account information including dates of purchases, redemptions, exchanges and account balances, requests for account access instructions and literature requests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) (where applicable) supporting Fund tender offers, including but not limited to: assistance with shareholder communication plan; coordination of tender offer materials; establishment of informational website; receipt, review and reconciliation of letters of transmittal; daily tracking, reconciliation and reporting of shares tendered; and issuing tax forms.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) in order to assist the Fund with the Fund's anti-money laundering responsibilities under the Bank Secrecy Act of 1973, US PATRIOT ACT and other applicable anti-money laundering laws, DST shall provide certain risk-based shareholder activity monitoring tools and procedures that are reasonably designed to: (i) promote the detection and reporting of potential money laundering activities; and (ii) assist in the verification of persons opening accounts with the Fund. If the Fund elects to have DST implement the anti-money laundering procedures and delegate the day-to-day operation of such anti-money laundering procedures to DST, the parties will agree to upon the applicable fees and the service scope and execute the attached appendix ("Appendix 1" entitled "AML Delegation") which may be changed from time to time subject to mutual written agreement between the parties;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) as mutually agreed upon by the parties as to the service scope and fees, provide any additional related services (i.e., pertaining to escheatments, abandoned property, garnishment orders, bankruptcy and divorce proceedings, Internal Revenue Service or state tax authority tax levies and summonses and all matters relating to the foregoing); and

 

's(xxi) upon request of the Fund and mutual agreement between the parties as to the scope and any applicable fees, DST may provide additional services to the Fund under the terms of this Schedule and the Agreement. Such services and fees shall be set forth in a writing and may be added by an amendment to, or as a statement of work under, this Schedule or the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. At the request of an Authorized Person, DST shall use reasonable efforts to provide the services set forth in Section 1.A of this Schedule A in connection with transactions (i) the processing of which transactions require DST to use methods and procedures other than those usually employed by DST to perform shareholder servicing agent services, (ii) involving the provision of information to DST after the commencement of the nightly processing cycle of the TA2000 System or (iii) which require more manual intervention by DST, either in the entry of data or in the modification or amendment of reports generated by the TA2000 System than is usually required by normal transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. DST shall use reasonable efforts to provide the same services with respect to any new, additional functions or features or any changes or improvements to existing functions or features as provided for in the Fund's instructions, prospectus or application as amended from time to time, for the Fund provided DST is advised in advance by the Fund of any changes therein and the TA2000 System and the mode of operations utilized by DST as then constituted supports such additional functions and features. If any new, additional function or feature or change or improvement to existing functions or features or new service or mode of operation measurably increases DST's cost of performing the services required hereunder at the current level of service, DST shall advise the Fund of the amount of such increase and if the Fund elects to utilize such function, feature or service, DST shall be entitled to increase its fees by the amount of the increase in costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Fund acknowledges that DST is currently using, and will continue to use, domestic or foreign DST affiliates to assist with software development and support projects for DST and/or for the Fund. As part of such support, the Fund acknowledges that such affiliates may access the Fund Confidential Information including, but not limited to, personally identifiable shareholder information (shareholder name, address, social security number, account number, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Fund shall add all new funds to the TA2000 System upon at least 60 days' prior written notice to DST provided that the requirements of the new funds are generally consistent with services then being provided by DST under the Agreement. If less than 60 days' prior notice is provided by the Fund, additional 'rush' fees may be applied by DST. Rates or charges for additional funds shall be as set forth in the Fee Letter for the remainder of the contract term except as such funds use functions, features or characteristics for which DST has imposed an additional charge as part of its standard pricing schedule. In the latter event, rates and charges shall be in accordance with DST's then-standard pricing schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The parties agree that to the extent that DST provides any services under the Agreement that relate to compliance by the Fund with the Code (or any other applicable tax law), it is the parties' mutual intent that DST will provide only printing, reproducing, and other mechanical assistance to the Fund and that DST will not make any judgments or exercise any discretion of any kind. The Fund agrees that it will provide express and comprehensive instructions to DST in connection with all of the services that are to be provided by DST under the Agreement that relate to compliance by the Fund with the Code (or any other applicable tax law), including providing responses to requests for direction that may be made from time to time by DST of the Fund in this regard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Fund instructs and authorizes DST to provide the services as set forth in the Agreement in connection with transactions on behalf of certain IRAs featuring the funds made available by the Fund. The Fund acknowledges and agrees that as part of such services, DST will act as service provider to the custodian for such IRAs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. If applicable, DST will make original issues of shares, or if shares are certificated, stock certificates upon written request of an officer of the Fund and upon being furnished with a certified copy of a resolution of the Board of Directors authorizing such original issue, evidence regarding the value of the shares, and necessary funds for the payment of any original issue tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Upon receipt of a Fund's written request, DST shall provide transmissions of shareholder activity to the print vendor selected by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. In the event that certificates for shares of the Fund shall be represented to have been lost, stolen or destroyed, DST, upon being furnished with an indemnity bond in such form and amount and with such surety as shall be reasonably satisfactory to it, is authorized to countersign a new certificate or certificates for the number of shares of the Fund represented by the lost or stolen certificate. In the event that certificates of the Fund shall be represented to have been lost, stolen, missing, counterfeited or recovered, DST shall file Form X-17F-1A as required by applicable federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Shares of stock will be transferred in accordance with the instructions of the shareholders and, upon receipt of the Fund's instructions that shares of stock be redeemed and funds remitted therefor, such redemptions will be accomplished and payments dispatched provided the shareholder instructions are deemed by DST to be duly authorized. DST reserves the right to refuse to transfer, exchange, sell or redeem shares as applicable, until it is satisfied that the request is authorized, or instructed by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. [ ]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. <u>Changes and Modifications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) DST shall have the right, at any time, to modify any systems, programs, procedures or facilities used in performing its obligations hereunder; provided that the Fund will be notified as promptly as possible prior to implementation of such modifications and that no such modification or deletion shall materially adversely change or affect the operations and procedures of the Fund in using the TA2000 System hereunder, the Services or the quality thereof, or the reports to be generated by such system and facilities hereunder, unless the Fund is given thirty (30) days' prior notice to allow the Fund to change its procedures and DST provides the Fund with revised operating procedures and controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All enhancements, improvements, changes, modifications or new features added to the TA2000 System however developed or paid for, including, without limitation, Client Requested Software (collectively, "Deliverables"), shall be, and shall remain, the confidential and exclusive property of, and proprietary to, DST. The parties recognize that during the Term of this Agreement the Fund will disclose to DST Confidential Information and DST may partly rely on such Confidential Information to design, structure or develop one or more Deliverables. Provided that, as developed, such Deliverable(s) contain no Confidential Information that identifies the Fund or any of its investors or which could reasonably be expected to be used to readily determine such identity, (i) the Fund hereby consents to DST's use of such Confidential Information to design, to structure or to determine the scope of such Deliverable(s) or to incorporate into such Deliverable(s) and that any such Deliverable(s), regardless of who paid for it, shall be, and shall remain, the sole and exclusive property of DST and (ii) the Fund hereby grants DST a perpetual, nonexclusive license to incorporate and retain in such Deliverable(s) Confidential Information of the Fund. All Confidential Information of the Fund shall be and shall remain the property of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Fund Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund agrees to use its reasonable efforts to deliver to DST in Kansas City, Missouri, as soon as they are available, all of its shareholder account records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund will provide DST written notice of any change in Authorized Personnel as set forth on Schedule C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Fund will notify DST of material changes to its Articles of Incorporation or Bylaws (e.g. in the case of recapitalization) that impact the services provided by DST under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If at any time the Fund receives notice or becomes aware of any stop order or other proceeding in any such state affecting such registration or the sale of the Fund's shares, or of any stop order or other proceeding under the federal securities laws affecting the sale of the Fund's shares, the Fund will give prompt notice thereof to DST.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DST shall perform the services under this Schedule A in conformance with DST's present procedures as set forth in its Procedures with such changes or deviations therefrom as may be from time to time required or approved by the Fund, its investment adviser or managing dealer, or its or DST's counsel and the rejection of orders or instructions not in good order in accordance with the applicable prospectus or the Procedures. Notwithstanding the foregoing, DST's obligations shall be solely as are set forth in this Schedule and any of other obligations of the Fund under applicable law that DST has not agreed to perform on the Fund's behalf under this Schedule or the Agreement shall remain the Fund's sole obligation.

&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund hereby advises DST that all of the shares of the Fund are sold by broker-dealers who have executed selling group or dealer agreements with the Fund pursuant to which agreements the affected broker-dealer has assumed all obligations and responsibilities under applicable laws with respect to customer identification procedures, identity theft and the red flag regulations and that, therefore, such obligations and responsibilities are not among the obligations and responsibilities that the Fund is employing DST to provide or fulfill. Any requirement to comply with applicable law with respect to any attempt to verify the identity of shareholders of the shares of the Fund shall remain with the Fund and the Fund's broker-dealers.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Bank Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DST, acting as agent for the Fund, is hereby authorized (1) to establish accounts in the name of, and to maintain on behalf of, the Fund, on the usual terms and conditions prevalent in the industry, including limits or caps (based on fees paid over some period of time or a flat amount, as required by the affected Bank on the maximum liability of such Banks) into which DST shall deposit the funds DST receives for payment of dividends, distributions, purchases of Fund shares, redemptions of Fund shares, commissions, corporate re-organizations (including recapitalizations or liquidations) or any other disbursements made by DST on behalf of the Fund provided for in this Schedule A, (2) to draw checks upon such accounts, to issue orders or instructions to the Bank for the payment out of such accounts as necessary or appropriate to accomplish the purposes for which such funds were provided to DST, and (3) to establish, to implement and to transact Fund business through ACH, draft processing, wire transfer and any other banking relationships, arrangements and agreements with such Bank as are necessary or appropriate to fulfill DST's obligations under the Agreement. DST, acting as agent for the Fund, is also hereby authorized to execute on behalf and in the name of the Fund, on the usual terms and conditions prevalent in the industry, including limits or caps (based on fees paid over some period of time or a flat amount, as required by the affected Bank) on the maximum liability of such Banks, agreements with banks for ACH, wire transfer, draft processing services, as well as any other services which are necessary or appropriate for DST to utilize to accomplish the purposes of this Schedule. In each of the foregoing situations the Fund shall be liable on such agreements with the Bank as if it itself had executed the agreement. Nothing in this section shall mitigate the obligations established pursuant to Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. DST is authorized and directed to stop payment of checks theretofore issued hereunder, but not presented for payment, when the payees thereof allege either that they have not received the checks or that such checks have been mislaid, lost, stolen, destroyed or through no fault of theirs, are otherwise beyond their control, and cannot be produced by them for presentation and collection, and, to issue and deliver duplicate checks in replacement thereof.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Records</u>.

DST will maintain customary transfer agent records in connection with its agency in accordance with the transfer agent recordkeeping requirements under applicable federal securities laws. Notwithstanding anything in the Agreement to the contrary, the records to be maintained and preserved by DST on the TA2000 System under the Agreement shall be maintained and preserved in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Annual Purges by August 31: DST and the Fund shall mutually agree upon a date for the annual purge of the appropriate history transactions from the Transaction History (A88) file for accounts (both regular and tax advantaged accounts) that were open as of January 1 of the current year, such purge to be complete no later than August 31. Purges completed after this date will subject the Fund to the Aged History Retention fees set forth in the Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Purge Criteria: In order to avoid the Aged History Retention fees, history data for regular or ordinary accounts (that is, non-tax advantaged accounts) must be purged if the confirmation date of the history transaction is prior to January 1 of the current year and history data for tax advantaged accounts (retirement and educational savings accounts) must be purged if the confirmation date of the history transaction is prior to January 1 of the prior year. All purged history information shall be retained on magnetic tape for 7 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Purged History Retention Options (entail an additional fee): For the additional fees set forth on the Fee Letter, or as otherwise mutually agreed, then Fund may choose (i) to place purged history information on the Purged Transaction History (A19) table or (ii) to retain history information on the Transaction History (A88) file beyond the timeframes defined above. Retaining information on the A19 table allows for viewing of this data through online facilities and E-Commerce applications. This database does not support those histories being printed on statements and reports and is not available for on request job executions.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Disposition of Books, Records and Canceled Certificates</u>.

DST may send periodically to the Fund, or to where designated by the Fund, all books, documents, and all records no longer deemed needed for current purposes, upon the understanding that such books, documents, and records will be maintained by the Fund under and in accordance with the requirements of applicable federal securities laws. Such materials will not be destroyed by the Fund without the consent of DST (which consent will not be unreasonably withheld), but will be safely stored for possible future reference.

**SCHEDULE C**

**AUTHORIZED PERSONNEL**

Pursuant to the terms of the Schedule A and the Agreement between the Fund and DST, the Fund authorizes the following Fund personnel to provide instructions to DST, and receive inquiries from DST in connection with Schedule A and the Agreement:

---

| | |
|:---|:---|
| <u>Name</u> | <u>Title</u> |
| **_____________________________** | **________________________________** |
| **_____________________________** | **________________________________** |
| **_____________________________** | **________________________________** |
| **_____________________________** | **________________________________** |
| **_____________________________** | **________________________________** |
| _____________________________ | ________________________________ |
| _____________________________ | ________________________________ |
| **_____________________________** | **________________________________** |
| **_____________________________** | **________________________________** |
| **_____________________________** | **________________________________** |
| **_____________________________** | **________________________________** |

---

This Schedule may be revised by the Fund by providing DST with a substitute Schedule C. Any such substitute Schedule C shall become effective twenty-four (24) hours after DST's receipt of the document and shall be incorporated into the Agreement.

**APPENDIX 1**

**ANTI-MONEY LAUNDERING DELEGATION**

1. <u>Delegation.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In order to assist the Fund with the Fund's AML responsibilities under
applicable AML laws, DST offers certain risk-based AML Procedures that are reasonably designed to: (i) promote the detection and reporting
of potential money laundering activities; and (ii) assist in the verification of persons opening accounts with the Fund. The Fund has
had an opportunity to review the AML Procedures with DST and desires to implement the AML Procedures as part of the Fund's overall
AML program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Accordingly, subject to the terms and conditions set forth in this Agreement,
the Fund hereby instructs and directs DST to implement the AML Procedures as set forth in Section 4 below on the Fund's behalf and
delegates to DST the day-to-day operation of the AML Procedures. The AML Procedures set forth in Section 4 may be amended, from time to
time, by mutual agreement of the Fund and DST upon the execution by such parties of a revised Appendix 1 bearing a later date than the
date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 DST agrees to perform such AML Procedures, with respect to the ownership of Shares in the Fund for which
DST maintains the applicable shareholder information, subject to and in accordance with the terms and conditions of this Agreement.

2. <u>Consent to Examination.</u> In connection with the performance by DST of the AML Procedures, DST understands
and acknowledges that the Fund remains responsible for assuring compliance with the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 ()"**USA PATRIOT Act")** and that the records DST maintains for the Fund relating to the AML Program may be subject, from time to time, to examination and/or inspection
by federal regulators in order that the regulators may evaluate such compliance. DST hereby consents to such examination and/or inspection
and agrees to cooperate with such federal examiners in connection with their review. For purposes of such examination and/or inspection,
DST will use its best efforts to make available, during normal business hours and on reasonable notice all required records and information
for review by such examiners.

3. <u>Limitation on Delegation.</u> The Fund acknowledges and agrees that in accepting the delegation hereunder,
DST is agreeing to perform only the AML Procedures, as may be amended from time to time, and is not undertaking and shall not be responsible
for any other aspect of the AML Program or for the overall compliance by the Fund with the USA PATRIOT Act or for any other matters that
have not been delegated hereunder. Additionally, the parties acknowledge and agree that DST shall only be responsible for performing the
AML Procedures with respect to the ownership of, and transactions in, Shares in the Fund for which DST maintains the applicable Fund shareholder
information.

4. <u>AML Procedures [1](#note_ftn1)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Consistent with the services provided by DST and with respect to the ownership
of Shares in the Fund for which DST maintains the applicable Fund shareholder information, DST shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On a daily basis, submit all new customer account registrations and registration changes against the Office of Foreign Assets Control ("OFAC") database, the Politically Exposed Persons ("PEP") database, and such other lists or databases as may be required from time to time by applicable regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Submit all account registrations through OFAC database, the PEP database, and such other lists or databases as may be required from time to time by applicable regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On a daily basis, submit special payee information from checks, outgoing wires and systematic withdrawal files through the OFAC database;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Review certain types of redemption transactions that occur within thirty-four (34) days of an account establishment, registration change, or banking information change (e.g. redemption by wire within 34 days of banking information change; rapid depletion of account balance after establishment; and redemption by check within 34 days of address change);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Review wires sent pursuant to banking instructions other than those on file with DST;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Review accounts with small balances followed by large purchases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Review accounts with frequent activity within a specified date range followed by a large redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Review purchase and redemption activity by check that meets or exceeds $100,000 threshold on any given day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Determine when a suspicious activity report ("SAR") should be filed as required by regulations applicable to mutual funds; prepare and file the SAR; provide the Fund with a copy of the SAR within a reasonable time after filing; and notify the Fund if any further communication is received from the U.S. Department of the Treasury or other law enforcement agencies regarding such filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Compare account information to any FinCEN request received by the Fund and provided to DST pursuant to USA PATRIOT Act Sec. 314(a). Provide the Fund with the necessary information for it to respond to such request within required time frame;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) Take reasonable steps to verify the identity of any person seeking to become a new customer of the Fund and notify the Fund in the event such person cannot be verified, (ii) Maintain records of the information used to verify the person's identity, as required, and (iii) Determine whether the person appears on any lists of known or suspected terrorists or terrorist organizations provided to the Fund by any government agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Except with respect to any entities excluded under applicable regulation: (i) take reasonable steps to verify the identity of legal entities seeking to become new customers of the Fund, including verifying the identity of the natural person(s) retaining ownership or controlling interest in such legal entity (the " Beneficial Owner(s)"), as such ownership and controlling interests are defined in 31 C.F.R. 1010.230, (ii) notify the Fund in the event that the identity of such Beneficial Owner(s) is not provided upon request to such entity or cannot be verified, (iii) maintain records of the information used to verify such Beneficial Owners, as required, and (iv) determine whether such persons appear on any lists of known or suspected terrorists or terrorist organizations provided to the Fund by any government agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Conduct due diligence and if required, enhanced due diligence in accordance with 31 C.F.R. 103.176(b) for new and existing correspondent accounts for foreign financial institutions (as defined in 31 C.F.R. 103.175). DST will perform an assessment of the money laundering risk presented by the account based on a consideration of relevant factors in accordance with applicable law and information provided by the foreign financial institution in a financial institution questionnaire. If an account is determined to have a medium or above risk-ranking, DST will monitor the account on a monthly basis for unusual activity. In the situation where due diligence cannot be completed with respect to an account, DST will contact the Fund's AML Officer for further instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Upon the request by the Fund, conduct due diligence to determine if the Fund is involved with any foreign jurisdiction, institution, class of transactions and a type of account designated, from time to time, by the U.S. Department of Justice in order to identify and take certain "special measures" against such entities as required under Section 311 of the USA PATRIOT Act (31 C.F.R. 103.193).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Create and retain records required under 31 CFR 103.33 in connection with the transmittals of funds in amounts equal to or in excess of $3,000, and transmit such information on the transactions to the receiving financial institutions.

4.1 In the event that DST detects activity as a result of the foregoing procedures, which necessitates the filing by DST of a SAR or other similar report or notice to OFAC, then DST shall also immediately notify the Fund, unless prohibited by applicable law.

**APPENDIX 2**

**INFORMATION SECURITY SCHEDULE** 

All capitalized terms not defined in this Information Security Schedule (this "Security Schedule") shall have the meanings ascribed to them in the Transfer Agency and Service Agreement by and between DST and each of the funds listed on Exhibit A thereto (each such fund, or series thereof, severally, and not jointly, the "Fund") dated March 1, 2022 (the "Agreement").

DST and Fund hereby agree that DST shall maintain and comply with an information security policy ("Security Policy") that satisfies the requirements set forth below; provided, that, because information security is a highly dynamic space (where laws, regulations and threats are constantly changing), DST reserves the right to make changes to its information security controls at any time and at the sole discretion of DST in a manner that it believes does not materially reduce the protection it applies to Fund Data.

From time to time, DST may subcontract services performed under the Agreement (to the extent provided for under the Agreement) or provide access to Fund Data or its network to a subcontractor or other third party; provided, that, such subcontractor or third party implements and maintains security measures DST believes are at least as stringent as those described in this Security Schedule.

For the purposes of this Schedule "prevailing industry practices and standards" refers to standards among financial institutions, including mutual funds, and third parties providing financial services to financial institutions.

**1. Objective.** 

The objective of DST's Security Policy and related information security program is to implement data security measures reasonably designed in material respects to be consistent with applicable prevailing industry practices and standards ("Objective"). In order to meet such Objective, DST uses commercially reasonable efforts to:

a. Protect the privacy, confidentiality, integrity, and availability of all confidential data and information
disclosed by or on behalf of Fund to, or otherwise comes into the possession of DST, in connection with the provision of services under
the Agreement and to the extent the same is deemed confidential information under the terms of the Agreement (collectively, "Fund
Data"). For the avoidance of doubt, and without limiting the foregoing, "Fund Data" includes all Confidential Information
of the Fund and its agents or service providers, including, without limitation all "Customer Information," as contemplated
in the Agreement;

b. Protect against accidental, unauthorized, unauthenticated or unlawful access, copying, use, processing,
disclosure, alteration, transfer, loss or destruction of the Fund Data;

c. Comply with applicable governmental laws, rules and regulations that are relevant to the handling, processing
and use of Fund Data by DST in accordance with the Agreement; and

d. Implement customary administrative, physical, technical, procedural and organizational safeguards.

e. Implement means and technology to encrypt Fund Data, mutually acceptable between the Fund and DST, while
in transit to and from DST.

**2. Risk Assessments.** 

a. **Risk Assessment** - DST shall, at least annually, perform risk assessments that are designed to identify
material threats (both internal and external) against Fund Data, the likelihood of those threats Schedule 10.2 p.2 occurring and the impact
of those threats upon DST organization to evaluate and analyze the appropriate level of information security safeguards ("Risk Assessments").

b. **Risk Mitigation** - DST shall use commercially reasonable efforts to manage, control and remediate
threats identified in the Risk Assessments that it believes are likely to result in material unauthorized access, copying, use, processing,
disclosure, alteration, transfer, loss or destruction of Fund Data, consistent with the Objective, and commensurate with the sensitivity
of the Fund Data and the complexity and scope of the activities of DST pursuant to the Agreement.

c. **Security Controls Testing** - DST shall, on approximately an annual basis, engage an independent
external party to conduct a review (including information security) of DST's systems that are related to the provision of services.
DST shall have a process to review and evaluate high risk findings resulting from this testing.

**3.** **Security Controls.** Annually, upon Fund's reasonable request, DST
shall provide Fund's Chief Information Security Officer or his or her designee with a summary of its corporate
information security policy and an opportunity to discuss DST's information security measures,
and a high level and non-confidential summary of any penetration testing related to the provision of in-scope services . DST shall review
its Security Policy annually.

**4.** **Organizational Security.** 

a. **Responsibility** - DST shall assign responsibility for information security management to qualified
personnel only.

b. **Access** - DST shall permit only those personnel performing roles supporting the provision of services
under the Agreement to access Fund Data.

c. **Confidentiality** - DST personnel who have accessed or otherwise been made known of Fund Data shall
maintain the confidentiality of such information in accordance with the terms of the Agreement.

d. **Training -** DST will provide information security training to its personnel on approximately an
annual basis.

**5.** **Asset Management.** 

a. **Data Sensitivity** - DST acknowledges that it understands the sensitivity of Fund Data.

b. **External Hosting Facilities** – DST shall implement controls, consistent with applicable prevailing
industry practices and standards, regarding the collection, use, storage and/or disclosure of Fund Data by an external hosting provider.

**6.** **Physical Security.** 

a. **Securing Physical Facilities** - DST shall maintain systems located in DST facilities that host Fund
Data or provide services under the Agreement in an environment that is designed to be physically secure and to allow access only to authorized
individuals. A secure environment includes the availability of onsite security personnel on a 24 x 7 basis or equivalent means of monitoring
locations supporting the delivery of services under the Agreement.

b. **Physical Security of Media** - DST shall implement controls, consistent with applicable prevailing
industry practices and standards, that are designed to deter the unauthorized viewing, copying, alteration or removal of any media containing
Fund Data. Removable media on which Fund Data is Schedule 10.2 p.3 stored by DST (including thumb drives, CDs, and DVDs, and PDAS) will
be encrypted based on DST encryption policies.

c. **Media Destruction** - DST shall destroy removable media and any mobile device (such as discs, USB
drives, DVDs, back-up tapes, laptops and PDAs) containing Fund Data or use commercially reasonable efforts to render Fund Data on such
physical media unintelligible if such media or mobile device is no longer intended to be used. All backup tapes that are not destroyed
must meet the level of protection described in this Security Schedule until destroyed or rendered irretrievable.

d. **Paper Destruction** - DST shall shred all paper waste containing Fund Data and dispose in a secure
and confidential manner making it unrecoverable.

**7.** **Communications and Operations Management.** 

a. **Network Penetration Testing** - DST shall, on approximately an annual basis, contract with an independent
third party to conduct a network penetration test on its network having access to or holding or containing Fund Data. DST shall have a
process to review and evaluate high risk findings resulting from this testing.

b. **Data Protection During Transmission -** DST shall encrypt, using an industry standard encryption
algorithm, personally identifiable Fund Data when such data is transmitted.

c. **Data Loss Prevention -** DST shall implement a data leakage program that is designed to identify,
detect, monitor and document Fund Data leaving DST's control without authorization in place.

d. **Malicious Code –** DST shall implement controls that are designed to detect the introduction
or intrusion of malicious code on information systems handling or holding Fund Data and implement a process for removing said malicious
code from information systems handling or holding Fund Data.

**8.** **Access Controls.** 

a. **Authorized Access** - DST shall have controls that are designed to maintain the logical separation
such that access to systems hosting Fund Data and/or being used to provide services to Fund will uniquely identify each individual requiring
access, grant access only to authorized personnel based on the principle of least privileges, and prevent unauthorized access to Fund
Data.

b. **User Access** - DST shall have a process to promptly disable access to Fund Data by any DST personnel
who no longer requires such access. DST will also promptly remove access of Fund personnel upon receipt of notification from Fund.

c. **Authentication Credential Management** - DST shall communicate authentication credentials to users
in a secure manner, with a proof of identity check of the intended users.

d. **Multi-Factor Authentication for Remote Access** - DST shall use multi factor authentication and a
secure tunnel, or another strong authentication mechanism, when remotely accessing DST's internal network.

**9.** **Use of Laptop and Mobile Devices in connection with the Agreement.** 

a. **Encryption Requirements** – DST will not locally store Fund Data on any laptops or mobile devices
(e.g., Blackberries, PDAs) managed by DST.

b. **Secure Storage** - DST shall require that all laptops and mobile devices be securely stored Schedule
10.2 p.4 whenever out of the personnel's immediate possession.

c. **Inactivity Timeout** - DST shall employ access and password controls as well as inactivity timeouts
of no longer than fifteen (15) minutes on laptops, desktops and mobile devices managed by DST and used by DST's personnel.

**10.** **Information Systems Acquisition Development and Maintenance.** a. **Fund Data** – Fund Data
shall only be used by DST for the purposes specified in the Agreement. b. **Virus Management -** DST shall maintain a malware protection
program designed to deter malware infections, detect the presence of malware within DST environment.

**11.** **Incident Event and Communications Management.** 

a. **Incident Management/Notification of Breach** - DST shall develop, implement and maintain an incident
response plan that specifies actions to be taken when DST or one of its subcontractors suspects or detects that a party has gained material
unauthorized access to Fund Data or systems or applications containing any Fund Data (the "Response Plan"). Such Response
Plan shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **Escalation Procedures** - An escalation procedure that includes notification to senior managers and
appropriate reporting to regulatory and law enforcement agencies. This procedure shall provide for reporting of incidents that compromise
the confidentiality of Fund Data (including backed up data) to Fund via telephone or email (and provide a confirmatory notice in writing
as soon as practicable); provided that the foregoing notice obligation is excused for such period of time as DST is prohibited by law,
rule, regulation or other governmental authority from notifying Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. **Incident Reporting** - DST will use commercially reasonable efforts to promptly furnish to Fund information
that DST has regarding the general circumstances and extent of such unauthorized access to the Fund Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. **Investigation and Prevention** - DST shall reasonably assist Fund in investigating of any such unauthorized
access and shall use commercially reasonable efforts to: (A) cooperate with Fund in its efforts to comply with statutory notice or other
legal obligations applicable to Fund or its clients arising out of unauthorized access and to seek injunctive or other equitable relief;
(B) cooperate with Fund in litigation and investigations against third parties reasonably necessary to protect its proprietary rights;
and (C) take reasonable actions necessary to mitigate loss from any such authorized access.

**FIRST AMENDMENT TO THE TRANSFER AGENCY SERVICES AGREEMENT**

This First Amendment (the "***First Amendment***") to the Transfer Agency and Services Agreement dated June 1, 2022 (the "***Agreement***") is entered into as of July 2 2022, 2022, between each of the investment vehicles listed on Schedule A of the Agreement, as amended hereto (the "***Funds***") and DST Asset Manager Solutions, Inc. ("***DST***", and together with the Funds, each a "***Party***" and collectively, the "***Parties***").

WHEREAS, on June 1, 2022, the Parties executed the Agreement by which the Funds agreed to engage DST to provide certain transfer agency services for the Funds and DST agreed to provide such services in accordance with and subject to the terms of the Agreement; and

WHEREAS, the Parties wish to amend Schedule A to the Agreement and make certain other changes;

NOW, THEREFORE, in consideration of the representations, warranties, covenants, and agreements set forth in the Agreement, the Parties hereby agree to enter into this First Amendment as follows:

1. Schedule A to the Agreement is deleted in its entirety and replaced by the
Schedule A attached to this First Amendment.

1. * The first paragraph of Appendix 2 of
the Agreement is deleted in its entirety and replaced by the following text:

"All capitalized terms not defined in this Information Security Schedule (this "Security Schedule") shall have the meanings ascribed to them in the Transfer Agency and Service Agreement by and between DST and each of the funds listed on Schedule A thereto (each such fund, or series thereof, severally, and not jointly, the "Fund") dated June 1, 2022 (the "Agreement")."

*[First Amendment to the Transfer Agency and Service Agreement signature page follows.]*

IN WITNESS WHEREOF, the Parties hereto have duly executed this First Amendment as of the date first above written.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **DST ASSET MANAGER SOLUTIONS, INC.** | &nbsp;&nbsp; **DST ASSET MANAGER SOLUTIONS, INC.** | **BY EACH OF THE FEDERATED HERMES FUNDS LISTED ON SCHEDULE A (OTHER THAN COLLECTIVE TRUSTS), SEVERALLY AND NOT JOINTLY** | **BY EACH OF THE FEDERATED HERMES FUNDS LISTED ON SCHEDULE A (OTHER THAN COLLECTIVE TRUSTS), SEVERALLY AND NOT JOINTLY** |
| &nbsp;&nbsp; <br> By: | /s/ Nick Wright | &nbsp;&nbsp; <br> By: | /s/ Peter Germain |
| &nbsp;&nbsp; <br> Name: | Nick Wright | &nbsp;&nbsp; <br> Name: | Peter Germain |
| &nbsp;&nbsp; <br> Title: | Authorized Signatory | &nbsp;&nbsp; <br> Title: | Secretary |

---

---

| | |
|:---|:---|
| **BY EACH OF THE FEDERATED HERMES FUNDS THAT ARE COLLECTIVE TRUSTS, SEVERALLY AND NOT JOINTLY** | **BY EACH OF THE FEDERATED HERMES FUNDS THAT ARE COLLECTIVE TRUSTS, SEVERALLY AND NOT JOINTLY** |
| &nbsp;&nbsp; <br> By: | /s/ Richard A. Novak |
| &nbsp;&nbsp; <br> Name: | Richard A. Novak |
| &nbsp;&nbsp; <br> Title: | President |

---

*[Signature Page to the First Amendment to the Transfer Agency and Services Agreement]*

 

 

 

 

 

Schedule A<br> December 2, 2022<br> Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date added to the contract** | &nbsp;&nbsp;**REGISTRANT NAME** | &nbsp;&nbsp;**SERIES NAME<br> (if applicable)** | &nbsp;&nbsp;**Transfer Agent Fund Number** | &nbsp;&nbsp;**Class** |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Adjustable Rate Securities Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ADJUSTABLE RATE FUND | &nbsp;&nbsp;96 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ADJUSTABLE RATE FUND | &nbsp;&nbsp;325 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;8/31/2017 | &nbsp;&nbsp;Federated Hermes Adviser Series |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKETS EQUITY FUND | &nbsp;&nbsp;813 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKETS EQUITY FUND | &nbsp;&nbsp;818 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CONSERV MICROSHORT | &nbsp;&nbsp;564 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CONSERV MUNI MICRO | &nbsp;&nbsp;567 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL EQUITY FUND | &nbsp;&nbsp;934 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL EQUITY FUND | &nbsp;&nbsp;935 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL DEVELOPED EQUITY FUND | &nbsp;&nbsp;443 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL DEVELOPED EQUITY FUND | &nbsp;&nbsp;444 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT EQUITY FUND | &nbsp;&nbsp;431 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT EQUITY FUND | &nbsp;&nbsp;441 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT EQUITY FUND | &nbsp;&nbsp;442 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT HY CREDIT FUND | &nbsp;&nbsp;669 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SDG ENGAGEMENT HY CREDIT FUND | &nbsp;&nbsp;672 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL EQUITY FUND | &nbsp;&nbsp;713 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL EQUITY FUND | &nbsp;&nbsp;714 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL EQUITY FUND | &nbsp;&nbsp;717 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL EQUITY FUND | &nbsp;&nbsp;718 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL GROWTH FUND | &nbsp;&nbsp;728 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL GROWTH FUND | &nbsp;&nbsp;778 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;426 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;428 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;429 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;419 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;420 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;422 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP VALUE FUND | &nbsp;&nbsp;425 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES U.S. SMID FUND | &nbsp;&nbsp;165 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES U.S. SMID FUND | &nbsp;&nbsp;187 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MARKET NEUTRAL FUND | &nbsp;&nbsp;299 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MARKET NEUTRAL FUND | &nbsp;&nbsp;315 | &nbsp;&nbsp;IS |
|  | &nbsp;&nbsp;Federated Hermes Core Trust: |  |  |  |
| &nbsp;&nbsp;3/21/2016 |  | &nbsp;&nbsp;EMERGING MARKETS CORE FUND | &nbsp;&nbsp;812 |  |
| &nbsp;&nbsp;8/16/2010 |  | &nbsp;&nbsp;BANK LOAN CORE FUND | &nbsp;&nbsp;850 |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;MORTGAGE CORE FUND | &nbsp;&nbsp;938 |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;HIGH YIELD BOND CORE FUND | &nbsp;&nbsp;871 |  |
|  | &nbsp;&nbsp;Federated Hermes Core Trust III: |  |  |  |
| &nbsp;&nbsp;3/1/2008 |  | &nbsp;&nbsp;PROJECT AND TRADE FINANCE CORE FUND | &nbsp;&nbsp;148 |  |
|  | &nbsp;&nbsp;Federated Hermes Equity Funds: |  |  |  |
| &nbsp;&nbsp;12/1/2008 |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;639 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;658 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;659 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;670 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CLOVER SMALL VALUE FUND | &nbsp;&nbsp;539 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;3/1/2008 |  | &nbsp;&nbsp;FEDERATED HERMES INTL STRATEGIC VAL DIV FUND | &nbsp;&nbsp;432 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL STRATEGIC VAL DIV FUND | &nbsp;&nbsp;433 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL STRATEGIC VAL DIV FUND | &nbsp;&nbsp;434 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL STRATEGIC VAL DIV FUND | &nbsp;&nbsp;466 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;66 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;67 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;70 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;74 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND | &nbsp;&nbsp;123 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;9/17/2007 |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;352 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;353 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;355 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;354 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN LARGE CAP FUND | &nbsp;&nbsp;401 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;163 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;146 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;757 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;758 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;759 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN SMALL CAP FUND | &nbsp;&nbsp;154 | &nbsp;&nbsp;R |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MDT MID CAP GROWTH FUND | &nbsp;&nbsp;677 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MID CAP GROWTH FUND | &nbsp;&nbsp;650 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MID CAP GROWTH FUND | &nbsp;&nbsp;656 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT MID CAP GROWTH FUND | &nbsp;&nbsp;679 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;9/1/2008 |  | &nbsp;&nbsp;FEDERATED HERMES PRUDENT BEAR FUND | &nbsp;&nbsp;409 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRUDENT BEAR FUND | &nbsp;&nbsp;415 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRUDENT BEAR FUND | &nbsp;&nbsp;418 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;12/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC VALUE DIVIDEND | &nbsp;&nbsp;661 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC VALUE DIVIDEND | &nbsp;&nbsp;663 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC VALUE DIVIDEND | &nbsp;&nbsp;662 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC VALUE DIVIDEND | &nbsp;&nbsp;251 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Equity Income Fund Inc. |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;34 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;629 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;241 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;326 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;849 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EQUITY INCOME FUND | &nbsp;&nbsp;304 | &nbsp;&nbsp;F |
|  | &nbsp;&nbsp;Federated Hermes Fixed Income Securities, Inc.: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MUNI ULTRASHORT FUND | &nbsp;&nbsp;253 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI ULTRASHORT FUND | &nbsp;&nbsp;254 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI ULTRASHORT FUND | &nbsp;&nbsp;230 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;652 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;382 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;383 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;381 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;414 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES STRATEGIC INCOME FUND | &nbsp;&nbsp;653 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;6/1/2008 | &nbsp;&nbsp;Federated Hermes Global Allocation Fund |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;373 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;608 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;894 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;232 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;11 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL ALLOCATION FUND | &nbsp;&nbsp;879 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Government Income Securities, Inc. |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV INCOME SECURITIES | &nbsp;&nbsp;166 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV INCOME SECURITIES | &nbsp;&nbsp;171 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV INCOME SECURITIES | &nbsp;&nbsp;21 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV INCOME SECURITIES | &nbsp;&nbsp;615 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Government Income Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT INCOME FUND | &nbsp;&nbsp;36 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT INCOME FUND | &nbsp;&nbsp;102 | &nbsp;&nbsp;SS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes High Income Bond Fund, Inc. |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND FUND | &nbsp;&nbsp;630 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND FUND | &nbsp;&nbsp;492 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND FUND | &nbsp;&nbsp;242 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND FUND | &nbsp;&nbsp;317 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND FUND | &nbsp;&nbsp;491 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes High Yield Trust: |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;77 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;113 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;120 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;430 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OPPORTNSTC HI-YLD BND | &nbsp;&nbsp;38 | &nbsp;&nbsp;SS |
|  | &nbsp;&nbsp;Federated Hermes Income Securities Trust: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;312 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;631 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;244 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;374 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;300 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL INCOME FUND | &nbsp;&nbsp;830 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;9/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES FLTG RATE STR INCOME FUND | &nbsp;&nbsp;701 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FLTG RATE STR INCOME FUND | &nbsp;&nbsp;693 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FLTG RATE STR INCOME FUND | &nbsp;&nbsp;687 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FLTG RATE STR INCOME FUND | &nbsp;&nbsp;188 | &nbsp;&nbsp;A1 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES | &nbsp;&nbsp;601 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES | &nbsp;&nbsp;238 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES | &nbsp;&nbsp;309 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES | &nbsp;&nbsp;614 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INTERM CORP BOND FUND | &nbsp;&nbsp;303 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERM CORP BOND FUND | &nbsp;&nbsp;348 | &nbsp;&nbsp;SS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;888 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;887 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;889 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;901 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI & STOCK ADVT FUND | &nbsp;&nbsp;876 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES INFL PROTECTED SEC FD | &nbsp;&nbsp;183 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INFL PROTECTED SEC FD | &nbsp;&nbsp;184 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INFL PROTECTED SEC FD | &nbsp;&nbsp;185 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INFL PROTECTED SEC FD | &nbsp;&nbsp;327 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/18/2004 |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;292 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;65 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;638 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;607 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM INCOME FUND | &nbsp;&nbsp;579 | &nbsp;&nbsp;A2 |
|  | &nbsp;&nbsp;Federated Hermes Index Trust: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MAX-CAP INDEX FUND | &nbsp;&nbsp;39 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MAX-CAP INDEX FUND | &nbsp;&nbsp;895 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MAX-CAP INDEX FUND | &nbsp;&nbsp;281 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MAX-CAP INDEX FUND | &nbsp;&nbsp;867 | &nbsp;&nbsp;C |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MID-CAP INDEX FUND | &nbsp;&nbsp;156 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MID-CAP INDEX FUND | &nbsp;&nbsp;153 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MID-CAP INDEX FUND | &nbsp;&nbsp;151 | &nbsp;&nbsp;SS |
|  | &nbsp;&nbsp;Federated Hermes Institutional Trust |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GOV ULTRASHORT DUR FUND | &nbsp;&nbsp;969 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV ULTRASHORT DUR FUND | &nbsp;&nbsp;891 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV ULTRASHORT DUR FUND | &nbsp;&nbsp;840 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOV ULTRASHORT DUR FUND | &nbsp;&nbsp;626 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INSTL HIGH YIELD BOND FUND | &nbsp;&nbsp;900 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTL HIGH YIELD BOND FUND | &nbsp;&nbsp;221 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;6/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT TOTAL RETURN BOND | &nbsp;&nbsp;114 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT TOTAL RETURN BOND | &nbsp;&nbsp;63 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT TOTAL RETURN BOND | &nbsp;&nbsp;107 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT TOTAL RETURN BOND | &nbsp;&nbsp;127 | &nbsp;&nbsp;R6 |
|  | &nbsp;&nbsp;Federated Hermes Insurance Series |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MANAGED VOLATILITY FUND II | &nbsp;&nbsp;333 | &nbsp;&nbsp;P |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MANAGED VOLATILITY FUND II | &nbsp;&nbsp;403 | &nbsp;&nbsp;S |
|  |  | &nbsp;&nbsp;FEDERATED HERMES FUND U.S. GOV SECURITIES II | &nbsp;&nbsp;334 | &nbsp;&nbsp;-- |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVT MONEY FUND II | &nbsp;&nbsp;330 | &nbsp;&nbsp;S |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND II | &nbsp;&nbsp;250 | &nbsp;&nbsp;S |
|  |  | &nbsp;&nbsp;FEDERATED HERMES HIGH INCOME BOND II | &nbsp;&nbsp;336 | &nbsp;&nbsp;P |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND II | &nbsp;&nbsp;953 | &nbsp;&nbsp;P |
|  |  | &nbsp;&nbsp;FEDERATED HERMES KAUFMANN FUND II | &nbsp;&nbsp;957 | &nbsp;&nbsp;S |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES QUALITY BOND II | &nbsp;&nbsp;921 | &nbsp;&nbsp;P |
|  |  | &nbsp;&nbsp;FEDERATED HERMES QUALITY BOND II | &nbsp;&nbsp;929 | &nbsp;&nbsp;S |
|  | &nbsp;&nbsp;Federated Hermes International Series, Inc.: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL TOTAL RETURN BOND FD | &nbsp;&nbsp;152 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL TOTAL RETURN BOND FD | &nbsp;&nbsp;240 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GLOBAL TOTAL RETURN BOND FD | &nbsp;&nbsp;316 | &nbsp;&nbsp;A |
|  | &nbsp;&nbsp;Federated Hermes Investment Series Funds, Inc.: |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;641 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;642 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;643 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;655 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;671 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND FUND | &nbsp;&nbsp;198 | &nbsp;&nbsp;F |
|  | &nbsp;&nbsp;Federated Hermes Managed Pool Series: |  |  |  |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES CORPORATE BOND STRATEGY PORTFOLIO | &nbsp;&nbsp;157 |  |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES HIGH-YIELD STRATEGY PORTFOLIO | &nbsp;&nbsp;744 |  |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES INTL BOND STRATEGY PORT | &nbsp;&nbsp;742 |  |
| &nbsp;&nbsp;12/1/2014 |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL DIV STRATEGY | &nbsp;&nbsp;569 |  |
| &nbsp;&nbsp;12/1/2005 |  | &nbsp;&nbsp;FEDERATED HERMES MORTGAGE STRATEGY PORT | &nbsp;&nbsp;743 |  |
|  | &nbsp;&nbsp;Federated Hermes MDT Series: |  |  |  |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT ALL CAP CORE FUND | &nbsp;&nbsp;210 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT ALL CAP CORE FUND | &nbsp;&nbsp;224 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT ALL CAP CORE FUND | &nbsp;&nbsp;226 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT ALL CAP CORE FUND | &nbsp;&nbsp;233 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT BALANCED FUND | &nbsp;&nbsp;285 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT BALANCED FUND | &nbsp;&nbsp;296 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT BALANCED FUND | &nbsp;&nbsp;297 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT BALANCED FUND | &nbsp;&nbsp;314 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP GROWTH FUND | &nbsp;&nbsp;265 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP GROWTH FUND | &nbsp;&nbsp;271 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP GROWTH FUND | &nbsp;&nbsp;267 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT LARGE CAP GROWTH FUND | &nbsp;&nbsp;269 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP CORE FUND | &nbsp;&nbsp;237 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP CORE FUND | &nbsp;&nbsp;245 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP CORE FUND | &nbsp;&nbsp;255 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP CORE FUND | &nbsp;&nbsp;223 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/31/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP GROWTH FUND | &nbsp;&nbsp;282 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP GROWTH FUND | &nbsp;&nbsp;283 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP GROWTH FUND | &nbsp;&nbsp;284 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MDT SMALL CAP GROWTH FUND | &nbsp;&nbsp;231 | &nbsp;&nbsp;R6 |
|  | &nbsp;&nbsp;Federated Hermes Municipal Bond Fund, Inc: |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;141 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;375 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;602 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;243 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL BOND FUND INC. | &nbsp;&nbsp;384 | &nbsp;&nbsp;A |
|  | &nbsp;&nbsp;Federated Hermes Municipal Securities Income Trust: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MICHIGAN INTERM MUNICIPAL FUND | &nbsp;&nbsp;145 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MICHIGAN INTERM MUNICIPAL FUND | &nbsp;&nbsp;622 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;6/1/2006 |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;310 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;214 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;167 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;170 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNI HIGH YIELD ADVT FUND | &nbsp;&nbsp;380 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OHIO MUNI INCOME | &nbsp;&nbsp;164 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OHIO MUNI INCOME | &nbsp;&nbsp;313 | &nbsp;&nbsp;F |
|  |  | &nbsp;&nbsp;FEDERATED HERMES OHIO MUNI INCOME | &nbsp;&nbsp;623 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES PENNSYLVANIA MUNI INCOME | &nbsp;&nbsp;311 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PENNSYLVANIA MUNI INCOME | &nbsp;&nbsp;673 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Short- Intermediate Duration Municipal Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT MUNI FUND | &nbsp;&nbsp;291 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT MUNI FUND | &nbsp;&nbsp;24 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT MUNI FUND | &nbsp;&nbsp;289 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SH-INT MUNI FUND | &nbsp;&nbsp;84 | &nbsp;&nbsp;A2 |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Total Return Government Bond Fund |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN GOVT BOND FUND | &nbsp;&nbsp;234 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN GOVT BOND FUND | &nbsp;&nbsp;648 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN GOVT BOND FUND | &nbsp;&nbsp;647 | &nbsp;&nbsp;IS |
|  | &nbsp;&nbsp;Federated Hermes Total Return Series, Inc.: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES CORE BOND FUND | &nbsp;&nbsp;835 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORE BOND FUND | &nbsp;&nbsp;837 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CORE BOND FUND | &nbsp;&nbsp;890 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;328 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;288 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;893 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;225 | &nbsp;&nbsp;R6 |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;404 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;405 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TOTAL RETURN BOND FUND | &nbsp;&nbsp;406 | &nbsp;&nbsp;C |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES ULTRASHORT BOND FUND | &nbsp;&nbsp;218 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ULTRASHORT BOND FUND | &nbsp;&nbsp;838 | &nbsp;&nbsp;ss |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ULTRASHORT BOND FUND | &nbsp;&nbsp;108 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES ULTRASHORT BOND FUND | &nbsp;&nbsp;344 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Short-Term Government Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM GOV'T FUND | &nbsp;&nbsp;100 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-TERM GOV'T FUND | &nbsp;&nbsp;9 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Short-Intermediate Government Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-INTERMEDIATE GOV'T FUND | &nbsp;&nbsp;192 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-INTERMEDIATE GOV'T FUND | &nbsp;&nbsp;896 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES SHORT-INTERMEDIATE GOV'T FUND | &nbsp;&nbsp;47 | &nbsp;&nbsp;IS |
|  | &nbsp;&nbsp;Federated Hermes World Investment Series, Inc.: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKET DEBT FUND | &nbsp;&nbsp;831 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKET DEBT FUND | &nbsp;&nbsp;609 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES EMERGING MARKET DEBT FUND | &nbsp;&nbsp;611 | &nbsp;&nbsp;C |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;103 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;104 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;105 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;119 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;106 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERNATIONAL LEADERS FUND | &nbsp;&nbsp;110 | &nbsp;&nbsp;R6 |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INTL SMALL-MID COMPANY FUND | &nbsp;&nbsp;695 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL SMALL-MID COMPANY FUND | &nbsp;&nbsp;697 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTL SMALL-MID COMPANY FUND | &nbsp;&nbsp;682 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 | &nbsp;&nbsp;Federated Hermes Intermediate Municipal Trust |  |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERMEDIATE MUNI FUND | &nbsp;&nbsp;78 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INTERMEDIATE MUNI FUND | &nbsp;&nbsp;739 | &nbsp;&nbsp;IS |
|  | &nbsp;&nbsp;Federated Hermes Money Market Obligations Trust: |  |  |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;80 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;800 | &nbsp;&nbsp;WS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;280 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;809 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CALIFORNIA MUNI CASH TRUST | &nbsp;&nbsp;810 | &nbsp;&nbsp;CS |
| &nbsp;&nbsp;12/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL RESERVES FUND | &nbsp;&nbsp;806 |  |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;386 | &nbsp;&nbsp;CS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;385 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;805 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;158 | &nbsp;&nbsp;ADM |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;117 | &nbsp;&nbsp;PRM |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;5 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;703 | &nbsp;&nbsp;TR |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;395 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;7 | &nbsp;&nbsp;SEL |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;484 | &nbsp;&nbsp;AVR |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT OBLIGATIONS FUND | &nbsp;&nbsp;707 | &nbsp;&nbsp;SDG |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GOVT OBLIGATIONS TAX-MGD FD | &nbsp;&nbsp;613 | &nbsp;&nbsp;AS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVT OBLIGATIONS TAX-MGD FD | &nbsp;&nbsp;636 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVT OBLIGATIONS TAX-MGD FD | &nbsp;&nbsp;637 | &nbsp;&nbsp;ss |
| &nbsp;&nbsp;12/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;970 | &nbsp;&nbsp;A |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;971 | &nbsp;&nbsp;B |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;972 | &nbsp;&nbsp;C |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;807 | &nbsp;&nbsp;p |
|  |  | &nbsp;&nbsp;FEDERATED HERMES GOVERNMENT RESERVES FUND | &nbsp;&nbsp;973 | &nbsp;&nbsp;F |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL MMKT MGMT | &nbsp;&nbsp;136 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL MMKT MGMT | &nbsp;&nbsp;349 | &nbsp;&nbsp;EAG |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL MMKT MGMT | &nbsp;&nbsp;58 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL MMKT MGMT | &nbsp;&nbsp;219 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSITUTIONAL PRIME OBLIGATIONS FUND | &nbsp;&nbsp;10 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSITUTIONAL PRIME OBLIGATIONS FUND | &nbsp;&nbsp;143 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSITUTIONAL PRIME OBLIGATIONS FUND | &nbsp;&nbsp;396 | &nbsp;&nbsp;SS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;858 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;821 | &nbsp;&nbsp;cs |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;820 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;852 | &nbsp;&nbsp;WS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;839 | &nbsp;&nbsp;IV |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;855 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES MUNICIPAL OBLIGATIONS FUND | &nbsp;&nbsp;833 | &nbsp;&nbsp;AS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES NEW YORK MUNI CASH TRUST | &nbsp;&nbsp;878 | &nbsp;&nbsp;CS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES NEW YORK MUNI CASH TRUST | &nbsp;&nbsp;12 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES NEW YORK MUNI CASH TRUST | &nbsp;&nbsp;825 | &nbsp;&nbsp;WS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES NEW YORK MUNI CASH TRUST | &nbsp;&nbsp;111 | &nbsp;&nbsp;CII |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;857 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;911 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;851 | &nbsp;&nbsp;WS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;854 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;909 | &nbsp;&nbsp;AS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;914 | &nbsp;&nbsp;R |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;913 | &nbsp;&nbsp;CS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;915 | &nbsp;&nbsp;TR |
|  |  | &nbsp;&nbsp;FEDERATED HERMES PRIME CASH OBLIGATIONS FD | &nbsp;&nbsp;485 | &nbsp;&nbsp;AVR |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL PRIME VAL OBL | &nbsp;&nbsp;859 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL PRIME VAL OBL | &nbsp;&nbsp;853 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL PRIME VAL OBL | &nbsp;&nbsp;856 | &nbsp;&nbsp;SS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES TAX-FREE OBLIGATIONS FUND | &nbsp;&nbsp;15 | &nbsp;&nbsp;WS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TAX-FREE OBLIGATIONS FUND | &nbsp;&nbsp;397 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TAX-FREE OBLIGATIONS FUND | &nbsp;&nbsp;486 | &nbsp;&nbsp;AVR |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL TX-FREE CSH TR | &nbsp;&nbsp;42 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL TX-FREE CSH TR | &nbsp;&nbsp;73 | &nbsp;&nbsp;PRM |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;115 | &nbsp;&nbsp;AS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;862 | &nbsp;&nbsp;CAP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;68 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;398 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TREASURY OBLIGATIONS FUND | &nbsp;&nbsp;702 | &nbsp;&nbsp;TR |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES TR FOR U.S. TRSY OBLIGATIONS | &nbsp;&nbsp;54 | &nbsp;&nbsp;CS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TR FOR U.S. TRSY OBLIGATIONS | &nbsp;&nbsp;52 | &nbsp;&nbsp;CII |
|  |  | &nbsp;&nbsp;FEDERATED HERMES TR FOR U.S. TRSY OBLIGATIONS | &nbsp;&nbsp;59 | &nbsp;&nbsp;IS |
| &nbsp;&nbsp;7/1/2004 |  | &nbsp;&nbsp;FEDERATED HERMES U.S. TREASURY CASH RSV | &nbsp;&nbsp;632 | &nbsp;&nbsp;SS |
|  |  | &nbsp;&nbsp;FEDERATED HERMES U.S. TREASURY CASH RSV | &nbsp;&nbsp;125 | &nbsp;&nbsp;IS |
|  |  | &nbsp;&nbsp;COLLECTIVE TRUSTS |  |  |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;4 | &nbsp;&nbsp;ISP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;25 | &nbsp;&nbsp;RP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;26 | &nbsp;&nbsp;SP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;27 | &nbsp;&nbsp;Y |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;35 | &nbsp;&nbsp;R6P |
|  |  | &nbsp;&nbsp;FEDERATED HERMES CAPITAL PRESERVATION FUND | &nbsp;&nbsp;40 | &nbsp;&nbsp;IP |
|  |  | &nbsp;&nbsp;FEDERATED HERMES INSTITUTIONAL FIXED INCOME FUND | &nbsp;&nbsp;45 |  |

---

---

| | |
|:---|:---|
| DST Asset Manager Solutions, Inc. | By each of the Federated Hermes Funds listed on Schedule A (other than Collective Trusts), severally and not jointly. |
| By: /s/ Nick Wright | By: /s/ Peter Germain |
| Name: Nick Wright | Name: Peter Germain |
| Title: Authorized Signatory | Title: Secretary |

---

---

| |
|:---|
| By each of the Federated Hermes Funds that are Collective Trusts, severally and not jointly. |
| &nbsp;&nbsp; <br> By: /s/ Richard A. Novak |
| Name: Richard A. Novak |
| Title: President |

---

------

[1](#note_ftnref1) The accounts, transactions, items and activity reviewed in each case are subject to certain standard exclusions as set forth in written procedures of DST, which have been made available to the Fund and which may be modified from time to time.

## Ex-99.H

Exhibit 28 (h) (3) under Form N-1A<br> Exhibit 10 under Item 601/Reg. S-K

**FOURTH AMENDED AND RESTATED**

**AGREEMENT**

**for**

**ADMINISTRATIVE SERVICES**

This Fourth Amended and Restated Agreement for Administrative Services (the "**Agreement**") is made, severally and not jointly, as of **September 1, 2022**, by each of the registered investment companies listed on **Exhibit A** hereto, each having its principal office and place of business at 4000 Ericsson Drive, Warrendale, Pennsylvania 15086 (collectively, the "**Investment Company**"), and FEDERATED ADMINISTRATIVE SERVICES, a Delaware statutory trust, having its principal office and place of business at Federated Hermes Tower, Pittsburgh, Pennsylvania 15222-3779 ("**FAS**"). The Agreement amends and restates in its entirety that Third Amended and Restated Agreement for Administrative Services by and between the Investment Company and FAS dated September 1, 2021, as amended, (the "**Superseded Agreement**").

**WHEREAS**, each investment company subject to this Agreement is registered as a management investment company under the Investment Company Act of 1940, as amended (the "**1940 Act**"), with authorized and issued shares of capital stock or beneficial interest ("**Shares**");

**WHEREAS**, certain investment companies subject to this Agreement are "series companies" as defined in Rule 18f-2 under the 1940 Act and, as used in this Agreement, the term "**Fund**" refers to either (i) an individual portfolio of such a series company or (ii) an investment company that is not organized as a series company, and the term "**Funds**" refers to all such portfolios and investment companies, collectively;

**WHEREAS**, certain of the Funds operate as exchange traded funds (each an **"ETF"**) in accordance with Rule 6c-11 under the 1940 Act (the **"ETF Rule"**);

**WHEREAS**, Shares of each Fund other than the ETFs may be subdivided into classes (each a "**Class**") as provided in Rule 18f-3 under the 1940 Act;

**WHEREAS**, the Investment Company wishes to appoint FAS as its administrator to provide it with Administrative Services (as herein defined) and FAS desires to accept such appointment;

**WHEREAS**, Investment Company and FAS are parties to the Superseded Agreement with respect to the subject matter hereof; and

**WHEREAS**, Investment Company and FAS desire to amend the Superseded Agreement by amending and restating the same in its entirety on the terms set forth herein;

**NOW THEREFORE**, in consideration of the premises and mutual covenants herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:

**<u>Article 1. Appointment</u>.**

The Investment Company hereby appoints FAS as Administrator for the period on the terms and conditions set forth in this Agreement. FAS hereby accepts such appointment and agrees to furnish the services set forth in Article 2 of this Agreement in return for the compensation set forth in Article 5 of this Agreement.

**<u>Article 2. FAS Duties</u>.**

As Administrator, and subject to the supervision and control of the Investment Company's Board of Trustees/Directors (the "**Board**"), FAS will provide facilities, equipment, and personnel to perform or cause to be performed the following "**Administrative Services**" for operation of the business and affairs of the Investment Company and each of its Funds, as such Administrative Services are applicable to each Fund, and any additional Administrative Services that FAS shall agree in writing to perform, or cause to be performed, for the Investment Company with respect to any Fund from time to time:

**A. LEGAL AND COMPLIANCE ADMINISTRATIVE SERVICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Prepare, file, and maintain the Investment Company's governing documents and any amendments thereto, including
the charter documents, the by-laws and minutes of meetings of the Board, Board Committees and Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prepare and file with the Securities and Exchange Commission (the "**SEC**") and the appropriate
state securities authorities: (i) the registration statements for the Investment Company and the Investment Company's Shares and
all amendments thereto, (ii) annual and semi-annual reports to shareholders and other applicable regulatory reports and communications;
(iii) proxy materials; (iv) notices pursuant to Rule 24f-2; and (v) such other documents all as may be necessary to enable the Investment
Company to continuously offer its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For each Fund that is an ETF, prepare and file with NYSE Arca, Inc., the Cboe BZX Exchange, Inc., The
Nasdaq Stock Market LLC (each an **"Exchange"**), as applicable, (i) an initial listing application; and (ii) such other
documents, reports and filings as may be required by the applicable Exchange for the ETF to maintain the listing of its Shares on the
Exchange and to otherwise comply with the rules of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prepare and administer contracts on behalf of the Investment Company and supervise relationships with
the Investment Company's other service providers, including , the Investment Company's investment advisers, sub-advisers, fund accountants,
custodians, transfer agents, distributors, and in the case of ETFs, authorized participants, subject to any terms and conditions established
by the Board and the requirements of the 1940 Act, such supervision may include the engagement of outside consultants from time to time,
at FAS's expense, to review the relationship contracts and recommend changes designed to reduce Fund expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Provide due diligence of the Investment Company's other service providers, including, the Investment
Company's investment advisers, sub-advisers, fund accountants, custodians, transfer agents, distributors, and in the case of ETFs, authorized
participants, to the extent not otherwise provided by the Investment Company's other service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Arrange for and attend shareholders' meetings; prepare the Investment Company's representatives
who will attend shareholder meetings and all necessary materials in connection with such meetings including, a written script for such
meetings, minutes and any follow-up documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Provide the Investment Company with legal guidance with respect to its regulated activities, including
prospectus disclosures, investment activities, affiliated transactions, investment in senior securities, sales, redemptions and exchanges,
distribution of income and capital gains, distribution of Shares, Board composition, code of ethics, fidelity bond, custodial services
and service provider contracts and the general application of securities laws and regulations to the Investment Company's business
and provide or arrange for all other legal services that constitute Administrative Service required by the Investment Company and not
otherwise provided for under this Agreement (it being understood that various legal services will be provided to the Investment Company,
the Board and the Independent Trustees at the expense of the Investment Company, as described herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Supervise outside legal counsel retained at the expense of the Investment Company with respect to litigation
brought by the Investment Company (including participation in class-action lawsuits) and against the Investment Company and negotiate
litigation settlements and pre-litigation settlements and work-out arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Obtain the required documentation to be filed in connection with any lawsuits against the Investment Company
and provide information and expertise on administrative matters affecting such litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Supervise outside legal counsel retained at the expense of the Investment Company with respect to, and
review all contracts, filings and required documentation concerning, the acquisition of other investment companies or the liquidation
of the Fund; provide guidance on the manner such transactions should be structured to comply with applicable law and obtain at the Investment
Company's expense, legal opinions and regulatory authority rulings necessary for such transactions to comply with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Using reasonable judgement and subject to any terms and conditions established by the Board and the requirements
of the 1940 Act and in consultation with Fund Treasury, determine on behalf of the Investment Company whether or not to participate in
domestic and/or offshore class-action lawsuits in which the Investment Company is eligible to participate, and provide guidance to Fund
Treasury regarding the Investment Company's participation in any such class-action lawsuits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Seek formal guidance from regulatory authorities concerning the application of various regulations to
the Investment Company and seek exemptive relief, where appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Subject to the Board's direction, coordinate meetings of the Board (and its committees), including:
(i) the creation of notices, agendas, legal memoranda and administrative reports, and (ii) the review and compilation of other materials
prepared by the Investment Company's adviser, distributor, portfolio accountant, custodian, transfer agent, auditor, independent
counsel or other service providers to support the Board's discussions and actions taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Negotiate and secure for the Investment Company and its directors and officers: (i) a fidelity bond
in an amount that is at least adequate to satisfy the requirements of the 1940 Act, (ii) directors and officer's coverage and (iii)
professional liability or errors and omissions coverage, in each case, under terms that are acceptable to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Monitor changes in applicable regulations and make corresponding changes in, or develop new, policies
and procedures for the Fund or for the applicable service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Prepare, review and negotiate standard forms of indentures, guarantees, agreements, certificates, confirmations
and other documentation relating to the legal terms of securities eligible for purchase by money market funds, provided that FAS shall
not have any obligation to: (i) provide any written legal opinions regarding such securities; or (ii) prepare, review or negotiate any
document for which a standard form has not been developed and accepted for use by the investment company industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Perform the following "blue sky" services, either itself or through one or more affiliated
or unaffiliated service providers: (1) provide a system to monitor the total number of Shares of the Investment Company (and/or Class)
sold in each State, (2) monitor the total number of Shares of such Investment Company (and/or Class) sold in each State and, where appropriate,
increase the number of Shares registered in such State, (3) with respect to shareholders of the Investment Company whose shareholdings
are fully-disclosed on the transfer agent's recordkeeping system, (a) identify those transactions and assets to be treated as exempt
from blue sky reporting for each State and (b) verify the classification of transactions for each State on the transfer agent's
recordkeeping system, and (4) with respect to shareholders of the Investment Company whose shareholdings are not fully-disclosed on the
transfer agent's recordkeeping system, rely upon information provided by the relevant financial intermediary transacting for such
holder of Shares in performing the obligations set forth in subsection (2) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Provide compliance services, as directed by the Investment Company's Chief Compliance Officer, which
include monitoring the Investment Company's compliance with its policies and procedures, and with applicable federal, state and
foreign securities laws, the rules and regulations thereunder, and the rules of the Exchanges, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. For each Fund that is an ETF, administer and maintain the availability of the website required for each
ETF by the ETF Rule. In such capacity, FAS will, among other things, contract with a third party service provider for or otherwise arrange
for access to, and publish all information required by the ETF Rule on the website on each business day in accordance with the ETF Rule
and the applicable Fund policies and procedures. Such information includes: (i) before the opening of regular trading on the primary listing
Exchange of the Fund's shares, the following information for each portfolio holding that will form the basis of the next calculation
of the Fund's net asset value (**"NAV"**): (a) Ticker symbol, (b) CUSIP or other identifier, (c) description of holding,
(d) quantity of each security or other asset held, and (e) percentage weight of the holding in the portfolio; (ii) the Fund's NAV,
market price, and the premium or discount at which the it is trading, each as of the end of the prior business day, on a daily basis;
(iii) the Fund's median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, over the most recent 30 calendar
days; (iv) a table showing the number of days the Fund's shares traded at a premium or discount during the most recently completed
calendar year and for the most recently completed calendar quarter(s) of the current year (or the life of the Fund, if shorter); (v) a
line graph showing the Fund's premiums and discounts for the most recently completed calendar year and for the most recently completed
calendar quarter(s) of the current year (or the life of the Fund, if shorter); and (vi) if the share premium or discount at which the
Fund is trading is greater than 2% for more than seven consecutive trading days, a statement that the Fund's premium or discount,
as applicable, was greater than 2% and a discussion of the factors that are reasonably believed to have materially contributed to the
premium or discount (this information must be posted on the website on the day immediately after the disclosure requirement is triggered
and must remain on the Fund's website for one year after its initial posting).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Administer the Investment Company's code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Monitor the Investment Company's compliance with its investment policies, objectives and restrictions
as set forth in its currently effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Implement and maintain, together with affiliated companies, a business continuation and disaster recovery
program for the Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Assist the Investment Company in regulatory examinations, inspections or investigations of the Investment
Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Provide the following administrative and compliance services with regard Commodity Futures Trading Commission
(" **CFTC**") Rule 4.5 (as may be amended from time to time): (i) monitor the Investment Company's compliance with
the rule; (ii) with respect to those Funds that are required under the rule to register as 'commodity pools' from time to
time (the "**Registered Funds**") prepare, file and maintain the Registered Funds' registrations with the CFTC or
applicable self-regulatory authority, as appropriate; (iii) with respect to those Funds that are subject to the rule but qualify for an
exemption from registration as 'commodity pools', prepare, file and monitor the companies' exemptive filings with the
CFTC or applicable self-regulatory authority, as appropriate; (iv) in relation to the Registered Funds' commodity pool status, prepare,
file and maintain the Registered Funds advisers' registrations as 'commodity pool operators' ()"**CPOs** ")
and prepare and file such reports as are required to be filed by the CPOs with the CFTC or applicable self-regulatory authority, as appropriate;
and (v) any additional administrative and compliance services with regard to the Investment Company's and CPOs' CFTC Rule
4.5 activities, as directed by the Investment Company's Chief Compliance Officer, from time to time (collectively, "**CFTC Rule 4.5 Administrative Services** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Provide administrative and compliance support services, as requested by the Derivatives Risk Management
Administrator, for those Funds that transact in derivatives, which includes monitoring compliance with policies and procedures and applicable
laws, rules and regulations.

**B.** **FINANCIAL ADMINISTRATIVE SERVICES** 

1. Prepare and file the Investment Company's tax returns.

2. Evaluate and obtain custody services from a financial institution that meets the requirements of the 1940
Act.

3. Compare, as applicable, the fund accountant's calculation of the Investment Company's net
asset value, yield, dividends, fund total return and performance and total assets with the fund accountant's previous calculations
and with changes in the relevant securities market on a daily basis for reasonableness of changes.

4. With respect to each Fund that is an ETF, contract for and coordinate the intra-day publication, every
15 seconds throughout the trading day, through the facilities of the Consolidated Tape Association an amount (sometimes referred to as
the **"INAV"**) equal to the sum of the current value of the portfolio positions as reflected in the Fund Deposit (as defined
in the Fund's prospectus) divided by the number of Fund shares outstanding.

5. Review and compare, as applicable, the calculation of the Investment Company's average maturity
with the previous calculations for reasonableness of changes.

6. Support the Investment Company's investment advisers as the "Valuation Designees" under Rule
2a-5 of the 1940 Act. Evaluate and recommend the pricing services used by the Investment Company; support the fair valuation of portfolio
securities as required by the Investment Company's fair valuation procedures; review and recommend changes to the Investment Company's
fair valuation procedures.

7. Compare the fund accountant's calculations of the Investment Company's undistributed net income
balances with the fund accountant's previous calculations for reasonableness of changes.

8. Perform daily reviews, as applicable, of the fund accountant's shadow net asset value calculations
with the previous calculations for reasonableness of changes; notify designated parties, as necessary, of deviations in compliance with
the Investment Company's Rule 2a-7 procedures, if any.

9. Perform monthly comparison of the fund accountant's performance calculations with previous calculations
for reasonableness of changes.

10. Perform quarterly comparison of the fund accountant's projected annual fund expenses with previous
projections for reasonableness of changes; prepare monthly budgets for specific expense categories to be used in monthly updates to the
Investment Company's expense accruals and projections.

11. Review fund expense reports prepared by the fund accountant; monitor compliance with the expense limits
stated in the prospectus fee tables, including disclosure regarding which expense categories should be accrued in addition to the expense
limits.

12. Coordinate and track the payment of all fund expenses that are paid directly by the Fund by the Investment
Company's fund accountant. With respect to each Fund that is an ETF, review and monitor the payment of all fund expenses paid by
the investment adviser to the ETF under the terms of the Investment Advisory Agreement with the Fund to confirm payment.

13. Compare the fund accountant's calculation of dividend recommendations with previous recommendations
for reasonableness of changes; consult with portfolio managers concerning recommendations for fixed dividend resolution funds.

14. Calculate and determine capital gain distributions, if any, for the Investment Company.

15. Review the fund accountant's calculations for shareholder tax reporting of assets under management
(**"AUM"**) income percentages, state income percentages and government income percentages.

16. Monitor and confirm the Investment Company's status as a regulated investment company under the
current Internal Revenue Code ()"**IRC** "); monitor and confirm compliance with IRC section 817(h) diversification requirements,
as applicable.

17. Review and/or prepare, for shareholder tax reporting purposes, as applicable, (i) calculations for qualifying
dividend income (QDI), dividends received deduction (DRD), qualified business interest income for purposes of shareholders' IRC
Section 163J business interest expense deductions, if applicable, and interest-related and short-term capital gain dividends (QII), (ii)
IRC section 1250 gain amounts, as well as assessing compliance with various states' threshold requirements for reporting certain
tax characteristics to shareholders in those states, and (iii) and monitor, review and track the tax basis of the securities in each Fund's
portfolio securities, and, with respect to each Fund that is an ETF, provide such information on a real time basis to the portfolio management
team for use in the portfolio management process.

18. Supervise relationship with fund financial service providers (e.g., custodians, accounting and audit firms,
tax specialists, etc.) and the services provided to the Investment Company, including foreign tax reclaims, and relief at source and stamp
duty refunds. Participate in the negotiation of service providers' contracts and fees for such services, and provide assistance
to service providers (e.g., providing requested data), as needed.

19. Supervise fund accountant's compilation of semi-annual and annual reports in accordance with required
accounting standards, and provide review and needed assistance regarding certain disclosures, auditor requests and other information to
facilitate the timely completion of the annual audits. Manage the Sarbanes-Oxley Section 302 certification process and respond to related
regulator inquiries as needed.

20. Manage relationships with the respective independent audit firms, including the annual negotiation of
the engagement letters and fees.

21. Using reasonable judgement and subject to any terms and conditions established by the Board and the requirements
of the 1940 Act and in consultation with Legal, determine on behalf of the Investment Company whether or not to participate in domestic
and/or offshore class-action lawsuits in which the Investment Company is eligible to participate.

22. Coordinate the Investment Company's participation in any class-action lawsuits, including the information
flow among the Investment Company's third-party class-action service provider, the relevant "Claims Administrator" in
a given action, the fund accountants, and fund advisors, and assist in resolving any data discrepancies that may arise in filing a claim.

23. Processes any settlement proceeds recovered by the Investment Company as a result of a class-action lawsuits.

**C.** **OTHER ADMINISTRATIVE SERVICES** 

1. Coordinate the layout, printing and electronic delivery of publicly disseminated prospectuses and shareholder
reports, make recommendations to improve their effectiveness or reduce expenses.

2. Perform internal audit examinations in accordance with a charter adopted by the Investment Company.

3. Monitor enterprise level risks associated with the services provided herein in accordance with a charter
adopted by Investment Company.

4. Develop and recommend changes in the investment strategy and operation of the Investment Company that
may be in the interest of its Shareholders.

5. Provide individuals reasonably acceptable to the Board for nomination, appointment, or election as the
following officers of the Investment Company, who will be responsible for the management of certain of the Investment Company's affairs
as specified in the Investment Company's charter documents and by-laws, subject to direction by the Board: (i) the president and
principal executive officer, (ii) the treasurer and principal financial and accounting officer; (iii) the secretary, and (iv)
such other officers as are mutually agreeable.

6. For each Fund that is not an ETF, monitor trading activity to help identify market timers and recommend
policies to deter market timing.

7. For each Fund that is not an ETF, review potential intermediary clients and existing intermediary clients
as appropriate to determine/monitor the client's ability to adhere to the terms of any servicing agreement between the client and
Investment Company.

8. For each Fund that is an ETF, review potential authorized participants and existing authorized participants
as appropriate to determine/monitor the authorized participant's ability to adhere to the terms of the authorized participant agreement
between the authorized participant and the Fund's distributor.

9. Review and recommend changes to the transfer agent's policies and procedures to mitigate fraud,
enhance shareholder services or reduce expenses.

10. Review and recommend changes to policies and procedures and operating processes designed to reduce Fund
expenses.

11. Respond to all inquiries or other communications from shareholders and other parties, not otherwise provided
by the Investment Company's other service providers; if the inquiry is more properly responded to by another of the Investment Company's
service providers, referring the individual making the inquiry to the appropriate person.

12. Provide services and support, as requested by the Responsible Investing Office ()"**RIO** "),
in relation to environmental, social and governance ("ESG") investing by the Funds, which include monitoring compliance with
its policies and procedures with all applicable laws, rules and regulations.

13. Perform the following services for each Fund, as applicable, either itself
or through its affiliate, Federated Shareholder Services company; (i) select and perform due diligence regarding proposed new owners of
omnibus accounts as proposed recordkeeping agents for the Investment Company, (ii) enter into agreements as agent for the Investment Company,
or any of them, substantially in the form most recently approved by the Board, with the registered owners of omnibus accounts for the
provision of services necessary for the recordkeeping or sub-accounting of share positions held in underlying sub-accounts ()"**Recordkeeping Agreements** "), together with such changes thereto as may be agreed to by FAS so long as such changes do not (a) increase the
fees payable by the Investment Company under the Recordkeeping Agreements, (b) alter the indemnity obligations of the Investment Company
owing to or from the Investment Company thereunder or (c) otherwise materially alter the obligations of the Investment Company under the
Recordkeeping Agreements, (iii) agree, on behalf of the Investment Company, to make payments for services rendered under Recordkeeping
Agreements out of the assets of the Investment Company in amounts not to exceed the amounts determined from time to time by the Board,
and (iv) give instructions to the transfer agent of the Investment Company (the "**Transfer Agent** "), for and on behalf
of the Investment Company as "**Proper Instructions**" of the Investment Company under and pursuant to the agreement for
transfer agency services with the Transfer Agent, to perform the services of Company and/or the Investment Company under each such Recordkeeping
Agreement, excepting only the indemnity obligations owning from the Investment Company or Company thereunder.

**D. SUBCONTRACTORS**

1. FAS may without further consent on the part of the Investment Company at FAS's own expense, subcontract
for the performance of Administrative Services with a sub-contractor selected by FAS. FAS shall be as fully responsible to the Investment
Company for the acts and omissions of any subcontractor as it is for its own acts and omissions.

***2.*** FAS shall upon instruction from the Investment Company subcontract for the
performance of services under this Agreement with an agent selected by the Investment Company, other than as described in D.1. above,
provided, however, that FAS shall in no way be responsible to the Investment Company for the acts and omissions of the agent and the expenses
of such agent shall be the responsibility of FAS or the Investment Company, as the parties may agree from time to time.

**<u>Article 3. Records</u>.**

FAS shall create and maintain all necessary books and records in accordance with all applicable laws, rules and regulations, including records required by Section 31(a) of the 1940 Act, pertaining to the Administrative Services performed by it and not otherwise created and maintained by another party pursuant to contract with the Investment Company. Where applicable, such records shall be maintained by FAS for the periods and in the places required by Rule 31a-2 under the 1940 Act. The books and records pertaining to the Investment Company which are in the possession of FAS shall be the property of the Investment Company. The Investment Company, or the Investment Company's authorized representatives, shall have access to such books and records at all times during FAS's normal business hours. Upon the reasonable request of the Investment Company, copies of any such books and records shall be provided promptly by FAS to the Investment Company or the Investment Company's authorized representatives.

**<u>Article 4. Expenses.</u>**

A. FAS shall be responsible for all expenses (i) expressly assumed by FAS under this Agreement; (ii) incurred
in the ordinary course of providing (or causing to be provided) the Administrative Services, including CFTC Rule 4.5 Administrative Services,
to the Investment Company and the equipment, office space, and facilities necessary to perform its obligations under this Agreement; and
(iii) incurred in maintaining its staff and personnel, including the compensation of FAS employees who serve as trustees or directors
or officers of the Investment Company.

B. Each Fund shall be solely responsible for (i) all expenses expressly assumed by the Funds under this Agreement;
(ii) all other fees and expenses incurred in the operation of the Funds, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) investment advisory fees and expenses associated with the investment management of the Fund's portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shareholder servicing, recordkeeping and distribution and marketing expenses of the Funds (including expenses incurred in routing shareholder services fees, recordkeeping fees and distribution fees to third-party intermediaries);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) expenses for transfer agent(s), registrar(s) and dividend disbursing agent(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) expenses for custodian(s) and related custodial services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) costs of Fund accounting services provided by third parties to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) costs of services provided by independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) costs and services of outside legal and tax counsel (other than counsel sub-contracted with by FAS to perform services under this Agreement) and counsel to the Funds and the Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) ratings agency fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) costs related to short selling (e.g., prime brokerage fees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) postage and courier expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) printing expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) expenses for XRBL tagging and regulatory document production (e.g., ArcPro) provided by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) travel and lodging expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Fund registration fees, listing fees and filing fees and other Fund organizational expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) costs, including interest expenses, commitment fees, facilities fees and unused line fees of any borrowings made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) fees payable to persons who are not FAS employees and not FAS subcontractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Fund-allocation of trade association dues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) expenses of obtaining quotations and other pricing information for calculating the value of the Fund's net assets, including the Fund-allocation of costs of independent pricing services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) expenses related to the Fund's Directors and Fund Board meetings, including travel, Director's fees and costs of electronic board books;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) fees charged by third party custodians for calculating Form N-PORT and Form N-CEN information requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) expenses incurred in connection with bankruptcies, workouts and restructures, proceedings and other claims against the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) costs of third-party legal, tax, accounting or other expert advice incurred in connection with any litigation, threatened litigation or other regulatory proceeding, by or against the Funds (including a Fund's participation in a class-action lawsuit), including third-party record-retention costs related to litigation holds; (y) professional fees associated with tax reclaims, relief at source, stamp duty or other similar services provided by vendors such as accounting and legal firms or other providers specializing in such services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other expenses approved from time to time by the Fund's Board as properly payable by the Funds (any such expenses under (i), (ii) and (iii) reasonably incurred by FAS on the Fund's behalf "**Out of Pocket Expenses**") provided that, any Out of Pocket Expenses incurred by FAS that are payable to or by an affiliate of FAS will not be duplicative of services to be provided by those affiliates under any other agreement with the Funds.

C. Notwithstanding the foregoing, FAS and the Investment Company with respect to each Fund that is an ETF
acknowledge, understand and agree that the investment adviser to a Fund that is an ETF may be responsible for making payment for certain
Fund expenses identified above under the unitary fee terms of the investment advisory agreement with respect to a Fund (each a **"Unitary Fee Agreement"**).

**<u>Article 5. Compensation.</u>**

A. In addition to Out of Pocket Expenses, for the Administrative Services provided hereunder, excluding CFTC
Rule 4.5 Administrative Services, the Investment Company hereby agrees to pay, or to cause the Fund's investment adviser to pay
in accordance with the applicable Unitary Fee Agreement, and FAS hereby agrees to accept as full compensation for such services a pro
rata "**Administrative Services Fee**" at the annual rates set forth below on the average daily net assets of each Fund
listed on Exhibit A to this Agreement; provided however, that no Administrative Services Fee will be charged for those Funds also listed
on Exhibit B to this Agreement.

---

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

---

For purposes of calculating the applicable breakpoint under this Agreement, "Investment Complex" is defined as those Funds listed on Exhibit A to this Agreement but not also listed on Exhibit B.

For purposes of implementing changes to the effective Administrative Services Fee rate, if any, changes to the effective rate will begin accruing on the first calendar day of the month following a calculated change equal to no less than 0.001% and only after such change remains static for at least 15 calendar days, provided the 15th day does not fall after approximately the 20th calendar day of the same month. Otherwise, any changes to the effective rate will begin accruing on the first calendar day of the second month following such calculated change.

For the CFTC Rule 4.5 Administrative Services provided hereunder, each Registered Fund agrees to pay, or to cause the Fund's investment adviser to pay in accordance with the applicable Unitary Fee Agreement, and FAS hereby agrees to accept as full compensation for such services, an annual "**Administrative Service Charge**" of $125,000 per Registered Fund.

&nbsp;&nbsp;&nbsp;&nbsp;B. The Administrative Services Fee, Administrative Services Charge and Out
of Pocket Expenses attributable to each Fund shall be accrued by such Fund and paid to FAS by the Fund or investment adviser, as applicable,
no less frequently than monthly, and shall be paid daily upon request of FAS. For the payment period in which this Agreement becomes effective
or terminates with respect to any Fund, there shall be an appropriate proration of Administrative Service Fee and Administrative Service
Charge payments, on the basis of the number of days that this Agreement is in effect during the month. FAS will maintain detailed information
about the Administrative Services Fee, Administrative Service Charge and Out of Pocket Expenses paid by each Fund.

**<u>Article 6. Standard of Care and Indemnification.</u>**

A. FAS shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Investment
Company in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or
gross negligence on its part in the performance of its duties or from reckless disregard by it of its duties under this Agreement. Any
person, even though also an officer, director, trustee, partner, employee or agent of FAS, who may be or become an officer, director,
trustee, partner, employee or agent of the Investment Company, shall be deemed, when rendering services to the Investment Company or acting
on any business of the Investment Company (other than services or business in connection with the duties of FAS hereunder) to be rendering
such services to or acting solely for the Investment Company and not as an officer, director, trustee, partner, employee or agent or one
under the control or direction of FAS, even though paid by FAS.

B. FAS shall be kept indemnified by the Investment Company and be without liability for any action taken
or thing done by it in performing the Administrative Services in accordance with the above standards.

C. FAS shall not be responsible for and the Investment Company or Fund shall indemnify and hold FAS, including
its officers, directors, shareholders and their agents, employees and affiliates, harmless against any and all losses, damages, costs,
charges, counsel fees, payments, expenses and liabilities arising out of or attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The acts or omissions of any custodian, adviser, sub-adviser, fund accountant, distributor, transfer agent
or other party contracted by or approved by the Investment Company or Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The reliance on or use by FAS or its agents or subcontractors of information, records and documents in
proper form which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are received by FAS or its agents or subcontractors from any adviser, sub-adviser, fund accountant, distributor, transfer agent or other third party contracted by or approved by the Investment Company or Fund for use in the performance of services under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have been prepared and/or maintained by the Investment Company or its affiliates or any other person or firm on behalf of the Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The reliance on, or the carrying out by FAS or its agents or subcontractors of a Proper Instruction of
the Investment Company or the Fund.

**"Proper Instruction"** means a writing signed or initialed by one or more person or persons as the Board shall have from time to time authorized. Each such writing shall set forth the specific transaction or type of transaction involved. Oral instructions will be deemed to be Proper Instructions if (a) FAS reasonably believes them to have been given by a person previously authorized in Proper Instructions to give such instructions with respect to the transaction involved, and (b) the Investment Company, or the Fund, and FAS promptly cause such oral instructions to be confirmed in writing. Proper Instructions may include communications effected directly between electro-mechanical or electronic devices provided that the Investment Company, or the Fund, and FAS are satisfied that such procedures afford adequate safeguards for the Fund's assets. Proper Instructions may only be amended in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The offer or sale of Shares in violation of any requirement under the federal securities laws or regulations
or the securities laws or regulations of any state that such Shares be registered in such state or in violation of any stop order or other
determination or ruling by any federal agency or any state with respect to the offer or sale of such Shares in such state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any untrue statement or alleged untrue statement of a material fact contained in the Investment Company's
registration statement, any prospectus or statement of additional information ()"**SAI**") (as from time to time amended
or supplemented) or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the
statements therein not misleading, unless such statement or omission was made in reliance upon and in conformity with written information
furnished to the Investment Company about FAS by or on behalf of FAS expressly for the use in the registration statement, any prospectus
or SAI, or any amendment or supplement thereof.

Provided, however, that FAS shall not be protected by this Article 6.C. from liability for any act or omission resulting from FAS's willful misfeasance, bad faith, gross negligence in the performance of or reckless disregard of its duties under this Agreement.

D. At any time FAS may apply to any officer of the Investment Company or Fund for instructions, and may consult
with legal counsel or the Investment Company's independent accountants with respect to any matter arising in connection with the
services to be performed by FAS under this Agreement, and FAS and its agents or subcontractors shall not be liable and shall be indemnified
by the Investment Company or the appropriate Fund for any action reasonably taken or omitted by it in reliance upon such instructions
or upon the opinion of such counsel or independent accountant provided such action is not in violation of applicable federal or state
laws or regulations.

E. The Investment Company or Fund shall not be responsible for and FAS shall indemnify and hold the Investment
Company or Fund harmless against any and all losses, damages, costs, charges, counsel fees, payments, expenses and liabilities arising
out of or attributable to FAS's willful misfeasance, bad faith or gross negligence on its part in the performance of its duties
or reckless disregard by it of its duties under this Agreement.

F. In order that the indemnification provisions contained in this Article 6 shall apply, upon the assertion
of a claim for which any party may be required to indemnify another, the party seeking indemnification (the "**Claimant** "),
shall promptly notify the indemnifying party (the "**Indemnifier**") of such assertion. It is further understood that each
party will use all reasonable care to identify and notify the Indemnifier promptly concerning any situation that presents or appears likely
to present the probability of such a claim for indemnification against the Indemnifier, provided that the failure to give notice as required
by this paragraph 6.F. in a timely fashion shall not result in a waiver of any right to indemnification hereunder unless the Indemnifier
is prejudiced thereby and then only to the extent of such prejudice. The Claimant shall permit the Indemnifier to assume the defense of
any such claim or any litigation resulting from it, provided that Indemnifier's counsel that is conducting the defense of such claim
or litigation shall be approved by the Claimant (which approval shall not be unreasonably withheld), and that the Claimant may participate
in such defense at its expense.

The Indemnifier, in the defense of any such claim or litigation, shall not, without the consent of the Claimant, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term the giving by the alleging party or plaintiff to the Claimant of a release from all liability in respect to such claim or litigation.

**<u>Article 7. Assignment.</u>**

A. This Agreement shall inure to the benefit of and be binding upon the parties and their respective permitted
successors and assigns.

B. FAS may, without further consent on the part of the Investment Company,
assign its rights and obligations under this Agreement to any entity ultimately controlled by Federated Hermes, Inc.

C. Except as provided in Paragraph 7.B., FAS may not assign its rights and obligations under this Agreement,
whether directly or by operation of law, without the prior written consent of the Investment Company, which consent may not be unreasonably
withheld.

**<u>Article 8. Representations and Warranties.</u>**

FAS represents and warrants to the Investment Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is a statutory trust duly organized and existing and in good standing under the laws of the state of
Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is duly qualified to carry on its business in each jurisdiction where the nature of its business requires
such qualification, and in the state of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is empowered under applicable laws and by its Declaration of Trust and by-laws to enter into and perform
this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All requisite corporate proceedings have been taken to authorize it to enter into and perform its obligations
under this Agreement.

**<u>Article 9. Term and Termination of Agreement.</u>**

A. This Agreement shall be effective from the date set forth above and shall continue indefinitely with respect
to each Investment Company and Fund until terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Agreement may be terminated by FAS at any time, without payment of any penalty, upon eighteen (18)
months' written notice to the Investment Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Agreement may be terminated by the Investment Company at any time, without payment of any penalty,
upon eighteen (18) months' written notice to FAS; however, in the event, of willful misfeasance, bad faith, gross negligence or
reckless disregard of its duties by FAS, the Investment Company may terminate the Agreement upon 60 days' written notice to FAS,
provided that FAS has not cured such willful misfeasance, bad faith, gross negligence or reckless disregard of its duties within the 60
day period of such notice of termination.

B. The termination of this Agreement with respect to one Investment Company or Fund shall not result in the
termination of this Agreement with respect to any other Investment Company or Fund. Investment Companies that merge or dissolve during
the term of the Agreement, shall, upon payment of all outstanding fees and Out of Pocket Expenses, cease to be a party on the effective
date of such merger or dissolution.

C. Articles 6 and 19, 20, 21 and 22 shall survive the termination of this Agreement.

**<u>Article 10. Amendment.</u>**

This Agreement may be amended or modified only by a written agreement executed by both parties.

**<u>Article 11. Interpretive and Additional Provisions.</u>**

In connection with the operation of this Agreement, FAS and the Investment Company may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by both parties and shall be annexed hereto, provided that no such interpretive or additional provisions shall contravene any applicable federal or state regulations or any provision of any charter document.

Unless the context clearly requires otherwise, "includes," "including" and similar terms are intended to connote illustrative examples and shall be construed as being followed by ", without limitation,".

**<u>Article 12. Governing Law.</u>**

This Agreement shall be construed and the provisions hereof interpreted under and in accordance with the laws of the Commonwealth of Pennsylvania without giving effect to any conflicts or choice of laws rule or provision that would result in the application of the domestic substantive laws of any other jurisdiction.

**<u>Article 13. Notices.</u>**

Except as otherwise specifically provided herein, notices and other writings delivered or mailed postage prepaid to the Investment Company at 4000 Ericsson Drive, Warrendale, Pennsylvania 15086, or to FAS at Federated Hermes Tower, Pittsburgh, Pennsylvania, 15222-3779, or to such other address as the Investment Company or FAS may hereafter specify, shall be deemed to have been properly delivered or given hereunder to the respective address.

**<u>Article 14. Counterparts.</u>**

This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original.

**<u>Article 15. Merger of Agreement.</u>**

This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject hereof whether oral or written.

**<u>Article 16. Successor Administrator.</u>**

If a successor Administrator for the Investment Company shall be appointed by the Investment Company, FAS shall upon termination of this Agreement deliver to such successor Administrator at the office of FAS all properties of the Investment Company held by it hereunder. If no such successor Administrator shall be appointed, FAS shall at its office upon receipt of Proper Instructions deliver such properties in accordance with such instructions.

Each Fund will bear all out-of-pocket expenses arising from the transition of Administrative Services to a successor Administrator, including the expenses of moving or transmitting materials to the successor Administrator.

**<u>Article 17. Force Majeure.</u>**

If either party is unable to carry out any of its obligations under this Agreement because of conditions beyond its reasonable control, including, acts of war or terrorism, work stoppages, fire, civil disobedience, delays associated with hardware malfunction or availability, riots, rebellions, storms, electrical failures, epidemic, pandemic, acts of God, and similar occurrences ("**Force Majeure**"), this Agreement will remain in effect and the non-performing party's obligations shall be suspended without liability for a period equal to the period of the continuing Force Majeure (which such period shall not exceed fifteen (15) business days), provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the non-performing party gives the other party prompt notice describing
the Force Majeure, including the nature of the occurrence and its expected duration and, where reasonably practicable, continues to furnish
regular reports with respect thereto during the period of Force Majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the suspension of obligations is of no greater scope and of no longer duration
than is required by the Force Majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. no obligations of either party that accrued before the Force Majeure are
excused as a result of the Force Majeure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the non-performing Party uses reasonable efforts to remedy its inability
to perform as quickly as possible.

**<u>Article 18. Severability.</u>**

In the event any provision of this Agreement is held illegal, void or unenforceable, the balance shall remain in effect.

**<u>Article 19. Limitations of Liability of the Board and Shareholders of the Investment Company.</u>**

The execution and delivery of this Agreement have been authorized by the Board of the Investment Company and signed by an authorized officer of the Investment Company, acting as such, and neither such authorization by the Board nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, and the obligations of this Agreement are not binding upon any member of the Board or Shareholders of the Investment Company, but bind only the property of the Fund, or Class, as provided in the Declaration of Trust.

**<u>Article 20. Limitations of Liability of Trustees and Shareholders of the Company.</u>**

The execution and delivery of this Agreement have been authorized by the Trustees of FAS and signed by an authorized officer of FAS, acting as such, and neither such authorization by such Trustees nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, and the obligations of this Agreement are not binding upon any of the Trustees or Shareholders of FAS, but bind only the property of FAS, as provided in FAS's Declaration of Trust.

**<u>Article 21. Confidential Information.</u>**

(a) **Definition.** Each party shall safeguard and hold confidential from disclosure to unauthorized parties all Confidential Information of the other party. For purposes of this Article, "**Confidential Information**" shall mean any and all non-public information which is in any way connected with, derived from or related to the business of the other party which is either designated as confidential or which, by its nature or under the circumstances surrounding its disclosure, reasonably ought to be treated as confidential, and any notes, memoranda, analyses compilations, studies and other documents, whether prepared by the party or others, to the extent they contain or otherwise reflect such information.

(b) **Exceptions.** Confidential Information shall not include information to the extent such information (i) is already known to the receiving party free of any restriction at the time obtained, including information in the public domain; (ii) is subsequently learned from an independent third party free of restriction; (iii) becomes publicly known through no breach of this Article; or (iv) is independently developed by one party without reference to information which is confidential.

(c) **Security.** Each party shall take reasonable security precautions, at least as great as the precautions it takes to protect its own confidential information, to keep confidential the Confidential Information.

(d) **Use of Information.** Confidential Information may be disclosed, reproduced, used, summarized or distributed only as necessary in the ordinary course of business to provide the services identified in the Agreement, and only as otherwise provided hereunder or as specifically required or permitted by applicable law.

**<u>Article 22. Privacy.</u>**

A. The Investment Company may disclose shareholder/customer non-public information ()"**NPI** ")
to FAS as agent of the Investment Company and solely in furtherance of fulfilling FAS's contractual obligations under this Agreement
in the ordinary course of business to support the Investment Company and its shareholders.

B. FAS hereby agrees to be bound to use and redisclose such NPI (i) for the limited purpose of fulfilling
its duties and obligations under this Agreement; (ii) as permitted under Regulation S-P; and (iii) as required by any applicable federal
or state law or regulation or request of or by any governmental or regulatory authority or self-regulatory organization having jurisdiction
over FAS or the Investment Company.

C. FAS represents and warrants that it has implemented, and will continue to carry out for the term of this
Agreement, policies and procedures in compliance with all applicable laws and regulations regarding the privacy of shareholder information
which are reasonably designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. insure the security and confidentiality of records and NPI of Investment
Company shareholders/customers, including encrypting such information as required by applicable federal and state laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. protect against any anticipated threats or hazards to the security or integrity
of Investment Company customer records and NPI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. protect against unauthorized access to or use of such Investment Company
customer records or NPI that could result in substantial harm or inconvenience to any Investment Company customer.

**<u>Article 23. Further Assurance</u>**.

Each party agrees to promptly sign all documents and take any additional actions reasonably requested by the other to accomplish the purposes of this Agreement.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed in their names and on their behalf under their seals by and through their duly authorized officers, as of the day and year first above written.

---

| |
|:---|
| **INVESTMENT COMPANIES** |
| **(listed on Exhibit A hereto)** |
| By: /s/ J. Christopher Donahue |
| Name: J. Christopher Donahue |
| Title: President |
| **FEDERATED ADMINISTRATIVE SERVICES** |
| By: /s/ Peter J. Germain |
| Name: Peter J. Germain |
| Title: President |

---

**Agreement for Administrative Services**

EXHIBIT A

This contract is for Federated Funds only.

December 1, 2022

---

| | | |
|:---|:---|:---|
| **<u>CONTRACT DATE</u>** | **<u>INVESTMENT COMPANY</u>** | |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Adjustable Rate Securities Trust** |  |
| &nbsp;&nbsp;8/1/22 | &nbsp;&nbsp;Federated Hermes Adjustable Rate Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**6/1/17** | &nbsp;&nbsp;**Federated Hermes Adviser Series** |  |
| &nbsp;&nbsp;6/1/19 | &nbsp;&nbsp;Federated Hermes Emerging Markets Equity Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;12/1/20 | &nbsp;&nbsp;Federated Hermes Conservative Microshort Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/20 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/1/20 | &nbsp;&nbsp;Federated Hermes Conservative Municipal Microshort Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/20 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/1/18 | &nbsp;&nbsp;Federated Hermes Global Equity Fund |  |
| &nbsp;&nbsp;12/1/18 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/18 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;12/1/18 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/1/18 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;3/1/19 | &nbsp;&nbsp;Federated Hermes International *Developed* Equity Fund |  |
| &nbsp;&nbsp;3/1/19 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;3/1/19 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;3/1/19 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;3/1/19 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/18 | &nbsp;&nbsp;Federated Hermes SDG Engagement Equity Fund |  |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/1/18 | &nbsp;&nbsp;Federated Hermes SDG Engagement High Yield Credit Fund |  |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/18 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/1/18 | &nbsp;&nbsp;Federated Hermes Unconstrained Credit Fund |  |
| &nbsp;&nbsp;12/1/18 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/18 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;12/1/18 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/1/18 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;3/1/20 | &nbsp;&nbsp;Federated Hermes US SMID Fund |  |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Class C shares |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Institutional Share |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/1/19 | &nbsp;&nbsp;Federated Hermes International Equity Fund |  |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;6/1/19 | &nbsp;&nbsp;Federated Hermes International Growth Fund |  |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/1/19 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;6/1/17 | &nbsp;&nbsp;Federated Hermes MDT Large Cap Value Fund |  |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Class B Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;7/1/21 | &nbsp;&nbsp;Federated Hermes MDT Market Neutral Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;7/1/21 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Core Trust** |  |
| &nbsp;&nbsp;03/1/16 | &nbsp;&nbsp;Emerging Markets Core Fund |  |
| &nbsp;&nbsp;9/1/10 | &nbsp;&nbsp;Bank Loan Core Fund |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Mortgage Core Fund |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;High Yield Bond Core Fund |  |
| &nbsp;&nbsp;**3/1/08** | &nbsp;&nbsp;**Federated Hermes Core Trust III** |  |
|  | &nbsp;&nbsp;Project and Trade Finance Core Fund |  |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Equity Funds** |  |
| &nbsp;&nbsp;12/1/08 | &nbsp;&nbsp;Federated Hermes Clover Small Value Fund |  |
| &nbsp;&nbsp;12/1/08 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/08 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;12/1/08 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/29/10 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;3/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;3/1/08 | &nbsp;&nbsp;Federated Hermes International Strategic Value Dividend Fund |  |
| &nbsp;&nbsp;3/1/08 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;3/1/08 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Kaufmann Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class B Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/17/07 | &nbsp;&nbsp;Federated Hermes Kaufmann Large Cap Fund |  |
| &nbsp;&nbsp;9/17/07 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/17/07 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/17/07 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;12/30/13 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/17/07 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Kaufmann Small Cap Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class B Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/05 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;9/1/17 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/15 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes MDT Mid Cap Growth Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/06 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;12/1/09 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/1/08 | &nbsp;&nbsp;Federated Hermes Prudent Bear Fund |  |
| &nbsp;&nbsp;9/1/08 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/1/08 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/08 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/1/04 | &nbsp;&nbsp;Federated Hermes Strategic Value Dividend Fund |  |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;3/1/05 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/1/16 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Equity Income Fund, Inc.** |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class B Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;1/25/13 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;3/1/12 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**9/1/21** | &nbsp;&nbsp;**Federated Hermes ETF Trust** |  |
| &nbsp;&nbsp;9/1/21 | &nbsp;&nbsp;Federated Hermes Short Duration Corporate ETF |  |
| &nbsp;&nbsp;9/1/21 | &nbsp;&nbsp;Federated Hermes Short Duration High Yield ETF |  |
| &nbsp;&nbsp;9/1/22 | &nbsp;&nbsp; Federated Hermes U.S. Strategic Dividend ETF<br>|  |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Fixed Income Securities, Inc.** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Strategic Income Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class B Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;1/27/17 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/07 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Municipal Ultrashort Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;3/1/19 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;**6/1/08** | &nbsp;&nbsp;**Federated Hermes Global Allocation Fund** |  |
| &nbsp;&nbsp;6/1/08 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/08 |  | &nbsp;&nbsp;Class B Shares |
| &nbsp;&nbsp;6/1/08 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/08 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;3/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;3/1/09 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;**Federated Hermes Government Income Securities, Inc.** |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Government Income Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Government Income Fund | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes High Income Bond Fund, Inc.** |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class B Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;1/27/17 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;1/27/17 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes High Yield Trust** |  |
| &nbsp;&nbsp;3/1/14 | &nbsp;&nbsp;Federated Hermes Opportunistic High Yield Bond Fund | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;3/1/14 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;4/30/10 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;6/1/13 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Income Securities Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Capital Income Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class B Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;6/1/13 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;3/1/12 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/1/10 | &nbsp;&nbsp;Federated Hermes Floating Rate Strategic Income Fund |  |
| &nbsp;&nbsp;9/1/10 |  | &nbsp;&nbsp;Class A Shares |
|  |  | &nbsp;&nbsp;Class A 1 Shares |
| &nbsp;&nbsp;9/1/10 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Fund for U.S. Government Securities |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class B Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Intermediate Corporate Bond Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Muni and Stock Advantage Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class B Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;5/29/07 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;12/1/10 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/1/05 | &nbsp;&nbsp;Federated Hermes Inflation Protected Securities Fund (formerly Federated Hermes Real Return Bond Fund) |  |
| &nbsp;&nbsp;12/1/05 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/05 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;12/1/05 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;1/1/22 |  | &nbsp;&nbsp;*Class R6 Shares* |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Short-Term Income Fund |  |
| &nbsp;&nbsp;12/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/1/21 |  | &nbsp;&nbsp;Class A2 Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Institutional Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Government Ultrashort Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;3/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Institutional High Yield Bond Fund |  |
| &nbsp;&nbsp;12/1/22 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;12/1/22 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;12/1/07 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;03/1/16 |  | &nbsp;&nbsp;R6 Shares |
| &nbsp;&nbsp;6/1/05 | &nbsp;&nbsp;Federated Hermes Short-Intermediate Total Return Bond Fund |  |
| &nbsp;&nbsp;1/31/14 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/1/05 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;6/1/05 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Insurance Series** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Fund for U.S. Government Securities II |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes High Income Bond Fund II |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Primary Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Kaufmann Fund II |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Primary Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Managed Volatility Fund II |  |
| &nbsp;&nbsp;6/1/18 |  | &nbsp;&nbsp;Primary Shares |
| &nbsp;&nbsp;6/1/18 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Government Money Fund II |  |
| &nbsp;&nbsp;9/1/15 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Quality Bond Fund II |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Primary Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes International Series, Inc.** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Global Total Return Bond Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Investment Series Funds, Inc.** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Corporate Bond Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class B Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;9/1/07 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**12/1/05** | &nbsp;&nbsp;**Federated Hermes Managed Pool Series** |  |
| &nbsp;&nbsp;12/1/05 | &nbsp;&nbsp;Federated Hermes Corporate Bond Strategy Portfolio |  |
| &nbsp;&nbsp;12/1/05 | &nbsp;&nbsp;Federated Hermes High-Yield Strategy Portfolio |  |
| &nbsp;&nbsp;12/1/05 | &nbsp;&nbsp;Federated Hermes International Bond Strategy Portfolio |  |
| &nbsp;&nbsp;12/1/14 | &nbsp;&nbsp;Federated Hermes International Dividend Strategy Portfolio |  |
| &nbsp;&nbsp;12/1/05 | &nbsp;&nbsp;Federated Hermes Mortgage Strategy Portfolio |  |
| &nbsp;&nbsp;**7/31/06** | &nbsp;&nbsp;**Federated Hermes MDT Series** |  |
| &nbsp;&nbsp;7/31/06 | &nbsp;&nbsp;Federated Hermes MDT All Cap Core Fund |  |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;7/31/06 | &nbsp;&nbsp;Federated Hermes MDT Balanced Fund |  |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;9/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;7/31/06 | &nbsp;&nbsp;Federated Hermes MDT Large Cap Growth Fund |  |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;3/1/07 |  | &nbsp;&nbsp;Class B Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;7/31/06 | &nbsp;&nbsp;Federated Hermes MDT Small Cap Core Fund |  |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;3/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;7/31/06 | &nbsp;&nbsp;Federated Hermes MDT Small Cap Growth Fund |  |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;7/31/06 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;3/1/16 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Municipal Bond Fund, Inc.** |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class B Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;5/29/07 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Municipal Securities Income Trust** |  |
| &nbsp;&nbsp;6/1/06 | &nbsp;&nbsp;Federated Hermes Michigan Intermediate Municipal Fund |  |
| &nbsp;&nbsp;6/1/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/06 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;6/1/06 | &nbsp;&nbsp;Federated Hermes Municipal High Yield Advantage Fund |  |
| &nbsp;&nbsp;6/1/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/06 |  | &nbsp;&nbsp;Class B Shares |
| &nbsp;&nbsp;6/1/06 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/06 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;6/1/13 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Ohio Municipal Income Fund |  |
| &nbsp;&nbsp;9/1/08 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Pennsylvania Municipal Income Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;3/1/20 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp; **Federated Hermes Premier Municipal Income Fund**<br> (limited purpose of Administrative Services) |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Common Shares |
| &nbsp;&nbsp;**10/1/16** | &nbsp;&nbsp; **Federated Hermes Project and Trade Finance Tender Fund**<br> (limited purpose of Administrative Services) |  |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Short-Intermediate Duration Municipal Trust** |  |
|  | &nbsp;&nbsp;Federated Hermes Short-Intermediate Municipal Fund |  |
| &nbsp;&nbsp;7/1/06 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;9/1/21 |  | &nbsp;&nbsp;Class A2 Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Total Return Government Bond Fund** |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;3/1/16 |  | &nbsp;&nbsp;R6 Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Total Return Series, Inc.** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Core Bond Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/21 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Total Return Bond Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class B Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;4/17/15 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Ultrashort Bond Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;3/1/19 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Short-Term Government Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Short-Term Government Fund | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Short-Intermediate Government Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Short-Intermediate Government Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes World Investment Series, Inc.** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Emerging Market Debt Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;3/1/12 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes International Leaders Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class B Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/13 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;6/1/13 |  | &nbsp;&nbsp;Class R6 Shares |
| &nbsp;&nbsp;6/15/10 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes International Small-Mid Company Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;3/1/08 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Intermediate Municipal Trust** |  |
| &nbsp;&nbsp;08/01/22 | &nbsp;&nbsp;Federated Hermes Intermediate Municipal Fund |  |
| &nbsp;&nbsp;08/01/22 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;**11/1/03** | &nbsp;&nbsp;**Federated Hermes Money Market Obligations Trust** |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes California Municipal Cash Trust |  |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Cash II Shares |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Cash Series Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Wealth Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;12/1/04 | &nbsp;&nbsp;Federated Hermes Capital Reserves Fund |  |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp; Federated Hermes Government Obligations Fund |  |
| &nbsp;&nbsp;9/1/17 |  | &nbsp;&nbsp;Administrative Shares |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Advisor Shares |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash II Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash Series Shares |
| &nbsp;&nbsp;12/1/15 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;12/1/14 |  | &nbsp;&nbsp;Premier Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Trust Shares |
| &nbsp;&nbsp;4/1/22 |  | &nbsp;&nbsp;*SDG Shares* |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Government Obligations Tax Managed Fund |  |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Automated Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;12/1/04 | &nbsp;&nbsp;Federated Hermes Government Reserves Fund |  |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Class A Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Class B Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Class C Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Class F Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Class P Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Institutional Money Market Management |  |
| &nbsp;&nbsp;3/1/14 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;9/1/07 |  | &nbsp;&nbsp;Eagle Shares |
| &nbsp;&nbsp;9/1/07 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;3/1/14 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Institutional Prime Obligations Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Institutional Prime Value Obligations Fund |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Institutional Tax-Free Cash Trust |  |
| &nbsp;&nbsp;12/1/15 |  | &nbsp;&nbsp;Premier Shares |
| &nbsp;&nbsp;12/1/15 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Municipal Obligations Fund |  |
| &nbsp;&nbsp;10/27/17 |  | &nbsp;&nbsp;Automated Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash II Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash Series Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Investment Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Wealth Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes New York Municipal Cash Trust |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Cash II Shares |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Cash Series Shares |
| &nbsp;&nbsp;12/1/04 |  | &nbsp;&nbsp;Wealth Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Prime Cash Obligations Fund |  |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Advisor Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Automated Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash II Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash Series Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Class R Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Wealth Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Trust Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Tax-Free Obligations Fund |  |
| &nbsp;&nbsp;6/1/17 |  | &nbsp;&nbsp;Advisor Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Wealth Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Treasury Obligations Fund |  |
| &nbsp;&nbsp;6/13/14 |  | &nbsp;&nbsp;Automated Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Capital Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Trust Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes Trust for U.S. Treasury Obligations |  |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash II Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Cash Series Shares |
| &nbsp;&nbsp;6/1/15 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 | &nbsp;&nbsp;Federated Hermes U.S. Treasury Cash Reserves |  |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;11/1/03 |  | &nbsp;&nbsp;Service Shares |

---

 

 

**EXHIBIT B**

**FUNDS NOT CHARGED AN ADMINISTRATIVE SERVICES FEE**

Emerging Markets Core Fund

Mortgage Core Fund

High Yield Bond Core Fund

Bank Loan Core Fund

Project and Trade Finance Core Fund

## Ex-99.H

Exhibit 28 (h) (4) under Form N-1A<br> Exhibit (10) under Item 601/REG. S-K

**<u>FINANCIAL ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT</u>**

THIS AGREEMENT dated as of March 1, 2011 is made, severally and not jointly (except that the parties agree that the calculation required by Section XIII hereunder shall be joint and not several) by each of the investment companies listed on Exhibit A hereto (each, a "Trust") and State Street Bank and Trust Company ("State Street").

WHEREAS, each Trust is registered as a management investment company under the Investment Company Act of 1940, as amended (the "1940 Act") with authorized and issued shares of capital stock or beneficial interest (the "Shares");

WHEREAS, certain Trusts subject to this Agreement are "series companies" as defined in Rule 18f-2(a) under the 1940 Act and, as used in this Agreement, the term "Portfolio" refers to either (i) an individual portfolio of such a series company or (ii) an investment company that is not organized as a series company, and the term "Portfolios" refers to all such portfolios and investment companies, collectively;

WHEREAS, Shares of each Portfolio may be subdivided into "classes" as provided in Rule 18f-3 under the 1940 Act;

WHEREAS, the Trust desires to retain State Street as financial administrator (the "Financial Administrator") to furnish certain financial administrative services on behalf of the Portfolios;

WHEREAS, the Trust desires to retain State Street as accounting agent (the "Accounting Agent") to perform certain accounting and recordkeeping services on behalf of the Portfolios; and

WHEREAS, State Street is willing to perform such services on the terms provided herein.

NOW, THEREFORE, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;I. APPOINTMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Of State Street as the Financial Administrator</u>

The Trust hereby appoints State Street to act as Financial Administrator with respect to the Trust for purposes of providing certain financial administrative services for the period and on the terms set forth in this Agreement. State Street accepts such appointment and agrees to render the financial administrative services stated herein.

The Trust will initially consist of the Portfolios identified on Exhibit A hereto. In the event that the Trust establishes one or more additional Portfolios with respect to which it wishes to retain the Financial Administrator to act as financial administrator hereunder, the Trust shall notify the Financial Administrator in writing (including by facsimile or electronic mail communication). Upon such notification, such Portfolio shall become subject to the provisions of this Agreement to the same extent as the existing Portfolios, except to the extent that such provisions (including those relating to compensation and expenses payable by the Trust and its Portfolios) may be modified with respect to each additional Portfolio in writing by the Trust and the Financial Administrator at the time of the addition of the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Of State Street as the Accounting Agent</u>

The Trust hereby appoints State Street to act as Accounting Agent with respect to the Portfolios for purposes of providing certain accounting and recordkeeping services for the period and on the terms set forth in this Agreement. State Street accepts such appointment and agrees to render the accounting and recordkeeping services stated herein.

The Trust will initially consist of the Portfolios identified on Exhibit A. In the event that the Trust establishes one or more additional Portfolios with respect to which it wishes to retain the Accounting Agent to act as accounting agent hereunder, the Trust shall notify the Accounting Agent in writing (including by facsimile or electronic mail communication). Upon such notification, such Portfolio shall become subject to the provisions of this Agreement to the same extent as the existing Portfolios, except to the extent that such provisions (including those relating to compensation and expenses payable by the Trust and its Portfolios) may be modified with respect to each additional Portfolio in writing by the Trust and the Accounting Agent at the time of the addition of the Portfolio.

II. REPRESENTATIONS and WARRANTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>By State Street.</u> State Street represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is a Massachusetts trust company, duly organized
and existing under the laws of The Commonwealth of Massachusetts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It has the corporate power and authority to carry
on its business in The Commonwealth of Massachusetts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All requisite corporate proceedings have been taken
to authorize it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No legal or administrative proceedings have been
instituted or threatened which would impair State Street's ability to perform its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Its entrance into this Agreement shall not cause
a material breach or be in material conflict with any other agreement or obligation of State Street or any law or regulation applicable
to it; and

It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>By the Trust.</u> The Trust represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is duly organized, existing and in good standing
under the laws of the jurisdiction in which it was formed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It has the power and authority under applicable
laws and by its organizational documents to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All requisite proceedings have been taken to authorize
it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. With respect to each Portfolio, it is an investment
company properly registered under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A registration statement under the 1940 Act (and
if Shares of the Portfolio are offered publicly, under the Securities Act of 1933, as amended (the "1933 Act")) has been filed
and will be effective and remain effective during the term of this Agreement. The Trust also warrants that as of the effective date of
this Agreement, all necessary filings under the securities laws of the states in which the Trust offers or sells its Shares have been
made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. No legal or administrative proceedings have been
instituted or threatened which would impair the Trust's ability to perform its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Its entrance into this Agreement will not cause
a material breach or be in material conflict with any other agreement or obligation of the Trust or any law or regulation applicable to
it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. As of the close of business on the date of this
Agreement, the Trust is authorized to issue its Shares.

&nbsp;&nbsp;&nbsp;&nbsp;III. DUTIES of STATE STREET

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>As the Financial Administrator.</u> The Financial Administrator shall provide the following services, in each case, subject to the control, supervision and direction of the respective Trust and its Board of Trustees/Directors (the "Board") and in accordance with procedures which may be established from time to time between the Trust and the Financial Administrator (including the procedures established in the "Service Level Agreement" as defined in Section V of this Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Compile, review and deliver to the Trust, fund performance statistics including Securities and Exchange
Commission (the "SEC") yields, distribution yields and total returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prepare and submit for approval by officers of the Trust a fund expense budget, review expense calculations
and arrange for payment of the Trust's expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Prepare for review and approval by officers of the Trust financial information required for the Trust's
annual and semi-annual reports, proxy statements and other communications required or otherwise to be sent to shareholders; review text
of "President's Letter to Shareholders" and "Management's Discussion of Financial Performance" as
included in shareholder reports (which shall also be subject to review by the Trust's legal counsel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prepare for review by an officer of and legal counsel for the Trust the Trust's periodic financial
reports required to be filed with the SEC on Form N-SAR and financial information required by Form N-1A, Form N-2, Form N-14, Form N-Q
and Form 24F-2 and such other reports, forms or filings as may be mutually agreed upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Prepare reports, including media questionnaires and mutual fund publication surveys, relating to the business
and affairs of the Trust as may be mutually agreed upon and not otherwise prepared by the Trust's investment adviser, custodian,
legal counsel or independent accountants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Oversee and review calculations of fees paid to State Street and to the Trust's investment adviser,
shareholder servicing agent, distributor, custodian, fund administrator, fund accountant and transfer and dividend disbursing agent ("Transfer
Agent"), in addition to the oversight and review of all asset based fee calculations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Prepare fund income forecasts and submit for approval by officers of the Trust, recommendations for fund
income dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Maintain continuing awareness of significant emerging regulatory and legislative developments which may
affect the Trust, and provide related planning assistance where requested or appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Complete monthly preferred shares "asset coverage" test
(as that term is defined in Section 18(h) of the 1940 Act) (the "1940 Act Test") following the compliance procedures contained
in Exhibit D attached hereto, as such Exhibit may be amended from time to time by mutual agreement of the parties (the "Compliance
Procedures");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Complete monthly preferred shares basic maintenance amount test
for Fitch Ratings, Ltd. ("Fitch") (the "Fitch Preferred Shares Basic Maintenance Test") following the Compliance
Procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Complete monthly preferred shares basic maintenance amount test
for Moody's Investors Service, Inc. ("Moody's") (the "Moody's Preferred Shares Basic Maintenance Test")
following the Compliance Procedures. *See First Amendment, dated 3/1/11, effective 3/25/11* 

The Financial Administrator shall provide the office facilities and the personnel required by it to perform the services contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>As the Accounting Agent.</u> The Accounting Agent shall provide the following services, in each case,
subject to the control, supervision and direction of the respective Trust and its Board and in accordance with procedures which may be
established from time to time between the Trust and the Accounting Agent (including the procedures established in the "Service Level
Agreement" as defined in Section V of this Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Books of Account</u>. The Accounting Agent shall
maintain the books of account of the Trust and shall perform the following duties in the manner prescribed by the respective Trust's
currently effective prospectus, statement of additional information or other governing document, copies of which have been certified by
the Secretary of the Funds and supplied to the Accounting Agent (a "Governing Document") (including the procedures established
in the Service Level Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Value the assets of each Portfolio using: primarily, market quotations (including the use of matrix pricing) supplied by the independent pricing services selected by the Accounting Agent in consultation with the Trust's investment adviser (the "Adviser") and approved by the Board; secondarily, if a designated pricing service does not provide a price for a security that the Accounting Agent believes should be available by market quotation, the Accounting Agent may obtain a price by calling brokers designated by the Adviser, or if the Adviser does not supply the names of such brokers, the Accounting Agent will attempt on its own to find brokers to price the security, subject to approval by the Adviser; thirdly, for securities for which no market price is available, the Valuation Committee overseen by the Board (the "Committee") will determine a fair value in good faith; or fourthly, such other procedures as may be adopted by the Board. Consistent with Rule 2a-4 under the 1940 Act, estimates may be used where necessary or appropriate. The Accounting Agent is not the guarantor of the accuracy of the securities prices received from such pricing agents and the Accounting Agent is not liable to the Trust for errors in valuing a Portfolio's assets or calculating the net asset value (the "NAV") per share of such Portfolio or class when the calculations are based upon inaccurate prices provided by pricing agents. The Accounting Agent will provide daily to the Adviser the security prices used in calculating the NAV of each Portfolio, for its use in preparing exception reports for those prices on which the Adviser has a comment. Further, upon receipt of the exception reports generated by the Adviser, the Accounting Agent will diligently pursue communication regarding exception reports with the designated pricing agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Determine the NAV per share of each Portfolio and/or
class, at the time and in the manner from time to time determined by the Board and as set forth in the Prospectus of such Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Prepare the weekly or bi-weekly mark-to-market
reports and analysis in compliance with Rule 2a-7 for each of the money market portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Monitor the triggers used to determine
when the ITG fair value pricing procedures may be invoked, as further detailed on attached Exhibit C (the Fair Value Pricing Authorization),
and inform the appropriate Federated personnel that triggers had been met . *See First Amendment, dated 3/1/11, effective 3/25/11* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Calculate the net income of each of the Portfolios,
if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Calculate realized capital gains or losses of each
of the Portfolios resulting from sale or disposition of assets, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Calculate the expense accruals for each fund/class
of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Determine the dividend factor for all daily dividend
funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Maintain the general ledger and other accounts,
books and financial records of the Trust, including for each Portfolio, as required under Section 31(a) of the 1940 Act and the rules
thereunder in connection with the services provided by State Street

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. At the request of the Trust, prepare various reports
or other financial documents in accordance with generally accepted accounting principles as required by federal, state and other applicable
laws and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Such other similar services as may be reasonably
requested by the Trust.

The Trust shall provide timely prior notice to the Accounting Agent of any modification in the manner in which such calculations are to be performed as prescribed in any revision to the Trust's Governing Document. The Accounting Agent shall not be responsible for any revisions to the manner in which such calculations are to be performed unless such revisions are communicated in writing to the Accounting Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Records</u>. The Accounting Agent shall create and maintain all
records relating to its activities and obligations under this Agreement in such a manner as will meet the obligations of the Trust under
the 1940 Act, specifically Section 31 thereof and Rules 31a-1 and 31a-2 thereunder. All such records shall be the property of
the Trust and shall at all times during the regular business hours of the Accounting Agent be open for inspection by duly authorized officers,
employees or agents of the Trust and employees and agents of the SEC. Subject to Section XVII.B below, the Accounting Agent shall preserve
for the period required by law the records required to be maintained thereunder.

IV. DUTIES of the TRUST

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Delivery of Documents.</u> The Trust will promptly deliver, upon request, to the Financial Administrator copies of each of the following documents and all future amendments and supplements, if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust's organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust's currently effective registration
statements under the 1933 Act (if applicable) and the 1940 Act and the Trust's Prospectus(es) and Statement(s) of Additional Information
(collectively, the "Prospectus") relating to all Portfolios and all amendments and supplements thereto as in effect from time
to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Certified copies of resolutions of the Board authorizing
(a) the Trust to enter into this Agreement and (b) certain individuals on behalf of the Trust and its third-party agents to (i) give instructions
to the Financial Administrator pursuant to this Agreement and (ii) authorize the payment of expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The investment advisory agreements between the
Trust and the Advisers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Such other certificates, documents or opinions
which the Financial Administrator may, in its reasonable discretion, deem necessary or appropriate in the proper performance of its duties.

The Trust shall provide, or shall cause its third-party agent to provide, timely notice to the Accounting Agent of all data reasonably required by the Accounting Agent for performance of its duties described in Section III.B hereunder. The Trust's failure to provide such timely notice shall excuse the Accounting Agent from the performance of such duties, but only to the extent the Accounting Agent's performance is prejudiced by the Trust's failure.

State Street is authorized and instructed to rely upon any and all information it receives from the Trust or its third-party agent that it reasonably believes to be genuine. State Street shall have no responsibility to review, confirm or otherwise assume any duty with respect to the accuracy or completeness of any data supplied to it by or on behalf of the Trust.

State Street shall value the Trust's securities and other assets utilizing prices obtained from sources designated by the Trust, or the Trust's duly-authorized agent, on a Price Source Authorization substantially in the form attached hereto as Exhibit B or otherwise designated by means of Proper Instructions (as such term is defined herein) (collectively, the "Authorized Price Sources"). State Street shall not be responsible for any revisions to the methods of calculation adopted by the Trust unless and until such revisions are communicated in writing to State Street.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Proper Instructions.</u> The Trust and its third-party agents shall communicate to State Street by means of Proper Instructions. Proper Instructions shall mean (i) a writing signed or initialed by one or more persons as the Board shall have from time to time authorized or (ii) a communication effected directly between the Trust or its third-party agent and State Street by electro-mechanical or electronic devices, provided that the Trust and State Street have approved such procedures. State Street may rely upon any Proper Instruction believed by it to be genuine and to have been properly issued by or on behalf of the Trust. Oral instructions shall be considered Proper Instructions if State Street reasonably believes them to have been given by a person authorized to give such instructions. The Trust and its third-party agents shall cause all oral instructions to be confirmed in accordance with clauses (i) or (ii) above, as appropriate. The Trust and its third-party agents shall give timely Proper Instructions to State Street in regard to matters affecting accounting practices and State Street's performance pursuant to this Agreement.

V. PERFORMANCE GOALS**:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Trust and State Street have developed mutually acceptable performance goals dated March 1, 2011 , and as may be amended from time to time, regarding the manner in which they expect to deliver and receive the services under this Agreement (hereinafter referred to as "Service Level Agreement"). The parties agree that such Service Level Agreement reflects performance goals and any failure to perform in accordance with the provisions thereof shall not be considered a breach of contract that gives rise to contractual or other remedies. It is the intention of the parties that the sole remedy for failure to perform in accordance with the provisions of the Service Level Agreement, or any dispute relating to performance goals set forth in the Service Level Agreement, will be a meeting of the parties to resolve the failure pursuant to the consultation procedure described in Sections V. B. and V.C. below. Notwithstanding the foregoing, the parties hereby acknowledge that any party's failure (or lack thereof) to meet the provisions of the Service Level Agreement, while not in and of itself a breach of contract giving rise to contractual or other remedies, may factor into the Trust's reasonably determined belief regarding the standard of care exercised by State Street hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Consultation Procedure. If a party hereto is unable to meet the provisions of the Service Level Agreement, or in the event that a dispute arises relating to performance goals set forth in the Service Level Agreement, either party to this Agreement shall address any concerns it may have by requiring a consultation with the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Purpose of Consultation Procedure. The purpose of the consultation procedure is to endeavor to resolve any failure to meet the provisions of the Service Level Agreement. If a consultation occurs under this Section V, all parties must negotiate in good faith to endeavor to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. implement changes which will enable the Service Level Agreement provisions to be met – such changes
may include, but are not limited to, modification of either or both parties' respective operational resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. agree to alternative Service Level Agreement provisions which meet the parties' respective business
requirements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. otherwise find a solution such that within a reasonable time after the consultation, the inability
to meet the Service Level Agreement provision(s) is reasonably expected to be less likely to occur in the future.

VI. COMPLIANCE WITH GOVERNMENTAL RULES and REGULATIONS; RECORDS

The Trust assumes full responsibility for its compliance with all securities, tax, commodities and other laws, rules and regulations applicable to it.

VII. WARRANTIES

If, prior to the Accounting Agent's calculation of the current NAV, the Trust or its third-party agent notifies the Accounting Agent that any of its accounting services are erroneous in any material respect, the Accounting Agent shall endeavor in a timely manner to correct such failure. Third-parties that are selected by and approved by the Trust and from which the Accounting Agent may obtain certain data included in the accounting services are solely responsible for the contents of such data and the Trust agrees to make no claim against the Accounting Agent arising out of the contents of such third-party data including, but not limited to, the accuracy thereof.

VIII. FORCE MAJEURE

The parties will maintain throughout the term of this Agreement, such contingency plans as are reasonably believed to be necessary and appropriate to recover the parties' operations from the occurrence of a disaster and which are consistent with any statute or regulation to which the parties are subject that imposes business resumption and contingency planning standards. The parties agree to provide to one another a summary of their respective contingency plans as they relate to the systems used to provide the services hereunder and to provide periodic updates of such summary upon a party's reasonable request. If any party is unable to carry out any of its obligations under this Agreement because of conditions beyond its reasonable control, including, but not limited to, acts of war or terrorism, work stoppages, fire, civil disobedience, riots, rebellions, storms, electrical failures, acts of God, and similar occurrences ("Force Majeure"), this Agreement will remain in effect and the non-performing party's obligations shall be suspended without liability for a period equal to the period of the continuing Force Majeure (which such period shall not exceed fifteen (15) business days), provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) where reasonably practicable, the non-performing party gives the other party prompt notice describing the
Force Majeure, including the nature of the occurrence and its expected duration and, where reasonably practicable, continues to furnish
regular reports with respect thereto during the period of Force Majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the suspension of obligations is of no greater scope and of no longer duration than is required by the Force
Majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) no obligations of any party that accrued before the Force Majeure are excused as a result of the Force Majeure;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the non-performing Party uses reasonable efforts to remedy its inability to perform as quickly as possible.

IX. INSTRUCTIONS and ADVICE

At any time, State Street may apply to any officer of the Trust for instructions and may consult with its own legal counsel with respect to any matter arising in connection with the services to be performed by State Street under the terms of this Agreement. At any time, State Street may consult with outside counsel for the Trust or the independent accountants for the Trust ("Trust Advisers") at the expense of the Trust, provided that State Street first obtains consent of the Trust which shall not be unreasonably withheld, with respect to any matter arising in connection with the services to be performed by State Street under the terms of this Agreement. In its capacity as the Financial Administrator or as the Accounting Agent under the terms of this Agreement, State Street shall not be liable, and shall be indemnified by the Trust or appropriate Portfolio for any action taken or omitted by it in good faith reliance upon any instructions or advice provided to State Street by a Trust Adviser or upon any paper or document reasonably believed by it to be genuine and to have been signed by the proper person or persons. State Street shall not be held to have notice of any change of authority of any person until receipt of written notice thereof from the Trust. Nothing in this paragraph shall be construed as imposing upon State Street any obligation to seek such instructions or advice, or to act in accordance with such advice when received.

X. NOTICES

All notices shall be in writing and deemed given when delivered in person, by facsimile, by overnight delivery through a commercial courier service, or by registered or certified mail, return receipt requested. Notices shall be addressed to each party at its address set forth below, or such other address as the recipient may have specified by earlier notice to the sender:

If to State Street: LaFayette Corporate Center

2 Avenue de LaFayette, 4 South

Boston, MA 02111

ATTN: Michael E. Hagerty

Telephone: (617) 662-3630

Facsimile: (617) 662-3690

With a copy to: State Street Bank and Trust Company

2 Avenue de LaFayette, 2<sup>nd</sup> Floor

P.O. Box 5049

Boston, MA 02206-5049

ATTN: Mary Moran Zeven, Esq.

Telephone: (617) 662-1783

Facsimile: (617) 662-3805

If to the Trust: 4000 Ericsson Drive

Warrendale, PA 15086-7561

ATTN: Richard A. Novak, Treasurer

Telephone: (412) 288-7045

Facsimile: (412) 288-6788

XI. CONFIDENTIALITY

The parties hereto agree that each shall treat confidentially all information provided by each party to the other party regarding its business and operations ("Confidential Information"). All Confidential Information provided by a party hereto shall be used by the other party hereto solely for the purpose of rendering or receiving services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party. Neither party will use or disclose Confidential Information for purposes other than the activities contemplated by this Agreement or except as required by law, court process or pursuant to the lawful requirement of a governmental agency, or if the party is advised by counsel that it may incur liability for failure to make a disclosure, or except at the request or with the written consent of the other party. Notwithstanding the foregoing, each party acknowledges that the other party may provide access to and use of Confidential Information relating to the other party to the disclosing party's employees, contractors, agents, professional advisors, auditors or persons performing similar functions.

The foregoing shall not be applicable to any information (i) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (ii) that is independently derived by a party hereto without the use of any information provided by the other party hereto in connection with this Agreement, (iii) that is required in any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, or by operation of law or regulation, or (iv) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld. Furthermore, and notwithstanding anything in this Section XI to the contrary, the Accounting Agent may aggregate Portfolio data with similar data of other customers of the Accounting Agent ("Aggregated Data") and may use Aggregated Data for purposes of constructing statistical models so long as such Aggregated Data represents a sufficiently large sample that no Portfolio data can be identified either directly or by inference or implication.

If either party is required to disclose Confidential Information as a result of a court order, subpoena or similar legal duress, then that party may disclose such Confidential Information, provided that the disclosing party, if not prohibited from doing so, shall undertake reasonable efforts to give the other party prompt prior written notice upon its receipt of any such order or subpoena and provided further that failure to provide such notice shall not give rise to any liability.

The undertakings and obligations contained in this Section XI shall survive the termination or expiration of this Agreement for a period of three (3) years.

XII. LIMITATION of LIABILITY and INDEMNIFICATION

State Street shall be held to a standard of reasonable care in carrying out its duties under this Agreement. State Street shall be responsible for the performance of only such duties as are set forth in this Agreement and, except as otherwise provided under Section XVI, shall have no responsibility for the actions or activities of any other party, including other service providers. State Street shall have no liability for any error of judgment or mistake of law or for any loss or damage resulting from the performance or nonperformance of its duties hereunder unless caused by or resulting from the negligence, reckless misconduct, willful malfeasance or lack of good faith of State Street, its officers or employees and, in such event, such liability will be subject to the limitations set forth in Section XIII herein. State Street shall not be liable for any special, INdirect, incidental, or consequential damages of any kind whatsoever (including, without limitation, attorneys' fees) in any way due to the Trust's use of the services described herein or the performance of or failure to perform State Street's obligations under this Agreement. This disclaimer applies without limitation to claims regardless of the form of action, whether in contract (including negligence), strict liability, or otherwise and regardless of whether such damages are foreseeable.

The Trust, or, if applicable, the relevant Portfolio, will indemnify and hold harmless State Street and its stockholders, directors, officers, employees, agents, and representatives (collectively, the "Trust Indemnified Persons") for, and will pay to the Trust Indemnified Persons the amount of, any actual and direct damages, whether or not involving a third-party claim (collectively, the "Damages"), arising from or in connection with (i) any act or omission by State Street (or any of its affiliates) pursuant to this Agreement which does not constitute negligence, reckless misconduct, willful malfeasance or lack of good faith in fulfilling the terms and obligations of this Agreement, (ii) any act or omission by the Trust (or any of its affiliates) which constitutes a breach of any representation, warranty, term, or obligation contained in this Agreement, or (iii) any act or omission by the Trust (or any of its affiliates) which constitutes negligence, reckless misconduct, willful malfeasance, or lack of good faith in fulfilling the terms and obligations of this Agreement. The remedies provided in this paragraph are not exclusive of or limit any other remedies that may be available to State Street or any other Trust Indemnified Person.

State Street will indemnify and hold harmless the Trust, and its respective shareholders, trustees, directors, officers, agents, and representatives (collectively, the "State Street Indemnified Persons") for, and will pay to the State Street Indemnified Persons the amount of, any Damages, arising from or in connection with (i) any act or omission by State Street (or any of its affiliates) which constitutes a breach of any representation, warranty, term, or obligation contained in this Agreement or (ii) any act or omission by State Street (or any of its affiliates) which constitutes negligence, reckless misconduct, willful malfeasance, or lack of good faith in fulfilling the terms and obligations of this Agreement; provided, however, that State Street shall not be required to provide indemnification for damages arising from errors caused by inaccurate prices received from independent pricing services and reasonably relied upon by State Street. In the event that State Street is required to provide indemnification under this Section XII, its liability shall be limited as described under Section XIII below. The remedies provided in this paragraph are not exclusive of or limit any other remedies that may be available to the Trust or any other State Street Indemnified Person.

The indemnification and limitation of liability contained herein shall survive the termination of this Agreement.

XIII. EXCLUSIVE REMEDY

[ ]

XIV. SERVICES NOT EXCLUSIVE

The services of State Street to the Trust are not to be deemed exclusive and State Street shall be free to render similar services to others. State Street shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized by the Trust from time to time, have no authority to act or represent the Trust in any way or otherwise be deemed an agent of the Trust.

XV. TERM; TERMINATION; AMENDMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Term</u>. This Agreement shall become effective on the date first written above and shall remain in full force and effect for a period of four (4) years from the effective date (the "Initial Term") and shall automatically continue in full force and effect after such Initial Term unless either party terminates this Agreement by written notice to the other party at least six (6) months prior to the expiration of the Initial Term. Additionally, if State Street (or any of its affiliates) engages in (i) any act or omission which constitutes a breach of any representation, warranty, term, or obligation contained in this Agreement or (ii) any act or omission which constitutes negligence, reckless misconduct, willful malfeasance, or lack of good faith in fulfilling the terms and obligations of this Agreement, then each Trust or series thereof, shall have the right to immediately terminate this Agreement. *See Amendment dated 3/1/15*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Termination</u>. Either party may terminate this Agreement at any time after the Initial Term upon at least six (6) months' prior written notice to the other party. Termination of this Agreement with respect to any given Portfolio shall in no way affect the continued validity of this Agreement with respect to any other Portfolio. Upon termination of this Agreement, the Trust shall pay to State Street such compensation and any reimbursable expenses as may be due under the terms hereof as of the date of such termination, including reasonable out-of-pocket expenses associated with such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Amendment</u>. This Agreement may be modified or amended from time to time by the mutual agreement of the parties hereto. No amendment to this Agreement shall be effective unless it is in writing and signed by a duly authorized representative of each party. The term "Agreement", as used herein, includes all schedules and attachments hereto and any future written amendments, modifications, or supplements made in accordance herewith.

XVI. FEES, EXPENSES and EXPENSE REIMBURSEMENT

State Street shall receive from the Trust such compensation for its services provided pursuant to this Agreement as may be agreed to from time to time as set forth in the fee schedule between, and agreed upon by, the parties (the "Fee Schedule"). The parties shall review the existing Fee Schedule and an appropriate adjustment to the fee, if any, shall be negotiated by the parties within ninety (90) days in the event that (i) there is a substantial change in the number or mix of types of funds; (ii) new types of funds are offered; or (iii) there are material modifications or changes to the service delivery requirements. *See Amendment dated 3/1/15*

The fees are accrued daily and billed monthly and shall be due and payable upon receipt of the invoice. Upon the termination of this Agreement before the end of any month, the fee for the part of the month before such termination shall be prorated according to the proportion which such part bears to the full monthly period and shall be payable upon the date of termination of this Agreement. In addition, the Trust shall reimburse State Street for its out-of-pocket costs and expenses incurred in connection with this Agreement with respect to reasonable attorney's fees incurred by State Street to collect any charges due under this Agreement.

The Trust agrees to promptly reimburse State Street for any equipment and supplies specially ordered by or for the Trust (with the Trust's consent) through State Street and for any other expenses not contemplated by this Agreement that State Street may incur on the Trust's behalf at the Trust's request and with the Trust's consent.

Each party will bear all expenses that are incurred in its operation and not specifically assumed by the other party. Expenses to be borne by the Trust include, but are not limited to: Organization expenses; cost of services of independent accountants and outside legal and tax counsel (including such counsel's review of the Trust's registration statement, proxy materials, federal and state tax qualification as a regulated investment company and other reports and materials prepared by State Street under this Agreement); cost of any services contracted for by the Trust directly from parties other than State Street; cost of trading operations and brokerage fees, commissions and transfer taxes in connection with the purchase and sale of securities for the Trust; investment advisory fees; taxes, insurance premiums and other fees and expenses applicable to its operation; costs incidental to any meetings of shareholders including, but not limited to, legal and accounting fees, proxy filing fees and the costs of preparation, printing and mailing of any proxy materials; costs incidental to Board meetings, including fees and expenses of Board members; the salary and expenses of any officer, director/trustee or employee of the Trust; costs incidental to the preparation, printing and distribution of the Trust's registration statements and any amendments thereto and shareholder reports; cost of typesetting and printing of prospectuses; cost of preparation and filing of the Trust's tax returns, Form N-1A or N-2, Form N-14, Form N-Q and Form N-SAR, and all notices, registrations and amendments associated with applicable federal and state tax and securities laws; fidelity bond and directors' and officers' liability insurance; and cost of independent pricing services used in computing the Trust's NAV.

State Street is authorized to and may employ or associate with such person or persons as it may deem desirable to assist it in performing its duties under this Agreement; provided, however, that the compensation of such person or persons shall be paid by State Street and State Street shall be as fully responsible to the Trust for the acts and omissions of any such person or persons as it is for its own acts and omissions.

XVII. ASSIGNMENT; SUCCESSOR AGENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Assignment.</u> This Agreement shall not be assigned by either party without the prior written consent of the other party, except that either party may assign to a successor all of or a substantial portion of its business, or to a party controlling, controlled by, or under common control with such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Successor Agent.</u> This Agreement shall be binding on and shall inure to the benefit of each party and to their successors and permitted assigns. If a successor agent for the Trust shall be appointed by the Trust, State Street shall upon termination deliver to such successor agent all properties of the Trust held by it hereunder.

In the event that no written order designating a successor agent or Proper Instructions shall have been delivered to State Street on or before the date when such termination shall become effective, then State Street shall have the right to deliver to a bank or trust company, which is a "bank" as defined in the 1940 Act, of its own selection, having an aggregate capital, surplus, and undivided profits, as shown by its last published report, of not less than $100,000,000, all properties held by State Street under this Agreement. Thereafter, such bank or trust company shall be the successor of State Street under this Agreement.

XVIII. ENTIRE AGREEMENT

This Agreement (including all schedules and attachments hereto) constitutes the entire Agreement between the parties with respect to the subject matter hereof and terminates and supersedes all prior agreements, representations, warranties, commitments, statements, negotiations and undertakings with respect to such services to be performed hereunder whether oral or in writing.

XIX. WAIVER

The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence to that term or any term of this Agreement. Any waiver must be in writing signed by the waiving party.

XX. HEADINGS NOT CONTROLLING

Headings used in this Agreement are for reference purposes only and shall not be deemed a part of this Agreement.

XXI. SURVIVAL

After expiration or termination of this Agreement, all provisions relating to payment (Section XVI and the Fee Schedule) shall survive until completion of required payments. In addition, all provisions regarding termination (Section XV), indemnification, warranty, liability and limits thereon (Section XII and Section XIII) shall survive, unless and until the expiration of any time period specified elsewhere in this Agreement with respect to the provision in question.

XXII. SEVERABILITY

In the event any provision of this Agreement is held illegal, invalid, void or unenforceable, the balance shall remain in effect, and if any provision is inapplicable to any person or circumstance it shall nevertheless remain applicable to all other persons and circumstances.

XXIII. GOVERNING LAW; JURISDICTION

This Agreement shall be deemed to have been made in The Commonwealth of Massachusetts and shall be governed by and construed under and in accordance with the laws of The Commonwealth of Massachusetts without giving effect to its conflict of laws principles and rules. The parties agree that any dispute arising herefrom shall be subject to the exclusive jurisdiction of courts sitting in The Commonwealth of Massachusetts.

XXIV. REPRODUCTION OF DOCUMENTS

This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

XXV. <u>Regulation GG</u>

The Trust hereby represents and warrants that it does not engage in an "Internet gambling business," as such term is defined in Section 233.2(r) of Federal Reserve Regulation GG (12 CFR 233) ("Regulation GG"). The Trust hereby covenants and agrees that it shall not engage in an Internet gambling business. In accordance with Regulation GG, the Trust is hereby notified that "restricted transactions," as such term is defined in Section 233.2(y) of Regulation GG, are prohibited in any dealings with State Street pursuant to this Agreement or otherwise between or among any party hereto.

<u>xxvi. Data Privacy</u>

State Street will implement and maintain a written information security program that contains appropriate security measures to safeguard the personal information of the Portfolios' shareholders, employees, directors and/or officers that State Street receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes, "personal information" shall mean (i) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (a) social security number, (b) drivers license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit access to a person's account or (ii) any combination of the foregoing that would allow a person to log onto or access an individual's account. Notwithstanding the foregoing "personal information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public.

XXVII. REMOTE ACCESS SERVICES ADDENDUM

State Street and the Trust agree to be bound by the terms of the Remote Access Services Addendum attached hereto as Exhibit E.

XXVIII. MISCELLANEOUS

The execution and delivery of this Agreement have been authorized by the Board of the Trust and signed by an authorized officer of the Trust, acting as such, and neither such authorization by the Board nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, and the obligations of this Agreement are not binding upon any member of the Board or shareholders of the Trust, but bind only the property of the Trust, or Portfolio, as provided in the organizational documents.

Each party agrees to promptly sign all documents and take any additional actions reasonably requested by the other to accomplish the purposes of this Agreement.

***[Remainder of Page Intentionally Blank]***

**Signature Page**

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

STATE STREET BANK AND TRUST COMPANY

By: <u>/s/ Michael F. Rogers</u>

Name: Michael F. Rogers

Title: Executive Vice President

INVESTMENT COMPANIES

(Listed on Exhibit A hereto)

By: <u>/s/ Richard A. Novak</u>

Name: Richard A. Novak

Title: Treasurer

*3/1/15 – See Amendment for new Exhibit A*

**EXHIBIT A**

**TO THE FINANCIAL ADMINISTRATION ACCOUNTING AND**

**SERVICES AGREEMENT (UPDATED AS OF 1/26/15)**

Edward Jones Money Market Fund

Federated Adjustable Rate Securities Fund

Federated Equity Income Fund, Inc.

Federated Global Allocation Fund

Federated Government Income Securities, Inc.

Federated High Income Bond Fund, Inc.

Federated High Yield Trust

Federated Government Income Trust

Federated Total Return Government Bond Fund

Federated U.S. Government Securities Fund: 1-3 Years

Federated U.S. Government Securities Fund: 2-5 Years

**Cash Trust Series, Inc.:**

Federated Government Cash Series

Federated Municipal Cash Series

Federated Prime Cash Series

Federated Treasury Cash Series

**Federated Core Trust:**

Federated Bank Loan Core Fund

Federated Mortgage Core Portfolio

High Yield Bond Portfolio

**Federated Core Trust II, L.P.**

Emerging Markets Fixed Income Core Fund

**Federated Core Trust III:**

Federated Project and Trade Finance Core Fund

**Federated Equity Funds:**

Federated Clover Small Value Fund

Federated Clover Value Fund

Federated Kaufmann Fund

Federated Kaufmann Large Cap Fund

Federated Kaufmann Small Cap Fund

Federated MDT Mid Cap Growth Strategies Fund

Federated Managed Risk Fund

Federated Managed Volatility Fund

Federated Prudent Bear Fund

Federated Strategic Value Dividend Fund

**Federated Fixed Income Securities, Inc.:**

Federated Strategic Income Fund

**Federated Income Securities Trust:**

Federated Capital Income Fund

Federated Floating Rate Strategic Income Fund

Federated Fund for U.S. Government Securities

Federated Intermediate Corporate Bond Fund

Federated Real Return Bond Fund

Federated Short-Term Income Fund

**Federated Index Trust:**

Federated Max-Cap Index Fund

Federated Mid-Cap Index Fund

**Federated Institutional Trust:**

Federated Government Ultrashort Duration Fund

Federated Institutional High Yield Bond Fund

Federated Short-Intermediate Total Return Bond Fund

**Federated Insurance Series:**

Federated Fund for U.S. Government Securities II

Federated High Income Bond Fund II

Federated Kaufmann Fund II

Federated Managed Tail Risk Fund II

Federated Managed Volatility Fund II

Federated Prime Money Fund II

Federated Quality Bond Fund II

**Federated Investment Series Funds, Inc.:**

Federated Bond Fund

**Federated Managed Pool Series:**

Federated Corporate Bond Strategy Portfolio

Federated High-Yield Strategy Portfolio

Federated Managed Volatility Strategy Portfolio

Federated Mortgage Strategy Portfolio

 

**Federated MDT Series:**

Federated MDT All Cap Core Fund

Federated MDT Balanced Fund

Federated MDT Large Cap Growth Fund

Federated MDT Small Cap Growth Fund

Federated MDT Small Cap Core Fund

**Federated Total Return Series, Inc.:**

Federated Mortgage Fund

Federated Total Return Bond Fund

Federated Ultrashort Bond Fund

**Money Market Obligations Trust:**

Federated Automated Cash Management Trust

Federated California Municipal Cash Trust

Federated Connecticut Municipal Cash Trust

Federated Florida Municipal Cash Trust

Federated Georgia Municipal Cash Trust

Federated Government Obligations Fund

Federated Liberty U.S. Government Money Market Trust

Federated Massachusetts Municipal Cash Trust

Federated Master Trust

Federated Michigan Municipal Cash Trust

Federated Minnesota Municipal Cash Trust

Federated Money Market Management

Federated Municipal Obligations Fund

Federated New Jersey Municipal Cash Trust

Federated New York Municipal Cash Trust

Federated North Carolina Municipal Cash Trust

Federated Ohio Municipal Cash Trust

Federated Pennsylvania Municipal Cash Trust

Federated Prime Cash Obligations Fund

Federated Prime Obligations Fund

Federated Prime Value Obligations Fund

Federated Tax-Free Obligations Fund

Federated Tax-Free Trust

Federated Treasury Obligations Fund

Federated Trust for U.S. Treasury Obligations

Federated Virginia Municipal Cash Trust

Tax-Free Money Market Fund

**EXHIBIT B**

**PRICE SOURCE AUTHORIZATION**

**[ ]**

***Exhibit C deleted – See First Amendment, dated 3/1/11, effective 3/25/11***

 ****

**EXHIBIT C**

**FAIR VALUE PRICING AUTHORIZATION**

**[ ]**

***Exhibit D deleted – See First Amendment, dated 3/1/11, effective 3/25/11***

 ****

**EXHIBIT D**

**COMPLIANCE PROCEDURES EXHIBIT**

**[ ]**

**EXHIBIT E**

**REMOTE ACCESS SERVICES ADDENDUM**

**REMOTE ACCESS SERVICES ADDENDUM**

**TO**

**<u>FINANCIAL ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT</u>**

ADDENDUM to that certain Financial Administration and Accounting Services Agreement dated as of March 1, 2011 (the "Services Agreement") between each of the investment companies listed on Exhibit A to the Services Agreement (the "Customer") and State Street Bank and Trust Company, including its subsidiaries and affiliates ("State Street"). This Addendum is several and not joint by Customer.

State Street has developed and utilizes proprietary accounting and other systems in conjunction with the services that State Street provides to the Customer. In this regard, State Street maintains certain information in databases under its control and ownership that it makes available to its customers (the "Remote Access Services").

**The Services**

State Street agrees to provide the Customer, and its designated investment advisors, consultants or other third parties who agree to abide by the terms of this Addendum ("Authorized Designees") with access to State Street proprietary systems as may be offered from time to time (the "System") on a remote basis.

**Security Procedures**

The Customer agrees to comply, and to cause its Authorized Designees to comply, with remote access operating standards and procedures and with user identification or other password control requirements and other security devices and procedures as may be issued or required from time to time by State Street for use of the System and access to the Remote Access Services. The Customer is responsible for any use and/or misuse of the System and Remote Access Services by its Authorized Designees. The Customer agrees to advise State Street immediately in the event that it learns or has reason to believe that any person to whom it has given access to the System or the Remote Access Services has violated or intends to violate the terms of this Addendum and the Customer will cooperate with State Street in seeking injunctive or other equitable relief. The Customer agrees to discontinue use of the System and Remote Access Services, if requested, for any security reasons cited by State Street and State Street may restrict access of the System and Remote Access Services by the Customer or any Authorized Designee for security reasons or noncompliance with the terms of this Addendum at any time.

**Fees**

Fees and charges for the use of the System and the Remote Access Services and related payment terms shall be as set forth in the fee schedule in effect from time to time between the parties. The Customer shall be responsible for any tariffs, duties or taxes imposed or levied by any government or governmental agency by reason of the transactions contemplated by this Addendum, including, without limitation, federal, state and local taxes, use, value added and personal property taxes (other than income, franchise or similar taxes which may be imposed or assessed against State Street). Any claimed exemption from such tariffs, duties or taxes shall be supported by proper documentary evidence delivered to State Street.

**Proprietary Information/Injunctive Relief**

The System and Remote Access Services described herein and the databases, computer programs, screen formats, report formats, interactive design techniques, formulae, processes, systems, software, know-how, algorithms, programs, training aids, printed materials, methods, books, records, files, documentation and other information made available to the Customer by State Street as part of the Remote Access Services and through the use of the System and all copyrights, patents, trade secrets and other proprietary and intellectual property rights of State Street related thereto are the exclusive, valuable and confidential proprietary property of State Street and its relevant licensors (the "Proprietary Information"). The Customer agrees on behalf of itself and its Authorized Designees to keep the Proprietary Information confidential and to limit access to its employees and Authorized Designees (under a similar duty of confidentiality) who require access to the System for the purposes intended. The foregoing shall not apply to Proprietary Information in the public domain or required by law to be made public.

The Customer agrees to use the Remote Access Services only in connection with the proper purposes of this Addendum. The Customer will not, and will cause its employees and Authorized Designees not to, (i) permit any third party to use the System or the Remote Access Services, (ii) sell, rent, license or otherwise use the System or the Remote Access Services in the operation of a service bureau or for any purpose other than as expressly authorized under this Addendum, (iii) use the System or the Remote Access Services for any fund, trust or other investment vehicle without the prior written consent of State Street, or (iv) allow or cause any information transmitted from State Street's databases, including data from third-party sources, available through use of the System or the Remote Access Services, to be published, redistributed or retransmitted for other than use for or on behalf of the Customer, as State Street's customer.

The Customer agrees that neither it nor its Authorized Designees will modify the System in any way, enhance, copy, or otherwise create derivative works based upon the System, nor will the Customer or its Authorized Designees reverse engineer, decompile or otherwise attempt to secure the source code for all or any part of the System.

The Customer acknowledges that the disclosure of any Proprietary Information, or of any information which at law or equity ought to remain confidential, will immediately give rise to continuing irreparable injury to State Street inadequately compensable in damages at law and that State Street shall be entitled to obtain immediate injunctive relief against the breach or threatened breach of any of the foregoing undertakings, in addition to any other legal remedies which may be available.

**Limited Warranties**

State Street represents and warrants that it is the owner of and has the right to grant access to the System and to provide the Remote Access Services contemplated herein. Because of the nature of computer information technology, including but not limited to the use of the Internet, and the necessity of relying upon third party sources, and data and pricing information obtained from third parties, the System and Remote Access Services are provided "AS IS" without warranty express or implied including as to availability of the System, and the Customer and its Authorized Designees shall be solely responsible for the use of the System and Remote Access Services and investment decisions, results obtained, regulatory reports and statements produced using the Remote Access Services. State Street and its relevant licensors will not be liable to the Customer or its Authorized Designees for any direct or indirect, special, incidental, punitive or consequential damages arising out of or in any way connected with the System or the Remote Access Services, nor shall any party be responsible for delays or nonperformance under this Addendum arising out of any cause or event beyond such party's control.

EXCEPT AS EXPRESSLY SET FORTH IN THIS ADDENDUM, STATE STREET, FOR ITSELF AND ITS RELEVANT LICENSORS EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES CONCERNING THE SYSTEM AND THE SERVICES TO BE RENDERED HEREUNDER, WHETHER EXPRESS OR IMPLIED INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTIBILITY OR FITNESS FOR A PARTICULAR PURPOSE.

**Infringement**

State Street will defend or, at its option, settle any claim or action brought against the Customer to the extent that it is based upon an assertion that access to or use of the State Street proprietary systems by the Customer under this Addendum constitutes direct infringement of any United States patent or copyright or misappropriation of a trade secret, provided that the Customer notifies State Street promptly in writing of any such claim or proceeding, cooperates with State Street in the defense of such claim or proceeding and allows State Street sole control over such claim or proceeding. Should the State Street proprietary systems or any part thereof become, or in State Street's opinion be likely to become, the subject of a claim of infringement or the like under any applicable patent, copyright or trade secret laws, State Street shall have the right, at State Street's sole option, to (i) procure for the Customer the right to continue using the State Street proprietary systems, (ii) replace or modify the State Street proprietary systems so that the State Street proprietary systems becomes noninfringing with no material loss of functionality or (iii) terminate this Addendum without further obligation. This section constitutes the sole remedy to the Customer for the matters described in this section.

**Termination**

Either party to the Services Agreement may terminate this Addendum (i) for any reason by giving the other party at least one-hundred and eighty (180) days' prior written notice in the case of notice of termination by State Street to the Customer or thirty (30) days' notice in the case of notice from the Customer to State Street of termination, or (ii) immediately for failure of the other party to comply with any material term and condition of the Addendum by giving the other party written notice of termination. This Addendum shall in any event terminate within ninety (90) days after the termination of any service agreement applicable to the Customer. In the event of termination, the Customer will return to State Street all copies of documentation and other confidential information in its possession or in the possession of its Authorized Designees and immediately cease access to the System and Remote Access Services. The foregoing provisions with respect to confidentiality and infringement will survive termination for a period of three (3) years.

**Miscellaneous**

This Addendum constitutes the entire understanding of the parties to the Services Agreement with respect to access to the System and the Remote Access Services. This Addendum cannot be modified or altered except in a writing duly executed by each of State Street and the Customer and shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts.

By its execution of the Services Agreement, the Customer accepts responsibility for its and its Authorized Designees' compliance with the terms of this Addendum. The Customer indemnifies and holds State Street harmless from and against any and all costs, expenses, losses, damages, charges, counsel fees, payments and liabilities arising from any failure of the Customer or any of its Authorized Designees to abide by the terms of this Addendum.

**FIRST AMENDMENT TO**

**<u>FINANCIAL ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT</u>**

THIS FIRST AMENDMENT TO FINANCIAL ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT ("<u>Amendment</u>") is by and between each of the investment companies listed on Exhibit A to the Agreement, as defined below (each, a "Trust"), and State Street Bank and Trust Company ("State Street").

W I T N E S S E T H:

**WHEREAS**, the Trusts and State Street are parties to that certain Financial Administration and Accounting Services Agreement (the "<u>Agreement</u>") dated March 1, 2011;

**WHEREAS**, each Trust is registered as a management investment company under the Investment Company Act of 1940, as amended; and

**WHEREAS**, the Trusts and State Street desire to amend the Agreement subject to the terms and conditions set forth herein.

**NOW, THEREFORE**, in consideration of the premises and mutual covenants herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Exhibit A to the Agreement is hereby amended and updated to delete the following
Funds, effective March 25, 2011:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated Municipal Ultrashort Fund, a portfolio of Federated Fixed Income
Securities, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated Premier Municipal Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated Premier Intermediate Municipal Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated Short-Intermediate Duration Municipal Trust,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated Muni and Stock Advantage Fund, a portfolio of Federated Income Securities
Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated International Bond Fund, a portfolio of Federated International Series,
Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated International Bond Strategy Portfolio, a portfolio of Federated Managed
Pool Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated Emerging Market Debt Fund, a portfolio of Federated World Investment
Series, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated Prudent DollarBear Fund, a portfolio of Federated Income Securities
Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated InterContinental Fund, a portfolio of Federated Equity Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated International Leaders Fund, a portfolio of Federated World Investment
Series, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated International Small-Mid Company Fund, a portfolio of Federated World
Investment Series, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federated International Strategic Value Dividend Fund, a portfolio of Federated
Equity Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Agreement is hereby further amended and updated to delete Sections III.
A. 9, 10 and 11 and Section III. B. 1. d., effective March 25, 2011.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Agreement shall remain in full force and effect as amended by this Amendment.

*[Remainder of Page Intentionally Left Blank]*

IN WITNESS WHEREOF, this Amendment has been executed for and on behalf of the undersigned as of March 25, 2011.

**On behalf of each of the Funds indicated on Exhibit A of the Financial Administration and Accounting Services Agreement, as amended from time to time**

By: <u>/s/ Richard A. Novak</u>

Title: Treasurer

**STATE STREET BANK AND TRUST COMPANY**

By: <u>/s/ Michael F. Rogers</u>

Title: Executive Vice President

**Amendment to Financial Administration**

**and Accounting Services Agreement**

This Amendment to Financial Administration and Accounting Services Agreement (this "Amendment") is dated as of March 1, 2015, by and among each of the investment companies listed on Exhibit A hereto (each, a "Trust") and State Street Bank and Trust Company ("State Street").

<u>RECITALS</u>

WHEREAS, the Trusts and State Street are parties to a certain Financial Administration and Accounting Services Agreement, dated as of March 1, 2011 (such agreement, together with all exhibits, schedules, and any other documents executed or delivered in connection therewith, the "Agreement"); and

WHEREAS, the parties desire to amend the Agreement on the terms and subject to the conditions hereinafter set forth.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Amendments</u>** . The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The first sentence of Section XV.A of the Agreement is deleted in its entirety and replaced as follows:

"A. <u>Term</u>. This Agreement shall become effective as of March 1, 2015 and shall remain in full force and effect for a period of four (4) years from the effective date (the "Initial Term") and shall automatically continue in full force and effect after such Initial Term unless either party terminates this Agreement by written notice to the other party at least six (6) months prior to the expiration of the Initial Term."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The first paragraph of Section XVI. of the Agreement is deleted in its entirely and replaced as follows:

"State Street shall receive from the Trust such compensation for its services provided pursuant to this Agreement as may be agreed to from time to time as set forth in the fee schedule between, and agreed upon by, the parties (the "Fee Schedule"). The parties shall review the existing Fee Schedule and an appropriate adjustment to the fee, if any, shall be negotiated by the parties within ninety (90) days in the event that (i) there is a substantial change in the number or mix of types of funds, other than a change resulting from the merging or closing of funds in the normal course of business; (ii) new types of funds are offered; or (iii) there are material modifications or changes to the service delivery requirements."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section X of the Agreement is hereby amended to amend the notice address to State Street, as follows:

"STATE STREET BANK AND TRUST COMPANY

1 Iron Street

Boston, MA 02210

Attention: Michael E. Hagerty, Senior Vice President, Mailstop CCB0700

Telephone: 617-662-3630

Facsimile: 617-662-3690

with a copy to:

STATE STREET BANK AND TRUST COMPANY

Legal Division – Global Services Americas

P.O. Box 5049

Boston, MA 02206-5039

Attention: Senior Vice President and Senior Managing Counsel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibit A to the Agreement is deleted in its entirety and replaced with the attached Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **<u>No Other Amendments</u>.** Except as expressly amended hereby, the Agreement shall continue in full force and effect in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **<u>Governing Law</u>**. This Amendment shall be deemed to have been made in The Commonwealth of Massachusetts and shall be governed by and construed under and in accordance with the laws of the Commonwealth of Massachusetts without giving effect to its conflict of laws principles and rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

[Signature Page Follows]

**IN WITNESS WHEREOF,** the parties hereto have caused this Amendment to Financial Administration and Accounting Services Agreement to be executed as of the date first written above.

**STATE STREET BANK AND TRUST COMPANY**

By: <u>/s/ Michael F. Rogers</u>

Name: Michael F. Rogers

Title: Executive Vice President

**EACH OF THE INVESTMENT COMPANIES**

**LISTED ON EXHIBIT A ATTACHED HERETO**

By: <u>/s/ Lori A. Hensler</u>

Name: Lori A. Hensler

Title: Treasurer

*See new 3/1/17 Amendment for Exhibit A*

**EXHIBIT A**

**TO THE FINANCIAL ADMINISTRATION ACCOUNTING AND**

**SERVICES AGREEMENT** 

**(Updated as of March 1, 2017)**

Federated Adjustable Rate Securities Fund

Federated Equity Income Fund, Inc.

Federated Global Allocation Fund

Federated Government Income Securities, Inc.

Federated Government Income Trust

Federated High Income Bond Fund, Inc.

Federated Total Return Government Bond Fund

Federated U.S. Government Securities Fund: 1-3 Years

Federated U.S. Government Securities Fund: 2-5 Years

**Federated Core Trust:**

Emerging Markets Core Fund

Federated Bank Loan Core Fund

Federated Mortgage Core Portfolio

High Yield Bond Portfolio

**Federated Core Trust III:**

Federated Project and Trade Finance Core Fund

**Federated Equity Funds:**

Federated Clover Small Value Fund

Federated Clover Value Fund

Federated Kaufmann Fund

Federated Kaufmann Large Cap Fund

Federated Kaufmann Small Cap Fund

Federated MDT Mid-Cap Growth Fund

Federated Managed Volatility Fund

Federated Prudent Bear Fund

Federated Strategic Value Dividend Fund

**Federated Fixed Income Securities, Inc.:**

Federated Strategic Income Fund

**Federated High Yield Trust:**

Federated Equity Advantage Fund

Federated High Yield Trust

**Federated Income Securities Trust:**

Federated Capital Income Fund

Federated Floating Rate Strategic Income Fund

Federated Fund for U.S. Government Securities

Federated Intermediate Corporate Bond Fund

Federated Real Return Bond Fund

Federated Short-Term Income Fund

**Federated Index Trust:**

Federated Max-Cap Index Fund

Federated Mid-Cap Index Fund

**Federated Institutional Trust:**

Federated Government Ultrashort Duration Fund

Federated Institutional High Yield Bond Fund

Federated Short-Intermediate Total Return Bond Fund

**Federated Insurance Series:**

Federated Managed Tail Risk Fund II

Federated Fund for U.S. Government Securities II

Federated High Income Bond Fund II

Federated Kaufmann Fund II

Federated Managed Volatility Fund II

Federated Government Money Fund II

Federated Quality Bond Fund II

**Federated Investment Series Funds, Inc.:**

Federated Bond Fund

**Federated Managed Pool Series:**

Federated Corporate Bond Strategy Portfolio

Federated High-Yield Strategy Portfolio

Federated Managed Volatility Strategy Portfolio

Federated Mortgage Strategy Portfolio

**Federated MDT Series:**

Federated MDT All Cap Core Fund

Federated MDT Balanced Fund

Federated MDT Large Cap Growth Fund

Federated MDT Small Cap Growth Fund

Federated MDT Small Cap Core Fund

**Federated Total Return Series, Inc.:**

Federated Mortgage Fund

Federated Total Return Bond Fund

Federated Ultrashort Bond Fund

**Money Market Obligations Trust:**

Federated California Municipal Cash Trust

Federated Connecticut Municipal Cash Trust

Federated Florida Municipal Cash Trust

Federated Georgia Municipal Cash Trust

Federated Government Obligations Fund

Federated Institutional Money Market Management

*Federated Institutional Prime 60-Day Max Money Market Fund* 

Federated Institutional Prime Obligations Fund

Federated Institutional Prime Value Obligations Fund

Federated Institutional Tax-Free Cash Trust

Federated Massachusetts Municipal Cash Trust

Federated Institutional Prime 60 Day Fund

Federated Michigan Municipal Cash Trust

Federated Minnesota Municipal Cash Trust

Federated Municipal Obligations Fund

Federated New Jersey Municipal Cash Trust

Federated New York Municipal Cash Trust

Federated North Carolina Municipal Cash Trust

Federated Ohio Municipal Cash Trust

Federated Pennsylvania Municipal Cash Trust

Federated Prime Cash Obligations Fund

Federated Tax-Free Obligations Fund

Federated Treasury Obligations Fund

Federated Trust for U.S. Treasury Obligations

Federated Virginia Municipal Cash Trust

**Amendment to Financial Administration** 

**and Accounting Services Agreement**

This Amendment to Financial Administration and Accounting Services Agreement (this "Amendment") is dated as of October 14, 2015, by and among each of the investment companies listed on Exhibit A hereto (each, a "Trust") and State Street Bank and Trust Company ("State Street" or "Administrator").

<u>RECITALS</u>

WHEREAS, the Trusts and State Street are parties to a certain Financial Administration and Accounting Services Agreement, dated as of March 1, 2011 (such agreement, together with all exhibits, schedules, and any other documents executed or delivered in connection therewith, the ("Agreement"); and

WHEREAS, the parties desire to amend the Agreement on the terms and subject to the conditions hereinafter set forth.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1. <u>Amendments</u>.** The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section III.A of the Agreement is hereby amended by adding the following at the end of paragraph 11:

"12. Schedules A and A(i) attached hereto as Exhibit 1 are added to the Agreement as Schedules A and A(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Exhibit A to Schedules A and A(i) is added to the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2. <u>No Other Amendments</u>.** Except as expressly amended hereby, the Agreement shall continue in full force and effect in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3. <u>Governing Law</u>.** This Amendment shall be deemed to have been made in The Commonwealth of Massachusetts and shall be governed by and construed under and in accordance with the laws of the Commonwealth of Massachusetts without giving effect to its conflict of laws principles and rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** This Amendment may be executed in several counterparts, each of which shall be deemed to be an original,
and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original
or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original
any signatures received via electronically transmitted form.

[Signature Page Follows]

 **IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to Financial Administration and Accounting Services Agreement to be executed as of the date first written above.

**State Street Bank and Trust Company**

By: <u>_// Gunjan Kedia //</u>_________________________________

Name: Gunjan Kedia

Title: Executive Vice President

**Each of the Investment Companies** 

**Listed on Exhibit A attached hereto**

By: __<u>//Lori Hensler//</u>________________________________

Name: Lori Hensler

Title: Fund Treasurer

**EXHIBIT A**

**TO SCHEDULES A AND A(I) OF THE FINANCIAL ADMINISTRATION ACCOUNTING AND**

**SERVICES AGREEMENT** 

**(Updated as of March 1, 2017)**

**Federated Insurance Series:**

Federated Government Money Fund II

**Money Market Obligations Trust:**

Federated California Municipal Cash Trust

Federated Connecticut Municipal Cash Trust

Federated Florida Municipal Cash Trust

Federated Georgia Municipal Cash Trust

Federated Government Obligations Fund

Federated Massachusetts Municipal Cash Trust

Federated Institutional Prime 60 Day Fund

Federated Michigan Municipal Cash Trust

Federated Minnesota Municipal Cash Trust

Federated Institutional Money Market Management

Federated Municipal Obligations Fund

Federated New Jersey Municipal Cash Trust

Federated New York Municipal Cash Trust

Federated North Carolina Municipal Cash Trust

Federated Ohio Municipal Cash Trust

Federated Pennsylvania Municipal Cash Trust

Federated Prime Cash Obligations Fund

Federated Institutional Prime Obligations Fund

Federated Institutional Prime Value Obligations Fund

Federated Tax-Free Obligations Fund

Federated Institutional Tax-Free Cash Trust

Federated Treasury Obligations Fund

Federated Trust for U.S. Treasury Obligations

Federated Virginia Municipal Cash Trust

**<u>Exhibit 1</u>**

**Schedule A**

**<u>Fund Administration Money Market Fund Services</u>**

Subject to the authorization and direction of the Trust, the Administrator will provide the money market fund services set forth on Schedule A(i) (the "Money Market Services") to the Trusts listed on Exhibit A hereto assist the Trusts in complying with certain of the compliance testing and reporting requirements applicable to the Trusts that are "money market funds" within the meaning of Rule 2a-7 under the 1940 Act.

**1.** **Evidence of Authority.** 

The Administrator is authorized and instructed to rely upon the information it receives from the Trust or any third party authorized by the Trust. The Administrator shall have no responsibility for the actions or omissions of the Trust or any third party authorized by the Trust to act on its behalf, or the completeness or accuracy of any information provided by the Trust or a third party authorized by the Trust to act on its behalf. In performing the Money Market Services**,** the Administrator shall be protected in acting upon any instructions, notice, request, consent, certificate or other instrument or paper reasonably believed by it to be genuine and to have been properly executed by or on behalf of the Trust. Instructions may be in writing signed by the authorized person or persons or may be by such other means and utilizing such intermediary systems and utilities as may be agreed from time to time by the Administrator and the person(s) or entity giving such instruction. The Administrator may act on oral instructions if the Administrator reasonably believes them to have been given by a person authorized to provide such instructions with respect to the action involved; the Trust shall cause all oral instructions to be confirmed in writing or by such other procedure approved by the Administrator and the Trust.

**2.** **Responsibilities of the Parties; Indemnification; Warranties and Disclaimers.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust agrees that it shall be solely responsible for any decision made or action taken in reliance on the compliance testing results, reports, forms or other data or information included in the Money Market Services provided by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Parties acknowledge that the Administrator is required to rely upon data provided by the Trust or third parties ("Data") in providing the Money Market Services. The Administrator does not own the Data, has not developed the Data, does not control the Data, and has not, and will not make any inquiry into the accuracy of any Data. Without limiting the foregoing, to the extent applicable, the Administrator will not be liable for any delays in the transmission of Forms N-MFP, Forms N-CR, reports, market-based NAVs, shareholder inflows/outflows, daily and weekly liquid assets, affiliate sponsor support flows, portfolio holdings or transmission of Data or inaccuracies of, errors in or omission of, Data in connection with the provision of the Money Market Services in each case provided by the Trust or any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. To the extent applicable, the Trust represents and warrants to the Administrator that it has the necessary licenses from each nationally recognized statistical ratings organization whose ratings are set forth in its Forms N-MFP as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. To the extent applicable, the Trust is solely responsible for determining and immediately notifying in writing the Administrator of the occurrence of one or more triggering events causing a filing on Form N-CR. The Trust is solely responsible for accurately and timely supplying the Administrator, or causing third parties to accurately and timely supply the Administrator, with all data, information and signatures in respect of each Trust that is required in order for the Administrator to file each Form N-CR, whether or not such information is specifically requested by the Administrator. The Administrator shall be without liability if the Administrator has not received by the submission deadline communicated by the Administrator to the Trust all of the Data, information and signatures it requires to submit such Form N-CR filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. To the extent applicable, the Trust acknowledges that it shall be the Trust's responsibility to retain for the periods prescribed by Rule 2a-7 (i) the compliance testing results and reports produced by the Administrator; (ii) its Forms N-MFP and Forms N-CR produced by the Administrator; and (iii) information prepared by the Administrator for posting on the Trust's website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Trust acknowledges and agrees that the Money Market Services do not constitute advice or recommendations of any kind and the Administrator is not acting in a fiduciary capacity in providing the Money Market Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Trust understands that the nature of the Money Market Services provided under this Agreement are distinct from the services provided under any other agreement between State Street Bank and Trust Company and the Trust, including any custody, fund accounting or transfer agency services agreements and, consequently, the terms of this Agreement rather than such other agreements shall govern the delivery of the Money Market Services. For the avoidance of doubt, the standard of care and liability provisions of Section XII of this Agreement shall govern the provision of the Money Market Services.

**SCHEDULE A(i)**

**Money Market Fund Compliance Testing and Reporting Services**

Subject to the authorization and direction of the Trust and, in each case where appropriate, the review and comment by the Trust's independent accountants and legal counsel, and in accordance with procedures that may be established from time to time between the Trust and the Administrator, the Administrator will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare for posting on the Trust's website daily each money
market fund's market-based NAVs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Prepare for posting on the Trust's website daily each money
market fund's inflows/outflows.

 

**Amendment to Financial Administration** 

**and Accounting Services Agreement**

This Amendment to the Financial Administration and Accounting Services Agreement (this "Amendment") is dated as of March 1, 2017, by and among each of the investment companies listed on Exhibit A hereto (each, a "Trust") and State Street Bank and Trust Company ("State Street").

<u>RECITALS</u>

WHEREAS, the Trusts and State Street are parties to a certain Financial Administration and Accounting Services Agreement, dated as of March 1, 2011, as amended (such agreement, together with all exhibits, schedules, and any other documents executed or delivered in connection therewith, the ("Agreement"); and

WHEREAS, the parties desire to amend the Agreement to extend the term of the Agreement by two (2) years on the terms and subject to the conditions hereinafter set forth.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1. <u>Amendments</u>.** The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The first sentence of Section XV.A of the Agreement is deleted in its entirety and replaced as follows:

"A. <u>Term</u>. This Agreement shall remain in full force and effect for an initial term ending February 28, 2021(the "Initial Term") and shall automatically continue in full force and effect after such Initial Term unless either party terminates this Agreement by written notice to the other party at least six (6) months prior to the expiration of the Initial Term."

(b) Exhibit A to the Agreement is deleted in its entirety and replaced with the attached Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2. <u>No Other Amendments</u>.** Except as expressly amended hereby, the Agreement shall continue in full force and effect in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3. <u>Governing Law</u>.** This Amendment shall be deemed to have been made in The Commonwealth of Massachusetts and shall be governed by and construed under and in accordance with the laws of the Commonwealth of Massachusetts without giving effect to its conflict of laws principles and rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** This Amendment may be executed in several counterparts, each of which shall be deemed to be an original,
and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original
or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original
any signatures received via electronically transmitted form.

[Signature Page Follows]

 **IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to Financial Administration and Accounting Services Agreement to be executed as of the date first written above.

**State Street Bank and Trust Company**

By: <u>/s/ Andrew Erickson</u>

Name: Andrew Erickson

Title: Executive Vice President

**Each of the Investment Companies** 

**Listed on Exhibit A attached hereto**

By: <u>/s/ Lori A. Hensler</u>

Name: Lori A. Hensler

Title: Fund Treasurer

**AMENDMENT TO THE** 

**FINANCIAL ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT**

**BETWEEN** 

**THE INVESTMENT COMPANIES LISTED ON EXHIBIT A**

**AND**

**STATE STREET BANK AND TRUST COMPANY**

AMENDMENT to the Financial Administration and Accounting Services Agreement (the "Agreement") made as of March 1, 2011, by and among State Street Bank and Trust Company ("State Street") and each of the investment companies identified on Exhibit A (each a "Trust").

WHEREAS, State Street and each Trust wish to amend the Agreement to restate Exhibit A to reflect the rebranding of each Trust;

NOW, THEREFORE, the Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Effective close of business June 26, 2020,* to restate Exhibit A as attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All other provisions, terms and conditions contained in the Agreement, as amended, shall remain in full
force and effect.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the 6th day of July, 2020.

---

| | |
|:---|:---|
| &nbsp;&nbsp;EACH OF THE INVESTMENT COMPANIES LISTED ON EXHIBIT A ATTACHED HERETO | &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY |
| &nbsp;&nbsp;By: <u>Lori A. Hensler</u> | &nbsp;&nbsp;By: <u>/s/ Andrew Erickson</u> |
| &nbsp;&nbsp;Name: Lori A. Hensler | &nbsp;&nbsp;Name: Andrew Erickson |
| &nbsp;&nbsp;Title: Treasurer | &nbsp;&nbsp;Title: Executive Vice President |

---

**EXHIBIT A**

**to**

**<u>FINANCIAL ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT Dated March 1, 2011</u>**

**<u>(Updated as of April 1, 2021)</u>**

<u>Management Investment Companies Registered with the SEC and Portfolios thereof, If Any</u>

Federated Hermes Equity Income Fund, Inc.

Federated Hermes Global Allocation Fund

Federated Hermes Government Income Securities, Inc.

**Federated Hermes Adjustable Rate Securities Trust:**

Federated Hermes Adjustable Rate Fund

**Federated Hermes Adviser Series**

Federated Hermes Conservative Microshort Fund

Federated Hermes Conservative Municipal Microshort Fund

\*Federated Hermes MDT Market Neutral Fund

**Federated Hermes Government Income Trust:**

Federated Hermes Government Income Fund

Federated Hermes High Income Bond Fund, Inc.

Federated Hermes Total Return Government Bond Fund

**Federated Hermes Short-Term Government Trust:**

Federated Hermes Short-Term Government Fund

**Federated Hermes Short-Intermediate Government Trust:**

Federated Hermes Short-Intermediate Government Fund

**Federated Hermes Core Trust:**

Bank Loan Core Fund

Mortgage Core Portfolio

High Yield Bond Core Fund

Emerging Markets Core Fund

**Federated Hermes Core Trust III:**

Project and Trade Finance Core Fund

**Federated Hermes ETF Trust**

Federated Hermes Short Duration Corporate ETF

Federated Hermes Short Duration High Yield ETF

**Federated Hermes Equity Funds:**

Federated Hermes Clover Small Value Fund

Federated Hermes Kaufmann Fund

Federated Hermes Kaufmann Large Cap Fund

Federated Hermes Kaufmann Small Cap Fund

Federated Hermes MDT Mid Cap Growth Fund

Federated Hermes Prudent Bear Fund

**Federated Hermes Fixed Income Securities, Inc.:**

Federated Hermes Strategic Income Fund

**Federated Hermes High Yield Trust**

Federated Hermes Opportunistic High Yield Bond Fund

**Federated Hermes Income Securities Trust:**

Federated Hermes Capital Income Fund

Federated Hermes Floating Rate Strategic Income Fund

Federated Hermes Fund for U.S. Government Securities

Federated Hermes Intermediate Corporate Bond Fund

Federated Hermes Inflation Protected Securities Fund (formerly, Federated Hermes Real Return Bond Fund)

Federated Hermes Short-Term Income Fund

**Federated Hermes Institutional Trust:**

Federated Hermes Government Ultra Short Fund

Federated Hermes Institutional High Yield Bond Fund

Federated Hermes Short-Intermediate Total Return Bond Fund

**Federated Hermes Insurance Series:**

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes High Income Bond Fund II

Federated Hermes Kaufmann Fund II

Federated Hermes Managed Volatility Fund II

Federated Hermes Government Money Fund II

Federated Hermes Quality Bond Fund II

**Federated Hermes Investment Series Funds, Inc.:**

Federated Hermes Corporate Bond Fund

**Federated Hermes Managed Pool Series:**

Federated Hermes Corporate Bond Strategy Portfolio

Federated Hermes High-Yield Strategy Portfolio

Federated Hermes Mortgage Strategy Portfolio

**Federated Herme**s **MDT Series:**

Federated Hermes MDT All Cap Core Fund

Federated Hermes MDT Balanced Fund

Federated Hermes MDT Large Cap Growth Fund

Federated Hermes MDT Small Cap Growth Fund

Federated Hermes MDT Small Cap Core Fund

**Federated Hermes Project and Trade Finance Tender Fund**

**Federated Hermes Total Return Series, Inc.:**

Federated Hermes Select Total Return Bond Fund

Federated Hermes Total Return Bond Fund

Federated Hermes Ultrashort Bond Fund

**Federated Hermes Money Market Obligations Trust:**

Federated Hermes California Municipal Cash Trust

Federated Hermes Government Obligations Fund

Federated Hermes Institutional Money Market Management

Federated Hermes Municipal Obligations Fund

Federated Hermes New York Municipal Cash Trust

Federated Hermes Prime Cash Obligations Fund

Federated Hermes Institutional Prime Obligations Fund

Federated Hermes Institutional Prime Value Obligations Fund

Federated Hermes Tax-Free Obligations Fund

**AMENDMENT TO FINANCIAL ADMINISTRATION** 

**AND ACCOUNTING SERVICES AGREEMENT**

This Amendment to the Financial Administration and Accounting Services Agreement is made this 5<sup>th</sup> day of March, 2018 (the "Amendment") by and between State Street Bank and Trust Company, a Massachusetts trust company ("State Street") and by and among each of the investment companies listed on Exhibit A thereto (each, a "Trust") and shall be effective as of March 1, 2018 and as set forth in Section 2 below. Capitalized terms used in this Amendment without definition shall have the respective meanings ascribed to such terms in the Agreement (as defined below).

WHEREAS, State Street and the Trusts entered into the Financial Administration and Accounting Services Agreement dated as of March 1, 2011 (as amended, supplemented, restated or otherwise modified from time to time, the "Agreement"); and

WHEREAS, the parties hereto wish to amend the Agreement as set forth below.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree to amend the Agreement, pursuant to the terms thereof, as follows:

1. The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Article III of the Agreement is hereby amended and restated in its entirety as follows:

"State Street shall provide the services as listed on Schedule B, subject to the authorization and direction of the Trusts and, in each case where appropriate, the review and comment by the Trusts' independent accountants and legal counsel and in accordance with procedures which may be established from time to time between the Trusts and State Street.

State Street shall perform such other services for the Trusts that are mutually agreed to by the parties from time to time, for which the Trusts will pay such fees as may be mutually agreed upon, including State Street's reasonable out-of-pocket expenses. The provision of such services shall be subject to the terms and conditions of this Agreement.

State Street shall provide the office facilities and the personnel determined by it to perform the services contemplated herein."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A new paragraph is hereby added to Section VI of the Agreement immediately following the first sentence as follows:

"In compliance with the requirements of Rule 31a-3 under the 1940 Act, State Street agrees that all records which it maintains for the Trusts shall at all times remain the property of the Trusts, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request except as otherwise provided in Section XV and subject to Section XVII.B. State Street further agrees that all records that it maintains for the Trusts pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records may be surrendered in either written or machine-readable form, at the option of State Street. In the event that State Street is requested or authorized by the Trusts, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of a Trust by state or federal regulatory agencies, to produce the records of such Trust or State Street's personnel as witnesses or deponents, each relevant Trust agrees to pay State Street for State Street's time and expenses, as well as the fees and expenses of State Street's counsel incurred in such production."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A new paragraph is hereby added to Section IX of the Agreement immediately following the first paragraph as follows:

"Pursuant to other agreements now or any time in effect between any of the Trusts (or any of their investment managers or investment advisors, on its behalf) and State Street Bank and Trust Company or its affiliates (the "Other State Street Agreements") in any capacity other than as State Street hereunder (in such other capacities, the "Bank"), the Bank may be in possession of certain information and data relating to the Trusts and/or the Portfolios that is necessary to provide the Services, including Form N-PORT and Form N-CEN Support Services. Each of the Trusts hereby acknowledges and agrees that (i) this Section IX of the Agreement serves as its consent and instruction, or Proper Instruction, as the case may be, for itself and on behalf of each Portfolio under and pursuant to such Other State Street Agreements for the Bank to provide or otherwise make available (including via platforms such as my.statestreet.com) to State Street, Trust information such as net asset values and information relating to the net assets of the Trusts, holdings and liquidity reports, registration titles, market value and other information and data related to the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Paragraph 2 of Section XI is amended and restated as follows:

"The foregoing shall not be applicable to any information (i) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (ii) that is independently derived by the party receiving the information ("Receiving Party") without the use of any information provided by the party providing information under this agreement, or any affiliate (the "Disclosing Party"), (iii) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (iv) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct State Street or its affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (v) where the party seeking to disclose is expressly permitted under applicable law or regulation to disclose for a legitimate business purpose subject to confidentiality obligation, or has received the prior written consent of the Disclosing Party providing the information, which consent shall not be unreasonably withheld. Furthermore, and notwithstanding anything in this Section XI to the contrary, the Accounting Agent may aggregate Portfolio data with similar data of other customers of the Accounting Agent ("Aggregated Data") and may use Aggregated Data for purposes of constructing statistical models so long as such Aggregated Data represents a sufficiently large sample that no Portfolio data can be identified either directly or by inference or implication.

A Receiving Party shall protect Confidential Information of a Disclosing Party at least to the same degree as the Receiving Party protects its own Confidential Information. All Confidential Information, provided by a Disclosing Party shall remain the property of such Disclosing Party. All Confidential Information, together with any copies thereof, in whatever form, shall, upon the Disclosing Party's written request, be returned to the Disclosing Party or destroyed, at the Receiving Party's election; provided, that the Receiving Party shall be permitted to retain all or any portion of the Confidential Information, in accordance with the confidentiality obligations specified in this Agreement, to the extent required by applicable law or regulatory authority or to the extent required by the Receiving Party's internal policies and in accordance with its customary practices for backup and storage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The fourth paragraph of Section XI is hereby amended and restated as follows:

"To the extent the Receiving Party continues to possess confidential information or records of the Disclosing party after the termination of this Agreement, the obligations contained in this Section XI of this Agreement shall continue until the five (5) year anniversary of the termination date of this Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The fourth paragraph of Section XVI is hereby amended and restated as follows:

"Each Trust will bear all expenses that are incurred in its operation and not specifically assumed by State Street. For the avoidance of doubt, Trust expenses not assumed by State Street include, but are not limited to: organizational expenses; cost of services of independent accountants and outside legal and tax counsel (including such counsel's review of the Registration Statement, Form N-CSR, Form N-Q or Form N-PORT (as applicable), Form N-PX, Form N-MFP, Form N-SAR or Form N-CEN (as applicable), proxy materials, federal and state tax qualification as a regulated investment company and other notices, registrations, reports, filings and materials prepared by State Street under this Agreement); cost of any services contracted for by each Trust directly from parties other than State Street; cost of trading operations and brokerage fees, commissions and transfer taxes in connection with the purchase and sale of securities for each Trust; investment advisory fees; taxes, insurance premiums and other fees and expenses applicable to its operation; costs incidental to any meetings of shareholders including, but not limited to, legal and accounting fees, proxy filing fees and the costs of preparation (e.g., typesetting, XBRL-tagging, page changes and all other print vendor and EDGAR charges, collectively referred to herein as "Preparation"), printing, distribution and mailing of any proxy materials; costs incidental to Board meetings, including fees and expenses of Board members; the salary and expenses of any officer, director\trustee or employee of each Trust; costs of Preparation, printing, distribution and mailing, as applicable, of each Trust's Registration Statements and any amendments and supplements thereto and shareholder reports; cost of Preparation and filing of each Trust's tax returns, Form N-1A, Form N-CSR, Form N-Q or Form N-PORT (as applicable), Form N-PX, Form N-MFP and Form N-SAR or Form N-CEN (as applicable), and all notices, registrations and amendments associated with applicable federal and state tax and securities laws; all applicable registration fees and filing fees required under federal and state securities laws; the cost of fidelity bond and D&O/E&O liability insurance; and the cost of independent pricing services used in computing the Trusts' or any Fund's net asset value."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Section XXVI of the Agreement is hereby deemed amended and restated as follows:

"XXVI. DATA PRIVACY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) State Street will implement and maintain a written information security program that contains appropriate security measures generally consistent with industry standard practices aligned with a security framework appropriate for a large financial services company to safeguard the personal information of the Trusts' shareholders, employees, directors and officers that State Street receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. The term, ''personal information", as used in this Section, means (a) an individual's name (first initial and last name or first name and last name), address or telephone number plus (i) Social Security or other tax identification number, (ii) driver's license number, (iii) state identification card number, (iv) debit or credit card number, (v) financial account number or (vi) personal identification number or password that would permit access to a person's account, (b) any combination of any of the foregoing that would allow a person to log onto or access an individual's account, or (c) any other non-public personal information within the meaning of applicable law or regulation. "Personal Information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public (except to the extent applicable law in a particular jurisdiction does not exclude such publicly available information from protection as personal information)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. A new Section XXIX of the Agreement is hereby added as follows:

"SECTION XXIX. USE OF DATA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the provision of the services and the discharge of its other obligations under this Agreement, State Street (which term for purposes of this Section XXIX includes each of its parent company, branches and affiliates (''Affiliates")) may collect and store information regarding a Trust and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Trusts and State Street or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as expressly contemplated by this Agreement, nothing in this Section XXIX shall limit the confidentiality and data-protection obligations of State Street and its Affiliates under this Agreement and applicable law. State Street shall cause any Affiliate, agent or service provider to which it has disclosed data and information in the performance of its services under this Agreement pursuant to this Section XXIX to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. A new Section XXX is hereby added to the Agreement as follows:

"XXX. BUSINESS CONTINUITY/DISASTER RECOVERY.

In the event of equipment failure, work stoppage, governmental action, communication disruption or other impossibility of performance beyond State Street's control, State Street shall take reasonable steps to minimize service interruptions. Specifically, State Street shall implement reasonable procedures to prevent the loss of data and to recover from service interruptions caused by equipment failure or other circumstances with resumption of all substantial elements of services in a timeframe sufficient to meet business requirements. State Street shall enter into and shall maintain in effect at all times during the term of this Agreement with appropriate parties one or more agreements making reasonable provision for (i) periodic back-up of the computer files and data with respect to the Trusts; and (ii) emergency use of electronic data processing equipment to provide services under this Agreement. State Street shall test the ability to recover to alternate data processing equipment in accordance with State Street program standards, and provide a high level summary of business continuity test results to the Trusts upon request. State Street will remedy any material deficiencies in accordance with State Street program standards. Upon reasonable advance notice, and at no cost to State Street, the Trusts retain the right to review State Street's business continuity, crisis management, disaster recovery, and third-party vendor management processes and programs (including discussions with the relevant subject matter experts and an on-site review of the production facilities used) related to delivery of the service no more frequently than an annual basis. Upon reasonable request, the State Street also shall discuss with senior management of the Trusts any business continuity/disaster recovery plan of the State Street and/or provide a high-level presentation summarizing such plan."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. New Schedules B and B2 are hereby added to the Agreement as set forth in <u>Exhibit 1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. A new Schedule B1 is hereby added to the Agreement as set forth in <u>Exhibit 1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. A new Schedule B6 (including Annex I thereto) is hereby added to the Agreement as set forth in <u>Exhibit 1</u>.

2. The provisions of this Amendment (and the terms of the Agreement as modified hereby) shall be or become
effective as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Sections 1.A., 1.B., 1.C., 1.D., 1.E., 1.F., 1.G., 1.H., 1.I., 1.J. and 1.K. of this Amendment and the preparation and onboarding activities related to the Services (as defined in the Agreement), including those set forth in Section II of Schedule B6, shall be effective as of the date of this Amendment as set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Section 1.L. of this Amendment and the data aggregation, preparation of data sets and recordkeeping activities of the Services (as defined in Schedule B6) shall become effective as of the first day of the first month in which any Trust is required by applicable law (including any rules and regulations promulgated thereunder and in accordance with any interpretive releases issued by the U.S. Securities and Exchange Commission) to aggregate data and maintain records consistent with Form N-PORT (currently anticipated to be June 2018).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The filing obligations of the Services shall become effective as of the first day of the first month in which any Trust is required by applicable law (including any rules and regulations promulgated thereunder and in accordance with any interpretive releases issued by the U.S. Securities and Exchange Commission) to file Form N-PORT (currently anticipated to be April 2019).

3. Notwithstanding the first sentence of Section XV.A of the Agreement, each Trust agrees to be bound to
receive from State Street the Form N-PORT and Form N-CEN Support Services and the other services as described in Schedule B6 attached
hereto for at least eighteen (18) months following the date of this Amendment. The parties further agree that the foregoing commitment
will be deemed the "term" for the Form N-PORT and Form N-CEN Support Services and that following the expiration of such term,
the any renewal or termination provisions of Section XV will apply to the Form N-PORT and Form N-CEN Support Services in the same way
as such provisions apply to all other services under the Agreement.

4. Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in
full force and effect. This Amendment, including <u>Exhibit 1,</u> is incorporated in its entirety into the Agreement, and this Amendment
and said Agreement shall be read and interpreted together as the Agreement.

5. This Amendment shall be construed and the provisions thereof interpreted
under and in accordance with the laws of The Commonwealth of Massachusetts, without regard to its conflicts of laws provisions.

6. This Amendment may be executed in separate counterparts, each of which shall be deemed to be an original,
and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original
or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original
any signatures received via electronically transmitted form.

[*Remainder of page intentionally left blank*]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their officers designated below as of the date first written above.

**Each of the Investment Companies** 

**Listed On Exhibit A TO THE AGREEMENT**

By: <u>/s/ Lori A. Hensler</u>

Name: Lori A. Hensler

Title: Treasurer

**STATE STREET BANK AND TRUST COMPANY**

By: <u>/s/ Andrew Erickson</u>

Name: Andrew Erickson

Title: Executive Vice President

**Schedule A**

**List of TRusts AND FUNDS** 

**Federated Hermes Adjustable Rate Securities Trust:**

**Federated Hermes Equity Income Fund, Inc.** 

**Federated Hermes Global Allocation Fund**

**Federated Hermes Government Income Securities, Inc.**

**Federated Hermes Government Income Trust**

**Federated Hermes High Income Bond Fund, Inc.**

**Federated Hermes Total Return Government Bond Fund** 

**Federated Hermes Short-Term Government Trust**

**Federated Hermes Short-Intermediate Government Trust**

**Federated Hermes Core Trust:**

Bank Loan Core Fund

Mortgage Core Fund

High Yield Bond Core Fund

Emerging Markets Core Fund

**Federated Hermes Core Trust III:**

Federated Hermes Project and Trade Finance Core Fund

**Federated Hermes Equity Funds:**

Federated Hermes Clover Small Value Fund

Federated Hermes Kaufmann Fund

Federated Hermes Kaufmann Large Cap Fund

Federated Hermes Kaufmann Small Cap Fund

Federated Hermes MDT Mid Cap Growth Fund

Federated Hermes Prudent Bear Fund

**Federated Hermes Fixed Income Securities, Inc.:**

Federated Hermes Strategic Income Fund

**Federated Hermes High Yield Trust**

Federated Hermes Equity Advantage Fund

Federated Hermes High Yield Trust

**Federated Hermes Income Securities Trust:**

Federated Hermes Capital Income Fund

Federated Hermes Floating Rate Strategic Income Fund

Federated Hermes Fund for U.S. Government Securities

Federated Hermes Intermediate Corporate Bond Fund

Federated Hermes Real Return Bond Fund

Federated Hermes Short-Term Income Fund

**Federated Hermes Institutional Trust:**

Federated Hermes Government Ultrashort Duration Fund

Federated Hermes Institutional High Yield Bond Fund

Federated Hermes Short-Intermediate Total Return Bond Fund

**Federated Hermes Insurance Series:**

Federated Hermes Managed Tail Risk Fund II

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes High Income Bond Fund II

Federated Hermes Kaufmann Fund II

Federated Hermes Managed Volatility Fund II

Federated Hermes Government Money Fund II

Federated Hermes Quality Bond Fund II

**Federated Hermes Investment Series Funds, Inc.:**

Federated Hermes Corporate Bond Fund

**Federated Hermes Managed Pool Series:**

Federated Hermes Corporate Bond Strategy Portfolio

Federated Hermes High-Yield Strategy Portfolio

Federated Hermes Mortgage Strategy Portfolio

 

**Federated Hermes MDT Series:**

Federated Hermes MDT All Cap Core Fund

Federated Hermes MDT Balanced Fund

Federated Hermes MDT Large Cap Growth Fund

Federated Hermes MDT Small Cap Growth Fund

Federated Hermes MDT Small Cap Core Fund

**Federated Hermes Project and Trade Finance Tender Fund**

**Federated Hermes Total Return Series, Inc.:**

Federated Hermes Select Total Return Bond Fund

Federated Hermes Total Return Bond Fund

Federated Hermes Ultrashort Bond Fund

**Money Market Obligations Trust:**

Federated Hermes California Municipal Cash Trust

Federated Hermes Georgia Municipal Cash Trust

Federated Hermes Government Obligations Fund

Federated Hermes Massachusetts Municipal Cash Trust

Federated Hermes Institutional Money Market Management

Federated Hermes Municipal Obligations Fund

Federated Hermes New York Municipal Cash Trust

Federated Hermes Pennsylvania Municipal Cash Trust

Federated Hermes Prime Cash Obligations Fund

Federated Hermes Institutional Prime Obligations Fund

Federated Hermes Institutional Prime Value Obligations Fund

Federated Hermes Tax-Free Obligations Fund

Federated Hermes Institutional Tax-Free Cash Trust

Federated Hermes Treasury Obligations Fund

Federated Hermes Trust for U.S. Treasury Obligations

Federated Hermes Virginia Municipal Cash Trust

**<u>EXHIBIT 1</u>**

FINANCIAL ADMINISTRATION

**AND ACCOUNTING SERVICES AGREEMENT**

**Schedule** **B**

**LIST OF SERVICES**

I. Fund Administration Treasury Services as described in Schedule B1 attached hereto;

II. Fund Administration Accounting Services as described in Schedule B2 attached hereto;

III. [Reserved];

IV. [Reserved];

V. [Reserved]; and

VI. Form N-PORT and Form N-CEN Support Services as described in Schedule B6 attached hereto.

**Schedule B1**

**<u>Fund Administration Treasury Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare for the review by designated officer(s) of the Trusts' financial information that will be included in the Trusts' semi-annual and annual shareholder reports (which shall also be subject to review by the Trusts' legal counsel), and other quarterly reports (as mutually agreed upon), including tax footnote disclosures where applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Coordinate the audit of the Trusts' financial statements by the Trusts' independent accountants, including the preparation of supporting audit workpapers and other schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Prepare for the review by designated officer(s) of the Trusts financial information required by Form N-1A, Form N-SAR, Form N-Q, Form N-CSR, Form N-PORT, and Form N-CEN (as applicable), proxy statements and such other reports, forms or filings as may be mutually agreed upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Prepare for the review by designated officer(s) of the Trusts annual fund expense budgets, perform accrual analyses and roll-forward calculations and recommend changes to fund expense accruals on a periodic basis, arrange for payment of the Trusts' expenses, review calculations of fees paid to the Trusts' investment adviser, custodian, fund accountant, distributor and transfer agent, and obtain authorization of accrual changes and expense payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Provide periodic testing of the Trusts with respect to compliance with the Internal Revenue Code's mandatory qualification requirements, the requirements of the 1940 Act and limitations for the Trusts contained in the Registration Statements for the Trusts as may be mutually agreed upon, including quarterly compliance reporting to the designated officer(s) of the Trusts as well as preparation of Board compliance materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Prepare and furnish total return performance information, fund performance statistics including SEC yields, and distribution yields for the Trusts, including such information on an after-tax basis, calculated in accordance with applicable U.S. securities laws and regulations, as may be reasonably requested by Trust management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Prepare and disseminate vendor survey information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Prepare and coordinate the filing of Rule 24f-2 notices, including coordination of payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Provide sub-certificates in connection with the certification requirements of the Sarbanes-Oxley Act of 2002 with respect to the services provided by the Administrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Maintain certain books and records of the Trusts as required under Rule 31a-1(b) of the 1940 Act, as may be mutually agreed upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Prepare reports, including media questionnaires and mutual fund publication surveys, relating to the business and affairs of the Trust as may be mutually agreed upon and not otherwise prepared by the Trust's investment adviser, custodian, legal counsel or independent accountants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Prepare fund income forecasts and submit for approval by officers of the Trust, recommendations for fund income dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Maintain continuing awareness of significant emerging regulatory and legislative developments which may affect the Trust, and provide related planning assistance where requested or appropriate;

**Schedule B2**

**<u>Fund Administration Accounting Services</u>**

1. <u>Books of Account</u>. Maintain the books of account of the Trusts and perform the following duties in the manner prescribed by the respective Trust's currently effective prospectus, statement of additional information or other governing document, copies of which have been certified by the Secretary of the Funds and supplied to the Accounting Agent (a "Governing Document") (including the procedures established in the Service Level Agreement):

a. Value the assets of each Portfolio using: primarily, market quotations (including the use of matrix pricing) supplied by the independent pricing services selected by the Accounting Agent in consultation with the Trust's investment adviser (the "Adviser") and approved by the Board; secondarily, if a designated pricing service does not provide a price for a security that the Accounting Agent believes should be available by market quotation, the Accounting Agent may obtain a price by calling brokers designated by the Adviser, or if the Adviser does not supply the names of such brokers, the Accounting Agent will attempt on its own to find brokers to price the security, subject to approval by the Adviser; thirdly, for securities for which no market price is available, the Valuation Committee overseen by the Board (the "Committee") will determine a fair value in good faith; or fourthly, such other procedures as may be adopted by the Board. Consistent with Rule 2a-4 under the 1940 Act, estimates may be used where necessary or appropriate. The Accounting Agent is not the guarantor of the accuracy of the securities prices received from such pricing agents and the Accounting Agent is not liable to the Trusts for errors in valuing a Portfolio's assets or calculating the net asset value (the ''NAV") per share of such Portfolio or class when the calculations are based upon inaccurate prices provided by pricing agents. The Accounting Agent will provide daily to the Adviser the security prices used in calculating the NAV of each Portfolio, for its use in preparing exception reports for those prices on which the Adviser has a comment. Further, upon receipt of the exception reports generated by the Adviser, the Accounting Agent will diligently pursue communication regarding exception reports with the designated pricing agents;

b. Determine the NAV per share of each Portfolio and/or class, at the time and in the manner from time to time determined by the Board and as set forth in the Prospectus of such Portfolio;

c. Prepare the daily mark-to-market reports and analysis incompliance with Rule 2a-7 for each of the money market portfolios.

d. Calculate the net income of each of the Portfolios, if any;

f. Calculate realized capital gains or losses of each of the Portfolios resulting from sale or disposition of assets, if any;

g. Calculate the expense accruals for each fund/class of shares;

h. Determine the dividend factor for all daily dividend funds;

i. Maintain the general ledger and other accounts, books and financial records of the Trust, including for each Portfolio, as required under Section 3l(a) of the 1940 Act and the rules thereunder in connection with the services provided by State Street;

J. At the request of the Trust, prepare various reports or other financial documents in accordance with generally accepted accounting principles as required by federal, state and other applicable laws and regulations; and

k. Such other similar services as may be reasonably requested by the Trust.

The Trusts shall provide timely prior notice to the Accounting Agent of any modification in the manner in which such calculations are to be performed as prescribed in any revision to the Trusts' Governing Document. The Accounting Agent shall not be responsible for any revisions to the manner in which such calculations are to be performed unless such revisions are communicated in writing to the Accounting Agent.

**SCHEDULE B6**

**Form N-PORT (the "Form N-PORT Services") and Form N-CEN (the "Form N-CEN Services") Support Services (collectively, the "Form N-PORT and Form N-CEN Services" or the "Services")** 

I. **<u>Services</u>**.

**(a)**  **<u>Data Only N-PORT and N-CEN Solution (Aggregation of Data and Standard Report Delivery). No Filing</u>** <u>.</u> 

* Subject to the receipt of all required data, documentation, assumptions, information and assistance
from the Trusts (including from any third parties with whom the Trust will need to coordinate in order to produce such data, documentation,
and information), the Administrator will use required data, documentation, assumptions, information and assistance from the Trusts, the
Administrator's internal systems and, in the case of Trusts not administered by the Administrator or its affiliates, third party
Trust administrators or other data providers, including but not limited to Third Party Data (as defined below) (collectively, the "Required
Data") to perform necessary data aggregations and calculations and prepare, as applicable: (i) agreed upon data required for the
submission of Form N-PORT and any forms adopted to replace such forms on a monthly basis or as otherwise necessary ("Form N-PORT
Data") and (ii) agreed upon data required for the submission of Form N-CEN and any forms adopted to replace such forms on an annual
basis or as otherwise necessary ("Form N-CEN Data").

* The Administrator, at the direction of and on behalf of each Trust, will electronically submit the completed Form NPORT Data and completed Form N-CEN Data to (i) each Trust, as relevant and/or (ii) the third-party filing agent for, and as designed from time to time in writing by, the Trusts (the "Agent(s)"), and will provide reasonable cooperation to the relevant Trust as reasonably requested by such Trust with respect to the Form N-PORT Data and Form N-CEN Data.

* Each Trust acknowledges and agrees that it will be responsible for (i) reviewing and approving
each such Form N-PORT Data and Form N-CEN Data, (ii) incorporating such information into such Trust's filing mechanism, and (iii)
producing an .XML file and filing such Form N-PORT Data and Form N-CEN Data with the SEC.

The Form N-PORT Data will be provided with respect to each Trust and each Fund of the Trusts as set forth in the attached <u>Annex 1</u>, which shall be executed by State Street and each Trust. The Form N-CEN Data will be provided with respect to each Trust as set forth in the attached <u>Annex 1</u>. <u>Annex 1</u> may be updated from time to time upon the written request of each Trust and by virtue of an updated <u>Annex 1</u> that is signed by all parties.

(b) **<u>Quarterly Portfolio of Investments Services</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Subject to the receipt of all Required Data, and as a component of the Services,
the Administrator will use such Required Data from each Trust, State Street's internal systems, and other data providers to prepare
a draft portfolio of investments (the "Portfolio of Investments"), compliant with GAAP, as of each Trusts' first and
third fiscal quarter-ends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Trust acknowledges and agrees that it will be responsible for (i) reviewing
and approving each such Portfolio of Investments, (ii) incorporating such information into such Trust's filing mechanism, (iii)
attaching each of its Portfolio of Investments to its first and third fiscal quarter-end N-PORT filings, and (iv) submitting such Portfolios
of Investments as part of such N-PORT filings electronically to the SEC.

(c) **<u>Liquidity Risk Measurement Services</u>: *Not Applicable*.**

**<u>II. Trust Duties, Representations and Covenants in Connection with the Services</u>**<u>.</u>

The provision of the Services to each Trust by State Street is subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The parties acknowledge and agree on the following matters:

The Services depend, directly or indirectly, on: (i) Required Data and (ii) information concerning each Trust or its affiliates or any Fund, pooled vehicle, security or other investment or portfolio regarding which each Trust or its affiliates provide services or is otherwise associated ("Trust Entities") that is generated or aggregated by State Street or its affiliates in connection with services performed on each Trust's behalf or otherwise prepared by State Street ("State Street Data," together with Required Data and Third Party Data (as defined below), "Services-Related Data"). State Street's obligations, responsibilities and liabilities with respect to any State Street Data used in connection with other services received by each Trust shall be as provided in such respective other agreements between State Street or its affiliates and each Trust relating to such other services (e.g., administration and/or custody services, etc.) from which the State Street Data is derived or sourced ("Other Trust Agreements"). Nothing in this Agreement or any service schedule(s) shall limit or modify State Street's or its affiliates' obligations to each Trust under the Other Trust Agreements.

In connection with the provision of the Services by State Street, each Trust acknowledges and agrees that it will be responsible for providing State Street with any information requested by State Street, including, but not limited to, the following:

(A) Arranging for the regular provision of all Required Data (including State Street Data, where applicable) and related information to State Street, in formats compatible with Administrator-provided data templates including, without limitation, Required Data and the information and assumptions required by State Street in connection with a Trust reporting profile and onboarding checklist, as it, or the information or assumptions required, may be revised at any time by State Street, in its discretion (collectively, the "Onboarding Checklist") and such other forms and templates as may be used by State Street for such purposes from time to time, for all Trusts and/or Funds receiving services under this Agreement, including but not limited to those to be reported on Form N-PORT and Form N-CEN (as determined by each Trust), including, without limitation, arranging for the provision of data from each Trust, its affiliates, third party administrators, prime brokers, custodians, and other relevant parties. If and to the extent that Required Data is already accessible to State Street (or any of its affiliates) in its capacity as administrator to one or more Trusts, State Street and each Trust will agree on the scope of the information to be extracted from State Street's or any of its affiliate's systems for purposes of State Street's provision of the Services, subject to the discretion of State Street, and State Street is hereby expressly authorized to use any such information as necessary in connection with providing the Services hereunder; and

(B) Providing all required information and assumptions not otherwise included in Trust data and assumptions provided pursuant to Section 1(A) above, including but not limited to the Required Data, as may be required in order for State Street to provide the Services.

The following are examples of certain types of information that each Trust is likely to be required to provide pursuant to Sections 1(A) and 1(B) above, and each Trust hereby acknowledges and understands that the following categories of information are merely illustrative examples, are by no means an exhaustive list of all such required information, and are subject to change as a result of any amendments to Form N-PORT and Form N-CEN:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEC filing classification of each Trust (i.e., small or large filer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Identification of any data sourced from third parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Identification of any securities reported as Miscellaneous.

2. Each Trust acknowledges that it has provided to State Street all material assumptions used by each Trust or that are expected to be used by each Trust in connection with the completion of the Services, and that it has approved all material assumptions used by State Street in the provision of the Services prior to the first use of the Services. Each Trust will also be responsible for promptly notifying State Street of any changes in any such material assumptions previously notified to State Street by each Trust or otherwise previously approved by each Trust in connection with State Street's provision of the Services. Each Trust acknowledges that the completion of the Services, and the data required thereby, requires the use of material assumptions in connection with many different categories of information and data, and the use and/or reporting thereof, including, but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment classification of positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions necessary in converting data extracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· General operational and process assumptions used by State Street in performing the Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions specific to each Trust.

Each Trust hereby acknowledges and understands that the foregoing categories of information that may involve the use of material assumptions are merely illustrative examples of certain subject matter areas in relation to which each Trust (and/or State Street on its behalf in connection with the Services) may rely on various material assumptions, and are by no means an exhaustive list of all such subject matter areas.

3. Each Trust acknowledges and agrees on the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each Trust has independently reviewed the Services (including, without limitation, the assumptions, market data, securities prices, securities valuations, tests and calculations used in the Services), and each Trust has determined that the Services are suitable for its purposes. None of State Street or its affiliates, nor their respective officers, directors, employees, representatives, agents or service providers (collectively, including State Street, "State Street Parties") make any express or implied warranties or representations with respect to the Services or otherwise.

(B) Each Trust assumes full responsibility for complying with all securities, tax, commodities and other laws, rules and regulations applicable to it. State Street is not providing, and the Services do not constitute, legal, tax, investment, or regulatory advice, or accounting or auditing services advice. Unless otherwise agreed to in writing by the parties to this Agreement, the Services are of general application and State Street is not providing any customization, guidance, or recommendations. Where each Trust uses Services to comply with any law, regulation, agreement, or other Trust obligation, State Street makes no representation that any Service complies with such law, regulation, agreement, or other obligation, and State Street has no obligation of compliance with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Each Trust may use the Services and any reports, charts, graphs, data, analyses and other results generated by State Street in connection with the Services and provided by State Street to each Trust ("Materials") (a) for the internal business purpose of each Trust relating to the applicable Service or (b) for submission to the U.S. Securities and Exchange Commission, as required, of a Form N-PORT template and a Form N-CEN update. Each Trust may also redistribute the Materials, or an excerpted portion thereof, to its investment managers, investment advisers, agents, clients, investors or participants, as applicable, that have a reasonable interest in the Materials in connection with their relationship with each Trust (each a "Permitted Person"); provided, however, (i) each Trust may not charge a fee, profit, or otherwise benefit from the redistribution of Materials to Permitted Persons, (ii) data provided by third party sources such as but not limited to market or index data ("Third Party Data") contained in the Materials may not be redistributed other than Third Party Data that is embedded in the calculations presented in the Materials and not otherwise identifiable as Third Party Data, except to the extent each Trust has separate license rights with respect to the use of such Third Party Data, or (iii) each Trust may not use the Services or Materials in any way to compete or enable any third party to compete with State Street. No Permitted Person shall have any further rights of use or redistribution with respect to, or any ownership rights in, the Materials or any excerpted portion thereof.

Except as expressly provided in this Section 3(C), each Trust, any of its affiliates, or any of their respective officers, directors, employees, investment managers, investment advisers, agents or any other third party, including any client of, or investor or participant in each Trust or any Permitted Persons (collectively, including each Trust, "Trust Parties"), may not directly or indirectly, sell, rent, lease, license or sublicense, transmit, transfer, distribute or redistribute, disclose display, or provide, or otherwise make available or permit access to, all or any part of the Services or the Materials (including any State Street Data or Third Party Data contained therein, except with respect to Third Party Data to the extent each Trust has separate license rights with respect to the use of such Third Party Data). Without limitation, Trust Parties shall not themselves nor permit any other person to in whole or in part (i) modify, enhance, create derivative works, reverse engineer, decompile, decompose or disassemble the Services or the Materials; (ii) make copies of the Services, the Materials or portions thereof; (iii) secure any source code used in the Services, or attempt to use any portions of the Services in any form other than machine readable object code; (iv) commercially exploit or otherwise use the Services or the Materials for the benefit of any third party in a service bureau or software-as-a-service environment (or similar structure), or otherwise use the Services or the Materials to perform services for any third party, including for, to, or with consultants and independent contractors; or (v) attempt any of the foregoing or otherwise use the Services or the Materials for any purpose other than as expressly authorized under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Each Trust shall limit the access and use of the Services and the Materials by any Trust Parties to a need-to-know basis and, in connection with its obligations under this Agreement, each Trust shall be responsible and liable for all acts and omissions of any Trust Parties.

(E) The Services, the Materials and all confidential information of State Street (as confidential information is defined in the Agreement and other than Third Party Data and Required Data), are the sole property of State Street. Each Trust has no rights or interests with respect to all or any part of the Services, the Materials or State Street's confidential information, other than its use and redistribution rights expressly set forth in Section 3(C) herein. Each Trust automatically and irrevocably assigns to State Street any right, title or interest that it has, or may be deemed to have, in the Services, the Materials or State Street's confidential information, including, for the avoidance of doubt and without limitation, any Trust Party feedback, ideas, concepts, comments, suggestions, techniques or know-how shared with State Street (collectively, "Feedback") and the State Street Parties shall be entitled to incorporate any Feedback in the Services or the Materials or to otherwise use such Feedback for its own commercial benefit without obligation to compensate each Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) State Street may rely on Services-Related Data used in connection with the Services without independent verification. Services-Related Data used in the Services may not be available or may contain errors, and the Services may not be complete or accurate as a result.

*[Remainder of Page Intentionally Left Blank]*

**<u>ANNEX I to SCHEDULE B6</u>**

**Each of the Investment Companies**

**Listed On Exhibit A**

Further to the Amendment dated as of March 6, 2018, effective as of March 1, 2018, to the Financial Administration and Accounting Services Agreement dated as of March 1, 2011, by and among each of the investment companies listed on Exhibit A thereto (each, a "Trust") and State Street Bank and Trust Company (the "State Street"), the Trusts and State Street mutually agree to update this <u>Annex 1</u> effective January 25, 2021 as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Form N-PORT Services** | &nbsp;&nbsp;**Service Type** |
| &nbsp;&nbsp; **FEDERATED HERMES ADJUSTABLE RATE SECURITIES FUND** <br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; **FEDERATED HERMES EQUITY INCOME FUND, INC.** <br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; **FEDERATED HERMES GLOBAL ALLOCATION FUND**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; **FEDERATED HERMES GOVERNMENT INCOME SECURITIES, INC.**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; **FEDERATED HERMES GOVERNMENT INCOME FUND**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; **FEDERATED HERMES HIGH INCOME BOND FUND, INC.**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; **FEDERATED HERMES TOTAL RETURN GOVERNMENT BOND FUND** <br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; **FEDERATED HERMES SHORT TERM GOVERNMENT FUND**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; **FEDERATED HERMES SHORT-INTERMEDIATE GOVERNMENT FUND**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; **FEDERATED HERMES CORE TRUST**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Bank Loan Core Fund<br> Mortgage Core Fund<br> High Yield Bond Core Fund<br> Emerging Markets Core Fund<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; **FEDERATED HERMES CORE TRUST III**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Project and Trade Finance Core Fund<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; **FEDERATED HERMES EQUITY FUNDS**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Federated Hermes Clover Small Value Fund<br> Federated Hermes Kaufmann Fund<br> Federated Hermes Kaufmann Large Cap Fund<br> Federated Hermes Kaufmann Small Cap Fund<br> Federated Hermes MDT Mid Cap Growth Fund<br> Federated Hermes Prudent Bear Fund | &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; **FEDERATED HERMES FIXED INCOME SECURITIES, INC.**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Federated Hermes Strategic Income Fund<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; <br> **FEDERATED HERMES HIGH YIELD TRUST**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Federated Hermes Opportunistic High Yield Bond Fund<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; **FEDERATED HERMES INCOME SECURITIES TRUST**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Federated Hermes Capital Income Fund<br> Federated Hermes Floating Rate Strategic Income Fund<br> Federated Hermes Fund for U.S. Government Securities<br> Federated Hermes Intermediate Corporate Bond Fund<br> Federated Hermes Real Return Bond Fund<br> Federated Hermes Short-Term Income Fund<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; **FEDERATED HERMES INSTITUTIONAL TRUST**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Federated Hermes Government Ultrashort Duration Fund<br> Federated Hermes Institutional High Yield Bond Fund<br> Federated Hermes Short-Intermediate Total Return Bond Fund<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; <br> **FEDERATED HERMES INSURANCE SERIES**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Federated Hermes Fund for U.S. Government Securities II<br> Federated Hermes High Income Bond Fund II<br> Federated Hermes Kaufmann Fund II<br> Federated Hermes Managed Volatility Fund II<br> Federated Hermes Quality Bond Fund II<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; **FEDERATED HERMES INVESTMENT SERIES FUNDS, INC.**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY**<br>|
| &nbsp;&nbsp;Federated Hermes Corporate Bond Fund | &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; **FEDERATED HERMES MANAGED POOL SERIES**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Federated Hermes Corporate Bond Strategy Portfolio<br> Federated Hermes High-Yield Strategy Portfolio<br> Federated Hermes Mortgage Strategy Portfolio<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; **FEDERATED HERMES MDT SERIES**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Federated Hermes MDT All Cap Core Fund<br> Federated Hermes MDT Balanced Fund<br> Federated Hermes MDT Large Cap Growth Fund<br> Federated Hermes MDT Small Cap Growth Fund<br> Federated Hermes MDT Small Cap Core Fund<br> Federated Hermes Project and Trade Finance Tender Fund<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp; **FEDERATED HERMES TOTAL RETURN SERIES, INC.**<br>| &nbsp;&nbsp; **Standard N-PORT and N-CEN Reporting Solution (Data ONLY)**<br>|
| &nbsp;&nbsp; Federated Hermes Select Total Return Bond Fund<br> Federated Hermes Total Return Bond Fund<br> Federated Hermes Ultrashort Bond Fund<br>| &nbsp;&nbsp;**(Data ONLY)** |
| &nbsp;&nbsp;FEDERATED HERMES ADVISER SERIES | &nbsp;&nbsp;**Standard N-PORT and N-CEN Reporting Solution (Data ONLY)** |
| &nbsp;&nbsp; Federated Hermes Conservative Municipal Microshort Fund<br> Federated Hermes Conservative Microshort Fund | &nbsp;&nbsp;**(Data ONLY)** |

---

---

| |
|:---|
| &nbsp;&nbsp; <br> **Form N-CEN Services** |
| &nbsp;&nbsp; **FEDERATED HERMES ADJUSTABLE RATE SECURITIES FUND**<br> **FEDERATED HERMES EQUITY INCOME FUND, INC.** <br> **FEDERATED HERMES GLOBAL ALLOCATION FUND**<br> **FEDERATED HERMBES GOVERNMENT INCOME SECURITIES, INC.**<br> **FEDERATED HERMES GOVERNMENT INCOME TRUST**<br> **FEDERATED HERMES HIGH INCOME BOND FUND, INC.**<br> **FEDERATED HERMES TOTAL RETURN GOVERNMENT BOND FUND** <br> **FEDERATED HERMES SHORT-TERM GOVERNMENT FUND**<br> **FEDERATED HERMES SHORT-INTERMEDIATE GOVERNMENT FUND**<br> **FEDERATED HERMES CORE TRUST**<br> **FEDERATED HERMES CORE TRUST III**<br> **FEDERATED HERMES EQUITY FUNDS**<br> **FEDERATED HERMES FIXED INCOME SECURITIES, INC.**<br> **FEDERATED HERMES HIGH YIELD TRUST**<br> **FEDERATED HERMES INCOME SECURITIES TRUST**<br> **FEDERATED HERMES INSTITUTIONAL TRUST**<br> **FEDERATED HERMES INSURANCE SERIES**<br> **FEDERATED HERMES INVESTMENT SERIES FUNDS, INC.**<br> **FEDERATED HERMES MANAGED POOL SERIES**<br> **FEDERATED HERMES MDT SERIES**<br> **FEDERATED HERMES TOTAL RETURN SERIES, INC.**<br> **FEDERATED HERMES ADVISER SERIES**<br>|

---

IN WITNESS WHEREOF, the undersigned, by their authorized representatives, have executed this <u>Annex 1</u> as of the last signature date set forth below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**EACH OF THE INVESTMENT COMPANIES LISTED ON EXHIBIT A TO THE AGREEMENT** | &nbsp;&nbsp;**STATE STREET BANK AND TRUST COMPANY** |
| &nbsp;&nbsp;By: <u>/s/ Lori A. Hensler</u> | &nbsp;&nbsp;By: <u>/s/ Stephanie Mansfield</u> |
| &nbsp;&nbsp;Name: Lori A. Hensler | &nbsp;&nbsp;Name: Stephanie Mansfield |
| &nbsp;&nbsp;Title: Treasurer | &nbsp;&nbsp;Title: Managing Director |
| &nbsp;&nbsp;Date: January 27, 2021 | &nbsp;&nbsp;Date: January 27, 2021 |

---

**<u>AMENDMENT</u>**

The terms of this AMENDMENT ("Amendment") made and effective as of April 1, 2020 will apply to each agreement listed on <u>Appendices 1-A through 1-F</u> hereto (each, an "Agreement" and collectively, the "Agreements") by and between STATE STREET BANK AND TRUST COMPANY and STATE STREET CUSTODIAL SERVICES (IRELAND) LIMITED, as applicable ("State Street") and the counterparty or counterparties to each Agreement identified on <u>Appendices 1-A through 1-F</u> hereto ("Federated Entities", collectively with State Street, the "Parties").

WHEREAS, pursuant to the Agreements, State Street has been performing, *inter alia*, custody, accounting, depositary, and/or other administration services for the Federated Entities; and

WHEREAS, the Parties wish to clarify State Street's Global Operating Model, as defined in Exhibit A.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Effective as of April 1, 2020, each Agreement shall be amended by incorporating
the attached Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If any term or provision of an Agreement is contrary to or in conflict with
the terms of this Amendment, this Amendment controls and such term or provision is modified or negated accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except as provided herein, no other terms or provisions of the Agreements
shall be amended or modified by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Amendment may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

*[Signature pages follow]*

IN WITNESS WHEREOF, this Amendment, with respect to the Agreements listed on Appendix 1-A hereto, has been executed for and on behalf of the undersigned as of the day and year first written above.

**STATE STREET BANK AND TRUST COMPANY**

**By: <u>_/s/ Andrew Erickson</u>**

**Name: Andrew Erickson**

**Title: Executive Vice President**

**EACH OF THE FUNDS/MANAGEMENT INVESTMENT COMPANIES LISTED ON APPENDIX A/EXHIBIT 1 OF EACH RELEVANT AGREEMENT**

**By: <u>Lori A. Hensler</u>**

**Name: Lori A. Hensler**

**Title: Treasurer**

IN WITNESS WHEREOF, this Amendment, with respect to the Agreements listed on Appendix 1-B hereto, has been executed for and on behalf of the undersigned as of the day and year first written above.

**STATE STREET BANK AND TRUST COMPANY**

**By: <u>Andrew Erickson</u>**

**Name: Andrew Erickson**

**Title: Executive Vice President**

**FEDERATED SERVICES COMPANY**

**By: <u>Richard A. Novak</u>**

**Name: Richard A. Novak**

**Title: Treasurer**

**FII HOLDINGS, INC.**

**By: <u>Richard A. Novak</u>**

**Name: Richard A. Novak**

**Title: Treasurer**

**FEDERATED INVESTORS TRUST COMPANY**

**By: <u>Lori A. Hensler</u>**

**Name: Lori A. Hensler**

**Title: Assistant Treasurer**

**FEDERATED INVESTMENT COUNSELING**

**By: <u>Richard A. Novak</u>**

**Name: Richard A. Novak**

**Title: Assistant Treasurer**

**FEDERATED INTERNATIONAL MANAGEMENT LIMITED**

**By: <u>Richard A. Novak</u>**

**Name: Richard A. Novak**

**Title: Assistant Company Secretary**

IN WITNESS WHEREOF, this Amendment, with respect to the Agreements listed on Appendix 1-C hereto, has been executed for and on behalf of the undersigned as of the day and year first written above.

**STATE STREET BANK AND TRUST COMPANY**

**By: <u>Andrew Erickson</u>**

**Name: Andrew Erickson**

**Title: Executive Vice President**

**FEDERATED HERMES, INC. (formerly Federated Investors, Inc.)**

**By: <u>Richard A. Novak</u>**

**Name: Richard A. Novak**

**Title: Assistant Treasurer**

**FEDERATED INVESTMENT COUNSELING**

**By: <u>Richard A. Novak</u>**

**Name: Richard A. Novak**

**Title: Assistant Treasurer**

**TEXAS TREASURY SAFEKEEPING TRUST COMPANY, as Trustee of the Trusts listed on Schedule 1 of each relevant Agreement**

**By: Federated Investment Counseling, as attorney-in-fact**

**By: <u>Richard A. Novak</u>**

**Name: Richard A. Novak**

**Title: Assistant Treasurer**

IN WITNESS WHEREOF, this Amendment, with respect to the Agreements listed on Appendix 1-D hereto, has been executed for and on behalf of the undersigned as of the day and year first written above.

**STATE STREET BANK AND TRUST COMPANY** 

**By: <u>Andrew Erickson</u>**

**Name: Andrew Erickson**

**Title: Executive Vice President**

**EACH OF THE FUNDS LISTED ON APPENDIX A/SCHEDULE A OF EACH RELEVANT AGREEMENT**

**By: <u>Lori A. Hensler</u>**

**Name: Lori A. Hensler**

**Title: Treasurer**

IN WITNESS WHEREOF, this Amendment, with respect to the Agreements listed on Appendix 1-E hereto, has been executed for and on behalf of the undersigned as of the day and year first written above.

**STATE STREET BANK AND TRUST COMPANY**

**By: <u>Andrew Erickson</u>**

**Name: Andrew Erickson**

**Title: Executive Vice President**

**FEDERATED REDWOOD TRADE FINANCE FUND, L.P.**

**By: <u>Lori A. Hensler</u>**

**Name: Lori A. Hensler**

**Title: Authorized Person**

**EACH OF THE FUNDS LISTED ON APPENDIX A OF EACH RELEVANT AGREEMENT**

**By: <u>Lori A. Hensler</u>**

**Name: Lori A. Hensler**

**Title: Authorized Person**

IN WITNESS WHEREOF, this Amendment, with respect to the Agreements listed on Appendix 1-F hereto, has been executed for and on behalf of the undersigned as of the day and year first written above.

**STATE STREET CUSTODIAL SERVICES (IRELAND) LIMITED**

**By: <u>Andrew Erickson</u>**

**Name: Andrew Erickson**

**Title: Executive Vice President**

**ICBC FEDERATED FUNDS ICAV**

**By: <u>Gregory P. Dulski</u>**

**Name: Gregory P. Dulski**

**Title: Director**

**Exhibit A**

For purposes of this Exhibit A:

**"Agreement**" shall mean this Agreement or Contract as the context requires.

**"Client"** shall mean the Federated Entity or Entities receiving services pursuant to this Agreement.

**"Global Operating Model"** shall mean the global network that conducts State Street's business in multiple locations across North America, Europe and Asia with significant operational hubs in China, India and Poland, using automated processes and established globally consistent procedures, controls and training.

**"State Street**" shall mean the relevant State Street entity performing services pursuant to this Agreement.

<u>DELEGATION</u>

1. <u>Delegation</u>. Subject to Sections ‎2 and 3 below, and unless otherwise limited by this Agreement, State Street shall have the right to employ agents, subcontractors, consultants and other third parties, whether affiliated or unaffiliated, to provide or assist it in the provision of all or any part of the services performed pursuant to this Agreement (each, a "Delegate" and collectively, the "Delegates") without the consent or approval of the Client. State Street shall be responsible for the services delivered by, and the acts and omissions of, any such Delegate as if State Street had provided such services and committed such acts and omissions itself. Unless otherwise agreed in a Fee Schedule approved in writing by the Client, State Street shall be responsible for the compensation of its Delegates.

2. State Street will provide the Client with information regarding its Global Operating Model for the delivery of the services on a quarterly basis, which information shall include the identities of Delegates that perform or may perform all or any part of material services, and the locations from which such Delegates perform services, as well as such other information about its Delegates as the Client may reasonably request from time to time.

3. State Street will provide Client with 60 days' prior written notice of its intention to (i) establish a Delegate in a new location from which services will be performed and (ii) transfer services from one Delegate to another, when the Delegate does not already perform the services being transferred. Notwithstanding the foregoing commitment, State Street shall have no obligation to provide prior notice of any delegation or use of a legal entity or location on an emergency or temporary basis to the extent necessary to allow State Street to continue to provide the services during any period when State Street or any Delegate is experiencing a service interruption, outage or similar limitation (including a Force Majeure Event). In any such event, State Street shall notify the Client as soon as reasonably practicable of such temporary delegation or service location and shall take reasonable steps to return such services to the prior affiliate or such other previously notified location as soon as reasonably possible consistent with maintaining continuity of the services.

4. Nothing in this Section shall limit or restrict State Street's right to use affiliates or third parties to perform or discharge, or assist it in the performance or discharge, of any obligations or duties under this Agreement other than the provision of the services.

<u>USE OF DATA</u>

1. In connection with the provision of the services and the discharge of its
other obligations under this Agreement, State Street (which term for purposes of this Section includes each of its parent company, branches
and affiliates ("Affiliates")) may collect and store information regarding the Client and share such information with its
Affiliates, agents and service providers in order and to the extent reasonably necessary to (i) carry out the provision of services contemplated
under this Agreement and other agreements between the Client and State Street or any of its Affiliates and (ii) carry out management of
its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory
compliance and client service management. State Street will not, without the prior agreement of the Client, provide access to Client data
to third parties for their commercial use.

2. Client data may be accessed by any of State Street's affiliated operating
locations which have controls designed to promote the security and confidentiality of data. All State Street affiliates, including State
Street's global process centers, have consistent controls.

3. State Street remains contractually responsible for the protection of Client
data while it is on its, its Affiliates' or its Delegates' systems including those owned by third party vendors. State Street
conducts due diligence and ongoing monitoring of its Affiliates, Delegates and third party vendors to assess whether a control environment
equivalent or superior to that maintained by State Street on its own systems is applied by such Affiliates, Delegates or third party vendors.
State Street also reviews its Affiliates', Delegates' and third party vendors' controls designed to promote the security
and confidentiality of Client data.

4. Except as expressly contemplated by this Agreement, nothing in this Section
shall limit the confidentiality and data-protection obligations, including any privacy, information security or business continuity obligations,
of State Street and its Affiliates or Delegates under this Agreement and/or applicable law. State Street shall cause any Affiliate, agent,
service provider or Delegate to which it has disclosed data pursuant to this Section to comply at all times with confidentiality and data-protection
obligations as if it were a party to this Agreement.

**Appendix 1-A**

**List of Agreements covered by this Amendment**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Federated Entity | &nbsp;&nbsp;State Street Entity | &nbsp;&nbsp;Agreement | &nbsp;&nbsp;Agreement Date |
| &nbsp;&nbsp;Each Fund listed on Appendix A | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Financial Administration and Accounting Services Agreement (Federated Funds) | &nbsp;&nbsp;March 1, 2011 |
| &nbsp;&nbsp;Each management investment company identified on Appendix A | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Amended and Restated Master Custodian Agreement (Federated Funds) | &nbsp;&nbsp;March 1, 2017 |
| &nbsp;&nbsp;Each Fund listed on Exhibit 1 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;SSGX Master Agreement | &nbsp;&nbsp; August 20, 2018<br>|

---

**Appendix 1-B**

**List of Agreements covered by this Amendment**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Federated Entity | &nbsp;&nbsp;State Street Entity | &nbsp;&nbsp;Agreement | &nbsp;&nbsp;Agreement Date |
| &nbsp;&nbsp;FII Holdings, Inc. | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Custodian Agreement | &nbsp;&nbsp;May 22, 2007 |
| &nbsp;&nbsp;Federated Investors Trust Company | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Custodian Contract | &nbsp;&nbsp;October 29, 2008 |
| &nbsp;&nbsp;Federated Investors Trust Company | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Financial Administration and Accounting Services Agreement | &nbsp;&nbsp;October 29, 2008 |
| &nbsp;&nbsp;Federated International Management Limited | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Services Agreement | &nbsp;&nbsp;July 24, 2018 |
| &nbsp;&nbsp;Federated Investment Counseling, Federated Services Company | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Amended and Restated Portfolio Accounting and Sub-Administrative Services Agreement | &nbsp;&nbsp;April 1, 2020 |
| &nbsp;&nbsp;Federated Investment Counseling | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Currency Management Agreement | &nbsp;&nbsp;August 31, 2018 |

---

**Appendix 1-C**

**List of Agreements covered by this Amendment**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Federated Entity | &nbsp;&nbsp;State Street Entity | &nbsp;&nbsp;Agreement | &nbsp;&nbsp;Agreement Date |
| &nbsp;&nbsp;Federated Investors, Inc./Texas Treasury | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Custodian Contract (TexPool) | &nbsp;&nbsp;April 5, 2002 |
| &nbsp;&nbsp;Federated Investment Counseling | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Master Sub-Administration Agreement (MMDT) | &nbsp;&nbsp;March 1, 2013 |
| &nbsp;&nbsp;Federated Investment Counseling | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Master Custodian Contract (MMDT) | &nbsp;&nbsp;March 1, 2013 |

---

**Appendix 1-D**

**List of Agreements covered by this Amendment**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Federated Entity | &nbsp;&nbsp;State Street Entity | &nbsp;&nbsp;Agreement | &nbsp;&nbsp;Agreement Date |
| &nbsp;&nbsp;Each of the funds listed on Schedule A | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Master Administration Agreement (Federated Prime Private Liquidity) | &nbsp;&nbsp;April 30, 2016 |
| &nbsp;&nbsp;Each of the funds listed on Appendix A | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Master Custodian Agreement (Federated Prime Private Liquidity) | &nbsp;&nbsp;April 30, 2016 |

---

**Appendix 1-E**

**List of Agreements covered by this Amendment**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Federated Entity | &nbsp;&nbsp;State Street Entity | &nbsp;&nbsp;Agreement | &nbsp;&nbsp;Agreement Date |
| &nbsp;&nbsp;Each Fund listed on Appendix A | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Master Administration Agreement (Redwood) | &nbsp;&nbsp;January 22, 2019 |
| &nbsp;&nbsp;Each Fund listed on Appendix A | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Master Custodian Agreement (Redwood) | &nbsp;&nbsp;January 22, 2019 |
| &nbsp;&nbsp;Federated Redwood Trade Finance Fund, L.P. | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Performance & Analytics Agreement | &nbsp;&nbsp;January 22, 2019 |

---

**Appendix 1-F**

**List of Agreements covered by this Amendment**

Federated Entity <u>State Street Entity</u> <u>Agreement</u> <u>Agreement Date</u> <br> <u>ICBC Federated Funds ICAV</u> <u>State Street Custodial Services (Ireland) Limited</u> <u>Depositary Agreement</u> <u>June 20, 2018</u> <br> <u>ICBC Federated Funds ICAV</u> <u>State Street Custodial Services (Ireland) Limited</u> <u>Administration Agreement</u> <u>June 20, 2018</u>

January 19, 2021

State Street Bank and Trust Company<br> 1 Iron Street<br> Boston, MA 02110<br> Attention: Andrea Griffin, Vice President

Re: <u>FEDERATED HERMES ADVISER SERIES (the "Trust")</u>

Ladies and Gentlemen:

Please be advised that the undersigned Trust has established new Funds to be known as Federated Hermes Conservative Municipal Microshort Fund, and Federated Hermes Conservative Microshort Fund, respectively (the "Funds").

In accordance with Section 1, the Appointment provision, of the Financial Administration and Accounting Services Agreement dated as of March 1, 2011, as amended, modified, or supplemented from time to time (the "Agreement"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("State Street"), the undersigned Trust hereby requests that State Street as Financial Administrator and Accounting Agent for the new Funds under the terms of the Agreement, and that Exhibit A to the Agreement is hereby amended and restated as set forth on Appendix A attached hereto. In connection with such request, the undersigned Trust hereby confirms, as of the date hereof, its representations and warranties set forth in Section II.B of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy of the Trust.

Sincerely,

**FEDERATED HERMES ADVISER SERIES**

on behalf of:

FEDERATED HERMES CONSERVATIVE MUNICIPAL MICROSHORT FUND, and

FEDERATED HERMES CONSERVATIVE MICROSHORT FUND

By: <u>/s/ Lori A. Hensler</u> 

Name: <u>Lori A. Hensler</u> 

Title: <u>Treasurer, Duly Authorized</u> 

**Agreed and Accepted:**

**STATE STREET BANK AND TRUST COMPANY**

By: <u>/s/ Stefanie Mansfield</u> 

Name: <u>Stefanie Mansfield</u> 

Title: <u>Managing Director, Duly Authorized</u> 

Effective Date: <u>January 19, 2021</u> 

**EXHIBIT A**

**TO**

**FINANCIAL ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT DATED MARCH 1, 2011**

**(<u>Updated as of June 1, 2021</u>)**

<u>MANAGEMENT INVESTMENT COMPANIES REGISTERED WITH THE SEC AND PORTFOLIOS THEREOF, IF ANY</u>

Federated Hermes Equity Income Fund, Inc.

Federated Hermes Global Allocation Fund

Federated Hermes Government Income Securities, Inc.

**Federated Hermes Adjustable Rate Securities Trust:** 

Federated Hermes Adjustable Rate Fund

**Federated Hermes Adviser Series:**

Federated Hermes Conservative Municipal Microshort Fund

Federated Hermes Conservative Microshort Fund

Federated Hermes MDT Market Neutral Fund

**Federated Hermes Government Income Trust:**

Federated Hermes Government Income Fund

Federated Hermes High Income Bond Fund, Inc.

Federated Hermes Total Return Government Bond Fund

**Federated Hermes Short-Term Government Trust:**

Federated Hermes Short-Term Government Fund

**Federated Hermes Short-Intermediate Government Trust:**

Federated Short-Intermediate Government Fund

**Federated Hermes Core Trust:**

Bank Loan Core Fund

Mortgage Core Fund

High Yield Bond Core Fund

Emerging Markets Core Fund

**Federated Hermes Core Trust III:**

Project and Trade Finance Core Fund

**Federated Hermes Equity Funds:**

Federated Hermes Clover Small Value Fund

Federated Hermes Kaufmann Fund

Federated Hermes Kaufmann Large Cap Fund

Federated Hermes Kaufmann Small Cap Fund

Federated Hermes MDT Mid Cap Growth Fund

Federated Hermes Prudent Bear Fund

**Federated Hermes Fixed Income Securities, Inc.:**

Federated Hermes Strategic Income Fund

**Federated Hermes High Yield Trust**

Federated Hermes Equity Advantage Fund

Federated Hermes Opportunistic High Yield Bond Fund

**Federated Hermes Income Securities Trust:**

Federated Hermes Capital Income Fund

Federated Hermes Floating Rate Strategic Income Fund

Federated Hermes Fund for U.S. Government Securities

Federated Hermes Intermediate Corporate Bond Fund

Federated Hermes Real Return Bond Fund

Federated Hermes Short-Term Income Fund

**Federated Hermes Institutional Trust:**

Federated Hermes Government Ultra Short Fund

Federated Hermes Institutional High Yield Bond Fund

Federated Hermes Short-Intermediate Total Return Bond Fund

**Federated Hermes Insurance Series:**

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes High Income Bond Fund II

Federated Hermes Kaufmann Fund II

Federated Hermes Managed Volatility Fund II

Federated Hermes Government Money Fund II

Federated Hermes Quality Bond Fund II

**Federated Hermes Investment Series Funds, Inc.:**

Federated Hermes Corporate Bond Fund

**Federated Hermes Managed Pool Series:**

Federated Hermes Corporate Bond Strategy Portfolio

Federated Hermes High-Yield Strategy Portfolio

Federated Hermes Mortgage Strategy Portfolio

**Federated Hermes MDT Series:**

Federated Hermes MDT All Cap Core Fund

Federated Hermes MDT Balanced Fund

Federated Hermes MDT Large Cap Growth Fund

Federated Hermes MDT Small Cap Growth Fund

Federated Hermes MDT Small Cap Core Fund

**Federated Hermes Project and Trade Finance Tender Fund**

**Federated Hermes Total Return Series, Inc.:**

Federated Hermes Core Bond Fund<br> (formerly, Federated Hermes Select Total Return Bond Fund)

Federated Hermes Total Return Bond Fund

Federated Hermes Ultrashort Bond Fund

**Federated Hermes Money Market Obligations Trust:**

Federated Hermes California Municipal Cash Trust

Federated Hermes Government Obligations Fund

Federated Hermes Institutional Money Market Management

Federated Hermes Municipal Obligations Fund

Federated Hermes New York Municipal Cash Trust

Federated Hermes Prime Cash Obligations Fund

Federated Hermes Institutional Prime Obligations Fund

Federated Hermes Institutional Prime Value Obligations Fund

Federated Hermes Tax-Free Obligations Fund

Federated Hermes Institutional Tax-Free Cash Trust

Federated Hermes Treasury Obligations Fund

Federated Hermes Trust for U.S. Treasury Obligations

September 1, 2021

State Street Bank and Trust Company

1Iron Street

Boston, MA 02110

Attention: Andrea Griffin, Vice President

Re: FEDERATED HERMES ADVISER SERIES (the "Trust")

Ladies and Gentlemen:

Please be advised that the undersigned Trust has established a new Fund to be known as Federated Hermes MDT Market Neutral Fund (the "Fund").

In accordance with Section 1, the Appointment provision, of the Financial Administration and Accounting Services Agreement dated as of March 1, 2011, as amended, modified, or supplemented from time to time (the "Agreement"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("State Street"), the undersigned Trust hereby requests that State Street act as Financial Administrator and Accounting Agent for the new Fund under the terms of the Agreement, and that Exhibit A to the Agreement is hereby amended and restated as set forth on Appendix A attached hereto. In connection with such request, the undersigned Trust hereby confirms, as of the date hereof, its representations and warranties set forth in Section II.B of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Trust.

Sincerely,

FEDERATED HERMES ADVISER SERIES

on behalf of:

FEDERATED HERMES MDT MARKET NEUTRAL FUND

By: /s/Lori A. Hensler

Name: Lori A. Hensler

Title: Treasurer, Duly Authorized

Agreed and Accepted:

STATE STREET BANK AND TRUST COMPANY

By: /s/ Suzanne M. Hinckley

Name: Suzanne M. Hinckley

Title: Senior Vice President, Duly Authorized

Effective Date: September 15, 2021

**EXHIBIT A**

**TO**

**FINANCIAL ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT DATED MARCH 1, 2011**

**(Updated as of December 1, 2021)**

**MANAGEMENT INVESTMENT COMPANIES REGISTERED WITH THE SEC AND PORTFOLIOS THEREOF, IF ANY**

Federated Hermes Equity Income Fund, Inc.

Federated Hermes Global Allocation Fund

Federated Hermes Government Income Securities, Inc.

Federated Hermes Adjustable Rate Securities Trust:

Federated Hermes Adjustable Rate Fund

Federated Hermes Adviser Series:

Federated Hermes Conservative Municipal Microshort Fund

Federated Hermes Conservative Microshort Fund

\*Federated Hermes MDT Market Neutral Fund

Federated Hermes Government Income Trust:

Federated Hermes Government Income Fund

Federated Hermes High Income Bond Fund, Inc.

Federated Hermes Total Return Government Bond Fund

Federated Hermes Short-Term Government Trust:

Federated Hermes Short-Term Government Fund

Federated Hermes Short-Intermediate Government Trust:

Federated Short-Intermediate Government Fund

Federated Hermes Core Trust:

Bank Loan Core Fund

Mortgage Core Fund

High Yield Bond Core Fund

Emerging Markets Core Fund

Federated Hermes Core Trust III:

Project and Trade Finance Core Fund

Federated Hermes Equity Funds:

Federated Hermes Clover Small Value Fund

Federated Hermes Kaufmann Fund

Federated Hermes Kaufmann Large Cap Fund

Federated Hermes Kaufmann Small Cap Fund

Federated Hermes MDT Mid Cap Growth Fund

Federated Hermes Prudent Bear Fund

Federated Hermes Fixed Income Securities, Inc.:

Federated Hermes Strategic Income Fund

Federated Hermes High Yield Trust

Federated Hermes Equity Advantage Fund

Federated Hermes Opportunistic High Yield Bond Fund

Federated Hermes Income Securities Trust:

Federated Hermes Capital Income Fund

Federated Hermes Floating Rate Strategic Income Fund

Federated Hermes Fund for U.S. Government Securities

Federated Hermes Intermediate Corporate Bond Fund

\* Federated Hermes Inflation Protected Securities Fund<br> (formerly Federated Hermes Real Return Bond Fund

Federated Hermes Short-Term Income Fund

Federated Hermes Institutional Trust:

Federated Hermes Government Ultra Short Fund

Federated Hermes Institutional High Yield Bond Fund

Federated Hermes Short-Intermediate Total Return Bond Fund

Federated Hermes Insurance Series:

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes High Income Bond Fund II

Federated Hermes Kaufmann Fund II

Federated Hermes Managed Volatility Fund II

Federated Hermes Government Money Fund II

Federated Hermes Quality Bond Fund II

Federated Hermes Investment Series Funds, Inc.:

Federated Hermes Corporate Bond Fund

Federated Hermes Managed Pool Series:

Federated Hermes Corporate Bond Strategy Portfolio

Federated Hermes High-Yield Strategy Portfolio

Federated Hermes Mortgage Strategy Portfolio

Federated Hermes MDT Series:

Federated Hermes MDT All Cap Core Fund

Federated Hermes MDT Balanced Fund

Federated Hermes MDT Large Cap Growth Fund

Federated Hermes MDT Small Cap Growth Fund

Federated Hermes MDT Small Cap Core Fund

Federated Hermes Project and Trade Finance Tender Fund

Federated Hermes Total Return Series, Inc.:

Federated Hermes Select Total Return Bond Fund

Federated Hermes Total Return Bond Fund

Federated Hermes Ultrashort Bond Fund

Federated Hermes Money Market Obligations Trust:

Federated Hermes California Municipal Cash Trust

Federated Hermes Government Obligations Fund

Federated Hermes Institutional Money Market Management

Federated Hermes Municipal Obligations Fund

Federated Hermes New York Municipal Cash Trust

Federated Hermes Prime Cash Obligations Fund

Federated Hermes Institutional Prime Obligations Fund

Federated Hermes Institutional Prime Value Obligations Fund

Federated Hermes Tax-Free Obligations Fund

Federated Hermes Institutional Tax-Free Cash Trust

Federated Hermes Treasury Obligations Fund

Federated Hermes Trust for U.S. Treasury Obligations

*\* Federated Hermes Real Return Bond Fund will change its name to Federated Hermes Inflation Protected Securities Fund on or about December 29, 2021.*

[ ]

## Ex-99.M

Exhibit 28 (m) under Form N-1A<br> Exhibit 1 under Item 601/Reg. S-K

*6/29/20 – Name changed to Federated Hermes High Income Bond Fund, Inc.*

**FEDERATED HIGH INCOME BOND FUND, INC.**

DISTRIBUTION PLAN

This Distribution Plan ("Plan") is adopted as of the 12<sup>th</sup> day of February, 2004, by the Board of Directors of Federated High Income Bond Fund, Inc. (the "Corporation"), a Maryland Corporation with respect to certain classes of shares ("Classes") of the portfolios of the Corporation (the "Funds") set forth in exhibits hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Plan is adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended ("Act"),
so as to allow the Corporation to make payments as contemplated herein, in conjunction with the distribution of Classes of the Funds ("Shares")
and pursuant to the "Distributor's Contract" entered into by the Corporation and FSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Plan is designed to finance activities of Federated Securities Corp. ("FSC") principally
intended to result in the sale of Shares to include: (a) providing incentives to financial institutions ("Financial Institutions")
to sell Shares and; (b) advertising and marketing of Shares to include preparing, printing and distributing prospectuses and sales literature
to prospective shareholders and with Financial Institutions. The Plan is also designed to cover the costs of administrative services performed
in connection with the sale of Shares, but are not limited to shareholder services, recordkeeping services and educational services, as
well as the costs of implementing and operating the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. As compensation for services provided pursuant to this Plan, FSC will be paid a fee in respect of the
following Classes set forth on the exhibits to this Agreement. FSC may use all or any of the fees received pursuant to the Plan to pay
any of the expenses associated with the activities under Paragraph 2 hereof whether incurred directly, or through Financial Institutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any payments by FSC to Financial Institutions with funds received as compensation under this Plan will
be made pursuant to an agreement entered into by FSC and the Financial Institution ("Financial Institution Agreement"). FSC
has the right (i) to select, in its sole discretion, the Financial Institutions to participate in the Plan and (ii) to terminate without
cause and in its sole discretion any Financial Institution Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Quarterly in each year that this Plan remains in effect, FSC shall prepare and furnish to the Board of
Directors of the Corporation, and the Board of Directors shall review, a written report of the amounts expended under the Plan and the
purpose for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Plan shall become effective with respect to each Class (i) after approval as required by Rule
12b-1 under the Act as in effect on the date of the execution hereof; and (ii) upon execution of an exhibit adopting this Plan with
respect to such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Plan shall remain in effect with respect to each Class presently set forth on an exhibit and any
subsequent Classes added pursuant to an exhibit during the initial year of this Plan for the period of one year from the date set forth
above and may be continued thereafter if this Plan is approved with respect to each Class at least annually by a majority of the Corporation's
Board of Directors and a majority of the Disinterested Directors, cast in person at a meeting called for the purpose of voting on such
Plan. If this Plan is adopted with respect to a Class after the first annual approval by the Directors as described above, this Plan will
be effective as to that Class upon execution of the applicable exhibit pursuant to the provisions of paragraph 6(ii) above and will
continue in effect until the next annual approval of this Plan by the Directors and thereafter for successive periods of one year subject
to approval as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. All material amendments to this Plan must be approved by a vote of the Board of Directors of the Corporation
and of the Disinterested Directors, cast in person at a meeting called for the purpose of voting on it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Plan may not be amended in order to increase materially the costs which the Classes may bear for
distribution pursuant to the Plan without being approved by a majority vote of the outstanding voting securities of the Classes as defined
in Section 2(a)(42) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. This Plan may be terminated with respect to a particular Class at any time by: (a) a majority vote of
the Disinterested Directors; or (b) a vote of a majority of the outstanding voting securities of the particular Class as defined in Section
2(a)(42) of the Act; or (c) by FSC on 60 days' notice to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. While this Plan shall be in effect, the selection and nomination of Disinterested Directors of the Corporation
shall be committed to the discretion of the Disinterested Directors then in office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. All agreements with any person relating to the implementation of this Plan, including, but not limited
to Financial Institution Agreements, shall be in writing and any agreement related to this Plan shall be subject to termination, without
penalty, pursuant to the provisions of Paragraph 10 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. This Plan shall be construed in accordance with and governed by the laws of the Commonwealth of Pennsylvania.

*6/29/20 – Name changed to Federated Hermes High Income Bond Fund, Inc.*

EXHIBIT A

to the

Distribution Plan

**FEDERATED HIGH INCOME BOND FUND, INC.**

**Class C Shares**

This Distribution Plan is adopted as of the 12<sup>th</sup> day of February, 2004, by Federated High Income Bond Fund, Inc. with respect to the Class C Shares of the Corporation set forth above.

As compensation for the services provided pursuant to this Plan, FSC will be paid a monthly fee computed at the annual rate of 0.75 of 1% of the average aggregate net asset value of the Class C Shares of Federated High Income Bond Fund, Inc. held during the month.

Witness the due execution hereof this 1<sup>st</sup> day of March, 2004**.**

**FEDERATED HIGH INCOME BOND FUND, INC.**

By: <u>/s/ J. Christopher Donahue</u> 

Name: J. Christopher Donahue

Title: President

## Ex-99.N

Exhibit 28 (n) under Form N-1A<br> Exhibit 99 under Item 601/Reg. S-K

**MULTIPLE CLASS PLAN**

**Current as of February 8, 2023**

This Multiple Class Plan (this "Plan") is adopted by the investment companies (the "Multiple Class Companies") identified in exhibits hereto (the "Class Exhibits") as offering separate classes of shares ("Classes").

**1. <u>Purpose</u>**

This Plan is adopted pursuant to Rule 18f-3 under the Investment Company Act of 1940, as amended (the "Rule"), in connection with the issuance by the Multiple Class Companies and any series thereof (collectively the "Funds") of more than one Class of shares in reliance on the Rule. In documenting the exchange features for each Class, this plan describes the arrangements whereby shares of Funds may be exchanged for or from certain other investment companies which are not part of this Plan. In documenting the separate arrangement for distribution of each Class, this Plan also sets forth the schedules for variations in sales loads and contingent deferred sales charges required by Rules 22d-1 and 6c-10, respectively. Financial intermediary-specific front-end sales load and contingent deferred sales charge ("CDSC") waivers, front-end sales load discounts and exchange features (collectively, "sales charge variations") required to be disclosed by Rule 22d-1 shall be as set forth in the prospectus of a Fund, as may be amended from time to time.

**2. <u>Separate Arrangements/Class Differences</u>**

The arrangements for shareholders services or the distribution of shares, or both, for each Class shall be set forth in the applicable Class Exhibit hereto.

**3. <u>Expense Allocations</u>**

Each Class shall be allocated those shareholder service fees and fees and expenses payable under a Rule 12b-1 Plan specified in the Class Exhibit. In addition the following expenses may be specifically allocated to each Class to the extent that the Fund's officers determine that such expenses are actually incurred in a different amount by that Class, or that the Class receives services of a different kind or to a different degree than other Classes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer agent fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) printing and postage expenses related to preparing and distributing materials such as shareholder reports,
prospectuses, and proxies to current shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) blue sky registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) SEC registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the expense of administrative personnel and services as required to support the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) litigation or other legal expenses relating solely to one Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) other expenses incurred on behalf of the Class or for events or activities pertaining exclusively to the
Class.

**4. <u>Conversion and Exchange Features</u>**

The conversion and exchange features for shares of each Class shall be as set forth in the applicable Class Exhibit hereto.

**5. <u>Amendment</u>**

Any material amendment of this Plan or any Class Exhibit hereto by any Multiple Class Company is subject to the approval of a majority of the directors/trustees of the applicable Multiple Class Company and a majority of the directors/trustees of the Multiple Class Company who are not interested persons of the Multiple Class Company, pursuant to the Rule.

**Class A Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised 9/1/22)**

**1. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Class A Shares will consist of sales and shareholder servicing by financial intermediaries in consideration of the payment of a portion of the applicable sales load ("dealer reallowance")and a shareholder service fee. When indicated on the Schedule to this Exhibit, the principal underwriter and financial intermediaries may also receive payments for distribution and/or administrative services under a 12b-1 Plan. In connection with this basic arrangement, Class A Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class A Shares** |
| **Sales Load** | Up to 5.5% of the public offering price, as set forth in the attached Schedules |
| **Contingent Deferred Sales Charge ("CDSC")** | 0.00% |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Redemption Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class A Shares as described in Section 3 of the Plan |

---

**2. CONVERSION AND EXCHANGE PRIVILEGES**

For purposes of Rule 18f-3, Class A Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Class A Shares that are not subject to a contingent deferred sales charge ("**CDSC**") based upon the redemption of a "Large Ticket" purchase made within 24 months may be converted to any other Share Class within the same Fund, provided that shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Class A Shares may be exchanged for Class A Shares of any other Fund |

---

 ****

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**3. EXCEPTIONS TO BASIC ARRANGEMENTS**

For purposes of Rules 22d-1 and 6c-10 under the Act, unless otherwise specified on the Schedule to this Exhibit, the scheduled variations in sales loads and contingent deferred sales charges are as follows:

(A) BASIC SALES LOAD SCHEDULE

The basic schedule of sales loads for Class A Shares of Funds so designated on the Schedule to this Exhibit is as follows:

---

| | |
|:---|:---|
| **Purchase Amount** | **Sales Load as a Percentage of Public Offering Price** |
| Less than $50,000 | 5.50% |
| $50,000 but less than $100,000 | 4.50% |
| $100,000 but less than $250,000 | 3.75% |
| $250,000 but less than $500,000 | 2.50% |
| $500,000 but less than $1 million | 2.00% |
| $1 million or greater | 0.00% |

---

(B) FIXED INCOME SALES LOAD SCHEDULE

The schedule of sales loads for Class A Shares of Funds so designated on the Schedule to this Exhibit is as follows:

---

| | |
|:---|:---|
| **Purchase Amount** | **Sales Charge as a Percentage of Public Offering Price** |
| Less than $100,000 | 4.50% |
| $100,000 but less than $250,000 | 3.75% |
| $250,000 but less than $500,000 | 2.50% |
| $500,000 but less than $1 million | 2.00% |
| $1 million or greater | 0.00% |

---

(C) MODIFIED FIXED INCOME SALES LOAD SCHEDULE

The schedule of sales loads for Class A Shares of Funds so designated on the Schedule to this Exhibit is as follows:

---

| | |
|:---|:---|
| **Purchase Amount** | **Sales Charge as a Percentage of Public Offering Price** |
| Less than $100,000 | 1.00% |
| $100,000 or greater | 0.00% |

---

(D) MONEY MARKET AND ULTRASHORT BOND LOAD SCHEDULE

The Schedule of sales loads for Class A Shares of Funds so designated on the Schedule to this Exhibit is as follows:

---

| | |
|:---|:---|
| **Purchase Amount** | **Sales Charge as a Percentage of Public Offering Price** |
| **Purchase Amount** | **Sales Charge as a Percentage of Public Offering Price** |
| All purchases | 0.00% |

---

(E) "LARGE TICKET" PURCHASES

Unless otherwise indicated on the Schedule to this Exhibit, a financial intermediary that places an order to purchase $1,000,000 or more of Class A Shares shall receive from the principal underwriter an advance commission equal to 75 basis points (0.75%) of the public offering price. In such event, notwithstanding anything to the contrary in the Plan or this Exhibit, such Class A Shares shall be subject to a contingent deferred sales charge upon redemption within 24 months of purchase equal to 75 basis points (0.75%) of the lesser of (x) the purchase price of the Class A Shares or (y) the redemption price of the Class A Shares. Any contingent deferred sales charge received upon redemption of Class A Shares shall be paid to the principal underwriter in consideration of the advance commission.

(F) REDUCING OR ELIMINATING THE SALES LOAD

Contingent upon notification to the Fund's principal underwriter or transfer agent, in applying the exceptions set forth in this Section 3, the purchase amount shall take into account:

&nbsp;&nbsp;&nbsp;&nbsp;· Discounts achieved by combining concurrent purchases of and/or current investment in Class A, Class B, Class C, Class F, and Class R Shares, made or held by (or on behalf of) the investor, the investor's spouse, and the investor's children under age 21 (regardless of whether the purchases or investments are made or held directly or through an investment professional or through a single-participant retirement account); provided that such purchases and investments can be linked using tax identification numbers (TINs), social security numbers (SSNs), or Broker Identification Numbers (BINs); and

· Letters of intent to purchase a certain amount of Class A Shares within a thirteen month period.

(G) waiver of sales load

Continent upon notification to the Fund's Transfer Agent, no sales load shall be assessed on purchases of Class A Shares made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· within 120 days of redeeming shares of an equal or greater amount;

· through a program offered by a Financial Intermediary that provides for the purchase of Shares without imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement or other fee-based program offered by the Financial Intermediary) and where the Financial Intermediary has agreed with the principal underwriter not to receive a dealer reallowance on purchases under such program;

· with reinvested dividends or capital gains;

· or Class A Shares, issued in connection with the merger, consolidation, or acquisition of the assets of another fund. Further, no sales load shall be assessed on purchases of Shares made by a shareholder that originally became a shareholder of a Federated Fund pursuant to the terms of an agreement and plan of reorganization which permits shareholders to acquire Shares at NAV provided that such Shares are held directly with the Fund's transfer agent. If the Shares are held through a financial intermediary the sales charge waiver will not apply;

· by Federated Life Members (Federated shareholders who originally were issued shares through the "Liberty Account", which was an account for the Liberty Family of Funds on February 28, 1987, or who invested through an affinity group prior to August 1, 1987, into the Liberty Account);

· by Directors, Trustees, employees, former employees and sales representatives of the Fund, the Adviser, the principal underwriter and their affiliates, employees of any investment professional that sells Shares according to a sales agreement with the principal underwriter, by the immediate family members of the above persons, and by trusts, pensions or profit-sharing plans for the above persons; and

· pursuant to the exchange privilege. However, this sales charge waiver may not apply to Class A Shares purchased pursuant to the exchange privilege if a shareholder did not previously pay a sales load upon its initial purchase of Class A Shares.

(H) WAIVER OF CONTINGENT DEFFERED SALES CHARGE ON LARGE-TICKET PURCHASES

Contingent upon notification to the Fund's principal underwriter or transfer agent, no CDSC will be imposed on redemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· following the death of the last surviving shareholder on the account, or the post-purchase disability of all registered shareholder(s), as defined in Section 72(m)(7) of the Internal Revenue Code.

· due to the termination of a trust following the death of the trustor/grantor or beneficiary, provided that the trust document specifically states that the trust is terminated upon the death

· representing minimum required distributions ("RMD") from an Individual Retirement Account or other retirement plan as required under the Internal Revenue Code;

· of Shares originally purchased through a financial intermediary that did not receive an advance commission on the purchase;

· of Shares that were reinvested within 120 days of a previous redemption;

· of Shares held by the Directors, Trustees, employees, former employees and sales representatives of the Fund, the Adviser, the principal underwriter and their affiliates, employees of any investment professional that sells Shares according to a sales agreement with the principal underwriter, by the immediate family members of the above persons, and by trusts, pension or profit-sharing plans for the above persons;

· of Shares originally purchased through a program offered by a Financial Intermediary that provides for the purchase of Shares without imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement, or other fee-based program offered by the Financial Intermediary) and where the Financial Intermediary has agreed with the principal underwriter not to receive an advanced commission on purchases under such program;

· of Shares purchased with reinvested dividends or capital gains;

· imposed by the Fund when it closes an account for not meeting the minimum balance requirements; and

· of Shares which were purchased pursuant to an exchange privilege if the Shares were held for the applicable CDSC holding period.

(I) SALES CHARGE WAIVERS FOR SHAREHOLDERS PURCHASING THROUGH CERTAIN FINANCIAL INTERMEDIARIES

Financial intermediary sales charge variations required to be disclosed by Rule 22d-1 shall be as set forth in the prospectus of a Fund, as may be amended from time to time.

**4. SPECIAL OFFER PROGRAM**

[NOTE: The 30 month CDSC period connected with of this program expired in September of 2002]

During the Special Offer Program which took place in March, 2000, the sales load was waived on purchases of Class A Shares of Federated Aggressive Growth Fund, Federated Communications Technology Fund, Federated Large Cap Growth Fund, and Federated International Small Company Fund (the "Special Offer Funds"). Instead, the principal underwriter paid an advance commission of 2.00% of the offering price of the Special Offer Funds to intermediaries participating in the Special Offer Program. Class A Shares purchased through this Special Offer were subject to a CDSC of 2.00% on redemptions which occurred within 30 months after the purchase, which amount was to be paid to the principal underwriter in consideration for advancing the commission to intermediaries. Class A Shares of the Special Offer Funds purchased during the Special Offer Program could be exchanged with Class A Shares of other Special Offer Funds with no imposition of a sales load or CDSC fee. Class A Shares of the Special Offer Funds purchased during the Special Offer Program which were exchanged for Class A Shares of other Funds during the 30 month CDSC period incurred the CDSC fee upon redemption. However, no sales load was charged for such an exchange.

**5. REDEMPTION FEE**

For purposes of Rule 11a-3 under the Act, any redemption fee received upon the redemption or exchange of Class A Shares will be applied to fees incurred or amount expended in connection with such redemption or exchange. The balance of any redemption fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to (i) non-participant directed redemptions or exchanges involving Class A Shares held in retirement plans established under Section 401(a) or 401(k) of the Internal Revenue Code (the "Code"), custodial plan accounts established under Section 493(b)(7) of the Code, or deferred compensation plans established under Section 457 of the Code; (ii) redemptions or exchanges involving Class A Shares held in plans administered as college savings programs under Section 529 of the Code***;*** and (iii) Class A Shares redeemed due to the death of the last surviving shareholder on the account.

**Schedule of Funds<br> Offering Class A Shares**

The Funds set forth on this Schedule each offer Class A Shares on the terms set forth in the Class A Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**1. CLASS A SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | &nbsp;&nbsp; **12b-1**<br> **Fee** | &nbsp;&nbsp; **Redemption** <br> **Fee** |
| **Federated Adjustable Rate Securities Trust** | | |
| Federated Hermes Adjustable Rate Fund |  |  |
| **Federated Hermes Adviser Series** |  |  |
| Federated Hermes Emerging Markets Equity Fund | 0.05% |  |
| Federated Hermes Conservative Microshort Fund | 0.25% |  |
| Federated Hermes Conservative Municipal Microshort Fund | 0.25% |  |
| Federated Hermes Global Equity Fund | 0.05% |  |
| Federated Hermes International Equity Fund | 0.05% |  |
| Federated Hermes Unconstrained Credit Fund | 0.05% |  |
| Federated Hermes US SMID Fund | 0.05% |  |
| Federated Hermes SDG Engagement Equity Fund | 0.05% |  |
| Federated Hermes SDG Engagement High Yield Credit Fund | 0.05% |  |
| Federated Hermes International Developed Equity Fund | 0.05% |  |
| Federated Hermes International Growth Fund | 0.05% |  |
| Federated Hermes MDT Large Cap Value Fund | 0.05% |  |
| Federated Hermes MDT Market Neutral Fund | 0.05% |  |
| **Federated Hermes Equity Funds** |  |  |
| Federated Hermes Clover Small Value Fund | 0.05% |  |
| Federated Hermes International Strategic Value Dividend Fund | 0.05% |  |
| Federated Hermes Kaufmann Fund | 0.25% |  |
| Federated Hermes Kaufmann Large Cap Fund | 0.25% |  |
| Federated Hermes Kaufmann Small Cap Fund | 0.25% |  |
| Federated Hermes MDT Mid Cap Growth Fund |  |  |
| Federated Hermes Prudent Bear Fund | 0.05% |  |
| Federated Hermes Strategic Value Dividend Fund | 0.05% |  |
| **Federated Hermes Equity Income Fund, Inc.** | 0.05% |  |
| **Federated Hermes Global Allocation Fund** |  |  |
| **Federated Hermes Income Securities Trust** |  |  |
| Federated Hermes Capital Income Fund |  |  |
| Federated Hermes Floating Rate Strategic Income Securities Fund |  |  |
| Federated Hermes Muni and Stock Advantage Fund | 0.05% |  |
| Federated Hermes Inflation Protected Securities Fund | 0.05% |  |
| **Federated Hermes Intermediate Municipal Trust** |  |  |
| Federated Hermes Intermediate Municipal Fund |  |  |
| **Federated Hermes MDT Series** |  |  |
| Federated Hermes MDT All Cap Core Fund | 0.05% |  |
| Federated Hermes MDT Balanced Fund | 0.05% |  |
| Federated Hermes MDT Large Cap Growth Fund | 0.05% |  |
| Federated Hermes MDT Small Cap Core Fund | 0.05% |  |
| Federated Hermes MDT Small Cap Growth Fund | 0.05% |  |
| **Federated Hermes World Investment Series, Inc.** |  |  |
| Federated Hermes International Leaders Fund | 0.05% |  |
| Federated Hermes International Small-Mid Company Fund | 0.05% |  |

---

**2. CLASS A SHARES SUBJECT TO THE FIXED INCOME LOAD SCHEDULE**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | &nbsp;&nbsp; **12b-1**<br> **Fee** | &nbsp;&nbsp; **Redemption** <br> **Fee** |
| **Federated Hermes Fixed Income Securities, Inc.** | | |
| Federated Hermes Strategic Income Fund |  |  |
| **Federated Hermes Government Income Securities, Inc.** | 0.05% |  |
| **Federated Hermes High Income Bond Fund, Inc.** |  | 2% on shares redeemed or exchanged within 90 days of purchase |
| **Federated Hermes High Yield Trust** |  |  |
| Federated Hermes Opportunistic High Yield Bond Fund | 0.05% | 2% on shares redeemed or exchanged within 90 days of purchase |
| **Federated Hermes Income Securities Trust** |  |  |
| Federated Hermes Fund for U.S. Government Securities |  |  |
| Federated Hermes Floating Rate Strategic Income Fund |  |  |
| **Federated Hermes International Series, Inc.** |  |  |
| Federated Hermes Global Total Return Bond Fund (formerly Federated International Bond Fund) | 0.25% |  |
| **Federated Hermes Investment Series Funds, Inc.** |  |  |
| Federated Hermes Corporate Bond Fund | 0.05% |  |
| **Federated Hermes Municipal Bond Fund, Inc.** |  |  |
| **Federated Hermes Municipal Securities Income Trust** |  |  |
| Federated Hermes Municipal High Yield Advantage Fund | 0.05% |  |
| Federated Hermes Ohio Municipal Income Fund | 0.05% |  |
| Federated Hermes Pennsylvania Municipal Income Fund | 0.05% |  |
| **Federated Hermes Total Return Series, Inc.** |  |  |
| Federated Hermes Core Bond Fund | 0.05% |  |
| **Federated Hermes World Investment Series, Inc.** |  |  |
| Federated Hermes Emerging Market Debt Fund |  |  |

---

**3. Class A Shares Subject to the MODIFIED FIXED INCOME Sales Load Schedule**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | &nbsp;&nbsp; **12b-1**<br> **Fee** | **Redemption Fee** |
| **Federated Hermes Income Securities Trust** | | |
| Federated Hermes Floating Rate Strategic Income Fund | 0.05% |  |
| Federated Hermes Short-Term Income Fund | 0.05% |  |
| **Federated Hermes Institutional Trust** |  |  |
| Federated Hermes Short-Intermediate Total Return Bond Fund | 0.05% |  |
| Federated Hermes Institutional High Yield Bond Fund |  |  |
| **Federated Hermes Short-Intermediate Municipal Fund** | 0.05% |  |

---

**4. Class A Shares Subject to the Money Market AND ULTRASHORT BOND Load Schedule**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | &nbsp;&nbsp; **12b-1**<br> **Fee** | **Redemption Fee** |
| **Federated Hermes Fixed Income Securities, Inc.** | | |
| Federated Hermes Municipal Ultrashort Fund |  |  |
| **Federated Hermes Institutional Trust** |  |  |
| Federated Hermes Government Ultrashort Fund |  |  |
| **Federated Hermes Total Return Series, Inc.** |  |  |
| Federated Hermes Ultrashort Bond Fund |  |  |
| **Federated Hermes Money Market Obligations Trust** |  |  |
| Federated Hermes Government Reserves Fund | 0.45% |  |

---

**5. Class A Shares Not Participating in the Large Ticket Purchase Program**

---

| | |
|:---|:---|
| **Multiple Class Company** | Series |
| **Federated Hermes Fixed Income Securities, Inc.** | Federated Hermes Municipal Ultrashort Fund |
| **Federated Hermes Income Securities Trust** | Federated Hermes Short-Term Income Fund |
|  | Federated Hermes Floating Rate Strategic Income Fund |
| **Federated Hermes Institutional Trust** | Federated Hermes Government Ultrashort Fund |
| **Federated Hermes Short-Intermediate Duration Municipal Trust** |  |
| **Federated Hermes Total Return Series, Inc.** | Federated Hermes Ultrashort Bond Fund |

---

**CLASS A1 SHARES EXHIBIT TO**

**MULTIPLE CLASS PLAN**

**12/1/2021**

**1.** **SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION**

A1 Shares are available for shareholders investing through certain financial intermediaries that have entered into an agreement with the Funds' distributor who has approved them for the sale of A1 Shares. A1 Shares may also be purchased directly from the Fund in certain circumstances. For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Class A1 Shares will consist of sales and shareholder servicing by financial intermediaries in consideration of the payment of a portion of the applicable sales load ("dealer reallowance") and a shareholder service fee. When indicated on the Schedule to this Exhibit, the principal underwriter and financial intermediaries may also receive payments for distribution and/or administrative services under a 12b-l Plan. In connection with this basic arrangement, Class A1 Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class A1 Shares** |
| **Sales Load** | Up to 2.00% of the public offering price |
| **Contingent Deferred Sales Charge ("CDSC")** | 0.00% |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Redemption Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class A1 Shares as described in Section 3 of the Plan |

---

**2.** **CONVERSION AND EXCHANGE PRIVILEGES**

For purposes of Rule 18f-3, Class A1 Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Class A1 Shares may be converted to any other Share Class of the same Fund, provided that shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Class A1 Shares may be exchanged for Class A or Class A1 Shares of any other Fund. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **EXCEPTIONS TO BASIC ARRANGEMENTS** 

For purposes of Rules 22d-l and 6c-10 under the Act, unless otherwise specified on the Schedule to this Exhibit, the scheduled variations in sales loads and contingent deferred sales charges are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BASIC SALES LOAD SCHEDULE

The basic schedule of sales loads for Class A1 Shares of Funds so designated on the Schedule to this Exhibit is as follows:

---

| | |
|:---|:---|
| **Purchase Amount** | **Sales Charge as a Percentage of Public Offering Price** |
| Less than $100,000 | 2.00% |
| $100,000 but less than $250,000 | 1.50% |
| $250,000 but less than $500,000 | 1.00% |
| $500,000 or greater | 0.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) REDUCING OR ELIMINATING THE SALES LOAD

Contingent upon notification to the Fund's principal underwriter or transfer agent, in applying the exceptions set forth in this Section 3, the purchase amount shall take into account:

• Discounts achieved by combining concurrent purchases of and/or current investment in Class A, Class A1, Class B, Class C, Class F, and Class R Shares, made or held by (or on behalf of) the investor, the investor's spouse, and the investor's children under age 21 (regardless of whether the purchases or investments are made or held directly or through an investment professional or through a single- participant retirement account); provided that such purchases and investments can be linked using tax identification numbers (TINs), social security numbers (SSNs), or Broker Identification Numbers (BINs); and

• Letters of intent to purchase a certain amount of Class A1 Shares within a thirteen month period.

(C) WAIVER OF SALES LOAD

Continent upon notification to the Fund's Transfer Agent, no sales load shall be assessed on purchases of Class A1 Shares made:

• within 120 days of redeeming shares of an equal or greater amount;

• through a program offered by a Financial Intermediary that provides for the purchase of Shares without imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement or other fee-based program offered by the Financial Intermediary) and where the Financial Intermediary has agreed with the principal underwriter not to receive a dealer reallowance on purchases under such program;

• with reinvested dividends or capital gains;

• or Class A1 Shares, issued in connection with the merger, consolidation, or acquisition of the assets of another fund. Further, no sales load shall be assessed on purchases of Shares made by a shareholder that originally became a shareholder of a Federated Fund pursuant to the terms of an agreement and plan of reorganization which permits shareholders to acquire Shares at NAV provided that such Shares are held directly with the Fund' s transfer agent. If the Shares are held through a financial intermediary the sales charge waiver will not apply;

• by Federated Life Members (Federated shareholders who originally were issued shares through the "Liberty Account", which was an account for the Liberty Family of Funds on February 28, 1987, or who invested through an affinity group prior to August 1, 1987, into the Liberty Account);

• by Directors, Trustees, employees, former employees and sales representatives of the Fund, the Adviser, the principal underwriter and their affiliates, employees of any investment professional that sells Shares according to a sales agreement with the principal underwriter, by the immediate family members of the above persons, and by trusts, pensions or profit-sharing plans for the above persons; and

• pursuant to the exchange privilege.

**4.** **REDEMPTION FEE**

For purposes of Rule 11a-3 under the Act, any redemption fee received upon the redemption or exchange of Class A1 Shares will be applied to fees incurred or amount expended in connection with such redemption or exchange. The balance of any redemption fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to (i) non-participant directed redemptions or exchanges involving Class A1 Shares held in retirement plans established under Section 40l(a) or 40l(k) of the Internal Revenue Code (the "Code"), custodial plan accounts established under Section 493(b)(7) of the Code, or deferred compensation plans established under Section 457 of the Code; (ii) redemptions or exchanges involving Class A1 Shares held in plans administered as college savings programs under Section 529 of the Code; and (iii) Class A1 Shares redeemed due to the death of the last surviving shareholder on the account.

**SCHEDULE OF FUNDS OFFERING CLASS A1 SHARES**

The Funds set forth on this Schedule each offer Class A1 Shares on the terms set forth in the Class A1 Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**1.** **CLASS A1 SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | | |
|:---|:---|:---|
| **Multiple Class Company**<br> Series | **12b-l Fee** | **Redemption Fee** |
| **Federated Hermes Income Securities Trust** | | |
| Federated Hermes Floating Rate Strategic Income Fund | 0.05% |  |

---

**CLASS A2 SHARES**

**EXHIBIT TO**

**MULTIPLE CLASS PLAN**

**9/1/21**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION** 

Class A2 ("A2") Shares are available exclusively for shareholders investing through certain financial intermediaries that have entered into an agreement with the Fund's distributor who has approved them for the sale of A2 Shares. For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Class A2 Shares will consist of sales and shareholder servicing by financial intermediaries in consideration of the payment of a portion of the applicable sales load ("dealer reallowance") and an advance commission of up to 0.50% of the public offering price, paid by the principal underwriter. Financial intermediaries may also provide shareholder services and may receive shareholder services fees therefor. When indicated on the Schedule to this Exhibit, the principal underwriter and financial intermediaries may also receive payments for distribution and/or administrative services under a 12b-l Plan. In consideration of advancing commissions, the principal underwriter will receive the contingent deferred sales charges paid upon redemption of Class A2 Shares and payments made under the 12b-1 Plan for eighteen months following the purchase. In connection with this basic arrangement, Class A2 Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class A2 Shares** |
| **Sales Load** | Up to 1.50% of the public offering price |
| **Contingent Deferred Sales Charge ("CDSC")** | **0.50% of the share price at the time of purchase or redemption, whichever is lower, if redeemed within eighteen months following purchase** |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Redemption Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class A2 Shares as described in Section 3 of the Plan |

---

**2.** **CONVERSION AND EXCHANGE PRIVILEGES**

For purposes of Rule 18f-3, Class A2 Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Class A2 Shares may be converted to any other Share Class of the same Fund, provided: (i) the Class A2 Shares are no longer subject to a CDSC or the financial intermediary agrees to reimburse the Fund's distributor the CDSC otherwise payable upon the sale of such Class A2 Shares; and (ii) the shareholder meets the investment minimum and eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Class A2 Shares may be exchanged for Class A or Class A2 Shares of any other Fund. However, if a shareholder exchanges into Class A Shares and subsequently redeems prior to the full CDSC period applicable to Class A2 Shares, the CDSC will be applied to such redemption. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**3.** **EXCEPTIONS TO BASIC ARRANGEMENTS**

For purposes of Rules 22d-l and 6c-10 under the Act, unless otherwise specified on the Schedule to this Exhibit, the scheduled variations in sales loads and contingent deferred sales charges are as follows:

(D) BASIC SALES LOAD SCHEDULE

The basic schedule of sales loads for Class A2 Shares of Funds so designated on the Schedule to this Exhibit is as follows:

---

| | |
|:---|:---|
| **Purchase Amount** | **Sales Charge as a Percentage of Public Offering Price** |
| Less than $100,000 | 1.50% |
| $100,000 but less than $250,000 | 1.25% |
| $250,000 but less than $500,000 | 1.00% |
| $500,000 or greater | 0.00% |

---

(E) "LARGE TICKET" PURCHASES

Unless otherwise indicated on the Schedule to this Exhibit, a financial intermediary that places an order to purchase $500,000 or more of Class A2 Shares shall receive from the principal underwriter an advance commission equal to 50 basis points (0.50%) of the public offering price, except that an order to purchase $20 million or more of Class A2 Shares shall carry a 25 basis points (0.25%) advance commission. In such event, notwithstanding anything to the contrary in the Plan or this Exhibit, such Class A2 Shares shall be subject to a contingent deferred sales charge upon redemption within 18 months of purchase equal to 50 basis points (0.50%) of the lesser of (x) the purchase price of the Class A2 Shares or (y) the redemption price of the Class A2 Shares. Any contingent deferred sales charge received upon redemption of Class A2 Shares shall be paid to the principal underwriter in consideration of the advance commission.

(F) REDUCING OR ELIMINATING THE SALES LOAD

Contingent upon notification to the Fund's principal underwriter or transfer agent, in applying the exceptions set forth in this Section 3, the purchase amount shall take into account:

• Discounts achieved by combining concurrent purchases of and/or current investment in Class A, Class A1, Class A2, Class B, Class C, Class F, and Class R Shares, made or held by (or on behalf of) the investor, the investor's spouse, and the investor's children under age 21 (regardless of whether the purchases or investments are made or held directly or through an investment professional or through a single- participant retirement account); provided that such purchases and investments can be linked using tax identification numbers (TINs), social security numbers (SSNs), or Broker Identification Numbers (BINs); and

• Letters of intent to purchase a certain amount of Class A2 Shares within a thirteen month period.

(G) WAIVER OF SALES LOAD

Continent upon notification to the Fund's Transfer Agent, no sales load shall be assessed on purchases of Class A2 Shares made:

• within 120 days of redeeming shares of an equal or greater amount;

• through a program offered by a Financial Intermediary that provides for the purchase of Shares without imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement or other fee-based program offered by the Financial Intermediary) and where the Financial Intermediary has agreed with the principal underwriter not to receive a dealer reallowance on purchases under such program;

• with reinvested dividends or capital gains;

• or Class A2 Shares, issued in connection with the merger, consolidation, or acquisition of the assets of another fund. Further, no sales load shall be assessed on purchases of Shares made by a shareholder that originally became a shareholder of a Federated Fund pursuant to the terms of an agreement and plan of reorganization which permits shareholders to acquire Shares at NAV provided that such Shares are held directly with the Fund' s transfer agent. If the Shares are held through a financial intermediary the sales charge waiver will not apply;

• by Federated Life Members (Federated shareholders who originally were issued shares through the "Liberty Account", which was an account for the Liberty Family of Funds on February 28, 1987, or who invested through an affinity group prior to August 1, 1987, into the Liberty Account);

• by Directors, Trustees, employees, former employees and sales representatives of the Fund, the Adviser, the principal underwriter and their affiliates, employees of any investment professional that sells Shares according to a sales agreement with the principal underwriter, by the immediate family members of the above persons, and by trusts, pensions or profit-sharing plans for the above persons; and

• pursuant to the exchange privilege.

(H) WAIVER OF CONTINGENT DEFERRED SALES CHARGE ON LARGE-TICKET PURCHASES

Contingent upon notification to the Fund's principal underwriter or transfer agent, no CDSC will be imposed on redemptions.

• following the death of the last surviving shareholder on the account, or the post-purchase disability of all registered shareholder(s), as defined in Section 72(m)(7) of the Internal Revenue Code.

• due to the termination of a trust following the death of the trustor/grantor or beneficiary, provided that the trust document specifically states that the trust is terminated upon the death

• representing minimum required distributions ("RMD") from an Individual Retirement Account or other retirement plan as required under the Internal Revenue Code;

• of Shares originally purchased through a financial intermediary that did not receive an advance commission on the purchase;

• of Shares that were reinvested within 120 days of a previous redemption;

• of Shares held by the Directors, Trustees, employees, former employees and sales representatives of the Fund, the Adviser, the principal underwriter and their affiliates, employees of any investment professional that sells Shares according to a sales agreement with the principal underwriter, by the immediate family members of the above persons, and by trusts, pension or profit-sharing plans for the above persons;

• of Shares originally purchased through a program offered by a Financial Intermediary that provides for the purchase of Shares without imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement, or other fee-based program offered by the Financial Intermediary) and where the Financial Intermediary has agreed with the principal underwriter not to receive an advanced commission on purchases under such program;

• of Shares purchased with reinvested dividends or capital gains;

• imposed by the Fund when it closes an account for not meeting the minimum balance requirements; and

• of Shares which were purchased pursuant to an exchange privilege if the Shares were held for the applicable CDSC holding period.

(I) SALES CHARGE WAIVERS FOR SHAREHOLDERS PURCHASING THROUGH CERTAIN FINANCIAL INTERMEDIARIES

Financial intermediary sales charge variations required to be disclosed by Rule 22d-1 shall be set forth in the prospectus of a Fund, as may be amended from time to time.

**4.** **REDEMPTION FEE**

For purposes of Rule 11a-3 under the Act, any redemption fee received upon the redemption or exchange of Class A2 Shares will be applied to fees incurred or amount expended in connection with such redemption or exchange. The balance of any redemption fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to (i) non-participant directed redemptions or exchanges involving Class A2 Shares held in retirement plans established under Section 40l(a) or 40l(k) of the Internal Revenue Code (the "Code"), custodial plan accounts established under Section 493(b)(7) of the Code, or deferred compensation plans established under Section 457 of the Code; (ii) redemptions or exchanges involving Class A2 Shares held in plans administered as college savings programs under Section 529 of the Code; and (iii) Class A2 Shares redeemed due to the death of the last surviving shareholder on the account.

**SCHEDULE OF FUNDS OFFERING CLASS A2 SHARES**

The Funds set forth on this Schedule each offer Class A2 Shares on the terms set forth in the Class A2 Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**1.** **CLASS A2 SHARES SUBJECT TO THE BASIC LOAD SCHEDULE** 

---

| | | |
|:---|:---|:---|
| **Multiple Class Company**<br> Series | **12b-l Fee** | **Redemption Fee** |
| **Federated Hermes Income Securities Trust** | | |
| Federated Hermes Short-Term Income Fund | 0.25% |  |
| **Federated Hermes Short-Intermediate Duration Municipal Trust** |  |  |
| Federated Hermes Short-Intermediate Municipal Fund | 0.25% |  |

---

**Administrative Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised 12/1/2022)**

**1. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Administrative ("ADM") Shares will consist of sales and shareholder servicing by financial intermediaries. The principal underwriter and financial intermediaries may receive payments for distribution and/or administrative services under a Rule 12b-1 Plan and financial intermediaries may also receive shareholder service fees for services provided. In connection with this basic arrangement, ADM Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated ADM Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | As set forth in the attached Schedule |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of ADM Shares as described in Section 3 of the Plan |

---

**2. CONVERSION AND EXCHANGE PRIVILEGES**

For purposes of Rule 18f-3, ADM Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, ADM Shares may be converted to any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | ADM Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Money Market, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust*, *Federated Hermes Institutional Prime Value Obligations Fund,* and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

 ****

An exchange will be treated as a redemption and a subsequent purchase, and will be a taxable transaction. Exchange privileges may be modified or terminated at any time. A conversion of classes should not result in a realization for tax purposes.

**Schedule of Funds<br> Offering ADM Shares**

The Funds set forth on this Schedule each offer ADM Shares on the terms set forth in the ADM Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**1. ADM SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** | **Shareholder Service Fee** |
| **Federated Hermes Money Market Obligations Trust** | | |
| Federated Hermes Government Obligations Fund | 0.25% | Up to 0.25%, with 0.05% of the service fee being active upon the initial offering of the ADM Shares and 0.20% remaining dormant until approved by the Fund's Board |

---

**ADVISoR Shares Exhibit**

**To**

**Multiple Class Plan**

**(12/1/2022)**

**1. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION**

Advisor ("AVR") Shares are available exclusively for shareholders investing through certain financial intermediaries that have entered into an agreement with the Funds' distributor who has approved them for the sale of AVR Shares. For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the AVR Shares will consist of sales and shareholder servicing by financial intermediaries. In connection with this basic arrangement, AVR Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated AVR Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of AVR Shares as described in Section 3 of the Plan |

---

**2. CONVERSION AND EXCHANGE PRIVILEGES**

For purposes of Rule 18f-3, AVR Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | None. |
| **Exchange Privilege:** | AVR Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund,* and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

 ****

An exchange will be treated as a redemption and a subsequent purchase, and will be a taxable transaction. Exchange privileges may be modified or terminated at any time.

**Schedule of Funds<br> Offering AVR Shares**

The Funds set forth on this Schedule each offer AVR Shares on the terms set forth in the AVR Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**1. AVR SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** |
| **Federated Hermes Money Market Obligations Trust** | |
| Federated Hermes Government Obligations Fund |  |
| Federated Hermes Prime Cash Obligations Fund |  |
| Federated Hermes Tax-Free Obligations Fund |  |

---

**AUTOMATED Shares Exhibit**

**To**

**Multiple Class Plan**

**(revised 12/1/2022)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Automated Shares will consist of sales and shareholder servicing by financial intermediaries. Financial intermediaries may receive shareholder service fees for services provided. In connection with this basic arrangement, Automated Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Automated Shares** |
| **Sales Load** |  |
| &nbsp;&nbsp; **Contingent Deferred** <br> **Sales Charge ("CDSC")<br>** <br>|  |
| &nbsp;&nbsp; **Shareholder Service Fee**<br>| Up to 25 basis points (0.25%) of the average daily net asset value |
| **Recordkeeping Fee** | Up to 10 basis points (0.10%) of the average daily net asset value |
| **12b-1 Fee** |  |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Automated Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Automated Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privileges:** | Automated Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund,* and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered, after the payment of any redemption fees to the Fund. Exchanges shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds<br> Offering AUTOMATED Shares**

The Funds set forth on this Schedule each offer Automated Shares on the terms set forth in the Automated Shares Exhibit to the Multiple Class Plan.

---

| |
|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series |
| **Federated Hermes Money Market Obligations Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Municipal Obligations Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Prime Cash Obligations Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Obligations Tax-Managed Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund |

---

**EFFECTIVE 2-3-23 – B SHARES converted TO A SHARES**

**Class B Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised 2/3/2023)**

1. Separate Arrangement And Expense Allocation

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Class B Shares will consist of sales by financial intermediaries in consideration of the payment of an advance commission paid by the principal underwriter. Financial intermediaries may perform shareholder services and receive a shareholder service fee for their services. In consideration of advancing commissions and/or the provision of shareholder services, the principal underwriter may receive the contingent deferred sales charges paid upon redemption of Class B Shares, and/or shareholder service fees and/or fees under a 12b-1 plan. In connection with this basic arrangement, Class B Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class B Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** | &nbsp;&nbsp;Up to 5.5% of the share price at the time of purchase or redemption, whichever is lower |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | Up to 75 basis points (0.75%) of the average daily net asset value |
| **Redemption Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class B Shares as described in Section 3 of the Plan |

---

2. Conversion and Exchange Privileges

For purposes of Rule 18f-3, Class B Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Conversion Rights:** | &nbsp;&nbsp;After Class B Shares have been held for eight years from the date of purchase, they will automatically convert into Class A Shares. |
| &nbsp;&nbsp;**Exchange Privilege:** | &nbsp;&nbsp;Class B Shares may be exchanged for Class B Shares of any other fund. |

---

In any conversion or exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

3. Exceptions to Basic Arrangements

For purposes of Rules 6c-10 and 22d-1 under the Act, unless otherwise specified on the Schedule to this Exhibit, the scheduled variations in contingent deferred sales charges payable upon redemption are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(A) BASIC CDSC SCHEDULE

---

| | |
|:---|:---|
| &nbsp;&nbsp;Shares Held Up to: To: | &nbsp;&nbsp;Have A CDSC Of: |
| &nbsp;&nbsp;1 year | &nbsp;&nbsp;5.50% |
| &nbsp;&nbsp;2 years | &nbsp;&nbsp;4.75% |
| &nbsp;&nbsp;3 years | &nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;4 years | &nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;5 years | &nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;6 years | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;7 years | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;8 years | &nbsp;&nbsp;Convert to Class A Shares |

---

&nbsp;&nbsp;&nbsp;&nbsp;(B) WAIVER OF CDSC

Contingent upon notification to the Fund's principal underwriter or transfer agent, no CDSC will be imposed on redemptions:

· following the death of the last surviving shareholder or post-purchase disability, as defined in Section 72(m)(7) of the Internal Revenue Code of 1986;

· due to the termination of a trust following the death of the trustor/grantor or beneficiary, provided that the trust document specifically states that the trust is terminated upon the death

· representing minimum required distributions ("RMD") from an Individual Retirement Account or other retirement plan as required under the Internal Revenue Code;

· of Shares that were reinvested within 120 days of a previous redemption;

· of Shares held by the Directors, Trustees, employees, former employees and sales representatives of the Fund, the Adviser, the principal underwriter and their affiliates, employees of any investment professional that sells Shares according to a sales agreement with the principal underwriter, by the immediate family members of the above persons, and by trusts, pension or profit-sharing plans for the above persons;

· of Shares originally purchased through a program offered by a Financial Intermediary that provides for the purchase of Shares without imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement, or other fee-based program offered by the Financial Intermediary) and where the Financial Intermediary has agreed with the principal underwriter not to receive an advanced commission on purchases under such program;

· of Shares purchased with reinvested dividends or capital gains;

· imposed by the Fund when it closes an account for not meeting the minimum balance requirements; and

· of Shares which were purchased pursuant to an exchange privilege if the Shares were held for the applicable CDSC holding period.

(C) SYSTEMATIC WITHDRAWAL PROGRAM

Contingent upon notification to the principal underwriter or the Fund's transfer agent, no CDSC will be imposed on redemptions that are qualifying redemptions of Class B Shares under a Systematic Withdrawal Program as described in the applicable prospectus and statement of additional information.

(D) SALES CHARGE WAIVERS FOR SHAREHOLDERS PURCHASING THROUGH CERTAIN FINANCIAL INTERMEDIARIES

Financial intermediary sales charge variations required to be disclosed by Rule 22d-1 shall be as set forth in the prospectus of a Fund, as may be amended from time to time.

4. Redemption Fee

For purposes of Rule 11a-3 under the Act, any redemption fee received upon the redemption or exchange of Class B Shares will be applied to fees incurred or amount expended in connection with such redemption or exchange. The balance of any redemption fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to (i) non-participant directed redemptions or exchanges involving Class B Shares held in retirement plans established under Section 401(a) or 401(k) of the Internal Revenue Code (the "Code"), custodial plan accounts established under Section 493(b)(7) of the Code, or deferred compensation plans established under Section 457 of the Code; (ii) redemptions or exchanges involving Class B Shares held in plans administered as college savings programs under Section 529 of the Code; and (iii) Class B Shares redeemed due to the death of the last surviving shareholder on the account.

**<u>All B Shares converted to A Shares on February 3, 2023</u>**

**Schedule of Funds<br> Offering Class B Shares**

The Funds set forth on this Schedule each offer Class B Shares on the terms set forth in the Class B Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**CLASS B SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

**Class C Shares Exhibit**

**To**

**Multiple Class Plan**

**(revised 09/01/22)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Class C Shares will consist of sales by financial intermediaries in consideration of an advance commission of up to 1.00% of the public offering price, paid by the principal underwriter. Financial intermediaries may also provide shareholder services and may receive shareholder services fees therefor. Additionally, the principal underwriter and financial intermediaries may receive distribution and/or administrative service fees under the 12b-1 Plan. In cases where the principal underwriter has advanced a commission to the financial intermediary, such 12b-1 fees will be paid to the financial intermediary beginning in the thirteenth month after purchase. In consideration of advancing commissions, the principal underwriter will receive the contingent deferred sales charges paid upon redemption of Class C Shares and payments made under the 12b-1 Plan for twelve months following the purchase. In connection with this basic arrangement, Class C Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class C Shares** |
| **Contingent Deferred Sales Charge ("CDSC")** | &nbsp;&nbsp;1.00% of the share price at the time of purchase or redemption, whichever is lower if redeemed within twelve months following purchase |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Redemption Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class C Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Class C Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Conversion Rights:** | &nbsp;&nbsp; At the election of the shareholder, Class C Shares that are not subject to a contingent deferred sales charge ("**CDSC**") may be converted to any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. For Class C Shares purchased through a financial intermediary after **June 30, 2017**, such shares may only be converted to another Share Class of the same Fund if: (i) the Class C Shares are no longer subject to a CDSC or the financial intermediary agrees to reimburse the Fund's distributor the CDSC otherwise payable upon the sale of such Class C Shares; (ii) the shareholder meets the investment minimum and eligibility requirements for the Share Class into which the conversion is sought, as applicable; and (iii) (A) the conversion is made to facilitate the shareholder's participation in a self-directed brokerage account for a fee-based advisory program offered by the intermediary, or (B) the conversion is part of a multiple-client transaction through a particular financial intermediary as pre-approved by the Fund's Administrator.<br> After Class C Shares have been held for ***eight*** years from the date of purchase, they will automatically convert into Class A Shares on the next monthly conversion processing date, provided that the Fund or financial intermediary, record keeper, or platform has records confirming that the Class C Shares have been held for at least ***eight*** years and that Class A Shares are available for purchase. The financial intermediary, record keeper, or platform shall provide, upon the Fund's request, representations that it has records confirming that the Class C Shares have been held for at least ***eight*** years and that Class A Shares are available for purchase. For Class C Shares acquired in an exchange from another Fund, the date of purchase will be based on the initial purchase of the Class C Shares of the prior Fund." |
| &nbsp;&nbsp;**Exchange Privileges:** | &nbsp;&nbsp;Class C Shares may be exchanged for Class C Shares of any other Fund. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**3. Exceptions to Basic Arrangements**

For purposes of Rules 22d-1 and 6c-10 under the Act, unless otherwise specified on the Schedule to this Exhibit, the scheduled variations contingent deferred sales charges are as follows:

(A) WAIVER OF CDSC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· following the death of the last surviving shareholder on the account, or post-purchase disability of all registered shareholder(s), as defined in Section 72(m)(7) of the Internal Revenue Code;

· due to the termination of a trust following the death of the trustor/grantor or beneficiary, provided that the trust document specifically states that the trust is terminated upon the death

· representing minimum required distributions ("RMD") from an Individual Retirement Account or other retirement plan as required under the Internal Revenue Code;

· of Shares originally purchased through a financial intermediary that did not receive an advance commission on the purchase;

· of Shares that were reinvested within 120 days of a previous redemption;

· of Shares held by the Directors, Trustees, employees, former employees and sales representatives of the Fund, the Adviser, the principal underwriter and their affiliates, employees of any investment professional that sells Shares according to a sales agreement with the principal underwriter, by the immediate family members of the above persons, and by trusts, pension or profit-sharing plans for the above persons;

· of Shares originally purchased through a program offered by a Financial Intermediary that provides for the purchase of Shares without imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement, or other fee-based program offered by the Financial Intermediary) and where the Financial Intermediary has agreed with the principal underwriter not to receive an advanced commission on purchases under such program;

· of Shares purchased with reinvested dividends or capital gains;

· imposed by the Fund when it closes an account for not meeting the minimum balance requirements; and

· of Shares which were purchased pursuant to an exchange privilege if the Shares were held for the applicable CDSC holding period.

(B) SALES CHARGE WAIVERS FOR SHAREHOLDERS PURCHASING THROUGH CERTAIN FINANCIAL INTERMEDIARIES

Financial intermediary sales charge variations required to be disclosed by Rule 22d-1 shall be as set forth in the prospectus of a Fund, as may be amended from time to time.

**4. Redemption Fee**

For purposes of Rule 11a-3 under the Act, any redemption fee received upon the redemption or exchange of Class C Shares will be applied to fees incurred or amount expended in connection with such redemption or exchange. The balance of any redemption fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to (i) non-participant directed redemptions or exchanges involving Class C Shares held in retirement plans established under Section 401(a) or 401(k) of the Internal Revenue Code (the "Code"), custodial plan accounts established under Section 493(b)(7) of the Code, or deferred compensation plans established under Section 457 of the Code; (ii) redemptions or exchanges involving Class C Shares held in plans administered as college savings programs under Section 529 of the Code; and (iii) Class C Shares redeemed due to the death of the last surviving shareholder on the account.

**Schedule of Funds**

**Offering Class C Shares**

The Funds set forth on this Schedule each offer Class C Shares on the terms set forth in the Class C Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**CLASS C SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Multiple Class Company**<br> Series | &nbsp;&nbsp;**12b-1 Fee** | &nbsp;&nbsp;**Redemption Fee** |
| &nbsp;&nbsp;**Federated Hermes Adviser Series** |  |  |
| &nbsp;&nbsp;Federated Hermes Emerging Markets Equity Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes Global Equity Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes International Equity Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes SDG Engagement Equity Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes SDG Engagement High Yield Credit Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes Unconstrained Credit Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes US SMID Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes International Equity Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes International Growth Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes MDT Large Cap Value Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes Equity Funds:** |  |  |
| &nbsp;&nbsp;Federated Hermes Clover Small Value Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;Federated Hermes International Strategic Value Dividend Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;Federated Hermes Kaufmann Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;Federated Hermes Kaufmann Large Cap Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;Federated Hermes Kaufmann Small Cap Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;Federated Hermes MDT Mid-Cap Growth Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;Federated Hermes Prudent Bear Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;Federated Hermes Strategic Value Dividend Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;**Federated Hermes Equity Income Fund, Inc.** | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;**Federated Hermes Fixed Income Securities, Inc.:** |  |  |
| &nbsp;&nbsp;Federated Hermes Strategic Income Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;**Federated Hermes Global Allocation Fund** | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;**Federated Hermes Government Income Securities, Inc.** | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;**Federated Hermes High Income Bond Fund, Inc.** | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;2% on shares redeemed or exchanged within 90 days of purchase |
| &nbsp;&nbsp;**Federated Hermes High Yield Trust** |  |  |
| &nbsp;&nbsp;Federated Hermes Opportunistic High Yield Bond Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;2% on shares redeemed or exchanged within 90 days of purchase |
| &nbsp;&nbsp;**Federated Hermes Income Securities Trust:** |  |  |
| &nbsp;&nbsp;Federated Hermes Capital Income Fund | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;Federated Hermes Fund for U.S. Government Securities | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;Federated Hermes Muni and Stock Advantage Fund | &nbsp;&nbsp;0.75% |  |
| *Federated Hermes Inflation Protected Securities Fund (formerly Federated Hermes Real Return Bond Fund)* | &nbsp;&nbsp;0.75% |  |
| &nbsp;&nbsp;**Federated Hermes Index Trust** |  |  |
| &nbsp;&nbsp;Federated Hermes Max-Cap Index Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes Institutional Trust** |  |  |
| &nbsp;&nbsp;Federated Hermes Institutional High Yield Bond Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes International Series, Inc.:** |  |  |
| &nbsp;&nbsp;Federated Hermes Global Total Return Bond Fund (formerly Federated International Bond Fund) | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes Investment Series Funds, Inc.:** |  |  |
| &nbsp;&nbsp;Federated Hermes Corporate Bond Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes MDT Series:** |  |  |
| &nbsp;&nbsp;Federated Hermes MDT All Cap Core Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes MDT Balanced Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes MDT Large Cap Growth Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes MDT Small Cap Core Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes MDT Small Cap Growth Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes Municipal Bond Fund, Inc.** | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes Municipal Securities Income Trust:** |  |  |
| &nbsp;&nbsp;Federated Hermes Municipal High Yield Advantage Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes Total Return Series, Inc.:** |  |  |
| &nbsp;&nbsp;Federated Hermes Total Return Bond Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes World Investment Series, Inc.:** |  |  |
| &nbsp;&nbsp;Federated Hermes Emerging Market Debt Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes International Leaders Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Federated Hermes International Small-Mid Company Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;**Federated Hermes Money Market Obligations Trust:** |  |  |
| &nbsp;&nbsp;Federated Hermes Government Reserves Fund | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |

---

**Capital Shares Exhibit**

**To**

**Multiple Class Plan**

(Revised 12/1/2022)

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Capital Shares will consist of sales and shareholder servicing by financial intermediaries. Financial intermediaries may receive shareholder service fees for services provided. In connection with this basic arrangement, Capital Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Capital Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** |  |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Capital Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Capital Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privileges:** | Capital Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other fund or class shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds**

**Offering Capital Shares**

The Funds set forth on this Schedule each offer Capital Shares on the terms set forth in the Capital Shares Exhibit to the Multiple Class Plan.

---

| |
|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series |
| **Federated Hermes Money Market Obligations Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes California Municipal Cash Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Obligations Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Institutional Money Market Management |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Municipal Obligations Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Prime Cash Obligations Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Institutional Prime Obligations Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Institutional Prime Value Obligations Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund |

---

**CasH II Shares Exhibit**

**To**

**Multiple Class Plan<br> (r** **evised 12/1/2022)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Cash II Shares will consist of sales and shareholder servicing by financial intermediaries. The principal underwriter and financial intermediaries may receive payments for distribution and/or administrative services under a 12b-1 Plan and financial intermediaries may also receive shareholder services fees for services provided. In connection with this basic arrangement, Cash II Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Cash II Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Cash II Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Cash II Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Cash II Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other fund or class shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds<br> Offering Cash II Shares**

The Funds set forth on this Schedule each offer Cash II Shares on the terms set forth in the Cash II Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

---

| | |
|:---|:---|
| **Multiple Class Company**<br> Series | **12b-1 Fee** |
| **Federated Hermes Money Market Obligations Trust:** | |
| Federated Hermes California Municipal Cash Trust | 0.20% |
| Federated Hermes Government Obligations Fund | 0.35% |
| Federated Hermes Municipal Obligations Fund | 0.35% |
| Federated Hermes New York Municipal Cash Trust | 0.25% |
| Federated Hermes Prime Cash Obligations Fund | 0.35% |
| Federated Hermes Trust for U.S. Treasury Obligations | 0.35% |

---

**Cash series Shares Exhibit**

**To**

**Multiple Class Plan**

**(R** **evised 12/1/2022)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement for the Cash Series Shares will consist of sales and shareholder servicing by financial intermediaries. The principal underwriter and financial intermediaries may receive payments for distribution and/or administrative services under a 12b-1 Plan and financial intermediaries may receive a shareholder service fee for services provided. In connection with this basic arrangement, Cash Series Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Cash Series Shares** |
| **Sales Load** |  |
| &nbsp;&nbsp; **Contingent Deferred** <br> **Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Cash Series Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Cash Series Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privileges:** | Cash Series Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares *Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other fund or class shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds**

**Offering Cash Series Shares**

The Funds set forth on this Schedule each offer Cash Series Shares on the terms set forth in the Cash Series Shares Exhibit to Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

---

| | |
|:---|:---|
| **Multiple Class Company** | **12b-1 Fee** |
| **Federated Hermes Money Market Obligations Trust:** | |
| Federated Hermes California Municipal Cash Trust | 0.60% |
| Federated Hermes Government Obligations Fund | 0.60% |
| Federated Hermes Municipal Obligations Fund | 0.60% |
| Federated Hermes New York Municipal Cash Trust | 0.60% |
| Federated Hermes Prime Cash Obligations Fund | 0.60% |
| Federated Hermes Trust for U.S. Treasury Obligations | 0.60% |

---

**EAGLE Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised 12/1/2022)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Eagle Shares will consist of sales and shareholder servicing by financial intermediaries. The principal underwriter and financial intermediaries may receive payments for distribution and/or administrative services under a Rule 12b-1 Plan and financial intermediaries may also receive shareholder service fees for services provided. In connection with this basic arrangement, Eagle Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Eagle Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Eagle Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Eagle Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Eagle Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares *Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any <u>shareholder eligibility</u> and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**Schedule of FundS**

**Offering EAGLE Shares**

The Funds set forth on this Schedule each offer Eagle Shares on the terms set forth in the Eagle Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

---

| | |
|:---|:---|
| **Multiple Class Company**<br> Series | **12b-1 Fee** |
| &nbsp;&nbsp; **Federated Hermes Money Market Obligations Trust:**<br> Federated Hermes Institutional Money Market Management | &nbsp;&nbsp; <br> None |

---

**Class F Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised 6/29/20)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement for the Class F Shares will consist of sales by financial intermediaries in consideration of the payment of the sales load ("dealer reallowance"). Financial intermediaries may also provide shareholder services and may receive shareholder service fees therefor. Additionally, the principal underwriter may pay up to 100 basis points (1.00%) of the public offering price to financial intermediaries as an advance commission on sales. In consideration of advancing this payment, the principal underwriter will receive any contingent deferred sales charges paid upon redemption of Class F Shares and distribution service fees under the 12b-1 Plan on an ongoing basis. In connection with this basic arrangement Class F Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class F Shares** |
| **Sales Load** | Up to 100 basis points (1.00%) of the public offering price |
| **Contingent Deferred Sales Charge ("CDSC")** | Up to 100 basis points (1.00%) of the share price at the time of original purchase or redemption, whichever is lower |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class F Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Class F Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Class F Shares that are not subject to a contingent deferred sales charge ("CDSC") may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privileges:** | Class F Shares may be exchanged for Class F Shares of any other Fund. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated as a redemption and purchase.

**3. Exceptions to Basic Arrangements**

For purposes of Rules 22d-1 and 6c-10 under the Act, unless otherwise specified on the Schedule to this Exhibit, the scheduled variations in sales load and contingent deferred sales charges are as follows**:**

&nbsp;&nbsp;&nbsp;&nbsp;(A) BASIC SALES LOAD SCHEDULE **<sup>\*</sup>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Purchase Amount:** | **Sales Charge as Percentage of Offering Price** | **Sales Charge as a Percentage of NAV** |
| Less than $1 million | 1.00% | 1.01% |
| $1 million or greater | 0.00% | 0.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(B) CDSC SCHEDULE

Unless otherwise indicated below, the Schedule of Contingent Deferred Sales Charges for each Fund is as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Purchase Amount:** | &nbsp;&nbsp; <br> **Shares Held:** | **Contingent Deferred Sales Charge:** |
| Under $2 million | 4 years or less | 1.00% |
| $2 million but less than $5 million | 2 years or less | 0.50% |
| $5 million or greater | 1 year or less | 0.25% |

---

(C) REDUCING OR ELIMINATING THE SALES LOAD

Contingent upon notification to the Fund's principal underwriter or transfer agent, in applying the exceptions set forth in this Section 3, the purchase amount shall take into account:

&nbsp;&nbsp;&nbsp;&nbsp;· Discounts achieved by combining concurrent purchases of and/or current investment in Class A, Class B, Class C, Class F, and Class R Shares, made or held by (or on behalf of) the investor, the investor's spouse, and the investor's children under age 21 (regardless of whether the purchases or investments are made or held directly or through an investment professional or through a single-participant retirement account); provided that such purchases and investments can be linked using tax identification numbers (TINs), social security numbers (SSNs), or Broker Identification Numbers (BINs); and

· Letters of intent to purchase a certain amount of Class F Shares within a thirteen month period.

(D) WAIVER OF SALES LOAD

Contingent upon notification to the Fund's principal underwriter or transfer agent, no sales load will be assessed on purchases of Class F Shares made:

---

| |
|:---|
| within 120 days of redeeming Shares of an equal or greater amount; |
| through a financial intermediary that did not receive a dealer reallowance on the purchase; |
| by shareholders who originally became shareholders of a Fund pursuant to the terms of an agreement and plan of reorganization which permits the shareholders to acquire shares at net asset value. However, if the shareholder closes their account with the transfer agent, or if the shareholder transfers their account to another financial intermediary, the shareholder may no longer receive a sales charge waiver; |
| with reinvested dividends or capital gains; |
| by Directors, Trustees, employees, former employees and sales representatives of the Fund, the Adviser, the principal underwriter and their affiliates, employees of any investment professional that sells shares according to a sales agreement with the principal underwriter, by the immediate family members of the above persons, and by trusts, pension or profit-sharing plans for the above persons; and |
| pursuant to the exchange privilege. |

---

(E) WAIVER OF CDSC

Contingent upon notification to the Fund's principal underwriter or transfer agent, no CDSC will be imposed on redemptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· following the death of the last surviving shareholder on the account, or post-purchase disability of all registered shareholder(s), as defined in Section 72(m)(7) of the Internal Revenue Code;

· due to the termination of a trust following the death of the trustor/grantor or beneficiary, provided that the trust document specifically states that the trust is terminated upon the death

· representing minimum required distributions ("RMD") from an Individual Retirement Account or other retirement plan as required under the Internal Revenue Code;

· of Shares originally purchased through a financial intermediary that did not receive an advance commission on the purchase.

· of Shares that were reinvested within 120 days of a previous redemption of an equal or lesser amount;

· of Shares held by the Directors, Trustees, employees, former employees and sales representatives of the Fund, the Adviser, the principal underwriter and their affiliates, employees of any investment professional that sells Shares according to a sales agreement with the principal underwriter, by the immediate family members of the above persons, and by trusts, pension or profit-sharing plans for the above persons;

· of Shares originally purchased through a program offered by a Financial Intermediary that provides for the purchase of Shares without imposition of a sales charge (for example, a wrap account, self-directed brokerage account, retirement, or other fee-based program offered by the Financial Intermediary) and where the Financial Intermediary has agreed with the principal underwriter not to receive an advanced commission on purchases under such program;

· of Shares purchased with reinvested dividends or capital gains;

· imposed by the Fund when it closes an account for not meeting the minimum balance requirements;

· of Shares which were purchased pursuant to an exchange privilege if the Shares were held for the applicable CDSC holding period; and

· representing a total or partial distribution from a qualified plan, which would not include account transfer, rollovers, or redemptions for the purpose of reinvestment. For these purposes, qualified plans would not include an Individual Retirement Account, Keogh Plan or custodial account following retirement.

**Schedule of Funds**

**Offering Class F Shares**

The Funds set forth on this Schedule each offer Class F Shares on the terms set forth in the Class F Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**CLASS F SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** |
| **Federated Hermes Equity Income Fund, Inc.** | 0.25% |
| &nbsp;&nbsp; **Federated Hermes Fixed Income Securities, Inc.:**<br> Federated Hermes Strategic Income Fund | &nbsp;&nbsp; <br> 0.05% |
| **Federated Hermes Government Income Securities, Inc.** |  |
| &nbsp;&nbsp; **Federated Hermes Income Securities Trust:**<br> Federated Hermes Capital Income Fund<br> Federated Hermes Muni and Stock Advantage Fund | &nbsp;&nbsp; <br> 0.05%<br> None |
| &nbsp;&nbsp; **Federated Hermes Investment Series Funds, Inc.:**<br> Federated Hermes Corporate Bond Fund |  |
| **Federated Hermes Municipal Bond Fund, Inc.** |  |
| &nbsp;&nbsp; **Federated Hermes Municipal Securities Income Trust:**<br> Federated Hermes Municipal High Yield Advantage Fund<br> Federated Hermes Ohio Municipal Income Fund | &nbsp;&nbsp; <br> 0.05%<br> 0.40% |
| &nbsp;&nbsp; **Federated Hermes Money Market Obligations Trust:**<br> Federated Hermes Government Reserves Fund | &nbsp;&nbsp; <br> 0.45% |

---

**Institutional/WEALTH Shares Exhibit**

**To**

**Multiple Class Plan**

**(REVISED 12/1/2022)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Institutional and Wealth Shares will consist of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to money market funds, sales and shareholder servicing by financial intermediaries; and

(ii) with respect to fluctuating NAV funds, sales and shareholder servicing by financial intermediaries to the following categories of investors ("Eligible Investors");

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

· A trustee/director, employee or former employee of the Fund, the Adviser, the Distributor and their affiliates; an immediate family member of these individuals, or a trust, pension or profit-sharing plan for these individuals;

· An employer-sponsored retirement plan;

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

· A Federated Hermes Fund;

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

· An investor (including a natural person) who owned Shares as of December 31, 2008;

· Without regard to the initial investment minimum, an investor who acquired Institutional and/or Wealth Shares pursuant to the terms of an agreement and plan of reorganization which permits the investor to acquire such Shares; and

· Without regard to the initial investment minimum, in connection with an acquisition of an investment management or advisory business, or related investment services, products or assets, by Federated or its investment advisory subsidiaries, an investor (including a natural person) who (1) becomes a client of an investment advisory subsidiary of Federated or (2) is a shareholder or interest holder of a pooled investment vehicle or product that becomes advised or subadvised by a Federated investment advisory subsidiary as a result of such an acquisition other than as a result of a fund reorganization transaction pursuant to an agreement and plan of reorganization.

The principal underwriter and financial intermediaries may receive payments for distribution and/or administrative services under a Rule 12b-1 Plan and financial intermediaries may also receive shareholder service fees for services provided. In connection with this basic arrangement, Institutional and Wealth Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Institutional and Wealth Shares** |
| **Sales Load** |  |
| &nbsp;&nbsp; **Contingent Deferred** <br> **Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | As set forth in the attached Schedule |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Institutional and/or Wealth Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Institutional and Wealth Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Institutional and/or Wealth Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

3. REDEMPTION FEE.

For purposes of Rule 11a-3 under the Act, any redemption fee received upon the redemption or exchange of Institutional and/or Wealth Shares will be applied to fees incurred or amount expended in connection with such redemption or exchange. The balance of any redemption fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to (i) non-participant directed redemptions or exchanges involving Institutional and/or Wealth Shares held in retirement plans established under Section 401(a) or 401(k) of the Internal Revenue Code (the "Code"), custodial plan accounts established under Section 493(b)(7) of the Code, or deferred compensation plans established under Section 457 of the Code; (ii) redemptions or exchanges involving Institutional and/or Wealth Shares held in plans administered as college savings programs under Section 529 of the Code; and (iii) Institutional and/or Wealth Shares redeemed due to the death of the last surviving shareholder on the account.

**Schedule of Funds<br> Offering institutional Shares**

The Funds set forth on this Schedule each offer Institutional Shares on the terms set forth in the Institutional/-Wealth Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** | &nbsp;&nbsp; **Shareholder**<br> **Service Fee** | **Redemption Fee** |
| **Federated Hermes Adjustable Rate Securities Trust** |  |  |  |
| **Federated Hermes Adviser Series** |  |  |  |
| Federated Hermes Emerging Markets Equity Fund | 0.00% | 0.25% |  |
| Federated Hermes Conservative Microshort Fund |  |  |  |
| Federated Hermes Conservative Municipal Microshort Fund |  |  |  |
| Federated Hermes Global Equity Fund |  | 0.00% |  |
| Federated Hermes International Developed Equity Fund |  | 0.25% |  |
| Federated Hermes SDG Engagement Equity Fund | 0.00% | 0.00% |  |
| Federated Hermes SDG Engagement High Yield Credit Fund | 0.00% | 0.25% |  |
| Federated Hermes Unconstrained Credit Fund |  | 0.00% |  |
| Federated Hermes US SMID Fund |  |  |  |
| Federated Hermes International Equity Fund | 0.00% | 0.25% |  |
| Federated Hermes International Growth Fund | 0.00% | 0.25% |  |
| Federated Hermes MDT Large Cap Value Fund | 0.00% | 0.25% |  |
| Federated Hermes MDT Market Neutral Fund | 0.05% |  |  |
| **Federated Hermes Equity Funds:** |  |  |  |
| Federated Hermes Clover Small Value Fund |  |  |  |
| Federated Hermes International Strategic Value Dividend Fund |  |  |  |
| Federated Hermes Kaufmann Fund |  |  |  |
| Federated Hermes Kaufmann Large Cap Fund |  |  |  |
| Federated Hermes Kaufmann Small Cap Fund |  |  |  |
| Federated Hermes MDT Mid Cap Growth Fund |  |  |  |
| Federated Hermes Prudent Bear Fund |  |  |  |
| Federated Hermes Strategic Value Dividend Fund |  |  |  |
| **Federated Hermes Equity Income Fund, Inc.** |  |  |  |
| **Federated Hermes Fixed Income Securities, Inc.:** |  |  |  |
| Federated Hermes Municipal Ultrashort Fund |  |  |  |
| Federated Hermes Strategic Income Fund |  |  |  |
| **Federated Hermes Global Allocation Fund** |  |  |  |
| **Federated Hermes Government Income Trust** |  | 0.25% |  |
| **Federated Hermes Government Income Securities, Inc.** |  |  |  |
| **Federated Hermes High Income Bond Fund** |  |  |  |
| **Federated Hermes High Yield Trust** |  |  |  |
| Federated Hermes Opportunistic High Yield Bond Fund |  |  |  |
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** | &nbsp;&nbsp; **Shareholder**<br> **Service Fee** | **Redemption Fee** |
| **Federated Hermes Income Securities Trust:** |  |  |  |
| Federated Hermes Capital Income Fund |  |  |  |
| Federated Hermes Floating Rate Strategic Income Fund |  |  |  |
| Federated Hermes Fund for U.S. Government Securities |  |  |  |
| Federated Hermes Intermediate Corporate Bond Fund |  | 0.25% |  |
| Federated Hermes Muni and Stock Advantage Fund |  |  |  |
| Federated Hermes Inflation Protected Securities Fund |  | 0.25% |  |
| Federated Hermes Short-Term Income Fund |  |  |  |
| **Federated Hermes Index Trust:** |  |  |  |
| Federated Hermes Max-Cap Index Fund |  | 0.25% |  |
| Federated Hermes Mid-Cap Index Fund |  |  |  |
| **Federated Hermes Institutional Trust:** |  |  |  |
| Federated Hermes Government Ultrashort Fund |  |  |  |
| Federated Hermes Short-Intermediate Total Return Bond Fund |  |  |  |
| **Federated Hermes International Series, Inc.** |  |  |  |
| Federated Hermes Global Total Return Bond Fund (formerly Federated International Bond Fund) |  |  |  |
| **Federated Hermes Investment Series Fund, Inc.** |  |  |  |
| Federated Hermes Corporate Bond Fund |  |  |  |
| **Federated Hermes MDT Series:** |  |  |  |
| Federated Hermes MDT All Cap Core Fund |  |  |  |
| Federated Hermes MDT Balanced Fund |  |  |  |
| Federated Hermes MDT Large Cap Growth Fund |  |  |  |
| Federated Hermes MDT Small Cap Core Fund |  |  |  |
| Federated Hermes MDT Small Cap Growth Fund |  |  |  |
| **Federated Hermes Municipal Bond Fund, Inc.** |  |  |  |
| **Federated Hermes Municipal Securities Income Trust** |  |  |  |
| Federated Hermes Michigan Intermediate Municipal Fund |  |  |  |
| Federated Hermes Municipal High Yield Advantage Fund |  |  |  |
| Federated Hermes Ohio Municipal Income Fund |  |  |  |
| Federated Hermes Pennsylvania Municipal Income Fund |  |  |  |
| **Federated Hermes Short-Intermediate Municipal Fund** |  | 0.25% |  |
| **Federated Hermes Total Return Government Bond Fund** |  |  |  |
| **Federated Hermes Total Return Series, Inc.:** |  |  |  |
| Federated Hermes Core Fund (*formerly Federated Hermes Select Total Return Bond Fund)* |  | 0.25% |  |
| Federated Hermes Total Return Bond Fund |  |  |  |
| Federated Hermes Ultrashort Bond Fund |  | 0.25% |  |
| **Federated Hermes Short-Term Government Fund** |  | 0.25% |  |
| **Federated Hermes Short-Intermediate Government Fund** |  | 0.25% |  |
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** | &nbsp;&nbsp; **Shareholder**<br> **Service Fee** | **Redemption Fee** |
| **Federated Hermes World Investment Series, Inc.** |  |  |  |
| Federated Hermes Emerging Market Debt Fund |  |  |  |
| Federated Hermes International Leaders Fund |  |  |  |
| Federated Hermes International Small-Mid Company Fund |  |  |  |
| **Federated Hermes Intermediate Municipal Trust:** |  |  |  |
| Federated Hermes Intermediate Municipal Fund |  | 0.25% |  |
| **Federated Hermes Money Market Obligations Trust:** |  |  |  |
| Federated Hermes Government Obligations Fund |  | 0.25% |  |
| Federated Hermes Government Obligations Tax-Managed Fund |  | 0.25% |  |
| Federated Hermes Institutional Money Market Management |  | 0.25% |  |
| Federated Hermes Institutional Prime Obligations Fund |  | 0.25% |  |
| Federated Hermes Institutional Tax-Free Cash Trust |  | 0.25% |  |
| Federated Hermes Treasury Obligations Fund |  | 0.25% |  |
| Federated Hermes Trust for U.S. Treasury Obligations |  |  |  |
| Federated Hermes U.S. Treasury Cash Reserves |  | 0.25% |  |

---

**Schedule of Funds<br> Offering WEALTH Shares**

The Retail Money Market Funds set forth on this Schedule each offer Wealth Shares on the terms set forth in the Institutional/Wealth Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> **Series** | **12b-1 Fee** | **Shareholder Service Fee** | **Redemption Fee** |
| **Federated Hermes Money Market Obligations Trust:** | | | |
| Federated Hermes California Municipal Cash Trust |  | 0.25% |  |
| Federated Hermes Municipal Obligations Fund |  | 0.25% |  |
| Federated Hermes New York Municipal Cash Trust |  | 0.25% |  |
| Federated Hermes Prime Cash Obligations Fund |  | 0.25% |  |
| Federated Hermes Tax-Free Obligations Fund |  | 0.25% |  |

---

**investment Shares Exhibit**

**To**

**Multiple Class Plan<br> (Revised 12/1/2022)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Investment Shares will consist of sales and shareholder servicing by financial intermediaries. Financial intermediaries may receive shareholder service fees for services provided. In connection with this basic arrangement, Investment Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Investment Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | ***As set forth in the attached Schedule*** |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Investment Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Investment Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Rights:** | Investment Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds**

**Offering Investment Shares**

The Funds set forth on this Schedule each offer Investment Shares on the terms set forth in the Investment Shares Exhibit to the Multiple Class Plan.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** |
| **Federated Hermes Money Market Obligations Trust:** | |
| Federated Hermes Municipal Obligations Fund | 0.25% |

---

**CLASS P Shares Exhibit<br> To<br> Multiple Class Plan<br> (** **revised 6/29/20)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Class P Shares will consist of sales and shareholder servicing by financial intermediaries. Financial intermediaries may receive shareholder service fees for services provided. In connection with this basic arrangement, Automated Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class P Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **Recordkeeping Fee** | Up to 10 basis points (0.10%) of the average daily net asset value |
| **12b-1 Fee** |  |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class P Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Class P Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | None. |
| **Exchange Privileges:** | Class P Shares may only be exchanged into *Federated Hermes Capital Reserves Fund*, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered, after the payment of any redemption fees to the Fund. Exchanges shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds<br> Offering Class P Shares**

The Funds set forth on this Schedule each offer Class P Shares on the terms set forth in the Class P Shares Exhibit to the Multiple Class Plan.

---

| |
|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series |
| **Federated Hermes Money Market Obligations Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Reserves Fund |

---

**PREMIER Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised as of 12/1/2022)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Premier Shares will consist of sales and shareholder servicing by financial intermediaries. The principal underwriter and financial intermediaries may receive payments for distribution and/or administrative services under a Rule 12b-1 Plan and financial intermediaries may also receive shareholder service fees for services provided. In connection with this basic arrangement, Premier Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Premier Shares** |
| **Sales Load** |  |
| &nbsp;&nbsp; **Contingent Deferred** <br> **Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Premier Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Premier Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Premier Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

An exchange will be treated as a redemption and a subsequent purchase, and will be a taxable transaction. Exchange privileges may be modified or terminated at any time.

S**chedule of Funds**

**Offering PREMIER Shares**

The Funds set forth on this Schedule each offer Premier Shares on the terms set forth in the Premier Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** |
| &nbsp;&nbsp; **Federated Hermes Money Market Obligations Trust:**<br> Federated Hermes Government Obligations Fund |  |
| Federated Hermes Institutional Tax-Free Cash Trust |  |

---

**Primary Shares Exhibit**

**To**

**Multiple Class Plan**

**(REVISED 09/01//2022)**

**1. Separate Arrangement And Expense Allocation**

Primary Shares are available exclusively as an investment vehicle for separate accounts of participating life insurance companies offering variable life insurance policies and variable annuity contracts. For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Primary Shares will consist of institutional sales to insurance companies for Primary Share inclusion in those variable life and variable annuity product separate accounts. The insurance company distributor, underwriter or affiliated entity may provide shareholder services and receive a shareholder service fee for their services. In connection with this basic arrangement, Primary Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Primary Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Primary Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Primary Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privileges:** | None. |

---

**Schedule of Funds**

**Offering Primary Shares**

The Funds set forth on this Schedule each offer Primary Shares on the terms set forth in the Primary Shares Exhibit to the Multiple Class Plan.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** |
| **Federated Hermes Insurance Series:** | |
| Federated Hermes Managed Volatility Fund II | 0.25% |
| Federated Hermes High Income Bond Fund II |  |
| Federated Hermes Kaufmann Fund II | 0.25% |
| Federated Hermes Quality Bond Fund II | 0.25% |

---

**Class R Shares Exhibit**

**To**

**Multiple Class Plan**

**(revised 3/1/22)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement for the Class R Shares will consist of:

(i) Excepting Federated Hermes Kaufmann Fund, sales by financial intermediaries to retirement plans, with shareholder services provided by the retirement plan record keepers; and

(ii) with respect to the Federated Hermes Kaufmann Fund, (a) sales by financial intermediaries to retirement plans; (b) the issuance of Class R Shares as provided in the Plan of Reorganization between the Federated Hermes Kaufmann Fund and the Kaufmann Fund; (c) additional investments by former Kaufmann Fund shareholders and related persons; and (d) shareholder services provided by financial intermediaries.

Financial intermediaries and the principal underwriter may receive payments for distribution and/or administrative services under a Rule 12b-1 Plan, in addition, financial intermediaries may receive shareholder service fees for services provided. In connection with this basic arrangement, Class R Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class R Shares** |
| **Sales Load** |  |
| &nbsp;&nbsp; **Contingent Deferred Sales** <br> **Charge ("CDSC")** |  |
| **Redemption Fee** | As set forth in the attached Schedule. |
| **Shareholder Service Fee** | As set forth in the attached Schedule |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class R Shares as described in Section 3 of the Multiple Class Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Class R Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | *At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable.* |
| **Exchange Privilege:** | &nbsp;&nbsp; With respect to the *Federated Hermes Kaufmann Fund*, shareholders who are former shareholders of the *Federated Hermes Kaufmann Fund*, Inc. and their immediate family members or shareholders who have purchased shares through the financial intermediary relationships that existed for the Kaufmann Fund may exchange their Class R Shares for Class A Shares of any other fund. Investors who are eligible to purchase Class R Shares (e.g. 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, non-qualified deferred compensation plans and IRA rollovers from such plans, directly or through financial intermediaries as well as IRAs and investment – only 403(b) plans held through financial intermediaries may exchange their Class R Shares into Class R Shares of any other Fund. A Grandfathered Shareholder may exchange into Class R Shares of another Fund only if such shareholder is an eligible investor in the Class R Shares of that Fund.<br> With respect to the other funds, Class R Shares may be exchanged for Class R Shares, including the Kaufmann Fund. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered, after the payment of any redemption fees to the Fund. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**3. Redemption Fee**

For purposes of Rule 11a-3 under the Act, any redemption fee received upon the redemption or exchange of Class R Shares will be applied to fees incurred or amounts expended in connection with such redemption or exchange. The balance of any redemption fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to Class R Shares redeemed or exchange by employer-sponsored retirement plans.

**Schedule of Funds**

**Offering Class R Shares**

The Funds set forth on this Schedule each offer Class R Shares on the terms set forth in the Class R Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

---

| | | | |
|:---|:---|:---|:---|
| **Multiple Class Company**<br> Series | **12b-1 Fee** | **Shareholder Services Fee** | **Redemption Fee** |
| **Federated Hermes Adviser Series** | | | |
| Federated Hermes MDT Large Cap Value Fund | 0.50% |  |  |
| **Federated Hermes Equity Funds:** |  |  |  |
| Federated Hermes Kaufmann Fund | 0.50% | 0.25% |  |
| Federated Hermes Kaufmann Small Cap Fund | 0.50% |  |  |
| **Federated Hermes Equity Income Fund, Inc.** | 0.50% |  |  |
| **Federated Hermes Income Securities Trust** |  |  |  |
| Federated Hermes Capital Income Fund | 0.50% |  |  |
| **Federated Hermes Index Trust:** |  |  |  |
| Federated Hermes Max-Cap Index Fund | 0.50% |  |  |
| **Federated Hermes Short-Intermediate Government Fund** | 0.50% |  |  |
| **Federated Hermes Money Market Obligations Trust:** |  |  |  |
| Federated Hermes Prime Cash Obligations Fund | 0.50% | 0.25% |  |
| **Federated Hermes World Investment Series, Inc.** |  |  |  |
| Federated Hermes International Leaders Fund | 0.50% |  |  |

---

**CLASS R6 Shares Exhibit**

**To**

**Multiple Class Plan**

**(revised as of 12/1/2022)**

**1.** **Separate Arrangement And Expense Allocation** 

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Class R6 Shares will consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sales and shareholder servicing by financial intermediaries to the following categories of investors ("Eligible Investors"):

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

· A trustee/director, employee or former employee of the Fund, the Adviser, the Distributor and their affiliates; an immediate family member of these individuals, or a trust, pension or profit-sharing plan for these individuals;

· An employer-sponsored retirement plan;

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

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

· A Federated Fund;

· An investor (including a natural person) who acquired R6 Shares pursuant to the terms of an agreement and plan of reorganization which permits the investor to acquire such Shares; and

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

In connection with this arrangement, Class R6 Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated R6 Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** |  |
| **Redemption Fee** |  |
| **12b-1 Fee** |  |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class R6 Shares. |

---

**2.** **Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Class R6 Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privileges:** | Class R6 Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered, after the payment of any redemption fees to the Fund. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

*(schedule of funds listed on next page)*

**Schedule of Funds**

**Offering CLASS R6 Shares**

The Funds set forth on this Schedule each offer Class R6 Shares on the terms set forth in the Class R6 Shares Exhibit to the Multiple Class Plan.

---

| |
|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series |
| &nbsp;&nbsp;**Federated Hermes Adviser Series** |
| &nbsp;&nbsp;Federated Hermes Emerging Markets Equity Fund |
| &nbsp;&nbsp;Federated Hermes Global Equity Fund |
| &nbsp;&nbsp;Federated Hermes International Developed Equity Fund |
| &nbsp;&nbsp;Federated Hermes SDG Engagement Equity Fund |
| &nbsp;&nbsp;Federated Hermes SDG Engagement High Yield Credit Fund |
| &nbsp;&nbsp;Federate Hermes Unconstrained Credit Fund |
| &nbsp;&nbsp;Federated Hermes US SMID Fund |
| &nbsp;&nbsp;Federated Hermes International Equity Fund |
| &nbsp;&nbsp;Federated Hermes International Growth Fund |
| &nbsp;&nbsp;Federated Hermes MDT Large Cap Value Fund |
| &nbsp;&nbsp;**Federated Hermes Equity Funds** |
| &nbsp;&nbsp; Federated Hermes Clover Small Value Fund |
| &nbsp;&nbsp; Federated Hermes International Strategic Value Dividend Fund |
| &nbsp;&nbsp; Federated Hermes Kaufmann Large Cap Fund |
| &nbsp;&nbsp; Federated Hermes Kaufmann Small Cap Fund |
| &nbsp;&nbsp; Federated Hermes MDT Mid Cap Growth Fund |
| &nbsp;&nbsp; Federated Hermes Strategic Value Dividend Fund |
| &nbsp;&nbsp;**Federated Hermes Fixed Income Securities, Inc.** |
| &nbsp;&nbsp; Federated Hermes Municipal Ultrashort Fund |
| &nbsp;&nbsp; Federated Hermes Strategic Income Fund |
| &nbsp;&nbsp;**Federated Hermes Global Allocation Fund** |
| &nbsp;&nbsp;**Federated Hermes High Income Bond Fund, Inc.** |
| &nbsp;&nbsp;**Federated Hermes High Yield Trust** |
| &nbsp;&nbsp;Federated Hermes Opportunistic High Yield Bond Fund |
| &nbsp;&nbsp;**Federated Hermes Income Securities Trust** |
| &nbsp;&nbsp;*Federated Hermes Inflation Protected Securities Fund (formerly Federated Real Return Bond Fund.)* |
| &nbsp;&nbsp;Federated Hermes Floating Rate Strategic Income Fund |
| &nbsp;&nbsp;Federated Hermes Short-Term Income Fund |
| &nbsp;&nbsp;**Federated Hermes Index Trust** |
| &nbsp;&nbsp;Federated Hermes Mid-Cap Index Fund |
| &nbsp;&nbsp;**Federated Hermes Institutional Trust** |
| &nbsp;&nbsp;Federated Hermes Government Ultrashort Fund |
| &nbsp;&nbsp;Federated Hermes Institutional High Yield Bond Fund |
| &nbsp;&nbsp;Federated Hermes Short-Intermediate Total Return Bond Fund |
| &nbsp;&nbsp;**Federated Hermes Investment Series Funds, Inc.** |
| &nbsp;&nbsp;Federated Hermes Corporate Bond Fund |
| &nbsp;&nbsp;**Federated Hermes MDT Series** |
| &nbsp;&nbsp;Federated Hermes MDT Small Cap Core Fund |
| &nbsp;&nbsp;Federated Hermes MDT Small Cap Growth Fund |
| &nbsp;&nbsp;Federated Hermes MDT All Cap Core Fund |
| &nbsp;&nbsp;Federated Hermes MDT Balanced Fund |
| &nbsp;&nbsp;**Federated Hermes Total Return Government Bond Fund** |
| &nbsp;&nbsp;**Federated Hermes Total Return Series, Inc.** |
| &nbsp;&nbsp; Federated Hermes Core Bond Fund *(formerly Federated Hermes Select Total Return Bond Fund)* |
| &nbsp;&nbsp; Federated Hermes Total Return Bond Fund |
| &nbsp;&nbsp;Federated Hermes Ultrashort Bond Fund |
| &nbsp;&nbsp;**Federated Hermes World Investment Series, Inc.** |
| &nbsp;&nbsp; Federated Hermes International Leaders Fund |

---

**retirement Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised 12/1/2022)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement for the Retirement Shares will consist of sales and shareholder servicing by financial intermediaries. Financial intermediaries may receive a shareholder service fee for services provided. In connection with this basic arrangement, Retirement Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Retirement Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** |  |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Retirement Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Retirement Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Retirement Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares *Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, and no-load Class A Shares of and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange.. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds**

**Offering retirement Shares**

The Funds set forth on this Schedule each offer Retirement Shares on the terms set forth in the Retirement Shares Exhibit to the Multiple Class Plan:

---

| | |
|:---|:---|
| **Multiple Class Company** | **Series** |

---

**SDG Shares Exhibit**

**To**

**Multiple Class Plan**

**(REVISED December 1, 2022)**

**1. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION**

SDG Shares are available for purchase exclusively to shareholders investing through financial intermediaries that utilize electronic trading platforms that may support a filtering menu to identify funds or share classes that such intermediary has determined in its discretion offer or provide "SDG/ESG, sustainable, or impact" goals or purposes. Omnibus accounts are not permitted without prior written approval from the Fund. Fully disclosed and partially disclosed accounts are permitted. No direct fund investments are permitted. For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the SDG Shares will consist of sales and shareholder servicing by financial intermediaries. The principal underwriter and financial intermediaries may receive payments for distribution and/or administrative services under a Rule 12b-1 Plan. In connection with this basic arrangement, SDG Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated SDG Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** |  |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of SDG Shares as described in Section 3 of the Plan |

---

**2. CONVERSION AND EXCHANGE PRIVILEGES**

For purposes of Rule 18f-3, SDG Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | SDG Shares may be exchanged into any Federated Hermes fund or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund, and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

An exchange will be treated as a redemption and a subsequent purchase, and will be a taxable transaction. Exchange privileges may be modified or terminated at any time.

**Schedule of Funds<br> Offering SDG Shares**

The Funds set forth on this Schedule each offer SDG Shares on the terms set forth in the SDG Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

**1. SDG SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** |
| **Money Market Obligations Trust** | |
| Federated Government Obligations Fund | None |

---

**SELECT Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised 12/1/2022)**

**1. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Select Shares will consist of sales and shareholder servicing by financial intermediaries. Financial intermediaries may receive shareholder service fees for services provided. In connection with this basic arrangement, Select Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Select Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** |  |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Select Shares as described in Section 3 of the Plan |

---

**2. CONVERSION AND EXCHANGE PRIVILEGES**

For purposes of Rule 18f-3, Select Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Select Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchase (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other fund or class shall be treated in the same manner as a redemption and purchase.

 ****

**SCHEDULE OF FUNDS**

**OFFERING SELECT SHARES**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Multiple Class Company**<br> Series |
| **Federated Hermes Money Market Obligations Trust** |
| Federated Hermes Government Obligations Fund |

---

**Service Shares Exhibit**

**To**

**Multiple Class Plan<br> (revised 12/1/2022)**

**1. Separate Arrangement And Expense Allocation**

With respect to Funds other than portfolios of Federated Insurance Series, for purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Service Shares will consist of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to money market funds, sales and shareholder servicing by financial intermediaries; and

(ii) with respect to fluctuating NAV funds, sales and shareholder servicing by financial intermediaries to the following categories of investors ("Eligible Investors");

---

| | |
|:---|:---|
| · | An investor participating in a wrap program or other fee-based program sponsored by a financial intermediary; |
| · | An investor participating in a no-load network or platform sponsored by a financial intermediary where Federated has entered into an agreement with the intermediary; |
| · | A trustee/director, employee or former employee of the Fund, the Adviser, the Distributor and their affiliates; an immediate family member of these individuals, or a trust, pension or profit-sharing plan for these individuals; |
| · | An employer-sponsored retirement plan; |
| · | A trust institution investing on behalf of its trust customers; |
| · **** | A Federated Fund; |
| · | An investor, other than a natural person, purchasing Shares directly from the Fund; |
| · | An investor (including a natural person) who owned Shares as of December 31, 2008; |
| · | Without regard to the initial investment minimum, an investor who acquired Service Shares pursuant to the terms of an agreement and plan of reorganization which permits the investor to acquire such Shares; and |
| · | Without regard to the initial investment minimum, in connection with an acquisition of an investment management or advisory business, or related investment services, products or assets, by Federated or its investment advisory subsidiaries, an investor (including a natural person) who (1) becomes a client of an investment advisory subsidiary of Federated or (2) is a shareholder or interest holder of a pooled investment vehicle or product that becomes advised or subadvised by a Federated investment advisory subsidiary as a result of such an acquisition other than as a result of a fund reorganization transaction pursuant to an agreement and plan of reorganization. |

---

The principal underwriter and financial intermediaries may receive payments for distribution and/or administrative services under a Rule 12b-1 Plan and financial intermediaries may also receive shareholder service fees for services provided.

With respect to portfolios of *Federated Hermes Insurance Series*, Service Shares are available exclusively as an investment vehicle for separate accounts of participating life insurance companies offering variable life insurance policies and variable annuity contracts. For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of Service Shares will consist of institutional sales to insurance companies for Service Share inclusion in those variable life insurance and annuity product separate accounts. The insurance company distributor, underwriter or other affiliated entity may provide shareholder services and receive a shareholder service fee for their services and when indicated on the Schedule to this Exhibit, may also receive payments for distribution and/or administrative services under a 12b-1 Plan.

In connection with these basic arrangements, Service Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Service Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Service Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Service Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privileges:** | &nbsp;&nbsp; For Funds other than portfolios of *Federated Hermes Insurance Series*, Service Shares may be exchanged for exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations* Fund, and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. Service Shares may also be exchanged for shares of Investment Companies that are not subject to this Plan, as provided in the "Proprietary Fund Schedule" attached hereto.<br> With respect to portfolios of *Federated Hermes Insurance Series*: None |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered, unless Class A Shares or Class F Shares which are subject to a CDSC are being exchanged, in which case the CDSC fee will be imposed as if the Class A Shares or Class F Shares had been redeemed. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds<br> Offering Service Shares**

The Funds set forth on this Schedule each offer Service Shares on the terms set forth in the Service Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

---

| | |
|:---|:---|
| **Multiple Class Company**<br> Series | **12b-1 Fee** |
| **Federated Hermes Adviser Series** | |
| Federated Hermes MDT Large Cap Value Fund |  |
| **Federated Hermes High Yield Trust** |  |
| **Federated Hermes Government Income Fund** | 0.05% |
| **Federated Hermes Income Securities Trust:** |  |
| Federated Hermes Intermediate Corporate Bond Fund | 0.25% |
| Federated Hermes Short-Term Income Fund |  |
| **Federated Hermes Index Trust** |  |
| Federated Hermes Max-Cap Index Fund | 0.30% |
| Federated Hermes Mid-Cap Index Fund |  |
| **Federated Hermes Institutional Trust:** |  |
| Federated Hermes Government Ultrashort Fund | 0.05% |
| Federated Hermes Short-Intermediate Total Return Bond Fund | 0.00% |
| **Federated Hermes Insurance Series:** |  |
| Federated Hermes Managed Volatility Fund II | 0.25% |
| Federated Hermes High Income Bond Fund II | 0.25% |
| Federated Hermes Kaufmann Fund II | 0.25% |
| Federated Hermes Quality Bond Fund II | 0.25% |
| Federated Hermes Government Money Fund II |  |
| **Federated Short-Intermediate Municipal Fund** |  |
| **Federated Hermes Total Return Government Bond Fund** | 0.25% |
| **Federated Hermes Total Return Series, Inc.:** |  |
| Federated Hermes Total Return Bond Fund | 0.25% |
| Federated Hermes Ultrashort Bond Fund |  |
| **Multiple Class Company**<br> Series | **12b-1 Fee** |
| **Federated Hermes Short-Term Government Fund** | 0.25% |
| **Federated Hermes Short-Intermediate Government Fund** | 0.05% |
| **Federated Hermes Money Market Obligations Trust:** |  |
| Federated Hermes California Municipal Cash Trust |  |
| Federated Hermes Government Obligations Fund |  |
| Federated Hermes Government Obligations Tax-Managed Fund |  |
| Federated Hermes Institutional Money Market Management |  |
| Federated Hermes Institutional Prime Obligations Fund |  |
| Federated Hermes Institutional Prime Value Obligations Fund |  |
| Federated Hermes Municipal Obligations Fund |  |
| Federated Hermes New York Municipal Cash Trust | 0.25% |
| Federated Hermes Prime Cash Obligations Fund |  |
| Federated Hermes Tax-Free Obligations Fund |  |
| Federated Hermes Treasury Obligations Fund |  |
| Federated Hermes U.S. Treasury Cash Reserves | 0.25% |

---

**Proprietary fund schedule -<br> service shares**

Shares issued by investment companies that are not party to this Plan but that are listed on this Proprietary Fund Schedule ("Non-Plan Investment Companies") may be exchanged for Service Shares of the Funds indicated opposite their names. Such Service Shares may also be exchanged back into shares of the original Non-Plan Investment Company. In addition, indicated Service Shares purchased from a dealer party to a Dealer Agreement to sell the indicated Non-Plan Investment Company Shares may be exchanged for Shares of such Non-Plan Investment Company. In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges into any class of shares of a Non-Plan Investment Company not shown on this schedule shall be treated in the same manner as a redemption and purchase.

---

| | |
|:---|:---|
| **Multiple Class Series/Company** | **Non-Plan Investment Companies** |

---

**Class T Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised (12/1/20)**

**1. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Class T Shares will consist of sales and shareholder servicing by financial intermediaries in consideration of the payment of the applicable sales load ("dealer reallowance") and a shareholder service fee. In connection with this basic arrangement, Class T Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class T Shares** |
| **Sales Load** | Up to 2.50% of the public offering price |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** |  |
| **Redemption Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class T Shares as described in Section 3 of the Plan |

---

**2. CONVERSION AND EXCHANGE PRIVILEGES**

For purposes of Rule 18f-3, Class T Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable, and that no CDSC on the original shares purchased is owed. |
| **Exchange Privilege:** | None |

---

**3. EXCEPTIONS TO BASIC ARRANGEMENTS**

For purposes of Rules 22d-1 and 6c-10 under the Act, unless otherwise specified on the Schedule to this Exhibit, the scheduled variations in sales loads and contingent deferred sales charges are as follows:

(A) BASIC SALES LOAD SCHEDULE

The basic schedule of sales loads for Class T Shares of Funds so designated on the Schedule to this Exhibit is as follows:

---

| | |
|:---|:---|
| **Transaction Amount** | &nbsp;&nbsp; **Sales Load as a Percentage of** <br> **Public Offering Price** |
| Less than $250,000 | 2.50% |
| $250,000 but less than $500,000 | 2.00% |
| $500,000 but less than $1 million | 1.50% |
| $1 million or greater | 1.00% |

---

**4. REDEMPTION FEE**

For purposes of Rule 11a-3 under the Act, any redemption fee received upon the redemption or exchange of Class T Shares will be applied to fees incurred or amount expended in connection with such redemption or exchange. The balance of any redemption fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to (i) non-participant directed redemptions or exchanges involving Class T Shares held in retirement plans established under Section 401(a) or 401(k) of the Internal Revenue Code (the "Code"), custodial plan accounts established under Section 493(b)(7) of the Code, or deferred compensation plans established under Section 457 of the Code; (ii) redemptions or exchanges involving Class T Shares held in plans administered as college savings programs under Section 529 of the Code***;*** and (iii) Class T Shares redeemed due to the death of the last surviving shareholder on the account.

**Schedule of Funds<br> Offering Class T Shares**

The Funds set forth on this Schedule each offer Class T Shares on the terms set forth in the Class T Shares Exhibit to the Multiple Class Plan, in each case as indicated below. Actual amounts accrued may be less.

**1. CLASS A SHARES SUBJECT TO THE BASIC LOAD SCHEDULE**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | &nbsp;&nbsp; **Redemption** <br> **Fee** |
| &nbsp;&nbsp;**Class T Shares were discontinued on 11-30-20.** | &nbsp;&nbsp;**Class T Shares were discontinued on 11-30-20.** |

---

**trust Shares Exhibit**

**To**

**Multiple Class Plan**

**(Revised 12/1/2022)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution arrangement for the Trust Shares will consist of sales by financial intermediaries, who, along with the principal underwriter, may receive payments for distribution and/or administrative services under a 12b-1 Plan. In connection with this basic arrangement, Trust Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Trust Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** | Up to 25 basis points (0.25%) of the average daily net asset value |
| **12b-1 Fee** | As set forth in the attached Schedule |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Trust Shares as described in Section 3 of the Multiple Class Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Trust Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Trust Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

**Schedule of FundS**

**Offering Trust Shares**

The Funds set forth on this Schedule each offer Trust Shares on the terms set forth in the Trust Shares Exhibit to the Multiple Class Plan, in each case as indicated below. The 12b-1 fees indicated are the maximum amounts authorized based on the average daily net asset value. Actual amounts accrued may be less.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Multiple Class Company**<br> Series | **12b-1 Fee** |
| **Federated Hermes Money Market Obligations Trust:** | |
| Federated Hermes Government Obligations Fund | 0.25% |
| Federated Hermes Prime Cash Obligations Fund | 0.25% |
| Federated Hermes Treasury Obligations Fund | 0.25% |

---

**Class Y Shares Exhibit**

**To**

**Multiple Class Plan**

**(REVISED 12/1/2022)**

**1. Separate Arrangement And Expense Allocation**

For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement for the Class Y Shares will consist of sales to institutional purchasers requiring less distribution support activity and less shareholder services, who are also seeking low expense ratios. In connection with this basic arrangement, Class Y Shares will bear the following fees and expenses:

---

| | |
|:---|:---|
| **Fees and Expenses** | **Maximum Amount Allocated Class Y Shares** |
| **Sales Load** |  |
| **Contingent Deferred Sales Charge ("CDSC")** |  |
| **Shareholder Service Fee** |  |
| **12b-1 Fee** |  |
| **Other Expenses** | Itemized expenses incurred by the Fund with respect to holders of Class Y Shares as described in Section 3 of the Plan |

---

**2. Conversion and Exchange Privileges**

For purposes of Rule 18f-3, Class Y Shares have the following conversion rights and exchange privileges at the election of the shareholder:

---

| | |
|:---|:---|
| **Conversion Rights:** | At the election of the shareholder, Shares may be converted into any other Share Class of the same Fund, provided that the shareholder meets the eligibility requirements for the Share Class into which the conversion is sought, as applicable. |
| **Exchange Privilege:** | Class Y Shares may be exchanged into any *Federated Hermes fund* or share class that does not have a stated sales charge or contingent deferred sales charge, except Shares of *Federated Institutional Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund*, and no-load Class A Shares and Class R Shares of any Fund, provided that the shareholder meets any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased, (if applicable), both accounts have identical registrations, and the shareholder receives a prospectus for the fund in which the shareholder wishes to exchange. |

---

In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase.

**Schedule of Funds**

**Offering class Y Shares**

The Funds set forth on this Schedule each offer Class Y Shares on the terms set forth in the Class Y Shares Exhibit to the Multiple Class Plan, in each case as indicated below:

---

| | |
|:---|:---|
| **Multiple Class Company** | **Series** |

---

## Ex-99.P

Exhibit 28 (p) under Form N-1A<br> Exhibit 14 under Item 601/Reg. S-K

Federated Hermes, Inc.

**Code of Ethics for Access Persons**

***Effective 11/10/2021***

 ****

***Table of Contents***

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **INTRODUCTION** |  | **1** |
| **1** | **RESPONSIBILITIES** | **2** |
| 1.1 | GeneralPrinciples | 2 |
| 1.2 | Compliance with this Code is a condition of employment | 3 |
| 1.3 | Personal Responsibility | 3 |
| 1.4 | Perceived ambiguity shall not excuse violations | 4 |
| 1.5 | Preclearance does not protect wrongdoing | 4 |
| **2** | **REPORTING REQUIREMENTS** | **4** |
| 2.1 | Initial Reporting Requirements | 4 |
| 2.2 | Quarterly Reporting Requirements | 5 |
| 2.3 | Annual Reporting Requirements | 6 |
| 2.4 | Independent Directors | 6 |
| 2.5 | Non-Federated Hermes Officers of Federated Hermes Funds or Proprietary Client Funds | 7 |
| 2.6 | Access Persons Acknowledgments of Receipt of Code of Ethics and Amendments | 8 |
| **3** | **PRECLEARANCE REQUIREMENTS** | **8** |
| 3.1 | Preclearance of Trades | 8 |
| 3.2 | Duration and Revocation | 9 |
| 3.3 | Preclearance Does Not Protect Wrongdoing | 9 |
| 3.4 | Exceptions | 9 |
| 3.5 | Exception for Employee Stock Options of a Previous Employer | 10 |
| 3.6 | Federated Hermes Stock and Options Trading | 11 |
| 3.7 | Special Rules for Equity Transactions Based on Market Capitalization | 11 |
| **4** | **EXEMPT TRANSACTIONS** | **11** |
| 4.1 | Exempt Securities | 11 |
| 4.2 | Discretionary Accounts | 12 |
| **5** | **PROHIBITIONS AND RESTRICTIONS** | **12** |
| 5.1 | General Prohibitions | 12 |
| 5.2 | Equity Initial Public Offerings (IPOs) are Prohibited | 14 |
| 5.3 | Private Placements Require Prior Compliance Approval | 14 |
| 5.4 | Prohibition of Short-Term Profits – 60-Day Rule – Individual Securities | 15 |
| 5.5 | Minimum Holding Period – Designated Federated Hermes Funds | 15 |
| 5.6 | Prohibition on Insider Trading | 16 |
| 5.7 | Disclosure or Misuse of Fund Information | 16 |
| 5.8 | Blackout Periods - Fund Trades | 16 |
| 5.9 | Prior Knowledge | 17 |
| 5.10 | Serving as a Director or Officer of Outside Organizations | 17 |
| 5.11 | Excessive Trading and Market Timing | 19 |
| 5.12 | Independent Directors | 20 |
| 5.13 | Restrictions on Investment Clubs | 20 |
| 5.14 | Disclosure of Personal Interests | 20 |
| **6** | **PROHIBITIONS ON GIVING/RECEIVING GIFTS; POLITICAL AND CHARITABLE CONTRIBUTIONS** | **21** |
| **7** | **REVIEW, REPORTING, EDUCATION AND SANCTIONS** | **22** |
| 7.1 | Management Review of Investment Personnel' s Trading Activity | 22 |
| 7.2 | Compliance Review of Reports and Trading Activity, and this Code of Ethics | 23 |
| 7.3 | Self-discovery and Reporting | 23 |
| 7.4 | Education | 24 |
| 7.5 | Sanctions | 24 |
| 7.6 | Factors For Consideration | 24 |
| 7.7 | Reporting of Violations | 25 |
| **8** | **DEFINITIONS** | **25** |
| 8.1 | 1933 Act | 25 |
| 8.2 | 1934 Act | 25 |
| 8.3 | 1940 Act | 25 |
| 8.4 | Access Person | 25 |
| 8.5 | Adviser | 26 |
| 8.6 | Advisers Act | 26 |
| 8.7 | Associated Procedures | 26 |
| 8.8 | Automatic Investment Plan | 26 |
| 8.9 | Beneficial Ownership | 26 |
| 8.10 | Board | 26 |
| 8.11 | Code | 27 |
| 8.12 | Compliance Committee | 27 |
| 8.13 | Compliance Department | 27 |
| 8.14 | Control | 27 |
| 8.15 | Covered Security | 27 |
| 8.16 | Federal Securities Laws | 27 |
| 8.17 | Federated Hermes | 28 |
| 8.18 | Fund | 28 |
| 8.19 | Independent Director | 28 |
| 8.20 | Influence | 28 |
| 8.21 | Initial Public Offering | 28 |
| 8.22 | Investment Person; Investment Personnel | 28 |
| 8.23 | Private Placement | 29 |
| 8.24 | Purchase or Sale | 29 |
| 8.25 | Reportable Fund | 29 |
| 8.26 | SEC | 29 |
| 8.27 | Security | 9 |
| 8.28 | Supervised Person | 29 |
| 8.29 | Underwriter | 29 |
| 8.30 | Vendor | 30 |
|  | **ADDENDUM** |  |
|  | Access Persons Procedures | A-1 |
|  | Compliance Department Procedures | B-1 |

---

CODE OF ETHICS FOR ACCESS PERSONS

Introduction

This Code sets forth standards of conduct and professionalism that apply to all persons designated as Access Persons by the Compliance Department. This Code was designed and established, and will be maintained and enforced, to protect Federated Hermes' clients (or Funds) by deterring misconduct and to guard against violations of the Federal Securities Laws. This Code reinforces the value that Federated Hermes places on ethical conduct. Each Access Person must comply with this Code and uphold Federated Hermes' ethical standards at all times. Each Access Person also is responsible for ensuring that spouses, children and others residing in the same household do not violate applicable provisions of this Code.

It is Federated Hermes' policy that business must be conducted in accordance with the highest fiduciary, legal and ethical standards. Federated Hermes' reputation for integrity is its most important asset and each Access Person must contribute to the care and preservation of that asset. This reputation for integrity is the cornerstone of the public's faith and trust in Federated Hermes; it is what provides Federated Hermes an opportunity to serve investors, shareholders and other stakeholders. A single Access Person's misconduct can damage Federated Hermes' hard-earned reputation.

This Code sets forth the fiduciary, legal and ethical requirements and certain "best practices" that must be satisfied to comply with this Code. This Code also establishes procedures that Access Persons must follow in order to comply with this Code.

Key terms are defined in Section 8 of this Code.

**Access Persons.** Access Persons are defined under Section 8.4 of this Code and include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designated employees of Federated Hermes, including those who work for any subsidiary that is an Adviser,
an Underwriter for funds and employees of certain other subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Independent Directors of a fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Designated officers of Federated Hermes funds or proprietary funds who are not employed by Federated Hermes.
(*e.g.*, designated outside counsel who serve as secretary to one or more funds); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All **Investment Personnel**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any other individual designated by the Compliance Department. This may include a Federated Hermes employee
or a temporary hire, vendor, consultant, service provider or other third party employee.

**Application to Access Persons.** This Code applies only to those individuals specified above, designated as Access Persons under this Code. Please note that certain requirements of this Code apply to Access Persons, while others may only apply to Investment Persons.

**Application to Household Members.** As noted above, each Access Person also is responsible for assuring that spouses, children or any others residing in the same household do not violate the provisions of this Code that are applicable to the Access Person (even if certain provisions of this Code do not specifically reference household members). See the definitions of "Access Person" and "Investment Personnel" in Section 8 of this Code for further information.

This Code also applies to accounts or holdings for persons outside the household, over which the Access Person has investment discretion, influence or control.

**Questions.** All Access Persons are obligated to read the requirements of this Code carefully. If you have any questions regarding how this Code applies to any conduct or practice, please contact the Compliance Department. When in doubt, an Access Person should ask before taking any action.

**Compliance with Other Requirements Still Required.** This Code supersedes prior versions of this Code. This Code does not supersede, or relieve an Access Person from complying with applicable laws or with other Federated Hermes standards and corporate and departmental policies or procedures which can be found on Federated Hermes' internal website. A violation of any of these policies or procedures by an Access Person may, depending upon the circumstances, also constitute a violation of this Code.

**Sanctions for Violations of this Code.** Federated Hermes intends to enforce the provisions of this Code vigorously. A violation of this Code may subject an Access Person to sanctions as set forth in Section 7 below, and possible civil and criminal liability.

**Adoption.** Pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act (as applicable), this Code has been adopted on behalf of each investment company that is served by the Board of Directors of the Federated Hermes' funds, Federated Hermes' Advisers and Federated Hermes' Underwriters.

1 Responsibilities

&nbsp;&nbsp;&nbsp;&nbsp;1.1 General Principles

The following general principles govern all conduct of Access Persons, whether or not the conduct also is covered by more specific standards or procedures set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Fiduciary Principles

Each Access Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (i) place the Funds' interests ahead of his or her personal interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (ii) disclose and, where possible, avoid conflicts of interest (actual or potential)
and the appearance of any conflict with the Funds or any other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (iii) conduct his or her personal transactions in a manner, which is consistent
with this Code and which does not interfere with Fund portfolio transactions or otherwise take unfair or inappropriate advantage of his
or her position or relationship to a Fund or any other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (iv) not show inappropriate favoritism of one Fund over another Fund in a manner
that would constitute a breach of fiduciary duty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (v) not accept or offer inappropriate gifts, favors, entertainment, special
accommodations or other things of material value that could influence decision-making by either Federated Hermes, an Adviser, a Fund or
any other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (vi) safeguard material nonpublic Fund information and control its dissemination
in a manner consistent with Federated Hermes' policies and applicable legal requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (vii) otherwise act in good faith, in an open, honest, non-misleading, professional
and unbiased manner, with integrity, and in a manner that instills trust and confidence and promotes independence in the investment decision-making
process, in each aspect of the Access Person's professional activities and business (including, without limitation, in all disclosures,
advertisements and other communications, and dealings, with Funds, shareholders and accountholders).

For example, an Access Person's failure to recommend or purchase a Covered Security for the Fund in order to purchase the Covered Security for the Access Person's personal benefit may be considered a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Legal Principles

In addition to complying with the above fiduciary principles, each Access Person must comply with State and Federal securities laws, rules and regulations. If you have questions concerning complying with applicable law, contact the Compliance Department or Federated Hermes's Deputy General Counsel.

Notwithstanding any other provision of this Code, for the avoidance of doubt, nothing herein prevents reporting possible violations of federal law or regulation to any governmental agency or entity, or making other disclosures, protected under the whistleblower provisions of federal law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;1.2 Compliance with this Code is a Condition of Employment

Every Access Person must adhere to the general principles set forth in Section 1.1 above, and comply with the specific provisions and Associated Procedures of this Code and the spirit of those provisions. Literal compliance with specific provisions will not be sufficient where the transactions undertaken by an Access Person show a pattern of abuse of the Access Person's fiduciary duty or of violation of applicable legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;1.3 Personal Responsibility

It is the responsibility of each Access Person to take all steps necessary before executing a personal trade, or taking other action, to verify that the trade or other action is in compliance with the provisions and intent of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;1.4 Perceived Ambiguity shall not Excuse Violations

Any Access Person who believes a particular provision of this Code is ambiguous is required to contact the Compliance Department for a determination prior to executing a transaction or taking other action subject to that provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 Preclearance does not Protect Wrongdoing

Receipt of express prior preclearance approval does not exempt you from the prohibitions outlined in this Code.

2 Reporting Requirements

The Reporting Requirements in Sections 2.1, 2.2, and 2.3 of this Code apply to Access Persons and their household members (generally including members of the immediate family sharing the same household, *e.g.,* a spouse and unemancipated children) and certain partnerships, trusts, corporations or other similar arrangements. Access Persons should contact the Chief Compliance Officer for further clarification if they have questions regarding the application of this Code.

Every Access Person must report (1) all Covered Securities in which the Access Person or members of his or her household have direct or indirect investment discretion, influence or control (either for the benefit of the Access Person or for any other party), (2) all transactions in those Covered Securities, and (3) all accounts in which any Covered Securities are held. An Access Person is deemed to have influence or control over a discretionary account as described in Section 4.2.

<u>NOTE</u>: All information provided by the Access Person must be current as of a date no more than 45 days before the report is required to be submitted. Failure to provide that information within the time specified (if it is not being provided directly to Compliance by the financial institution or other party) shall be deemed a violation of the Code and SEC Rules.

Covered Securities transactions of Access Persons will be reviewed for compliance with the provisions of this Code. A violation may result from either a single transaction or multiple transactions if the Compliance Department determines that the transaction(s) did not comply with provisions of this Code.

Information relating to the holdings and personal trades of Access Persons will be shared with Senior Management of Federated Hermes from time to time for purposes of reviewing Access Person trading patterns and practices.

&nbsp;&nbsp;&nbsp;&nbsp;2.1 Initial Reporting Requirements

Within ten (10) calendar days of becoming an Access Person**,** the Access Person is required to submit to the Compliance Department, a holdings report including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The full security name and description (i.e., type), CUSIP, SEDOL or exchange
ticker symbol , number of shares and principal amount of each Covered Security held in any form, (e.g., brokerage/bank accounts,
registered holdings, physical certificates, etc.) in any location, in which the Access Person or household
member had any direct or indirect investment discretion, influence or control, including , without limitation, those shares of Federated Hermes funds included under this Code's definition of " Covered Security, "

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All investment accounts with a financial institution or intermediary, including t he name and address of any broker , dealer, bank or other
financial institution holding any Securities in which the Access Person or members of his or her household have any direct or indirect
investment discretion , influence or control, and the account numbers (this
does not include accounts held directly with Federated Hermes' Transfer Agent or 401k Plan Administrator);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The date the Access Person submits the report.

The Compliance Department will direct the broker, dealer, bank or other financial institution maintaining each account to provide duplicate confirmations of all transactions and account statements directly to the attention of the Compliance Department, in a timely fashion. The Compliance Department also will obtain reports on accounts held directly with Federated Hermes' Transfer Agent or 401k Plan Administrator. Each Access Person must assure that such information is received.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 Quarterly Reporting Requirements

By the date specified by the Compliance Department (but in no event later than thirty (30) calendar days after the end of the calendar quarter) every Access Person must review the information recorded by the Compliance Department relating to his or her personal accounts (discretionary and non-discretionary) and all transactions in any Covered Securities, regardless of the form in which such securities are held, (e.g., brokerage/bank accounts, registered holdings, physical certificates, etc.), and each Access Person must complete and submit to the Compliance Department a quarterly Securities transaction report, using TradeComply where available, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Identify and confirm that all Covered Security transactions during the
previous calendar quarter in all accounts in which the Access Person or household members have a direct or indirect investment discretion,
influence or control, have been reported, including , without limitation, transactions in Federated Hermes
funds included under this Code's definition of " Covered Security " that are held in
accounts with a financial institution or intermediary (this does not include accounts held directly with Federated Hermes' Transfer
Agent or 401k Plan Administrator) ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Identify and confirm that all investment account information has been
reported, including any new investment account(s) established during the quarter with broker- dealers,
banks or other financial institutions holding any Securities in which the Access Person or members of his or her household have any direct
or indirect investment discretion , influence or control, along with the name and address of the intermediary,
the date the account was established and account number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Resolve any discrepancies identified with the Compliance Department; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Record an electronic signature and date on TradeComply or other process approved by the Compliance Department.

The information required in Section 2.2(a) above shall include at least the following information about each transaction involving a Covered Security in which the Access Person or household member had, or as a result of a transaction acquired, any direct or indirect investment discretion, influence or control: (1) the date of the transaction, (2) the full security name, description (i.e., type), CUSIP, SEDOL or exchange ticker symbol, interest rate, maturity date, number of shares and principal amount of each Covered Security held, (3) the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition), (4) the price of the Security at which the transaction was effected, and (5) the name of the broker, dealer, bank or other financial institution with or through which the transaction was effected.

An Access Person need not submit a quarterly Securities transactions report to the extent that the report would duplicate information contained in broker trade confirmations or account statements delivered to Federated Hermes so long as trade confirmations or account statements are received by the Compliance Department no later than 25 days after the end of the applicable calendar quarter.

Several advisers or brokers offer automated contribution programs where a pre-determined cash amount is invested at set time intervals into identified securities. The programs usually allow repeated investments at low cash amounts. Examples include Acorns, Betterment, and Robinhood. For participation in these programs, the Access Person preclears the initial investment into each security (if known) and communicates the predefined time interval and dollar amount to be invested in each subsequent automatic investment. Thereafter, quarterly transaction reporting/certification and preclearance need not be made for each subsequent automatic investment, however, quarterly adjusted positions in each Covered Security must reflect all investments made during each certification period since aggregate annual holdings certifications for each Covered Security would still be required. Automated investments made through such a program will not trigger a minimum 60 calendar day holding period requirement (see Section 5.5) or be subject to the short-term profits prohibition (see Section 5.4). Further voluntary investments and/or liquidations that are not identified as part of the automated program made through the same broker or adviser would require preclearance, quarterly transaction reporting/certification and would be subject to the 60 calendar day holding period requirement and short term profits prohibitions. Stock issued by Federated Hermes Inc. may not be purchased through an automated contribution program other than the Federated Hermes Inc. employee stock purchase plan.

Compliance reserves the right to evaluate the dollar amount pledged to be invested in such programs, or the subsequent trading, and if it appears the amounts or trading should be treated as a normal brokerage account subject to all requirements of the Code, or as a discretionary account (outlined in Section 4.2), Compliance may require the Access Person to change the status of the account.

&nbsp;&nbsp;&nbsp;&nbsp;2.3 Annual Reporting Requirements

On an annual basis and by the date specified by the Compliance Department (but in no event later than thirty (30) calendar days after a request) from the Compliance Department, every Access Person is required to provide a written acknowledgment (1) that he or she is subject to, has received a copy of and read this Code, and (2) of his or her understanding of and compliance with this Code, its requirements and Associated Procedures. At the same time, the Access Person must review a current list of Covered Securities held in the Access Person's account(s), as recorded by the Compliance Department, for accuracy, and complete and submit to the Compliance Department an annual report using TradeComply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Identify and confirm all Covered Securities held in any form (e.g.,
brokerage/bank accounts, registered holdings, physical certificates, etc.) in any location, in which the Access
Person or household member had any direct or indirect investment discretion , influence or control, including the full security name and description (i.e., type), CUSIP, SEDOL
or exchange ticker symbol , number of shares and principal amount of each Covered Security held, including ,
without limitation, those shares of Federated Hermes funds included under this Code's definition of " Covered
Security, " that are held in accounts with a financial institution or intermediary including all
holdings in Covered Securities held through any automated contribution programs (this does not include accounts held directly with Federated
Hermes' Transfer Agent or 401k Plan Administrator);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Resolve any discrepancies with the Compliance Department, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Record an electronic signature and date on TradeComply or other process approved
by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;2.4 Independent Directors

Independent Directors must report all holdings and transactions in shares of all Federated Hermes funds (including Federated Hermes ETFs) included under this Code's definition of "Covered Security" that are held in accounts with a broker-dealer, bank or other financial institution or intermediary (this does not include accounts held directly with Federated Hermes' Transfer Agent or 401k Plan Administrator).

Except for holdings and transactions involving Federated Hermes funds (including Federated Hermes ETFs), an Independent Director (unless previously identified by the Compliance Department as being an Access Person who cannot take advantage of this Section) is exempt from all other reporting requirements so long as, at the time of a personal transaction in a Covered Security, such Independent Director neither knew nor, in the ordinary course of fulfilling his or her official duties as a fund director, should have known that during the 15-day period immediately before or after the director's transaction that the Covered Security was purchased or sold by the Fund, or considered for Purchase or Sale.

Any Independent Director who is identified by the Compliance Department as being an Access Person who cannot take advantage of this Section must comply with all reporting requirements applicable to Access Persons set forth in this Code or its Associated Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;2.5 Non-Federated Hermes Officers of Federated Hermes Funds or Proprietary Client Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-Federated Hermes personnel serving as officers of a fund who are specifically designated as Access
Persons subject to this provision shall be so notified by the Compliance Department and shall be deemed to be Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such specially designated Access Persons shall be subject to all provisions under this Code applicable
to Access Persons (as applicable) , except that only the following provisions apply:

---

| | |
|:---|:---|
| Section 1 | Responsibilities |
| Section 2 | Reporting Requirements |
| Section 4.1 | Exempt Securities |
| Section 4.2 | Discretionary Accounts |
| Section 5.1 | General Prohibitions |
| Section 5.2 | Equity Initial Public Offerings (IPOs) are Prohibited |
| Section 5.3 | Private Placements Require Prior Compliance Approval |
| Section 5.5 | Minimum Holding Period – Designated Federated Hermes Funds |
| Section 5.6 | Prohibition on Insider Trading |
| Section 5.7 | Disclosure or Misuse of Fund Information |
| Section 5.9 | Prior Knowledge |
| Section 5.11 | Excessive Trading and Market Timing |
| Section 5.13 | Restrictions on Investment Clubs |
| Section 5.14 | Disclosure of Personal Interests |
| Section 6 | Prohibitions on Giving/Receiving Gifts; Political and Charitable Contributions |
| Section 7 | Review, Reporting, Education and Sanctions |
| Section 8 | Definitions |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each specially designated Access Person must notify the Compliance Department
of any positions held on the Board of Directors of any publicly held company and any "for-profit" private company. In the
event that the Access Person, thereafter, should be advised of an issue relating to any such company, the Access Person must recuse himself or herself from any discussion or consideration of such issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Violations of this Code and/or suspicious trading activity shall be
reported by the Compliance Department to the Senior Manager of such Access Person. A report by the employer of the steps taken in response
to the issues raised shall be requested by the Compliance Department and reported to Federated Hermes management, and,
in the case of a personal transaction that conflicts with a mutual fund transaction, the fund 's Audit Committee and, ultimately,
the fund 's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;2.6 Access Persons Acknowledgments of Receipt of Code of Ethics and Amendments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Compliance Department shall provide each Access Person with a copy of this Code annually. The Compliance
Department also shall provide each Access Person with a copy of any amendment to this Code promptly after such amendments are adopted
(and, to the extent possible, prior to their effectiveness).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After receiving the copy of this Code or an amendment to this Code, each Access Person is required to
provide the Compliance Department, within the time period prescribed by the Compliance Department, a written or electronic acknowledgment
(1) that he or she has received and read this Code or such amendment, and (2) of his or her understanding of and compliance with this
Code or such amendment, its requirements and any Associated Procedures.

3 Preclearance Requirements

&nbsp;&nbsp;&nbsp;&nbsp;3.1 Preclearance of Trades

Unless subject to a preclearance exception, all Access Persons must preclear every Purchase or Sale of a Covered Security in which the Access Person or member of his or her household has any investment discretion, influence or control (including, without limitation, transactions in pension or profit-sharing plans, Equity Initial Public Offerings (IPOs) (to the extent approved as satisfying the limited exceptions in Sections 5.2(a) or (b) to the general prohibition), and Private Placements), in accordance with the Associated Procedures governing preclearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Private Placement securities must be precleared by contacting the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All other Covered Securities must be precleared using TradeComply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Access Persons without access to TradeComply must contact the Compliance Department for assistance in
preclearing transactions on their behalf.

&nbsp;&nbsp;&nbsp;&nbsp;3.2 Duration and Revocation

Preclearance approval remains in effect until the end of the following business day. Preclearance approval may be revoked at any time upon notification of revocation being provided by the Compliance Department. Any revocation shall not affect any transaction made prior to such revocation notice being delivered during a time when the preclearance approval was effective.

&nbsp;&nbsp;&nbsp;&nbsp;3.3 Preclearance Does Not Protect Wrongdoing

Preclearance approval and the receipt of express prior preclearance approval does not exempt an Access Person from the prohibitions outlined in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;3.4 Exceptions

Preclearance requirements do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares of any registered open end investment companies , including , without limitation, Federated Hermes open-ended funds included under this Code's definition
of "Covered Security" (note that this exception does not apply to ETFs; all ETF transactions including those involving Federated
Hermes ETFs must be precleared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Involuntary purchases or sales, including mandatory corporate actions (e.g. corporate mergers, exchanges);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Automatic Investment Plans, including, without limitation, dividend reinvestment plans ; automated contribution activity, or automatic payroll deduction plan purchases that
are either (a) made solely with the dividend proceeds, or (b) whereby an employee purchases Securities issued by an employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exercise of rights to purchase and any sales of such rights issued by
an issuer pro rata to all holders of a class of its Covered Securities, to the extent such rights were acquired from such issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Exercise of rights to tender Securities when an offer is made on a pro rata basis to all holders of a class of Covered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Gifts or charitable donations of a Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Purchases or sales in discretionary accounts (as outlined in Section 4.2) and/or purchases or sales in
other accounts over which the Access Person or household member had or has no investment discretion, influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Purchases and sales of Covered Securities executed by an Independent
Director .

<u>NOTE</u>: Notwithstanding anything in this Section to the contrary, Equity Initial Public Offerings (IPOs) (to the extent approved as satisfying the limited exceptions in Sections 5.2(a) or (b) to the general prohibition) and Private Placements shall in no event be exempt from the preclearance requirements.

&nbsp;&nbsp;&nbsp;&nbsp;3.5 Exception for Employee Stock Options of a Previous Employer

Subject to the conditions indicated, an Access Person or Investment Person may exercise employee stock options for Securities of a previous employer, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Access Persons and Investment Persons who are not also Portfolio Managers, Traders or Research Analysts
may exercise employee stock options for Securities of a previous employer for cash or in a cashless exercise and hold the stock thereafter
without preclearance or restriction that would otherwise be imposed by concurrent fund transactions, but must report the Securities when
exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investment Persons who are Portfolio Managers, Traders or Research Analysts may exercise such an employee
stock option for cash or in a cashless exercise and hold the stock thereafter, without restriction that would otherwise be imposed by
concurrent fund transactions after requesting and receiving in writing a determination by the Compliance Department that no material conflict
of interest exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A cashless exercise of employee stock options of a previous employer may occur without regard to the 60-day
rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All such exception provisions for the exercise of employee stock options shall be conditioned on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Access Persons and Investment Personnel who <u>are not</u> Portfolio Managers, Traders or Research Analysts
must notify the Compliance Department of the exercise of any employee stock options within five business days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Investment Personnel who <u>are</u> Portfolio Managers, Traders or Research Analysts must request a determination
in writing by the Compliance Department that no apparent material conflict of interest exists prior to the exercise of any employee stock
options and may not proceed with the exercise until such determination is received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Approval of any such exercise shall be conditioned on full disclosure to the Compliance Department of
all communications concerning that Security within Federated Hermes by the Access Person or Investment Person during the seven days prior
to the exercise of an employee stock option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any apparent conflict of interest that is identified by the Compliance Department, before or after an
exercise of employer stock options shall be reported to the President of the Advisory Companies and the Chief Executive Officer of Federated
Hermes, Inc., and investigated further for determination as to whether a violation has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6** **Federated Hermes Stock and Options Trading** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Federated Hermes employees are prohibited from trading Federated Hermes stock during announced blackout
periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Federated Hermes employees are prohibited from short selling Federated Hermes stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All Federated Hermes employees are further prohibited from options trading on Federated Hermes stock or
purchasing Federated Hermes stock on margin without Compliance Committee approval.

<u>Note</u>: Employees should refer to the Federated Hermes Policy on Trading and Confidentiality for additional details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7** **Special Rules for Equity Transactions Based on Market Capitalization** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To insure proper compliance with the Code and limit unintended preclearance mistakes,
the Chief Compliance Officer, in conjunction with the President of the Advisory Companies requires all Investment Personnel to preclear
all trades in equity securities of issuers having a market capitalization of less than $500 Million manually with the Compliance Department
and such requests will be monitored and compared to Fund holdings for any appearance of conflicts of interest. ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investment Personnel with a proposed transaction in equity securities having a market capitalization of
less than $500 Million will be required submit to the Compliance Department a manual preclearance request inclusive of the proposed transaction
details along with confirmation that the total requested transaction in the issuer will result in 5% or less of the Investment Person's
total current reported brokerage account exposure/ holdings. Compliance will review the submitted request to ensure that the proposed
transaction. will not result in the requesting individual's aggregate ownership exceeding the lesser of ½ of 1% of the outstanding
securities of the issuer or $500,000. Additionally, the requested trade may not result in the Investment Management team, as defined in
the Investment Management Organizational Chart, owning 1% or more of the outstanding securities of the issuer. Should an issue arise,
the Compliance Department will review this information with the CIO - Global Equity (or Designee) to identify any holdings that might
require additional special preclearance requirements and may impose a blackout or holding period of up to 90 days from the date of the
last Fund trade in such security. These additional requirements will be communicated to and discussed with each affected Investment Person
as they are identified.

4 Exempt Transactions

&nbsp;&nbsp;&nbsp;&nbsp;4.1 Exempt Securities

Unless otherwise specified within this Code, purchases or sales of the following Securities are not subject to the Preclearance (Section 3) or Prohibitions and Restrictions (Section 5) sections of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Direct obligations of the Government of the United States and U. S. Government Agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bankers' acceptances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Bank certificates of deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) High quality short-term debt instruments [1](#note_ftn1) ,
including , without limitation, repurchase agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Shares of those registered open-end investment companies that are not included under this Code's
definition of "Covered Security".

<u>NOTE</u>: Specified provisions of this Code are applicable to investment in Federated Hermes funds included under this Code's definition of "Covered Security".

&nbsp;&nbsp;&nbsp;&nbsp;4.2 Discretionary Accounts

Discretionary accounts over which the Access Person (or household member) has no investment discretion, but over which the Access Person retains control to designate an investment manager, are not subject to preclearance requirements (Section 3), prohibition of short-term profits (Section 5.4) or blackout periods caused by fund transactions (Section 5.8), but retain the prohibition on trading Federated Hermes stock (Section 3.6), Equity Initial Public Offerings (IPOs) (Section 5.2), the limitations of Private Placements (Section 5.3), and the minimum holding period for designated Federated Hermes Funds (Section 5.5) specified in this Code and are subject to all reporting requirements (Section 2).

It is the Access Person's responsibility to notify his or her broker or manager of these restrictions and limitations.

Access Persons establishing discretionary accounts and the individuals accepting discretionary authority over such accounts are required to acknowledge, in writing, their understanding and acceptance of the restrictions applicable to such accounts. Access Persons must provide information relating to the investment objective and any restrictions placed on his or her (or household member's) discretionary account(s) and any changes made to those objectives or restrictions to the Compliance Department.

5 Prohibitions and Restrictions

&nbsp;&nbsp;&nbsp;&nbsp;5.1 General Prohibitions

Every Access Person is prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Employing any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Making any untrue statement of a material fact to the Fund or omitting to state a material fact necessary
in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit
on the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Engaging in any manipulative practice with respect to the Fund.

<u>Examples</u>: Causing the Fund to purchase a Covered Security owned by the Access Person for the purpose of supporting or driving up the price of the Covered Security, and causing the Fund to refrain from selling a Covered Security in an attempt to protect the value of the Access Person's investment, such as an outstanding option.

Without limiting the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Access Person is prohibited from usurping investment or other business opportunities of a Fund for
personal benefit (or for the inappropriate benefit of Federated Hermes). Each Access Person owes a duty to the Funds to advance the Funds'
legitimate interests when the opportunity to do so arises. This duty of loyalty is violated if an Access Person personally profits (or
allows Federated Hermes to inappropriately profit) from an investment or other business opportunity that rightfully belongs to a Fund.
This problem could arise, for example, if an Access Person becomes aware through the use of Federated Hermes or Fund property, information
or relationships of an investment opportunity (either a loan or equity transaction) in which the Fund is or may be interested, and then
participates in the transaction personally or informs others of the opportunity before offering it to the Fund. An Access Person is prohibited
from using Federated Hermes or Fund property, information or relationships for personal gain (or for the inappropriate gain of Federated
Hermes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Access Person is prohibited from taking inappropriate or unfair advantage of his or her relationship
with a Fund or a Vendor. Under this duty of fair dealing, no Access Person should take advantage of a Fund or a Vendor, or another person
or entity, through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair
dealing practice. All business conducted on behalf of Federated Hermes is to be done with integrity and high fiduciary, legal and ethical
business standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Access Person is prohibited from misappropriating Federated Hermes or Fund assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Access Person is prohibited from taking any action to fraudulently influence, control, coerce, manipulate
or mislead any independent accountants engaged in the performance of an audit of Federated Hermes' or a Fund's financial statements for
the purpose of rendering such financial statements materially misleading.

(Any Access Person who is a director, officer or employee of Federated Hermes should also refer to the "Corporate Opportunities," "Fair Dealing," "Protection and Proper Use of Company Assets" and "Improper Influence on the Conduct of Audits" requirements in Federated Hermes' Code of Business Conduct and Ethics. If you have questions concerning the duty of loyalty, the duty of fair dealing, use of assets or conduct of audits, contact the Compliance Department or Federated Hermes' Deputy General Counsel.)

&nbsp;&nbsp;&nbsp;&nbsp;5.2 Equity Initial Public Offerings (IPOs) are Prohibited

Access Persons may not directly or indirectly acquire Beneficial Ownership or exercise investment discretion, influence or control in any equity Security in an Initial Public Offering (IPO) without prior approval. Exceptions may be approved in the following instances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Initial Public Offerings (IPOs) relating
to Securities of the employer of a spouse, when offered to all employees at the spouse's level,
or the demutualization of insurance companies, banks or savings and loans, if the Access Person owned a policy or held such a prior interest
or relationship in or with the issuer, are allowed, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Initial offering of diversified investment funds, including , without limitation, closed-end funds and unit investment trusts (or " UITs ") are allowed.

All such exceptions require reporting and preclearance approval in accordance with the provisions of Sections 2 and 3 above.

Initial public offerings in fixed income securities are permitted, however no Access Person will be allowed to invest in a fixed income Security during a blackout period caused by a Fund trade.

A special purpose acquisition company (SPAC) is a company with no commercial operations that is formed to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company. The initial public offerings of SPACs have the same conflict of interest potential as normal equity IPOs (potential usurpation of client opportunity or being offered the opportunity to purchase in the IPO due to client activity with the underwriting broker/dealer). Therefore, purchasing the IPO of SPAC issuances is prohibited as well. Secondary trading of SPAC shares is permitted in accordance with pre-clearance, short-swing profit, and other provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;5.3 Private Placements Require Prior Compliance Approval

Access Persons may not directly or indirectly acquire Beneficial Ownership or exercise investment discretion, influence or control in any Private Placement Security without prior approval. Any such transaction requires reporting and preclearance approval directly from the Compliance Department. No Access Person will be allowed to invest in a Private Placement Security in which a Fund has an investment or contemplates participation.

If an Investment Person receives prior approval and acquires a Private Placement Security, the Investment Person must disclose this investment to the Chief Investment Officer (or the Chief Investment Officer's designee) before the Investment Person may participate in any subsequent consideration of any potential investment by a Fund in the issuer of that Security.

Following a purchase by an Investment Person in an approved personal transaction, any purchase by a Fund of Securities issued by the same company (other than secondary market purchases of publicly traded Securities) will be subject to an independent review by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;5.4 Prohibition of Short-Term Profits – 60 Day Rule – Individual Securities

As a general rule, personal Securities transactions of Access Persons should be for long-term investment purposes and should not be initiated for short-term profits. Profits realized on the sale of an individual Security held less than 60 days must be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) When a new purchase results in multiple lots of a Security held in personal
portfolios, no lot of the same Security may be sold within 60 days if sale of any lot of the Security would result in a gain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Similarly, no Security may be purchased within 60 days of the sale of
the same Security , unless the Security is purchased at a price greater
than the price of any sale of the Security within the prior 60 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This prohibition applies to all transactions involving exchange traded funds (ETFS) except for any Federated Hermes exchange traded funds. Federated Hermes exchange traded funds are subject to the holding period based on FIFO outlined in Section 5.5.

Note: The short-term profit prohibition also applies to derivative transactions in securities. Any transaction completed to liquidate a previously established derivative position in a security (either through purchasing or selling the underlying security, assigning a derivative contract, covering margin requirements, or taking an offsetting derivative position) within 60 calendar days of the original transaction date, that results in a gain, would be a violation of the Code. Further, derivative transactions cannot have an expiration date of less than 60 calendar days at the point of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;5.5 Minimum Holding Period – Designated Federated Hermes Funds

Any holding of a Federated Hermes' fund which, according to its prospectus has adopted Frequent Trading Policies and is subject to monitoring for Frequent Trading will be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The minimum required holding period for shares of Federated Hermes' funds subject to monitoring
for Frequent Trading is 60 days, unless the particular fund has a redemption fee provision lasting for a longer period, in which case
the minimum holding period will be the same as the redemption fee period. Holding periods will be measured for fund transactions for this
condition on a "first in, first out" (FIFO) accounting basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the holding period specified above, shares of Federated Hermes' funds that are subject
to monitoring for Frequent Trading are further subject to the limitations expressed within the prospectus regarding frequency of trading
that may be deemed excessive or disruptive, including but not limited to purchases and sales within 30 days or trading that is deemed
disruptive over periods longer than 30 days. Such frequent or disruptive trading may occur in the same account or more than one account;
that is to say that a purchase may be made in one account and a sale in another account and still be subject to these provisions. Access
persons making asset allocation adjustments (transfers between or re-balancing) to investments in Federated Hermes funds that are subject
to monitoring for Frequent Trading must observe these limitations and restrictions. A violation of the Frequent Trading Policies of any
Federated Hermes Fund will be treated as a violation of the Code and will be subject to sanctions imposed by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Systematic purchases (periodic contributions or 401k deferrals) or systematic or periodic withdrawals,
that are part of a regular pattern, as determined by the Compliance Department, will generally not trigger a holding period violation.
Similarly, required income distributions by a trust, minimum required individual retirement account (IRA) distributions and 529 Plan distributions
for education expenses will not generally trigger a holding period violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Compliance Department shall be authorized to grant further exception from the required holding period
in cases of exceptional hardship that could not be reasonably foreseen by an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The minimum required holding period for shares of any Federated Hermes' exchange traded funds (ETFs)
is 60 calendar days (based on FIFO) and systematic purchases that are part of a regular pattern, as determined by the Compliance Department,
will generally not trigger a holding period violation. Activity involving Federated Hermes exchange traded funds also require preclearance
as outlined in Section 3.1.

&nbsp;&nbsp;&nbsp;&nbsp;5.6 Prohibition on Insider Trading

Use of material, non-public information about any issuer of Securities by an Access Person is prohibited, regardless of whether such Securities are held by or have been recommended for any Fund. "Material non-public information" relates not only to issuers, but also includes, without limitation, an Adviser's Securities recommendations and Fund Securities holdings and transactions. In limited instances, awareness of material, non-public information relating to a specific Federated Hermes Fund, could subject certain Access Persons, as identified by the Compliance Department, to a blackout period during which those specified Access Person would be prohibited from buying or selling shares of the Fund.

(See the Federated Hermes "Policy on Trading and Confidentiality" for more information. Also, any Access Person who is a director, officer or employee of Federated Hermes should also refer to the "Insider Trading" requirements in Federated Hermes' Code of Business Conduct and Ethics. If you have questions concerning insider trading issues, contact the Compliance Department or Federated Hermes' Deputy General Counsel.)

&nbsp;&nbsp;&nbsp;&nbsp;5.7 Disclosure or Misuse of Fund Information

Selective disclosure to third parties or misuse of any material, nonpublic Fund-related information by an access person is prohibited. No portfolio holdings or any other material, nonpublic information regarding a Fund may be disclosed, unless the same data is posted on the public website for other investors or is otherwise publicly available on a simultaneous basis. "Material" information is defined as any Fund-related information that might be expected to impact an investor's decision to buy, sell or hold a Fund or Security, and may include, without limitation, holdings, trading strategies, pending transactions, performance or performance attribution, duration, yields or other key statistics. Requests for public disclosure of previously undisclosed information or to release information on a more frequent schedule must be approved by the President of the Advisory Companies and the Chief Compliance Officer.

The Purchase or Sale of Federated Hermes fund shares based on material, nonpublic information about the fund's portfolio is similarly prohibited.

(See the Federated Hermes "Fund Information Disclosure Policy" for more information. Also, any Access Person who is a director, officer or employee of Federated Hermes should also refer to the "Confidentiality" requirements in Federated Hermes' Code of Business Conduct and Ethics. If you have questions concerning disclosure or misuse of Fund information, contact the Compliance Department or Federated Hermes' Deputy General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;5.8 Blackout Periods – Fund Trades

Portfolio Managers, Research Analysts and ETF Operations Personnel identified as serving a Fund or group of Fund(s) are prohibited from purchasing or selling any Covered Security for which there is an open "buy" or "sell" order or any Covered Security that has been purchased or sold by those Fund(s) within fifteen (15) calendar days before or after the Fund purchases or sells that Security. Personal transactions that occur before transactions in those Fund(s) will be prohibited if the aggregate related open "buy" or "sell" orders and/or purchases or sells of that Covered Security by those Fund(s) are thereafter determined to have been of an amount sufficient to trigger a blackout period. Transactions of those Funds in any amount will cause personal transactions to be prohibited for fifteen days after the trades. This provision supersedes any prior preclearance.

Investment Personnel who are not among the Portfolio Managers, Research Analysts and ETF Operations Personnel identified as serving the Fund(s), as provided above, may not purchase or sell a Covered Security within seven (7) calendar days after one or more Funds have open "buy" or "sell" orders and/or purchases or sells in the same Covered Security in an amount sufficient to trigger a blackout period, subject to any prior preclearance.

All other Access Persons may not purchase or sell a Covered Security on any day during which one or more Funds have open "buy" or "sell" orders and/or purchases or sells the same Covered Security in an amount sufficient to trigger a blackout period, subject to any prior preclearance.

<u>NOTE</u>: For purposes of administering this Section, all MDT employees shall be considered Investment Personnel, but generally no MDT employees shall be considered portfolio managers, traders or research analysts.

The Compliance Department shall have discretion in determining the methodology by which blackout periods are calculated.

&nbsp;&nbsp;&nbsp;&nbsp;5.9 Prior Knowledge

No Access Person may execute a personal transaction, directly or indirectly, in any Covered Security and no prior preclearance will apply, when he or she knows, or should have known, that the Covered Security is being:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Considered for Purchase or Sale by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchased or sold by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;5.10 Serving as a Director or Officer of Outside Organizations

This Section applies to Access Persons, but not any household members of such Access Persons.

While serving the community is a worthy objective, a director or officer of any organization has access to sensitive information and charts the course of that entity. Federated Hermes must take safeguards to shield Federated Hermes and Access Persons (including, without limitation, Investment Personnel) from even the appearance of impropriety. To that end:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Access Persons are prohibited from serving as an officer or director of any other organization unless
written approval is first granted by the Compliance Committee. Approval of the Committee is not required in those situations where the
organization is not-for-profit and does not issue securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Access Persons must notify the Chief Compliance Officer in writing (by completing the Non-Federated
Hermes Business or Board Activity request form) of any organization for which such Access Person serves in compliance with this Section:
(1) initially upon becoming an Access Person or, (2) before they accept and begin to serve as an officer or director, and/or (3) upon
resigning from any such position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If approval to serve as an officer or director of an organization is granted, an Access Person has an
affirmative duty to (1) recuse himself or herself from participating in any deliberations inside Federated Hermes regarding such organization,
and (2) not share non-public information of such organization with any Federated Hermes personnel (including, without limitation, any
Investment Personnel).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The President of the Advisory Companies and all Investment Personnel reporting
directly or indirectly to him are further prohibited from serving as an officer or director of any publicly issued or privately held issuer
of a Security (whether "for profit," "not for profit," "charitable" or otherwise) that is or may become
an eligible investment for a Fund unless an exception is granted by the Compliance Committee pursuant to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the case of charitable, eleemosynary, municipal or educational organizations only, if the organization
has no securities outstanding or if all Chief Investment Officers confirm in writing that the securities of the issuer either are not
qualified for investment by the funds or that adequate alternative investments are available, and the President of the Advisory Companies
approves, then the Compliance Committee may approve service as an officer or director by an Investment Person, subject to semi-annual
confirmation by the Chief Investment Officers and approval by the President of the Advisory Companies that these conditions have not changed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the instances specified in Paragraph d. (i) of this Section, above, the Compliance Department shall
maintain the organization on the Funds Restricted List. Inclusion on the Restricted List shall make any security of the issuer an ineligible
investment for the funds. The Compliance Department shall communicate the Restricted List to all Chief Investment Officers and the President
of the Advisory Companies quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If an Investment Person, at the time of adoption of this amended provision of the Code or, in the case
of a new hire, at the time of his or her employment, is serving as an officer or of a charitable or eleemosynary organization that has
issued securities eligible for or owned by the funds, then the Investment Person shall recuse himself or herself
from all discussions concerning possible investment by the funds in such security and may request that his or her current term in such
role may be completed. The Compliance Committee may approve completion of terms under such circumstances if it deems the remaining term
reasonable. Approval to continue a current term will not permit the Investment Person to begin another term on the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If a Security issued by a charitable or eleemosynary organization becomes an eligible investment for a
Fund while an Investment Person is serving as an officer or director, the Investment Person shall be subject to the same terms as are
provided in Paragraph (d)(iii) of this Section, above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If a Security issued by any organization that is not a charitable or eleemosynary
organization becomes an eligible investment for a Fund after an Investment Person has begun serving as an officer or director, the Investment
Person must immediately resign from such role and recuse himself or herself from all matters relating to the organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If an Access Person serves as an officer or director of a non-public organization, and the organization
seeks to issue securities, such Access Person must, promptly after the company's intention to issue securities becomes public, take
steps to notify the Chief Compliance Officer in writing. If an exception has not been reconfirmed under this Section or if continued service
would be prohibited under this Section, as of the time when the organization's securities are first offered to the public, then
the Access Person must immediately resign from such board and recuse himself or herself from all board matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing in this Section limits or restricts service on the Board of Federated Hermes, its subsidiaries,
Federated Hermes Funds, Proprietary Funds, or other funds administered by subsidiaries of Federated Hermes.

<u>NOTE</u>: Any Access Person who is a director, officer or employee of Federated Hermes should also refer to the "Corporate Boards" requirements in Federated Hermes' Code of Business Conduct and Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;5.11 Excessive Trading and Market Timing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Access Persons are strongly discouraged from trading excessively. This
applies to both individual Securities and registered investment company Securities included under this Code's definition of "Covered Security." The Chief Investment Officers, the President of the Advisory Companies and the Head of Trading will review the transaction volume of Investment Personnel on a quarterly basis. The transaction volume of other Access Persons may be reviewed with other managers periodically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Access Persons are prohibited from market timing. This includes, without limitation, entering into any
agreement or arrangement to permit market timing by any fund, shareholder or accountholder or in any fund, or by any broker, dealer, bank
or other financial institution, person or entity. Frequent or short-term trading into and out of funds can have adverse consequences for
the funds, shareholders and accountholders who use the funds as long-term investment vehicles. Such trading in significant amounts can
disrupt the funds' investment strategies (e.g., by requiring the funds to sell investments at inopportune times or maintain excessive
short-term or cash positions to support redemptions or cash flow needs), increase brokerage and administrative costs and affect the timing
and amount of taxable gains distributed by or in respect of the funds. Such trading may also seek to profit by estimating changes in a
fund's net asset value in advance of the time as of which net asset value is calculated.

&nbsp;&nbsp;&nbsp;&nbsp;5.12 Independent Directors

Notwithstanding the other restrictions or exemptions provided under this Code, Independent Directors (other than Independent Directors identified by the Compliance Department as being Access Persons subject to additional provisions of this Code) and their household members are subject only to the following Code restrictions:

Section 5.1 General Prohibitions

Section 5.5 Minimum Holding Period – Designated Federated Hermes Funds

Section 5.6 Prohibition on Insider Trading

Section 5.7 Disclosure or Misuse of Fund Information

Section 5.9 Prior Knowledge

Section 5.11 Excessive Trading and Market Timing

In order to monitor compliance with the above referenced Code provisions, Section 2.4 further requires Independent Directors to disclose holdings and transactions in certain Federated Hermes funds (including Federated Hermes ETFs) for themselves and their household members.

&nbsp;&nbsp;&nbsp;&nbsp;5.13 Restrictions on Investment Clubs

Investment Personnel who wish to participate in an investment club must request Chief Investment Officer approval prior to joining in the club activity. Names of other club members must be disclosed. The Chief Investment Officer shall notify the Compliance Department when such approval is granted.

Access Persons will be deemed to have investment discretion, influence or control in any trade by the club. All investment club activity by any Access Person will require preclearance and must be reported by duplicate confirms and statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 Disclosure of Personal Interests

All Access Persons (including, without limitation, Investment Personnel) are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Recommending, implementing or considering any Securities transaction for a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Negotiating any agreement or otherwise arranging for any relationship with any Vendor,

without having disclosed in writing to the Chief Investment Officer (in the case of Investment Personnel) (or another person designated by the Chief Investment Officer) (Chief Investment Officers shall disclose to the President of the Advisory Companies) or the Compliance Department (in the case of all other Access Persons):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any material Beneficial Ownership, business or personal relationship, or other material interest, that
the Access Person has in an issuer or its affiliates, or in a Vendor, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) other material conflict of interest that the Access Person has with an issuer or its affiliates or with
a Vendor.

If the Chief Investment Officer (or other designated person) or Compliance Department determines that the disclosed interest is a material conflict of interest, then the Access Person may not participate in (a) any decision-making process regarding the Securities of that issuer, or (b) any negotiations or discussions with any Vendor.

In addition to the specific requirements above, each Access Person has the responsibility to use his or her best judgment to assess objectively whether there might be even the appearance of a conflict of interest or acting for reasons of personal gain (or the inappropriate gain of Federated Hermes to the detriment of a Fund, an issuer or its affiliates or a Vendor). If you have questions regarding disclosure of personal interests and conflicts of interest, contact the Compliance Department or Federated Hermes' Deputy General Counsel).

<u>NOTE</u>: Refer also to the "Conflicts of Interest" and "Personal Financial Interests; Outside Business Interests" requirements in Federated Hermes' Code of Business Conduct and Ethics.

6 Prohibitions on Giving/Receiving Gifts; Political and Charitable Contributions

Access Persons are in a position of trust and must exercise great care to preserve their independence. As a general rule, no Access Person should ever receive, solicit, make or offer an inappropriate payment or anything of value in exchange for a decision involving Federated Hermes', a Fund's or a Vendor's business. Decisions must be made in an unbiased manner. Bribery, kickbacks and other improper payments have no place in Federated Hermes' business.

Without limiting the foregoing general principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Every Access Person is prohibited from giving , either individually or in the
aggregate with all other Access Persons, or receiving any gift, favor, preferential treatment, valuable consideration, or other
thing of more than a de minimis value in any year to or from any Fund, or other person or entity , from, to or through whom Fund purchases or sells Securities, or an issuer of Securities or its affiliates or
a Vendor . For purposes of this Code, "de minimis value" is equal to $100 in the aggregate
in the US ; £50 in the aggregate in the UK; and, €100 in the aggregate in Germany or less. This prohibition does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (i) salaries, wages, fees or other compensation paid, or expenses paid or reimbursed,
in the usual scope of an Access Person's employment responsibilities for the Access Person's employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (ii) meals, refreshments or entertainment of reasonable value in the course
of a meeting or other occasion, the purpose of which is to hold bona fide business discussions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (iii) advertising or promotional material of nominal value, such as pens, pencils,
note pads, key chains, calendars and similar items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (iv) the acceptance of gifts, meals, refreshments, or entertainment of reasonable
value that are related to commonly recognized events or occasions, such as a promotion, new job or recognized holiday; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· (v) the acceptance of awards, from an employer to an employee, for recognition
of service and accomplishment.

<u>Note</u>: Access Persons must be aware that in certain instances, gifts and/or various forms of entertainment may be subject to lower limitations or be prohibited entirely to certain individuals, including government officials, and it remains the obligation of the Access Person to verify actual limits or prohibitions with the Compliance Department, (which may further require discussion with the Legal Department) prior to making a gift or engaging in such other activities. Such activities may be limited or prohibited by federal, state, local or foreign laws.

Investment Personnel should also refer to the Investment Management Gift and Entertainment Policy and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every Access Person is prohibited from (i) making political or charitable contributions solely for the
purpose of obtaining or retaining assets from, or advisory contracts or other business relationships with, federal, state, local or foreign
governments or governmental agencies, or political subdivisions of any of them, or charitable organizations; and (ii) considering an Adviser's
or Federated Hermes' current or anticipated business relationships as a factor in soliciting political or charitable donations.

<u>NOTE</u>: Any Access Person who is a director, officer or employee of Federated Hermes should also refer to the "Payments and Gifts" requirements in Federated Hermes' Code of Business Conduct and Ethics. Any Access Persons who are subject to the Broker-Dealer Written Supervisory Policies and Procedures also should consult those procedures for additional guidance on the receipt of gifts and gratuities. If you have questions regarding the receipt of gifts or political and charitable contributions, contact the Compliance Department or Federated Hermes' Deputy General Counsel.

7 Review, Reporting, Education and Sanctions

&nbsp;&nbsp;&nbsp;&nbsp;7.1 Management Review of Investment Personnel's Trading Activity

The President of the Advisory Companies, the Chief Investment Officers, the Head of Trading and such additional managers as the President of the Advisory Companies may designate will receive monthly reports of investment-related activity by Investment Personnel, such as preclearance requests, executed transactions and any other activity. Personal investment data will be reviewed to determine whether the transactions conflict with any Fund activity and whether the transactions appear appropriate and consistent with the position and responsibility of the Investment Person.

&nbsp;&nbsp;&nbsp;&nbsp;7.2 Compliance Review of Reports and Trading Activity, and this Code of Ethics

Federated Hermes' Compliance Department will review all initial holdings reports, confirmations, quarterly transaction reports, annual holdings reports and other reports and information required to be submitted under this Code to identify improper trading activity or patterns of trading, and to otherwise seek to verify compliance with this Code. Without limiting the foregoing, the Compliance Department will review personal trading activity and trading records to identify possible violations, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delay in reporting individual investments or investment accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Failure to report individual investments or investment accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Filing false or incomplete reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Failure to preclear individual trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Executing trades that violate provisions of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Failure to comply with the receipt of gifts provision.

In addition, the review may also include (as applicable, and in the Compliance Department's discretion): (i) a comparison of personal trading to applicable restricted lists; (ii) an assessment of whether an Access Person is trading for his or her own account in the same Securities he or she is trading for Funds (and, if so, whether the Funds are receiving terms as favorable as the Access Person takes for himself or herself); (iii) an assessment of Access Person trading patterns for indications of abuse (including, without limitation, "market timing"); (iv) an analysis of any substantial disparities between the quality of performance an Access Person receives for his or her own account and that he or she receives for Funds; and (iv) an analysis of any substantial disparities between the percentage of personal trades that are profitable and the percentage that are profitable when he or she places trades for Funds.

Federated Hermes' Compliance Department also will review this Code, and the implementation, effectiveness and enforcement of this Code, at least once annually or more frequently in response to material changes in legal requirements or business practices, as contemplated by Federated Hermes' written compliance program.

&nbsp;&nbsp;&nbsp;&nbsp;7.3 Self-discovery and Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Access Person is required to report violations or suspected violations by any party of this Code
promptly to the Compliance Department. If the person within the Compliance Department that receives the report is not the Chief Compliance
Officer, that person must report all violations reported to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Immediate disclosure by an Access Person to the Compliance Department of a self-discovered violation and
correction of that violation (including , without limitation, the immediate disgorging of any gain) will
generally be treated as a violation to be recorded, but not as a material violation, if the Access Person has not benefited by the transaction
and the Compliance Department determines that the violation was not intentional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is Federated Hermes' policy that retaliation against Access Persons who report actual or suspected
violations of this Code is prohibited. Any actual or attempted retaliation will be treated as a separate violation of this Code, which
will be subject to sanction in accordance with Section 7.5 below (including, without limitation, termination).

<u>NOTE</u>: Any Access Person who is a director, officer or employee of Federated Hermes should also refer to the "Reporting of any Illegal or Unethical Behavior" requirements in Federated Hermes's Code of Business Conduct and Ethics. If you have questions concerning reporting violations, contact the Compliance Department or Federated Hermes' Deputy General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;7.4 Education

From time to time the Compliance Department will schedule training sessions or may otherwise distribute educational materials regarding this Code. Access Persons are required to participate in all training sessions offered. Access Persons will be required to provide a written acknowledgment that the Access Person received, read and understood the Code and its administration.

&nbsp;&nbsp;&nbsp;&nbsp;7.5 Sanctions

Upon determining that a violation of this Code or its Associated Procedures has occurred, the Chief Compliance Officer may take such actions or impose such sanctions, if any, as may be deemed appropriate, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Issue a letter of censure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assess a fine, either nominal or substantial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Require the unwinding of trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Require the disgorging of profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Disallow discretionary accounts or required preclearance of discretionary account trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prohibit or place further restrictions on personal trading or other activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Recommend suspension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Recommend a reassignment of duties or job functions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Recommend that the employment of the violator be terminated.

&nbsp;&nbsp;&nbsp;&nbsp;7.6 Factors for Consideration

Sanctions listed above may be assessed individually or in combination. Prior violations of the Access Person and the degree of responsibility exercised by the Access Person will be taken into consideration in the assessment of sanctions.

In instances where a member of the Access Person's household commits the violation, any sanction will be imposed on the Access Person.

If extraordinary or unforeseen circumstances exist, an appeal may be directed to the Compliance Department. Appeals are solely within the discretion of the Chief Compliance Officer. The Chief Compliance Officer shall further have full discretion and authority to make special provision under and/or interpret or apply provisions of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;7.7 Reporting of Violations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Violations of Investment Personnel and proposed sanctions will be reported to the responsible Chief
Investment Officer and/or Manager. Violations of other Access Persons , and proposed sanctions , will be reported to the responsible Senior Manager. All violations and the proposed sanction will be reported to Senior Management and
the Board of Directors of the Federated Hermes Funds quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any patterns or trends noted and any difficulties in administration of this Code shall be reported to Senior Management and to the Board of Directors of the Federated Hermes Funds, at least annually.

8 Definitions

&nbsp;&nbsp;&nbsp;&nbsp;8.1 1933 Act

The "1933 Act" means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;8.2 1934 Act

The "1934 Act" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;8.3 1940 Act

The "1940 Act" means the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;8.4 Access Person

"Access Person" means any person who participates in or who: (i) in connection with his or her duties, obtains or could obtain any information concerning recommendations on Covered Securities being made by the investment adviser to any Fund or (ii) any person who has access to nonpublic information regarding any Fund's Purchase or Sale of Securities, or nonpublic information regarding the portfolio holdings of any Reportable Fund.

"Access Person" includes, without limitation, a director, trustee, officer, managing general partner, general partner, or Investment Person of a Fund, of the Underwriter, and of the Adviser and other persons designated by the Compliance Department, any trust over which an Access Person is a trustee with investment discretion, influence or control, (either for the benefit of the Access Person or for any other party), any closely-held entity (such as a partnership, limited liability company or corporation) and any account (including, without limitation, any retirement, pension, deferred compensation or similar account) with respect to which the Access Person has investment discretion, influence or control.

Activity (including, without limitation, trading activity) by an Access Person's household members will generally be attributed to the Access Person. (If emancipated adult children or other independent parties also reside in the household, the Access Person must either declare that the Access Person has no discretion, influence or control over the investment decisions of such other party or the Access Person must report the party as an Access Person.)

&nbsp;&nbsp;&nbsp;&nbsp;8.5 Adviser

"Adviser" means any subsidiary of Federated Hermes registered as an investment adviser with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;8.6 Advisers Act

"Advisers Act" means the Investment Advisers Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;8.7 Associated Procedures

"Associated Procedures" means those procedures and/or statements that have been adopted by the Underwriter, the Adviser, a Fund or the Compliance Department, and which are designed to supplement this Code and its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 Automatic Investment Plan

"Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An "Automatic Investment Plan" includes, without limitation, a dividend reimbursement plan and automated contribution plan automatic activity.

&nbsp;&nbsp;&nbsp;&nbsp;8.9 Beneficial Ownership

"Beneficial Ownership" will be attributed to an Access Person in all instances where the Access Person directly or indirectly (i) possesses the ability to purchase or sell the Covered Securities (or the ability to direct the disposition of the Covered Securities); (ii) possesses voting power (including the power to vote or to direct the voting) over such Covered Securities; or (iii) receives any benefits substantially equivalent to those of ownership. It is the intent of Federated Hermes that "Beneficial Ownership" be interpreted in the same manner as it would be under 17 C.F.R. § 240.16a-1(a)(2) in determining whether a person has Beneficial Ownership of a Security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;8.10 Board

The "Board" means, with respect to a fund, the board of directors or trustees or any other group serving a similar function that has adopted this Code on behalf of the fund.

&nbsp;&nbsp;&nbsp;&nbsp;8.11 Code

"Code" means this Code of Ethics and any Associated Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 Compliance Committee

"Compliance Committee" means the committee referenced under the Federated Hermes Code of Business Conduct and Ethics, consisting of, among others, the Chief Compliance Officer, the Deputy General Counsel, the Chief Audit Executive and the Chief Risk Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 Compliance Department

The "Compliance Department" means the Chief Compliance Officer of Federated Hermes and those other individuals designated by him or her as responsible for implementing this Code and the Associated Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 Control

"Control" has the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 Covered Security

"Covered Security" means any Security, or interest in a Security held in any form, not expressly excluded by provisions of this Code, including, without limitation: equity and debt Securities; derivative Securities, including, without limitation, options on and warrants to purchase equity or debt Securities; shares of closed-end investment companies; all exchange traded funds; investments in unit investment trusts; and any related instruments and Securities. "Covered Security" also means shares of any Reportable Funds and any 529 Plan or annuity employing such funds, unless specifically excluded in the paragraph below. Also included are futures, swaps and other derivative contracts.

"Covered Security" does not include: (1) direct obligations of the Government of the United States or U. S. Government Agencies (regardless of their maturities); (2) bankers' acceptances; bank certificates of deposit; commercial paper; high quality short-term debt instruments, including repurchase agreements; (3) shares of 1940 Act registered investment companies that are designated as money market funds; (4) shares issued by 1940 Act registered open-end investment companies (other than Reportable Funds) in a direct account with a mutual fund or 529 Plan or annuity offeror when that account may only hold registered open-end investment company Securities; or (5) shares issued by unit investment trusts (or "UITs") that are invested exclusively in one or more open-end funds, none of which are Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 Federal Securities Laws

"Federal Securities Laws" means (a) the 1933 Act, (b) the 1934 Act, (c) the Sarbanes-Oxley Act of 2002, (d) the 1940 Act, (e) the Advisers Act, (f) Title V of the Gramm-Leach Bliley Act, (g) any rules of the SEC promulgated under any of the statutes identified in (a) through (f) above, (h) the Bank Secrecy Act as it applies to registered mutual funds and investment advisers, and (i) any rules adopted under the Bank Secrecy Act by the SEC or the Department of Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17 Federated Hermes

"Federated Hermes" means Federated Hermes, Inc. and any of its subsidiaries as the context may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18 Fund

"Fund" means (i) each investment company registered under the 1940 Act (and any series or portfolios of such company) for which an Adviser serves as an investment adviser (as defined in § 2(a)(20) of the 1940 Act or an Underwriter serves as a principal underwriter (as defined in §§ 2(a)(29) and (40) of the 1940 Act) and (ii) any other investment account or portfolio over which an Adviser exercises investment discretion (whether pursuant to a direct advisory agreement, through a managed account or "wrap fee" program, or otherwise), and (iii) any investment adviser, broker, dealer, bank, or other financial institution to which Federated Hermes provides non-discretionary investment advisory services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19 Independent Director

"Independent Director" means a member of the Federated Hermes Funds' Board who is not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20 Influence

Influence means taking an action that is reasonably expected to materially modify the independent investment decision-making of a person who controls or otherwise has investment discretion with respect to an account (whether by imposing a restraint on such decision-making ability or directing a decision).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.21 Initial Public Offering

"Initial Public Offering" means an offering of Securities registered under the 1933 Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.22 Investment Person; Investment Personnel

"Investment Person" or "Investment Personnel" means (a) Access Persons with direct responsibility and authority to make investment decisions affecting the Fund (such as portfolio managers and Chief Investment Officers) and individuals who provide information and advice to such portfolio managers (such as Securities analysts); and (b) those who assist in executing investment decisions for the Fund (such as traders) and their related staff members.

"Investment Person" or "Investment Personnel" further means any trust over which an Investment Person is a trustee with investment discretion, influence or control, (either for the benefit of the Investment Person or for any other party), any closely-held entity (such as a partnership, limited liability company or corporation) in which an Investment Person holds a Controlling interest and with respect to which he or she has investment influence or control, and any account (including, without limitation, any retirement, pension, deferred compensation or similar account) with respect to which the Access Person has investment discretion, influence or control. Investment Person is intended to include and includes persons deemed to be Supervised Persons pursuant to Rule 204A-1 under the Investments Advisers Act of 1940, as further defined hereunder.

Activity (including, without limitation, trading activity) by an Investment Person's household members will generally be attributed to the Investment Person. (If emancipated adult children or other independent parties also reside in the household, the Investment Person must either declare that the Investment Person has no discretion, influence or control over the investment decisions of such other party or the Investment Person must report the party as an Investment Person.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.23 Private Placement

"Private Placement" (or "limited offering") means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(2) or Section 4(6) of the 1933 Act or pursuant to rule 504, rule 505 or rule 506 under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.24 Purchase or Sale

"Purchase or Sale" of a Security or Covered Security includes, among other things, the writing of an option, future or other derivative contract to purchase or sell a Security or Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25 Reportable Fund

"Reportable Fund" means any 1940-Act registered open end investment company for which an Adviser serves as investment adviser as defined in Section 2(a)(2) of the 1940 Act, or any 1940-Act registered investment company whose investment adviser or principal underwriter Controls an Adviser, is Controlled by an Adviser or is under common Control with an Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.26 SEC

The "SEC" means the Securities and Exchange Commission of the United States, and any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.27 Security

"Security" or "Securities" means any security as defined in Section 2(a)(36) of the 1940 Act or Section 202(a)(18) of the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.28 Supervised Person

"Supervised Person" means directors, officers and partners of an Adviser (or other persons occupying a similar status or performing similar functions), employees of an Adviser, and any other person who provides advice on behalf of an Adviser and is subject to the Adviser's supervision and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.29 Underwriter

"Underwriter" means any subsidiary of Federated Hermes registered as a broker/dealer with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.30 Vendor

"Vendor" means any borrower, lender, tenant, landlord, supplier, service provider (including, without limitation, a service provider to a mutual fund) or other vendor of Federated Hermes (including, without limitation, any Adviser or any other affiliate), any managed account or "wrap fee" program sponsor or turnkey platform provider, or any other third party that has or is seeking a relationship with Federated Hermes (including, without limitation, any Adviser or other affiliate).

---

| | | |
|:---|:---|:---|
| **Approved by:** | <u>/s/ **John B. Fisher**</u> | **Date: <u>10/31/2021</u>** |
|  | **President of the Advisory Companies** |  |
| **Approved by:** | <u>/s/ **Stephen Van Meter**</u> | **Date: <u>11/01/2021</u>** |
|  | **Compliance** |  |

---

Addendum

**ACCESS PERSONS PROCEDURES**

**1 Preclearance Approval Using TradeComply**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Access Persons who wish to effect a personal Securities transaction, whether a purchase, sale, or
other disposition, must preclear the Covered Security in TradeComply prior to engaging in the transaction. Private Placement securities
must be precleared directly through the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) When trading options, the Access Person must preclear the option and the underlying Security before entering
into the option contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Based on established criteria, TradeComply determines whether the contemplated transaction should be permitted.
The primary criterion applied is whether the Covered Security is on the Federated Hermes Equity Restricted List or Open Order lists, or
whether the Covered Security was traded by any of the Federated Hermes advised Funds (fund trade information is updated nightly in TradeComply).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Approval is either granted or denied immediately in TradeComply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If approval is denied, the contemplated personal transaction in that Covered Security is prohibited until
prior approval is subsequently granted upon request in TradeComply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If approval is granted, the Access Person is free to effect the personal transaction in that Covered Security
until the end of the next trading day only (subject to revocation as contemplated in Section 3.2 of this Code). In this regard, open orders
extending beyond the next trading day (good till cancel) must be resubmitted for approval in TradeComply to comply with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All trade requests and their dispositions are maintained in TradeComply and reviewed by the Compliance
Department in conjunction with other information provided by Access Persons in accordance with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Compliance Department reviews all potential violations identified by TradeComply after Fund trades
and personal trades have been compared and determines the appropriate action to be taken to resolve each identified violation.

**2 Federated Hermes Funds Compliance Review**

Access Persons must provide all relevant information concerning investments in Federated Hermes funds held in accounts with financial institutions or intermediaries (banks, broker-dealers, etc.) to the Compliance Department in the same manner and subject to the same timing requirements as individual Securities.

**3 Non-U.S. Based Federated Hermes Access Persons**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Access Persons who are not located in the U.S. must request preclearance approval from the Compliance
Department via email. Access Persons must provide specific trade details including the issuer name, anticipated date of transaction, full
name of Security (i.e., title), description (i.e., type), CUSIP or SEDOL number or exchange ticker symbol, number of shares and principal
amount, interest rate and maturity date (if applicable) and the type of transaction (purchase or sale). The Compliance Department requests
preclearance for the transaction through TradeComply during normal business hours on the day the request is received. The Compliance Department
notifies the Access Person via email of the results of the preclearance request.

If the trade request is approved, the Access Person must execute the trade no later than the close of business on the business day following the date of the request (subject to revocation as contemplated in Section 3.2 of this Code).

**4 Non-Federated Hermes Access Persons**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Transaction and holdings information of non-Federated Hermes officers of Federated Hermes and/or proprietary
funds shall be reviewed on a quarterly basis to determine whether any patterns of conflict are exhibited with any Funds for which Federated
Hermes has access to Fund transaction information, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Data relating to the trades of all personnel designated as Access Persons of a Fund for which Federated
Hermes does not have access to Fund transaction information will be submitted to Compliance Department or other appropriate personnel
of the Fund's adviser for review on a quarterly basis.

**COMPLIANCE DEPARTMENT PROCEDURES**

---

| | |
|:---|:---|
| **1** | **Preclearance** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Documentation of valid preclearance approval, including a statement that the Access Person was not aware
of any consideration of a Security by research analysts or Fund portfolio managers for a recommendation, an actual Fund trade or an anticipated
transaction, shall be conclusive for purposes of reviewing a personal transaction, unless additional facts or a preponderance of circumstances
suggest otherwise. This conclusive presumption does not apply to research analysts covering or recommending a Covered Security involved
in a Fund trade or portfolio managers of a Fund making a trade in that Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before approving a preclearance request for a Private Placement, submitted by an Access Person, the Compliance
Department shall inquire of the appropriate portfolio manager(s) and head trader(s) as to whether an order is pending or expected to be
entered for the same Security. In cases where an Investment Person has submitted the request for preclearance, the Compliance Department
shall also notify the Chief Investment Officer to whom the Investment Person reports. The Compliance Department will notify the Access
Person as to whether or not the investment has been precleared.

**2 Initial Reporting Process**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A member of the Compliance Department meets with each new Access Person and reviews this Code, the Insider
Trading Policy and the procedures for preclearing personal Securities transactions through TradeComply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Access Person is required to complete the "Certification and Acknowledgment Form" to acknowledge
his/her understanding of this Codeand return it to the designated Compliance Assistant within ten (10) calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition, the Access Person is required to complete the "Personal Security Portfolio Forms"
which includes information detailed in Section 2.1 of the Code, and:

<u>NOTE</u>: Information provided by the Access Person must be current as of a date no more than 45 days before the report is submitted. Failure to provide that information within 10 calendar days is deemed a violation of the Code and SEC Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Separate forms must be completed for the Access Person and all household members as defined in Section
8.4 of this Code. The signed form(s) must be returned to the Compliance Department within ten (10) calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A member of the Compliance Department inputs current portfolio holdings information into TradeComply as
"initial" holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Compliance Department notifies each broker, dealer, bank or other financial institution that duplicate
confirmations and statements for the Access Person and household members, if applicable, must be sent to the Chief Compliance Officer,
effective immediately. The Compliance Department also will obtain reports on accounts held directly with Federated Hermes' Transfer
Agent and 401k Plan Administrator.

**3 Quarterly Reporting Process**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the first business day after each calendar quarter end, the Compliance Assistant sends an e-mail to
each Access Person giving step-by-step instructions on how to complete the quarterly reporting requirements using TradeComply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By the date specified by the Compliance Department (but no later than thirty (30) calendar days of the
quarter end), the Access Person is required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review for accuracy all Covered Security transactions recorded during the previous calendar quarter in
all personal and household member accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) review all open account information, including names of broker-dealers, banks and other financial institutions,
addresses and account numbers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) notify the Compliance Department of any new accounts established with broker-dealers, banks or other financial
institutions during the quarter and the date the account was established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) resolve any discrepancies with the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) record an electronic signature and date on TradeComply.

Information provided by the Access Person must be current as of a date no more than 45 days before the report is submitted. Failure to provide that information within 10 calendar days is deemed a violation of the Code and SEC Rules.

The information required shall include the information detailed in Section 2.2 of the Code.

An Access Person need not submit a quarterly Securities transactions report to the extent that the report would duplicate information contained in broker trade confirmations or account statements delivered to Federated Hermes so long as such trade confirmations or account statements are received by the Compliance Department by the date specified by the Compliance Department (but in no later than 25 days after the end of the applicable calendar quarter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Chief Compliance Officer Stephen Van Meter reviews potential violations of the Code by any Access Person
periodically during the calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Compliance Department issues memos to each Access Person involved if any personal transactions executed
during the quarter appear to be violations of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Based on the facts and the Access Person's response to the memo, the Chief Compliance Officer may
impose or recommend any of the sanctions identified in Section 7 of this Code.

**4 Annual Reporting Process**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At least annually, the Compliance Department requires that each Access Person read this Code and certify
and acknowledge his/her understanding of this Code and its requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the quarterly reporting requirements, on an annual basis, the Compliance Department requires
each Access Person to confirm and certify that the records of all Covered Securities holdings in Trade Comply are complete and accurate.

This re-certification is required to be completed by the date specified by the Compliance Department (but in no event later than thirty (30) calendar days after a request) from the Compliance Department. The Compliance Department monitors compliance with this requirement through the electronic signatures on TradeComply.

**5 Reportable Funds Transactions**

On a quarterly basis, the Compliance Department will request and review a report of Federated Hermes Fund Securities transactions by Access Persons and Investment Personnel from both the Federated Hermes Transfer Agent and the 401k Plan Administrator and from other accounts reported by Access Persons and Investment Personnel. After reviewing these transactions, the Compliance Department will discuss any issues identified with the Access Person and management and take appropriate action, as provided by the Code.

**6 Blackout Periods – Fund Trades**

A transaction in a Covered Security by a Fund shall trigger a blackout period as specified above for Access Persons and Investment Persons, (other than the Portfolio Managers, Traders and Research Analysts serving a Fund in which such purchase or sale occurs), only if the aggregate of open orders and executed purchases and sales in the security within the Federated Hermes complex is equal to or exceeds a specified threshold on each trading day. That threshold shall be defined by asset type, as follows:

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| | |
|:---|:---|
| <u>Covered Security</u> | <u>Threshold equal to or greater than:</u> |
| <u>Equity</u> | 1% of the average daily volume measured over the preceding 20 trading days. |

---

<u>Fixed Income</u>

<u>Investment Grade</u>

---

| | |
|:---|:---|
| Corporate Obligation | $250000 |
| State or Foreign Obligation | $250000 |
| Municipal Obligation | $250000 |

---

<u>High Yield</u>

---

| | |
|:---|:---|
| Corporate Obligation | $100000 |
| State or Foreign Obligation | $100000 |
| Municipal Obligation | $100000 |

---

An open order or executed trade in any equity Covered Security for which an average daily volume cannot be determined shall trigger a blackout period. Any trades in any fixed income Covered Security not specified above shall trigger a blackout period.

**7 Reporting to the Board of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each quarter, the Compliance Department will provide reports of any violations of this Code to Senior
Management and the Board of Directors of the Federated Hermes Funds. Any patterns or trends noted and any difficulties in administration
of this Code shall be reported to Senior Management and, to the Board Directors of the Federated Hermes Funds, at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Compliance Department will also report any difficulties in administration of this Code and any trends
or patterns of personal Securities trading which are deemed by the Compliance Department to be violations of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Compliance Department provides the Board with the job title of the Access Person; the type of violation;
the details of the transaction(s); and the types of sanctions imposed, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At least annually, the Compliance Department shall certify that the Fund, investment adviser or principal underwriter, as applicable,
has adopted procedures reasonably necessary to prevent Access Persons from violating this Code .

**8 Record Keeping Requirements**

The Compliance Department maintains the following books and records in TradeComply for a period equal to (a) no less than six (6) calendar years or (b) any longer period that may be required under applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of this Code (current and for the past five years)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a record of any violation of this Code and any action taken as a result of the violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a record of all written acknowledgments of access persons (current and for the past five years).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a record of each report made by an Access Person, including initial, quarterly and annual reporting (and
including any information on a broker trade confirmation or account statement that was submitted in lieu of such reports);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a record of all Access Persons (current and for the past five years);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a record of any decision, and the reasons supporting the decision, to approve the acquisition of Securities
by Access Persons in an Initial Public Offering (IPO) (to the extent approved as satisfying the limited exceptions in Sections 5.2(a)
or (b) to the general prohibition) or Private Placement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a record of persons responsible for reviewing reports; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a copy of any supporting documentation used in making decisions regarding action taken by the Compliance
Department with respect to personal Securities trading.

Such records will be kept in such locations, and for such periods, as required under the Advisers Act and the 1940 Act.

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[1](#note_ftnref1) The SEC has interpreted "high quality short-term debt instruments" to mean any instrument having a maturity at issuance of less than 366 days and which is rated in one of the highest two rating categories by a Nationally Recognized Statistical Rating Organization, or which is unrated but is of comparable quality. Personal Investment Activities of Investment Company Personnel and Codes of Ethics of Investment Companies and Their Investment Advisers and Principal Underwriters, Investment Company Act Release No. 21341 (Sept. 8, 1995) [60 FR 47844 (Sept. 14, 1995)] (proposing amendments to rule 17j-1) at note 66.This definition is repeated in the footnotes to the adopting and proposing releases for the Adviser's Code of Ethics requirement under Rule 204A-1.

## Cover

FEDERATED HERMES HIGH INCOME BOND FUND, INC.

4000 Ericsson Drive<br> Warrendale, Pennsylvania 15086-7561

March 7, 2023

EDGAR Operations Branch<br> U.S. Securities and Exchange Commission<br> Division of Investment Management<br> 100 F Street, N.E.<br> Washington, DC 20549-4720

RE: FEDERATED HERMES HIGH INCOME BOND FUND, INC. (the "Registrant") Federated Hermes High Income Bond Fund, Inc. Class A Shares Class C Shares Class R6 Shares Institutional Shares (the "Fund") <br> 1933 Act File No. 2-60103 <br> 1940 Act File No. 811-2782

Dear Sir or Madam:

Post-Effective Amendment No. 85 under the Securities Act of 1933 and Amendment No. 78 under the Investment Company Act of 1940 to the Registration Statement of the above-named Registrant is hereby electronically transmitted. This filing has been electronically redlined to indicate changes from the Fund's currently effective Registration Statement.

As indicated on the facing page of the Amendment, the Registrant has specified that it is to become effective May 26, 2023, pursuant to the provisions of Rule 485(a)(1) under the Securities Act of 1933. A Rule 485(a) filing is being made to reposition the Fund, including: (1) changing the Fund's name to "Federated Hermes Sustainable High Yield Bond Fund, Inc."; (2) changing the Fund's non-fundamental names rule policy to allow the Fund to invest at least 80% of its net assets (plus any borrowings for investment purposes) in sustainable lower-rated fixed-income investments; (3) revising the Fund's investment strategies and risks to align with the Fund's new non-fundamental names rule policy; and (4) adding a new sub-adviser and related investment personnel.

The Fund may be marketed through banks, savings associations or credit unions.

The Registrant will file financial statements by amendment. The Registrant anticipates filing these financial statements pursuant to Rule 485(b) on or about May 25, 2023, to become effective on May 26, 2023, simultaneously with the effectiveness of the Registrant's Rule 485(a) Post-Effective Amendment.

The Registrant respectfully requests comments within 45 days of this filing.

If you have any questions on the enclosed material, please contact me at (724) 720-8209 or via e-mail at kim.mccann@federatedhermes.com.

Very truly yours,

/s/ Kimberly McCann<br>

Kimberly McCann<br> Senior Paralegal