# EDGAR Filing Document

**Accession Number:** 0000856517
**File Stem:** 0001623632-23-000372
**Filing Date:** 2023-2
**Character Count:** 573484
**Document Hash:** 736ba38e41f0b93a01ea56c6d828027d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001623632-23-000372.hdr.sgml**: 20230530

**ACCESSION NUMBER**: 0001623632-23-000372

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230501

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05950
- **FILM NUMBER:** 23666217

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

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

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

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

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

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-31602
- **FILM NUMBER:** 23666216

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

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

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

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

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

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

**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. 248** | **☒** |

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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. 250** | **☒** |

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**Federated Hermes Money Market Obligations Trust**

**(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):

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| | |
|:---|:---|
| ☐ | immediately upon filing pursuant to paragraph (b) |
| ☐ | On __________ pursuant to paragraph (b) |
| ☐ | 60 days after filing pursuant to paragraph (a)(1) |
| ☒ | On May 1, 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 1, 2023***

![](imga5b6265d1.gif)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Select** \| TBD | **Advisor** \| TBD | **Administrative** \| TBD | **Cash Management** \| TBD | **Premier** \| TBD |

---

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Federated Hermes Treasury Obligations Fund

------

A Portfolio of Federated Hermes Money Market Obligations Trust

A money market mutual fund seeking to provide current income consistent with stability of principal by investing in a portfolio of U.S. Treasury securities maturing in 397 days or less, and repurchase agreements collateralized fully by U.S. Treasury securities.

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

**A Registration Statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. Information contained herein is subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes 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.**

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

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**CONTENTS** 

---

| | |
|:---|:---|
| [Fund Summary Information](#xx_1a614830-60e8-45a1-89f8-7e5c0ed73b4e_1)[–](#xx_1a614830-60e8-45a1-89f8-7e5c0ed73b4e_1)[Select Shares](#xx_1a614830-60e8-45a1-89f8-7e5c0ed73b4e_1) | &nbsp;&nbsp; [1](#xx_1a614830-60e8-45a1-89f8-7e5c0ed73b4e_1)  |
| [Fund Summary Information](#xx_43e1df16-70df-4e6f-9345-2b29c810b44b_1)[–](#xx_43e1df16-70df-4e6f-9345-2b29c810b44b_1)[Advisor Shares](#xx_43e1df16-70df-4e6f-9345-2b29c810b44b_1) | &nbsp;&nbsp; [5](#xx_43e1df16-70df-4e6f-9345-2b29c810b44b_1)  |
| [Fund Summary Information](#xx_fa630924-6574-4d48-8e82-425ac98718c4_1)[–](#xx_fa630924-6574-4d48-8e82-425ac98718c4_1)[Administrative Shares](#xx_fa630924-6574-4d48-8e82-425ac98718c4_1) | &nbsp;&nbsp; [9](#xx_fa630924-6574-4d48-8e82-425ac98718c4_1)  |
| [Fund Summary Information](#xx_152d759b-4f8c-4c78-8376-f22bfa21cf17_1)[–](#xx_152d759b-4f8c-4c78-8376-f22bfa21cf17_1)[Cash Management Shares](#xx_152d759b-4f8c-4c78-8376-f22bfa21cf17_1) | [13](#xx_152d759b-4f8c-4c78-8376-f22bfa21cf17_1)  |
| [Fund Summary Information](#xx_61a662fe-1040-4458-af1e-5e4b730361f3_1)[–](#xx_61a662fe-1040-4458-af1e-5e4b730361f3_1)[Premier Shares](#xx_61a662fe-1040-4458-af1e-5e4b730361f3_1) | [17](#xx_61a662fe-1040-4458-af1e-5e4b730361f3_1)  |
| [What are the Fund's Investment Strategies?](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_1) | [21](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_1)  |
| [What are the Fund's Principal Investments?](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_1) | [21](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_1)  |
| [What are the Specific Risks of Investing in the Fund?](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_2) | [22](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_2)  |
| [What Do Shares Cost?](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_4) | [24](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_4)  |
| [How is the Fund Sold?](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_4) | [24](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_4)  |
| [Payments to Financial Intermediaries](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_5) | [25](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_5)  |
| [How to Purchase Shares](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_6) | [26](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_6)  |
| [How to Redeem and Exchange Shares](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_8) | [28](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_8)  |
| [Security and Privacy Protection](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_11) | [31](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_11)  |
| [Account and Share Information](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_12) | [32](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_12)  |
| [Who Manages the Fund?](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_13) | [33](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_13)  |
| [Financial Information](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_14) | [34](#xx_37c9d585-a2fd-44d4-8a30-bb7af6ca79d8_14)  |
| [Appendix A: Hypothetical Investment and Expense Information](#xx_bd9510c9-40f1-41c5-bbb8-47afe1131bb2_1) | [36](#xx_bd9510c9-40f1-41c5-bbb8-47afe1131bb2_1) |

---

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Fund Summary Information–Select Shares

**Federated Hermes Treasury Obligations Fund (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.

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

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

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

---

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

---

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

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

---

| | |
|:---|:---|
|  | **SEL** |
| Management Fee | 0.20% |
| Distribution (12b-1) Fee |  |
| Other Expenses<sup>1</sup> | 0.10%<sup>2</sup> <br>|
| Total Annual Fund Operating Expenses | 0.30% |
| Fee Waivers and/or Expense Reimbursements<sup>3</sup> | (0.13)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.17% |

---

Other expenses are based on estimated amounts for the current fiscal year.

The Fund may incur and pay certain service fees (shareholder services/account administration fees) on its SEL class of up to a maximum of 0.25%. However, the SEL class of the Fund will not incur and pay such Fees in excess of 0.02% until such time as approved by the Fund's Board of Trustees (the "Trustees").

The Adviser and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Effective May 1, 2023, 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 SEL Class (after the voluntary waivers and/or reimbursements) will not exceed 0.17% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) June 1, 2024; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased, prior to the Termination Date with the agreement of the Trustees.

**Example**

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

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

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| | |
|:---|:---|
| 1 Year | $31 |
| 3 Years | $97 |
| 5 Years | $169 |
| 10 Years | $381 |

---

**1**

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

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

The Fund invests in a portfolio of U.S. Treasury securities maturing in 397 days or less and repurchase agreements collateralized fully by U.S. Treasury securities. The Fund may also hold cash.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").

The Fund will operate as a "government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"). "Government money market funds" are required to invest at least 99.5% of their total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully. Government money market funds are exempt from requirements that permit money market funds to impose a liquidity fee and/or temporary redemption gates.

The Fund has not elected to be subject to the liquidity fees and gates requirement at this time.

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

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

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

◾ **Interest Rate Risk.** Prices of fixed-income securities generally fall when interest rates rise. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.

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

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

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

◾ **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.

**2**

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

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**Performance: Bar Chart and Table** 

**Risk/Return Bar Chart**

The total returns shown below are for an existing class of shares, Institutional Shares (IS), offered by the Fund. The IS class is not offered in this Prospectus for the Fund's Select Shares (SEL). The total returns for the IS class are disclosed below because the SEL class will not commence operations until on or about May 1, 2023. The total returns for the SEL class would be substantially similar to the annual returns for the IS class over the same period because the classes are invested in the same portfolio of securities and would differ only to the extent the classes do not have the same expenses and, where applicable, sales loads/charges imposed on the purchase and redemption of those classes. It is anticipated that the expense ratio of the SEL class will be lower than the expense ratio of the IS class; accordingly, the actual performance of the SEL class is anticipated to be higher than the performance of the IS class.

The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns *averaged* over the stated periods. *The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.* Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.

![](tofproq452135is.jpg)

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

*The Fund's IS class total return for the three-month period from January 1, 2023 to March 31, 2023, was x.xx%.*

*Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 0.88% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended December 31, 2021).*

**Average Annual Total Return Table**

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

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| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **IS:** | 1.54% | 1.14% | 0.66% |

---

*The Fund's IS class 7-Day Net Yield as of December 31, 2022 was 4.14%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT**

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

**3**

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**Purchase and Sale of Fund Shares**

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

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a financial intermediary or directly from the Fund, by wire or by check. Please note that certain purchase restrictions may apply. Redeem or exchange Shares through a financial intermediary or directly from the Fund by telephone at 1-800-341-7400 or by mail.

**Tax Information**

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.

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

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

**4**

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Fund Summary Information–Advisor Shares

**Federated Hermes Treasury Obligations Fund (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.

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

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

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

---

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

---

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

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

---

| | |
|:---|:---|
|  | **AVR** |
| Management Fee | 0.20% |
| Distribution (12b-1) Fee |  |
| Other Expenses<sup>1</sup> | 0.08%<sup>2</sup> <br>|
| Total Annual Fund Operating Expenses | 0.28% |
| Fee Waivers and/or Expense Reimbursements<sup>3</sup> | (0.13)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.15% |

---

Other expenses are based on estimated amounts for the current fiscal year.

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

The Adviser and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Effective May 1, 2023, 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 AVR class (after the voluntary waivers and/or reimbursements) will not exceed 0.15% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) June 1, 2024; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased, prior to the Termination Date with the agreement of the Trustees.

**Example**

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

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

---

| | |
|:---|:---|
| 1 Year | $29 |
| 3 Years | $90 |
| 5 Years | $157 |
| 10 Years | $356 |

---

**5**

------

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

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

The Fund invests in a portfolio of U.S. Treasury securities maturing in 397 days or less and repurchase agreements collateralized fully by U.S. Treasury securities. The Fund may also hold cash.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").

The Fund will operate as a "government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"). "Government money market funds" are required to invest at least 99.5% of their total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully. Government money market funds are exempt from requirements that permit money market funds to impose a liquidity fee and/or temporary redemption gates.

The Fund has not elected to be subject to the liquidity fees and gates requirement at this time.

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

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

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

◾ **Interest Rate Risk.** Prices of fixed-income securities generally fall when interest rates rise. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.

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

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

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

◾ **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.

**6**

------

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

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**Performance: Bar Chart and Table** 

**Risk/Return Bar Chart**

The total returns shown below are for an existing class of shares, Institutional Shares (IS), offered by the Fund. The IS class is not offered in this Prospectus for the Fund's Advisor Shares (AVR). The total returns for the IS class are disclosed below because the AVR class will not commence operations until on or about May 1, 2023. The total returns for the AVR class would be substantially similar to the annual returns for the IS class over the same period because the classes are invested in the same portfolio of securities and would differ only to the extent the classes do not have the same expenses and, where applicable, sales loads/charges imposed on the purchase and redemption of those classes. It is anticipated that the expense ratio of the AVR class will be lower than the expense ratio of the IS class; accordingly, the actual performance of the AVR class is anticipated to be higher than the performance of the IS class.

The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns *averaged* over the stated periods. *The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.* Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.

![](tofproq452135is.jpg)

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

*The Fund's IS class total return for the three-month period from January 1, 2023 to March 31, 2023, was x.xx%.*

*Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 0.88% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended December 31, 2021).*

**Average Annual Total Return Table**

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **IS:** | 1.54% | 1.14% | 0.66% |

---

*The Fund's IS class 7-Day Net Yield as of December 31, 2022 was 4.14%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT**

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

**7**

------

**Purchase and Sale of Fund Shares**

**The Advisor Shares offered through this Prospectus are available for purchase exclusively to shareholders investing through certain financial intermediaries that have entered into an agreement with the Fund's Distributor with respect to the Advisor Shares. Advisor Shares may not be purchased directly from the Fund.**

The minimum initial investment amount for the Fund's AVR class is generally $250,000 and there is no minimum subsequent investment amount. Certain types of accounts are eligible for lower minimum investments. The minimum investment amount for Systematic Investment Programs is $50.

You may purchase, redeem or exchange Shares of the Fund, through certain financial intermediaries, on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a financial intermediary by wire or by check. Please note that certain purchase restrictions may apply.

**Tax Information**

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.

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

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

**8**

------

Fund Summary Information–Administrative Shares

**Federated Hermes Treasury Obligations Fund (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.

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

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

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

---

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

---

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

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

---

| | |
|:---|:---|
|  | **ADM** |
| Management Fee | 0.20% |
| Distribution (12b-1) Fee | 0.05%<sup>1</sup> <br>|
| Other Expenses<sup>2</sup> | 0.33% |
| Total Annual Fund Operating Expenses | 0.58% |
| Fee Waivers and/or Expense Reimbursements<sup>3</sup> | (0.13)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.45% |

---

The Fund may incur and pay a Distribution (12b-1) Fee on the ADM class of the Fund of up to a maximum of 0.10%. However, the ADM class of the Fund will not incur and pay a 12b-1 Fee in excess of 0.05% until such time as approved by the Fund's Board of Trustees (the "Trustees").

Other expenses are based on estimated amounts for the current fiscal year.

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. Effective May 1, 2023, 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 ADM class (after the voluntary waivers and/or reimbursements) will not exceed 0.45% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) June 1, 2024; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased, prior to the Termination Date with the agreement of the Trustees.

**Example**

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

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

---

| | |
|:---|:---|
| 1 Year | $59 |
| 3 Years | $186 |
| 5 Years | $324 |
| 10 Years | $726 |

---

**9**

------

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

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

The Fund invests in a portfolio of U.S. Treasury securities maturing in 397 days or less and repurchase agreements collateralized fully by U.S. Treasury securities. The Fund may also hold cash.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").

The Fund will operate as a "government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"). "Government money market funds" are required to invest at least 99.5% of their total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully. Government money market funds are exempt from requirements that permit money market funds to impose a liquidity fee and/or temporary redemption gates.

The Fund has not elected to be subject to the liquidity fees and gates requirement at this time.

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

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

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

◾ **Interest Rate Risk.** Prices of fixed-income securities generally fall when interest rates rise. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.

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

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

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

◾ **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.

**10**

------

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

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**Performance: Bar Chart and Table** 

**Risk/Return Bar Chart**

The total returns shown below are for an existing class of shares, Institutional Shares (IS), offered by the Fund. The IS class is not offered in this Prospectus for the Fund's Administrative Shares (ADM). The total returns for the IS class are disclosed below because the ADM class will not commence operations until on or about May 1, 2023. The total returns for the ADM class would be substantially similar to the annual returns for the IS class over the same period because the classes are invested in the same portfolio of securities and would differ only to the extent the classes do not have the same expenses and, where applicable, sales loads/charges imposed on the purchase and redemption of those classes. It is anticipated that the expense ratio of the ADM class will be higher than the expense ratio of the IS class; accordingly, the actual performance of the ADM class is anticipated to be lower than the performance of the IS class.

The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns *averaged* over the stated periods. *The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.* Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.

![](tofproq452135is.jpg)

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

*The Fund's IS class total return for the three-month period from January 1, 2023 to March 31, 2023, was x.xx%.*

*Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 0.88% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended December 31, 2021).*

**Average Annual Total Return Table**

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **IS:** | 1.54% | 1.14% | 0.66% |

---

*The Fund's IS class 7-Day Net Yield as of December 31, 2022 was 4.14%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT**

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

**11**

------

**Purchase and Sale of Fund Shares**

The minimum initial investment amount for the Fund's ADM class is generally $500,000 and there is no minimum subsequent investment amount. Certain types of accounts are eligible for lower minimum investments. The minimum investment amount for Systematic Investment Programs is $50.

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a financial intermediary or directly from the Fund, by wire or by check. Please note that certain purchase restrictions may apply. Redeem or exchange Shares through a financial intermediary or directly from the Fund by telephone at 1-800-341-7400 or by mail.

**Tax Information**

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.

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

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

**12**

------

Fund Summary Information–Cash Management Shares

**Federated Hermes Treasury Obligations Fund (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.

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

This table describes the fees and expenses that you may pay if you buy, hold and sell Cash Management Shares (CMS) of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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

---

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

---

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

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

---

| | |
|:---|:---|
|  | **CMS** |
| Management Fee | 0.20% |
| Distribution (12b-1) Fee | 0.30% |
| Other Expenses<sup>1</sup> | 0.33% |
| Total Annual Fund Operating Expenses | 0.83% |
| Fee Waivers and/or Expense Reimbursements<sup>2</sup> | (0.13)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.70% |

---

Other expenses are based on estimated amounts for the current fiscal year.

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. Effective May 1, 2023, 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 CMS class (after the voluntary waivers and/or reimbursements) will not exceed 0.70% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) June 1, 2024; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased, prior to the Termination Date with the agreement of the Fund's Board of Trustees (the "Trustees").

**Example**

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

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

---

| | |
|:---|:---|
| 1 Year | $85 |
| 3 Years | $265 |
| 5 Years | $460 |
| 10 Years | $1025 |

---

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

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

The Fund invests in a portfolio of U.S. Treasury securities maturing in 397 days or less and repurchase agreements collateralized fully by U.S. Treasury securities. The Fund may also hold cash.

**13**

------

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").

The Fund will operate as a "government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"). "Government money market funds" are required to invest at least 99.5% of their total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully. Government money market funds are exempt from requirements that permit money market funds to impose a liquidity fee and/or temporary redemption gates.

The Fund has not elected to be subject to the liquidity fees and gates requirement at this time.

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

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

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

◾ **Interest Rate Risk.** Prices of fixed-income securities generally fall when interest rates rise. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.

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

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

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

◾ **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.

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

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

**14**

------

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**Performance: Bar Chart and Table** 

**Risk/Return Bar Chart**

The total returns shown below are for an existing class of shares, Institutional Shares (IS), offered by the Fund. The IS class is not offered in this Prospectus for the Fund's Cash Management Shares (CMS). The total returns for the IS class are disclosed below because the CMS class will not commence operations until on or about May 1, 2023. The total returns for the CMS class would be substantially similar to the annual returns for the IS class over the same period because the classes are invested in the same portfolio of securities and would differ only to the extent the classes do not have the same expenses and, where applicable, sales loads/charges imposed on the purchase and redemption of those classes. It is anticipated that the expense ratio of the CMS class will be higher than the expense ratio of the IS class; accordingly, the actual performance of the CMS class is anticipated to be lower than the performance of the IS class.

The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns *averaged* over the stated periods. *The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.* Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.

![](tofproq452135is.jpg)

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*The Fund's IS class total return for the three-month period from January 1, 2023 to March 31, 2023, was x.xx%.*

*Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 0.88% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended December 31, 2021).*

**Average Annual Total Return Table**

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

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| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **IS:** | 1.54% | 1.14% | 0.66% |

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*The Fund's IS class 7-Day Net Yield as of December 31, 2022 was 4.14%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT**

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

**Purchase and Sale of Fund Shares**

The minimum initial investment amount for the Fund's CMS class is generally $500,000 and there is no minimum subsequent investment amount. Certain types of accounts are eligible for lower minimum investments. The minimum investment amount for Systematic Investment Programs is $50.

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You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a financial intermediary or directly from the Fund, by wire or by check. Please note that certain purchase restrictions may apply. Redeem or exchange Shares through a financial intermediary or directly from the Fund by telephone at 1-800-341-7400 or by mail.

**Tax Information**

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.

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

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

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Fund Summary Information–Premier Shares

**Federated Hermes Treasury Obligations Fund (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.

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

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

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

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

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

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| | |
|:---|:---|
|  | **PRM** |
| Management Fee | 0.20% |
| Distribution (12b-1) Fee |  |
| Other Expenses<sup>1</sup> | 0.08%<sup>2</sup> <br>|
| Total Annual Fund Operating Expenses | 0.28% |
| Fee Waivers and/or Expense Reimbursements<sup>3</sup> | (0.13)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.15% |

---

Other expenses are based on estimated amounts for the current fiscal year.

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

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. Effective May 1, 2023, total annual fund operating expenses (excluding acquired fund fees and expenses, interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's PRM class (after the voluntary waivers and/or reimbursements) will not exceed 0.15% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) June 1, 2024; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased, prior to the Termination Date with the agreement of the Trustees.

**Example**

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

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

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| | |
|:---|:---|
| 1 Year | $29 |
| 3 Years | $90 |
| 5 Years | $157 |
| 10 Years | $356 |

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

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

The Fund invests in a portfolio of U.S. Treasury securities maturing in 397 days or less and repurchase agreements collateralized fully by U.S. Treasury securities. The Fund may also hold cash.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").

The Fund will operate as a "government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"). "Government money market funds" are required to invest at least 99.5% of their total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully. Government money market funds are exempt from requirements that permit money market funds to impose a liquidity fee and/or temporary redemption gates.

The Fund has not elected to be subject to the liquidity fees and gates requirement at this time.

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

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

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

◾ **Interest Rate Risk.** Prices of fixed-income securities generally fall when interest rates rise. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

◾ **Counterparty Credit Risk.** A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.

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

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

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

◾ **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.

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

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**Performance: Bar Chart and Table** 

**Risk/Return Bar Chart**

The total returns shown below are for an existing class of shares, Institutional Shares (IS), offered by the Fund. The IS class is not offered in this Prospectus for the Fund's Premier Shares (PRM). The total returns for the IS class are disclosed below because the PRM class will not commence operations until on or about May 1, 2023. The total returns for the PRM class would be substantially similar to the annual returns for the IS class over the same period because the classes are invested in the same portfolio of securities and would differ only to the extent the classes do not have the same expenses and, where applicable, sales loads/charges imposed on the purchase and redemption of those classes. It is anticipated that the expense ratio of the PRM class will be lower than the expense ratio of the IS class; accordingly, the actual performance of the PRM class is anticipated to be higher than the performance of the IS class.

The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns *averaged* over the stated periods. *The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.* Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.

![](tofproq452135is.jpg)

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

*The Fund's IS class total return for the three-month period from January 1, 2023 to March 31, 2023, was x.xx%.*

*Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 0.88% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended December 31, 2021).*

**Average Annual Total Return Table**

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

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| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **IS:** | 1.54% | 1.14% | 0.66% |

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*The Fund's IS class 7-Day Net Yield as of December 31, 2022 was 4.14%. You may go to <u>FederatedInvestors.com</u> or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT**

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

**19**

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**Purchase and Sale of Fund Shares**

The minimum initial investment amount for the Fund's PRM class is generally $5 million and there is no minimum subsequent investment amount. Certain types of accounts are eligible for lower minimum investments. The minimum investment amount for Systematic Investment Programs is $50.

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a financial intermediary or directly from the Fund, by wire or by check. Please note that certain purchase restrictions may apply. Redeem or exchange Shares through a financial intermediary or directly from the Fund by telephone at 1-800-341-7400 or by mail.

**Tax Information**

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.

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

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

**20**

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What are the Fund's Investment Strategies?

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

The Fund invests in a portfolio of U.S. Treasury securities maturing in 397 days or less and repurchase agreements collateralized fully by U.S. Treasury securities. The Fund may also hold cash.

The Fund's Adviser targets a dollar-weighted average portfolio maturity (WAM) range based upon its interest rate outlook. The Adviser formulates its interest rate outlook by analyzing a variety of factors, such as:

◾ current U.S. economic activity and the economic outlook;

◾ current short-term interest rates;

◾ the Federal Reserve Board's policies regarding short-term interest rates; and

◾ the potential effects of foreign economic activity on U.S. short-term interest rates.

The Adviser generally shortens the portfolio's WAM when it expects interest rates to rise and extends the WAM when it expects interest rates to fall. This strategy seeks to enhance the returns from favorable interest rate changes and reduce the effect of unfavorable changes. The Adviser selects securities used to shorten or extend the portfolio's WAM by comparing the returns currently offered by different investments to their historical and expected returns.

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

The Fund will operate as a "government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"). "Government money market funds" are required to invest at least 99.5% of their total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully. Government money market funds are exempt from requirements that permit money market funds to impose a liquidity fee and/or temporary redemption gates.

The Fund has not elected to be subject to the liquidity fees and gates requirement at this time.

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

**TEMPORARY CASH POSITIONS**

The Fund may temporarily depart from its principal investment strategies by holding cash. It may do this in response to unusual circumstances, such as: adverse market, economic or other conditions (for example, during periods when there is a shortage of appropriate securities); to maintain liquidity to meet shareholder redemptions; or to accommodate cash inflows. Such temporary cash positions could affect the Fund's investment returns and/or the Fund's ability to achieve its investment objective.

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.

**U.S. Treasury Securities** 

U.S. Treasury securities are direct obligations of the federal government of the United States. U.S. Treasury 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 U.S. Treasury must repay the principal amount of the security, normally within a specified time.

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**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.

**Additional Information Regarding the Security Selection Process**

As part of analysis in its security selection process, among other factors, the Adviser also evaluates whether environmental, social and governance factors could have a positive or negative impact on the risk profiles of many issuers or guarantors in the universe of securities in which the Fund may invest. The Adviser may also consider information derived from active engagements conducted by its in-house stewardship team with certain issuers or guarantors on environmental, social and governance topics. This qualitative analysis does not automatically result in including or excluding specific securities but may be used by Federated Hermes as an additional input in its primary analysis.

What are the Specific Risks of Investing in the Fund?

The following provides general information on the risks associated with the Fund's principal investments. These are the primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund or reduce the Fund's daily dividends. Any additional risks associated with the Fund's non-principal investments are described in the Fund's SAI. The Fund's SAI also may provide additional information about the risks associated with the Fund's principal investments.

**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.

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

**COUNTERPARTY CREDIT RISK**

A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.

**RISK ASSOCIATED WITH INVESTING SHARE PURCHASE PROCEEDS**

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

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**RISK ASSOCIATED WITH USE OF AMORTIZED COST**

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

**ADDITIONAL FACTORS AFFECTING YIELD**

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

**Risk Related to the Economy**

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

**Epidemic and Pandemic Risk**

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

**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.

**23**

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What Do Shares Cost?

**CALCULATION OF NET ASSET VALUE**

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

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

When the Fund receives your transaction request in proper form (as described in this Prospectus under the sections entitled "How to Purchase Shares" and "How to Redeem and Exchange Shares"), it is processed at the next determined NAV. NAV is generally determined at 5:00 p.m. Eastern time each day the NYSE is open; except that on the day after Thanksgiving and Christmas Eve (when Christmas Eve falls on a weekday), NAV will be determined at 3:00 p.m. Eastern time. The times as of when NAV is determined, and when orders must be placed, may be changed as permitted by the SEC.

How is the Fund Sold?

The Fund offers ten Share classes: Automated Shares, Institutional Shares, Service Shares, Capital Shares, Trust Shares, Select Shares, Administrative Shares, Advisor Shares, Premier Shares and Cash Management Shares, each representing interests in a single portfolio of securities. This prospectus relates to the Select Shares, Administrative Shares, Advisor Shares, Premier Shares and Cash Managment Shares. All Share classes have different expenses which affect their performance. Please note that certain purchase restrictions may apply. Contact your financial intermediary or call 1-800-341-7400 for more information concerning the other classes.

**The Advisor Shares offered through this Prospectus are available for purchase exclusively to shareholders investing through certain financial intermediaries that have entered into an agreement with the Fund's Distributor with respect to the Advisor Shares.**

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

The Fund's Distributor markets the Shares described in this Prospectus to entities holding Shares in an agency or fiduciary capacity, financial institutions, financial intermediaries and institutional investors or to individuals, directly or through financial intermediaries.

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**Intra-Fund Share Conversion Program**

With the exception of AVR Shares, a shareholder in the Fund's Shares may convert their Shares at net asset value to any other share class of the Fund if the shareholder meets the investment minimum and eligibility requirements for the share class into which the conversion is sought, as applicable. Such conversion of classes should not result in a realization event for tax purposes. Contact your financial intermediary or call 1-800-341-7400 to convert your Shares. AVR Shares do not have any conversion rights.

Payments to Financial Intermediaries

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

**Rule 12b-1 Fees (ADM & CMS Classes)**

The Board has adopted a Rule 12b-1 Plan, which allows payment of marketing fees of up to 0.10% for the ADM class and 0.30% for the CMS class of average net assets to the Distributor for the sale, distribution, administration and customer servicing of the Fund's Shares. When the Distributor receives Rule 12b-1 Fees, it may pay some or all of them to financial intermediaries whose customers purchase Shares. The Fund's ADM class has no present intention of paying, accruing or incurring more than 0.05% of any Rule 12b-1 Fees until such time as approved by the Fund's Board of Trustees. <br> 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**

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

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

The SEL class of the Fund has no present intention of paying, accruing or incurring more than 0.02% of any such Service Fees until such time as approved by the Fund's Board of Trustees.

**ACCOUNT ADMINISTRATION FEES**

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

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

The SEL class of the Fund has no present intention of paying, accruing or incurring more than 0.02% of any such Account Administration Fees until such time as approved by the Fund's Board of Trustees.

**NETWORKING FEES**

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

**ADDITIONAL PAYMENTS TO FINANCIAL INTERMEDIARIES**

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

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These payments are negotiated and may be based on such factors as: the number or value of Shares that the financial intermediary sells or may sell; the value of client assets invested; the level and types of services or support furnished by the financial intermediary; or the Fund's and/or other Federated Hermes funds' relationship with the financial intermediary. These payments may be in addition to payments, as described above, made by the Fund to the financial intermediary. In connection with these payments, the financial intermediary may elevate the prominence or profile of the Fund and/or other Federated Hermes funds, within the financial intermediary's organization by, for example, placement on a list of preferred or recommended funds and/or granting the Distributor preferential or enhanced opportunities to promote the funds in various ways within the financial intermediary's organization. You can ask your financial intermediary for information about any payments it receives from the Distributor or the Fund and any services provided, as well as about fees and/or commissions it charges.

How to Purchase Shares

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

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

**The Advisor Shares offered through this Prospectus are available for purchase exclusively to shareholders investing through certain financial intermediaries that have entered into an agreement with the Fund's Distributor with respect to the Advisor Shares. See "Through A Financial Intermediary" for additional details.**

The minimum initial investment for Advisor Shares is generally $250,000 and there is no minimum subsequent investment amount.

The minimum initial investment for Administrative Shares and Cash Management Shares is generally $500,000 and there is no minimum subsequent investment amount.

The minimum initial investment for Select Shares is generally $1 million and there is no minimum subsequent investment amount.

The minimum initial investment for Premier Shares is generally $5 million and there is no minimum subsequent investment amount.

An investor's minimum investment is calculated by combining all accounts it maintains with the Fund. Financial intermediaries may impose higher or lower minimum investment requirements on their customers than those imposed by the Fund. Keep in mind that financial intermediaries may charge you fees for their services in connection with your Share transactions.

**THROUGH A FINANCIAL INTERMEDIARY**

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

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

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

**DIRECTLY FROM THE FUND**

**Advisor Shares are only available for purchase through financial intermediaries that have entered into an agreement with the Fund's Distributor with respect to the Advisor Shares.** <br>

**By Telephone**

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

Your purchase will be priced at the NAV next calculated after the Fund receives your order. Receipt of a purchase order by a financial intermediary will be deemed received by the Fund to the extent that such financial intermediary has been duly authorized by the Fund to accept such orders. If you call the Fund by 5:00 p.m. Eastern time (or 3:00 p.m. Eastern time on those days when the NAV is determined at 3:00 p.m. Eastern time) and send your payment by wire by the close of the Federal Reserve wire transfer system, you will be entitled to that day's dividend.

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Send your wire to:

State Street Bank and Trust Company <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

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

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

**By Mail**

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

The Federated Hermes Funds <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

**Please note your account number on your check.** Payment should be made in U.S. dollars and drawn on a U.S. bank. If your check does not clear, your purchase will be canceled and you could be liable for any losses or fees incurred by the Fund or SS&C GIDS, Inc., the Fund's transfer agent. The Fund reserves the right to reject **any** purchase request. For example, to protect against check fraud the Fund may reject any purchase request involving a check that is not made payable to **The Federated Hermes Funds** (including, but not limited to, requests to purchase Shares using third-party checks) or involving temporary checks or credit card checks.

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

**By Direct Deposit**

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

**THROUGH AN EXCHANGE**

You may purchase Shares through an exchange from any Federated Hermes fund or share class that does not have a stated sales charge or contingent deferred sales charge, except shares of Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund, Class A Shares without a sales charge ("no-load Class A Shares") and Class R Shares of any Fund provided that you meet any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased (if applicable), both accounts have identical registrations, and you must receive a prospectus for the fund in which you wish to exchange.

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**By Online Account Services**

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

**BY SYSTEMATIC INVESTMENT PROGRAM (SIP)**

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

**BY AUTOMATED CLEARING HOUSE (ACH)**

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

**RETIREMENT INVESTMENTS**

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 annual IRA account fee.

How to Redeem and Exchange Shares

You should redeem or exchange Shares:

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

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

Redemption proceeds 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 under certain circumstances (see "Limitations on Redemption Proceeds").

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

**THROUGH A FINANCIAL INTERMEDIARY**

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

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

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

**DIRECTLY FROM THE FUND**

**By Telephone**

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

If you call the Fund by 5:00 p.m. Eastern time (or 3:00 p.m. Eastern time on those days when the NAV is determined at 3:00 p.m. Eastern time), and your redemption proceeds are wired to you the same day, you will not be entitled to that day's dividend.

If you call the Fund after 5:00 p.m. Eastern time (or 3:00 p.m. Eastern time on those days when the NAV is determined at 3:00 p.m. Eastern time), you will be entitled to that day's dividend and your redemption proceeds will be sent to you the following business day.

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**By Mail**

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

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

Send requests by mail to:

The Federated Hermes Funds <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.

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

◾ **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.

**LIMITATIONS ON REDEMPTION PROCEEDS**

Redemption proceeds will be wired or mailed within one business day after receiving a request in proper form. The Fund may delay the payment of redemption proceeds in the following circumstances:

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

◾ during any period when the Federal Reserve wire or Federal Reserve banks are closed (in which case redemption proceeds will be wired within one business day after the reopening of the Federal Reserve wire or Federal Reserve banks).

In addition, the Fund may suspend redemptions, or delay the payment of redemption proceeds, in the following circumstances:

◾ during any period when the NYSE is closed or restricted (in which case redemption proceeds will be wired within one business day after the reopening of the NYSE);

◾ during any period in which an emergency exists as a result of which: (1) disposal of the securities owned by the Fund is not reasonably practicable; or (2) it is not reasonably practicable for the Fund to fairly determine the net asset value of its shares;

◾ during any period during which the SEC has, by rule or regulation, deemed that: (1) trading shall be restricted; or (2) an emergency exists;

◾ during any period that the SEC may by order permit for your protection; or

◾ during any period during which the Fund as part of a necessary liquidation of the Fund, has properly postponed and/or suspended redemption of Shares and payment in accordance with federal securities laws.

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.

Pursuant to rules under Section 22(e) of the 1940 Act, while it is unlikely that the Fund's weekly liquid assets would fall below 10% given the Fund's investment strategy and operation as a government money market fund, the Board, in its discretion, may suspend redemptions in the Fund and approve the liquidation of the Fund if the Fund's weekly liquid assets were to fall below 10% and the Board determines it would not be in the best interests of the Fund to continue operating. The Board also may suspend redemptions in the Fund and approve the liquidation of the Fund if the Board determines that the deviation between the Fund's amortized cost price per share and its market-based NAV may result in material dilution or other unfair results to investors or existing shareholders. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to liquidate and suspend redemptions. If the Fund ceases honoring redemptions and determines to liquidate, the Fund expects that it would notify shareholders on the Fund's website or by press release. Distributions to shareholders of liquidation proceeds may occur in one or more disbursements.

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** 

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

To do this, you must:

◾ meet any applicable shareholder eligibility requirements;

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◾ ensure that the account registrations are identical;

◾ meet any applicable minimum initial investment requirements; and

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

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

**Systematic Withdrawal/Exchange Program**

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

**ADDITIONAL CONDITIONS**

**Telephone Transactions**

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

**Share Certificates**

The Fund 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

**ACCOUNT ACTIVITY**

You will receive periodic statements reporting all account activity, including systematic transactions and dividends paid by the Fund.

**DIVIDENDS AND CAPITAL GAINS**

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

Dividends are based on estimates of income, expenses and shareholder activity for the Fund. Actual income, expenses and shareholder activity may differ from estimates and differences, if any, will be included in the calculation of subsequent dividends. You may obtain an estimate of the Fund's daily dividend factor by calling the Fund at 1-800-341-7400 or at FederatedInvestors.com.

From time to time, the Fund may realize capital gains or losses. If capital gains or losses were to occur, they could result in an increase or decrease in dividends. The Fund pays any capital gains at least annually, and may make such special distributions of dividends and capital gains as may be necessary to meet applicable regulatory requirements. Your dividends and capital gains distributions will be automatically reinvested in additional Shares without a sales charge, unless you elect cash payments. Dividends may also be reinvested without sales charges in shares of any class of any other Federated Hermes fund of which you are already a shareholder.

Important information regarding the Fund's distributions, including the percentage of the Fund's distributions that are attributable to capital gains during the calendar year (if any), is available via the link to the Fund and share class name at FederatedInvestors.com/FundInformation.

**Small Distributions and Uncashed Checks**

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

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

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

**ACCOUNTS WITH LOW BALANCES**

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

◾ $250,000 for the AVR class;

◾ $500,000 for the ADM and CMS classes;

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◾ $1 million for the SEL class; and

◾ $5 million for the PRM classes.

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

**TAX INFORMATION**

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

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

**FREQUENT TRADING POLICIES**

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

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

**PORTFOLIO HOLDINGS INFORMATION**

Information concerning the Fund's portfolio holdings is available via the link to the Fund and share class name at FederatedInvestors.com. Such information is posted on the website five business days after both mid-month and month-end then remains posted on the website for six months thereafter. Summary portfolio composition information as of the close of each month is posted on the website 15 days (or the next business day) after month-end and remains until replaced by the information for the succeeding month. The summary portfolio composition information may include effective average maturity of the Fund's portfolio and/or percentage breakdowns of the portfolio by credit quality tier, effective maturity range and type of security. The Fund's WAM and WAL, Shadow NAV (market-based value of the Fund's portfolio), Daily and Weekly Liquid Assets and Daily Flows are posted every business day and remain posted on the website for six months thereafter.

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

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

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

Who Manages the Fund?

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

The address of the Adviser and FASC is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779.

**33**

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

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

**ADVISORY FEES**

The Fund's investment advisory contract provides for payment to the Adviser of an annual investment advisory fee of 0.20% of the Fund's average daily net assets. 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 July 31 and January 31, 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.

As the SEL, AVR, ADM, CMS and PRM classes have not yet commenced operations, audited fiscal year end information is not available as of the date of this Prospectus.

The Financial Highlights information presented in this Prospectus is for the Fund's IS class and is for illustrative purposes only. Please note that the SEL, AVR and PRM classes are expected to have lower net expenses than the IS class and the ADM and CMS classes are expected to have higher net expenses than the IS class. Therefore, the financial performance of the SEL, AVR, ADM, CMS and PRM classes may differ from the IS class accordingly.

This information [expect for the six-month period ended January 31, 2023,] has been audited by [To Be Filed By Amendment], an independent registered public accounting firm, whose report, along with the Fund's audited financial statements, is included in the Annual Report. [Information for the six-months ended January 31, 2023 is unaudited.]

**34**

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Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24% |
| Expense waiver/reimbursement<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $40500072 | $40668867 | $49615082 | $33350766 | $25992845 |

---

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

---

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

---

**35**

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Appendix A: Hypothetical Investment and Expense Information

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES TREASURY OBLIGATIONS FUND - SEL CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - SEL CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - SEL CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - SEL CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - SEL CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - SEL CLASS** |
| **ANNUAL EXPENSE RATIO: 0.30%** | **ANNUAL EXPENSE RATIO: 0.30%** | **ANNUAL EXPENSE RATIO: 0.30%** | **ANNUAL EXPENSE RATIO: 0.30%** | **ANNUAL EXPENSE RATIO: 0.30%** | **ANNUAL EXPENSE RATIO: 0.30%** |
| **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** |
| **Year** | **Hypothetical**<br> **Beginning** <br> **Investment**<br>| **Hypothetical** <br> **Performance** <br> **Earnings**<br>| **Investment** <br> **After**<br> **Returns**<br>| **Hypothetical** <br> **Expenses**<br>| **Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00  | &nbsp;&nbsp; $500.00  | $10500.00  | &nbsp;&nbsp; $30.71  | $10470.00  |
| 2 | $10470.00  | &nbsp;&nbsp; $523.50  | $10993.50  | &nbsp;&nbsp; $32.15  | $10962.09  |
| 3 | $10962.09  | &nbsp;&nbsp; $548.10  | $11510.19  | &nbsp;&nbsp; $33.66  | $11477.31  |
| 4 | $11477.31  | &nbsp;&nbsp; $573.87  | $12051.18  | &nbsp;&nbsp; $35.24  | $12016.74  |
| 5 | $12016.74  | &nbsp;&nbsp; $600.84  | $12617.58  | &nbsp;&nbsp; $36.90  | $12581.53  |
| 6 | $12581.53  | &nbsp;&nbsp; $629.08  | $13210.61  | &nbsp;&nbsp; $38.63  | $13172.86  |
| 7 | $13172.86  | &nbsp;&nbsp; $658.64  | $13831.50  | &nbsp;&nbsp; $40.45  | $13791.98  |
| 8 | $13791.98  | &nbsp;&nbsp; $689.60  | $14481.58  | &nbsp;&nbsp; $42.35  | $14440.20  |
| 9 | $14440.20  | &nbsp;&nbsp; $722.01  | $15162.21  | &nbsp;&nbsp; $44.34  | $15118.89  |
| 10 | $15118.89  | &nbsp;&nbsp; $755.94  | $15874.83  | &nbsp;&nbsp; $46.42  | $15829.48  |
| Cumulative |  | $6201.58  |  | $380.85  |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES TREASURY OBLIGATIONS FUND - AVR CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - AVR CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - AVR CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - AVR CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - AVR CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - AVR CLASS** |
| **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** |
| **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** |
| **Year** | **Hypothetical**<br> **Beginning** <br> **Investment**<br>| **Hypothetical** <br> **Performance** <br> **Earnings**<br>| **Investment** <br> **After**<br> **Returns**<br>| **Hypothetical** <br> **Expenses**<br>| **Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00  | &nbsp;&nbsp; $500.00  | $10500.00  | &nbsp;&nbsp; $28.66  | $10472.00  |
| 2 | $10472.00  | &nbsp;&nbsp; $523.60  | $10995.60  | &nbsp;&nbsp; $30.01  | $10966.28  |
| 3 | $10966.28  | &nbsp;&nbsp; $548.31  | $11514.59  | &nbsp;&nbsp; $31.43  | $11483.89  |
| 4 | $11483.89  | &nbsp;&nbsp; $574.19  | $12058.08  | &nbsp;&nbsp; $32.91  | $12025.93  |
| 5 | $12025.93  | &nbsp;&nbsp; $601.30  | $12627.23  | &nbsp;&nbsp; $34.47  | $12593.55  |
| 6 | $12593.55  | &nbsp;&nbsp; $629.68  | $13223.23  | &nbsp;&nbsp; $36.09  | $13187.97  |
| 7 | $13187.97  | &nbsp;&nbsp; $659.40  | $13847.37  | &nbsp;&nbsp; $37.80  | $13810.44  |
| 8 | $13810.44  | &nbsp;&nbsp; $690.52  | $14500.96  | &nbsp;&nbsp; $39.58  | $14462.29  |
| 9 | $14462.29  | &nbsp;&nbsp; $723.11  | $15185.40  | &nbsp;&nbsp; $41.45  | $15144.91  |
| 10 | $15144.91  | &nbsp;&nbsp; $757.25  | $15902.16  | &nbsp;&nbsp; $43.41  | $15859.75  |
| Cumulative |  | $6207.36  |  | $355.81  |  |

---

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

**36**

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES TREASURY OBLIGATIONS FUND - ADM CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - ADM CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - ADM CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - ADM CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - ADM CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - ADM CLASS** |
| **ANNUAL EXPENSE RATIO: 0.58%** | **ANNUAL EXPENSE RATIO: 0.58%** | **ANNUAL EXPENSE RATIO: 0.58%** | **ANNUAL EXPENSE RATIO: 0.58%** | **ANNUAL EXPENSE RATIO: 0.58%** | **ANNUAL EXPENSE RATIO: 0.58%** |
| **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** |
| **Year** | **Hypothetical**<br> **Beginning** <br> **Investment**<br>| **Hypothetical** <br> **Performance** <br> **Earnings**<br>| **Investment** <br> **After**<br> **Returns**<br>| **Hypothetical** <br> **Expenses**<br>| **Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00  | &nbsp;&nbsp; $500.00  | $10500.00  | &nbsp;&nbsp; $59.28  | $10442.00  |
| 2 | $10442.00  | &nbsp;&nbsp; $522.10  | $10964.10  | &nbsp;&nbsp; $61.90  | $10903.54  |
| 3 | $10903.54  | &nbsp;&nbsp; $545.18  | $11448.72  | &nbsp;&nbsp; $64.64  | $11385.48  |
| 4 | $11385.48  | &nbsp;&nbsp; $569.27  | $11954.75  | &nbsp;&nbsp; $67.50  | $11888.72  |
| 5 | $11888.72  | &nbsp;&nbsp; $594.44  | $12483.16  | &nbsp;&nbsp; $70.48  | $12414.20  |
| 6 | $12414.20  | &nbsp;&nbsp; $620.71  | $13034.91  | &nbsp;&nbsp; $73.59  | $12962.91  |
| 7 | $12962.91  | &nbsp;&nbsp; $648.15  | $13611.06  | &nbsp;&nbsp; $76.85  | $13535.87  |
| 8 | $13535.87  | &nbsp;&nbsp; $676.79  | $14212.66  | &nbsp;&nbsp; $80.24  | $14134.16  |
| 9 | $14134.16  | &nbsp;&nbsp; $706.71  | $14840.87  | &nbsp;&nbsp; $83.79  | $14758.89  |
| 10 | $14758.89  | &nbsp;&nbsp; $737.94  | $15496.83  | &nbsp;&nbsp; $87.49  | $15411.23  |
| Cumulative |  | $6121.29  |  | $725.76  |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES TREASURY OBLIGATIONS FUND - CMS CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - CMS CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - CMS CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - CMS CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - CMS CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - CMS CLASS** |
| **ANNUAL EXPENSE RATIO: 0.83%** | **ANNUAL EXPENSE RATIO: 0.83%** | **ANNUAL EXPENSE RATIO: 0.83%** | **ANNUAL EXPENSE RATIO: 0.83%** | **ANNUAL EXPENSE RATIO: 0.83%** | **ANNUAL EXPENSE RATIO: 0.83%** |
| **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** |
| **Year** | **Hypothetical**<br> **Beginning** <br> **Investment**<br>| **Hypothetical** <br> **Performance** <br> **Earnings**<br>| **Investment** <br> **After**<br> **Returns**<br>| **Hypothetical** <br> **Expenses**<br>| **Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00  | &nbsp;&nbsp; $500.00  | $10500.00  | &nbsp;&nbsp;&nbsp;&nbsp; $84.73  | $10417.00  |
| 2 | $10417.00  | &nbsp;&nbsp; $520.85  | $10937.85  | &nbsp;&nbsp;&nbsp;&nbsp; $88.26  | $10851.39  |
| 3 | $10851.39  | &nbsp;&nbsp; $542.57  | $11393.96  | &nbsp;&nbsp;&nbsp;&nbsp; $91.94  | $11303.89  |
| 4 | $11303.89  | &nbsp;&nbsp; $565.19  | $11869.08  | &nbsp;&nbsp;&nbsp;&nbsp; $95.78  | $11775.26  |
| 5 | $11775.26  | &nbsp;&nbsp; $588.76  | $12364.02  | &nbsp;&nbsp;&nbsp;&nbsp; $99.77  | $12266.29  |
| 6 | $12266.29  | &nbsp;&nbsp; $613.31  | $12879.60  | &nbsp;&nbsp; $103.93  | $12777.79  |
| 7 | $12777.79  | &nbsp;&nbsp; $638.89  | $13416.68  | &nbsp;&nbsp; $108.27  | $13310.62  |
| 8 | $13310.62  | &nbsp;&nbsp; $665.53  | $13976.15  | &nbsp;&nbsp; $112.78  | $13865.67  |
| 9 | $13865.67  | &nbsp;&nbsp; $693.28  | $14558.95  | &nbsp;&nbsp; $117.48  | $14443.87  |
| 10 | $14443.87  | &nbsp;&nbsp; $722.19  | $15166.06  | &nbsp;&nbsp; $122.38  | $15046.18  |
| Cumulative |  | $6050.57  |  | $1025.32  |  |

---

**37**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES TREASURY OBLIGATIONS FUND - PRM CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - PRM CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - PRM CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - PRM CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - PRM CLASS** | **FEDERATED HERMES TREASURY OBLIGATIONS FUND - PRM CLASS** |
| **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** |
| **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** |
| **Year** | **Hypothetical**<br> **Beginning** <br> **Investment**<br>| **Hypothetical** <br> **Performance** <br> **Earnings**<br>| **Investment** <br> **After**<br> **Returns**<br>| **Hypothetical** <br> **Expenses**<br>| **Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00  | &nbsp;&nbsp; $500.00  | $10500.00  | &nbsp;&nbsp; $28.66  | $10472.00  |
| 2 | $10472.00  | &nbsp;&nbsp; $523.60  | $10995.60  | &nbsp;&nbsp; $30.01  | $10966.28  |
| 3 | $10966.28  | &nbsp;&nbsp; $548.31  | $11514.59  | &nbsp;&nbsp; $31.43  | $11483.89  |
| 4 | $11483.89  | &nbsp;&nbsp; $574.19  | $12058.08  | &nbsp;&nbsp; $32.91  | $12025.93  |
| 5 | $12025.93  | &nbsp;&nbsp; $601.30  | $12627.23  | &nbsp;&nbsp; $34.47  | $12593.55  |
| 6 | $12593.55  | &nbsp;&nbsp; $629.68  | $13223.23  | &nbsp;&nbsp; $36.09  | $13187.97  |
| 7 | $13187.97  | &nbsp;&nbsp; $659.40  | $13847.37  | &nbsp;&nbsp; $37.80  | $13810.44  |
| 8 | $13810.44  | &nbsp;&nbsp; $690.52  | $14500.96  | &nbsp;&nbsp; $39.58  | $14462.29  |
| 9 | $14462.29  | &nbsp;&nbsp; $723.11  | $15185.40  | &nbsp;&nbsp; $41.45  | $15144.91  |
| 10 | $15144.91  | &nbsp;&nbsp; $757.25  | $15902.16  | &nbsp;&nbsp; $43.41  | $15859.75  |
| Cumulative |  | $6207.36  |  | $355.81  |  |

---

**38**

------

An SAI dated May 1, 2023, is incorporated by reference into this Prospectus. Additional information about the Fund and its investments is contained in the Fund's SAI and Annual and Semi-Annual Reports to shareholders as they become available. The SAI contains a description of the Fund's policies and procedures with respect to the disclosure of its portfolio securities. To obtain the SAI, Annual Report, Semi-Annual Report and other information without charge, and to make inquiries, call your financial intermediary or the Fund at 1-800-341-7400.

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

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

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

![](fhilogok11p.jpg)

Federated Hermes Treasury Obligations Fund <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. 811-5950*

*CUSIP 31423R609* <br>*CUSIP 31423R203* <br>*CUSIP 31423R302* <br>*CUSIP 31423R401* <br>*CUSIP 31423R500*

*Q455886 (5/23)*© 2023 Federated Hermes, Inc.

------

**Statement of Additional Information** 

***May 1, 2023***![](imgf7ac80751.gif)

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Select** \| TBD | **Advisor** \| TBD | **Administrative** \| TBD | **Cash Management** \| TBD | **Premier** \| TBD |

---

------

Federated Hermes Treasury Obligations Fund

------

A Portfolio of Federated Hermes Money Market Obligations Trust

This Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes Treasury Obligations Fund (the "Fund"), dated May 1, 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.

**A Registration Statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. Information contained herein is subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This Statement of Additional Information 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.** 

---

| | |
|:---|:---|
|  | **Contents** |
| &nbsp;&nbsp; 1 | [How is the Fund Organized?](#xx_1a5b6097-fc75-4216-849d-9518b5f85922_1)  |
| &nbsp;&nbsp; 1 | [Securities in Which the Fund Invests](#xx_1a5b6097-fc75-4216-849d-9518b5f85922_1)  |
| &nbsp;&nbsp; 2 | [Investment Risks](#xx_1a5b6097-fc75-4216-849d-9518b5f85922_2)  |
| &nbsp;&nbsp; 4 | [Investment Objective and Investment Limitations](#xx_1a5b6097-fc75-4216-849d-9518b5f85922_4)  |
| &nbsp;&nbsp; 6 | [What Do Shares Cost?](#xx_1a5b6097-fc75-4216-849d-9518b5f85922_6)  |
| &nbsp;&nbsp; 6 | [How is the Fund Sold?](#xx_1a5b6097-fc75-4216-849d-9518b5f85922_6)  |
| &nbsp;&nbsp; 9 | [Purchases In-Kind](#xx_1a5b6097-fc75-4216-849d-9518b5f85922_9)  |
| &nbsp;&nbsp; 9 | [Massachusetts Partnership Law](#xx_1a5b6097-fc75-4216-849d-9518b5f85922_9)  |
| &nbsp;&nbsp; 9 | [Share Information](#xx_1a5b6097-fc75-4216-849d-9518b5f85922_9)  |
| 11 | [Tax Information](#xx_1a5b6097-fc75-4216-849d-9518b5f85922_11)  |
| 11 | [Who Manages and Provides Services to the Fund?](#xx_1a5b6097-fc75-4216-849d-9518b5f85922_11)  |
| 24 | [Financial Information](#xx_1a5b6097-fc75-4216-849d-9518b5f85922_24)  |
| 25 | [Addresses](#xx_59c8d9ca-1680-4cdc-a446-d384aed606b7_1)  |
| 26 | [Appendix](#xx_f145f48b-9a9f-4abb-9a95-d4db1949545d_1) |

---

Federated Hermes Treasury Obligations Fund <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

*Q455885 (5/23)*© 2023 Federated Hermes, Inc.

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How is the Fund Organized?

The Fund is a diversified portfolio of Federated Hermes Money Market Obligations Trust ("Trust"). The Trust is an open-end, management investment company that was established under the laws of the Commonwealth of Massachusetts on October 3, 1988. The Fund was organized as a portfolio of the Trust on December 11, 1989. The Trust may offer separate series of shares representing interests in separate portfolios of securities. Effective June 26, 2020, the Trust changed its name from Money Market Obligations Trust to Federated Hermes Money Market Obligations Trust, and the Fund changed its name from Federated Treasury Obligations Fund to Federated Hermes Treasury Obligations Fund.

The Board of Trustees ("Board") has established ten classes of shares of the Fund, known as Automated Shares, Institutional Shares, Service Shares, Capital Shares, Trust Shares, Advisor Shares, Administrative Shares, Cash Management Shares, Select Shares and Premier Shares ("Shares"). This SAI relates to Advisor Shares, Administrative Shares, Cash Management Shares, Select Shares and Premier Shares.

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

Securities in Which the Fund Invests

The Fund invests in a portfolio of U.S. Treasury securities maturing in 397 days or less and repurchase agreements collateralized fully by U.S. Treasury securities. The Fund may also hold cash. 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.

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

Certain U.S. Treasury securities in which the Fund invests may be zero-coupon securities. 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.

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

Certain U.S. Treasury securities in which the Fund invests are callable at the option of the issuer. Callable securities are subject to call risks.

**Other Investments, Transactions, Techniques**

**Delayed Delivery Transactions**

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

**1**

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**Asset Segregation**

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

**Custodial Demand Deposits**

Custodial demand deposits are accounts at banks and financial institutions, including the bank or financial institution acting as the Fund's custodian, from which deposited funds can be withdrawn at any time without notice to the depositary institution. The Fund considers demand deposits, including custodial demand 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." To the extent that any income from a custodial demand deposit account does not qualify as U.S. government income, such income may be taxable for state and/or local purposes. Please consult your tax adviser regarding any federal, state and local tax liability.

**Inter-Fund Borrowing AND Lending Arrangements**

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

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

Investment Risks

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

**liquidity Risk**

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

**Call Risk**

Call risk is the possibility that an issuer may redeem a U.S. Treasury 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 U.S. Treasury security is called, the Fund may have to reinvest the proceeds in other U.S. Treasury fixed-income securities with lower interest rates or other less favorable characteristics.

**2**

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

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

**LARGE SHAREHOLDER RISK**

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

**CYBERSECURITY AND OPERATIONAL RISK**

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

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

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

**3**

------

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

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

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

Investment Objective and Investment Limitations

The Fund's investment objective is to provide current income consistent with stability of principal. The investment objective may not be changed by the Board without shareholder approval.

**Investment Limitations**

**Diversification**

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

**Borrowing Money and Issuing Senior Securities**

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

**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.

**4**

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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.

**Lending**

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

**Concentration**

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

**The above limitations cannot be changed unless authorized by the Board and by the "vote of a majority of the Fund's outstanding voting securities," as defined by the 1940 Act. The following limitations, however, may be changed by the Board without shareholder approval. Shareholders will be notified before any material change in these limitations becomes effective.**

**Pledging Assets**

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

**Purchases on Margin**

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

**Illiquid Securities**

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

**Additional Information**

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.

**Additional Non-Fundamental Policy**

The Fund will operate as a "government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the 1940 Act. "Government money market funds" are required to invest at least 99.5% of their total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee and/or temporary redemption gates.

**Non-Fundamental Names Rule Policy**

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

**REGULATORY COMPLIANCE**

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

**5**

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

What Do Shares Cost?

**Determining Market Value Of Securities**

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

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

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

How is the Fund Sold?

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

**Rule 12b-1 Plan (Administrative and Cash Management Classes)**

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.

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

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

**6**

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**Additional Payments To Financial Intermediaries**

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

Regarding the Fund's SEL Shares, the SEL Shares of the Fund currently do not accrue, pay or incur shareholder services/account administration fees in excess of 0.02%, although the Board of Trustees has approved the SEL Shares of the Fund to accrue, pay and incur such fees in amounts up to a maximum amount of 0.25%, or some lesser amount as the Board of Trustees shall approve from time to time. The SEL Shares of the Fund will not incur or charge such fees in excess of 0.02% until such time as approved by the Fund's Board of Trustees.

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

The categories of additional payments are described below.

**Supplemental Payments**

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

**Processing Support Payments**

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

**Retirement Plan Program Servicing Payments**

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

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**Marketing Support Payments**

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

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

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

ADP Broker-Dealer, Inc. <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>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>

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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>

Purchases In-Kind

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

Massachusetts Partnership Law

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

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

Share Information

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

The Trust is a Massachusetts business trust established under a Declaration of Trust dated October 3, 1988, as amended and restated November 11, 2015. The Trust's Declaration of Trust may be amended at any time by a majority of the Trustees. Under the Declaration of Trust, the Trustees have the authority to create and classify shares of beneficial interest in separate series and classes without further action by shareholders. Each series and class thereof may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each series represent equal proportionate interests in the assets of that series only and have identical voting, dividend, redemption, liquidation and other rights of shares in the same series except that expenses allocated to a class may be borne solely by such class as determined by the Trustees and a class may have exclusive voting rights

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with respect to matters affecting only that class. Shares entitle their holders to one vote per share (and fractional votes for fractional shares), are freely transferable and, except as specifically provided by the Trustees, have no preference, preemptive, appraisal, exchange, subscription or conversion rights. All shares issued are fully paid and non-assessable. In the event of a liquidation or termination of a series, each shareholder is entitled to receive his pro rata share of the net assets of that series.

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

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

**SHAREHOLDERS OF THE FUND** 

**To be updated by amendment**

As of September 7, 2022, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Institutional Shares: Hare & Co. 2, East Syracuse, NY, owned approximately 3,647,372,463 Shares (9.44%); SEI Private Trust Company, Oaks, PA, owned approximately 4,327,338,246 Shares (10.92%); and Merrill Lynch Pierce Fenner & Smith, Jacksonville, FL, owned approximately 2,319,343,295 Shares (5.85%).

As of September 7, 2022, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Service Shares: Bancfirst Agent for Various Accounts, Oklahoma City, OK, owned approximately 904,841,956 Shares (18.99%); National Financial Services LLC, Jersey City, NJ, owned approximately 433,120,530 Shares (9.09%); Carey & Co, Columbus, OH, owned approximately 424,901,693 Shares (8.92%); Pershing LLC, Jersey City, NJ, owned approximately 411,765,923 Shares (8.64%); Reliance Trust Company, Atlanta, GA, owned approximately 399,844,107 Shares (8.39%); Nabank & Co., Tulsa, OK, owned approximately 382,349,558 Shares (8.02%);Fireco, Oklahoma City, OK, owned approximately 336,299,131 Shares (7.06%); and Manufacturers & Traders Trust Co., Williamsville, NY, owned approximately 304,649,241 Shares (6.39%).

As of September 7, 2022, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Capital Shares: National Financial Services LLC, Jersey City, NJ, owned approximately 1,058,077,422 Shares (40.43%); Pershing LLC, Jersey City, NJ, owned approximately 552,453,227 Shares (21.11%); Manufacturers & Traders Trust Company, Williamsville, NY, owned approximately 520,881,413 Shares (19.90%); and KeyBank NA, Brooklyn, OH, owned approximately 239,442,766 Shares (9.14%).

As of September 7, 2022, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Trust Shares: Nabank & Co., Tulsa, OK, owned approximately 492,716,549 Shares (62.52%); Community Bank NA, Canton, NY, owned approximately 94,310,737 Shares (11.96%); Laba & Co., Chicago, IL, owned approximately 80,573,699 Shares (10.22%); Pershing LLC, Jersey City, NJ, owned approximately 54,671,325 Shares (6.93%); and National Financial Services LLC, Jersey City, NJ, owned approximately 43,164,802 Shares (5.47%).

As of September 7, 2022, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Automated Shares: RBC Capital Markets LLC, Minneapolis, MN, owned approximately 1,354,536,541 Shares (90.14%).

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.

Nabank & Co. is the nominee name for BOKF, National Association, which is organized in the State of Oklahoma.

RBC Capital Markets, LLC is organized in the State of Minnesota.

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

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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.

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

Who Manages and Provides Services to the Fund?

**Board of Trustees**

The Board of Trustees is responsible for managing the Trust's business affairs and for exercising all the Trust's powers except those reserved for the shareholders. The following tables give information about each Trustee and the senior officers of the Fund. Where required, the tables separately list Trustees who are "interested persons" of the Fund (i.e., "Interested" Trustees) and those who are not (i.e., "Independent" Trustees). Unless otherwise noted, the address of each person listed is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779. The address of all Independent Trustees listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2022, the Trust comprised 16 portfolios, and the Federated Hermes Complex consisted of 33 investment companies (comprising 102 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Trustee oversees all portfolios in the Federated Hermes Complex and serves for an indefinite term.

**[To be Filed by Amendment]**

As of September 7, 2022, the Fund's Board and Officers as a group owned less than 1% of each class of the Fund's outstanding Shares.

**qualifications of Independent Trustees**

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

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

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

◾ No conflicts which would interfere with qualifying as independent.

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

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

◾ Diversity of background.

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**Interested Trustees Background and Compensation** 

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| &nbsp;&nbsp; **Principal Occupation(s) for Past Five Years,** <br> **Other Directorships Held and Previous Position(s)** <br>| **Aggregate**<br> **Compensation**<br> **From Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **J. Christopher Donahue\***<br> Birth Date: April 11, 1949<br> President and Trustee<br> Indefinite Term<br> Began serving: April 1989<br>| &nbsp;&nbsp; **Principal Occupations:** Principal Executive Officer and President of certain <br> of the Funds in the Federated Hermes Complex; Director or Trustee of the <br> Funds in the Federated Hermes Complex; President, Chief Executive <br> Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, <br> Federated Investment Management Company; Trustee, Federated <br> Investment Counseling; Chairman and Director, Federated Global <br> Investment Management Corp.; Chairman and Trustee, Federated Equity <br> Management Company of Pennsylvania; Trustee, Federated Shareholder <br> Services Company; Director, Federated Services Company.<br> **Previous Positions:** President, Federated Investment Counseling; President <br> and Chief Executive Officer, Federated Investment Management Company, <br> Federated Global Investment Management Corp. and Passport <br> Research, Ltd.; Chairman, Passport Research, Ltd. <br>| $0 | $0 |
| **Thomas R. Donahue\***<br> Birth Date: October 20, 1958<br> Trustee<br> Indefinite Term<br> Began serving: May 2016<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of certain funds in the <br> Federated Hermes Complex; Chief Financial Officer, Treasurer, Vice <br> President and Assistant Secretary, Federated Hermes, Inc.; Chairman and <br> Trustee, Federated Administrative Services; Chairman and Director, <br> Federated Administrative Services, Inc.; Trustee and Treasurer, Federated <br> Advisory Services Company; Director or Trustee and Treasurer, Federated <br> Equity Management Company of Pennsylvania, Federated Global <br> Investment Management Corp., Federated Investment Counseling, and <br> Federated Investment Management Company; Director, MDTA LLC; <br> Director, Executive Vice President and Assistant Secretary, Federated <br> Securities Corp.; Director or Trustee and Chairman, Federated Services <br> Company and Federated Shareholder Services Company; and Director and <br> President, FII Holdings, Inc.<br> **Previous Positions:** Director, Federated Hermes, Inc.; Assistant Secretary, <br> Federated Investment Management Company, Federated Global <br> Investment Management Company and Passport Research, LTD; Treasurer, <br> Passport Research, LTD; Executive Vice President, Federated Securities <br> Corp.; and Treasurer, FII Holdings, Inc.<br>| $0 | $0 |

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

**Independent Trustees Background, Qualifications and Compensation** 

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| &nbsp;&nbsp; **Principal Occupation(s) and Other Directorships Held for** <br> **Past Five Years, Previous Position(s) and Qualifications**<br>| **Aggregate**<br> **Compensation**<br> **From Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **John T. Collins**<br> Birth Date: January 24, 1947<br> Trustee<br> Indefinite Term<br> Began serving: September 2013<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee and Chair of the Board of <br> Directors or Trustees, of the Federated Hermes Complex; formerly, <br> Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).<br> **Other Directorships Held:** Director, KLX Energy Services Holdings, Inc. <br> (oilfield services); former Director of KLX Corp (aerospace).<br> **Qualifications:** Mr. Collins has served in several business and financial <br> management roles and directorship positions throughout his career. <br> Mr. Collins previously served as Chairman and CEO of The Collins Group, <br> Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves <br> as Chairman Emeriti, Bentley University. Mr. Collins previously served as <br> Director and Audit Committee Member, Bank of America Corp.; Director, <br> FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical <br> Center (Harvard University Affiliate Hospital).<br>| $43249.09 | $385000 |

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| &nbsp;&nbsp; **Principal Occupation(s) and Other Directorships Held for** <br> **Past Five Years, Previous Position(s) and Qualifications**<br>| **Aggregate**<br> **Compensation**<br> **From Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **G. Thomas Hough**<br> Birth Date: February 28, 1955<br> Trustee <br> Indefinite Term<br> Began serving: August 2015<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee, Chair of the Audit Committee <br> of the Federated Hermes Complex; Retired.<br> **Other Directorships Held:** Director, Chair of the Audit Committee, <br> Equifax, Inc.; Lead Director, Member of the Audit and Nominating and <br> Corporate Governance Committees, Haverty Furniture Companies, Inc.; <br> formerly, Director, Member of Governance and Compensation Committees, <br> Publix Super Markets, Inc.<br> **Qualifications:** Mr. Hough has served in accounting, business management <br> and directorship positions throughout his career. Mr. Hough most recently <br> held the position of Americas Vice Chair of Assurance with Ernst & <br> Young LLP (public accounting firm). Mr. Hough serves on the President's <br> Cabinet and Business School Board of Visitors for the University of <br> Alabama. Mr. Hough previously served on the Business School Board of <br> Visitors for Wake Forest University, and he previously served as an <br> Executive Committee member of the United States Golf Association.<br>| $40831.93 | $365000 |
| **Maureen Lally-Green**<br> Birth Date: July 5, 1949<br> Trustee <br> Indefinite Term<br> Began serving: August 2009<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Adjunct Professor Emerita of Law, Duquesne University School of <br> Law; formerly, Dean of the Duquesne University School of Law and <br> Professor of Law and Interim Dean of the Duquesne University School of <br> Law; formerly, Associate General Secretary and Director, Office of Church <br> Relations, Diocese of Pittsburgh.<br> **Other Directorships Held:** Director, CNX Resources Corporation <br> (natural gas).<br> **Qualifications:** Judge Lally-Green has served in various legal and business <br> roles and directorship positions throughout her career. Judge Lally-Green <br> previously held the position of Dean of the School of Law of Duquesne <br> University (as well as Interim Dean). Judge Lally-Green previously served as <br> Associate General Secretary for the Diocese of Pittsburgh, a member of the <br> Superior Court of Pennsylvania and as a Professor of Law, Duquesne <br> University School of Law. Judge Lally-Green was appointed by the Supreme <br> Court of Pennsylvania to serve on the Supreme Court's Board of Continuing <br> Judicial Education and the Supreme Court's Appellate Court Procedural <br> Rules Committee. Judge Lally-Green also currently holds the positions on <br> not for profit or for profit boards of directors as follows: Director and Chair, <br> UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, <br> Pennsylvania State Board of Education (public); Director, Catholic Charities, <br> Pittsburgh; and Director, CNX Resources Corporation (natural gas). Judge <br> Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy <br> Foundation of Western and Central Pennsylvania; Director, Ireland Institute <br> of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, <br> Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, <br> Pennsylvania Bar Institute; Director, Saint Vincent College; Director and <br> Chair, North Catholic High School, Inc.; Director and Vice Chair, Our <br> Campaign for the Church Alive!, Inc.; and Director and Vice Chair, Saint <br> Francis University.<br>| $36798.12 | $330000 |

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| &nbsp;&nbsp; **Principal Occupation(s) and Other Directorships Held for** <br> **Past Five Years, Previous Position(s) and Qualifications**<br>| **Aggregate**<br> **Compensation**<br> **From Fund**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **Thomas M. O'Neill**<br> Birth Date: June 14, 1951<br> Trustee<br> Indefinite Term<br> Began serving: August 2006<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Sole Proprietor, Navigator Management Company (investment <br> and strategic consulting).<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. O'Neill has served in several business, mutual fund and <br> financial management roles and directorship positions throughout his <br> career. Mr. O'Neill serves as Director, Medicines for Humanity. Mr. O'Neill <br> previously served as Chief Executive Officer and President, Managing <br> Director and Chief Investment Officer, Fleet Investment Advisors; President <br> and Chief Executive Officer, Aeltus Investment Management, Inc.; General <br> Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment <br> Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending <br> Officer, Fleet Bank; Director and Consultant, EZE Castle Software <br> (investment order management software); Director, Midway Pacific <br> (lumber); and Director, The Golisano Children's Museum of Naples, Florida<br>| $36798.12 | $330000 |
| **Madelyn A. Reilly**<br> Birth Date: February 2, 1956<br> Trustee<br> Indefinite Term<br> Began serving: November 2020<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; formerly, Senior Vice President for Legal Affairs, General Counsel <br> and Secretary of Board of Directors, Duquesne University (Retired).<br> **Other Directorships Held:** None.<br> **Qualifications:** Ms. Reilly has served in various business and legal <br> management roles throughout her career. Ms. Reilly previously served as <br> Senior Vice President for Legal Affairs, General Counsel and Secretary of <br> Board of Directors and Director of Risk Management and Associate General <br> Counsel, Duquesne University. Prior to her work at Duquesne University, <br> Ms. Reilly served as Assistant General Counsel of Compliance and <br> Enterprise Risk as well as Senior Counsel of Environment, Health and <br> Safety, PPG Industries. Ms. Reilly currently serves as a member of the Board <br> of Directors of UPMC Mercy Hospital.<br>| $33452.84 | $300000 |
| **P. Jerome Richey**<br> Birth Date: February 23, 1949<br> Trustee<br> Indefinite Term<br> Began serving: September 2013<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, <br> University of Pittsburgh and Executive Vice President and Chief Legal <br> Officer, CONSOL Energy Inc. (split into two separate publicly traded <br> companies known as CONSOL Energy Inc. and CNX Resources Corp.).<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Richey has served in several business and legal <br> management roles and directorship positions throughout his career. <br> Mr. Richey most recently held the positions of Senior Vice Chancellor and <br> Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as <br> Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and <br> Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey <br> previously served as Chief Legal Officer and Executive Vice President, <br> CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics <br> Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).<br>| $36798.12 | $330000 |
| **John S. Walsh**<br> Birth Date: November 28, 1957<br> Trustee<br> Indefinite Term<br> Began serving: January 1999<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; President and Director, Heat Wagon, Inc. (manufacturer of <br> construction temporary heaters); President and Director, Manufacturers <br> Products, Inc. (distributor of portable construction heaters); President, <br> Portable Heater Parts, a division of Manufacturers Products, Inc. <br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Walsh has served in several business management roles <br> and directorship positions throughout his career. Mr. Walsh previously <br> served as Vice President, Walsh & Kelly, Inc. (paving contractors).<br>| $33452.84 | $300000 |

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**OFFICERS\*** 

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| | |
|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| **Principal Occupation(s) and Previous Position(s)** |
| **Lori A. Hensler**<br> Birth Date: January 6, 1967<br> Treasurer <br> Officer since: April 2013<br>| &nbsp;&nbsp;&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>|
| **Deborah A. Cunningham**<br> Birth Date: September 15, 1959<br> Chief Investment Officer<br> Officer since: May 2004<br> Portfolio Manager since: <br> January 1994<br>| &nbsp;&nbsp;&nbsp; **Principal Occupations:** Deborah A. Cunningham has been the Fund's Portfolio Manager since January 1994. Ms. Cunningham <br> was named Chief Investment Officer of Federated Hermes' money market products in 2004. She joined Federated Hermes in <br> 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. <br> Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert <br> Morris College.<br>|

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\*

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

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

**DIRECTOR/TRUSTEE EMERITUS PROGRAM**

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

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

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

**15**

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

**EMERITUS Trustees and Compensation** 

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| | | |
|:---|:---|:---|
| **Director/Trustee Emeritus** | **Compensation**<br> **From Trust**<br> **(past fiscal year)**<br>| **Total**<br> **Compensation**<br> **Paid to**<br> **Director/Trustee**<br> **Emeritus**<sup>1</sup> <br>|
| **Peter E. Madden** | $7411.42 | $60000.00 |
| **Charles F. Mansfield, Jr.**  | $7411.42 | $60000.00 |

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

**BOARD LEADERSHIP STRUCTURE**

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

**Committees of the Board** 

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| | | | |
|:---|:---|:---|:---|
| **Board**<br> **Committee**<br>| &nbsp;&nbsp;&nbsp; **Committee**<br> **Members**<br>| **Committee Functions** | &nbsp;&nbsp;&nbsp; **Meetings Held**<br> **During Last**<br> **Fiscal Year**<br>|
| **Executive** | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;J. Christopher Donahue<br> John T. Collins<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<br>| &nbsp;&nbsp;&nbsp; In between meetings of the full Board, the Executive Committee generally may <br> exercise all the powers of the full Board in the management and direction of the <br> business and conduct of the affairs of the Trust in such manner as the Executive <br> Committee shall deem to be in the best interests of the Trust. However, the <br> Executive Committee cannot elect or remove Board members, increase or decrease <br> the number of Trustees, elect or remove any Officer, declare dividends, issue shares <br> or recommend to shareholders any action requiring shareholder approval.<br>| One |
| **Audit** | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<br> Maureen Lally-Green<br> Thomas M. O'Neill<br> &nbsp;&nbsp;&nbsp;&nbsp;P. Jerome Richey<br>| &nbsp;&nbsp;&nbsp; The purposes of the Audit Committee are to oversee the accounting and financial <br> reporting process of the Fund, the Fund's internal control over financial reporting <br> and the quality, integrity and independent audit of the Fund's financial statements. <br> The Committee also oversees or assists the Board with the oversight of compliance <br> with legal requirements relating to those matters, approves the engagement and <br> reviews the qualifications, independence and performance of the Fund's <br> independent registered public accounting firm, acts as a liaison between the <br> independent registered public accounting firm and the Board and reviews the Fund's <br> internal audit function.<br>| Seven |
| **Nominating** | &nbsp;&nbsp;&nbsp; John T. Collins<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough <br> Maureen Lally-Green<br> Thomas M. O'Neill<br> Madelyn A. Reilly<br> &nbsp;&nbsp;&nbsp;&nbsp;P. Jerome Richey<br> John S. Walsh<br>| &nbsp;&nbsp;&nbsp; The Nominating Committee, whose members consist of all Independent Trustees, <br> selects and nominates persons for election to the Fund's Board when vacancies <br> occur. The Committee will consider candidates recommended by shareholders, <br> Independent Trustees, officers or employees of any of the Fund's agents or service <br> providers and counsel to the Fund. Any shareholder who desires to have an <br> individual considered for nomination by the Committee must submit a <br> recommendation in writing to the Secretary of the Fund, at the Fund's address <br> appearing on the back cover of this SAI. The recommendation should include the <br> name and address of both the shareholder and the candidate and detailed <br> information concerning the candidate's qualifications and experience. In identifying <br> and evaluating candidates for consideration, the Committee shall consider such <br> factors as it deems appropriate. Those factors will ordinarily include: integrity, <br> intelligence, collegiality, judgment, diversity, skill, business and other experience, <br> qualification as an "Independent Trustee," the existence of material relationships <br> which may create the appearance of a lack of independence, financial or accounting <br> knowledge and experience and dedication and willingness to devote the time and <br> attention necessary to fulfill Board responsibilities.<br>| One |

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**16**

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**BOARD'S ROLE IN RISK OVERSIGHT**

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

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

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

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| | | |
|:---|:---|:---|
| **Interested Board**<br> **Member Name**<br>| &nbsp;&nbsp; **Dollar Range of**<br> **Shares Owned in**<br> **Federated Hermes Treasury** <br> **Obligations Fund**<br>| &nbsp;&nbsp; **Aggregate**<br> **Dollar Range of**<br> **Shares Owned in**<br> **Federated Hermes Family of**<br> **Investment Companies**<br>|
| J. Christopher Donahue | $1 - $10000 | Over $100,000 |
| Thomas R. Donahue | Over $100,000 | 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**

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

The Adviser is a wholly owned subsidiary of Federated Hermes.

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

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

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

EOS at Federated Hermes, which was established as Hermes Equity Ownership Services Limited (EOS) in 2004 as an affiliate of FHL and Hermes Investment Management Limited, is a 50+ member engagement and stewardship team that conducts long-term, objectives-driven dialogue with board and senior executive level representatives of approximately 1,000 unique issuers annually. It seeks to address the most material ESG risks and opportunities through constructive and continuous discussions with the goal of improving long-term results for investors. Engagers' deep understanding across sectors, themes and regional markets,

**17**

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along with language and cultural expertise, allows EOS to provide insights to companies on the merits of addressing ESG risks and the positive benefits of capturing opportunities. Federated Hermes investment management teams have access to the insights gained from understanding a company's approach to these long-term strategic matters as an additional input to improve portfolio risk/return characteristics.

**Services Agreement**

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

**Other Related Services**

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

**Code Of Ethics Restrictions On Personal Trading**

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

**Voting Proxies On Fund Portfolio Securities**

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

**Proxy Voting Policies**

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

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

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

On matters related to the board of directors, generally, the Adviser will vote to elect nominees to the board in uncontested elections except in certain circumstances, such as where the director: (1) had not attended at least 75% of the board meetings during the previous year; (2) serves as the company's chief financial officer, unless the company is headquartered in the UK where this is market practice; (3) has become overboarded (more than five boards for retired executives and more than two boards for CEOs); (4) is the chair of the nominating or governance committee when the roles of chairman of the board and CEO are combined and there is no lead independent director; (5) served on the compensation committee during a period in which compensation appears excessive relative to performance and peers; or (6) served on a board that did not implement a shareholder proposal that the Adviser supported and received more than 50% shareholder support the previous year. In addition, the Adviser will generally vote in favor of: (7) a full slate of directors, where the directors are elected as a group and not individually, unless more than half of the nominees are not independent; (8) shareholder proposals to declassify the board of directors; (9) shareholder proposals to require a majority voting standard in the election of directors; (10) shareholder proposals to separate the roles of chairman of the board and CEO; (11) a proposal to require a company's audit committee to be comprised entirely of independent directors; and (12) shareholder proposals to eliminate supermajority voting requirements in company bylaws.

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On other matters of corporate governance, generally, the Adviser will vote: (1) in favor of proposals to grant shareholders the right to call a special meeting if owners of at least 15% of the outstanding stock agree; (2) against proposals to allow shareholders to act by written consent; (3) on a case-by-case basis for proposals to adopt or amend shareholder rights plans (also known as "poison pills"); (4) in favor of shareholder proposals to eliminate supermajority requirements in company bylaws; and (5) in favor of shareholder proposals calling for "Proxy Access," that is, a bylaw change allowing shareholders owning at least 3% of the outstanding common stock for at least three years to nominate candidates for election to the board of directors.

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

The Adviser's general approach to analyzing these proposals calls for considering the literal meaning of the written proposal, the financial materiality of the proposal's objective and the practices followed by industry peers. This analysis utilizes research reports from the Adviser's proxy advisors, company filings, as well as reports published by the company and other outside organizations.

On matters of capital structure, generally, the Adviser will vote proxies for U.S. issuers on a case-by-case basis for proposals to authorize the issuance of new shares if not connected to an M&A transaction and the potential dilution is more than 10%, against proposals to create multiple-class voting structures where one class has superior voting rights to the other classes, in favor of proposals to authorize reverse stock splits unless the amount of authorized shares is not also reduced proportionately. Generally, the Adviser will vote proxies for non-U.S. issuers in favor of proposals to authorize issuance of shares with and without pre-emptive rights unless the size of the authorities would threaten to unreasonably dilute existing shareholders.

Votes on executive compensation come in many forms, including advisory votes on U.S. executive compensation plans ("Say On Pay"), advisory and binding votes on the design or implementation of non-U.S. executive remuneration plans and votes to approve new equity plans or amendments to existing plans. Generally, the Adviser will support compensation arrangements that are aligned with the client's long-term investment objectives. With respect to Say On Pay proposals, the Adviser will generally vote in favor unless the compensation plan has failed to align executive compensation with corporate performance, or the design of the plan is likely to lead to misalignment in the future. The Adviser supports the principle of an annual shareholder vote on executive pay and will generally vote accordingly on proposals which set the frequency of the Say On Pay vote.

In some markets, especially Europe, shareholders are provided a vote on the remuneration policy, which sets out the structural elements of a company's executive remuneration plan on a forward-looking basis. The Adviser will generally support these proposals unless the design of the remuneration policy fails to appropriately link executive compensation with corporate performance, total compensation appears excessive relative to the company's industry peer group, with local market dynamics also taken into account; or there is insufficient disclosure to enable an informed judgment, particularly as it relates to the disclosure of the maximum amounts of compensation that may be awarded.

The Adviser will generally vote in favor of equity plan proposals unless they result in unreasonable dilution to existing shareholders, permit replacement of "underwater" options with new options on more favorable terms for the recipient, or omit the criteria for determining the granting or vesting of awards.

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

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

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

**19**

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

The Adviser will take into account feedback from issuers on the voting recommendations of the Adviser's proxy advisory firm if the feedback is provided at least five days before the voting cut-off date. In certain circumstances, primarily those where the Adviser's voting policy is absolute and without exception, issuer feedback will not be part of the voting decision. For example, it is the Adviser's policy to always support a shareholder proposal to separate the roles of chairman of the board and CEO. Thus, any comments from the issuer opposing this proposal would not be considered.

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

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

**Proxy Voting Procedures**

The Adviser has established a Proxy Voting Committee ("Proxy Committee"), to exercise all voting discretion granted to the Adviser by the Board in accordance with the proxy voting policies. To assist it in carrying out the day-to-day operations related to proxy voting, the Proxy Committee has created the Proxy Voting Management Group (PVMG). The day-to-day operations related to proxy voting are carried out by the Proxy Voting Operations Team (PVOT) and overseen by the PVMG. Besides voting the proxies, this work includes engaging with investee companies on corporate governance matters, managing the proxy advisory firm, soliciting voting recommendations from the Adviser's investment professionals, bringing voting recommendations to the Proxy Committee for approval, filing with regulatory agencies any required proxy voting reports, providing proxy voting reports to clients and investment companies as they are requested from time to time and keeping the Proxy Committee informed of any issues related to corporate governance and proxy voting.

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

The Adviser has hired a proxy advisory firm to perform various proxy voting related administrative services such as ballot reconciliation, vote processing and recordkeeping functions. The Proxy Committee has supplied the proxy advisory firm with the Standard Voting Instructions. The Proxy Committee retains the right to modify the Standard Voting Instructions at any time or to vote contrary to them at any time in order to cast proxy votes in a manner that the Proxy Committee believes is in accordance with the General Policy. The proxy advisory firm may vote any proxy as directed in the Standard Voting Instructions without further direction from the Proxy Committee. However, if the Standard Voting Instructions require case-by-case handling for a proposal, the PVOT will work with the investment professionals and the proxy advisory firm to develop a voting recommendation for the Proxy Committee and to communicate the Proxy Committee's final voting decision to the proxy advisory firm. Further, if the Standard Voting Instructions require the PVOT to analyze a ballot question and make the final voting decision, the PVOT will report such votes to the Proxy Committee on a quarterly basis for review.

**Conflicts of Interest**

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

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

**20**

------

The Adviser has implemented the following procedures in order to avoid concerns that the conflicting interests of the Adviser or its affiliates have influenced proxy votes. Any employee of the Adviser or its affiliates who is contacted by an Interested Company regarding proxies to be voted by the Adviser must refer the Interested Company to a member of the Proxy Committee, and must inform the Interested Company that the Proxy Committee has exclusive authority to determine how the proxy will be voted. Any Proxy Committee member contacted by an Interested Company must report it to the full Proxy Committee and provide a written summary of the communication. This requirement includes engagement meetings with investee companies and does not include communications with proxy solicitation firms. Under no circumstances will the Proxy Committee or any member of the Proxy Committee make a commitment to an Interested Company regarding the voting of proxies or disclose to an Interested Company how the Proxy Committee has directed such proxies to be voted. If the Standard Voting Instructions already provide specific direction on the proposal in question, the Proxy Committee shall not alter or amend such directions. If the Standard Voting Instructions require the Proxy Committee to provide further direction, the Proxy Committee shall do so in accordance with the proxy voting policies, without regard for the interests of the Adviser with respect to the Interested Company. If the Proxy Committee provides any direction as to the voting of proxies relating to a proposal affecting an Interested Company, it must disclose annually to the Fund's Board information regarding: the significant business relationship; any material communication with the Interested Company; the matter(s) voted on; and how, and why, the Adviser voted as it did. In certain circumstances it may be appropriate for the Adviser to vote in the same proportion as all other shareholders, so as to not affect the outcome beyond helping to establish a quorum at the shareholders' meeting. This is referred to as "proportional voting." If the Fund owns shares of another Federated Hermes mutual fund, generally the Adviser will proportionally vote the client's proxies for that fund or seek direction from the Board or the client on how the proposal should be voted. If the Fund owns shares of an unaffiliated mutual fund, the Adviser may proportionally vote the Fund's proxies for that fund depending on the size of the position. If the Fund owns shares of an unaffiliated exchange-traded fund, the Adviser will proportionally vote the Fund's proxies for that fund.

**Downstream Affiliates**

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

**Proxy Advisers' Conflicts of Interest**

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

In order to avoid concerns that the conflicting interests of the engaged proxy advisory firm have influenced proxy voting recommendations, the Adviser will take the following steps:

◾ A due diligence team made up of employees of the Adviser and/or its affiliates will meet with the proxy advisory firm on an annual basis and determine through a review of their policies and procedures and through inquiry that the proxy advisory firm has established a system of internal controls that provide reasonable assurance that their voting recommendations are not influenced by the business relationships they have with the subjects of their research.

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

**Proxy Voting Report**

A report on "Form N-PX" of how the Fund voted any proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

**21**

------

**Portfolio Holdings Information**

Information concerning the Fund's portfolio holdings is available via the link to the Fund and share class name at FederatedInvestors.com/FundInformation. Such information is posted on the website five business days after both mid-month and month-end then remains posted on the website for six months thereafter. Summary portfolio composition information as of the close of each month is posted on the website 15 days (or the next business day) after month-end and remains until replaced by the information for the succeeding month. The summary portfolio composition information may include effective average maturity of the Fund's portfolio and/or percentage breakdowns of the portfolio by credit quality tier, effective maturity range and type of security. The Fund's WAM and WAL, Shadow NAV (market-based value of the Fund's portfolio), Daily and <br> Weekly Liquid Assets and Daily Flows are posted every business day and remain posted on the website for six months thereafter.

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

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

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

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

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

**Brokerage Transactions And Investment Allocation**

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

Investment decisions for the Fund are made independently from those of other accounts managed by the Adviser and accounts managed by affiliates of the Adviser. When the Fund and one or more of those accounts invests in, or disposes of, the same security, available investments or opportunities for sales will be allocated among the Fund and the account(s) in a manner believed by the Adviser to be equitable. While the coordination and ability to participate in volume transactions may benefit the

**22**

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Fund, it is possible that this procedure could adversely impact the price paid or received and/or the position obtained or disposed of by the Fund. Investment decisions, and trading, for certain separately managed or wrap-fee accounts, and other accounts, of the Adviser and/or certain investment adviser affiliates of the Adviser are generally made, and conducted, independently from the Fund. It is possible that such independent trading activity could adversely impact the prices paid or received and/or positions obtained or disposed of by the Fund.

**Administrator**

Federated Administrative Services (FAS), a subsidiary of Federated Hermes, provides administrative personnel and services, including certain legal, compliance and financial administrative services ("Administrative Services"), necessary for the operation of the Fund. FAS provides Administrative Services for a fee based upon the rates set forth below paid on the average daily net assets of the Fund. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes funds subject to a fee under the Administrative Services Agreement with FAS. FAS is also entitled to reimbursement for certain out-of-pocket expenses incurred in providing Administrative Services to the Fund.

---

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

---

**Custodian**

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

**Transfer Agent And Dividend Disbursing Agent**

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

**Independent Registered Public Accounting Firm**

The independent registered public accounting firm for the Fund, [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.

**FEES PAID BY THE FUND FOR SERVICES** 

---

| | | | |
|:---|:---|:---|:---|
| **For the Year Ended July 31** | **2022** | **2021** | **2020** |
| Advisory Fee Earned | $97761393 | $103301472 | $95206334 |
| Advisory Fee Waived | $73378825 | $84163555 | $49002292 |
| Net Administrative Fee | $38257569 | $40327442 | $37344274 |
| **Net 12b-1 Fee:** |  |  |  |
| Trust Shares | $672375 | $66424 | $2486914 |
| **Net Shareholder Services Fee:** |  |  |  |
| Automated Shares | $1334683 | $— | $2975712  |
| Service Shares | $4008419 | $269239 | $11235302  |
| Capital Shares | $737636 | $102201 | $1465804  |
| Trust Shares | $488371 | $— | $1865249 |

---

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 $2,564.28 paid to a company affiliated with management of Federated Hermes.

**Securities Lending Activities**

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

**23**

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Financial Information

(To be updated by Amendment)

The Financial Statements for the Fund for the fiscal year ended July 31, 2022, and for the six months ended January 31, 2023, are incorporated herein by reference to the Annual Report to Shareholders of Federated Hermes Treasury Obligations Fund dated [July 31, 2022](https://www.sec.gov/Archives/edgar/data/856517/000162363222001147/form405.htm) [and to the Semi-Annual Report to Shareholders dated January 31, 2023, respectively].

**24**

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Addresses

**Federated Hermes Treasury Obligations Fund**

**ADMINISTRATIVE SHARES** <br> **ADVISOR SHARES** <br> **CASH MANAGEMENT SHARES** <br> **PREMIER SHARES** <br> **SELECT 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

**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]

**25**

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Appendix

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

**CUSTODIAN(S)**

State Street Bank and Trust Company

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To be filed by amendment

**LEGAL COUNSEL**

Goodwin Procter LLP <br>K&L Gates LLP

**Financial Printer(S)**

Donnelley Financial Solutions

**Proxy Voting Administrator**

Glass Lewis & Co., LLC

**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>Sustainalytics U.S. Inc. <br>Wolters Kluwer N.V. <br>

**26**

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**Prospectus**

***May 1, 2023***

![](imgc6b73a0a1.gif)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Select** \| TBD | **Advisor** \| TBD | **Administrative** \| TBD | **Premier** \| TBD |

---

------

Federated Hermes U.S. Treasury Cash Reserves

------

A Portfolio of Federated Hermes Money Market Obligations Trust <br>

A money market mutual fund seeking current income consistent with stability of principal and liquidity by investing in a portfolio of U.S. Treasury securities maturing in 397 days or less that pay interest exempt from state personal income tax.

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.

**A Registration Statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. Information contained herein is subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes 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.**

------

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

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Fund Summary Information](#xx_4b68688b-6fe7-4744-92b9-ced421cd2b71_1)[–](#xx_4b68688b-6fe7-4744-92b9-ced421cd2b71_1)[Select Shares](#xx_4b68688b-6fe7-4744-92b9-ced421cd2b71_1) | &nbsp;&nbsp; [1](#xx_4b68688b-6fe7-4744-92b9-ced421cd2b71_1)  |
| [Fund Summary Information](#xx_2f4dfeed-2732-44e0-a8fb-75db54177461_1)[–](#xx_2f4dfeed-2732-44e0-a8fb-75db54177461_1)[Advisor Shares](#xx_2f4dfeed-2732-44e0-a8fb-75db54177461_1) | &nbsp;&nbsp; [5](#xx_2f4dfeed-2732-44e0-a8fb-75db54177461_1)  |
| [Fund Summary Information](#xx_82a3399d-e018-44fb-9639-b6546b62cf3a_1)[–](#xx_82a3399d-e018-44fb-9639-b6546b62cf3a_1)[Administrative Shares](#xx_82a3399d-e018-44fb-9639-b6546b62cf3a_1) | &nbsp;&nbsp; [9](#xx_82a3399d-e018-44fb-9639-b6546b62cf3a_1)  |
| [Fund Summary Information](#xx_1fb9280c-128b-4dd4-baf5-367acec8abe3_1)[–](#xx_1fb9280c-128b-4dd4-baf5-367acec8abe3_1)[Premier Shares](#xx_1fb9280c-128b-4dd4-baf5-367acec8abe3_1) | [13](#xx_1fb9280c-128b-4dd4-baf5-367acec8abe3_1)  |
| [What are the Fund's Investment Strategies?](#xx_4520d33f-05d0-4703-9445-333d064ab408_1) | [17](#xx_4520d33f-05d0-4703-9445-333d064ab408_1)  |
| [What are the Fund's Principal Investments?](#xx_4520d33f-05d0-4703-9445-333d064ab408_1) | [17](#xx_4520d33f-05d0-4703-9445-333d064ab408_1)  |
| [What are the Specific Risks of Investing in the Fund?](#xx_4520d33f-05d0-4703-9445-333d064ab408_2) | [18](#xx_4520d33f-05d0-4703-9445-333d064ab408_2)  |
| [What Do Shares Cost?](#xx_4520d33f-05d0-4703-9445-333d064ab408_3) | [19](#xx_4520d33f-05d0-4703-9445-333d064ab408_3)  |
| [How is the Fund Sold?](#xx_4520d33f-05d0-4703-9445-333d064ab408_4) | [20](#xx_4520d33f-05d0-4703-9445-333d064ab408_4)  |
| [Payments to Financial Intermediaries](#xx_4520d33f-05d0-4703-9445-333d064ab408_4) | [20](#xx_4520d33f-05d0-4703-9445-333d064ab408_4)  |
| [How to Purchase Shares](#xx_4520d33f-05d0-4703-9445-333d064ab408_5) | [21](#xx_4520d33f-05d0-4703-9445-333d064ab408_5)  |
| [How to Redeem and Exchange Shares](#xx_4520d33f-05d0-4703-9445-333d064ab408_7) | [23](#xx_4520d33f-05d0-4703-9445-333d064ab408_7)  |
| [Security and Privacy Protection](#xx_4520d33f-05d0-4703-9445-333d064ab408_10) | [26](#xx_4520d33f-05d0-4703-9445-333d064ab408_10)  |
| [Account and Share Information](#xx_4520d33f-05d0-4703-9445-333d064ab408_11) | [27](#xx_4520d33f-05d0-4703-9445-333d064ab408_11)  |
| [Who Manages the Fund?](#xx_4520d33f-05d0-4703-9445-333d064ab408_13) | [29](#xx_4520d33f-05d0-4703-9445-333d064ab408_13)  |
| [Financial Information](#xx_4520d33f-05d0-4703-9445-333d064ab408_13) | [29](#xx_4520d33f-05d0-4703-9445-333d064ab408_13)  |
| [Appendix A: Hypothetical Investment and Expense Information](#xx_692f0c89-916e-4cdf-8060-198194fbc12a_1) | [31](#xx_692f0c89-916e-4cdf-8060-198194fbc12a_1) |

---

------

Fund Summary Information–Select Shares

**Federated Hermes U.S. Treasury Cash Reserves (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is current income consistent with stability of principal and liquidity.

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

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

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

---

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

---

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

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

---

| | |
|:---|:---|
|  | **SEL** |
| Management Fee | 0.20% |
| Distribution (12b-1) Fee |  |
| Other Expenses<sup>1</sup> | 0.10%<sup>2</sup> <br>|
| Total Annual Fund Operating Expenses | 0.30% |
| Fee Waivers and/or Expense Reimbursements<sup>3</sup> | (0.13)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.17% |

---

Other Expenses are based on estimated amounts for the current fiscal year.

The Fund may incur and pay certain service fees (shareholder services/account administration fees) on its SEL class of up to a maximum of 0.25%. However, the SEL class of the Fund will not incur and pay such Fees in excess of 0.02% until such time as approved by the Fund's Board of Trustees (the "Trustees").

The Adviser and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Effective May 1, 2023, total annual fund operating expenses (excluding acquired fund fees and expenses, extraordinary expenses, interest expense, and proxy-related expenses paid by the Fund, if any) paid by the Fund's SEL class (after the voluntary waivers and/or reimbursements) will not exceed 0.17% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) June 1, 2024; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

**1**

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

---

| | |
|:---|:---|
| 1 Year | $31 |
| 3 Years | $97 |
| 5 Years | $169 |
| 10 Years | $381 |

---

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

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

The Fund invests in a portfolio of U.S. Treasury securities maturing in 397 days or less that pay interest exempt from state personal income tax. The Fund may also hold cash. The Fund may temporarily depart from its principal investment strategies for defensive purposes.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").

The Fund will operate as a "government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"). "Government money market funds" are required to invest at least 99.5% of their total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully. Government money market funds are exempt from requirements that permit money market funds to impose a liquidity fee and/or temporary redemption gates.

The Fund has not elected to be subject to the liquidity fees and gates requirement at this time.

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

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

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

◾ **Interest Rate Risk.** Prices of fixed-income securities generally fall when interest rates rise. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

◾ **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.

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

**2**

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

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

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

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**Performance: Bar Chart and Table** 

**Risk/Return Bar Chart**

The total returns shown below are for an existing class of shares, Institutional Shares (IS), offered by the Fund. The IS class is not offered in this Prospectus for the Fund's SEL class. The total returns for the IS class are disclosed below because the SEL class will not commence operations until on or about May 1, 2023. The total returns for the SEL class would be substantially similar to the annual returns for the IS class over the same period because the classes are invested in the same portfolio of securities and would differ only to the extent the classes do not have the same expenses. It is anticipated that the expense ratio of the SEL class will be lower than the expense ratio of the IS class; accordingly, the actual performance of the SEL class is anticipated to be higher than the performance of the IS class.

The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns *averaged* over the stated periods. *The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.* Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. <br>

![](ustcrpro46108ais.jpg)

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

*The Fund's IS class total return for the three-month period from January 1, 2023 to March 31, 2023, was x.xx%.*

*Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 0.84% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended December 31, 2021).*

**3**

------

**Average Annual Total Return Table**

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **IS:** | 1.41% | 1.10% | 0.64% |

---

*The Fund's IS class 7-Day Net Yield as of December 31, 2022, was 3.83%. You may call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT**

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

**Purchase and Sale of Fund Shares**

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

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a financial intermediary or directly from the Fund, by wire or by check. Please note that certain purchase restrictions may apply. Redeem or exchange Shares through a financial intermediary or directly from the Fund by telephone at 1-800-341-7400 or by mail.

**Tax Information**

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.

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

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

**4**

------

Fund Summary Information–Advisor Shares

**Federated Hermes U.S. Treasury Cash Reserves (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is current income consistent with stability of principal and liquidity.

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

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

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

---

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

---

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

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

---

| | |
|:---|:---|
|  | **AVR** |
| Management Fee | 0.20% |
| Distribution (12b-1) Fee |  |
| Other Expenses<sup>1</sup> | 0.08%<sup>2</sup> <br>|
| Total Annual Fund Operating Expenses | 0.28% |
| Fee Waivers and/or Expense Reimbursements<sup>3</sup> | (0.13)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.15% |

---

Other Expenses are based on estimated amounts for the current fiscal year.

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

The Adviser and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Effective May 1, 2023, total annual fund operating expenses (excluding acquired fund fees and expenses, extraordinary expenses, interest expense, and proxy-related expenses paid by the Fund, if any) paid by the Fund's AVR class (after the voluntary waivers and/or reimbursements) will not exceed 0.15% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) June 1, 2024; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

**5**

------

**Example**

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

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

---

| | |
|:---|:---|
| 1 Year | $29 |
| 3 Years | $90 |
| 5 Years | $157 |
| 10 Years | $356 |

---

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

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

The Fund invests in a portfolio of U.S. Treasury securities maturing in 397 days or less that pay interest exempt from state personal income tax. The Fund may also hold cash. The Fund may temporarily depart from its principal investment strategies for defensive purposes.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").

The Fund will operate as a "government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"). "Government money market funds" are required to invest at least 99.5% of their total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully. Government money market funds are exempt from requirements that permit money market funds to impose a liquidity fee and/or temporary redemption gates.

The Fund has not elected to be subject to the liquidity fees and gates requirement at this time.

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

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

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

◾ **Interest Rate Risk.** Prices of fixed-income securities generally fall when interest rates rise. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

◾ **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.

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

**6**

------

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

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

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

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**Performance: Bar Chart and Table** 

**Risk/Return Bar Chart**

The total returns shown below are for an existing class of shares, Institutional Shares (IS), offered by the Fund. The IS class is not offered in this Prospectus for the Fund's AVR class. The total returns for the IS class are disclosed below because the AVR class will not commence operations until on or about May 1, 2023. The total returns for the AVR class would be substantially similar to the annual returns for the IS class over the same period because the classes are invested in the same portfolio of securities and would differ only to the extent the classes do not have the same expenses. It is anticipated that the expense ratio of the AVR class will be lower than the expense ratio of the IS class; accordingly, the actual performance of the AVR class is anticipated to be higher than the performance of the IS class.

The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns *averaged* over the stated periods. *The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.* Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. <br>

![](ustcrpro46108ais.jpg)

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

*The Fund's IS class total return for the three-month period from January 1, 2023 to March 31, 2023, was x.xx%.*

*Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 0.84% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended December 31, 2021).*

**7**

------

**Average Annual Total Return Table**

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **IS:** | 1.41% | 1.10% | 0.64% |

---

*The Fund's IS class 7-Day Net Yield as of December 31, 2022, was 3.83%. You may call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT**

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

**Purchase and Sale of Fund Shares**

**The Advisor Shares offered through this Prospectus are available for purchase exclusively to shareholders investing through certain financial intermediaries that have entered into an agreement with the Fund's Distributor with respect to the Advisor Shares. Advisor Shares may not be purchased directly from the Fund.**

The minimum initial investment amount for the Fund's AVR Shares is generally $250,000 and there is no minimum subsequent investment amount. Certain types of accounts are eligible for lower minimum investments. The minimum investment amount for Systematic Investment Programs is $50.

You may purchase, redeem or exchange Shares of the Fund, through certain financial intermediaries, on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a financial intermediary by wire or by check. Please note that certain purchase restrictions may apply.

**Tax Information**

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.

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

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

**8**

------

Fund Summary Information–Administrative Shares

**Federated Hermes U.S. Treasury Cash Reserves (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is current income consistent with stability of principal and liquidity.

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

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

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

---

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

---

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

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

---

| | |
|:---|:---|
|  | **ADM** |
| Management Fee | 0.20% |
| Distribution (12b-1) Fee | 0.05%<sup>1</sup> <br>|
| Other Expenses<sup>2</sup> | 0.33% |
| Total Annual Fund Operating Expenses | 0.58% |
| Fee Waivers and/or Expense Reimbursements<sup>3</sup> | (0.13)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.45% |

---

The Fund may incur and pay a Distribution (12b-1) Fee on the ADM class of the Fund of up to a maximum of 0.10%. However, the ADM class of the Fund will not incur and pay a 12b-1 Fee in excess of 0.05% until such time as approved by the Fund's Board of Trustees (the "Trustees").

Other Expenses are based on estimated amounts for the current fiscal year.

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. Effective May 1, 2023, total annual fund operating expenses (excluding acquired fund fees and expenses, extraordinary expenses, interest expense, and proxy-related expenses paid by the Fund, if any) paid by the Fund's ADM class (after the voluntary waivers and/or reimbursements) will not exceed 0.45% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) June 1, 2024; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

**9**

------

**Example**

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

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

---

| | |
|:---|:---|
| 1 Year | $59 |
| 3 Years | $186 |
| 5 Years | $324 |
| 10 Years | $726 |

---

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

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

The Fund invests in a portfolio of U.S. Treasury securities maturing in 397 days or less that pay interest exempt from state personal income tax. The Fund may also hold cash. The Fund may temporarily depart from its principal investment strategies for defensive purposes.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").

The Fund will operate as a "government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"). "Government money market funds" are required to invest at least 99.5% of their total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully. Government money market funds are exempt from requirements that permit money market funds to impose a liquidity fee and/or temporary redemption gates.

The Fund has not elected to be subject to the liquidity fees and gates requirement at this time.

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

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

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

◾ **Interest Rate Risk.** Prices of fixed-income securities generally fall when interest rates rise. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

◾ **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.

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

**10**

------

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

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

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

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**Performance: Bar Chart and Table** 

**Risk/Return Bar Chart**

The total returns shown below are for an existing class of shares, Institutional Shares (IS), offered by the Fund. The IS class is not offered in this Prospectus for the Fund's ADM class. The total returns for the IS class are disclosed below because the ADM class will not commence operations until on or about May 1, 2023. The total returns for the ADM class would be substantially similar to the annual returns for the IS class over the same period because the classes are invested in the same portfolio of securities and would differ only to the extent the classes do not have the same expenses. It is anticipated that the expense ratio of the ADM class will be higher than the expense ratio of the IS class; accordingly, the actual performance of the ADM class is anticipated to be lower than the performance of the IS class.

The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns *averaged* over the stated periods. *The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.* Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. <br>

![](ustcrpro46108ais.jpg)

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

*The Fund's IS class total return for the three-month period from January 1, 2023 to March 31, 2023, was x.xx%.*

*Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 0.84% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended December 31, 2021).*

**11**

------

**Average Annual Total Return Table**

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **IS:** | 1.41% | 1.10% | 0.64% |

---

*The Fund's IS class 7-Day Net Yield as of December 31, 2022, was 3.83%. You may call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT**

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

**Purchase and Sale of Fund Shares**

The minimum initial investment amount for the Fund's ADM class is generally $500,000 and there is no minimum subsequent investment amount.. Certain types of accounts are eligible for lower minimum investments. The minimum investment amount for Systematic Investment Programs is $50.

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a financial intermediary or directly from the Fund, by wire or by check. Please note that certain purchase restrictions may apply. Redeem or exchange Shares through a financial intermediary or directly from the Fund by telephone at 1-800-341-7400 or by mail.

**Tax Information**

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.

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

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

**12**

------

Fund Summary Information–Premier Shares

**Federated Hermes U.S. Treasury Cash Reserves (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is current income consistent with stability of principal and liquidity.

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

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

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

---

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

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

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

---

| | |
|:---|:---|
|  | **PRM** |
| Management Fee | 0.20% |
| Distribution (12b-1) Fee |  |
| Other Expenses<sup>1</sup> | 0.08%<sup>2</sup> <br>|
| Total Annual Fund Operating Expenses | 0.28% |
| Fee Waivers and/or Expense Reimbursements<sup>3</sup> | (0.13)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.15% |

---

Other Expenses are based on estimated amounts for the current fiscal year.

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

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. Effective May 1, 2023, total annual fund operating expenses (excluding acquired fund fees and expenses, extraordinary expenses, interest expense, and proxy-related expenses paid by the Fund, if any) paid by the Fund's PRM class (after the voluntary waivers and/or reimbursements) will not exceed 0.15% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) June 1, 2024; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

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

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| | |
|:---|:---|
| 1 Year | $29 |
| 3 Years | $90 |
| 5 Years | $157 |
| 10 Years | $356 |

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

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

The Fund invests in a portfolio of U.S. Treasury securities maturing in 397 days or less that pay interest exempt from state personal income tax. The Fund may also hold cash. The Fund may temporarily depart from its principal investment strategies for defensive purposes.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").

The Fund will operate as a "government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"). "Government money market funds" are required to invest at least 99.5% of their total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully. Government money market funds are exempt from requirements that permit money market funds to impose a liquidity fee and/or temporary redemption gates.

The Fund has not elected to be subject to the liquidity fees and gates requirement at this time.

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

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

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

◾ **Interest Rate Risk.** Prices of fixed-income securities generally fall when interest rates rise. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.

◾ **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.

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

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

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

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

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

**Performance: Bar Chart and Table** 

**Risk/Return Bar Chart**

The total returns shown below are for an existing class of shares, Institutional Shares (IS), offered by the Fund. The IS class is not offered in this Prospectus for the Fund's PRM class. The total returns for the IS class are disclosed below because the PRM class will not commence operations until on or about May 1, 2023. The total returns for the PRM class would be substantially similar to the annual returns for the IS class over the same period because the classes are invested in the same portfolio of securities and would differ only to the extent the classes do not have the same expenses. It is anticipated that the expense ratio of the PRM class will be lower than the expense ratio of the IS class; accordingly, the actual performance of the PRM class is anticipated to be higher than the performance of the IS class.

The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns *averaged* over the stated periods. *The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.* Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. <br>

![](ustcrpro46108ais.jpg)

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

*The Fund's IS class total return for the three-month period from January 1, 2023 to March 31, 2023, was x.xx%.*

*Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 0.84% (quarter ended December 31, 2022). Its lowest quarterly return was 0.00% (quarter ended December 31, 2021).*

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**Average Annual Total Return Table**

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
| **IS:** | 1.41% | 1.10% | 0.64% |

---

*The Fund's IS class 7-Day Net Yield as of December 31, 2022, was 3.83%. You may call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.*

**FUND MANAGEMENT**

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

**Purchase and Sale of Fund Shares**

The minimum initial investment amount for the Fund's PRM class is generally $5 million and there is no minimum subsequent investment amount.. Certain types of accounts are eligible for lower minimum investments. The minimum investment amount for Systematic Investment Programs is $50.

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a financial intermediary or directly from the Fund, by wire or by check. Please note that certain purchase restrictions may apply. Redeem or exchange Shares through a financial intermediary or directly from the Fund by telephone at 1-800-341-7400 or by mail.

**Tax Information**

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.

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

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

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What are the Fund's Investment Strategies?

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

The Fund invests in a portfolio of U.S. Treasury securities maturing in 397 days or less that pay interest exempt from state personal income tax. The Fund may also hold cash. The Fund may temporarily depart from its principal investment strategies for defensive purposes.

The Fund's Adviser targets a dollar-weighted average portfolio maturity (WAM) range based upon its interest rate outlook. The Adviser formulates its interest rate outlook by analyzing a variety of factors, such as:

◾ current U.S. economic activity and the economic outlook;

◾ current short-term interest rates;

◾ the Federal Reserve Board's policies regarding short-term interest rates; and

◾ the potential effects of foreign economic activity on U.S. short-term interest rates.

The Adviser generally shortens the portfolio's WAM when it expects interest rates to rise and extends the WAM when it expects interest rates to fall. This strategy seeks to enhance the returns from favorable interest rate changes and reduce the effect of unfavorable changes. The Adviser selects securities used to shorten or extend the portfolio's WAM by comparing the returns currently offered by different investments to their historical and expected returns.

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

The Fund will operate as a "government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"). "Government money market funds" are required to invest at least 99.5% of their total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully. Government money market funds are exempt from requirements that permit money market funds to impose a liquidity fee and/or temporary redemption gates.

The Fund has not elected to be subject to the liquidity fees and gates requirement at this time.

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

**TEMPORARY CASH POSITIONS**

The Fund may temporarily depart from its principal investment strategies by holding cash. It may do this in response to unusual circumstances, such as: adverse market, economic or other conditions (for example, during periods when there is a shortage of appropriate securities); to maintain liquidity to meet shareholder redemptions; or to accommodate cash inflows. Such temporary cash positions could affect the Fund's investment returns and/or the Fund's ability to achieve its investment objective.

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.

**U.S. Treasury Securities** 

U.S. Treasury securities are direct obligations of the federal government of the United States. U.S. Treasury 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 U.S. Treasury must repay the principal amount of the security, normally within a specified time.

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What are the Specific Risks of Investing in the Fund?

The following provides general information on the risks associated with the Fund's principal investments. These are the primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund or reduce the Fund's daily dividends. Any additional risks associated with the Fund's non-principal investments are described in the Fund's SAI. The Fund's SAI also may provide additional information about the risks associated with the Fund's principal investments.

**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.

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

**Risk Related to the Economy**

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

**Epidemic and Pandemic Risk**

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

**RISK ASSOCIATED WITH INVESTING SHARE PURCHASE PROCEEDS**

On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase. The larger the amount that must be invested or the greater the

**18**

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difference between the yield of the securities purchased and the yield of the existing investments, the greater the impact will be on the yield of the Fund. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.

**RISK ASSOCIATED WITH USE OF AMORTIZED COST**

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

**ADDITIONAL FACTORS AFFECTING YIELD**

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

**technology Risk**

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

What Do Shares Cost?

**CALCULATION OF NET ASSET VALUE**

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

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

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When the Fund receives your transaction request in proper form (as described in this Prospectus under the sections entitled "How to Purchase Shares" and "How to Redeem and Exchange Shares"), it is processed at the next determined NAV. NAV is generally determined at 2:00 p.m. and as of the end of regular trading on the NYSE (normally 4:00 p.m.) Eastern time each day the NYSE is open; except that on the day after Thanksgiving and Christmas Eve (when Christmas Eve falls on a weekday), NAV will be determined at 3:00 p.m. Eastern time. The times as of when NAV is determined, and when orders must be placed, may be changed as permitted by the SEC.

How is the Fund Sold?

The Fund offers six Share classes: Institutional Shares, Service Shares, Select Shares, Administrative Shares, Advisor Shares and Premier Shares, each representing interests in a single portfolio of securities. This prospectus relates to the Select Shares, Administrative Shares, Advisor Shares and Premier Shares. All Share classes have different expenses which affect their performance. Please note that certain purchase restrictions may apply. Contact your financial intermediary or call 1-800-341-7400 for more information concerning the other classes.

**The Advisor Shares offered through this Prospectus are available for purchase exclusively to shareholders investing through certain financial intermediaries that have entered into an agreement with the Fund's Distributor with respect to the Advisor Shares.**

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

The Fund's Distributor markets the Shares described in this Prospectus to institutional investors, such as banks, fiduciaries, custodians of public funds, corporations, unions, hospitals, insurance companies and municipalities, or to individuals, directly or through financial intermediaries.

**Intra-Fund Share Conversion Program**

With the exception of AVR Shares, a shareholder in the Fund's Shares may convert their Shares at net asset value to any other share class of the Fund if the shareholder meets the investment minimum and eligibility requirements for the share class into which the conversion is sought, as applicable. Such conversion of classes should not result in a realization event for tax purposes. Contact your financial intermediary or call 1-800-341-7400 to convert your Shares. AVR Shares do not have any conversion rights.

Payments to Financial Intermediaries

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

**RULE 12b-1 FEES**

**ADM Class**

The Board has adopted a Rule 12b-1 Plan, which allows payment of marketing fees of up to 0.10% of average net assets to the Distributor for the sale, distribution, administration and customer servicing of the Fund's ADM Shares. When the Distributor receives Rule 12b-1 Fees, it may pay some or all of them to financial intermediaries whose customers purchase Shares. The Fund's ADM class has no present intention of paying, accruing or incurring more than 0.05% of any Rule 12b-1 Fees until such time as approved by the Fund's Board of Trustees. 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**

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

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

The SEL class of the Fund has no present intention of paying, accruing or incurring more than 0.02% of any such Service Fees until such time as approved by the Fund's Board of Trustees.

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**ACCOUNT ADMINISTRATION FEES**

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

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

The SEL class of the Fund has no present intention of paying, accruing or incurring more than 0.02% of any such Account Administration Fees until such time as approved by the Fund's Board of Trustees.

**NETWORKING FEES**

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

**ADDITIONAL PAYMENTS TO FINANCIAL INTERMEDIARIES**

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

These payments are negotiated and may be based on such factors as: the number or value of Shares that the financial intermediary sells or may sell; the value of client assets invested; the level and types of services or support furnished by the financial intermediary; or the Fund's and/or other Federated Hermes funds' relationship with the financial intermediary. These payments may be in addition to payments, as described above, made by the Fund to the financial intermediary. In connection with these payments, the financial intermediary may elevate the prominence or profile of the Fund and/or other Federated Hermes funds, within the financial intermediary's organization by, for example, placement on a list of preferred or recommended funds and/or granting the Distributor preferential or enhanced opportunities to promote the funds in various ways within the financial intermediary's organization. You can ask your financial intermediary for information about any payments it receives from the Distributor or the Fund and any services provided, as well as about fees and/or commissions it charges.

How to Purchase Shares

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

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

**The Advisor Shares offered through this Prospectus are available for purchase exclusively to shareholders investing through certain financial intermediaries that have entered into an agreement with the Fund's Distributor with respect to the Advisor Shares. See "Through A Financial Intermediary" for additional details.**

The minimum initial investment for Advisor Shares is generally $250,000 and there is no minimum subsequent investment amount.

The minimum initial investment for Administrative Shares is generally $500,000 and there is no minimum subsequent investment amount.

The minimum initial investment for Select Shares is generally $1 million and there is no minimum subsequent investment amount.

The minimum initial investment for Premier Shares is generally $5 million and there is no minimum subsequent investment amount.

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**THROUGH A FINANCIAL INTERMEDIARY**

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

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

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

**DIRECTLY FROM THE FUND**

**Advisor Shares are only available for purchase through financial intermediaries that have entered into an agreement with the Fund's Distributor with respect to the Advisor Shares.** <br>

**By Telephone**

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

Your purchase will be priced at the NAV next calculated after the Fund receives your order. Receipt of a purchase order by a financial intermediary will be deemed received by the Fund to the extent that such financial intermediary has been duly authorized by the Fund to accept such orders. If you call the Fund by 2:00 p.m. Eastern time and send your payment by wire by the close of the Federal Reserve wire transfer system, you will be entitled to that day's dividend.

Send your wire to:

State Street Bank and Trust Company <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

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

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

**By Mail**

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

The Federated Hermes Funds <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

**Please note your account number on your check.** Payment should be made in U.S. dollars and drawn on a U.S. bank. If your check does not clear, your purchase will be canceled and you could be liable for any losses or fees incurred by the Fund or SS&C GIDS, Inc., the Fund's transfer agent. The Fund reserves the right to reject **any** purchase request. For example, to protect against check fraud the Fund may reject any purchase request involving a check that is not made payable to **The Federated Hermes Funds** (including, but not limited to, requests to purchase Shares using third-party checks) or involving temporary checks or credit card checks.

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

**By Direct Deposit**

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

**THROUGH AN EXCHANGE**

You may purchase Shares through an exchange from any Federated Hermes fund or share class that does not have a stated sales charge or contingent deferred sales charge, except shares of Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Value Obligations Fund, Class A Shares without a sales charge ("no-load Class A Shares") and Class R Shares of any Fund provided that you meet any shareholder eligibility and minimum initial investment requirements for the Shares to be purchased (if applicable), both accounts have identical registrations, and you must receive a prospectus for the fund in which you wish to exchange.

**By Online Account Services**

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

**BY SYSTEMATIC INVESTMENT PROGRAM (SIP)**

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

**BY AUTOMATED CLEARING HOUSE (ACH)**

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

**RETIREMENT INVESTMENTS**

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 annual IRA account fee.

How to Redeem and Exchange Shares

You should redeem or exchange Shares:

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

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

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

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

**THROUGH A FINANCIAL INTERMEDIARY**

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

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

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

**DIRECTLY FROM THE FUND**

**By Telephone**

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

If you call the Fund by 2:00 p.m. Eastern time and your redemption proceeds are wired to you the same day, you will not be entitled to that day's dividend.

If you call the Fund after 2:00 p.m. Eastern time and before the end of regular trading (normally 4:00 p.m. Eastern time) on the NYSE, you will be entitled to that day's dividend and your redemption proceeds will be sent to you the following business day.

**By Mail**

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

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

Send requests by mail to:

The Federated Hermes Funds <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.

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**PAYMENT METHODS FOR REDEMPTIONS**

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

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

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

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

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

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

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

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

**LIMITATIONS ON REDEMPTION PROCEEDS** 

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

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

◾ during periods of market volatility;

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

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

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

In addition, the right of redemption may be suspended, or the payment of proceeds may be delayed, during any period:

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

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

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

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

Pursuant to rules under Section 22(e) of the 1940 Act, while it is unlikely that the Fund's weekly liquid assets would fall below 10% given the Fund's investment strategy and operation as a government money market fund, the Board, in its discretion, may suspend redemptions in the Fund and approve the liquidation of the Fund if the Fund's weekly liquid assets were to fall below 10% and the Board determines it would not be in the best interests of the Fund to continue operating. The Board also may suspend redemptions in the Fund and approve the liquidation of the Fund if the Board determines that the deviation between the Fund's amortized cost price per share and its market-based NAV may result in material dilution or other unfair results to investors or existing shareholders. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to liquidate and suspend redemptions. If the Fund ceases honoring redemptions and determines to liquidate, the Fund expects that it would notify shareholders on the Fund's website or by press release. Distributions to shareholders of liquidation proceeds may occur in one or more disbursements.

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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** 

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

To do this, you must:

◾ meet any applicable shareholder eligibility requirements;

◾ ensure that the account registrations are identical;

◾ meet any applicable minimum initial investment requirements; and

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

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

**Systematic Withdrawal/Exchange Program**

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

**ADDITIONAL CONDITIONS**

**Telephone Transactions**

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

**Share Certificates**

The Fund 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.

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

**ANTI-MONEY LAUNDERING COMPLIANCE**

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

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

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

Account and Share Information

**ACCOUNT ACTIVITY**

You will receive periodic statements reporting all account activity, including systematic transactions and dividends paid by the Fund.

**DIVIDENDS AND CAPITAL GAINS**

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

From time to time, the Fund may realize capital gains or losses. If capital gains or losses were to occur, they could result in an increase or decrease in dividends. The Fund pays any capital gains at least annually, and may make such special distributions of dividends and capital gains as may be necessary to meet applicable regulatory requirements. Your dividends and capital gains distributions will be automatically reinvested in additional Shares without a sales charge, unless you elect cash payments. Dividends may also be reinvested without sales charges in shares of any class of any other Federated Hermes fund of which you are already a shareholder.

Important information regarding the Fund's distributions, including the percentage of the Fund's distributions that are attributable to capital gains during the calendar year (if any), 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

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state laws, including, as applicable, to both the shareholder and the designated representative. A completed designation form may be mailed to the Fund (if Shares are held directly with the Fund) or to the shareholder's financial intermediary (if Shares are not held directly with the Fund). Shareholders should refer to relevant state law for the shareholder's specific rights and responsibilities under his or her state's escheatment law(s), which can generally be found on a state's official website.

**ACCOUNTS WITH LOW BALANCES**

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

◾ $250,000 for the AVR class;

◾ $500,000 for the ADM class;

◾ $1 million for the SEL class; and

◾ $5 million for the PRM classes.

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

**TAX INFORMATION**

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

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

**FREQUENT TRADING POLICIES**

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

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

**PORTFOLIO HOLDINGS INFORMATION**

Information concerning the Fund's portfolio holdings is available via the link to the Fund and share class name at FederatedInvestors.com. Such information is posted on the website five business days after both mid-month and month-end then remains posted on the website for six months thereafter. Summary portfolio composition information as of the close of each month is posted on the website 15 days (or the next business day) after month-end and remains until replaced by the information for the succeeding month. The summary portfolio composition information may include effective average portfolio maturity and percentage breakdowns of the portfolio by credit quality tier, effective maturity range and type of security. The Fund's WAM and WAL, Shadow NAV (market-based value of the Fund's portfolio), Daily and Weekly Liquid Assets and Daily Flows are posted every business day and remain posted on the website for six months thereafter.

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

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

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

Who Manages the Fund?

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

The address of the Adviser and FASC is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779.

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

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

**ADVISORY FEES** 

The Fund's investment advisory contract provides for payment to the Adviser of an annual investment advisory fee of 0.20% of the Fund's average daily net assets. 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: Fee 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 April 30 and October 31, 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.

As the SEL, AVR, ADM and PRM classes have not yet commenced operations, audited fiscal year end information is not available as of the date of this Prospectus.

The Financial Highlights information presented in this Prospectus is for the Fund's IS class and is for illustrative purposes only. Please note that the SEL, AVR and PRM classes are expected to have lower net expenses than the IS class and the ADM share class is expected to have higher net expenses than the IS class, and therefore, the financial performance of the SEL, AVR, ADM and PRM share classes may differ from the IS class accordingly.

This information, except for the six-month period ended October 31, 2022, has been audited by [To Be Filed By Amendment], an independent registered public accounting firm, whose report, along with the Fund's audited financial statements, is included in the Annual Report. Information for the six-months ended October 31, 2022, is unaudited.

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Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months**<br> **Ended**<br> (unaudited)<br> **10/31/2022** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | &nbsp;&nbsp; **Six Months**<br> **Ended**<br> (unaudited)<br> **10/31/2022** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FROM<br> INVESTMENT OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.010) |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DISTRIBUTIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.010) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>5</sup> <br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.53%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $28679746 | $30644819 | $33873591 | $45718410 | $19051560 | $12855873 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Represents less than $0.001.*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Computed on an annualized basis.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.13%, 0.19%, 0.19% and 0.20% for the years ended April 30, 2021, 2020, 2019 and 2018, respectively, after taking into account these expense reductions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*This expense decrease is reflected in both the net expense and net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.*

Further information about the Fund's performance is contained in the Fund's Annual Report, dated April 30, 2022, and the Semi-Annual Report, dated October 31, 2022, which can be obtained free of charge.

**30**

------

Appendix A: Hypothetical Investment and Expense Information

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES U.S. TREASURY CASH RESERVES - SEL CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - SEL CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - SEL CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - SEL CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - SEL CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - SEL CLASS** |
| **ANNUAL EXPENSE RATIO: 0.30%** | **ANNUAL EXPENSE RATIO: 0.30%** | **ANNUAL EXPENSE RATIO: 0.30%** | **ANNUAL EXPENSE RATIO: 0.30%** | **ANNUAL EXPENSE RATIO: 0.30%** | **ANNUAL EXPENSE RATIO: 0.30%** |
| **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** |
| **Year** | **Hypothetical**<br> **Beginning** <br> **Investment**<br>| **Hypothetical** <br> **Performance** <br> **Earnings**<br>| **Investment** <br> **After**<br> **Returns**<br>| **Hypothetical** <br> **Expenses**<br>| **Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00  | &nbsp;&nbsp; $500.00  | $10500.00  | &nbsp;&nbsp; $30.71  | $10470.00  |
| 2 | $10470.00  | &nbsp;&nbsp; $523.50  | $10993.50  | &nbsp;&nbsp; $32.15  | $10962.09  |
| 3 | $10962.09  | &nbsp;&nbsp; $548.10  | $11510.19  | &nbsp;&nbsp; $33.66  | $11477.31  |
| 4 | $11477.31  | &nbsp;&nbsp; $573.87  | $12051.18  | &nbsp;&nbsp; $35.24  | $12016.74  |
| 5 | $12016.74  | &nbsp;&nbsp; $600.84  | $12617.58  | &nbsp;&nbsp; $36.90  | $12581.53  |
| 6 | $12581.53  | &nbsp;&nbsp; $629.08  | $13210.61  | &nbsp;&nbsp; $38.63  | $13172.86  |
| 7 | $13172.86  | &nbsp;&nbsp; $658.64  | $13831.50  | &nbsp;&nbsp; $40.45  | $13791.98  |
| 8 | $13791.98  | &nbsp;&nbsp; $689.60  | $14481.58  | &nbsp;&nbsp; $42.35  | $14440.20  |
| 9 | $14440.20  | &nbsp;&nbsp; $722.01  | $15162.21  | &nbsp;&nbsp; $44.34  | $15118.89  |
| 10 | $15118.89  | &nbsp;&nbsp; $755.94  | $15874.83  | &nbsp;&nbsp; $46.42  | $15829.48  |
| Cumulative |  | $6201.58  |  | $380.85  |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES U.S. TREASURY CASH RESERVES - AVR CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - AVR CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - AVR CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - AVR CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - AVR CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - AVR CLASS** |
| **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** |
| **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** |
| **Year** | **Hypothetical**<br> **Beginning** <br> **Investment**<br>| **Hypothetical** <br> **Performance** <br> **Earnings**<br>| **Investment** <br> **After**<br> **Returns**<br>| **Hypothetical** <br> **Expenses**<br>| **Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00  | &nbsp;&nbsp; $500.00  | $10500.00  | &nbsp;&nbsp; $28.66  | $10472.00  |
| 2 | $10472.00  | &nbsp;&nbsp; $523.60  | $10995.60  | &nbsp;&nbsp; $30.01  | $10966.28  |
| 3 | $10966.28  | &nbsp;&nbsp; $548.31  | $11514.59  | &nbsp;&nbsp; $31.43  | $11483.89  |
| 4 | $11483.89  | &nbsp;&nbsp; $574.19  | $12058.08  | &nbsp;&nbsp; $32.91  | $12025.93  |
| 5 | $12025.93  | &nbsp;&nbsp; $601.30  | $12627.23  | &nbsp;&nbsp; $34.47  | $12593.55  |
| 6 | $12593.55  | &nbsp;&nbsp; $629.68  | $13223.23  | &nbsp;&nbsp; $36.09  | $13187.97  |
| 7 | $13187.97  | &nbsp;&nbsp; $659.40  | $13847.37  | &nbsp;&nbsp; $37.80  | $13810.44  |
| 8 | $13810.44  | &nbsp;&nbsp; $690.52  | $14500.96  | &nbsp;&nbsp; $39.58  | $14462.29  |
| 9 | $14462.29  | &nbsp;&nbsp; $723.11  | $15185.40  | &nbsp;&nbsp; $41.45  | $15144.91  |
| 10 | $15144.91  | &nbsp;&nbsp; $757.25  | $15902.16  | &nbsp;&nbsp; $43.41  | $15859.75  |
| Cumulative |  | $6207.36  |  | $355.81  |  |

---

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

**31**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES U.S. TREASURY CASH RESERVES - ADM CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - ADM CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - ADM CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - ADM CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - ADM CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - ADM CLASS** |
| **ANNUAL EXPENSE RATIO: 0.58%** | **ANNUAL EXPENSE RATIO: 0.58%** | **ANNUAL EXPENSE RATIO: 0.58%** | **ANNUAL EXPENSE RATIO: 0.58%** | **ANNUAL EXPENSE RATIO: 0.58%** | **ANNUAL EXPENSE RATIO: 0.58%** |
| **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** |
| **Year** | **Hypothetical**<br> **Beginning** <br> **Investment**<br>| **Hypothetical** <br> **Performance** <br> **Earnings**<br>| **Investment** <br> **After**<br> **Returns**<br>| **Hypothetical** <br> **Expenses**<br>| **Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00  | &nbsp;&nbsp; $500.00  | $10500.00  | &nbsp;&nbsp; $59.28  | $10442.00  |
| 2 | $10442.00  | &nbsp;&nbsp; $522.10  | $10964.10  | &nbsp;&nbsp; $61.90  | $10903.54  |
| 3 | $10903.54  | &nbsp;&nbsp; $545.18  | $11448.72  | &nbsp;&nbsp; $64.64  | $11385.48  |
| 4 | $11385.48  | &nbsp;&nbsp; $569.27  | $11954.75  | &nbsp;&nbsp; $67.50  | $11888.72  |
| 5 | $11888.72  | &nbsp;&nbsp; $594.44  | $12483.16  | &nbsp;&nbsp; $70.48  | $12414.20  |
| 6 | $12414.20  | &nbsp;&nbsp; $620.71  | $13034.91  | &nbsp;&nbsp; $73.59  | $12962.91  |
| 7 | $12962.91  | &nbsp;&nbsp; $648.15  | $13611.06  | &nbsp;&nbsp; $76.85  | $13535.87  |
| 8 | $13535.87  | &nbsp;&nbsp; $676.79  | $14212.66  | &nbsp;&nbsp; $80.24  | $14134.16  |
| 9 | $14134.16  | &nbsp;&nbsp; $706.71  | $14840.87  | &nbsp;&nbsp; $83.79  | $14758.89  |
| 10 | $14758.89  | &nbsp;&nbsp; $737.94  | $15496.83  | &nbsp;&nbsp; $87.49  | $15411.23  |
| Cumulative |  | $6121.29  |  | $725.76  |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEDERATED HERMES U.S. TREASURY CASH RESERVES - PRM CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - PRM CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - PRM CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - PRM CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - PRM CLASS** | **FEDERATED HERMES U.S. TREASURY CASH RESERVES - PRM CLASS** |
| **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** | **ANNUAL EXPENSE RATIO: 0.28%** |
| **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** | **MAXIMUM FRONT-END SALES CHARGE: NONE** |
| **Year** | **Hypothetical**<br> **Beginning** <br> **Investment**<br>| **Hypothetical** <br> **Performance** <br> **Earnings**<br>| **Investment** <br> **After**<br> **Returns**<br>| **Hypothetical** <br> **Expenses**<br>| **Hypothetical** <br> **Ending**<br> **Investment**<br>|
| 1 | $10000.00  | &nbsp;&nbsp; $500.00  | $10500.00  | &nbsp;&nbsp; $28.66  | $10472.00  |
| 2 | $10472.00  | &nbsp;&nbsp; $523.60  | $10995.60  | &nbsp;&nbsp; $30.01  | $10966.28  |
| 3 | $10966.28  | &nbsp;&nbsp; $548.31  | $11514.59  | &nbsp;&nbsp; $31.43  | $11483.89  |
| 4 | $11483.89  | &nbsp;&nbsp; $574.19  | $12058.08  | &nbsp;&nbsp; $32.91  | $12025.93  |
| 5 | $12025.93  | &nbsp;&nbsp; $601.30  | $12627.23  | &nbsp;&nbsp; $34.47  | $12593.55  |
| 6 | $12593.55  | &nbsp;&nbsp; $629.68  | $13223.23  | &nbsp;&nbsp; $36.09  | $13187.97  |
| 7 | $13187.97  | &nbsp;&nbsp; $659.40  | $13847.37  | &nbsp;&nbsp; $37.80  | $13810.44  |
| 8 | $13810.44  | &nbsp;&nbsp; $690.52  | $14500.96  | &nbsp;&nbsp; $39.58  | $14462.29  |
| 9 | $14462.29  | &nbsp;&nbsp; $723.11  | $15185.40  | &nbsp;&nbsp; $41.45  | $15144.91  |
| 10 | $15144.91  | &nbsp;&nbsp; $757.25  | $15902.16  | &nbsp;&nbsp; $43.41  | $15859.75  |
| Cumulative |  | $6207.36  |  | $355.81  |  |

---

**32**

------

An SAI dated May 1, 2023, is incorporated by reference into this Prospectus. Additional information about the Fund and its investments is contained in the Fund's SAI and Annual and Semi-Annual Reports to shareholders as they become available. The SAI contains a description of the Fund's policies and procedures with respect to the disclosure of its portfolio securities. To obtain the SAI, Annual Report, Semi-Annual Report and other information without charge, and to make inquiries, call your financial intermediary or the Fund at 1-800-341-7400.

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

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

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

![](fhilogok11p.jpg)

Federated Hermes U.S. Treasury Cash Reserves <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. 811-5950*

*CUSIP 31423R872* <br>*CUSIP 31423R708* <br>*CUSIP 31423R807* <br>*CUSIP 31423R880*

*Q455893 (5/23)*© 2023 Federated Hermes, Inc.

------

**Statement of Additional Information** 

***May 1, 2023***![](img74b0d8931.gif)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Select** \| TBD | **Advisor** \| TBD | **Administrative** \| TBD | **Premier** \| TBD |

---

------

Federated Hermes U.S. Treasury Cash Reserves

------

A Portfolio of Federated Hermes Money Market Obligations Trust

This Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes U.S. Treasury Cash Reserves (the "Fund"), dated May 1, 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.

**A Registration Statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. Information contained herein is subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This Statement of Additional Information 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.** 

---

| | |
|:---|:---|
|  | **Contents** |
| &nbsp;&nbsp; 1 | [How is the Fund Organized?](#xx_5030f868-d96f-464e-8849-df9ad40b247b_1)  |
| &nbsp;&nbsp; 1 | [Securities in Which the Fund Invests](#xx_5030f868-d96f-464e-8849-df9ad40b247b_1)  |
| &nbsp;&nbsp; 2 | [Investment Risks](#xx_5030f868-d96f-464e-8849-df9ad40b247b_2)  |
| &nbsp;&nbsp; 4 | [Investment Objective (and Policies) and Investment Limitations](#xx_5030f868-d96f-464e-8849-df9ad40b247b_4)  |
| &nbsp;&nbsp; 6 | [What Do Shares Cost?](#xx_5030f868-d96f-464e-8849-df9ad40b247b_6)  |
| &nbsp;&nbsp; 6 | [How is the Fund Sold?](#xx_5030f868-d96f-464e-8849-df9ad40b247b_6)  |
| &nbsp;&nbsp; 9 | [Purchases In-Kind](#xx_5030f868-d96f-464e-8849-df9ad40b247b_9)  |
| &nbsp;&nbsp; 9 | [Redemption In-Kind](#xx_5030f868-d96f-464e-8849-df9ad40b247b_9)  |
| &nbsp;&nbsp; 9 | [Massachusetts Partnership Law](#xx_5030f868-d96f-464e-8849-df9ad40b247b_9)  |
| 10 | [Share Information](#xx_5030f868-d96f-464e-8849-df9ad40b247b_10)  |
| 10 | [Tax Information](#xx_5030f868-d96f-464e-8849-df9ad40b247b_10)  |
| 11 | [Who Manages and Provides Services to the Fund?](#xx_5030f868-d96f-464e-8849-df9ad40b247b_11)  |
| 23 | [Financial Information](#xx_5030f868-d96f-464e-8849-df9ad40b247b_23)  |
| 24 | [Addresses](#xx_687b5387-ae45-4459-b086-0601d24d85d1_1)  |
| 25 | [Appendix](#xx_7b6059a4-f4f6-4436-83bb-64b744309803_1) |

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Federated Hermes U.S. Treasury Cash Reserves <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

*1022103B (5/23)*© 2023 Federated Hermes, Inc.

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How is the Fund Organized?

The Fund is a diversified portfolio of Federated Hermes Money Market Obligations Trust ("Trust"). The Trust is an open-end, management investment company that was established under the laws of the Commonwealth of Massachusetts on October 3, 1988. The Trust may offer separate series of shares representing interests in separate portfolios of securities. The Fund, which was established on December 7, 1989, was reorganized as a portfolio of the Trust on September 3, 1999.

The Board of Trustees ("Board") has established six classes of shares of the Fund, known as Institutional Shares, Service Shares, Advisor Shares, Administrative Shares, Select Shares and Premier Shares. ("Shares"). This SAI relates to Advisor Shares, Administrative Shares, Select Shares and Premier Shares. The Fund's investment adviser is Federated Investment Management Company ("Adviser"). Effective June 26, 2020, the Trust changed its name from Money Market Obligations Trust to Federated Hermes Money Market Obligations Trust, and the Fund changed its name from Federated U.S. Treasury Cash Reserves to Federated Hermes U.S. Treasury Cash Reserves.

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.

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

Certain U.S. Treasury securities in which the Fund invests may be zero-coupon securities. 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.

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

Certain U.S. Treasury securities in which the Fund invests are callable at the option of the issuer. Callable securities are subject to call risks.

**Other Investments, Transactions, Techniques**

**Delayed Delivery Transactions**

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

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**Asset Segregation**

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

**Inter-Fund Borrowing AND Lending Arrangements**

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

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

Investment Risks

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

**liquidity Risk**

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

**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."

**Call Risk**

Call risk is the possibility that an issuer may redeem a U.S. Treasury 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 U.S. Treasury security is called, the Fund may have to reinvest the proceeds in other U.S. Treasury fixed-income securities with lower interest rates or other less favorable characteristics.

**COUNTERPARTY CREDIT RISK**

A party to a transaction involving the Fund may 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 strategies.

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**LARGE SHAREHOLDER RISK**

A significant percentage of the Fund's shares may be owned or controlled by a large shareholder, such as other funds or accounts, including those of which the Adviser or an affiliate of the Adviser may have investment discretion. Accordingly, the Fund can be subject to the potential for large scale inflows and outflows as a result of purchases and 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 other disruptions to operations), and/or fail to comply with applicable privacy and other laws. Among other potentially harmful effects, cyber-events also can result in theft, unauthorized monitoring and failures in the physical infrastructure or operating systems that support the Fund and its service providers. In addition, cyber-events affecting issuers in which the Fund invests could cause the Fund's investments to lose value.

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

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

Investment Objective (and Policies) and Investment Limitations

The Fund's fundamental investment objective is current income consistent with stability of principal and liquidity. This investment objective may not be changed by the Fund's Board without shareholder approval.

**Investment Limitations**

**Diversification**

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

**Concentration**

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

**Issuing Senior Securities and Borrowing Money**

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

**Pledging Assets**

The Fund will not mortgage, pledge or hypothecate any assets except to secure permitted borrowings. In those cases, it may pledge assets having a market value not exceeding the lesser of the dollar amounts borrowed or 10% of the value of total assets at the time of the pledge.

**Lending Cash or Securities**

The Fund will not lend any of its assets, except that it may purchase or hold U.S. Treasury obligations, as permitted by its investment objective, policies, and limitations or Declaration of Trust.

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**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.

**Underwriting Securities**

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

**Investing in Commodities**

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

**The above limitations cannot be changed unless authorized by the Board and by the "vote of a majority of the Fund's outstanding voting securities," as defined by the 1940 Act. The following limitations, however, may be changed by the Board without shareholder approval. Shareholders will be notified before any material change in these limitations becomes effective.**

**Purchases on Margin**

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

**Illiquid Securities**

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

**Investing in Securities of Other Investment Companies**

The Fund will not purchase securities of other investment companies, except as part of a merger, consolidation, or other acquisition.

**Additional Information**

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.

**Additional Non-Fundamental Policy**

The Fund will operate as a "government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the 1940 Act. "Government money market funds" are required to invest at least 99.5% of their total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully. Government money market funds are exempt from requirements that permit money market funds to impose a liquidity fee and/or temporary redemption gates.

**Non-Fundamental Names Rule Policy** 

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

**REGULATORY COMPLIANCE**

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

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

What Do Shares Cost?

**Determining Market Value Of Securities**

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

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

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

How is the Fund Sold?

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

**Rule 12b-1 Plan (ADMINISTRATIVE 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.

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.

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**Additional Payments To Financial Intermediaries**

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

Regarding the Fund's SEL Shares, the SEL Shares of the Fund currently do not accrue, pay or incur shareholder services/account administration fees in excess of 0.02%, although the Board of Trustees has approved the SEL Shares of the Fund to accrue, pay and incur such fees in amounts up to a maximum amount of 0.25%, or some lesser amount as the Board of Trustees shall approve from time to time. The SEL Shares of the Fund will not incur or charge such fees in excess of 0.02% until such time as approved by the Fund's Board of Trustees.

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

The categories of additional payments are described below.

**Supplemental Payments**

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

**Processing Support Payments**

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

**Retirement Plan Program Servicing Payments**

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

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**Marketing Support Payments**

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

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

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

ADP Broker-Dealer, Inc. <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>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>

**8**

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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>

Purchases In-Kind

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

Redemption In-Kind

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

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

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

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

Massachusetts Partnership Law

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

**9**

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

Share Information

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

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

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

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

**SHAREHOLDERS OF THE FUND** 

**[To be Filed by Amendment]**

As of June 7, 2022, the following shareholders owned of record, beneficially or both, 5% or more of outstanding Institutional Shares: Hare & Co. 2, East Syracuse, NY, owned approximately 5,891,671,524 Shares (20.09%); Morgan Stanley Smith Barney, Jersey City, NJ, owned approximately 2,331,162,245 Shares (7.94%); and UBS WM USA, Weehawken, NJ, owned approximately 1,603,919,113 Shares (5.46%).

As of June 7, 2022 the following shareholders owned of record, beneficially or both, 5% or more of outstanding Service Shares: PNC Treasury Management Cash Sweep, Pittsburgh, PA, owned approximately 419,928,739 Shares (13.11%); BancFirst, Oklahoma City, OK, owned approximately 354,459,509 Shares (11.07%); Trustmark National Bank, Jackson, MS, owned approximately 268,178,510 Shares (8.37%); Wells Fargo Bank NA, Minneapolis, MN, owned approximately 225,959,347 Shares (7.05%); TD Ameritrade Inc., Omaha, NE, owned approximately 213,569,177 Shares (6.67%); and NABANK & CO, Tulsa, OK, owned approximately 188,018,704 Shares (5.87%).

Tax Information

**Federal Income Tax**

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

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

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

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Who Manages and Provides Services to the Fund?

**Board of Trustees**

The Board of Trustees is responsible for managing the Trust's business affairs and for exercising all the Trust's powers except those reserved for the shareholders. The following tables give information about each Trustee and the senior officers of the Fund. Where required, the tables separately list Trustees who are "interested persons" of the Fund (i.e., "Interested" Trustees) and those who are not (i.e., "Independent" Trustees). Unless otherwise noted, the address of each person listed is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779. The address of all Independent Trustees listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2022, the Trust comprised 16 portfolios, and the Federated Hermes Complex consisted of 33 investment companies (comprising 102 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Trustee oversees all portfolios in the Federated Hermes Complex and serves for an indefinite term.

**[To be Filed by Amendment]**

As of June 7, 2022, the Fund's Board and Officers as a group owned less than 1% of each Class of the Fund's outstanding Shares.

**qualifications of Independent Trustees**

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

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

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

◾ No conflicts which would interfere with qualifying as independent.

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

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

◾ Diversity of background.

**interested Trustees Background and Compensation** 

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| &nbsp;&nbsp; **Principal Occupation(s) for Past Five Years,**<br> **Other Directorships Held and Previous Position(s)** <br>| **Aggregate**<br> **Compensation**<br> **From Trust**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **J. Christopher Donahue\***<br> Birth Date: April 11, 1949<br> President and Trustee<br> Indefinite Term<br> Began serving: April 1989<br>| &nbsp;&nbsp; **Principal Occupations:** Principal Executive Officer and President of certain <br> of the Funds in the Federated Hermes Complex; Director or Trustee of the <br> Funds in the Federated Hermes Complex; President, Chief Executive <br> Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, <br> Federated Investment Management Company; Trustee, Federated <br> Investment Counseling; Chairman and Director, Federated Global <br> Investment Management Corp.; Chairman and Trustee, Federated Equity <br> Management Company of Pennsylvania; Trustee, Federated Shareholder <br> Services Company; Director, Federated Services Company.<br> **Previous Positions:** President, Federated Investment Counseling; President <br> and Chief Executive Officer, Federated Investment Management Company, <br> Federated Global Investment Management Corp. and Passport <br> Research, Ltd.; Chairman, Passport Research, Ltd. <br>| $0 | $0 |

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| &nbsp;&nbsp; **Principal Occupation(s) for Past Five Years,**<br> **Other Directorships Held and Previous Position(s)** <br>| **Aggregate**<br> **Compensation**<br> **From Trust**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Fund and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **Thomas R. Donahue\***<br> Birth Date: October 20, 1958<br> Trustee<br> Indefinite Term<br> Began serving: May 2016<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of certain funds in the <br> Federated Hermes Complex; Chief Financial Officer, Treasurer, Vice <br> President and Assistant Secretary, Federated Hermes, Inc.; Chairman and <br> Trustee, Federated Administrative Services; Chairman and Director, <br> Federated Administrative Services, Inc.; Trustee and Treasurer, Federated <br> Advisory Services Company; Director or Trustee and Treasurer, Federated <br> Equity Management Company of Pennsylvania, Federated Global <br> Investment Management Corp., Federated Investment Counseling, and <br> Federated Investment Management Company; Director, MDTA LLC; <br> Director, Executive Vice President and Assistant Secretary, Federated <br> Securities Corp.; Director or Trustee and Chairman, Federated Services <br> Company and Federated Shareholder Services Company; and Director and <br> President, FII Holdings, Inc.<br> **Previous Positions:** Director, Federated Hermes, Inc.; Assistant Secretary, <br> Federated Investment Management Company, Federated Global <br> Investment Management Company and Passport Research, LTD; Treasurer, <br> Passport Research, LTD; Executive Vice President, Federated Securities <br> Corp.; and Treasurer, FII Holdings, Inc.<br>| $0 | $0 |

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\*

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

**Independent Trustees Background, Qualifications and Compensation** 

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| &nbsp;&nbsp; **Principal Occupation(s) and Other Directorships Held for** <br> **Past Five Years, Previous Position(s) and Qualifications**<br>| **Aggregate** <br> **Compensation**<br> **From Trust**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Trust and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **John T. Collins**<br> Birth Date: January 24, 1947<br> Trustee<br> Indefinite Term<br> Began serving: September 2013<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee and Chair of the Board of <br> Directors or Trustees, of the Federated Hermes Complex; formerly, <br> Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).<br> **Other Directorships Held:** Director, KLX Energy Services Holdings, Inc. <br> (oilfield services); former Director of KLX Corp (aerospace).<br> **Qualifications:** Mr. Collins has served in several business and financial <br> management roles and directorship positions throughout his career. <br> Mr. Collins previously served as Chairman and CEO of The Collins Group, <br> Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves <br> as Chairman Emeriti, Bentley University. Mr. Collins previously served as <br> Director and Audit Committee Member, Bank of America Corp.; Director, <br> FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical <br> Center (Harvard University Affiliate Hospital).<br>| $29789.74 | $385000 |
| **G. Thomas Hough**<br> Birth Date: February 28, 1955<br> Trustee <br> Indefinite Term<br> Began serving: August 2015<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee, Chair of the Audit Committee <br> of the Federated Hermes Complex; Retired.<br> **Other Directorships Held:** Director, Chair of the Audit Committee, <br> Equifax, Inc.; Lead Director, Member of the Audit and Nominating and <br> Corporate Governance Committees, Haverty Furniture Companies, Inc.; <br> formerly, Director, Member of Governance and Compensation Committees, <br> Publix Super Markets, Inc.<br> **Qualifications:** Mr. Hough has served in accounting, business management <br> and directorship positions throughout his career. Mr. Hough most recently <br> held the position of Americas Vice Chair of Assurance with Ernst & <br> Young LLP (public accounting firm). Mr. Hough serves on the President's <br> Cabinet and Business School Board of Visitors for the University of <br> Alabama. Mr. Hough previously served on the Business School Board of <br> Visitors for Wake Forest University, and he previously served as an <br> Executive Committee member of the United States Golf Association.<br>| $28057.66 | $365000 |

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**12**

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| &nbsp;&nbsp; **Principal Occupation(s) and Other Directorships Held for** <br> **Past Five Years, Previous Position(s) and Qualifications**<br>| **Aggregate** <br> **Compensation**<br> **From Trust**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Trust and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **Maureen Lally-Green**<br> Birth Date: July 5, 1949<br> Trustee <br> Indefinite Term<br> Began serving: August 2009<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Adjunct Professor Emerita of Law, Duquesne University School of <br> Law; formerly, Dean of the Duquesne University School of Law and <br> Professor of Law and Interim Dean of the Duquesne University School of <br> Law; formerly, Associate General Secretary and Director, Office of Church <br> Relations, Diocese of Pittsburgh.<br> **Other Directorships Held:** Director, CNX Resources Corporation <br> (natural gas).<br> **Qualifications:** Judge Lally-Green has served in various legal and business <br> roles and directorship positions throughout her career. Judge Lally-Green <br> previously held the position of Dean of the School of Law of Duquesne <br> University (as well as Interim Dean). Judge Lally-Green previously served as <br> Associate General Secretary for the Diocese of Pittsburgh, a member of the <br> Superior Court of Pennsylvania and as a Professor of Law, Duquesne <br> University School of Law. Judge Lally-Green was appointed by the Supreme <br> Court of Pennsylvania to serve on the Supreme Court's Board of Continuing <br> Judicial Education and the Supreme Court's Appellate Court Procedural <br> Rules Committee. Judge Lally-Green also currently holds the positions on <br> not for profit or for profit boards of directors as follows: Director and Chair, <br> UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, <br> Pennsylvania State Board of Education (public); Director, Catholic Charities, <br> Pittsburgh; and Director, CNX Resources Corporation (natural gas). Judge <br> Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy <br> Foundation of Western and Central Pennsylvania; Director, Ireland Institute <br> of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, <br> Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, <br> Pennsylvania Bar Institute; Director, Saint Vincent College; Director and <br> Chair, North Catholic High School, Inc.; Director and Vice Chair, Our <br> Campaign for the Church Alive!, Inc.; and Director and Vice Chair, Saint <br> Francis University.<br>| $25239.10 | $330000 |
| **Thomas M. O'Neill**<br> Birth Date: June 14, 1951<br> Trustee<br> Indefinite Term<br> Began serving: August 2006<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Sole Proprietor, Navigator Management Company (investment <br> and strategic consulting).<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. O'Neill has served in several business, mutual fund and <br> financial management roles and directorship positions throughout his <br> career. Mr. O'Neill serves as Director, Medicines for Humanity. Mr. O'Neill <br> previously served as Chief Executive Officer and President, Managing <br> Director and Chief Investment Officer, Fleet Investment Advisors; President <br> and Chief Executive Officer, Aeltus Investment Management, Inc.; General <br> Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment <br> Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending <br> Officer, Fleet Bank; Director and Consultant, EZE Castle Software <br> (investment order management software); Director, Midway Pacific <br> (lumber); and Director, The Golisano Children's Museum of Naples, Florida<br>| $25239.10 | $330000 |
| **Madelyn A. Reilly**<br> Birth Date: February 2, 1956<br> Trustee<br> Indefinite Term<br> Began serving: November 2020<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; formerly, Senior Vice President for Legal Affairs, General Counsel <br> and Secretary of Board of Directors, Duquesne University (Retired).<br> **Other Directorships Held:** None.<br> **Qualifications:** Ms. Reilly has served in various business and legal <br> management roles throughout her career. Ms. Reilly previously served as <br> Senior Vice President for Legal Affairs, General Counsel and Secretary of <br> Board of Directors and Director of Risk Management and Associate General <br> Counsel, Duquesne University. Prior to her work at Duquesne University, <br> Ms. Reilly served as Assistant General Counsel of Compliance and <br> Enterprise Risk as well as Senior Counsel of Environment, Health and <br> Safety, PPG Industries. Ms. Reilly currently serves as a member of the Board <br> of Directors of UPMC Mercy Hospital.<br>| $22944.65 | $300000 |

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**13**

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| &nbsp;&nbsp; **Principal Occupation(s) and Other Directorships Held for** <br> **Past Five Years, Previous Position(s) and Qualifications**<br>| **Aggregate** <br> **Compensation**<br> **From Trust**<br> **(past fiscal year)**<br>| **Total Compensation**<br> **From Trust and**<br> **Federated Hermes Complex**<br> **(past calendar year)**<br>|
| **P. Jerome Richey**<br> Birth Date: February 23, 1949<br> Trustee<br> Indefinite Term<br> Began serving: September 2013<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, <br> University of Pittsburgh and Executive Vice President and Chief Legal <br> Officer, CONSOL Energy Inc. (split into two separate publicly traded <br> companies known as CONSOL Energy Inc. and CNX Resources Corp.).<br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Richey has served in several business and legal <br> management roles and directorship positions throughout his career. <br> Mr. Richey most recently held the positions of Senior Vice Chancellor and <br> Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as <br> Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and <br> Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey <br> previously served as Chief Legal Officer and Executive Vice President, <br> CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics <br> Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).<br>| $25239.10 | $330000 |
| **John S. Walsh**<br> Birth Date: November 28, 1957<br> Trustee<br> Indefinite Term<br> Began serving: January 1999<br>| &nbsp;&nbsp; **Principal Occupations:** Director or Trustee of the Federated Hermes <br> Complex; President and Director, Heat Wagon, Inc. (manufacturer of <br> construction temporary heaters); President and Director, Manufacturers <br> Products, Inc. (distributor of portable construction heaters); President, <br> Portable Heater Parts, a division of Manufacturers Products, Inc. <br> **Other Directorships Held:** None.<br> **Qualifications:** Mr. Walsh has served in several business management roles <br> and directorship positions throughout his career. Mr. Walsh previously <br> served as Vice President, Walsh & Kelly, Inc. (paving contractors).<br>| $22944.65 | $300000 |

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**OFFICERS\*** 

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| | |
|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| **Principal Occupation(s) and Previous Position(s)** |
| **Lori A. Hensler**<br> Birth Date: January 6, 1967<br> Treasurer <br> Officer since: April 2013<br>| &nbsp;&nbsp;&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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| | |
|:---|:---|
| **Name**<br> **Birth Date**<br> **Positions Held with Trust**<br> **Date Service Began**<br>| **Principal Occupation(s) and Previous Position(s)** |
| **Deborah A. Cunningham**<br> Birth Date: September 15, 1959<br> CHIEF INVESTMENT OFFICER<br> Officer since: May 2004<br> Portfolio Manager since: <br> January 1994<br>| &nbsp;&nbsp;&nbsp; **Principal Occupations:** Deborah A. Cunningham has been the Fund's Portfolio Manager since January 1994. Ms. Cunningham <br> was named Chief Investment Officer of Federated Hermes' money market products in 2004. She joined Federated Hermes in <br> 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. <br> Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert <br> Morris College.<br>|

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\*

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

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

**DIRECTOR/TRUSTEE EMERITUS PROGRAM**

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

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

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

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

**EMERITUS Trustees and Compensation** 

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| | | |
|:---|:---|:---|
| **Director/Trustee Emeritus** | **Compensation**<br> **From Trust**<br> **(past fiscal year)**<br>| **Total**<br> **Compensation**<br> **Paid to**<br> **Director/Trustee**<br> **Emeritus**<sup>1</sup> <br>|
| **Peter E. Madden** | $5089.96 | $60000.00 |
| **Charles F. Mansfield, Jr.**  | $5089.96 | $60000.00 |

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

**BOARD LEADERSHIP STRUCTURE**

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

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**Committees of the Board** 

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| | | | |
|:---|:---|:---|:---|
| **Board**<br> **Committee**<br>| &nbsp;&nbsp;&nbsp; **Committee**<br> **Members**<br>| **Committee Functions** | &nbsp;&nbsp;&nbsp; **Meetings Held**<br> **During Last**<br> **Fiscal Year**<br>|
| **Executive** | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;J. Christopher Donahue<br> John T. Collins<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<br>| &nbsp;&nbsp;&nbsp; In between meetings of the full Board, the Executive Committee generally may <br> exercise all the powers of the full Board in the management and direction of the <br> business and conduct of the affairs of the Trust in such manner as the Executive <br> Committee shall deem to be in the best interests of the Trust. However, the <br> Executive Committee cannot elect or remove Board members, increase or decrease <br> the number of Trustees, elect or remove any Officer, declare dividends, issue shares <br> or recommend to shareholders any action requiring shareholder approval.<br>| One |
| **Audit** | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough<br> Maureen Lally-Green<br> Thomas M. O'Neill<br> &nbsp;&nbsp;&nbsp;&nbsp;P. Jerome Richey<br>| &nbsp;&nbsp;&nbsp; The purposes of the Audit Committee are to oversee the accounting and financial <br> reporting process of the Fund, the Fund's internal control over financial reporting <br> and the quality, integrity and independent audit of the Fund's financial statements. <br> The Committee also oversees or assists the Board with the oversight of compliance <br> with legal requirements relating to those matters, approves the engagement and <br> reviews the qualifications, independence and performance of the Fund's <br> independent registered public accounting firm, acts as a liaison between the <br> independent registered public accounting firm and the Board and reviews the Fund's <br> internal audit function.<br>| Seven |
| **Nominating** | &nbsp;&nbsp;&nbsp; John T. Collins<br> &nbsp;&nbsp;&nbsp;&nbsp;G. Thomas Hough <br> Maureen Lally-Green<br> Thomas M. O'Neill<br> Madelyn A. Reilly<br> &nbsp;&nbsp;&nbsp;&nbsp;P. Jerome Richey<br> John S. Walsh<br>| &nbsp;&nbsp;&nbsp; The Nominating Committee, whose members consist of all Independent Trustees, <br> selects and nominates persons for election to the Fund's Board when vacancies <br> occur. The Committee will consider candidates recommended by shareholders, <br> Independent Trustees, officers or employees of any of the Fund's agents or service <br> providers and counsel to the Fund. Any shareholder who desires to have an <br> individual considered for nomination by the Committee must submit a <br> recommendation in writing to the Secretary of the Fund, at the Fund's address <br> appearing on the back cover of this SAI. The recommendation should include the <br> name and address of both the shareholder and the candidate and detailed <br> information concerning the candidate's qualifications and experience. In identifying <br> and evaluating candidates for consideration, the Committee shall consider such <br> factors as it deems appropriate. Those factors will ordinarily include: integrity, <br> intelligence, collegiality, judgment, diversity, skill, business and other experience, <br> qualification as an "Independent Trustee," the existence of material relationships <br> which may create the appearance of a lack of independence, financial or accounting <br> knowledge and experience and dedication and willingness to devote the time and <br> attention necessary to fulfill Board responsibilities.<br>| One |

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**BOARD'S ROLE IN RISK OVERSIGHT**

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

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

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

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

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**Investment Adviser**

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

The Adviser is a wholly owned subsidiary of Federated Hermes.

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

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

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

EOS at Federated Hermes, which was established as Hermes Equity Ownership Services Limited (EOS) in 2004 as an affiliate of FHL and Hermes Investment Management Limited, is a 50+ member engagement and stewardship team that conducts long-term, objectives-driven dialogue with board and senior executive level representatives of approximately 1,000 unique issuers annually. It seeks to address the most material ESG risks and opportunities through constructive and continuous discussions with the goal of improving long-term results for investors. Engagers' deep understanding across sectors, themes and regional markets, along with language and cultural expertise, allows EOS to provide insights to companies on the merits of addressing ESG risks and the positive benefits of capturing opportunities. Federated Hermes investment management teams have access to the insights gained from understanding a company's approach to these long-term strategic matters as an additional input to improve portfolio risk/return characteristics.

**Services Agreement**

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

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**Other Related Services**

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

**Code Of Ethics Restrictions On Personal Trading**

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

**Voting Proxies On Fund Portfolio Securities**

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

**Proxy Voting Policies**

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

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

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

On matters related to the board of directors, generally, the Adviser will vote to elect nominees to the board in uncontested elections except in certain circumstances, such as where the director: (1) had not attended at least 75% of the board meetings during the previous year; (2) serves as the company's chief financial officer, unless the company is headquartered in the UK where this is market practice; (3) has become overboarded (more than five boards for retired executives and more than two boards for CEOs); (4) is the chair of the nominating or governance committee when the roles of chairman of the board and CEO are combined and there is no lead independent director; (5) served on the compensation committee during a period in which compensation appears excessive relative to performance and peers; or (6) served on a board that did not implement a shareholder proposal that the Adviser supported and received more than 50% shareholder support the previous year. In addition, the Adviser will generally vote in favor of: (7) a full slate of directors, where the directors are elected as a group and not individually, unless more than half of the nominees are not independent; (8) shareholder proposals to declassify the board of directors; (9) shareholder proposals to require a majority voting standard in the election of directors; (10) shareholder proposals to separate the roles of chairman of the board and CEO; (11) a proposal to require a company's audit committee to be comprised entirely of independent directors; and (12) shareholder proposals to eliminate supermajority voting requirements in company bylaws.

On other matters of corporate governance, generally, the Adviser will vote: (1) in favor of proposals to grant shareholders the right to call a special meeting if owners of at least 15% of the outstanding stock agree; (2) against proposals to allow shareholders to act by written consent; (3) on a case-by-case basis for proposals to adopt or amend shareholder rights plans (also known as "poison pills"); (4) in favor of shareholder proposals to eliminate supermajority requirements in company bylaws; and (5) in favor of shareholder proposals calling for "Proxy Access," that is, a bylaw change allowing shareholders owning at least 3% of the outstanding common stock for at least three years to nominate candidates for election to the board of directors.

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

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The Adviser's general approach to analyzing these proposals calls for considering the literal meaning of the written proposal, the financial materiality of the proposal's objective and the practices followed by industry peers. This analysis utilizes research reports from the Adviser's proxy advisors, company filings, as well as reports published by the company and other outside organizations.

On matters of capital structure, generally, the Adviser will vote proxies for U.S. issuers on a case-by-case basis for proposals to authorize the issuance of new shares if not connected to an M&A transaction and the potential dilution is more than 10%, against proposals to create multiple-class voting structures where one class has superior voting rights to the other classes, in favor of proposals to authorize reverse stock splits unless the amount of authorized shares is not also reduced proportionately. Generally, the Adviser will vote proxies for non-U.S. issuers in favor of proposals to authorize issuance of shares with and without pre-emptive rights unless the size of the authorities would threaten to unreasonably dilute existing shareholders.

Votes on executive compensation come in many forms, including advisory votes on U.S. executive compensation plans ("Say On Pay"), advisory and binding votes on the design or implementation of non-U.S. executive remuneration plans and votes to approve new equity plans or amendments to existing plans. Generally, the Adviser will support compensation arrangements that are aligned with the client's long-term investment objectives. With respect to Say On Pay proposals, the Adviser will generally vote in favor unless the compensation plan has failed to align executive compensation with corporate performance, or the design of the plan is likely to lead to misalignment in the future. The Adviser supports the principle of an annual shareholder vote on executive pay and will generally vote accordingly on proposals which set the frequency of the Say On Pay vote.

In some markets, especially Europe, shareholders are provided a vote on the remuneration policy, which sets out the structural elements of a company's executive remuneration plan on a forward-looking basis. The Adviser will generally support these proposals unless the design of the remuneration policy fails to appropriately link executive compensation with corporate performance, total compensation appears excessive relative to the company's industry peer group, with local market dynamics also taken into account; or there is insufficient disclosure to enable an informed judgment, particularly as it relates to the disclosure of the maximum amounts of compensation that may be awarded.

The Adviser will generally vote in favor of equity plan proposals unless they result in unreasonable dilution to existing shareholders, permit replacement of "underwater" options with new options on more favorable terms for the recipient, or omit the criteria for determining the granting or vesting of awards.

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

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

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

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

The Adviser will take into account feedback from issuers on the voting recommendations of the Adviser's proxy advisory firm if the feedback is provided at least five days before the voting cut-off date. In certain circumstances, primarily those where the Adviser's voting policy is absolute and without exception, issuer feedback will not be part of the voting decision. For example, it is the Adviser's policy to always support a shareholder proposal to separate the roles of chairman of the board and CEO. Thus, any comments from the issuer opposing this proposal would not be considered.

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

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

**Proxy Voting Procedures**

The Adviser has established a Proxy Voting Committee ("Proxy Committee"), to exercise all voting discretion granted to the Adviser by the Board in accordance with the proxy voting policies. To assist it in carrying out the day-to-day operations related to proxy voting, the Proxy Committee has created the Proxy Voting Management Group (PVMG). The day-to-day operations related to proxy voting are carried out by the Proxy Voting Operations Team (PVOT) and overseen by the PVMG. Besides voting the proxies, this work includes engaging with investee companies on corporate governance matters, managing the proxy advisory firm, soliciting voting recommendations from the Adviser's investment professionals, bringing voting recommendations to the Proxy Committee for approval, filing with regulatory agencies any required proxy voting reports, providing proxy voting reports to clients and investment companies as they are requested from time to time and keeping the Proxy Committee informed of any issues related to corporate governance and proxy voting.

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

The Adviser has hired a proxy advisory firm to perform various proxy voting related administrative services such as ballot reconciliation, vote processing and recordkeeping functions. The Proxy Committee has supplied the proxy advisory firm with the Standard Voting Instructions. The Proxy Committee retains the right to modify the Standard Voting Instructions at any time or to vote contrary to them at any time in order to cast proxy votes in a manner that the Proxy Committee believes is in accordance with the General Policy. The proxy advisory firm may vote any proxy as directed in the Standard Voting Instructions without further direction from the Proxy Committee. However, if the Standard Voting Instructions require case-by-case handling for a proposal, the PVOT will work with the investment professionals and the proxy advisory firm to develop a voting recommendation for the Proxy Committee and to communicate the Proxy Committee's final voting decision to the proxy advisory firm. Further, if the Standard Voting Instructions require the PVOT to analyze a ballot question and make the final voting decision, the PVOT will report such votes to the Proxy Committee on a quarterly basis for review.

**Conflicts of Interest**

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

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

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

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circumstances it may be appropriate for the Adviser to vote in the same proportion as all other shareholders, so as to not affect the outcome beyond helping to establish a quorum at the shareholders' meeting. This is referred to as "proportional voting." If the Fund owns shares of another Federated Hermes mutual fund, generally the Adviser will proportionally vote the client's proxies for that fund or seek direction from the Board or the client on how the proposal should be voted. If the Fund owns shares of an unaffiliated mutual fund, the Adviser may proportionally vote the Fund's proxies for that fund depending on the size of the position. If the Fund owns shares of an unaffiliated exchange-traded fund, the Adviser will proportionally vote the Fund's proxies for that fund.

**Downstream Affiliates**

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

**Proxy Advisers' Conflicts of Interest**

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

In order to avoid concerns that the conflicting interests of the engaged proxy advisory firm have influenced proxy voting recommendations, the Adviser will take the following steps:

◾ A due diligence team made up of employees of the Adviser and/or its affiliates will meet with the proxy advisory firm on an annual basis and determine through a review of their policies and procedures and through inquiry that the proxy advisory firm has established a system of internal controls that provide reasonable assurance that their voting recommendations are not influenced by the business relationships they have with the subjects of their research.

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

**Proxy Voting Report**

A report on "Form N-PX" of how the Fund voted any proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

**Portfolio Holdings Information**

Information concerning the Fund's portfolio holdings is available via the link to the Fund and share class name at FederatedInvestors.com/FundInformation. Such information is posted on the website five business days after both mid-month and month-end then remains posted on the website for six months thereafter. Summary portfolio composition information as of the close of each month is posted on the website 15 days (or the next business day) after month-end and remains until replaced by the information for the succeeding month. The summary portfolio composition information may include effective dollar-weighted average portfolio maturity (WAM), weighted average life (WAL) and percentage breakdowns of the portfolio by credit quality tier, effective maturity range and type of security. The Fund's WAM and WAL, Shadow NAV (market-based value of the Fund's portfolio), Daily and Weekly Liquid Assets and Daily Flows are posted every business day and remain posted on the website for six months thereafter.

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

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

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

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

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

**Brokerage Transactions And Investment Allocation**

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

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

**Administrator**

Federated Administrative Services (FAS), a subsidiary of Federated Hermes, provides administrative personnel and services, including certain legal, compliance and financial administrative services ("Administrative Services"), necessary for the operation of the Fund. FAS provides Administrative Services for a fee based upon the rates set forth below paid on the average daily net assets of the Fund. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes funds subject to a fee under the Administrative Services Agreement with FAS. FAS is also entitled to reimbursement for certain out-of-pocket expenses incurred in providing Administrative Services to the Fund.

**22**

------

---

| | |
|:---|:---|
| **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**

The Bank of New York Mellon, New York, New York, is custodian for the securities and cash of the Fund.

**Transfer Agent And Dividend Disbursing Agent**

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

**Independent Registered Public Accounting Firm**

The independent registered public accounting firm for the Fund, [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.

**Fees Paid by the Fund for Services** 

---

| | | | |
|:---|:---|:---|:---|
| **For the Year Ended April 30** | **2022** | **2021** | **2020** |
| Advisory Fee Earned | $71048491 | $77340830 | $56258846 |
| Advisory Fee Waived | $71048491 | $59962857 | $31946516 |
| Net Administrative Fee | $27777816 | $30170651 | $22158549 |
| **Net Shareholder Services Fee:** |  |  |  |
| Service Shares | $691600 | $785053 | $8281420 |

---

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

**Securities Lending Activities**

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

Financial Information

The Financial Statements for the Fund for the fiscal year ended April 30, 2022, and for the six months ended October 31, 2022, are incorporated herein by reference to the Annual Report to Shareholders of Federated Hermes U.S. Treasury Cash Reserves dated [April 30, 2022](https://www.sec.gov/Archives/edgar/data/856517/000162363222000743/mmot-form.htm) and to the Semi-Annual Report to Shareholders dated [October 31, 2022](http://www.sec.gov/Archives/edgar/data/856517/000162363222001584/mmot640-form.htm), respectively.

**23**

------

Addresses

**Federated Hermes U.S. Treasury Cash Reserves**

**ADMINISTRATIVE SHARES** <br> **ADVISOR SHARES** <br> **PREMIER SHARES** <br> **SELECT 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

**Transfer Agent and Dividend Disbursing Agent**

SS&C GIDS, Inc. <br>P.O. Box 219318 <br>Kansas City, MO 64121-9318

**Custodian**

The Bank of New York Mellon <br>One Wall Street <br>New York, NY 10286

**Independent Registered Public Accounting Firm**

[To Be Filed By Amendment]

**24**

------

Appendix

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

**CUSTODIAN(S)**

The Bank of New York Mellon

**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**

Glass Lewis & Co., LLC

**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>Sustainalytics U.S. Inc. <br>Wolters Kluwer N.V. <br>

**25**

------

**Item 28. Exhibits**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(a)** | &nbsp;&nbsp;**Declaration of Trust** |
|  | &nbsp;&nbsp;[Conformed copy of Amended and Restated Declaration of Trust of the Registrant dated November 11, 2015, including Amendment Nos. 1-2 as filed via EDGAR in Post-Effective Amendment No. 234 on July 28, 2020 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363220001332/ex28a.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(b)** | &nbsp;&nbsp;**By-Laws** |
|  | &nbsp;&nbsp;[Conformed Copy of Amended and Restated By-Laws of the Registrant dated November 11, 2015 as filed via EDGAR in Post-Effective Amendment No. 232 on June 26, 2020 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363220001207/ex28bbylaws.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(c)** | &nbsp;&nbsp;**Instruments Defining Rights of Security Holders** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Copy of Specimen Certificate for Shares of Beneficial Interest of the Registrant for Federated Tax-Free Trust, as filed on paper in Initial Registration Statement filed on December 27, 1978 on Form S-5 (File Nos. 2-63343 and 811-2891) |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Copy of Specimen Certificates for Shares of Beneficial Interest for Institutional Service Shares of Massachusetts Municipal Cash Trust; for Institutional Service Shares and Cash Series Shares of Pennsylvania Municipal Cash Trust; and for Institutional Service Shares of Virginia Municipal Cash Trust, as filed via EDGAR in Post-Effective Amendment No. 21 on Form N-1A on December 29, 1993 (File Nos. 33-31259 and 811-5911) |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Copy of Specimen Certificates for Shares of Beneficial Interest of the Registrant for Institutional Service Shares of Government Obligations Fund, Prime Obligations Fund, Tax-Free Obligations Fund and Treasury Obligations Fund, as filed via EDGAR in Post-Effective Amendment No. 7 on May 6, 1994 on Form N-1A (File Nos. 33-31602 and 811-5950) |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Copy of Specimen Certificate for Shares of Beneficial Interest for Trust for U.S. Treasury Obligations as filed via EDGAR in Post-Effective Amendment No. 27 on November 25, 1994 on Form N-1A (File Nos. 2-65505 and 811-2951) |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Copy of Specimen Certificate for Shares of Beneficial Interest for Institutional Shares of Pennsylvania Municipal Cash Trust as filed via EDGAR in Post-Effective Amendment No. 35 on May 19, 1995 on Form N-1A (File Nos. 33-31259 and 811-5911) |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Copy of Specimen Certificate for Shares of Beneficial Interest for Georgia Municipal Cash Trust as filed via EDGAR in Post-Effective Amendment No. 36 filed on May 31, 1995 on Form N-1A (File Nos. 33-31259 and 811-5911) |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Copy of Specimen Certificate for Shares of Beneficial Interest for Institutional Capital Shares of Treasury Obligations Fund as filed via EDGAR in Post-Effective Amendment No. 22 on September 23, 1997 on Form N-1A (File Nos. 33-31602 and 811-5950) |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Copy of Specimen Certificate for Shares of Beneficial Interest for Institutional Shares and Institutional Service Shares of California Municipal Cash Trust as filed on December 19, 1997 via EDGAR in Post-Effective Amendment No. 45 on Form N-1A (File Nos. 33-31259 and 811-5911) |
|  | &nbsp;&nbsp;As of September 1, 1997, Federated Securities Corp. stopped issuing share certificates |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(d)** | &nbsp;&nbsp;**Investment Advisory Contracts** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;[Conformed copy of the Investment Advisory Contract of the Registrant dated December 11, 1989, including Exhibits A-UU, Amendment dated June 1, 2001 and Limited Power of Attorney dated June 1, 2017 as filed on January 19, 2022 via EDGAR in Post-Effective Amendment No. 241 on Form N-1A (File Nos. 33-31602 and 811-5950](https://www.sec.gov/Archives/edgar/data/856517/000162363222000023/ex28d1.htm) |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;[Conformed copy of the Investment Advisory Contract of the Registrant dated March 1, 1995, including Exhibit A, Assignment dated November 17, 1998, Amendment dated June 1, 2001 and Limited Power of Attorney dated June 1, 2017 as filed via EDGAR in Post-Effective Amendment No. 234 on July 28, 2020 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363220001332/ex28d2.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(e)** | &nbsp;&nbsp;**Underwriting Contracts** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;[Conformed copy of the Distributor's Contract of the Registrant dated March 1, 1994, including Exhibits A-III and Amendments dated June 1, 2001 and October 1, 2003 as filed via EDGAR in Post-Effective Amendment No. 242 on February 24, 2022 on form N-1A (File Nos. 33-31602 and 811-5950).](https://www.sec.gov/Archives/edgar/data/856517/000162363222000293/ex28e1.htm) |

---

---

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

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(g)** | &nbsp;&nbsp;**Custodian Agreements** |
| &nbsp;&nbsp;1 | [Conformed copy of Amended and Restated Master Custodian Agreement dated March 1, 2017 by and between State Street Bank and Trust Company and the Registrant, including Appendix A (revised as of December 1, 2021) as filed on January 19, 2022 via EDGAR in Post-Effective Amendment No. 241 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363222000023/ex28g1.htm) |
| &nbsp;&nbsp;2 | [Conformed copy of Amended and Restated Custodian Agreement dated June 7, 2005 by and between The Bank of New York and the Registrant, including Amendments and Exhibits (revised as of June 1, 2022) as filed on September 26, 2022 via EDGAR in Post-Effective Amendment No. 246 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363222001161/ex28g2.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(h)** | &nbsp;&nbsp;**Other Material Contracts** |
| &nbsp;&nbsp;**1** | &nbsp;&nbsp;**Services Agreement** |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;[Conformed copy of Services Agreement between Federated Advisory Services Company and Federated Investment Management Company dated January 1, 2004, including Schedule 1 (revised September 1, 2022) as filed on September 26, 2022 via EDGAR in Post-Effective Amendment No. 246 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363222001161/ex28h1a.htm) |
| &nbsp;&nbsp;(b) | &nbsp;&nbsp;[Conformed copy of the Second Amended and Restated Services Agreement, amended and restated as of December 1, 2001, between Federated Shareholder Services Company and the Registrant, including Schedule 1 (revised December 1, 2022) as filed on February 23, 2023 via EDGAR in Post-Effective Amendment No. 247 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363223000334/exhibit28-h1b.htm) |
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Transfer Agency Agreement** |
|  | &nbsp;&nbsp;[Conformed copy of the Transfer Agency Services Agreement between the Federated Hermes Funds and DST Asset Manager Solutions, Inc. dated June 1, 2022, including Schedule A (revised December 2, 2022) as filed on February 23, 2023 via EDGAR in Post-Effective Amendment No. 247 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363223000334/exhibit28-h2.htm) |
| &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Administrative Services Agreement** |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;[Conformed copy of the Third Amended and Restated Agreement for Administrative Services between the Federated Funds and Federated Administrative Services dated September 1, 2021, including Exhibit A (revised June 1, 2022), as filed via EDGAR in Post-Effective Amendment No. 244 on June 24, 2022 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363222000747/ex28h3.htm) |
| &nbsp;&nbsp;(b) | &nbsp;&nbsp;[Conformed copy of the Fourth Amended and Restated Agreement for Administrative Services between the Federated Funds and Federated Administrative Services dated September 1, 2022, including Exhibit A (revised December 1, 2022) as filed on February 23, 2023 via EDGAR in Post-Effective Amendment No. 247 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363223000334/exhibit28-h3b.htm) |
| &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Financial Administration and Accounting Agreement** |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;[Conformed copy of the Financial Administration and Accounting Services Agreement between the Federated Funds and The Bank of New York Mellon dated March 1, 2011, as amended, including Schedule 1 (updated as of June 1, 2022) as filed on September 26, 2022 via EDGAR in Post-Effective Amendment No. 246 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363222001161/ex28h4a.htm) |
| &nbsp;&nbsp;(b) | &nbsp;&nbsp;[Conformed copy of the Financial Administration and Accounting Services Agreement between the Federated Funds and State Street Bank and Trust Company dated March 1, 2011, as amended, including Exhibit A (updated as of December 1, 2021) as filed on January 19, 2022 via EDGAR in Post-Effective Amendment No. 241 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363222000023/ex28h4b.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(i)** | &nbsp;&nbsp;**Legal Opinion** |
|  | &nbsp;&nbsp;Conformed copy of Opinion and Consent of Counsel as to legality of shares being registered, as filed via EDGAR on September 29, 1995 in Post-Effective Amendment No. 16 on Form N-1A (File Nos. 33-31602 and 811-5950) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(j)** | &nbsp;&nbsp;**Other Opinions** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Conformed copy of Consent of Independent Registered Public Accounting Firm Ernst & Young LLP (To be filed by Amendment) |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Conformed copy of Consent of Independent Registered Public Accounting Firm KPMG LLP) (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;Conformed copy of Initial Capital Understanding, as filed via EDGAR on September 29, 1995 in Post-Effective Amendment No. 16 on Form N-1A (File Nos. 33-31602 and 811-5950) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(m)** | &nbsp;&nbsp;**Rule 12b-1 Plan** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;[Conformed copy of the Distribution Plan between certain classes of the Registrant and Federated Securities Corp., dated February 12, 2004, including Exhibits A-EE as filed via EDGAR in Post-Effective Amendment No. 234 on July 28, 2020 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363220001332/ex28m1.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(n)** | &nbsp;&nbsp;**Rule 18f-3 Plan** |
|  | &nbsp;&nbsp;[Conformed copy of the Multiple Class Plan and all share class Exhibits (current as of February 8, 2023) as adopted by certain Federated investment companies offering separate classes of shares as filed on February 23, 2023 via EDGAR in Post-Effective Amendment No. 247 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363223000334/exhibit28-n.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(o)** | &nbsp;&nbsp;**Powers of Attorney** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;[Conformed copy of Power of Attorney of the Registrant dated November 1, 2020 as filed via EDGAR in Post-Effective Amendment No. 237 on February 25, 2021 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363221000335/exhibit28-o.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**(p)** | &nbsp;&nbsp;**Codes of Ethics** |
|  | &nbsp;&nbsp;[Conformed copy of the Federated Hermes, Inc. Code of Ethics for Access Persons, effective November 10, 2021 as filed on January 19, 2022 via EDGAR in Post-Effective Amendment No. 241 on Form N-1A (File Nos. 33-31602 and 811-5950)](https://www.sec.gov/Archives/edgar/data/856517/000162363222000023/ex28p.htm) |

---

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

(To be filed by Amendment)

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

---

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

---

**Item 29 Persons Controlled by or Under Common Control with the Fund:**

---

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

---

---

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

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

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

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; (1)<br> Positions and Offices with Distributor | &nbsp;&nbsp; (2)<br> Name<br>| &nbsp;&nbsp; (3)<br> Positions and Offices With Registrant |
| Executive Vice Presidents: | &nbsp;&nbsp; Michael Bappert<br> Peter W. Eisenbrandt<br> Anne H. Kruczek<br> Amy M. Michaliszyn<br> Brian S. Ronayne |  |
| Senior Vice Presidents: | &nbsp;&nbsp; Irving Anderson<br> Christopher D. Berg<br> Daniel G. Berry<br> Jack Bohnet<br> Edwin J. Brooks, III<br> Bryan Burke<br> Scott J. Charlton<br> Steven R. Cohen<br> James S. Conley<br> Stephen R. Cronin<br> Charles L. Davis, Jr.<br> Jack C. Ebenreiter<br> James Getz, Jr.<br> Erik Gosule<br> Scott A. Gunderson<br> Dayna C. Haferkamp<br> Vincent L. Harper, Jr.<br> Bruce E. Hastings<br> Jeffrey S. Jones<br> Ryan W. Jones<br> Scott D. Kavanagh<br> Scott R. Kelley<br> Michael Koenig<br> Edwin C. Koontz<br> Jane E. Lambesis<br> Michael Liss<br> Judith J. Mackin<br> Brian McInis<br> Diane Marzula<br> Richard C. Mihm<br> Vincent T. Morrow<br> John C. Mosko<br> Alec H. Neilly<br> James E. Ostrowski<br> Stephen Otto<br> Richard P. Paulson<br> Richard A. Recker<br> Diane M. Robinson<br> Timothy A. Rosewicz<br> Eduardo G. Sanchez<br> Tom Schinabeck<br> Peter C. Siconolfi<br> Edward L. Smith<br> John A. Staley<br> Mark J. Strubel<br> William C. Tustin<br> G. Walter Whalen<br> Lewis C. Williams<br> Theodore E. Williams<br> Michael Wolff<br> Daniel R. Wroble<br> Erik Zettlemayer |  |
| Vice Presidents: | &nbsp;&nbsp; Frank Amato<br> Catherine M. Applegate<br> Kenneth C. Baber<br> Raisa E. Barkaloff<br> Robert W. Bauman<br> Marc Benacci<br> Joshua W. Billiel<br> Bill Boarts<br> Zachary Bono<br> Matthew A. Boyle<br> Thomas R. Brown<br> Ryan P. Cain<br> Mark Carroll<br> Dan Casey<br> Stephen J. Costlow<br> Mary Ellen Coyne<br> David G. Dankmyer<br> Christopher T. Davis<br> Michael DiMarsico<br> Charles R. Ebbs<br> Mark A. Flisek<br> Heather W. Froelich<br> David D. Gregoire<br> Raymond J. Hanley<br> George M. Hnaras<br> Scott A. Holick<br> Christopher Jackson<br> Todd Jones<br> Patrick Kelly<br> Nicholas R. Kemerer<br> Robert H. Kern<br> Shawn E. Knutson<br> Joseph R. Lantz<br> David M. Larrick<br> John S. Larson<br> Anthony W. Lennon<br> Justin Levy<br> John P. Liekar<br> Jonathan Lipinski<br> Paul J. Magan<br> Alexi A. Maravel<br> Meghan McAndrew<br> Samuel McGowan<br> Daniel McGrath<br> Mark J. Murphy<br> Ryan M. Newman<br> Catherine M. Nied<br> Ted Noethling<br> John A. O'Neill<br> Mark Patsy<br> Marcus Persichetti<br> Max E. Recker<br> Emory Redd<br> Matt Ryan<br> John Shrewsbury<br> Bradley Smith<br> John R. Stanley<br> Jonathan Sullivan<br> Gregory Tzanoukakis<br> James M. Wagner<br> David Wasik<br> Brian R. Willer<br> Littell Wilson Jr.<br> James J. Wojciak |  |
|  | &nbsp;&nbsp; Frank Amato<br> Catherine M. Applegate<br> Kenneth C. Baber<br> Raisa E. Barkaloff<br> Robert W. Bauman<br> Marc Benacci<br> Joshua W. Billiel<br> Bill Boarts<br> Zachary Bono<br> Matthew A. Boyle<br> Thomas R. Brown<br> Ryan P. Cain<br> Mark Carroll<br> Dan Casey<br> Stephen J. Costlow<br> Mary Ellen Coyne<br> David G. Dankmyer<br> Christopher T. Davis<br> Michael DiMarsico<br> Charles R. Ebbs<br> Mark A. Flisek<br> Heather W. Froelich<br> David D. Gregoire<br> Raymond J. Hanley<br> George M. Hnaras<br> Scott A. Holick<br> Christopher Jackson<br> Todd Jones<br> Patrick Kelly<br> Nicholas R. Kemerer<br> Robert H. Kern<br> Shawn E. Knutson<br> Joseph R. Lantz<br> David M. Larrick<br> John S. Larson<br> Anthony W. Lennon<br> Justin Levy<br> John P. Liekar<br> Jonathan Lipinski<br> Paul J. Magan<br> Alexi A. Maravel<br> Meghan McAndrew<br> Samuel McGowan<br> Daniel McGrath<br> Mark J. Murphy<br> Ryan M. Newman<br> Catherine M. Nied<br> Ted Noethling<br> John A. O'Neill<br> Mark Patsy<br> Marcus Persichetti<br> Max E. Recker<br> Emory Redd<br> Matt Ryan<br> John Shrewsbury<br> Bradley Smith<br> John R. Stanley<br> Jonathan Sullivan<br> Gregory Tzanoukakis<br> James M. Wagner<br> David Wasik<br> Brian R. Willer<br> Littell Wilson Jr.<br> James J. Wojciak |  |
| Assistant Vice Presidents: | &nbsp;&nbsp; Debbie Adams-Marshall<br> Edward R. Costello<br> Adina A. Davis<br> Madison Dischinger<br> Kristen C. Kiesling<br> Leah Kaitlin Leitzel<br> Stephen R. Massey<br> John K. Murray<br> Kathryn Ringer<br> Melissa R. Ryan<br> Carol Anne Sheppard<br> Scott A. Vallina<br> Laura Vickerman |  |
| Secretary: | Kary A. Moore |  |
| Assistant Secretaries: | Edward C. Bartley |  |
|  | Thomas R. Donahue |  |
|  | George F. Magera |  |
| Treasurer: | Richard A. Novak |  |
| Assistant Treasurer: | Jeremy D. Boughton |  |
| Chief Compliance Officer: | Stephen Van Meter |  |

---

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

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| | |
|:---|:---|
| **Item 33. Location of Accounts and Records:** | **Item 33. Location of Accounts and Records:** |
| All accounts and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 promulgated thereunder are maintained at one of the following locations: | All accounts and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 promulgated thereunder are maintained at one of the following locations: |
| **Registrant** | &nbsp;&nbsp; Federated Hermes Funds<br> 4000 Ericsson Drive<br> Warrendale, PA 15086-7561<br> (Notices should be sent to the Agent for Service at the address listed on the facing page of this filing.) |
| &nbsp;&nbsp; **Federated Administrative Services** <br> (Administrator) | &nbsp;&nbsp; 1001 Liberty Avenue<br> Pittsburgh, PA 15222-3779 |
| &nbsp;&nbsp; **Federated Securities Corp.**<br> (Distributor) | &nbsp;&nbsp; 1001 Liberty Avenue<br> Pittsburgh, PA 15222-3779 |
| &nbsp;&nbsp; **Federated Investment Management Company**<br> (Adviser) | &nbsp;&nbsp; 1001 Liberty Avenue<br> Pittsburgh, PA 15222-3779 |
| &nbsp;&nbsp; **Federated Advisory Services Company**<br> (Adviser) | &nbsp;&nbsp; 1001 Liberty Avenue<br> Pittsburgh, PA 15222-3779 |
| &nbsp;&nbsp; **SS&C GIDS, Inc.**<br> (Transfer Agent and Dividend Disbursing Agent) | &nbsp;&nbsp; P.O. Box 219318<br> Kansas City, MO 64121-9318 |
| **State Street Bank and Trust Company**<br> (Custodian) | &nbsp;&nbsp; 1 Iron Street<br> Boston, MA 02110 |
| **Bank of New York Mellon<sup>1</sup>**<br> (Custodian) | &nbsp;&nbsp; The Bank of New York Mellon<br> One Wall Street<br> New York, NY 10286 |

---

**<sup>1</sup>** The Bank of New York serves as Custodian for the following portfolios: Federated Capital Reserves Fund, Federated Government Obligations Tax-Managed Fund, Federated Government Reserves Fund and Federated U.S. Treasury Cash Reserves.

**Item 34 Management Services:** Not applicable.

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

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| |
|:---|
| &nbsp;&nbsp; SIGNATURES<br> Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Federated Hermes Money Market Obligations Trust 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 24th day of February 2023. |
| **FEDERATED HERMES MONEY MARKET OBLIGATIONS TRUST** |
| &nbsp;&nbsp; BY: <u>/s/ George F. Magera</u><br> George F. Magera, Assistant Secretary |
| Pursuant to the requirements of the Securities Act of 1933, this Amendment to its Registration Statement has been signed below by the following person in the capacity and on the date indicated: |

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| | | |
|:---|:---|:---|
| NAME | TITLE | DATE |
| &nbsp;&nbsp; BY: <u>/s/ George F. Magera</u><br> George F. Magera, Assistant Secretary | Attorney In Fact For the Persons Listed Below | February 24, 2023 |
| &nbsp;&nbsp; J. Christopher Donahue\*<br>| President and Trustee (Principal Executive Officer) |  |
| Thomas R. Donahue\* | Trustee |  |
| Lori A. Hensler\* | Treasurer (Principal Financial Officer/Principal Accounting Officer) |  |
| John T. Collins\* | Trustee |  |
| G. Thomas Hough\* | Trustee |  |
| Maureen Lally-Green\* | Trustee |  |
| Thomas O'Neill\* | Trustee |  |
| Madelyn A. Reilly\* | Trustee |  |
| P. Jerome Richey\* | Trustee |  |
| John S. Walsh\* | Trustee |  |
| \*By Power of Attorney |  |  |

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## Cover

FEDERATED HERMES MONEY MARKET OBLIGATIONS TRUST

4000 Ericsson Drive<br> Warrendale, Pennsylvania 15086-7561

February 24, 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 MONEY MARKET OBLIGATIONS TRUST (the "Registrant") Federated Hermes Treasury Obligations Fund Federated Hermes U.S. Treasury Cash Reserves (collectively, the "Funds") 1933 Act File No. 33-31602 1940 Act File No. 811-5950

Dear Sir or Madam:

Post-Effective Amendment No. 248 under the Securities Act of 1933 and Amendment No. 250 under the Investment Company Act of 1940 to the Registration Statement of the above-named Registrant is hereby electronically transmitted.

As indicated on the facing page of the Amendment, the Registrant has specified that it is to become effective May 1, 2023 pursuant to the provisions of Rule 485(a) under the Securities Act of 1933. A Rule 485(a) filing is being made to add Select Shares, Advisor Shares, Administrative Shares and Premier Shares to both Funds and to also add Cash Management Shares to Federated Hermes Treasury Obligations Fund.

The Funds may be marketed through banks, savings associations or credit unions. Each Fund's Prospectus includes the Financial Highlights and related performance disclosures of an illustrative existing share class. The Financial Highlights for Federated Hermes U.S. Treasury Cash Reserves includes its October 31, 2022, semi-annual financial information. The Financial Highlights for Federated Hermes Treasury Obligations Fund includes its July 31, 2022, annual financial information and will be updated by amendment to include its semi-annual financial information as of January 31, 2023 to be filed in its semi-annual report at the end of March 2023. Each Fund will file an auditor consent in a Rule 485(b) filing on or about May 1, 2023 to become effective on May 1, 2023, simultaneously with the effectiveness of the Registrant's Rule 485(a) post-effective amendment.

If you have any questions on the enclosed material, please contact me at (724) 720-8831.

Very truly yours,

/s/ Sheryl L. McCall<br> Sheryl L. McCall<br> Senior Paralegal