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Federated Hermes California Municipal Cash Trust

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Federated Hermes California Municipal Cash Trust Federated Hermes California Municipal Cash Trust Cash Series Shares Nasdaq symbol: CCSXX | Cusip number: 608919403 | Newspaper listing: CAMuniCS 6/30/21 Portfolio composition (%) Effective maturity schedule (%) 1-7 Days 56.7 Product highlights Variable Rate Demand Notes 67.6 8-30 Days 4.9 • Pursues current income exempt from federal Municipal Bonds/Notes 31-90 Days 28.6 regular income tax and California state income 5.8 tax, consistent with stability of principal. 91-180 Days 7.1 Commercial Paper 26.6 • Invests in short-term, high-quality, California 181 + Days 2.7 tax-exempt securities. • Offers California residents the potential for attrac- tive taxable-equivalent yields compared to taxable money market funds and direct securities. Weighted average maturity • Intensive credit review integrating ESG factors in 35 Days a non-exclusionary way. • Income may be subject to the federal alternative Weighted average life minimum tax (AMT) for individuals. However, the fund will normally invest its assets so that 35 Days distributions are exempt from AMT. Fund performance Key investment team Net yield (%) Total return (%) Michael Sirianni Jr. 7-day 0.01 1-year 0.02 Kyle Stewart, CFA Portfolio assets Annualized yields (%) July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June $798.9 million 7-day 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Credit/obligor exposure Kaiser Permanente Performance quoted represents past performance, which is no guarantee of future results. Investment return will Barclays Bank plc vary. An investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than what is stated. To view performance current to the most recent month-end, contact us Federal Home Loan Mortgage Corp. or visit FederatedInvestors.com. Assured Guaranty Municipal Corp. Although not contractually obligated to do so, the advisor and/or certain fund service providers waived all or a portion of Mizuho Bank Ltd. their fees or reimbursed the fund for certain operating expenses. These voluntary waivers and reimbursements may be modified or terminated at any time; accordingly, the fund’s expenses may vary (i.e., increase or decrease) during the Comerica Bank fund’s fiscal year. These waivers increase income to the fund and result in a higher return to investors. Build America Mutual Assurance Otherwise, the 7-day yield would have been -1.23% and total return would have been lower. Royal Bank of Canada Total return represents the change in value of an investment after reinvesting all income and capital gains. San Diego County, CA Water Authority Yield quotations more closely reflect the current earnings of the fund than the total return quotation. Riverside County, CA Total % of Portfolio: 68.5% Share class statistics Inception date Money market municipal retail 1/18/05 Federated Hermes fund number 810 Cut-off times 1:00 p.m. ET — purchases 12:00 p.m. ET — redemptions Dividends Declared daily/paid monthly ● ● Not FDIC Insured May Lose Value No Bank Guarantee Federated Hermes California Municipal Cash Trust Cash Series Shares Portfolio manager commentary In the U.S., the second quarter of 2021 may be remembered as the inflection point in more concerned about avoiding economic malaise leading to deflation and reiter- the long struggle against Covid-19. ated their willingness to allow inflation to exceed their preferred 2% mark until the After a slow rollout earlier in the year, the vaccination drive gained steam, with the labor market showed strength for “some time.” majority of the U.S. adult population receiving at least one coronavirus vaccine dose But policymakers softened that stance in the June Federal Open Market Committee by the end of the reporting period and approval granted for teenagers. With new meeting. While they kept the fed funds target range at 0-0.25% throughout the cases of infection dropping in concert with vaccinations, most of the mandated quarter, they indicated that they might raise rates earlier than previously thought. restrictions that state and local governments implemented to stem the pandemic This was shown in the median fed funds projection in the so-called “dot plot,” which were lifted. With these re-openings, employers began to rehire workers and put liftoff squarely in 2023, with two rate hikes by the end of that year. The broad consumer demand returned. The labor market saw substantial improvement during money markets did receive some relief in the June meeting as Fed officials increased the reporting period, with initial jobless and continuing jobless claims falling and the rate on the Reverse Repo Facility and Interest on Excess Reserves by 5 basis nonfarm payrolls growing. Bolstered by pent-up demand and high personal savings, points each, to 5 and 15 basis points, respectively. consumers began to shop, eat out, travel, attend sporting events and other activities While the distribution to individuals of stimulus checks from the $1.9 trillion American they had curtailed in previous quarters. Rescue Plan largely ended in the quarter, disbursement to state and local govern- These factors continued to fuel market consternation that the robust nature of the ments continued, solidifying their budgets. The markets still await the passage of a recovery would lead to high inflation. While the Federal Reserve acknowledged the federal infrastructure bill. anxiety, policymakers largely dismissed concerns, calling the rise in prices “transi- At the end of the quarter, yields on 1-, 3-, 6- and 12-month U.S. Treasuries were tory.” They maintained that the large-scale disinflationary factors in place before the 0.04%, 0.05%, 0.06% and 0.07%, respectively; the 1-, 3-, 6- and 12-month London pandemic—including aging demographics, accelerating globalization and increased interbank offered rates (Libor) were 0.1%, 0.15%, 0.16% and 0.25%, respectively; and automation—eventually would counter any emerging price pressures. They remained the SIFMA Municipal Swap Index yield 0.03%. You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. Money market municipal retail Performance shown is for Cash Series Shares. The fund offers additional share classes whose performance will vary due to differences in charges and expenses. Please consult your financial institution regarding your eligibility to purchase these classes. A word about risk Definitions Weighted average maturity is the mean average of the Income may be subject to the federal alternative At Federated Hermes, integrating ESG factors means periods of time remaining until the securities held in the minimum tax (AMT) for individuals. Although the fund will including relevant and financially material environmental, fund’s portfolio (a) are scheduled to be repaid, (b) would normally invest its assets so that distributions of annual social and governance information in the analysis of a be repaid upon a demand by the fund or (c) are interest income are exempt from federal regular income security/issuer. ESG factors are used as qualitative scheduled to have their interest rate readjusted to reflect tax and AMT, the Fund may invest its assets in securities insights with the goal of improving portfolio risk/reward current market rates. Securities with adjustable rates the interest from which may be subject to AMT, state characteristics and prospects for long-term outperfor- payable upon demand are treated as maturing on the and/or federal income tax. Consult your tax professional mance. ESG investing does not automatically exclude earlier of the two dates if their scheduled maturity is for more information. issuers or sectors, but rather attempts to mitigate risks by 397 days or less, and the later of the two dates if their scheduled maturity is more than 397 days. The mean is Current and future portfolio holdings are subject to risk. identifying companies exhibiting positive (or negative) ESG policies and behaviors. weighted based on the percentage of the amortized cost of the portfolio invested in each period. Net yields are based on the average daily income dividend and average net asset value for the 7 days Weighted average life is calculated in the same manner ended on the date of calculation. The 7-day net annual- as the Weighted average maturity (WAM), but is based ized yield is based on the average net income per share solely on the periods of time remaining until the securities for the 7 days ended on the date of calculation and the held in the fund’s portfolio (a) are scheduled to be repaid offering price on that date. or (b) would be repaid upon a demand by the fund without reference to when interest rates of securities The fund is a managed portfolio and its holdings are within the fund are scheduled to be readjusted. subject to change. Variable rate demand notes are tax-exempt securities that The holdings percentages are based on net assets at the require the issuer or a third party, such as a dealer or bank, close of business on 6/30/21 and may not necessarily reflect to repurchase the security for its face value upon demand.
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