Federated Hermes California Municipal Cash Trust

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Not FDIC Insured monthly Declared daily/paid Dividends — redemptions p.m. ET 12:00 purchases — ET p.m. 1:00 Cut-off times 810 number fund Hermes Federated 1/18/05 date Inception Share class statistics Total 68.5% Portfolio: of % County,Riverside CA County, Diego San WaterCA Authority Canada of Bank Royal Assurance Mutual America Build Comerica Bank Bank Ltd. Mizuho Corp. Municipal Assured Guaranty Corp. Loan Mortgage Home Federal Barclays Bankplc Permanente Kaiser Credit/obligor exposure million $798.9 Portfolio assets CFA Stewart, Kyle Jr. Sirianni Michael Key investment team 6/30/21 CAMuniCS listing: Newspaper | 608919403 number: Cusip | CCSXX symbol: Nasdaq Cash Series Shares M H Federated • • • • • Producthighlights distributions are exempt fromare exempt distributions that assets so its invest normally will the fund ( tax minimum Income may be subject to the federal alternative way. a non-exclusionary Intensive credit review integrating money market funds and direct securities. tive taxable-equivalent yields compared to taxable Offers California residents the potential for attrac- securities. tax-exempt high-quality,short-term, in Invests California principal. of stability with consistent tax, income state California and tax regular income from federal exempt income currentPursues unicipal Cash Trust Cash unicipal

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ESG . es California California es factors in Yield quotations more closelyreflect the current earn Totalreturn Otherwise, the 7-day yield would have been -1.23% and total returnwould have been lower. fund’s fiscalyear. These waivers increaseincome to the fund andresult modified ina higher orterminated return to investors.atany time; accordingly, the fund’s their fees orreimbursed the fund for certain operating Although not contractually obligated to do so, the advisor and/ or visit may be lower or higher than what is stated. To view performance vary.current toAn investor’sthe most recentshares, month-end, when redeemed,contact mayus be worth more or less thanPerformance thequoted original represents cost. pastCurrent performance, performancewhich is no guaranteeof futureresults. Investment returnwill 7-day (%) yields Annualized performance Fund (%) composition Portfolio 7-day (%) yield Net FederatedInvestors.com. represents thechange in value of aninvestment after reinvesting all incomeand capital gains. Commercial Paper 5.8 Municipal Bonds/Notes Notes Variable RateDemand 0.01 July 67.6 Aug 0.01 26.6 Sept 0.01 0.01 ingsof the fundthan thetotal return quotation.

expenses.These voluntary waivers andreimbursements may be 0.01 Oct expenses may vary(i.e., increase or decrease)during the 35 Days 35 life Weighted average Days 35 Weightedmaturity average (%) schedule maturity Effective or certain fund service provider 1-year Totalreturn (%) 0.01 Nov 0.01 Dec 0.01 Jan 0.01 Feb 181 +Days 91-180 Days 31-90 Days 8-30 Days 1-7 Days 0.01 Mar s waived all or a portion of 0.01 Apr 56.7 4.9 28.6 2.7 7.1 0.01 May June 0.01 0.02

Money market municipal retail 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 municipal market Money 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. adjustments that are routinely made when presenting net The securities also pay interest at a variable rate intended assets for formal financial statement purposes. to cause the securities to trade at their face value.