Prospectus 19 May 2021

Federated Hermes Short-Term Daily U.S. Dollar Fund, Ltd. A Cayman Islands exempted company ______

Federated Hermes Short-Term Daily U.S. Dollar Fund, Ltd., a Cayman Islands exempted company (the “Fund”), is an open-ended investment company that has its registered office in Grand Cayman, British West Indies. The Fund’s investment objective is to seek to provide liquidity and income in line with current market rates to the extent consistent with the preservation of capital. The Fund pursues this objective by investing in a diversified portfolio of money market obligations with maturities of 397 days or less. This Prospectus relates to the Fund's issuance of the following classes (each being referred to herein as a “Class”) of participating non-voting shares, of par value U.S. $0.001 per share: NT Shares, Institutional Shares, Institutional Service Shares, Investor Service Shares and Retail Shares (collectively, the “Shares”). The board of directors of the Fund (the “Board” or the “Directors”), in consultation with Federated Investment Counseling (“FIC” or the “Investment Manager”) as the Investment Manager to the Fund, in its sole and absolute discretion, reserves the right to create and issue additional Classes, sub-classes and/or series of its participating shares in the future. There is no public or other secondary market for the Shares. The Fund does not anticipate that an active secondary market will develop in the Shares. No application has been made for the Shares to be listed on any stock exchange. As further described in this Prospectus, transfer of the Shares is restricted.

The distribution of this Prospectus and the offering of shares of the Fund may be restricted in certain jurisdictions; persons possessing this Prospectus are required to inform themselves of and to observe any such restrictions. This Prospectus does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer is not authorized or to any person to whom it is unlawful to make such offer or solicitation.

The Shares are offered only on the basis of the information contained in this Prospectus. Any further information or representations given or made by any broker, dealer, or other person should be disregarded and, therefore, should not be relied upon. No person has been authorized to give any information or to make any representations, other than those contained in this Prospectus, in connection with the offering of the Fund’s shares and, if given or made, such information or representations must not be relied on as having been authorized by the Fund, the Board, the Investment Manager, the Sub-Adviser or the Administrator. Neither the delivery of this Prospectus nor the issuance of shares of the Fund shall, under any circumstances, create any implication that there has been no change in the affairs of the Fund since the date hereof.

No Registration Statement has been filed with the United States Securities and Exchange Commission (“SEC”) or any state securities authority with respect to this offering. The shares of the Fund have not been and will not be registered under the United States Securities Act of 1933 and may not be offered, sold or otherwise transferred directly or indirectly to any United States citizen or resident or to any corporation, partnership, trust or other entity chartered or organized under the laws of any jurisdiction in the United States of America, its territories or possessions. Shares of the Fund may be purchased by a discretionary account or similar account (not an estate or trust) held by a dealer or other professional fiduciary for the benefit of a non-U.S. citizen or resident provided that the fiduciary adheres to certain required representations and undertakings.

Neither the Cayman Islands Monetary Authority nor any other governmental authority in the Cayman Islands has commented upon or approved the terms or merits of this document.

A MUTUAL FUND LICENCE ISSUED OR A FUND REGISTERED BY THE CAYMAN ISLANDS MONETARY AUTHORITY DOES NOT CONSTITUTE AN OBLIGATION OF THE AUTHORITY TO ANY INVESTOR AS TO THE PERFORMANCE OR CREDITWORTHINESS OF THE FUND.

FURTHERMORE, IN ISSUING SUCH A LICENCE OR IN REGISTERING A FUND, THE AUTHORITY SHALL NOT BE LIABLE FOR ANY LOSSES OR DEFAULT OF THE FUND OR FOR THE CORRECTNESS OF ANY OPINIONS OR STATEMENTS EXPRESSED IN ANY PROSPECTUS OR OFFERING DOCUMENT.

For Cayman Islands investors: No offer or invitation to subscribe for shares may be made to the public in the Cayman Islands.

The Fund’s registered office in the Cayman Islands is located at the offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. CONTENTS

This Document is Important ...... 2 How is the Fund Organized? ...... 2 Investment Information ...... 3 Securities in Which the Fund Invests ...... 4 What are the Specific Risks of Investing in the Fund? ...... 6 The Shares ...... 12 Determination of Net Asset Value ...... 12 Purchases and Redemptions of Shares ...... 14 Management and Administration ...... 17 Fees and Expenses ...... 21 Portfolio Transactions ...... 21 Dividends and Tax Matters ...... 21 Reports ...... 23 Winding Up ...... 23 Conflicts of Interest and Best Execution ...... 23 Litigation ...... 24 Use of Name ...... 24 Supply and Inspection of Documents ...... 24 Additional Information ...... 24 Regulation of the Fund ...... 24 Anti-Money Laundering ...... 25 Sanctions ...... 26 Beneficial Ownership Regime ...... 26 Requests for Information ...... 26 Important Information for Investors in Singapore and Switzerland ...... 26 Appendix A - Investment Ratings...... 29 Addresses ...... 30

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THIS DOCUMENT IS IMPORTANT The distribution of this Prospectus in some jurisdictions may require the translation of this Prospectus into the This Prospectus should be read in its entirety before languages specified by the regulatory authorities of making an application for Shares. To the best of the those jurisdictions. In case of inconsistency between the knowledge and belief of the Directors of the Fund (who translated and the English version of this Prospectus, have taken all reasonable care to ensure that such is the English version shall prevail. the case), the information contained in this Prospectus This document contains important information about the describes the Shares in all material respects and Fund and should be read carefully before investing. If an contains such other information as is necessary to investor has any questions about the contents of this enable a prospective investor in the Fund to make an Prospectus, it should consult its Participating informed decision as to whether to subscribe for Shares. Organization, stockbroker, bank manager, legal adviser, The value of the Shares may go down as well as up and, accountant or other financial adviser. therefore, it is possible to lose money by investing in the Fund. An investment in the Fund should not HOW IS THE FUND ORGANIZED? constitute a high proportion of an investment portfolio and may not be appropriate for all investors (see “What The Fund was incorporated as an exempted company in are the Specific Risks of Investing in the Fund?”). the Cayman Islands on April 27, 2015 for an unlimited duration. The Fund’s principal office in the Cayman The Investment Manager acts as investment adviser to Islands is located at the offices of BNY Mellon Fund a number of investment companies that are organized in Management (Cayman) Limited, Camana Bay, 72 the U.S. (the “U.S. Funds”) and registered with the SEC Market Street, Cassia Court, Suite 2204, P.O. Box under the Investment Company Act of 1940, as 31371, Grand Cayman, KY1-1206, Cayman Islands. The amended (the “1940 Act”). Like the Fund, those of the Fund’s registered office in the Cayman Islands is located U.S. Funds that are structured as money market funds at the offices of Maples Corporate Services Limited, PO seek to maintain a stable net asset value (see Box 309, Ugland House, Grand Cayman, KY1-1104, “Determination of Net Asset Value”). In acting on behalf Cayman Islands, or at such other place within the of such U.S. Funds, the Investment Manager acts in Cayman Islands as the Directors may decide. FIC serves accordance with the SEC’s Rule 2a-7 under the as the Fund’s investment manager. The Investment 1940 Act, which sets forth various requirements relating Manager has delegated certain of its functions to to matters such as the quality and maturity of portfolio Federated Hermes (UK) LLP as a sub-adviser to the investments. The Investment Manager will not adhere to Fund (the “Sub-Adviser”). The Fund’s administrator is the requirements of Rule 2a-7 in managing the Fund. BNY Mellon Fund Management (Cayman) Limited (the Shares of the Fund are not registered under the “Administrator”). The Investment Manager also provides U.S. Securities Act of 1933, as amended (the certain administrative services to the Fund. The Fund “1933 Act”), or the 1940 Act, and may not be reserves the right to change its name in the future to purchased, directly or indirectly, by any citizen or such name as the Directors in consultation with the resident of the United States or by any corporation, Investment Manager and Federated International partnership, trust or other entity chartered or organized Holdings B.V., as the sole holder of the non-participating under the laws of any jurisdiction in the United States or voting shares of par value U.S.$1.00 per share (the its territories or possessions (hereinafter referred to as “Management Shares”) of the Fund, think fit and “U.S. Persons”). This Prospectus does not constitute an participating Shareholder consent will not be sought for offer of the Shares (as defined below in the section such change of name. The Fund’s fiscal year end is entitled “The Shares”) to any member of the public in January 31. the Cayman Islands, and Shares may not be offered to The Articles of Association of the Fund provide that the any member of the public in the Cayman Islands. Fund's participating non-voting shares, of par value Shares may not be sold, transferred, conveyed, U.S.$0.001 per share, may be divided into classes (each assigned or disposed of without the prior written being referred to herein as a “Class”) in the discretion of consent of the Directors, which may be withheld in their the Directors and each such Class may be further absolute discretion. divided into different series (each being referred to Sh ares are offered only on the basis of the information herein as a “Series”) of participating shares. Subject to contained in the current Prospectus, key investor the Articles of Association, the Directors may allot, information documents, any country-specific issue, grant options or warrants over, or otherwise supplements, and, as appropriate, the latest audited dispose of shares in separate Classes and/or Series with annual report and any subsequent semi-annual report. different terms, preferences, privileges or special rights, Such reports will form part of this Prospectus. Investors including, without limitation, with respect to investment should note that the auditor’s report on the Fund’s strategy and/or policy, participation in assets, profits annual accounts is made only to Shareholders as a and losses of the Fund, voting, management, group at the date of the annual report, and the auditors performance and incentive fees, redemption privileges, do not accept liability to any other party for their report. and allocation of costs and expenses, as the Directors deem proper. Any information or representation about the Shares given or made by any Participating Organization, as defined herein, that is not contained in this Prospectus should be disregarded and accordingly should not be relied upon. 2

This Prospectus relates to the Fund's issuance of the Profile of Typical Investor following Classes of participating non-voting shares, of par value U.S.$0.001 per share (collectively, The Fund is suitable for investors seeking to achieve the “Shares”): income in line with current market rates to the extent consistent with the preservation of capital. Suitable investors will include non-U.S. investors investing NT Shares primarily through intermediary liquidity sweep Institutional Shares programs. Suitable investors also include Institutional Service Shares institutional investors. Investor Service Shares Retail Shares Instruments and Investment Techniques

The Fund will invest only in securities that have been rated (or whose issuers have been rated) in the highest INVESTMENT INFORMATION short-term rating category by a U.S. nationally recognized statistical rating organization (“NRSRO”), or Listed below are the Fund’s investment objective, in unrated securities that have been determined by the investment policies, permitted investment techniques Fund’s Investment Manager or Sub-Adviser to be of and instruments, and principal risks. While there is no comparable quality. Furthermore, the Fund will not assurance that the Fund will achieve its investment acquire securities that are not readily marketable if, as a objective, it endeavors to do so by following the result thereof, more than 10% of the value of its total strategies and policies described in this Prospectus. assets would be invested in such securities.

Certain capitalized terms used within this section of the • U.S. Government Securities Prospectus have the meaning given to them in the Articles of Association and/or the corresponding • U.S. and Non-U.S. Bank Obligations meaning given to them in further sections of this • Variable Amount Demand Notes Prospectus describing the securities and risks in fuller detail under the sections entitled “Securities in Which • Loan Participation Interests the Fund Invests” and “What are the Specific Risks of Investing in the Fund?” • Commercial Paper and Other Short-Term Debt Obligations Investment Objective and Policies • Repurchase Agreements To seek to provide liquidity and income in line with current market rates to the extent consistent with the • Obligations of Non-U.S. Governments preservation of capital. There is no assurance that the • Fund will achieve its investment objective. Other Pooled Investment Vehicles

The Fund seeks to attain its investment objective by Investment in short-term instruments may, in some investing in accordance with its investment policies. The circumstances, result in a lower yield than would be investment policies of the Fund are: to invest only in the available from investments in instruments with a types of money market instruments listed below, longer term. provided that they are denominated in United States Investment Restrictions dollars and have a remaining maturity of 397 days or less; and to maintain an overall weighted average The Fund has adopted the following fundamental maturity not to exceed 60 days and a weighted average investment restrictions: life of 120 days or less. • Issuer - The Fund will not purchase securities or The investment policies may be changed by the obligations of any one issuer if immediately after Directors of the Fund without approval by the Fund’s and as a result of such purchase more than 5% of Shareholders. the value of the Fund’s assets (or 10% in the case of investments in securities of eligible investment The types of investment referred to, and any investment companies) would consist of the securities of policies summarized, herein represent the Investment that issuer. Manager’s current intentions. Depending on conditions and trends in the money market instruments and the • Borrowing Money - The Fund will not borrow economy in general, the Investment Manager may money except from banks as a temporary measure employ any investment policies, strategies or techniques for extraordinary or emergency purposes (not for or purchase any type of security or other instrument leveraging) or in order to meet unexpectedly heavy that it considers appropriate and in the best interests of redemption requests in an amount not exceeding the Fund whether or not described above. 15% of the value of its assets and will not purchase any securities at any time when the Fund’s total Save as set out herein, the Fund has not imposed any outstanding borrowings from banks exceeds 5% of particular investment restrictions in regard to the the Fund’s net assets. The Fund will not pledge its investment of its assets. assets except to secure borrowings. While the Fund may borrow from its custodian for the foregoing purposes, any borrowing from the custodian will be on terms no less favorable to the Fund than those offered by the custodian to comparable borrowers. 3

• Concentration - The Fund may not purchase the • Conflicts of Interest securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its • Absence of Regulation agencies or instrumentalities) if, as a result, more • Non-Transferability of Shares than 25% of the Fund’s total assets would be invested in the securities of companies whose • Tax Considerations principal business activities are in the same industry, except that the Fund may invest more • Contagion Risk Factor than 25% of its total assets in the financial services • industry. The Fund will not acquire securities that Handling of Mail are not readily marketable if, as a result thereof, • Subscription Monies more than 10% of the value of its total assets would be invested in such securities. • Variation of Share Rights

• Types of Investments - The Fund will not invest See “What are the Specific Risks of Investing in the in equity securities (e.g. common stock, preferred Fund?” herein. stock, options, warrants, puts and calls), voting securities, restricted securities, corporate debt USE OF TEMPORARY DEFENSIVE MEASURES securities (e.g. bonds, debentures) other than those The Fund may temporarily depart from its principal bank securities and commercial paper referred to investment strategies by holding cash, shortening the above under “Investment Objective and Policies,” portfolio’s weighted average maturity or investing in any local or state government securities (e.g. municipal security that is an eligible security for purchase by bonds, state bonds), commodities or commodity money market funds. It may do this in response to contracts in real estate. The Fund will not sell unusual circumstances, such as: adverse market, securities short, write put or call options, engage in economic or other conditions (for example, to help avoid underwriting, or invest in companies for the purpose potential losses, or during periods when there is a of exercising control. The Fund will not make loans shortage of appropriate securities); to maintain liquidity to other persons except that it may acquire debt to meet Shareholder redemptions; or to accommodate securities as discussed above under “Investment cash inflows. It is possible that such investments could Objective and Policies.” affect the Fund’s investment returns or the Fund’s Investment Risks ability to achieve its investment objective. The types of securities in which the Fund invests are SECURITIES IN WHICH THE subject to a number of risks, and prospective investors’ attention is drawn to the following risk factors and other FUND INVESTS special considerations. This does not purport to be an exhaustive list of the risk factors relating to investment FIXED-INCOME SECURITIES in the Fund. Prospective investors are urged to review Fixed-income securities pay interest, dividends or the section entitled “What are the Specific Risks of distributions at a specified rate. The rate may be a fixed Investing in the Fund?” percentage of the principal or may be adjusted • Issuer Credit Risks periodically. In addition, the issuer of a fixed-income security must repay the principal amount of the • Counterparty Credit Risks security, normally within a specified time. Fixed-income securities provide more regular income than equity • Interest Rate Risks securities. However, the returns on fixed-income • Liquidity Risks securities are limited and normally do not increase with the issuer’s earnings. This limits the potential • Sector Risk appreciation of fixed-income securities as compared to equity securities. • Call Risk A security’s yield measures the annual income earned • Credit Enhancement Risk on a security as a percentage of its price. A security’s yield will increase or decrease depending upon whether • Risk of Foreign Investing it costs less (a “discount”) or more (a “premium”) than • Prepayment and Extension Risk the principal amount. If the issuer redeems the security before its scheduled maturity, the price and yield on a • Risk Associated with Investing Share discount or premium security may change based upon Purchase Proceeds the probability of an early redemption. Securities with higher risks generally have higher yields. • Risk Associated with Use of Amortized Cost The following describes the types of fixed-income • Additional Factors Affecting Yield securities in which the Fund principally invests:

• Regulatory Reform Risk Corporate Debt Securities (A Fixed-Income Security). Corporate debt securities are fixed-income securities • Technology Risk issued by businesses. Notes, bonds, debentures and • Reliance on Management commercial paper are the most prevalent types of 4

corporate debt securities. The Fund may also purchase Asset-Backed Securities (A Fixed-Income Security). interests in bank loans to companies. The credit risks of Asset-backed securities are payable from pools of corporate debt securities vary widely among issuers. In obligations other than mortgages. Most asset-backed addition, the credit risk of an issuer’s debt security may securities involve consumer or commercial debts with vary based on its priority for repayment. For example, maturities of less than 10 years. However, almost higher ranking (“senior”) debt securities have a higher any type of fixed-income assets (including other priority than lower ranking (“subordinated”) securities. fixed-income securities) may be used to create an This means that the issuer might not make payments on asset-backed security. Asset-backed securities may subordinated securities while continuing to make take the form of commercial paper, notes or pass- payments on senior securities. In addition, in the event through certificates. Asset-backed securities have of bankruptcy, holders of senior securities may receive prepayment risks. amounts otherwise payable to the holders of subordinated securities. Some subordinated securities, Government Securities (A Fixed-Income Security). such as trust-preferred and capital-securities notes, also Government securities are issued or guaranteed by a permit the issuer to defer payments under certain federal agency or instrumentality acting under federal circumstances. For example, insurance companies issue authority. Some government securities, including those securities known as surplus notes that permit the issued by Ginnie Mae, are supported by the full faith and insurance company to defer any payment that would credit of the United States and are guaranteed only as reduce its capital below regulatory requirements. to the timely payment of interest and principal.

Commercial Paper (A Type of Corporate Debt Security). Other government securities receive support through Commercial paper is an issuer’s obligation with a federal subsidies, loans or other benefits. For example, maturity of less than nine months. Companies typically the U.S. Treasury is authorized to purchase specified issue commercial paper to pay for current expenditures. amounts of securities issued by (or otherwise make Most issuers constantly reissue their commercial paper funds available to) the Federal Home Loan Bank and use the proceeds (or bank loans) to repay maturing System, Freddie Mac and Fannie Mae in support of paper. If the issuer cannot continue to obtain liquidity in such obligations. this fashion, its commercial paper may default. Some government agency securities have no explicit Demand Instruments (A Type of Corporate Debt financial support and are supported only by the credit of Security). Demand instruments are corporate debt the applicable agency, instrumentality or corporation. securities that require the issuer or a third party, such The U.S. government has provided financial support to as a dealer or bank (the “Demand Provider”), to Freddie Mac and Fannie Mae, but there is no assurance repurchase the security for its face value upon demand. that it will support these or other agencies in the future. Some demand instruments are “conditional,” so that the The Fund treats mortgage-backed securities guaranteed occurrence of certain conditions relieves the Demand by a federal agency or instrumentality as government Provider of its obligation to repurchase the security. securities. Although such a guarantee helps protect Other demand instruments are “unconditional,” so that against credit risk, it does not eliminate it entirely or there are no conditions under which the Demand reduce other risks. Provider’s obligation to repurchase the security can terminate. The Fund treats demand instruments as Treasury Securities (A Fixed-Income Security). Treasury short-term securities, even though their stated maturity securities are direct obligations of the federal may extend beyond one year. government of the United States.

Bank Instruments (A Fixed-Income Security). Bank Callable Securities (A Fixed-Income Security). Certain instruments are unsecured, interest-bearing deposits fixed-income securities in which the Fund invests are with banks. Bank instruments include, but are not callable at the option of the issuer. Callable securities limited to, bank accounts, time deposits, certificates of are subject to call risks. deposit and banker’s acceptances. Yankee instruments are denominated in U.S. dollars and issued by Municipal Securities (A Fixed-Income Security). U.S. branches of foreign banks. Eurodollar instruments Municipal securities are issued by states, counties, are denominated in U.S. dollars and issued by cities and other political subdivisions and authorities. non-U.S. branches of U.S. or foreign banks. Although many municipal securities are exempt from federal income tax, the Fund may invest in taxable The Fund will not invest in instruments of domestic and municipal securities. foreign banks and savings and loans unless they have capital, surplus and undivided profits of over Foreign Securities (A Fixed-Income Security). Foreign $100,000,000, or if the principal amount of the securities are securities of issuers based outside the instrument is insured by the Bank Insurance Fund or the United States. The Fund considers an issuer to be based Savings Association Insurance Fund, which are outside the United States if: administered by the Federal Deposit Insurance • Corporation. These instruments may include Eurodollar it is organized under the laws of, or has its principal Certificates of Deposit, Yankee Certificates of Deposit office located in, another country; and Eurodollar Time Deposits. • the principal trading market for its securities is in For purposes of applying the Fund’s concentration another country; or limitation, bank instruments also include fixed-income securities credit enhanced by a bank.

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• it (directly or through its consolidated subsidiaries) structured as unconditional demand instruments with a derived in its most current fiscal year at least 50% third-party Demand Provider). The Fund may also invest of its total assets, capitalization, gross revenue or in shares of affiliated money market funds that are not profit from goods produced, services performed or registered under the 1940 Act. Investment companies sales made in another country. are managed independently of the Fund and impose additional fees and/or expenses which would, therefore, Along with the risks normally associated with domestic be borne indirectly by the Fund in connection with any securities of the same type, foreign securities are such investment. However, the Investment Manager subject to risks of foreign investing. believes that the benefits and efficiencies of this approach should outweigh the potential additional fees Credit Enhancement. The Fund may invest in securities and/or expenses. To the extent that the Fund invests in that have credit enhancement. Credit enhancement a U.S. or non-U.S. pooled investment vehicle also consists of an arrangement in which an entity agrees to advised by the Investment Manager, the Investment pay amounts due on a fixed-income security if the Management Fees charged to the Fund will be reduced issuer defaults. In some cases the entity providing credit by any Investment Management or advisory fees enhancement makes all payments directly to the received by the Investment Manager with respect to security holders and receives reimbursement from the the Fund’s investment in such other pooled issuer. Normally, the credit enhancement provider may investment vehicle. have greater financial resources and liquidity than the issuer. For this reason, the Investment Manager or Sub- Investment Ratings. The securities in which the Fund Adviser may evaluate the credit risk of a fixed-income invests will be rated in the highest short-term rating security based solely upon its credit enhancement. category (without regard for gradations or subcategories) by one or more NRSROs or be deemed Common types of credit enhancement include by the Investment Manager or Sub-Adviser to be of guarantees, letters of credit, bond insurance and surety comparable quality to securities having such ratings. If bonds. Credit enhancement also includes arrangements a security is downgraded below the highest short-term where securities or other liquid assets secure payment rating category by one or more NRSROs, the of a fixed-income security. If a default occurs, these Investment Manager or Sub-Adviser will reevaluate the assets may be sold and the proceeds paid to the security, but will not be required to sell it. security’s holders. Either form of credit enhancement reduces credit risks by providing another source of ADDITIONAL INFORMATION REGARDING THE payment for a fixed-income security. In addition, credit SECURITY SELECTION PROCESS enhancement includes agreements to lend to the issuer amounts sufficient to repay or purchase the securities, As part of the analysis inherent in its security selection provided that either the Investment Manager or Sub- process, among other factors, the Investment Manager Adviser has determined that the loan commitment will or Sub-Adviser also evaluates whether environmental, be available except under remote circumstances. social and governance factors could have a negative or positive impact on the cash flows or risk profiles of OTHER INVESTMENTS, TRANSACTIONS many issuers or guarantors in the universe of securities AND TECHNIQUES in which the Fund may invest. The Investment Manager or Sub-Adviser may also consider information derived Repurchase Agreements. Repurchase agreements are from active engagements conducted by its in-house transactions in which the Fund buys a security from a stewardship team with certain issuers or guarantors. dealer or bank and agrees to sell the security back at a This qualitative analysis does not automatically result in mutually agreed-upon time and price. The repurchase including or excluding specific securities but is used by price exceeds the sale price, reflecting the Fund’s return Federated Hermes, Inc. (“Federated Hermes,” formerly, on the transaction. This return is unrelated to the “Federated Investors, Inc.”) as an additional input to interest rate on the underlying security. The Fund will improve portfolio risk/reward characteristics. enter into repurchase agreements only with banks and other recognized financial institutions, such as securities WHAT ARE THE SPECIFIC RISKS dealers, deemed creditworthy by the Investment Manager or Sub-Adviser. The Fund’s custodian or sub- OF INVESTING IN THE FUND? custodian will take possession of the securities subject to repurchase agreements. The Investment Manager, There can be no assurance that the investment Sub-Adviser or sub-custodian will monitor the value of objective of the Fund will be achieved, and investment the underlying security each day to ensure that the results may vary substantially over time. Investment in value of the security always equals or exceeds the the Fund is not intended to be a complete investment repurchase price. Repurchase agreements are subject to program for any investor. Prospective investors should credit risks. carefully consider whether an investment in Shares is suitable for them in the light of their circumstances and Investing in Securities of Investment Companies. The financial resources. Fund may invest its assets in shares of investment companies that are registered under the 1940 Act as an ISSUER CREDIT RISK efficient means of implementing its investment strategies and/or managing its uninvested cash. These It is possible that interest or principal on securities will investments may include: shares of an affiliated money not be paid when due. Money market funds try to market fund; or preferred shares of a closed-end fund minimize this risk by purchasing higher-quality that are eligible for purchase by money market funds securities. Many fixed-income securities receive credit (generally, because such preferred shares are ratings from NRSROs such as Fitch Rating Service, 6

Moody’s Investor Services, Inc. and Standard & Poor’s, LIQUIDITY RISK which assign ratings to securities by assessing the likelihood of an issuer and/or guarantor default. Higher Liquidity risk is the risk that the Fund will experience credit ratings correspond to lower perceived credit risk significant net redemptions of Fund Shares at a time and lower credit ratings correspond to higher perceived when it cannot find willing buyers for its portfolio credit risk. Credit ratings may be upgraded or securities or can only sell its portfolio securities at a downgraded from time to time as an NRSRO’s material loss. An inability to sell portfolio securities may assessment of the financial condition of a party result from adverse market developments or investor obligated to make payments with respect to such perceptions regarding the portfolio securities. While the securities and credit risk changes. The impact of any Fund endeavors to maintain a high level of liquidity in its credit rating downgrade can be uncertain. Credit rating portfolio so that it can satisfy redemption requests, the downgrades may lead to increased interest rates and Fund’s ability to sell portfolio securities can deteriorate volatility in financial markets, which in turn could rapidly due to credit events affecting particular issuers negatively affect the value of the Fund’s portfolio or credit enhancement providers, or due to general holdings, its share price and its investment market conditions and a lack of willing buyers. performance. Credit ratings are not a guarantee of SECTOR RISK quality. Credit ratings may lag behind the current financial conditions of the issuer and/or guarantor and A substantial part of the Fund’s portfolio may be do not provide assurance against default or other loss of comprised of securities issued by companies in the money. Credit ratings do not protect against a decline in financial services industry. In addition, a substantial the value of a security. If a security has not received a part of the Fund’s portfolio may be comprised of rating, the Fund must rely entirely upon the Investment securities credit enhanced by companies with similar Manager’s or Sub-Adviser’s credit assessment. Fixed- characteristics. As a result, the Fund will be more income securities generally compensate for greater susceptible to any economic, business, political or other credit risk by paying interest at a higher rate. The developments that generally affect these companies. difference between the yield of a security and the yield Developments affecting companies in the financial of a U.S. Treasury security or other appropriate services industry or companies with similar benchmark with a comparable maturity (the “spread”) characteristics might include changes in interest rates, measures the additional interest paid for risk. Spreads changes in the economic cycle affecting credit losses may increase generally in response to adverse economic and regulatory changes. or market conditions. A security’s spread may also increase if the security’s rating is lowered, or the CALL RISK security is perceived to have an increased credit risk. An increase in the spread will cause the price of the Call risk is the possibility that an issuer may redeem a security to decline if interest rates remain unchanged. fixed-income security before maturity (a “call”) at a price below or above its current market price. An COUNTERPARTY CREDIT RISK increase in the likelihood of a call may reduce the security’s price. If a fixed-income security is called, the A party to a transaction involving the Fund may fail to Fund may have to reinvest the proceeds in other fixed- meet its obligations. This could cause the Fund to lose income securities with lower interest rates, higher credit money or to lose the benefit of the transaction or risks or other less favorable characteristics. prevent the Fund from selling or buying other securities to implement its investment strategies. CREDIT ENHANCEMENT RISK

INTEREST RATE RISK The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters Prices of fixed-income securities rise and fall in response of credit or bond insurance). Credit enhancement is to changes in interest rates. Generally, when interest designed to help assure timely payment of the security; rates rise, prices of fixed-income securities fall. it does not protect the Fund against losses caused by However, market factors, such as the demand for declines in a security’s value due to changes in market particular fixed-income securities, may cause the price conditions. Securities subject to credit enhancement of certain fixed-income securities to fall while the prices generally would be assigned a lower credit rating if the of other securities rise or remain unchanged. rating were based primarily on the credit quality of the issuer without regard to the credit enhancement. If the The longer the duration of a fixed-income security, credit quality of the credit enhancement provider (for the more susceptible it is to interest rate risk. Recent example, a bank) is downgraded, the rating on a and potential future changes in monetary policy made security credit enhanced by such credit enhancement by central banks and/or their governments are likely provider also may be downgraded. to affect the level of interest rates. Money market funds try to minimize this risk by purchasing A single credit enhancement provider may provide credit short-term securities. enhancement to more than one of the Fund’s investments. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider.

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RISK OF FOREIGN INVESTING ASSET-BACKED SECURITIES (ABS) RISK

Foreign securities pose additional risks because foreign The value of asset-backed securities (ABS) may be economic or political conditions may be less favorable affected by certain factors such as interest rate risk, the than those of the United States. Securities in foreign availability of information concerning the pool of markets may also be subject to taxation policies that underlying assets and its structure, the creditworthiness reduce returns for U.S. investors. Foreign companies of the servicing agent for the pool or the originator of may not provide information (including financial the underlying assets and the ability of the servicing statements) as frequently or to as great an extent as agent to service the underlying collateral. Under certain companies in the United States. Foreign companies may market conditions, ABS may be less liquid and may be also receive less coverage than U.S. companies by difficult to value. Movements in interest rates (both market analysts and the financial press. In addition, increases and decreases) may quickly and significantly foreign countries may lack uniform accounting, auditing reduce the value of certain types of ABS. Unscheduled and financial reporting standards or regulatory prepayments of ABS may result in a loss of income if requirements comparable to those applicable to the proceeds are invested in lower-yielding securities. U.S. companies. These factors may prevent the Fund Conversely, in a rising interest rate environment, a and its Investment Manager or Sub-Adviser from declining prepayment rate will extend the average life obtaining information concerning foreign companies that of many ABS, which increases the risk of depreciation is as frequent, extensive and reliable as the information due to future increases in market interest rates. ABS available concerning companies in the United States. can also be subject to the risk of default on the underlying assets. Foreign countries may have restrictions on foreign ownership of securities or may impose exchange RISK ASSOCIATED WITH INVESTING SHARE controls, capital flow restrictions or repatriation PURCHASE PROCEEDS restrictions which could adversely affect the liquidity of the Fund’s investments. On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing PREPAYMENT AND EXTENSION RISK market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of Unlike traditional fixed-income securities, which pay a the securities already in the portfolio, the Fund’s yield fixed rate of interest until maturity (when the entire will likely decrease. Conversely, net purchases on days principal amount is due), payments on asset-backed on which short-term yields rise will likely cause the and mortgage-backed securities include both interest Fund’s yield to increase. The larger the amount that and a partial payment of principal. Partial payment of must be invested or the greater the difference between principal may be comprised of scheduled principal the yield of the securities purchased and the yield of the payments as well as unscheduled payments from the existing investments, the greater the impact will be on voluntary payment, refinancing or foreclosure of the the yield of the Fund. In the event of significant changes underlying loans. These unscheduled prepayments of in short-term yields or significant net purchases, the principal create risks that can adversely affect a fund Fund retains the discretion to close to new investments. holding such securities. However, the Fund is not required to close, and no assurance can be given that this will be done in any For example, when interest rates decline, the values of given circumstance. asset-backed and mortgage-backed securities generally rise. However, when interest rates decline, unscheduled RISK ASSOCIATED WITH USE OF prepayments can be expected to accelerate, and the AMORTIZED COST Fund would be required to reinvest the proceeds of the prepayments at the lower interest rates then available. In the unlikely event that the Fund’s Board were to determine that the extent of the deviation between the Conversely, when interest rates rise, the values of Fund’s amortized cost per Share and its market-based asset-backed and mortgage-backed securities generally net asset value per Share may result in material dilution fall. Since rising interest rates typically result in or other unfair results to Shareholders, the Board will decreased prepayments, this could lengthen the cause the Fund to take such action as it deems average lives of such securities, and cause their value to appropriate to eliminate or reduce, to the extent decline more than traditional fixed-income securities. practicable, such dilution or unfair results, including, but not limited to, considering suspending redemption of Generally, asset-backed and mortgage-backed securities Shares and liquidating the Fund. compensate for the increased risk associated with prepayments by paying a higher yield. The additional ADDITIONAL FACTORS AFFECTING YIELD interest paid for risk is measured by the difference between the yield of an asset-backed or mortgage- There is no guarantee that the Fund will provide a backed security and the yield of a U.S. Treasury security certain level of income or that any such income will or other appropriate benchmark with a comparable exceed the rate of inflation. Further, the Fund’s yield will maturity (the “spread”). An increase in the spread will vary. A low interest rate environment may prevent the cause the price of the asset-backed or mortgage-backed Fund from providing a positive yield or paying Fund security to decline. Spreads generally increase in expenses out of current income and could impair the response to adverse economic or market conditions. Fund’s ability to maintain a stable net asset value. The Spreads may also increase if the security is perceived to Fund’s yield could also be negatively affected (both in have an increased prepayment risk or is perceived to absolute terms and as compared to other money market have less market demand. funds) by aspects of its investment program (for 8

example, its investment policies, strategies or adversely affect the liquidity and/or market value of limitations) or its operational policies (for example, its securities that use LIBOR as a benchmark interest rate, cut-off time for purchases and redemptions of Shares). including securities and other financial instruments held by the Fund. Further, the utilization of an alternative TECHNOLOGY RISK reference rate, or the transition process to an alternative reference rate, may adversely affect the The Investment Manager and Sub-Adviser use various Fund’s performance technologies in managing the Fund, consistent with its investment objective and strategy described in this CYBER SECURITY RISK Prospectus. For example, proprietary and third-party data and systems are utilized to support decision Like other funds and business enterprises, the use of making for the Fund. Data imprecision, software or the internet and other electronic media and technology other technology malfunctions, programming exposes the Fund, its Shareholders, and the Fund’s inaccuracies and similar circumstances may impair the service providers, and its respective operations, to performance of these systems, which may negatively potential risks from cyber-security attacks or incidents affect Fund performance. (collectively, “cyber-events”). Cyber incidents can result from intentional (or deliberate) attacks or intentional LIBOR RISK events by insiders or third parties, including cybercriminals, competitors, nation-states and Certain debt securities, or other financial instruments in “hacktivists”, among others. Cyber-events may include, which the Fund may invest, as well as the Fund’s for example, phishing, use of stolen access credentials, committed, revolving line of credit agreement, utilize or unauthorised access to systems, networks or devices may utilize in the future the London Interbank Offered (such as, for example, through “hacking” activity), Rate (“LIBOR”) as the reference or benchmark rate for structured query language attacks, infection from or interest rate calculations. spread of malware, ransomeware, computer viruses or LIBOR is a measure of the average interest rate at other malicious software code, corruption of data, and which major global banks can borrow from one another. attacks which shut down, disable, slow or otherwise It is quoted in multiple currencies and tenors using data disrupt operations, business processes or website or reported by a panel of private-sector banks. Following internet access, or functionality or performance. Like allegations of rate manipulation in 2012 and concerns other funds and business enterprises, the Fund has regarding its thin liquidity, the use of LIBOR came under experienced, and will continue to experience, cyber- increasing pressure, and in July 2017, the U.K. Financial events consistently. In addition to intentional cyber- Conduct Authority, which regulates LIBOR, announced events, unintentional cyber-events can occur, such as, that it will stop encouraging banks to provide the for example, the inadvertent release of confidential quotations needed to sustain LIBOR after 2021. This information. Any cyber-event could adversely impact the may cause LIBOR to cease to be published. LIBOR panel Fund, and its Shareholders and cause the Fund to incur banks have agreed to submit quotations to LIBOR financial loss and expense, as well as face exposure to through the end of 2021. Before then, it is expected regulatory penalties, reputational damage and additional that market participants will transition to the use of compliance costs associated with corrective measures. A different reference or benchmark rates. However, there cyber-event may cause the Fund, or the Fund’s service is currently no definitive information regarding the providers, to lose proprietary information, suffer data future utilization of LIBOR or of any particular corruption, lose operational capacity (such as, for replacement rate. Regulators have suggested example, the loss of the ability to process transactions, alternative reference rates, but global consensus is calculate a Fund’s NAV, or allow Shareholders to lacking and the process for amending existing transact business), and/or fail to comply with applicable contracts or instruments to transition away from privacy and other laws. Among other potentially harmful LIBOR remains unclear. effects, cyber-events also may result in theft, unauthorised monitoring and failures in the physical While it is expected that market participants will amend infrastructure or operating systems that support the financial instruments referencing LIBOR to include Fund, and the Fund’s service providers. In addition, fallback provisions and other measures that contemplate cyber-events affecting issuers in which the Fund invests the discontinuation of LIBOR or other similar market could cause the Fund’s investments to lose value. The disruption events, neither the effect of the transition Investment Manager or Sub-Adviser and their relevant process nor the viability of such measures is known. affiliates have established risk management systems While market participants have begun transitioning reasonably designed to seek to reduce the risks away from LIBOR, there are obstacles to converting associated with cyber-events, however, there is no certain longer term securities and transactions to a new guarantee that the efforts of the Investment Manager benchmark or benchmarks. The effectiveness of or Sub-Adviser or their affiliates, or other service multiple alternative reference rates as opposed to one providers, will succeed, either entirely or partially. primary reference rate has not been determined. The Among other reasons, the nature of malicious cyber- effectiveness of alternative reference rates used in new attacks is becoming increasingly sophisticated and the or existing financial instruments and products has also Investment Manager or Sub-Adviser, and their not yet been determined. As market participants relevant affiliates, cannot control the cyber systems transition away from LIBOR, LIBOR’s usefulness may and cyber security systems of issuers or third-party deteriorate, which could occur prior to the end of 2021. service providers. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. LIBOR’s deterioration may 9

EPIDEMIC AND PANDEMIC RISK decisions regarding the investment management of the Fund will be made by the Investment Manager pursuant An outbreak of respiratory disease caused by a novel to the terms and conditions of the service agreement coronavirus was first detected in China in December between the Investment Manager and the Fund (the 2019 and subsequently spread internationally. This “Service Agreement”). The Investment Manager shares coronavirus has resulted in closing borders, enhanced discretionary investment management authority over health screenings, healthcare service preparation and the Fund with the Sub-Adviser pursuant to the delivery, quarantines, cancellations, disruptions to Subadvisory Agreement dated May 6, 2015 (the supply chains, workflow operations and customer “Subadvisory Agreement”). The Fund is subject to activity, as well as general concern and uncertainty. management risk because it is an actively managed The impact of this coronavirus may be short-term or portfolio in that the Investment Manager and may last for an extended period of time and result in a Sub-Adviser will invest the assets of the Fund as they substantial economic downturn. Health crises caused by deem appropriate in implementing the Fund’s outbreaks, such as the coronavirus outbreak, may investment strategies. Accordingly, the success of the exacerbate other pre-existing political, social and Fund depends upon the investment skills and analytical economic risks. The impact of this outbreak, and other abilities of the Investment Manager, the Sub-Adviser epidemics and pandemics that may arise in the future, and the portfolio managers to develop and effectively could negatively affect the worldwide economy, as well implement investment strategies that achieve the as the economies of individual countries, individual Fund’s investment objective. There is no assurance that companies (including fund service providers) and the the Investment Manager, Sub-Adviser and the portfolio market in general in significant and unforeseen managers will be successful in developing and ways. Any such impact could adversely affect the implementing the Fund’s investment strategies. Fund’s performance. Decisions made by the Investment Manager, Sub-Adviser and the portfolio managers may cause the The United States has responded to the COVID-19 Fund to incur losses or to miss profit opportunities on pandemic and resulting economic distress with fiscal and which it could otherwise have capitalized. No person monetary stimulus packages. In late March 2020, the should purchase Shares unless such person is willing to government passed the Coronavirus Aid, Relief, and entrust all aspects of management of the Fund to the Economic Security Act (the “CARES Act”), a stimulus Investment Manager and Sub-Adviser. package providing for over $2.2 trillion in resources to small businesses, state and local governments, and CONFLICTS OF INTEREST individuals that have been adversely impacted by the COVID-19 pandemic. In addition, in mid-March 2020 the The Investment Manager and Sub-Adviser will devote U.S. Federal Reserve (“Fed”) cut interest rates to the time reasonably required to manage the Fund. The historically low levels and announced a new round of Investment Manager, Sub-Adviser and their respective quantitative easing, including purchases of corporate affiliates, shareholders, members, managers, directors, and municipal government bonds. The Fed also enacted officers or employees (collectively, “related persons”) various programs to support liquidity operations and will not be precluded from engaging directly or indirectly funding in the financial markets, including expanding its in any other business or other activity, including reverse repurchase agreement operations, adding $1.5 exercising investment advisory and management trillion of liquidity to the banking system; establishing responsibility and buying, selling or otherwise dealing swap lines with other major central banks to provide with securities and other investments for their own dollar funding; establishing a program to support money accounts, for the accounts of family members, for the market funds; easing various bank capital buffers; accounts of other funds and for the accounts of providing funding backstops for businesses to provide individual and institutional clients. Each of these persons bridging loans for up to four years; and providing may give advice and take an action in the performance funding to help credit flow in asset-backed securities of their duties to their other clients that could differ markets. The Fed also plans to extend credit to small- from the timing and nature of action taken with respect and medium-sized businesses. to the Fund. Neither the Investment Manager nor the Sub-Adviser will have any obligation to purchase or sell REVERSE DISTRIBUTION MECHANISM for the Fund any investment that the Investment Manager, Sub-Adviser or their affiliates purchase or sell, Where the Directors determine in their sole discretion to or recommend for purchase or sale, for its or their own implement the Reverse Distribution Mechanism accounts, for the account of any other fund or for the described in the section entitled “Reverse Distribution account of any client. The Fund will not have any rights Mechanism - Redemption of Distributing Fund Shares”, of first refusal, co-investment or other rights in respect the Fund will endeavour to provide prior notice to of the investments made by related persons for other Shareholders, if practicable, that Shares will be clients or accounts, or in any fees, profits or other cancelled and the value of those Shares will be retained income earned or otherwise derived from them. If a by the relevant Class. In such circumstances, the Net determination is made that the Fund and another such Asset Value per Share of the Class will remain stable but person should purchase and sell the same investments the pro-rata number of Shares held by each Shareholder at the same time, the Investment Manager or Sub- will be reduced, reflecting a loss of capital to Adviser will allocate these purchases and sales as it Shareholders. considers equitable to each. A Shareholder will not, by RELIANCE ON MANAGEMENT reason of being a Shareholder, have any right to participate in any manner in any profits or income The Directors are responsible for the general earned or derived by or accruing to the Investment management and operations of the Fund, and all Manager or its respective related persons from the 10

conduct of any business (other than the Fund’s a case, the assets of the Fund attributable to other business) or from any transaction in investments classes or series may be applied to cover such liability effected by the Investment Manager or any of its related excess and the value of the contributing classes or persons for any account other than for the account of series will be reduced as a result. the Fund. HANDLING OF MAIL The Directors, the Administrator, auditors, custodian and brokers may from time to time act in a similar Mail addressed to the Fund and received at its capacity to, or otherwise be involved in, other funds or registered office will be forwarded unopened to the investment schemes, some of which may have similar forwarding address supplied by the Fund to be dealt investment objectives to those of the Fund. Thus, each with. None of the Fund, its directors, officers, advisors may be subject to conflicting demands in respect of or service providers (including the organization which allocating management time, services and other provides registered office services in the Cayman functions between the activities each has undertaken Islands) will bear any responsibility for any delay with respect to the Fund and the activities each has howsoever caused in mail reaching the undertaken or will undertake with respect to other forwarding address. investors or other accounts. It is therefore possible that SUBSCRIPTION MONIES any of them may, in the course of their respective businesses, have potential conflicts of interest with the Where a subscription for Shares is accepted, the Shares Fund or the Shareholders. The Directors will endeavor to will be treated as having been issued with effect from ensure that any conflicts are resolved fairly. the relevant date of receipt and acceptance of the investor’s subscription notwithstanding that the ABSENCE OF REGULATION subscriber for those Shares may not be entered in the The Fund has not registered under, does not intend to Fund's register of members until after such date. The register under, and is not subject to the 1940 Act. The subscription monies paid by a subscriber for Shares will Shares will not be registered under the 1933 Act or the accordingly be subject to investment risk in the Fund securities laws of any state or any other jurisdiction, nor from the relevant date of receipt and acceptance of the is any such registration contemplated. Consequently, investor’s subscription. the Fund is subject to significantly less federal or state EFFECT OF REDEMPTIONS regulation and supervision than registered investment companies. Where a redemption request is accepted, the Shares will be treated as having been redeemed with effect from NON-TRANSFERABILITY OF SHARES the relevant redemption date irrespective of whether or The Shares offered hereby have not been registered not such redeeming investor has been removed from under the 1933 Act and may not be offered or sold in the Fund's register of members or the redemption price the United States or to U.S. persons. The Shares may has been determined or remitted. Accordingly, on and be pledged, assigned, hypothecated or otherwise from the relevant redemption date, investors in their transferred only with the written consent of the capacity as such will not be entitled to or be capable of Directors, which consent may be granted or withheld for exercising any rights arising under the Articles of any reason, in their sole and absolute discretion, except Association with respect to Shares being redeemed for certain circumstances where such consent must be (including any right to receive notice of, attend or vote withheld in order to comply with applicable laws and at any meeting of the Fund) save the right to receive regulations. No market exists or will exist for the redemption price and any dividend which has been the Shares. declared prior to the relevant redemption date but not yet paid (in each case with respect to the Shares being TAX CONSIDERATIONS redeemed). Such redeemed investors be creditors of the Fund with respect to the redemption price. In an An investment in the Fund involves certain tax insolvent liquidation, redeemed investors will rank considerations, as described herein. See “Dividends and behind ordinary creditors but ahead of investors. Tax Matters.” Details of the redemption price applicable to any Shares may be obtained by the relevant redeemed investor CONTAGION RISK FACTOR from the Investment Manager. The Fund has the power to issue shares in classes or VARIATION OF SHARE RIGHTS series. The Articles of Association provide for the manner in which the liabilities are to be attributed The Articles of Association provide that, subject to the across the various classes or series (liabilities are to be Companies Act of the Cayman Islands (the “Companies attributed to the specific class or series in respect of Act”) and the other provisions of the Articles of which the liability was incurred). However, the Fund is a Association, all or any of the class rights or other terms single legal entity and there is no limited recourse of offer whether set out in this Prospectus, any protection for any class or series. Accordingly, all of the application for Shares or otherwise (including any assets of the Fund will be available to meet all of its representations, warranties or other disclosure relating liabilities regardless of the class or series to which such to the offer or holding of Shares) (collectively referred assets or liabilities are attributable. In practice, cross- to as “Share Rights”) for the time being applicable to class or cross-series liability is only expected to arise any Class or Series of Shares in issue (unless otherwise where liabilities referable to one class or series are in provided by the terms of issue of those Shares) may excess of the assets referable to such class or series and (whether or not the Fund is being wound up) be varied it is unable to meet all liabilities attributed to it. In such 11

without the consent of the holders of the issued Shares the extent identifiable as being attributable to a specific of that Class or Series where such variation is Class, the Fund’s operating expenses will be allocated to considered by the Directors, not to have a material that Class. adverse effect upon such holders' Share Rights; otherwise, any such variation shall be made only with If one or more Classes should become insolvent, then a the prior consent in writing of the holders of not less creditor may be able to attach to the assets of the other than two-thirds by net asset value of such Shares, or Classes and, in this respect, assets are not segregated. with the sanction of a resolution passed by a majority of Each Participating Organization, as defined herein, will at least two-thirds of the votes cast in person or by determine which Classes of Shares it sells. Certain proxy at a separate meeting of the holders of such Participating Organizations may offer more than one Shares. For the avoidance of doubt, the Directors class of Shares to their customers. reserve the right, notwithstanding that any such variation may not have a material adverse effect, to The holders of the Management Shares (a) are entitled obtain consent from the holders of such Shares. Each to receive notice of, and to attend and vote at, general subscriber for Shares will be required to agree that the meetings of the Fund; (b) are not entitled to receive any terms of offer set out in the application for Shares and dividend or otherwise to participate in the income or the rights attaching to the Shares can be varied in profits of the Fund; (c) on a winding up, have no accordance with the provisions of the Articles interests in the surplus assets of the Fund, and are of Association. entitled only to the return of the nominal capital paid up thereon prior to any distributions to the holders of THE SHARES Shares; and (d) are not entitled to request redemption of the Management Shares, nor are they subject to The authorized share capital of the Fund is mandatory redemption thereof by the Fund. U.S.$10 million divided into 100 non-participating voting The holders of the Participating Shares (a) shall not (in shares of U.S.$1.00 par value each (“Management respect of such Participating Shares) have the right to Shares”) and 9,999,900,000 participating non-voting receive notice of, attend at or vote as a member at any shares of U.S.$0.001 par value each (“Participating general meeting of the Fund, but may vote at a Shares”). The Management Shares are held by separate Class meeting convened in accordance with the Federated International Holdings B.V. The Fund Articles of Association: see “Variation of Share Rights”; currently issues the following classes (each being (b) are entitled to receive dividends and otherwise to referred to herein as a “Class”) of Participating Shares participate in the income or profits of the Fund in (collectively, the “Shares”): accordance with the terms of this Prospectus and the NT Shares Articles of Association; (c) shall have the right in a Institutional Shares winding up to participate in the surplus assets of the Institutional Service Shares Fund by reference to the Separate Account attributable Investor Service Shares to the relevant Class or Series of Participating Shares Retail Shares held as provided in the Articles of Association.

Each Share of each Class represents an interest in the There are no conversion or preemptive rights in same investment portfolio of the Fund. The Directors of connection with any Shares. All Shares, when duly the Fund, in consultation with the Investment Manager, issued, will be fully paid and non-assessable. Any in their sole and absolute discretion, reserve the right to matters referred to herein may also be adopted by create and issue additional Classes, sub-classes and/or unanimous resolution in writing with respect to a Series of its Participating Shares in the future. particular matter of the Shares entitled to vote. The Fund does not hold annual meetings of Shareholders. The base currency of the Fund is the U.S. Dollar. Investors may exchange Shares for Shares in another Each Class of Share bears such rights, obligations, Class, subject to approval by the Fund. Investors must liabilities, privileges, designations and preferences as meet the minimum investment requirements of the the Board determines, in its sole and absolute purchased Class. discretion, upon the issuance of such Class of Share, subject to such changes to such rights, obligations, Shares will be issued in book-entry form only. Share liabilities, privileges, designations and preferences as certificates will not be issued. the Board may determine from time to time with, if and to the extent required, notice to, or the requisite DETERMINATION OF consent or other approval of, the applicable NET ASSET VALUE Shareholders.

The subscription price for any Share shall be the The Fund's financial statements are prepared in prevailing net asset value per Share as determined on accordance with United States generally accepted each Business Day, which is expected to be $1.00 per accounting principles (“ US GAAP”). Share. Generally, a new Series of Share will be issued The Fund attempts to stabilize the net asset value on each subscription date for Shares of any particular (“NAV”) of its Shares at $1.00 by valuing the portfolio Class. As described herein, under “Management and securities using the amortized cost method. Amortized Administration” differing investment management fees, cost values approximate fair value under US GAAP. The distribution and service fees and certain expense Fund cannot guarantee that its net asset value will allocations are associated with each Class of Share. To always remain at $1.00 per Share. The Fund does not 12

charge a front-end sales charge.An investor can The Directors will monitor the use of the amortized cost purchase, redeem or exchange Shares any day the New method of valuation in order to ensure that this method York Stock Exchange (“NYSE”) is open (a “Regular continues to be in the best interests of the Shareholders Business Day”). An investor may also be able to and to provide a fair valuation of the investments of the purchase and redeem (but not exchange) Shares on Fund. There may be periods during which the stated certain days that the NYSE is closed on an unscheduled value of an instrument determined under the amortized basis due to unforeseen or emergency circumstances, if cost method of valuation is higher or lower than the the Fund’s Board determines to allow Fund Share price that the Fund would receive if the instrument were transactions on such days (a “Special Trading Day”). If sold, and the accuracy of the amortized cost method of the Fund declares a Special Trading Day, information valuation can be affected by changes in interest rates regarding shareholder trading activities for the Special and the credit standing of issuers of the Fund’s Trading Day (such as when NAV, and entitlement to that investments. day’s dividend, will be determined) will be available by calling the Fund at FAIR VALUATION (866) 858-2195 and will be available via the internet at If amortized cost is determined not to approximate fair FederatedInvestors.com. The information set forth in value, the value of the portfolio securities will be this Prospectus regarding times relevant to NAV determined in accordance with the following procedures. determination and dividend entitlement applies only to The Directors have ultimate responsibility for Regular Business Days. Please note that the times that determining the fair value of investments. The Directors might be specified for NAV determination and dividend have appointed a Valuation Committee comprised of entitlement on a Special Trading Day would not officers of the Fund, the Investment Manager and necessarily be the same as set forth in this Prospectus certain of the Investment Manager’s affiliated with respect to Regular Business Days. Although the companies to assist in determining fair value of Investment Manager will attempt to make such securities and in overseeing the comparison of information available in advance of a particular Special amortized cost to market-based value. The Directors Trading Day, given the nature of Special Trading Days, have also authorized the use of pricing services it may not be able to do so until the morning of the recommended by the Valuation Committee to provide Special Trading Day. fair value evaluations of the current value of certain When the Fund receives an investor’s transaction investments for purposes of monitoring the relationship request in proper form (as described in this Prospectus), of market-based value and amortized cost. The it is processed at the next determined NAV . NAV is Valuation Committee employs various methods for determined at 8:00 a.m., 9:00 a.m., 10:00 a.m., reviewing third-party pricing-service evaluations 11:00 a.m., 12:00 noon, 1:00 p.m., 2:00 p.m., including periodic reviews of third-party pricing services’ 3:00 p.m., 4:00 p.m. and 5:00 p.m. Eastern time each policies, procedures and valuation methods (including day the NYSE is open; except that on 3 July (when key inputs and assumptions) and review of price 3 July falls on a weekday), the day after Thanksgiving challenges by the Investment Manager based on recent and Christmas Eve (when Christmas Eve falls on a market activity. In the event that market quotations and weekday) the last NAV will be determined at 1:00 p.m. price evaluations are not available for an investment, Eastern time. The times as of when NAV is determined, the Valuation Committee determines the fair value of and when orders must be placed, may be changed. the investment in accordance with procedures adopted by the Directors. The Directors periodically review and AMORTIZED COST approve the fair valuations made by the Valuation Committee and any changes made to the procedures. The Fund attempts to stabilize the net asset value of Shares at $1.00 by valuing the portfolio securities using THE REVERSE DISTRIBUTION MECHANISM the amortized cost method. Amortized cost values approximate fair value under US GAAP. Where the Directors determine in their sole discretion that a Class in the Fund (the “Relevant Class”) may not Under the amortized cost valuation method, the Fund’s be able to maintain a constant Net Asset Value per investments are valued at their acquisition cost as Share due to its net yield (i.e. the yield net of all costs adjusted for amortization of premium or accretion of and expenses) being negative, they may with respect to discount. The amortized cost method of valuing any Dealing Day: investment securities is utilized in the money market fund marketplace. These policies are consistent with a) calculate the amount required for the Relevant industry practice. The Directors continually assess this Class to maintain a constant Net Asset Value method of valuation and recommend changes, where per Share (the “Yield Shortfall”); necessary, to ensure that the Fund’s investments are b) calculate the total number of Shares in the valued at their fair value as determined in good faith by Relevant Class that equates in value to the Yield the Directors. Shortfall (the “Total Number”);

c) calculate, in accordance with the size of each Shareholder’s shareholding in the Relevant Class, each Shareholder’s pro-rata share of the Total Number (the “Individual Number”);

13

d) redeem from each Shareholder in the Relevant Purchases and redemptions of Shares for persons who Class the Individual Number of Shares (shares invest in the Fund through Participating Organizations redeemed in this manner, the “Redeemed (“Participant Investors”) and who elect to use the Shares”); and automated purchase and redemption procedures available from Participating Organizations will be e) cancel the Redeemed Shares with the value effected automatically in accordance with the attributable to those Shares (which would procedures established by Participating Organizations. ordinarily have been paid to Shareholders) (See “Investment Through Participating Organizations” being retained by the Relevant Class to offset below.) Investors who do not wish to avail themselves the negative net yield. of the automated purchase and redemption procedures available from Participating Organizations may use the Please see the section entitled “Reverse Distribution Fund’s other purchase and redemption procedures. Mechanism – Redemption of Distributing Fund Shares” herein for details of the effect of this mechanism on With respect to the Institutional Shares, the minimum Shareholders’ holdings. initial investment is $1,000,000 and subsequent investments must be at minimum $10,000. With respect PURCHASES AND REDEMPTIONS to the Institutional Service Shares, the minimum initial OF SHARES investment is $1,000,000 and subsequent investments must be at minimum $10,000. With respect to the Investor Service Shares, the minimum initial investment GENERAL is $100,000 and subsequent investments must be at Investors may purchase Shares either directly or minimum $1,000. With respect to the NT Shares, the through Participating Organizations. Each subscriber for minimum initial investment is $25,000,000; there is no Shares (including subscribers purchasing Shares minimum amount for subsequent investments. With through Participating Organizations, who may act respect to the Retail Shares, the minimum initial through such organizations) and each transferee of investment is $1,000; there is no minimum amount for Shares will be required to give certain representations subsequent investments. The Fund reserves the right to and undertakings to the Fund to the effect that: waive the minimum investment amounts.

(a) he is not a citizen or resident of, or entity formed In order to maximize earnings on its portfolio, the Fund under the laws of, the United States or its territories normally has its assets as fully invested as is or possessions; practicable. Many securities in which the Fund invests require immediate settlement in funds of Federal (b) the beneficial owner of the Shares will not be a Reserve member banks on deposit at a Federal Reserve citizen or resident of, or entity formed under Bank (commonly known as “Federal Funds”). the laws of, the United States or its territories or possessions; Shares are issued as of the first determination of the Fund’s net asset value per Share made after receipt and (c) he will not transfer directly or indirectly any of his acceptance of the investor’s subscription. The Fund does Shares or any interest therein (including without not accept a purchase order from investors investing in limitation any right to receive dividends or other the Fund directly (i.e., not through Participating distributions) to a citizen or resident of, or entity Organizations) until an investor’s payment has been formed under the laws of, the United States or its converted into Federal Funds and is received by the territories or possessions or to any other person or Fund’s transfer agent. Orders from these direct entity unless the proposed transferee has made investors that are accompanied by Federal Funds and warranties similar to those contained in the Fund received after 4:00 p.m., Eastern time, on a Business application and such warranties by such person Day will result in the issuance of Shares on the following have been approved by the Fund; Business Day. Shares begin accruing income dividends upon settlement of the purchase of Shares. The Fund (d) he will not transfer any of his Shares within the reserves the right to reject any subscription of its United States or its territories or possessions; Shares. In addition, the Fund does not accept cash, and (e) he did not engage (except in certain cases may refuse to accept cash equivalents (i.e., travelers specifically permitted by the Fund) and will not checks, money orders, cashier’s checks or similar engage in any activity relating to the sale of Shares instruments) and certain other forms of payments at of the Fund in the United States or its territories or its discretion. possessions; and There is no redemption charge, although there may be a (f) he will supply the Fund with such other facts as fee charged on certain wire redemption requests, no from time to time are deemed necessary or minimum period of investment, and no restriction on desirable to ascertain in order to avoid the loss of a frequency of withdrawals. Proceeds of redemptions are contemplated tax benefit to the Fund or any of its paid either by check or wire. If a Shareholder elects to Shareholders and in order to ascertain that no redeem all the Shares it owns, all dividends credited to violation by the Fund or the Investment Manager the Shareholder through the date of redemption are will occur under the securities laws of any paid to the Shareholder along with the proceeds of relevant jurisdiction. the redemption.

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The right of redemption may not be suspended or the The Directors may cause a compulsory redemption date of payment upon redemption postponed for more during any period for which the determination of net than seven days after Shares are tendered for asset value has been suspended. redemption, except for any period during which: REVERSE DISTRIBUTION MECHANISM - (a) any stock exchange on which a substantial part of REDEMPTION OF DISTRIBUTING FUND SHARES the securities owned by the Fund are traded is closed, otherwise than for ordinary holidays, or The Directors may implement a Reverse Distribution dealings thereon are restricted or suspended; or Mechanism, details of which are set out below in this section, and will, when practicable, provide prior notice (b) there exists any state of affairs which constitutes a to Shareholders. state of emergency as a result of which (1) disposal of a substantial part of the investments of the Fund Where the Directors determine in their sole discretion would not be reasonably practical and might that a Class within the Fund may not be able to seriously prejudice the Shareholders of the Fund or maintain a stable Net Asset Value per Share due to the (2) it is not reasonably practicable for the Fund net yield (i.e. the yield net of all costs and expenses) fairly to determine the value of its net assets; or attributable to that Class on a particular Dealing Day being negative, the Directors may, with respect to such (c) none of the requests for redemption which have Dealing Day, redeem from each Class such number of been made may be lawfully satisfied by the Fund in Shares or fractions thereof having a Net Asset Value United States dollars; or which equals the amount required for that Class to maintain a stable Net Asset Value per Share. The Shares (d) there is a breakdown in the means of of each Shareholder within the relevant Class will be communication normally employed in determining redeemed on a pro-rata basis. The redeemed Shares the prices of a substantial part of the investments of will be cancelled and the value attributable to those the Fund. Shares will be retained by the relevant Class to offset MANDATORY REDEMPTION the negative net yield attributable to that Class and enable the Net Asset Value per Share of the Class to The Fund reserves the right to redeem the Shares of remain stable. In such circumstances, the Net Asset any Shareholder if the total value of all the remaining Value per Share of the Class will remain stable, but the Shares in the Shareholder’s or Participating number of Shares held by each Shareholder will be Organization’s account after a withdrawal is less than reduced, reflecting a loss of capital to Shareholders. U.S.$500. Written notice of the proposed mandatory redemption will be given at least 30 days in advance to INVESTMENT THROUGH PARTICIPATING any Shareholder whose account is to be redeemed, or ORGANIZATIONS alternatively the Fund may impose a monthly service Investors may, if they wish, invest in the Fund through charge on such accounts, which does not require prior the Participating Organizations with which they have written notice. For Participant Investor accounts, notice accounts, and are referred to as Participant Investors. of a proposed mandatory redemption will be made to Participating Organizations include securities brokers, the appropriate Participating Organization only. The banks and financial institutions or other industry Participating Organization will be responsible for professionals or organizations that have entered into notifying Participant Investors of the proposed agreements with the Distributor with respect to mandatory redemption. A Shareholder who receives investment of their customer accounts in the Fund. such notice may avoid mandatory redemption by When instructed by a Participant Investor to purchase or purchasing sufficient additional Shares to increase its redeem Shares, the Participating Organization, on behalf account value to the minimum amount during the notice of the Participant Investor, transmits to the Fund’s period. The Fund may also redeem the Shares of any transfer agent a purchase or redemption order, and in Shareholder if the Directors determine that any of the the case of a purchase order, payment for the Shares representations given by the Shareholder were not true being purchased. Each Participating Organization or have ceased to be true or that the continuing determines which classes of Shares it will offer. ownership of Shares by the Shareholder would cause an undue risk of adverse tax consequences to the Fund or Participating Organizations may confirm to Participant any of its Shareholders. Investors each purchase and redemption of Shares for their accounts. Also, Participating Organizations may In addition to the foregoing, the Directors may cause send periodic account statements to the Participant the Fund to redeem any or all of the Shares held by any Investors showing (i) the total number of Shares owned Shareholder at the appropriate redemption price at any by each Participant Investor as of the statement closing time and for any reason. If the Directors determine to date, (ii) purchases and redemptions of Shares by each mandatorily redeem any Shares in accordance with the Participant Investor during the period covered by the procedures set forth in the Articles of Association, the statement, and (iii) the income earned by Shares of Directors shall give the Shareholder holding Shares such each Participant Investor during the statement period notice of the redemption as they shall have disclosed to (including dividends paid in cash or reinvested in such Shareholder at the time of his subscription for additional Shares). Participant Investors whose Shares or, in the absence of any such disclosure, within Participating Organizations have not undertaken to such period as the Directors shall determine. provide such statements will receive them from the Fund directly.

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Participating Organizations may charge Participant (508) 599-4249. The original Fund application and Investors a fee in connection with their use of documentation should then be mailed to: specialized purchase and redemption procedures. In addition, Participating Organizations offering purchase Federated Hermes Short-Term Daily U.S. Dollar and redemption procedures similar to those offered to Fund, Ltd. Shareholders who invest in the Fund directly may c/o BNY Mellon Fund Management (Cayman) Limited impose charges, limitations, minimums and restrictions Camana Bay, 72 Market Street in addition to or different from those applicable to Cassia Court, Suite 2204 Shareholders who invest in the Fund directly. P.O. Box 31371 Accordingly, the net yield to investors who invest Grand Cayman, KY1-1206, Cayman Islands through Participating Organizations may be less than The investor should then telephone the transfer agent at the yield that could be achieved by investing in the Fund the above number to obtain a new account number and directly. Participating Organizations may also set then instruct a member bank of the Federal Reserve deadlines for receipt of orders from Participant Investors System to wire the amount of the investment that are earlier than the order deadline of the Fund due immediately to: to processing or other reasons. A Participant Investor should read this Prospectus in conjunction with the Bank Name: Bank of New York Mellon materials provided by the Participating Organization ABA: 011001234 describing the procedures under which Shares may be Acct #: 746746 purchased and redeemed through the Participating Acct Name: BNYMSIS (U ) Inc. as agent FBO Federated Organization. Investors Cayman FFC: Beneficiary fund/acct # Qualified Participating Organizations may transmit an investor’s purchase or redemption order to the Fund’s An account will not be opened until the Fund has transfer agent after 4:00 p.m., Eastern time on the received the Fund application and required day the order is received from the investor as long as documentation in proper form and has accepted the the investor has placed his order with the Participating subscription for its Shares. Organization before 4:00 p.m. Eastern time on that day. The investor will then receive the net asset value There may be a charge by the investor’s bank for of the Shares determined as of 4:00 p.m. Eastern time transmitting the money by bank wire, and there also on the day he placed his order with the qualified may be a charge for use of Federal Funds. The Fund Participating Organization. Participating Organizations does not charge investors in the Fund for its receipt of are responsible for instituting procedures to ensure that wire transfers. Payment in the form of a “bank wire” purchase orders by their respective clients are received prior to 4:00 p.m. Eastern time on a Business processed expeditiously. Day will usually be treated as a payment received on that day. DIRECT PURCHASE AND REDEMPTION PROCEDURES SUBSEQUENT PURCHASES OF SHARES

The following purchase and redemption procedures Subsequent purchases can be made by mailing a check apply to investors who wish to invest in the Fund or by bank wire as indicated above. All payments should directly and not through Participating Organizations. clearly indicate the Shareholder’s account number. These investors may obtain the Fund application form necessary to open an account by telephoning the Fund Provided that the information on the Fund application on at (508) 871-3572 or toll free at (866) 858-2195 during file with the Fund is still applicable, a Shareholder may the hours of 8:30 a.m. to 5:30 p.m. Eastern Time. re-open an account without filing a new Fund application at any time during the year the Shareholder’s account is All Shareholders, other than certain Participant closed or during the following calendar year. Investors, will receive from the Fund a monthly statement listing the total number of Shares owned as REDEMPTION OF SHARES of the statement closing date, purchases and A redemption is effected immediately following, and at a redemptions of Shares during the month covered by price determined in accordance with, the next the statement and the dividends paid on Shares to determination of net asset value per share following each Shareholder during the statement period receipt by the Fund’s transfer agent of the redemption (including dividends paid in cash or reinvested in order (and any supporting documentation which it may additional Shares). require). Normally, payment for redeemed Shares is INITIAL PURCHASE OF SHARES made the same Business Day the redemption is effected, if the redemption proceeds are being paid by Bank Wire wire (on the next Business Day if being paid by check). However, redemption payments will not be paid out, To purchase Shares of the Fund using the wire system unless the check (including a certified or cashier’s for transmittal of money among banks, an investor prior check) used for investment has been cleared for to his or her initial purchase of Shares, should first payment by the investor’s bank, which could take up to telephone the transfer agent at (508) 871-3572 or toll 15 days after investment. Shares redeemed are not free at (866) 858-2195 to obtain a Fund application entitled to participate in dividends declared on the day a necessary to open a new account. The investor should redemption becomes effective. complete and fax the Fund application along with any required documentation to the transfer agent at 16

A Shareholder’s original Fund application permits the account number with the Fund, (iii) the amount to be Shareholder to redeem by written request and to elect withdrawn and (iv) the name of the person requesting one or more of the additional redemption procedures the redemption. Usually, the proceeds are sent to the described below. A Shareholder may change the designated bank account or address on file the same instructions indicated on his original Fund application Business Day the redemption is effected, if the only by transmitting a written direction to the Fund’s redemption proceeds are being paid by wire (on the shareholder servicing agent at the address set forth next Business Day if being paid by check or debit card), below (see “Written Requests”). Requests to institute or provided the redemption request is received before change any of the additional redemption procedures will 4:00 p.m., Eastern time. The Fund reserves the right to require a signature guarantee. Account fees may be terminate or modify the telephone redemption service incurred in conjunction with these additional redemption in whole or in part at any time and will notify procedures and Shareholders should read this Shareholders accordingly. prospectus along with any additional materials provided. If a Shareholder’s Participating Organization offers MANAGEMENT AND checkwriting or debit card services for the Shareholder’s account, the Shareholder may request checks and a ADMINISTRATION debit card that allow the Shareholder to redeem Fund Shares. BOARD OF DIRECTORS

When a signature guarantee is called for, the The Board of Directors is responsible for managing the Shareholder should have “Signature Guaranteed” business affairs of the Fund in accordance with the stamped under his signature. It should be signed and Memorandum and Articles of Association. The Directors guaranteed by an eligible guarantor institution which may delegate certain functions to the Investment includes a United States bank, a United States savings Manager subject to the overall supervision and direction and loan institution, a United States credit union, a of the Directors. Directors are not compensated for their member bank of the Federal Reserve System or a services to the Board. member firm of a national securities exchange, pursuant The Directors are listed with their principal occupations to the Fund’s transfer agent’s standards and procedures. and present positions with the Fund and the Investment WRITTEN REQUESTS Manager (as applicable).

Shareholders may make a redemption in any amount by Gordon Ceresino sending a written request to Federated Hermes Gordon Ceresino serves as president of Federated Short-Term Daily U.S. Dollar Fund, Ltd., P.O. Box 9887, International Management Limited and vice chairman of Providence, RI 02940-8087. All written requests for Federated Hermes. With nearly 30 years of industry redemption must be signed by the Shareholder, in each experience, he is responsible for leading, developing and case with signature guaranteed, unless otherwise executing the firm’s global business and distribution indicated on the Fund application or in a subsequent plan to enhance Federated Hermes’ existing efforts as written authorization. Normally, the redemption well as explore new opportunities. proceeds are paid by check and mailed to the Shareholder at the address of record. Mr. Ceresino joined Federated Investors, Inc. in July of 2006 when Federated Investors, Inc. acquired TELEPHONE MDT Advisers. He previously served as chief executive The Fund accepts telephone requests for redemption officer and president of MDT Advisers. In this role, from Shareholders who elect this option. The proceeds Mr. Ceresino provided expert insight and commentary of a telephone redemption will be sent to the on the wide array of MDT’s investment strategies to Shareholder at his address or to his bank account as set individuals and institutions through separately managed forth in the Fund application or in a subsequent written accounts and mutual funds. He also led the effort that authorization. An investor may select this option by raised $6 billion in new assets through MDT’s executing on the Fund application his agreement that fundamentally based, quantitatively driven investment the Fund shall not be liable for any loss incurred by the products. He received his bachelor’s degree in investor by reason of the Fund accepting unauthorized economics from Stanford University. Additionally, he telephone redemption requests for his account. The received his Certified Investment Management Analyst Fund may accept telephone redemption instructions (CIMA) designation from the Investment Management from any person with respect to accounts of Consultants Association. Shareholders who elect this service, and thus Gregory P. Dulski Shareholders risk possible loss of dividends in the event of a telephone redemption not authorized by them. The Mr. Dulski is Federated Hermes’ senior counsel Fund will employ reasonable procedures to confirm that responsible for all legal and regulatory matters telephone redemption instructions are genuine, and will impacting Federated Hermes’ international operations. require that Shareholders electing such option provide a Mr. Dulski has nearly 20 years of experience in the form of personal identification at the time of such financial services industry and has worked with redemption request. Federated Hermes for more than 15 years, both as outside counsel and in-house counsel. Mr. Dulski serves A Shareholder making a telephone redemption should as a director on a number of Federated Hermes’ call the transfer agent at (508) 871-3572 or toll free at international Boards and has worked extensively on (866) 858-2195 and state (i) the name of the financial services reform in both the United States and Shareholder appearing on the Fund’s records, (ii) his 17

Europe. In addition to his work with Federated Hermes, faith or gross negligence (as interpreted in accordance Mr. Dulski has extensive industry experience having with the laws of the State of Delaware) on the part of worked for Janus Capital Group and ALPS Fund Services the Investment Manager, or of reckless disregard of its in Denver, Colorado and in the investment management obligations thereunder, the Investment Manager shall group of Reed Smith LLP. Mr. Dulski graduated with not be liable for any action or failure to act in honors from The George Washington University School accordance with its duties thereunder. of Law in 2001 and received his undergraduate degree in Accounting from Arizona State University and is a For its services under the Service Agreement, the non-practicing certified public accountant. Investment Manager receives a fee (the “Investment Management Fee”) from the Fund, accrued daily and Lori A. Hensler paid monthly, at the annual rate of 0.20% of the average daily net asset value for each Class of Shares of Ms. Hensler is Director of Funds Financial Services at the Fund. The Investment Manager, at its discretion, Federated Hermes. She serves as Principal Financial may waive all or a portion of the Investment Officer and Treasurer of the U.S.-domiciled Federated Management Fee and such waiver may differ among Hermes Funds and is Senior Vice President of Federated Classes of Shares of the Fund. Administrative Services, a Financial and Operations Principal for Federated Securities Corp. and Assistant To the extent that the Fund invests in a U.S. or non- Treasurer of Federated Investors Trust Company. From U.S. pooled investment vehicle also advised by the 2006 until 31 March 2013, Ms. Hensler was the Investment Manager, the Investment Management Fees Controller of Federated Hermes as well as Treasurer or charged to the Fund will be reduced by any Investment Assistant Treasurer of various U.S. affiliates of Management or advisory fees received by the Federated Hermes. Investment Manager with respect to the Fund’s investment in such other pooled investment vehicle. Ms. Hensler is a Certified Public Accountant in the U.S. and was educated at Edinboro University of In December 2017, Federated Investors, Inc., now Pennsylvania. She joined Federated Investors, Inc. in Federated Hermes, became a signatory to the Principles 1992 after spending several years in public accounting for Responsible Investment (PRI). The PRI is an investor in both audit and tax roles. initiative in partnership with the United Nations Environment Programme Finance Initiative and the INVESTMENT MANAGER United Nations Global Compact. Commitments made as a signatory to the PRI are not legally binding, but are The business and affairs of the Fund are managed under voluntary and aspirational. They include efforts, where the direction of the Fund’s Board of Directors which may consistent with our fiduciary responsibilities, to delegate any or all of its responsibilities to such persons incorporate environmental, social and corporate and entities as it sees fit. governance (ESG) issues into investment analysis and The Fund has retained as its investment manager investment decision making, to be active owners and Federated Investment Counseling, a Delaware statutory incorporate ESG issues into our ownership policies and trust with principal offices at 1001 Liberty Avenue, practices, to seek appropriate disclosure on ESG issues Pittsburgh, Pennsylvania 15222-3779. As of by the entities in which we invest, to promote December 31, 2019, the Investment Manager had acceptance and implementation of the Principles within U.S.$74.9 billion in assets under management. The the investment industry, to enhance our effectiveness in Investment Manager has been registered with the SEC implementing the Principles, and to report on our as an investment adviser since June 12, 1989. The activities and progress towards implementing the Investment Manager is licensed to conduct fund Principles. Being a signatory to the PRI does not management business in the U.S. and is regulated by obligate Federated Hermes to take, or not take, any the SEC. The SEC can be contacted by writing to the particular action as it relates to investment decisions or U.S. Securities and Exchange Commission, 100 F Street, other activities. NE, Washington, DC 20549 or by calling In July, 2018, Federated Investors, Inc., now Federated (202) 942-8088. Hermes, acquired a 60 percent interest in Hermes Fund Pursuant to the Service Agreement between the Fund Managers Limited (Hermes), which operates as Hermes and the Investment Manager, dated May 6, 2015, the Investment Management, a pioneer of integrated ESG Fund has engaged the Investment Manager to manage investing. Hermes experience with ESG issues its investment portfolio. Pursuant to the Subadvisory contributes to Federated Hermes’ understanding of Agreement, the Investment Manager shares material risks and opportunities these issues discretionary investment management authority over may present. the Fund with the Sub-Adviser. The Sub-Adviser EOS at Federated Hermes, which was established as manages the Fund’s portfolio of investments and makes Hermes Equity Ownership Services Limited (EOS) in decisions with respect to the purchase and sale of 2004 as an affiliate of Hermes Investment Management investments, subject to the general control of the Board Limited, is our in-house engagement and stewardship of Directors of the Fund and the Investment Manager. team. The 50+ member team conducts long-term, The Service Agreement continues in effect from year to objectives-driven dialogue with board and senior year. However, it may be terminated at any time: (i) by executive level representatives of more than 1,200 the Fund on 60 days’ written notice to the Investment unique issuers annually. It seeks to address the most Manager or (ii) by the Investment Manager on 60 days’ material ESG risks and opportunities through written notice to the Fund. The Service Agreement constructive and continuous discussions with the goal of provides that in the absence of willful misfeasance, bad improving long term results for investors. Engagers’ 18

deep understanding across sectors, themes and regional level of payments described above to any particular markets, along with language and cultural expertise, Participating Organization with each firm, based on, allows EOS to provide insights to companies on the among other things, the nature and level of services merits of addressing ESG risks and the positive benefits provided by such Participating Organization and the of capturing opportunities. Federated Hermes significance of the overall relationship of the investment management teams have access to the Participating Organization to the Investment Manager insights gained from understanding a company’s and its affiliates. The amount of these payments may be approach to these long-term strategic matters as an significant and may create an incentive for the additional input to improve portfolio risk / return Participating Organization to sell Shares of the Fund to a characteristics. prospective investor or to recommend one fund complex over another. Each investor should please speak with its DISTRIBUTOR Participating Organization to learn more about payments made to them by the Distributor or its affiliates. In The Fund has entered into a Distributor’s Contract with addition, to the extent allowable under the Financial Federated Securities Corp. (the “Distributor”), the Industry Regulatory Authority, Inc. rules and any other distributor of the Fund’s Shares. applicable regulations, the Distributor or an affiliate may Under the Distributor’s Contract, the Fund has contribute to sales programs for certain Participating appointed the Distributor to act as the Fund’s agent to Organizations and may provide non-cash compensation sell and distribute Shares of the Fund and to engage in to certain Participating Organizations such as activities principally intended to result in the sale of sponsorship or funding of sales seminars, tickets to Fund Shares. Pursuant to this appointment, the sporting events, theater or other entertainment, Distributor is authorized to enter into agreements with opportunities to participate in golf or other outings and Participating Organizations to sell Shares at the current gift certificates for meals or by giving out merchandise offering price as described and set forth in this at industry conferences, which may be paid for by the Prospectus. The Distributor, in its sole discretion, may Distributor or an affiliate out of its own resources. pay Participating Organizations a periodic fee in respect OPERATIONAL AND ADMINISTRATIVE of Shares owned from time to time by their clients or SUPPORT AGENT customers. The schedules of such fees and the basis upon which such fees will be paid shall be determined The Fund has entered into an Operational Support from time to time by the Distributor in its Services Agreement dated May 6, 2015, with Federated sole discretion. Administrative Services, Inc. (“FASI”) pursuant to which FASI provides operational and administrative support to The annual distribution fees paid to the Distributor are the Fund. For its services, the Fund pays FASI a fee as follows: calculated at the annual rates shown below: Share Class Distribution Fee FASI Fee Average Daily Net Assets of NT Shares 0.00% the Investment Complex Institutional Shares 0.20% 0.100% on assets up to U.S.$50 billion Institutional Service 0.35% on assets in excess of Shares 0.075% U.S.$50 billion Investor Service Shares 0.75% Retail Shares 0.85% The applicable FASI Fee will be multiplied times the average daily net assets of the Fund. The “Investment

Complex” refers to all of the companies that are parties The Fund bears the cost of telecommunications to the Amended and Restated Agreement for expenses, including the cost of dedicated lines and Administrative Services Agreement dated September 1, computer terminals, incurred by the Distributor in 2012, as amended, with FASI. carrying out its obligations under the Distributor’s Contract. In addition, the Fund may pay all or part of CUSTODIAN the costs of preparing and printing brochures and other promotional materials, including prospectuses used for The Bank of New York Mellon (the “Custodian”), c/o BNY promotional purposes, and of delivering those materials Mellon Asset Servicing, One Wall Street, New York, New to prospective investors of the Fund. York 10286, is the custodian for the Fund’s cash and securities. The Custodian is a New York state chartered The Distributor or an affiliate may, from time to time, at bank, is a member of the Federal Reserve System and is its expense and out of its own resources, make cash subject to regulation, supervision and examination by payments to some but not all Participating Organizations the Federal Reserve Board and the New York State for shareholder services, as an incentive to sell Shares Department of Financial Services. The Custodian is a of the Fund and/or to promote retention of their wholly-owned subsidiary of The Bank of New York customers’ assets in the Fund. These payments may be Mellon Corporation, a leading asset management and referred to as “revenue sharing,” but do not change the securities services company, which was established in price paid by investors to purchase the Fund’s Shares or 2007 from the merger of Mellon Financial Corporation the amount the Fund receives as proceeds from such and The Bank of New York Company, Inc. The principal sales. Revenue sharing payments may be made to business activity of the Custodian and its U.S. bank Participating Organizations that provide services to the affiliates include trust and custody activities, investment Fund or its Shareholders. The Distributor negotiates the

19

management services, banking services and various time by the Fund and the Administrator. The securities-related activities. Administrator was established in Grand Cayman in 1996. The Administrator has a Mutual Fund The deposits of the U.S. banking subsidiaries of The Administrator License granted by the Government of the Bank of New York Mellon Corporation are insured by the Cayman Islands which enables it to provide a full range Federal Deposit Insurance Corporation to the extent of company management services for its clients. The provided by law. Portfolio securities of the Fund which Administrator is regulated by the Cayman Islands are purchased outside the United States are maintained Monetary Authority. The Administrator is not authorized in the custody of foreign branches of other United States to carry out fund administration anywhere other than banks with which The Bank of New York Mellon has the Cayman Islands, although it is authorized to entered into sub-custodian agreements. The delegate accounting services to an affiliated office within Federal Reserve Board can be contacted by writing to BNY Mellon. Federal Reserve Board of Governors at 20th Street and Constitution Avenue N.W., Washington D.C. 20551 or by The Administrator receives from the Fund an annual fee. calling (202) 974-7008. The New York State Department of Financial Services can be contacted by writing to the Both the Administrator and the Distributor are New York State Department of Financial Services, One authorized as agents for the Fund to enter into State Street, New York, NY 10004 or by calling recordkeeping agreements to pay recordkeeping fees of (212) 709-3530. up to 10 basis points on Institutional Service Shares, Investor Service Shares and Retail Shares to The Custodian does not assist in, and is not responsible Participating Organizations that hold such Shares on an for, investment decisions involving assets of the Fund. omnibus basis with the Fund and provide recordkeeping services to the Fund and its Shareholders. TRANSFER AGENT, REGISTRAR, DIVIDEND DISBURSING AGENT AND SHAREHOLDER COUNSEL AND AUDITORS SERVICING AGENT K&L Gates LLP, One Lincoln Street, Boston, MA 02111 The Fund has entered into a Transfer Agency and serves as United States counsel to the Fund. Maples and Shareholder Services Agreement with BNY Mellon Calder, P.O. Box 309, Ugland House, Grand Cayman Investment Servicing (US) Inc. (the “Transfer Agent”) KY1-1104, Cayman Islands serves as Cayman Islands whereby the Transfer Agent serves as the transfer legal counsel to the Fund. In connection with the Fund's agent, registrar, dividend disbursing agent and offering of Shares and subsequent advice to the Fund, shareholder servicing agent for the Shares of the Fund. neither K&L Gates LLP nor Maples and Calder will be As compensation for services rendered by the Transfer representing Shareholders. No independent legal Agent during the term of the Transfer Agency and counsel has been retained to represent the Shareholder Services Agreement, the Fund will pay to Shareholders. K&L Gates LLP’s and Maples and Calder's the Transfer Agent such fees and charges as may be representation of the Fund is limited to specific matters agreed to from time to time in writing by the Fund and as to which they have been consulted by the Fund. the Transfer Agent. In addition, the Fund agrees to pay, There may exist other matters that could have a bearing and will be billed separately in arrears for, reasonable on the Fund as to which neither K&L Gates LLP nor expenses incurred by the Transfer Agent in the Maples and Calder has been consulted. In addition, performance of its duties. neither K&L Gates LLP nor Maples and Calder undertakes to monitor compliance by the Investment The Transfer Agent does not assist in and is not Manager and its affiliates with the investment program, responsible for, investment decisions involving assets of valuation procedures and other guidelines set forth the Fund. herein, nor does K&L Gates LLP or Maples and Calder monitor ongoing compliance with applicable laws. In FUND ADMINISTRATOR connection with the preparation of this Prospectus, The Fund has entered into an administration and Maples and Calder's responsibility is limited to matters accounting agreement (the “Administration Agreement”) of Cayman Islands law and it does not accept with BNY Mellon Fund Management (Cayman) Limited responsibility in relation to any other matters referred to (the “Administrator”), Camana Bay, 72 Market Street, or disclosed in this Prospectus. In the course of advising Cassia Court, Suite 2204, P.O. Box 31371, Grand the Fund, there are times when the interests of Cayman, KY1-1206, Cayman Islands pursuant to which Shareholders may differ from those of the Fund. Neither the Administrator performs certain tasks for the Fund K&L Gates LLP nor Maples and Calder represents the including (i) at its own expense, provide or procure such Shareholders' interests in resolving these issues. In office accommodation, secretarial staff and other reviewing this Prospectus, K&L Gates LLP and Maples facilities as may be required for the purpose of fulfilling and Calder have relied upon information furnished to its duties under the Administration Agreement; them by the Fund and have not investigated or verified (ii) provide valuation support, computation accounting the accuracy and completeness of information set forth services and financial reporting services for the Fund; herein concerning the Fund. (iii) provide the principal office of the Fund in the Ernst & Young Ltd. of 62 Forum Lane, Camana Bay, Cayman Islands for the purpose of Section 4(1)(b) of P.O. Box 510, Grand Cayman KY1-1106, Cayman the Mutual Funds Act (As Revised) of the Cayman Islands, has been appointed independent auditors for Islands (“Mutual Funds Act”); and (iv) do all such other the Fund. acts, matters and things as are necessary to perform its obligations under the Administration Agreement and any acts, matters and things as agreed upon from time to 20

FEES AND EXPENSES No portfolio transactions are executed with the Investment Manager or any of its affiliates, acting either There is no initial charge, redemption charge, as principal, to the extent prohibited by applicable law, conversion charge or switch charge imposed by the or as paid broker. Fund on Shareholders in relation to dealings in Shares. The Fund pays its own expenses, including, but not DIVIDENDS AND TAX MATTERS limited to, the fees under the Service Agreement, the Transfer Agency and Shareholder Services Agreement, DIVIDENDS the fees to the Administrator, all accounting and legal or compliance expenses, custodian fees, transfer agency The Fund declares dividends equal to adjusted net fees, fees for the daily pricing of portfolio holdings, income on each Business Day (as defined above under including an allocation of such fees paid directly by an “Determination of Net Asset Value”) and pays dividends affiliate of FASI for purposes of its provision of various monthly. Adjusted net income includes net investment administrative and operational services, printing income and all or a portion of realized gains and/or expenses including printing the Fund’s Prospectus and losses. Realized gains and losses, if any, will be included Fund application and delivering them to existing in the calculation of dividend declarations on either the Shareholders of the Fund, registration fees, audit fees, date of incurrence or over a period of time not to exceed organizational expenses, the cost of maintaining the twelve months. Unless the Fund’s transfer agent is Fund’s corporate existence, the cost of attendance by otherwise instructed by a Shareholder or Participating the Fund’s Directors at meetings of the Board of Organization, dividends on the Shares of the Fund will Directors, and all investment expenses incurred by automatically be reinvested in additional full and the Fund. fractional Shares of the Fund on the Business Day on which the dividends are paid. If a Shareholder elects to redeem all the Shares of the Fund which he owns, all PORTFOLIO TRANSACTIONS dividends accrued to the day of such redemption will be paid to the Shareholder on the next Business Day or no The Fund’s purchases and sales of portfolio securities later than the next regular dividend payment date, usually are principal transactions. Portfolio securities are depending on the internal procedures of the normally purchased directly from the issuer or from an Participating Organization in question. underwriter or market maker for the securities. There usually are no brokerage commissions paid for such DIVIDENDS UNDER THE REVERSE DISTRIBUTION purchases. Any transaction for which the Fund pays a MECHANISM brokerage commission will be effected at the best price and execution available. Purchases from underwriters of Upon implementation of the Reverse Distribution portfolio securities include a commission or concession Mechanism, details of which are set out above under the paid by the issuer to the underwriter, and purchases section entitled “Reverse Distribution Mechanism - from dealers serving as market makers include the Redemption of Distributing Fund Shares”, dividends will spread between the bid and asked price. only be declared in respect of a Class on Dealing Days where there is net income attributable to that Class (for Allocations of transactions, including their frequency, to the purposes of this section a “Positive Yield Dealing various dealers is determined by the Investment Day”). On a Positive Yield Dealing Day, dividends will be Manager or Sub-Adviser, as applicable, in their best declared in accordance with the provisions outlined judgment and in a manner deemed in the best interest above except that dividends are automatically of Shareholders of the Fund rather than by any formula. reinvested daily in consideration for additional Stable The primary consideration is prompt execution of orders NAV Shares at the Net Asset Value per Share. Dividends in an effective manner at the most favorable price. which, at the Shareholder’s option, are paid in cash, will be accrued and paid in accordance with the provisions Investment decisions for the Fund will be made outlined in this section. independently from those for any other investment companies or accounts that may be or become managed Dividends will not be declared in respect of a Class on by the Investment Manager or its affiliates. If, however, Dealing Days where the net yield (i.e. the yield net of all the Fund and other investment companies or accounts costs and expenses) attributable to that Class is managed by the Investment Manager are negative (for the purposes of this section, a “Negative simultaneously engaged in the purchase or sale of the Yield Dealing Day”). Please see the section entitled same security, the transactions will be allocated “Reverse Distribution Mechanism - Redemption of equitably to each account. When purchases or sales of Distributing Fund Shares” for details of how a stable Net the same security for the Fund and for other investment Asset Value per Share is maintained on Negative Yield companies managed by the Investment Manager occur Dealing Days. contemporaneously, the purchase or sale orders may be aggregated in order to obtain any price advantages TAX MATTERS available to large denomination purchasers or sellers. In The conclusions set forth in this section with respect to some cases, this policy might adversely affect the price United States tax consequences are based on the paid or received by the Fund or the size of the position assumption that the Shareholders are not United States obtainable for the Fund. citizens or residents or recent expatriates or former residents for United States tax purposes. Shareholders who are unsure if they are United States residents for tax purposes should consult with their tax advisers.

21

The Government of the Cayman Islands will not, under The Cayman Islands has signed an inter-governmental existing legislation, impose any income, corporate or agreement to improve international tax compliance and capital gains tax, estate duty, inheritance tax, gift tax or the exchange of information with the United States (the withholding tax upon the Fund or the Shareholders. The " US IGA"). The Cayman Islands has also signed a Cayman Islands are not party to a double tax treaty multilateral competent authority agreement to with any country that is applicable to any payments implement the OECD Standard for Automatic Exchange made to or by the Fund. of Financial Account Information – Common Reporting Standard ("CRS" and together with the US IGA, "AEOI"). The Fund has applied for and has received an undertaking from the Financial Secretary of the Cayman Islands regulations have been issued to give Cayman Islands that, in accordance with section 6 of effect to the US IGA and CRS (collectively, the "AEOI the Tax Concessions Act (As Revised) of the Cayman Regulations"). Pursuant to the AEOI Regulations, the Islands, for a period of 20 years from the date of the Cayman Islands Tax Information Authority (the "TIA") undertaking, no law which is enacted in the Cayman has published guidance notes on the application of the Islands imposing any tax to be levied on profits, income, US IGA and CRS. gains or appreciations shall apply to the Fund or its operations and, in addition, that no tax to be levied on All Cayman Islands "Financial Institutions" are required profits, income, gains or appreciations or which is in the to comply with the registration, due diligence and nature of estate duty or inheritance tax shall be payable reporting requirements of the AEOI Regulations, unless (i) on or in respect of the shares, debentures or other they are able to rely on an exemption that allows them obligations of the Fund or (ii) by way of the withholding to become a "Non-Reporting Financial Institution" (as in whole or in part of a payment of dividend or other defined in the relevant AEOI Regulations) with respect distribution of income or capital by the Fund to its to one or more of the AEOI regimes, in which case only members or a payment of principal or interest or other the registration requirement would apply under CRS. sums due under a debenture or other obligation of the The Fund does not propose to rely on any Non- Fund. Non-U.S. Shareholders should not be subject to Reporting Financial Institution exemption and therefore such taxes in the United States based solely on their intends to comply with all of the requirements of the investment in the Fund. AEOI Regulations.

While foreign withholding taxes may in certain The AEOI Regulations require the Fund to, amongst circumstances be imposed on income paid on foreign other things (i) register with the Internal Revenue securities, the Fund will not purchase securities which Service ("IRS") to obtain a GIIN / Global Intermediary the Fund believes, at the time of purchase, will be Identification Number (in the context of the US IGA subject to foreign withholding taxes. (See “Investment only), (ii) register with the TIA, and thereby notify the Objective and Policies.”) TIA of its status as a "Reporting Financial Institution", (iii) adopt and implement written policies and CAYMAN ISLANDS – AUTOMATIC EXCHANGE OF procedures setting out how it will address its obligations FINANCIAL ACCOUNT INFORMATION under CRS, (iv) conduct due diligence on its accounts to identify whether any such accounts are considered Under U.S. legislation commonly referred to as the "Reportable Accounts", (v) report information on such Foreign Account Taxpayer Compliance Act (“FATCA”) Reportable Accounts to the TIA, and (vi) file a CRS and Treasury Department Guidance implementing this Compliance Form with the TIA. The TIA will transmit the legislation, a 30% withholding tax will apply to any information reported to it to the overseas fiscal U.S.-source dividends, interest and other passive authority relevant to a reportable account (e.g. the IRS income paid to the Fund after June 30, 2014 and any in the case of a US Reportable Account) annually on an gross proceeds realized by the Fund after December 31, automatic basis. 2016 on the disposition of property of a type which can produce U.S.-source dividends or interest, unless the By investing in the Fund and/or continuing to invest in Fund collects and reports on an annual basis the Fund, investors shall be deemed to acknowledge information regarding its “United States accounts” or that further information may need to be provided to the an exception applies. Fund, the Fund's compliance with the AEOI Regulations may result in the disclosure of investor information, and For this purpose, a United States account is any investor information may be exchanged with overseas “financial account” held by one or more “specified fiscal authorities. Where an investor fails to provide any United States persons” or “United States owned foreign requested information (regardless of the consequences), entities.” A financial account includes an equity interest the Fund may be obliged, and/or reserves the right, to in a foreign investment entity such as the Fund. A take any action and/or pursue all remedies at its specified United States person is essentially any disposal including, without limitation, compulsory U.S. person, other than publicly traded corporations, redemption of the investor concerned and/or closure of their affiliates, tax-exempt organizations, governments, the investor's account. In accordance with TIA issued banks, real estate investment trusts, regulated guidance, the Fund is required to close an investor's investment companies, and common trust funds. A account if a self-certification is not obtained within 90 United States owned foreign entity is a foreign entity days of account opening. with one or more “substantial United States owners,” generally defined as a specified United States person The Fund may take such action as it considers owning a greater than 10% interest, although this term necessary in accordance with applicable law in relation includes any specified United States person, regardless to a Shareholder’s holding to ensure that any of such person’s ownership stake, with an investment withholding tax payable by the Fund, and any related entity such as the Fund. costs, interest, penalties and other losses and liabilities 22

suffered by the Fund, the Administrator or any other • secondly, in the payment of the any balance then Shareholder, or any agent, delegate, employee, remaining in each relevant Class of Shares, such director, officer or affiliate of any of the foregoing payment being made in proportion to the number of persons, arising from such investor’s failure to provide Shares held by each member of such Class; and the requested information to the Fund, is economically borne by the appropriate Shareholder. • thirdly, in the payment of any balance then remaining and not comprised within any of the Investors and prospective investors are hereby advised Classes of Shares, such payment being made as that any tax discussion contained herein was prepared between the Classes in proportion to the net asset to support the promotion or marketing of the Shares value of each Class of Shares in issue and within described in this Prospectus, and any person reviewing each Class in proportion to the net asset value of this discussion should seek advice based on such the Shares held by each member of such Class. person’s particular circumstances from an independent tax advisor. CONFLICTS OF INTEREST AND BEST EXECUTION REPORTS The Fund has policies designed to ensure that in all The Fund’s fiscal year end is January 31. The Fund transactions, a reasonable effort is made to avoid sends audited financial statements prepared in conflicts of interest, and when they cannot be avoided, accordance with US GAAP to all Shareholders within 120 that the Fund and its Shareholders are fairly treated. days of the end of its fiscal year. Shareholder inquiries The Investment Manager, the Administrator or the may be directed to the Shareholder’s Participating Custodian and any party to whom management, Organization or directly to the Fund c/o the advisory and administrative functions are delegated by Investment Manager. the Investment Manager, the Administrator or the Custodian may, from time to time, act as manager, The reports are available via the internet at custodian or investment adviser in relation to, or be FederatedInvestors.com. otherwise involved in, other Federated Hermes funds which have investment objectives similar to those of the WINDING UP Fund. It is, therefore, possible that any one of them may, in the course of business, have potential conflicts The Fund will be terminated, wound up and dissolved in of interest with the Fund. Each will, at all times, have accordance with Articles of Association or otherwise regard in such event to its respective obligations under pursuant to a formal liquidation under the Companies the Management Agreement, the Investment Advisory Act or any other applicable bankruptcy or insolvency Agreement, the Administration Agreement and the regime. Custodian Agreement.

On a winding up of the Fund, the assets available for In addition, any of the foregoing may deal, as principal distribution (after satisfaction of creditors’ claims) shall or agent, with the Fund, provided that such dealings are then be paid to the holders of the Management Shares, carried out as if effected on normal commercial terms in an amount equal to the par value of Management negotiated on an arm’s length basis and that such Shares, and then to the holders of the Fund's transactions are consistent with the best interests of Participating Shares in proportion to the net asset Shareholders; provided, that the Investment Manager value of the Participating Shares held by each will not enter into principal transactions (as defined in such Shareholder. the U.S. Investment Advisers Act of 1940) with the Fund. Conflicts of interest will be resolved fairly and in The assets available for distribution among the holders the best interests of Shareholders. Dealings will be of the Fund's Participating Shares shall be applied in the deemed to have been effected on normal commercial following priority: terms if (1) a certified valuation of a transaction by a • firstly, in the payment to the Shareholders of each person approved by the Custodian as independent and Class of Shares of a sum in the base currency in competent is obtained; or (2) the transaction is which that Class is denominated or in any other executed on best terms reasonably obtainable on an currency selected by the liquidator as nearly as organized investment exchange in accordance with the possible equal (at a rate of exchange reasonably rules of such exchange; or, where (1) and (2) are not determined by the liquidator) to the net asset value practical, (3) the transaction is executed on terms which of the Shares of such Class held by such holders the Custodian (or the Directors in the case of a respectively as at the date of commencement of the transaction involving the Custodian) is satisfied are winding up provided that there are sufficient assets normal commercial terms negotiated at arm’s length. available in the relevant Class to enable such To the extent the Investment Manager provides payment to be made. In the event that, as regards valuations for securities whose market price is any Class of Shares, there are insufficient assets unrepresentative or whose value is unavailable, a available in the relevant Class to enable such potential conflict of interest exists since an increase in payment to be made, recourse shall be had to the the Fund’s net asset value could result in a higher assets of the Fund not comprised within any of the advisory fee. However, all such securities will be valued other Classes of Shares; at their probable realization value estimated with care and in good faith.

23

The Fund has policies designed to ensure that its service Shares may be transferred only if the proposed providers act in the Fund’s best interests when transferee of the Shares obtains the prior approval of executing decisions to deal on behalf of the Fund in the the Board of Directors of the Fund. In this regard, the context of managing the Fund’s portfolio. For these proposed transferee will be required to make the purposes, all reasonable steps must be taken to obtain representations and warranties required of a subscriber the best possible result for the Fund, taking into account in form and substance satisfactory to the Directors of the value of the research provided and the costs Fund. The Fund will have full discretion to approve or inherent in trading, including opportunity costs, market disapprove any proposed transferee, and no proposed impact costs and commissions, or any other transfer will be recognized until the documents relating consideration relevant to the execution of the order. to it have been approved by the Board of Directors. The Information about the Fund’s execution policies is Fund need not approve any transfer that is not or may available to Shareholders at no charge upon request. not be consistent with any representation or warranty that the transferor of the Shares may have given to LITIGATION the Fund. Among other things, the Memorandum and Articles of Neither the Fund, the Investment Manager or the Association provides certain rights of indemnification in Sub-Adviser is involved in any litigation or arbitration favor of directors, officers, employees and agents of the and no litigation or claim is known to the Directors to be Fund against legal liability and expenses if such persons pending or threatened against the Fund, the Investment have acted in accordance with certain standards of Manager or the Sub-Adviser. conduct and, in connection with the matter giving rise to a particular claim, did not engage in willful misfeasance, USE OF NAME bad faith, negligence or reckless disregard of the duties involved in the conduct of their office. Federated Investors, Inc., now Federated Hermes, has granted the Fund permission to use the name REGULATION OF THE FUND “Federated Hermes” in the name of the Fund. Federated Hermes may revoke this permission at any time at its CAYMAN ISLANDS discretion and in such event the Fund shall be obliged to change the name of the Fund and the Shareholders shall The Fund falls within the definition of a “Mutual Fund” in be obliged to ensure that all necessary resolutions are terms of the Mutual Funds Act and accordingly is passed at a general meeting of the Fund to give effect regulated in terms of the Mutual Funds Act. to any such change of name. As a regulated mutual fund, the Fund is subject to the supervision of the Cayman Islands Monetary Authority SUPPLY AND INSPECTION (the “Monetary Authority”). The Fund must file this OF DOCUMENTS document and details of any changes that materially affect any information in this document with the The Memorandum and Articles of Association of the Monetary Authority. The Monetary Authority may, at Fund, the Prospectus, the key investor information any time, instruct the Fund to have its accounts audited documents, the material contracts referred to above and and to submit them to the Monetary Authority within any annual or semi-annual reports are available for such time as the Monetary Authority specifies. In inspection at the Fund’s principal office in the Cayman addition, the Monetary Authority may ask the Directors Islands: c/o BNY Mellon Fund Management (Cayman) to give the Monetary Authority such information or such Limited, Camana Bay, 72 Market Street, Cassia Court, explanation in respect of the Fund as the Monetary Suite 2204, P.O. Box 31371, Grand Cayman, KY1-1206, Authority may reasonably require to enable it to carry Cayman Islands. out its duty under the Mutual Funds Act .

Copies of the Memorandum and Articles of Association The Monetary Authority shall, whenever it considers it of the Fund and any annual or semi-annual reports are necessary, examine, including by way of on-site available from the Investment Manager free of charge inspections or in such other manner as it may and on the internet at FederatedInvestors.com. determine, the affairs or business of the Fund for the purpose of satisfying itself that the provisions of the PAST PERFORMANCE Mutual Funds Act and applicable anti-money laundering regulations are being complied with.

Please refer to our website at FederatedInvestors.com The Directors must give the Monetary Authority access for details of the Fund’s past performance. to, or provide at any reasonable time, all records relating to the Fund and the Monetary Authority may ADDITIONAL INFORMATION copy or take an extract of a record it is given access to. Failure to comply with these requests by the Monetary The foregoing does not purport to be and should not be Authority may result in substantial fines on the part of construed as a complete description of the the Directors and may result in the Monetary Authority Memorandum and Articles of Association of the Fund, applying to the court to have the Fund wound up. the Service Agreement, the Sub-Advisory Agreement, or the distribution and shareholder servicing agreements, copies of which will be furnished upon request made to the Fund at its business office. 24

The Monetary Authority may take certain actions if it is applies under applicable law. However, detailed satisfied that a regulated mutual fund: verification information may be required prior to the payment of any proceeds from or any transfer of an (a) is or is likely to become unable to meet its interest in Shares. obligations as they fall due; In the event of delay or failure on the part of the (b) is carrying on or is attempting to carry on business subscriber or the transferee, as applicable, in producing or is winding up its business voluntarily in a manner any information required for verification purposes, the that is prejudicial to its investors or creditors; Fund, or the Administrator and/or Transfer Agent on the Fund's behalf, may refuse to accept the application, or if (c) is not being managed in a fit and proper manner; or the application has already occurred, may suspend or (d) has persons appointed as Director, manager or redeem the interest, in which case any funds received officer that is not a fit and proper person to hold the will, to the fullest extent permitted by applicable law, be respective position. returned without interest to the account from which they were originally debited. The powers of the Monetary Authority include, inter alia, the power to require the substitution of Directors, to The Fund, the Administrator and/or Transfer Agent on appoint a person to advise the Fund on the proper the Fund's behalf, also reserve the right to refuse to conduct of its affairs or to appoint a person to assume make any redemption or dividend payment to a control of the affairs of the Fund. There are other Shareholder if the Directors, the Administrator and/or remedies available to the Monetary Authority including Transfer Agent suspect or are advised that the payment the ability to cancel the registration of the Fund and to of redemption or dividend proceeds to such Shareholder apply to the court for approval of other actions. may be non-compliant with applicable laws or regulations, or if such refusal is considered necessary or The Fund will not, however, be subject to supervision in appropriate to ensure the compliance by the Fund, the respect of its investment activities or the constitution of Administrator and/or Transfer Agent with any applicable the Fund's portfolio by the Monetary Authority or any laws or regulations. other governmental authority in the Cayman Islands, although the Monetary Authority does have power to The Monetary Authority has a discretionary power to investigate the activities of the Fund in certain impose substantial administrative fines upon the Fund in circumstances. Neither the Monetary Authority nor any connection with any breaches by the Fund of prescribed other governmental authority in the Cayman Islands has provisions of the Anti-Money Laundering Regulations (As commented upon or approved the terms or merits of Revised) of the Cayman Islands, as amended and this document. There is no investment compensation revised from time to time, and upon any director or scheme available to investors in the Cayman Islands. officer of the Fund who either consented to or connived in the breach, or to whose neglect the breach is The Monetary Authority can be contacted by writing to proved to be attributable. To the extent any such Cayman Islands Monetary Authority, P.O. Box 10052, administrative fine is payable by the Fund, the Fund 80e Shedden Road, Elizabethan Square, Grand will bear the costs of such fine and any Cayman KY1-1001, Cayman Islands or by calling associated proceedings. (345) 244-1591. If any person in the Cayman Islands knows or suspects ANTI-MONEY LAUNDERING or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or money laundering or is involved with terrorism or In order to comply with legislation or regulations aimed terrorist financing and property and the information for at the prevention of money laundering and the that knowledge or suspicion came to their attention in countering of terrorist and proliferation financing the the course of business in the regulated sector, or other Fund is required to adopt and maintain procedures, and trade, profession, business or employment, the person may require subscribers to provide evidence to verify will be required to report such knowledge or suspicion to their identity , the identity of their beneficial (i) the Financial Reporting Authority ("FRA") of the owners/controllers (where applicable), and source of Cayman Islands, pursuant to the Proceeds of Crime Act funds. Where permitted, and subject to certain (As Revised) of the Cayman Islands if the disclosure conditions, the Fund may also rely upon a suitable relates to criminal conduct or money laundering, or person for the maintenance of these procedures (ii) a police officer of the rank of constable or higher, or (including the acquisition of due diligence information) the FRA, pursuant to the Terrorism Act (As Revised) of or otherwise delegate the maintenance of such the Cayman Islands, if the disclosure relates to procedures to a suitable person. involvement with terrorism or terrorist financing and The Fund, the Administrator and/or the Transfer Agent property. Such a report shall not be treated as a breach on the Fund's behalf, reserve the right to request such of confidence or of any restriction upon the disclosure of information as is necessary to verify the identity of an information imposed by any enactment or otherwise. investor or Shareholder (i.e. a subscriber or a Investors may obtain details (including contact details) transferee) and the identity of their beneficial of the current AML Compliance Officer, Money owners/controllers (where applicable), and their source Laundering Reporting Officer and Deputy Money of subscription funds. Where the circumstances permit, Laundering Reporting Officer of the Fund, by contacting the Fund, or the Administrator and/or Transfer Agent on the Investment Manager at the Fund's behalf, may be satisfied that full due [email protected]. diligence may not be required where an exemption 25

SANCTIONS board of directors of the Fund; and (iii) any person who has the right to exercise, or actually exercises, The Fund is subject to laws which restrict it from dominant direct influence or control over the Fund. dealing with entities, individuals, organisations and/or investments which are subject to applicable REQUESTS FOR INFORMATION sanctions regimes. The Fund, or any directors or agents domiciled in the Accordingly, the Fund will require the subscriber to Cayman Islands, may be compelled to provide represent and warrant, on a continuing basis, that it is information, including, but not limited to, information not, and that to the best of its knowledge or belief its relating to the Subscriber, and where applicable the beneficial owners, controllers or authorised persons Subscriber's beneficial owners and controllers, subject ("Related Persons") (if any) are not; (i) named on any to a request for information made by a regulatory or list of sanctioned entities or individuals maintained by governmental authority or agency under applicable law; the US Treasury Department's Office of Foreign Assets e.g. by the Monetary Authority, either for itself or for a Control ("OFAC") or pursuant to the European Union recognized overseas regulatory authority, under the ("EU") and/or United Kingdom ("UK") Regulations (as Monetary Authority Act (As Revised), or by the Tax the latter are extended to the Cayman Islands by Information Authority, under the Tax Information Statutory Instrument) and/or Cayman Islands Authority Act (As Revised) and associated regulations, legislation, (ii) is not operationally based or domiciled in agreements, arrangements and memoranda of a country or territory in relation to which sanctions understanding. Disclosure of confidential information imposed by the United Nations, OFAC, the EU, the UK under such laws shall not be regarded as a breach of and/or the Cayman Islands apply, or (iii) otherwise any duty of confidentiality and, in certain circumstances, subject to sanctions imposed by the United Nations, the Fund, director or agent, may be prohibited from OFAC, the EU, the UK (including as the latter are disclosing that the request has been made. extended to the Cayman Islands by Statutory Instrument) or the Cayman Islands (collectively, a "Sanctions Subject"). DATA PROTECTION

Where the subscriber or a Related Person is or becomes The Cayman Islands Government enacted the Data a Sanctions Subject, the Fund may be required Protection Act (As Revised) (the "DPA") on 18 May immediately and without notice to the subscriber to 2017. The DPA introduces legal requirements for the cease any further dealings with the subscriber and/or Fund based on internationally accepted principles of the subscriber's interest in the Fund until the subscriber data privacy. or the relevant Related Person (as applicable) ceases to be a Sanctions Subject, or a licence is obtained under The Fund has prepared a document outlining the Fund's applicable law to continue such dealings (a "Sanctioned data protection obligations and the data protection Persons Event"). The Fund, the directors, the rights of investors (and individuals connected with Administrator, the Transfer Agent and the Investment investors) under the DPA PA(the "D Notice"). The DPA Manager shall have no liability whatsoever for any Notice can be located at FederatedInvestors.com. liabilities, costs, expenses, damages and/or losses Prospective investors should note that, by virtue of (including but not limited to any direct, indirect or making investments in the Fund and the associated consequential losses, loss of profit, loss of revenue, loss interactions with the Fund and its affiliates and/or of reputation and all interest, penalties and legal costs delegates (including completing the Fund's application and all other professional costs and expenses) incurred for Shares, and including the recording of electronic by the subscriber as a result of a Sanctioned communications or phone calls where applicable), or by Persons Event. virtue of providing the Fund with personal information on individuals connected with the investor (for example BENEFICIAL OWNERSHIP REGIME directors, trustees, employees, representatives, shareholders, investors, clients, beneficial owners or The Fund is regulated as a mutual fund under the agents) such individuals will be providing the Fund and Mutual Funds Act (As Revised) and, accordingly, does its affiliates and/or delegates (including, without not fall within the scope of the primary obligations under limitation, the Administrator) with certain personal Part XVIIA of the Companies Act (the "Beneficial information which constitutes personal data within the Ownership Regime"). The Fund is therefore not required meaning of the DPA. The Fund shall act as a data to maintain a beneficial ownership register. The Fund controller in respect of this personal data and its may, however, be required from time to time to affiliates and/or delegates, such as the Administrator, provide, on request, certain particulars to other Cayman the Investment Manager, may act as data processors Islands entities which are within the scope of the (or data controllers in their own right in Beneficial Ownership Regime and which are therefore some circumstances). required to maintain beneficial ownership registers under the Beneficial Ownership Regime. It is anticipated By investing in the Fund and/or continuing to invest in that such particulars will generally be limited to the the Fund, investors shall be deemed to acknowledge identity and certain related particulars of (i) any person that they have read in detail and understood the holding (or controlling through a joint arrangement) a DPA Notice and that the DPA Notice provides an outline majority of the voting rights in respect of the Fund; of their data protection rights and obligations as they (ii) any person who is a member of the Fund and who relate to the investment in the Fund. The Fund's has the right to appoint and remove a majority of the 26

application for Shares contains relevant representations transferable for 6 months after that corporation has and warranties. acquired the Shares under Section 305 of the SFA except: Oversight of the DPA is the responsibility of the Ombudsman's office of the Cayman Islands. Breach of 1. to an institutional investor or to a relevant person the DPA by the Fund could lead to enforcement action as defined in Section 305(5) of the SFA or arising by the Ombudsman, including the imposition of from an offer under Section 275(1A) of the SFA; remediation orders, monetary penalties or referral for criminal prosecution. 2. where no consideration is or will be given for the transfer; or

IMPORTANT INFORMATION FOR 3. where the transfer is by operation of law. INVESTORS IN SINGAPORE AND Where Shares are acquired under Section 305 of the SWITZERLAND SFA by a relevant person which is a trust (where the trustee is not an accredited investor) whose sole SINGAPORE INVESTORS purpose is to hold investments and each beneficiary is an individual who is an accredited investor, the The offer or invitation of Shares of the Fund is only beneficiaries’ rights and interest in that trust shall not allowed to certain persons and not to the public in be transferable for 6 months after that trust has Singapore. The Fund is not authorized or recognized by acquired the Shares under Section 305 of the the Monetary Authority of Singapore (the “MAS”). The SFA except: Fund has been notified to the MAS as a “restricted foreign scheme” as defined in the Securities and Futures 1. to an institutional investor or to a relevant person (Offers of Investments) (Collective Investment as defined in Section 305(5) of the SFA or arising Schemes) Regulations 2005 (the "SFR"), which is a type from an offer that is made on terms that such rights of “restricted scheme” as defined in the SFR. As a or interest are acquired at a consideration of not restricted scheme, the Shares may not be offered to less than S$200,000 (or its equivalent in a foreign retail investors, and may only be offered to accredited currency) (or such other amount as may be investors and other relevant persons as defined in the prescribed under the SFA) for each transaction, Securities and Futures Act, Chapter 289 of Singapore whether such amount is to be paid for in cash or by (the “SFA”) as amended from time to time (as described exchange of units in a collective investment below). This Prospectus and any other document or scheme, securities, securities-based derivatives material issued in connection with the offer or sale of contracts or other assets; Shares is not a prospectus as defined in the SFA, and accordingly statutory liability under the SFA in relation 2. where no consideration is or will be given for the to the content of the Prospectus does not apply. transfer; or Prospective investors should consider carefully whether an investment in the Fund is suitable for it. 3. where the transfer is by operation of law.

This Prospectus has not been registered as a prospectus By accepting receipt of this Prospectus and any other with the MAS. Accordingly, this Prospectus and any document or material issued in connection with the offer other document or material in connection with the offer or sale of the Shares, a person (within the meaning of or sale, or invitation for subscription or purchase, of Singapore law) in Singapore represents or warrants that Shares may not be circulated or distributed, nor may they are entitled to receive such document in Shares be offered or sold, or be made the subject of an accordance with the restrictions set forth above and invitation for subscription or purchase, whether directly agrees to be bound by the limitations contained herein. or indirectly, to persons in Singapore other than (i) to Investors should note that only Shares in the Fund are an institutional investor under Section 304 of the SFA, being offered pursuant to this Prospectus. (ii) to a relevant person as defined in Section 305(5) of Details of the financial supervisory authority that has the SFA pursuant to Section 305(1), or any person responsibility for regulating and supervising the Fund pursuant to Section 305(2), and in accordance with the are set out under the heading ‘Regulation of the Fund’. conditions specified in Section 305 of the SFA, or (iii) Details of the Fund are set out under the heading ‘How otherwise pursuant to, and in accordance with the is the Fund Organized?’ and under ‘Addresses’. Details conditions of, any other applicable provision of the SFA, of the key service providers to the Fund are set out as the same may be amended from time to time. The under the heading ‘Management and Administration’ Shares subscribed or purchased pursuant to Section 304 and under ‘Addresses’. or 305 of the SFA may only be transferred in accordance with the provisions of Section 304A or 305A of the The Fund’s investment manager may enter into side SFA respectively. letters with certain investors which may result in differentiated or preferential treatment for such Where Shares are acquired under Section 305 of the investors, for instance, a side letter may provide for a SFA by a relevant person which is a corporation (which rebate of management fees. The investment manager of is not an accredited investor (as defined in Section 4A of the Fund may only enter into such side letters, in its the SFA)) the sole business of which is to hold sole discretion, based (in part) on the following investments and the entire share capital of which is considerations: the amount subscribed by the investor owned by one or more individuals, each of whom is an or the total volume they hold in the Fund; the amount accredited investor, the securities (as defined in Section of the fees generated by the investor; the investment 239(1) of the SFA) of that corporation shall not be behavior shown by the investor (e.g. expected 27

investment period); and/or the investor’s willingness to On request, the recipients of retrocessions provide support in the launch phase of a new sub -fund. must disclose the amounts they actually receive for distributing the Funds of the Investors in Singapore may obtain information on the investors concerned. past performance and accounts of the Fund by contacting the relevant distributors in Singapore, the 2. In the case of distribution activity in or from investor’s financial intermediary (if any), or at Switzerland, the Fund and its agents may, upon FederatedInvestors.com. request, pay rebates directly to certain Qualified Investors. The purpose of rebates is to reduce SWITZERLAND INVESTORS the fees or costs incurred by the investor in question. 1. Representative Rebates are permitted provided that The representative in Switzerland i s Société Générale, Paris, Z ürich Branch, Talacker 50, P.O. Box 5070, • they are paid from fees received by the CH-8021 Zürich. investment manager and therefore do not represent an additional charge on the 2. Paying agent fund assets; The paying a gent in Switzerland i s Société Générale, • they are gr anted on the basis of Paris, Z ürich Branch, Talacker 50, P.O. Box 5070, objective criteria; CH-8021 Zürich. • all investors who meet these objective 3. Place where the relevant documents may be obtained criteria and demand rebates are also The Prospectus, the memorandum and articles of granted these within the same timeframe association, as well as the annual and semi-annual and to the same extent. reports, may be obtained f ree of charge from the The criteria used by the Fund when considering representative in Switzerland. the granting of rebates, if any, include 4. Payment of retrocessions and r ebates the following:

1. The Fund and its agents may pay retrocessions • the volume subscribed by the Qualified as remuneration for distribution activity in Investor or the total volume they hold in respect of Shares of the Funds in or from the Funds or other fund products managed Switzerland. This remuneration may be deemed by the Investment Manager or its affiliated payment for the following services in particular: group companies;

• maintenance of business relationships with • the amount of the fees generated by the potential and existing investors; Qualified Investor;

• setting up processes for distribution of the • the investment behavior shown by the Shares of the Funds (incl. any due diligence Qualified Investor (e.g. expected processes); investment period);

• provision of marketing and legal documents; • the Qualified Investor’s willingness to provide support in the launch phase of a • execution and processing of subscription collective investment scheme; or and redemption orders; • any other objective criteria as determined • responding to or forwarding of investor by the Fund from time to time. inquiries and requests pertaining to their investment in the Funds; 5. Place of performance and jurisdiction

• administration of client accounts in the In respect of the Shares of the Funds distributed in and event of omnibus or nominee account from Switzerland, the place of performance and structures; and jurisdiction is at the registered office of the representative in Switzerland. • maintenance of records.

Retrocessions are not deemed to be rebates even if they are ultimately passed on, in full or in part, to the investors.

The recipients of the retrocessions must ensure transparent disclosure and inform investors, unsolicited and free of charge, about the amount of re muneration they may receive for distribution.

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APPENDIX A – FITCH SHORT-TERM DEBT RATING DEFINITIONS INVESTMENT RATINGS F1--Indicates the strongest capacity for timely payment of financial commitments relative to other issuers or S&P LONG-TERM ISSUE CREDIT RATINGS* obligations in the same country. Under the agency’s National Rating scale, this rating is assigned to the * RATINGS FROM ‘AA’ TO ‘A’ MAY BE MODIFIED BY lowest default risk relative to others in the same country THE ADDITION OF A PLUS (+) OR MINUS (-) SIGN or monetary union. Where the liquidity profile is TO SHOW RELATIVE STANDING WITHIN THE particularly strong, a "+" is added to the RATING CATEGORIES. assigned rating.

AAA--An obligation rated “AAA” has the highest rating F2--Indicates a good capacity for timely payment of assigned by S&P. The obligor's capacity to meet its financial commitments relative to other issuers or financial commitments on the obligation is obligations in the same country or monetary union. extremely strong. However, the margin of safety is not as great as in the AA--An obligation rated “AA” differs from the highest case of the higher ratings. rated obligations only to a small degree. The obligor's F3—Indicates an adequate capacity for timely payment capacity to meet its financial commitments on the of financial commitments relative to other issuers or obligation is very strong. obligations in the same country or monetary union.

A--An obligation rated “A” is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

BBB - An obligation rated “BBB ” exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its financial commitments on the obligation.

MOODY’S COMMERCIAL PAPER (CP) RATINGS

P-1--Issuers (or supporting institutions) rated P-1 have a superior ability to repay short -term debt obligations.

P-2--Issuers (or supporting institutions) rated P -2 have a strong ability to repay short-term debt obligations.

P-3--Issuers (or supporting institutions) rated P -3 have an acceptable ability to repay short-term obligations.

S&P SHORT-TERM ISSUE CREDIT RATINGS

A-1--A short-term obligation rated “A-1” is rated the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

A-2--A short-term obligation rated “A - 2” is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

A-3—A short -term obligation rated “A -3” exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely weaken an obligor’s capacity to meet its financial commitments on the obligation.

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ADDRESSES INDEPENDENT AUDITOR Ernst & Young Ltd. BOARD OF DIRECTORS 62 Forum Lane Gordon Ceresino, Lori A. Hensler and Gregory P. Dulski Camana Bay c/o 1001 Liberty Avenue P.O. Box 510 Pittsburgh, Pennsylvania, U.S. 15222-3779 Grand Cayman KY1-1106 Cayman Islands REGISTERED OFFICE LEGAL COUNSEL c/o Maples Corporate Services Limited P.O. Box 309 K&L Gates LLP Ugland House State Street Financial Center Grand Cayman KY1-1104 One Lincoln Street Cayman Islands Boston, MA 02111

PRINCIPAL OFFICE Maples and Calder P.O. Box 309 c/o BNY Mellon Fund Management (Cayman) Limited Ugland House Camana Bay, 72 Market Street Grand Cayman KY1-1104 Cassia Court, Suite 2204 Cayman Islands P.O. Box 31371 Grand Cayman, KY1-1206, Cayman Islands DISTRIBUTOR

INVESTMENT MANAGER Federated Securities Corp. 1001 Liberty Avenue Federated Investment Counseling Pittsburgh, Pennsylvania, U.S. 15222-3779 1001 Liberty Avenue Pittsburgh, Pennsylvania, U.S. 15222-3779

SUB-ADVISER

Federated Hermes (UK) LLP 150 Cheapside London EC2V 6ET, United Kingdom

CUSTODIAN

The Bank of New York Mellon c/o BNY Mellon Asset Servicing One Wall Street New York, New York 10286

ADMINISTRATOR

BNY Mellon Fund Management (Cayman) Limited Camana Bay, 72 Market Street Cassia Court, Suite 2204 P.O. Box 31371 Grand Cayman, KY1-1206, Cayman Islands

TRANSFER AGENT, REGISTRAR, DIVIDEND DISBURSING AGENT AND SHAREHOLDER SERVICING AGENT

BNY Mellon Investment Servicing (US) Inc. c/o BNY Mellon 103 Bellevue Parkway Wilmington, Delaware 19809 Attention: Head of U.S. Fund Accounting with a copy to:

The Bank of New York Mellon One Wall Street New York, New York 10286 Attention: Legal Dept. – Asset Servicing

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Federated Hermes Short-Term Daily U.S. Dollar Fund, Ltd.

BNY Mellon Fund Management (Cayman) Limited

Camana Bay, 72 Market Street Cassia Court, Suite 2204 PO Box 31371 G rand Cayman, KY1-1206 Cayman Islands

Outside the United States:

+1 508 871 3572 Phone + 1 508 599 4249 Fax Within the United States: + 1 866 858 2195 Phone +1 508 599 4249 Fax

Feder atedInvestors.com

© 2021 Federated Hermes, Inc. 45857 (5/21)

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