FEDERATED MDTA LLC

the integration of the FHL Advisory Companies and the Advisory Companies, including with respect to operations. Accordingly, the section has been restated as follows: We are an indirect, wholly-owned subsidiary of Federated Hermes, Inc. (Federated Hermes). Federated Hermes is organized as a Pennsylvania corporation and is a publicly owned company (Ticker Symbol: FHI). Federated Hermes owns 100% of the outstanding voting securities of FII Holdings, Inc., a Delaware corporation. FII Holdings owns 100% of the outstanding voting securities of Federated MDTA LLC Trust, a Massachusetts business trust. Federated MDTA LLC Trust owns 100% of the outstanding voting securities of HBSS Acquisition Company, a Delaware corporation. Federated MDTA LLC Trust owns a majority (approximately 63%), and HBSS Acquisition Company holds a minority (approximately 37%), of the outstanding membership interests in Federated MDTA LLC. Federated Hermes, a public company, has shares of both Class A Common Stock and Class B Common Stock. The Class B Common Stock is listed on the New York Stock Exchange (NYSE). Except under certain limited circumstances, the entire voting power of Federated Hermes is vested in the holder of the outstanding shares of the Class A Common Stock. All of the outstanding shares of Class A Common Stock are held by a Voting Shares Irrevocable Trust, dated May 31, 1989 (the Voting Trust), the three trustees of which are Federated Hermes’s President and Chief Executive Officer and Chairman of its Board of Directors, Mr. J. Christopher Donahue, his brother, Thomas R. Donahue, Federated Hermes’s Vice President, Treasurer and Chief Financial Officer and a director, and Ann C. Donahue, the wife of Mr. J. Christopher Donahue, for the benefit of the members of the Donahue family. Federated Hermes currently owns a number of domestic and foreign advisory subsidiaries that are under common control with, and affiliates of, Federated MDTA LLC. In addition, it is anticipated that at a later date in 2026, Federated Hermes will acquire an 80% equity ownership interest in an additional U.S. investment adviser that will, as a Federated Advisory Company, operate as an affiliate under common control with us and the other Federated Advisory Companies. It is anticipated that the adviser will be subject to the Code of Ethics (described below) but initially maintain its own compliance policies and procedures, subject to certain exceptions for certain policies and procedures of the Federated Advisory Companies that it is expected the adviser will follow. Federated Hermes Limited (FHL), a wholly-owned

subsidiary of Federated Hermes based in the United Kingdom, wholly-owns registered investment adviser subsidiaries, including Hermes Investment Management Limited (such investment adviser subsidiaries, the FHL Advisory Companies), as well as, among others, Hermes Equity Ownership Services Limited (EOS), an entity that provides stewardship services, including engagement on corporate governance, environmental, and social matters to seek longterm risk adjusted returns and create long-term value/wealth for clients, consistent with applicable fiduciary duties and the objectives and pecuniary interests of clients, and strategic and financial matters, and research services. EOS is discussed further in Item 10. The FHL Advisory Companies are under common control with, and affiliates of, Federated MDTA LLC and the other Advisory Companies (together with us, each, as applicable, a Federated Advisory Company and, collectively, as applicable, the Federated Advisory Companies). There will generally be integration of operations between the FHL Advisory Companies and the Advisory Companies, but limitations could be imposed on such integrated activities where appropriate. (Please refer to “Other Financial Industry Activities and Affiliations” in Item 10 of this brochure for further information.) The Federated Advisory Companies collectively provide advisory services to a variety of separately managed accounts or wrap fee accounts (Managed Accounts), institutional, or high net worth individual, separate accounts (Separate Accounts), registered investment companies, including exchange-traded funds (ETFs) and mutual funds (collectively, Investment Companies), investment companies that are registered under the Investment Company Act (as defined below) that offer shares that are not registered under the 1933 Act (as defined below) (Private Investment Companies), other pooled investment vehicles (Pooled Investment Vehicles), and proprietary accounts and funds (Proprietary Accounts). Federated Hermes also owns other companies, both in the United States and in certain other countries, such as broker/dealers, investment advisers, management companies, commodity pool operators, and trust companies. Item 5 Section A.1 (“Fees and Compensation – Our Advisory Fees – Advisory Fee Information for Separate Accounts, Managed Accounts, and Model Portfolio Management Services”): The subsection “Managed Accounts and Model Portfolio Management Services” has been revised to reflect the current fee schedules. Accordingly, the subsection has been restated as follows: Managed Accounts and Model Portfolio Management Services Federated MDTA LLC’s basic fee schedules for Managed Accounts and Model Portfolio Management Services are as follows: MDT - All Cap Core; Balanced; Large Cap Growth; Large Cap Value: 70 basis points - first $5 million in AUM 60 basis points - over $5 million to $25 million in AUM 50 basis points - over $25 million to $50 million in AUM 40 basis points - over $50 million to $100 million in AUM 35 basis points - over $100 million in AUM MDT - Mid Cap Growth: 75 basis points - first $5 million in AUM 70 basis points - over $5 million to $25 million in AUM 65 basis points - over $25 million to $50 million in AUM 60 basis points - over $50 million to $100 million in AUM 50 basis points - over $100 million in AUM MDT - Small Cap Core; Small Cap Growth; Small Cap Value: 85 basis points - first $5 million in AUM 80 basis points - over $5 million to $25 million in AUM 75 basis points - over $25 million to $50 million in AUM 70 basis points - over $50 million to $100 million in AUM 60 basis points - over $100 million in AUM

Companies, Pooled Investment Vehicles, Proprietary Accounts and Subadvised Accounts”): The subsections “Investment Companies” and “Pooled Investment Vehicles” have been revised to reflect the current fee ranges

for Investment Companies and Pooled Investment Vehicles. Accordingly, the subsections have been restated as follows: Investment Companies Federated MDTA LLC’s fees for providing Investment Supervisory Services to Investment Companies generally are based upon the client’s average net assets. When our fee is negotiated, it can vary based on discussions with the Board of Directors/Trustees of an Investment Company, and is specified in our investment management agreement for the Investment Company. Our fees currently range from 0.39% to 1.08% (0.15% to 0.30% for sub-advised Investment Companies). Our investment management agreements can provide for “breakpoints” at which the percentage charged is reduced if the client’s average net assets exceed a specified amount. We also could agree to or voluntarily limit or reimburse our fees to maintain an Investment Company’s general expenses at a specified percentage of average net assets. Our fees are payable as provided in our investment management agreements, and typically are paid daily. We do not require any Investment Company to prepay investment advisory fees (therefore, our fees are not refundable). Pooled Investment Vehicles Federated MDTA LLC’s fees for providing Investment Supervisory Services to Pooled Investment Vehicles can be consistent with the basic fee information and terms discussed above but also can vary depending upon the type of Pooled Investment Vehicle and the scope of services being provided. The asset-based fees currently generally range from 0.25% to 0.47% for current subadvised Pooled Investment Vehicles. We also could receive a performance-based fee that is calculated as a percentage of excess performance above certain levels as discussed in the Pooled Investment Vehicle’s governing documents. We do not require any Pooled Investment Vehicles to prepay investment advisory fees (therefore, our fees are not refundable). In the case of either U.S. or non-U.S. Pooled Investment Vehicles, when Federated MDTA LLC’s fee is negotiated, it can vary based on discussions with the governing bodies or managers of such Pooled Investment Vehicles and is specified in our investment management or other agreements for the Pooled Investment Vehicles.

Disclosure”): This section has been revised to reflect current investment strategies. Accordingly, the section has been restated as follows: The following discusses in more detail significant investment strategies that Federated MDTA LLC offers and the risks involved. Clients should review this disclosure carefully and in tandem with the basic information provided above. As noted above, clients also should review any offering documents, presentations, investment guidelines, marketing materials and other documents provided, or discussions held, with the client or any investment guidelines provided by the client (or, in the case of Managed Account Program accounts, provided in the Managed Account Program Sponsor’s brochure or other Program documentation). MDT ALL CAP CORE This strategy utilizes a whole market, all-cap/all-style approach by selecting most of its investments from companies listed in the Russell 3000® Index, an index that measures the performance of the 3,000 largest U.S. companies by market capitalization representing approximately 98% of the investable domestic equity market. Risks for this strategy include, for example, risks of the value of equity securities rising and falling, risks of business failure, risks that growth stocks are more volatile than value stocks, risks that value stocks can lag behind growth stocks in an up market, quantitative modeling risks and risks that a particular sector will underperform other sectors. MDT LARGE CAP CORE This strategy utilizes a large-cap approach by selecting most of its investments from companies listed in the Russell 1000® Index, an index that measures the performance of those companies within the large-cap segment of the U.S. equity universe, which includes the 1,000 largest U.S. companies by market capitalization. Risks for this strategy include, for example, risks of the value of equity securities rising and falling, risks of business failure, risks that growth stocks are more volatile than value stocks, quantitative modeling risks and risks that a particular sector will underperform other sectors. This strategy is currently only offered as an ETF. MDT LARGE CAP GROWTH This strategy utilizes a large-cap growth approach by selecting most of its investments from companies listed in the Russell 1000® Growth Index, an index that measures the performance of those companies with higher price-to-book ratios and higher forecasted growth values within the large-cap segment of the U.S. equity universe, which includes the 1,000 largest U.S. companies by market capitalization. Risks for this strategy include, for example, risks of the value of equity securities rising and falling, risks of business failure, risks that growth stocks are more volatile than value stocks, quantitative modeling risks and risks that a particular sector will underperform other sectors. MDT LARGE CAP VALUE This strategy utilizes a large-cap value approach by selecting most of its investments from companies listed in the Russell 1000® Value Index, an index that measures the performance of those companies with lower price-to-book ratios and lower expected growth values within the large-cap segment of the U.S. equity universe, which includes the 1,000 largest U.S. companies by market capitalization. Risks for this strategy include, for example, risks of the value of equity securities rising and falling, risks of business failure, risks that value stocks can lag behind growth stocks in an up market, quantitative modeling risks and risks that a particular sector will underperform other sectors. MDT MID CAP GROWTH This strategy utilizes a mid-cap growth approach by selecting most of its investments from companies listed in the Russell MidCap® Growth Index, an index that measures the performance of those companies with higher price-to-book ratios and higher forecasted growth values within the mid-cap segment of the U.S. equity universe. Risks for this strategy include, for example, risks of the value of equity securities rising and falling, risks of business failure, risks that growth

stocks are more volatile than value stocks, risks that a particular sector will underperform other sectors, quantitative modeling risks and risks related to company size. MDT SMALL CAP CORE This strategy utilizes a small-cap/all-style approach by selecting most of its investments from companies listed in the Russell 2000® Index, an index that measures the performance of approximately 2,000 of the smallest U.S. companies by market capitalization. Risks for this strategy include, for example, risks of the value of equity securities rising and falling, risks of business failure, risks that growth stocks are more volatile than value stocks, risks that value stocks can lag behind growth stocks in an up market, risks that a particular sector will underperform other sectors, quantitative modeling risks and risks related to company size. MDT SMALL CAP GROWTH This strategy utilizes a small-cap growth approach by selecting most of its investments from companies listed in the Russell 2000® Growth Index, an index that measures the performance of those companies with higher price-to-book ratios and higher forecasted growth values within the small-cap segment of the U.S. equity universe. Risks for this strategy include, for example, risks of the value of equity securities rising and falling, risks of business failure, risks that growth stocks are more volatile than value stocks, risks that a particular sector will underperform other sectors, quantitative modeling risks and risks related to company size. MDT SMALL CAP VALUE This strategy utilizes a small-cap value approach by selecting most of its investments from companies listed in the Russell 2000® Value Index, an index that measures the performance of those companies with lower price-to-book ratios and lower expected growth values within the small-cap segment of the U.S. equity universe. Risks for this strategy include, for example, risks of the value of equity securities rising and falling, risks of business failure, risks that value stocks can lag behind growth stocks in an up market, risks that a particular sector will underperform other sectors, quantitative modeling risks and risks related to company size. MDT MARKET NEUTRAL This strategy utilizes a market neutral approach by maintaining approximately equal long and short investments in the market. It does so by selecting most of its long and short investments from companies listed in the Russell 3000® Index, an index that measures the performance of the 3,000 largest U.S. companies by market capitalization representing approximately 98% of the investable domestic equity market. Risks for this strategy include, for example, risks of the value of equity securities rising and falling, risks of business failure, risks that growth stocks are more volatile than value stocks, risks that value stocks can lag behind growth stocks in an up market, risks that a particular sector will underperform other sectors, risks related to selling securities short, and quantitative modeling risks. MDT BALANCED This strategy currently is only made available to Investment Company clients. For the equity portion of the portfolio, this strategy utilizes a whole market, all-cap/all-style approach by selecting most of its investments from companies listed in the Russell 3000® Index, an index that measures the performance of the 3,000 largest U.S. companies by market capitalization representing approximately 98% of the investable domestic equity market. The equity strategy can also invest in ETFs and other instruments the performance of which is linked to commodities. Investment can also be made in American Depositary Receipts to obtain exposure to foreign markets. For the fixed income portion of the portfolio, a balance between total return and risk is sought to enhance the portfolio’s performance through investment in domestic, investment-grade debt securities, U.S. government obligations and mortgage-backed securities. A portion of the portfolio can also be invested in non-investment grade debt securities, foreign debt and derivatives. The fixed income strategy can also invest in other mutual funds. Risks for this strategy include, for example, risks of the value of equity securities rising and falling, risks of business failure, risks that growth stocks are more volatile than value stocks, risks that value stocks can lag behind growth stocks in an up market, risks that a particular sector will underperform other sectors, risks related to foreign investing, including investing in American Depository Receipts (ADRs), risks of investing in emerging market countries, currency risks, risks that, as interest rates rise and fall, bond prices will fluctuate, risks that an issuer will default, risks that an issuer can redeem a fixed income security before maturity at a price below or

above its current market price, risks of investing in ETFs, risks of investing in derivatives, quantitative modeling risks, risks related to investing in commodities, such as the adverse effects of unpredicted international monetary and political developments, and risks that certain types of securities may not be readily sold. Since this investment strategy includes investments in fixed income investments and derivatives, as noted above, we generally engage another investment adviser, such as our affiliate, Federated Investment Counseling, to act as sub-adviser with respect to the non-equity security components of this investment strategy. Clients should refer to any brochure for the applicable sub-adviser for further information on fixed income investments, and/or derivative contracts or hybrid instruments, and the risks related to investing in those types of investments. MDT MICRO CAP This strategy utilizes a micro-cap/all-style approach by selecting most of its investments from companies listed in the Russell Microcap® Index, an index that measures the performance of approximately 2000 of the smallest U.S. companies by market capitalization. The companies in the Russell Microcap® Index include 1000 companies smaller than the companies in the small-cap Russell 2000® Index. Risks for this strategy include, for example, risks of the value of equity securities rising and falling, risks of business failure, risks that growth stocks are more volatile than value stocks, risks that value stocks can lag behind growth stocks in an up market, risks that a particular sector will underperform other sectors, quantitative modeling risks, and risks related to very small company size.

Conflicts of Interest – Conflicts of Interest Relating to Information Sharing Among Affiliates”): This section has been revised to reflect the integration of the FHL Advisory Companies and the Advisory Companies, including with respect to information barriers. Accordingly, the section has been restated as follows: Actual or potential conflicts of interest could arise to the extent that Federated MDTA LLC, or our affiliates (e.g., the other Federated Advisory Companies and EOS), share material non-public information related to a security (MNPI). At times, under certain circumstances, information barriers could be constructed between or among one or more Federated Advisory Companies, or with EOS, in connection with the sharing of MNPI or to prevent a person from gaining knowledge that gives rise to a conflict of interest. For example, a portfolio manager could be isolated from learning information about a strategic transaction that Federated Hermes is considering, or portfolio managers which focus on private assets may be isolated from those primarily trading in the public markets. The Advisory Companies, the FHL Advisory Companies, and EOS can share internally-generated reports published by the Advisory Companies and FHL Advisory Companies and insights from engagement interactions prepared by EOS that do not contain MNPI or information regarding non-public holdings or trading for client accounts. Engagement is undertaken to seek to improve long-term risk-adjusted returns of issuers or companies, and to create long-term value for clients and investors, consistent with applicable fiduciary duties and fund and investor objectives. The level of engagement with a company can be subject to any limitations required, either explicitly or implicitly, in the jurisdiction in which a company is domiciled in an effort to comply with applicable law and/or to avoid legal or regulatory risk for a fund and/or investors. In addition, certain Federated Advisory Companies manage portfolios of private equity investments, and in connection with conducting assessments of and/or holding control positions in such issuers, could come into possession of MNPI with respect to the issuers and potentially other issuers with which they have material business connections. To the extent that the Federated Advisory Companies elect not to maintain information barriers to compartmentalize such MNPI, Federated MDTA LLC and/or the other Federated Advisory Companies could be prohibited from investing in or selling positions held in such issuers. It is possible that future investment products could be mutually developed by the Federated Advisory Companies or that new business initiatives could be entered into among Federated Advisory

Companies. These new products or initiatives will be structured with appropriate information sharing limitations specific to that product or initiative.

Broker/Dealers”): This section has been revised to reflect current and anticipated management persons of Federated MDTA LLC who are also registered representatives of Federated Securities Corp. Accordingly, the section has been restated as follows: As discussed under “Sales Compensation” in Item 5 of this brochure, Federated MDTA LLC is an affiliate through common ownership with Federated Securities Corp., a dually-registered investment adviser, municipal securities dealer and broker/dealer. Federated Securities Corp., 1001 Liberty Avenue, Pittsburgh, PA 15222, acts as distributor of the registered Investment Company and Private Investment Company clients of Federated MDTA LLC and affiliated advisers (i.e., the other Federated Advisory Companies) and as placement agent for Pooled Investment Vehicle clients of Federated MDTA LLC and other Advisory Companies. Federated Securities Corp.’s employees are registered representatives of Federated Securities Corp. and are salaried employees. As discussed under “Sales Compensation” in Item 5 of this brochure, employee-representatives of Federated Securities Corp. serve as sales people for, and provide certain investment advice on behalf of, Federated MDTA LLC, and are supervised persons of Federated MDTA LLC. (Please refer to “Sales Compensation” in Item 5 of this brochure for additional information regarding Federated Securities Corp.’s other activities and related arrangements.) The following management persons of Federated MDTA LLC are registered representatives of Federated Securities Corp.:

J. Christopher Donahue, Director, Chairman Paul A. Uhlman, CEO and President (from and after April 30, 2026) Stephen Van Meter, Chief Compliance Officer

The following management persons of Federated MDTA LLC are registered financial and operations principals of Federated Securities Corp.:

Richard A. Novak, Treasurer Autumn L. Favero, Assistant Treasurer

Federated MDTA LLC also has certain related persons who are general partners, members or trustees of certain family limited partnerships, limited liability companies or trusts or similar family entities. From time to time, these family entities can invest in companies (such as a broker/dealer) that participate in the financial services industry.

(Please refer to “Performance-Based Fees and Side by Side Management” in Item 6 of this brochure for a discussion of conflicts of interest that arise as a result of these relationships.) Item 10 Section C.2 (“Other Financial Industry Activities and Affiliations – Relationships with Certain Related Persons – Other Investment Advisers”): This section has been revised to reflect the integration of the FHL Advisory Companies and the Advisory Companies, including with respect to operations and information barriers. This section has also been revised to reflect services that may be provided by another Federated Advisory Company. Accordingly, the section has been restated as follows: As discussed under “Our Ownership Structure” in Item 4 of this brochure, Federated MDTA LLC is an affiliate through common ownership with other SEC-registered investment advisers (i.e., the other Advisory Companies). Registration does not imply a certain level of skill or training. These investment advisers are identified below under “SEC-Registered Advisers.” While operations between the FHL Advisory Companies and the Advisory Companies are integrated, there can be limitations on the integrated activities. Neither entity will exercise investment discretion over accounts managed by the other, except that the FHL Advisory Companies can provide subadvisory services for certain clients of the Advisory Companies, and the Advisory Companies can provide subadvisory services for certain clients of the FHL Advisory Companies. It is possible that future investment products could be mutually developed by the Federated Advisory Companies or that the Federated Advisory Companies could enter into specific engagements that could alter this arrangement. There can be instances where information barriers will be implemented when deemed appropriate, such as when conflicts of interest are identified. As discussed under “Our Use of ‘Shared Personnel’ and Third-Party Service Providers” in Item 4 of this brochure, we share certain managers/directors/trustees and officers with the other Advisory Companies. We also share certain supervised persons with certain other Federated Advisory Companies. We also receive certain shared services from other Federated Advisory Companies. For example, Federated Advisory Services Company provides services exclusively to related persons that are registered investment advisers (i.e., certain of the Federated Advisory Companies). These services vary depending upon whether a Federated Advisory Company manages equity or fixed income assets and consist of equity trading, fixed income trading and settlement, fundamental analysis, quantitative analysis, performance attribution, administration and risk management. Federated Advisory Services Company also provides certain back-office, administrative and other services to Federated Investment Counseling, Federated MDTA LLC and Federated Global Investment Management Corp. in support of their Managed Account and Model Portfolio Management businesses. Another Federated Advisory Company could also provide equity trading services. The Federated Advisory Companies also share common compliance policies, procedures and programs. Federated MDTA LLC also is affiliated through common ownership with certain investment advisers registered with a Foreign Financial Regulatory Authority (foreign adviser) identified below under “Foreign Advisers.” Federated Hermes is the ultimate parent company for the following investment advisers: SEC-Registered Advisers (e.g., Federated MDTA LLC and the other Advisory Companies)

Federated MDTA LLC; Federated Investment Counseling; Federated Advisory Services Company; Federated Equity Management Company of Pennsylvania; Federated Global Investment Management Corp.; Federated Investment Management Company; Federated Securities Corp.; Federated Hermes (UK) LLP; Hermes Investment Management Limited; Hermes GPE LLP; Hermes GPE (USA) Inc.; and FCP Fund Manager, L.P. (anticipated by the end of the second quarter of 2026)

Foreign Advisers Federated Hermes (UK) LLP, Federated Investors Australia Services Ltd., Federated Hermes Japan Ltd., and Hermes GPE (Singapore) Pte. Limited. Hermes Fund Managers Ireland Limited has filed as an exempt reporting adviser with the SEC. Although registered with the SEC, Federated Hermes (UK) LLP, Hermes GPE LLP, and Hermes Investment Management LTD each have a principal place of business outside of the U.S. As of March 1, 2016, Federated Investors Australia Services Ltd. is operationally inactive. (Please refer to “Performance-Based Fees and Side by Side Management” in Item 6 of this brochure for a discussion of conflicts of interest that arise as a result of these relationships.)

This section has been revised to reflect updates to the directed brokerage policy and procedures. Accordingly, the section has been restated as follows: Federated MDTA LLC generally does not recommend, request or require that a client direct us to execute transactions through a specified broker/dealer. The willingness of Federated MDTA LLC to accept such direction could encourage a broker/dealer to refer business to us or our related persons and could result in other conflicts of interest. Federated MDTA LLC does, however, permit clients to direct brokerage, as discussed in further detail below. When a client directs brokerage, we may be unable to achieve most favorable execution of client transactions, and the cost of execution can exceed the cost of execution for similarly situated accounts that do not direct brokerage. For example, in a directed brokerage account, the client can pay higher brokerage commissions because we may not be able to aggregate the client’s orders with those of other clients to reduce transaction costs, or the client could receive less favorable prices. Clients subject to ERISA also must determine that any such direction is for the exclusive purpose of providing benefits to participants and beneficiaries of the plan and will not constitute or cause the plan to engage in a “prohibited transaction” as defined by ERISA. Federated MDTA LLC has adopted a written policy on directed brokerage arrangements regarding when and how we may execute trades on behalf of a mutual fund or Separate Account client that is approved to apply a portion of the commission dollars to pay custodial, transfer agent or other expenses that the client generating the commission would otherwise pay directly. In such circumstances, each client’s commissions are used to offset that client’s expenses only and are not used for the benefit of any other client. For example, we could allocate brokerage transactions to a broker/dealer affiliate of a client’s custodian, and a portion of commissions paid may be credited toward the payment of the client’s custodian expenses. We can allocate transactions in this manner as long as execution quality is comparable to that of other qualified broker/dealers. Additionally, we will comply with our Allocation Policies when performing such allocations. (Please refer to “Trade Aggregation and Allocation Policy” for further information on our Allocation Policies.)