FEDERATED SECURITIES CORP.

This brochure explains Federated Securities Corp.’s business, and provides important information about us, and in certain cases, our affiliates and related persons. For example, our employee-representatives serve as sales people for the Federated Hermes mutual funds and exchange-traded funds (ETFs), as well as for other investment products sponsored by Federated Hermes and investment advisory services offered by the Relevant Other Federated Advisory Companies (as defined below). As used within this section, “we” shall refer to Federated Securities Corp., our affiliates and/or our related persons, including our employee-representatives, as appropriate. Additional information about us, any of our investment adviser representatives, and our affiliates that are domestic registered investment advisers (together with us, each, as applicable, an Advisory Company and, collectively, as applicable, the Advisory Companies) also is available via the SEC’s website at www.adviserinfo.sec.gov. Available Form ADV, Part 2A, brochures for the following Federated Advisory Companies (as defined below) also may be obtained free of charge from our website (FederatedHermes.com): Federated Investment Counseling; Federated MDTA LLC (including its MDT Advisers division); and Federated Global Investment Management Corp. A.

How We are Organized

We organized as a Pennsylvania corporation on November 14, 1969. Our original name was Betafed Corp. We first registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (Advisers Act), on August 17, 2009. We are also a registered broker/dealer and municipal securities dealer under the Securities Act of 1934, as amended (1934 Act). B.

Our Ownership Structure

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 Securities Corp. 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 Securities Corp. 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 whollyowned 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 long-term 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 Securities Corp. 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

-1-

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 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 investment advisers, broker/dealers, management companies, commodity pool operators and trust companies. For further information on the advisory services provided by the other Federated Advisory Companies, reference should be made to the Form ADV, Part 1, and Form ADV, Part 2A brochures for the other Federated Advisory Companies to the extent prepared and filed with the SEC. C.

Our Services 1.

Advisory-Related Services

We are registered as an investment adviser because we act as a promoter for the other Federated Advisory Companies and, in certain cases, also provide advisory services on behalf of other Federated Advisory Companies to the institutional, separately managed account/wrap-fee account and other clients of other Federated Advisory Companies. Certain of our employees can also from time to time solicit clients on behalf of, or refer clients to, non-U.S. affiliates that are exempt from registration under the Advisers Act. We do not have any investment advisory clients of our own. We relied on SEC Rule 203A-2(c) under the Advisers Act to register with the SEC, as we are under common control with Federated Investment Counseling, a Federated Advisory Company that is registered with the SEC as an investment adviser under the Advisers Act. We have the same principal office and place of business as Federated Investment Counseling. Our employee-representatives are not employees of the other Federated Advisory Companies for which they serve as sales people/promoters. However, Federated Securities Corp. and our employee-representatives are supervised persons of certain other Federated Advisory Companies. They also are deemed to be “persons associated with” such other Federated Advisory Companies and are registered as investment adviser representatives of these Federated Advisory Companies. When our employee-representatives act in such capacity, they are subject to the supervision and control of such other Federated Advisory Companies. The Federated Advisory Companies share the same Code of Ethics (described below) and are generally subject to the same compliance program. We solicit on behalf of the following Federated Advisory Companies (the Relevant Other Federated Advisory Companies):

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

We do not provide investment supervisory services or model portfolio management services to any client. We also do not participate as a portfolio manager in wrap fee (or Managed Account) programs. We do not have any assets under management.

-2-

Our services are provided to Relevant Other Federated Advisory Companies pursuant to one or more written agreements. These written agreements:

Describe the sales activities to be engaged in by our employee-representatives on behalf of the Relevant Other Federated Advisory Companies; Describe the compensation to be received for such services; Require that our, and our employee-representatives’ status as our employee-representatives, be disclosed to the client or potential client of the Relevant Other Federated Advisory Companies at the time of the solicitation or referral; and Require that the affiliation between us, and our employee-representatives, and the Relevant Other Federated Advisory Companies, be disclosed to the client or potential client of the Relevant Other Federated Advisory Companies.

These written agreements, among other things, are designed to enable Relevant Other Federated Advisory Companies to develop a reasonable basis for believing that communications to clients and potential clients of such Relevant Other Federated Advisory Companies comply with the requirements of Rule 206(4)-1, including that they contain certain disclosures required by the Rule regarding our status as an affiliate, compensation to be received for our services, and any material conflicts associated with our activities on behalf of Relevant Other Federated Advisory Companies. In addition to solicitation services, the employee-representatives of Federated Securities Corp. can also provide investment advice on behalf of Relevant Other Federated Advisory Companies to their clients. In doing so, services are not limited to certain types of investments and advice can be tailored to the individual needs of clients based on the client’s objectives, policies, risk tolerances, financial condition and other relevant factors. Our employee-representatives can, among other activities:

Make presentations regarding mutual fund and ETF investment strategies and products to clients and potential clients of Relevant Other Federated Advisory Companies; Distribute marketing materials containing strategy descriptions, performance records and other information to such clients and potential clients; Discuss available Investment Company options and investment strategies (and whether to invest, or maintain an investment, in them) with such clients and potential clients; and Discuss account performance, recent security selections, changes in strategy/investment restrictions, recent market developments and investment objective changes with clients of Relevant Other Federated Advisory Companies.

Our employee-representatives are compensated, in part, for performing these services in addition to solicitation services. (Please refer to “Our Fees for Our Advisory-Related Services” in Item 5 of this brochure for further information.) The above communications with clients or potential clients of Relevant Other Federated Advisory Companies will be made through, and on behalf of, the applicable Federated Advisory Company. 2.

Other Services

Federated Securities Corp. is a registered broker/dealer and municipal securities dealer under the 1934 Act. In these capacities, we perform other non-advisory related services. For example, in our capacity as a broker/dealer, our primary business is to serve as the distributor for a family of domestic Investment Companies and Private Investment Companies sponsored by Federated Hermes. We also sell units of certain collective investment trust(s)/fund(s) for which (i) Federated Investors Trust Company, an affiliate of Federated Securities Corp., serves as trustee and (ii) an entity unaffiliated with the Federated Advisory Companies serves as trustee. In addition, we can act as a placement agent with respect to certain private funds offered by certain Federated Advisory Companies. We can provide services to banks, financial institutions or other advisers in connection with Federated Securities Corp. locating purchasers for assets held in Pooled Investment Vehicles for which such entities serve as trustees. We also engage in certain salesrelated activities relating to certain local government investment pools and as placement agent for Pooled Investment Vehicle clients of other Federated Advisory Companies. We can receive compensation for the placement agent and sales-related activities discussed above. (Please refer to “Sales Compensation” in Item 5 of this brochure for further information.) -3-

Our Fees for Our Advisory-Related Services

Advisory-Related Services for Relevant Other Federated Advisory Companies As discussed under “Our Services” in Item 4 of this brochure, Federated Securities Corp., and its employeerepresentatives, can provide solicitation services to, and investment advice on behalf of, Relevant Other Federated Advisory Companies. In connection with those services, we receive compensation in the form of an intercompany credit on a monthly basis from such Relevant Other Federated Advisory Companies based upon the relevant portion of an allocation made to each Relevant Other Federated Advisory Company determined through the application of an agreed upon metric. We then can compensate our employee-representatives for the services provided for Relevant Other Federated Advisory Company(ies) pursuant to the incentive compensation or other plans established for such employeerepresentatives from time to time. We do not invoice for our fees or deduct our fees from client accounts. The compensation credited to us from Relevant Other Federated Advisory Companies is credited out of their own legitimate profits and other resources and is not added to the fees such Relevant Other Federated Advisory Companies charge their clients (unless otherwise specifically disclosed to applicable clients). The amount of the credit was agreed upon by us and such Relevant Other Federated Advisory Companies and is not negotiable. The credit is not paid in advance and is not subject to refund. B.

Fees and Expenses, Other Than Our Fees

As discussed under “Our Services” in Item 4 of this brochure, Federated Securities Corp., and its employeerepresentatives, can provide solicitation services to the Relevant Other Federated Advisory Companies, and investment advice on behalf of Relevant Other Federated Advisory Companies. As with other investment accounts, clients of the Relevant Other Federated Advisory Companies will incur fees and expenses, other than investment advisory fees, when the Relevant Other Federated Advisory Companies manage client assets. Clients will incur brokerage costs, other transaction costs and other related costs and expenses. Also, if another adviser is involved, any investment advisory fees of the other adviser will be incurred if charged separately. Investments in Private Investment Companies, Investment Companies (e.g., mutual funds and ETFs) and other Pooled Investment Vehicles also can be subject to sales charges (e.g., front-end or contingent deferred sales charges), redemption fees and exchange fees, as well as certain internal fees and expenses. In most Managed Account programs, the “wrapped fee” charged to clients of the Relevant Other Federated Advisory Companies that serve as portfolio manager in such Managed Account Programs covers portfolio manager selection, performance monitoring and evaluation, custody, investment advice, brokerage and/or other administrative services. In some cases, brokerage commissions and/or fees for providing investment advice can be charged separately. For further information regarding the fees and expenses that can be incurred by clients of the other Federated Advisory Companies, reference should be made to the Form ADV, Part 2A brochures for the other Federated Advisory Companies (to the extent prepared and filed with the SEC). Please refer to “Advisory Business” in Item 4 of this brochure for information on how to obtain any available brochures for the other Federated Advisory Companies. C.

Sales Compensation

Federated Securities Corp. serves as distributor of the Federated Hermes family of Investment Companies (i.e., mutual funds and ETFs), and Private Investment Companies. We receive distribution-related fees for services relating to the sale of shares of Federated Hermes funds. Some of our employee-representatives also receive compensation based on the sale of mutual fund and ETF shares. The compensation we receive from the sale of shares of Federated Hermes mutual funds and ETFs represents our primary source of compensation. As discussed under “Our Services” in Item 4 of this brochure, our employee-representatives serve as sales people/promoters for the investment services and products sponsored by our parent company, Federated Hermes, and investment advisory services offered by the Relevant Other Federated Advisory Companies. We receive compensation from the Relevant Other Federated Advisory Companies (in the form of an intercompany credit) for performing these -4-

activities on their behalf. Our employee-representatives also can receive compensation from Federated Securities Corp. for performing such solicitation and other functions. Federated Securities Corp.’s employee-representatives are salaried employees of Federated Securities Corp. and receive no commission, fees or other remuneration in connection with individual securities transactions. Bonuses are discretionary and can be based on a number of factors, including mutual fund, ETF, private fund, and/or account sales, net sales, increase in average annual assets and/or revenue of assigned accounts/investment products or territories, and, for certain sales managers, Federated Hermes’s overall financial results. Certain employee-representatives can be eligible to receive a portion of their annual bonus in cash or a combination of cash and restricted stock of Federated Hermes. (Please refer to “Our Services” in Item 4 of this brochure, as well as “Our Fees for Our Advisory-Related Services” in Item 5 of this brochure, for additional information regarding the services provided by and compensation received by Federated Securities Corp. and its employee-representatives.) As discussed under “Our Services” in Item 4 of this brochure, Federated Securities Corp. also:

Can provide services to banks, financial institutions or other advisers in connection with Federated Securities Corp. locating purchasers for assets held in pooled investment vehicles for which such entities serve as trustees; Sells units of certain collective investment trust(s)/fund(s) for which (i) Federated Investors Trust Company, an affiliate of Federated Securities Corp., serves as trustee and (ii) an entity unaffiliated with the Federated Advisory Companies, including Federated Securities Corp., serves as trustee; Sells shares of certain private funds for which other Federated Advisory Companies can serve as trustee, managing member or investment adviser; and Engage in certain sales-related activities relating to certain local government investment pools.

Federated Securities Corp. receives, and its employee-representatives can receive, compensation for these placement agent, sales-related, and other activities. In addition to the compensation we receive from the sale of shares of Federated Hermes funds, this compensation provides our exclusive source of compensation. Under appropriate circumstances, our employee-representatives, when performing solicitation services for the Relevant Other Federated Advisory Companies and/or providing advice on behalf of Relevant Other Federated Advisory Companies, can advise clients of Relevant Other Federated Advisory Companies to invest assets in certain Investment Companies, including no-load funds, Private Investment Companies, or Pooled Investment Vehicles advised by the other Federated Advisory Companies, and distributed by Federated Securities Corp. (Affiliated Investment Vehicles). We, or our affiliated companies, can receive distribution, investment advisory, administrative or other fees and compensation from such Affiliated Investment Vehicles. The compensation discussed above, as well as the other compensation that we and our employee-representatives can receive as discussed under “Our Fees for Our Advisory-Related Services” in Item 5 of this brochure, is in addition to the distribution-related fees for services relating to the sale of shares of Federated Hermes mutual funds and ETFs. We do not reduce the compensation discussed above, or the other compensation that we and our employee-representatives can receive as discussed under “Our Fees for Our Advisory-Related Services” in Item 5 of this brochure, to offset the distribution-related fees for services relating to the sale of shares of Federated Hermes mutual funds and ETFs that we receive. The practices discussed above create actual and potential conflicts of interest because Federated Securities Corp., and our employee-representatives, and the other Federated Advisory Companies, have an incentive to recommend investment services or products based on the compensation received rather than a client’s needs. (Please refer to “Performance-Based Fees and Side by Side Management” in Item 6 of this brochure for a discussion of these conflicts of interest.) Clients of the Relevant Other Federated Advisory Companies always have the option to purchase investment products that Federated Securities Corp., or our employee-representatives, or any of our affiliates, recommend, or to preclude investment in any investment product (including Affiliated Investment Vehicles). If a client of a Relevant Other Federated Advisory Company desires to preclude investment in a particular investment product, the client should impose a restriction on the client’s account by instructing the appropriate Relevant Other Federated Advisory Company -5-

in writing. (Please refer to “Investment Discretion” in Item 16 of this brochure for further information.) Clients also have the option to purchase any investment products through any broker, dealer or other securities intermediary that is not affiliated with Federated Securities Corp.

Since Federated Securities Corp. does not manage any client accounts or investment products, we do not utilize methods of analysis or offer investment strategies.

- 14 -

As noted under “Our Services” in Item 4 of this brochure, however, we, and our employee-representatives (or supervised persons), can perform solicitation services on behalf of the Relevant Other Federated Advisory Companies, and provide investment advice on behalf of Relevant Other Federated Advisory Companies, which do utilize methods of analysis and offer investment strategies. Our employee-representatives can discuss the methods of analysis utilized, and investment strategies offered (and related investment risks involved with the investment strategies offered), by Relevant Other Federated Advisory Companies with the clients and potential clients of Relevant Other Federated Advisory Companies. For information regarding the specific methods of analysis utilized, and specific investment strategies offered (and related investment risks involved with the specific investment strategies offered), by Relevant Other Federated Advisory Companies, reference should be made to the Form ADV, Part 2A brochures for the other Federated Advisory Companies (to the extent prepared and filed with the SEC). Please refer to “Advisory Business” in Item 4 of this brochure for information on how to obtain any available brochures of the other Federated Advisory Companies. Investing in securities involves risk of loss that an investment adviser’s clients should be prepared to bear. Investment decisions are subject to various market, currency, economic, political and business risks. Investment decisions will not always be profitable and can subject accounts to overall investment loss. Past performance is not necessarily an indication of future results. The Federated Advisory Companies do not guarantee future performance, any specific level of performance or the success of any particular investment decision or strategy. The value of a client account could decline in tandem with a drop in the overall value of the markets in which a client account invests and/or other markets based on negative developments in the U.S. and global economies. Increased or decreased governmental regulation, shifts in fiscal or monetary policy or reform, changes in interest rates, deficits or other market-related activities, such as grid congestion or capacity constraints, or factors or events that affect the financial markets, including the fixed-income markets, could contribute to the development of, or increase in, volatility, illiquidity, and other adverse effects which can negatively impact the performance of a client account. The value of a security or other asset can decline due to changes in general market and economic conditions, political developments, including changes in political views on governance, environmental or social-related matters, or extreme weather, droughts, storms, climate or other changes, including events or economic trends that may not be directly related to the issuer of the security or other asset, or as the result of factors that impact a particular issuer or industry, exchange, country, geographic region, market, sector, or asset class. The prices of, and income generated by, securities or other assets held in a client account can be negatively impacted as a result of such factors, as well as the result of local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; currency exchange rate, interest rate and commodity price fluctuations; and/or other material risks. Acts of terrorism, recessions, environmental and natural disasters, as well as local, regional or global events and tensions (such as between the U.S. and Russia, China, Iran, North Korea and Venezuela), or war and military acts or escalation (such as Russia’s invasion of Ukraine or the Israel-Hamas war), and political or economic sanctions can also have a significant impact on a client account. For example, actual or threatened sanctions or tariffs can lead to, among other things, currency devaluation, credit rating downgrades, reduced liquidity, increased volatility, asset freezes, or retaliatory actions. In addition, a widespread health crisis, such as an epidemic or global pandemic (such as the coronavirus pandemic, COVID-19) and unforeseen risks associated with such a crisis, can, as with each of the foregoing events and factors, result in substantial market volatility, exchange trading suspensions and closures, and/or other material risks, each of which can have a material negative impact on the performance of a client account and/or the ability of Federated Securities Corp. to provide services. For example, remote work environment changes, including hybridworking arrangements, can create retention and other human capital resource management risks, which can potentially adversely impact Federated Securities Corp.’s provision of services. Like other investment advisers and business enterprises, the Federated Advisory Companies’ business relies on the security and reliability of information and communications technology, systems and networks. The Federated Advisory Companies use externally hosted or cloud-based systems and technology, artificial intelligence and machine learning, and rely on third parties, for information and data management and governance and disaster recovery. Certain software applications that we use in our business may be licensed by, and supported, upgraded, and maintained by, third-party vendors. A suspension or termination of certain of these licenses or the related support, upgrades, and maintenance can cause temporary system delays or interruptions that can adversely affect our business and offerings. The Federated Advisory Companies are further exploring innovative technological solutions and products involving artificial intelligence and financial technology. Artificial intelligence is still in its early stages, and the introduction and - 15 -

incorporation of artificial intelligence technologies can result in unintended consequences, emerging ethical issues, or other new or expanded risks and liabilities (including, without limitation, reputational harm and legal liability), such as if outputs are deficient or biased. There is no guarantee that the use of artificial intelligence or machine learning will result in outperformance of an investment relative to the market or relevant benchmark. The Federated Advisory Companies, as well as certain service providers, also generate, compile and process information for purposes of preparing and making filings or reports to governmental agencies, or providing reports or statements to customers, and a cybersecurity attack or incident that impacts that information, or the generation and filing processes, could prevent required regulatory filings and reports from being made, or reports or statements from being delivered, or cause the inadvertent release of confidential information (possibly resulting in the violation of applicable privacy laws). Cyber incidents involving the Federated Advisory Companies’, or their products’ or service providers’, regulators or exchanges to which confidential, personally identifiable or other information is reported or filed also can result in unauthorized disclosure or compromise of, or access to, such information. The use of the Internet and other electronic media and technology exposes the Federated Advisory Companies, their clients, and their service providers, and their respective operations, to potential risks from cybersecurity attacks or incidents (collectively, cyber-events). Hybrid work environments could increase the risk of cyber-events stemming from the use of non-office or personal devices and technology. There can be no assurance that potential system interruptions, other technology-related issues, or the cost necessary to rectify any problems would not have a material adverse effect on Federated Securities Corp. and its ability to provide services. Cyber-events can result from intentional (or deliberate) attacks or unintentional events by insiders (e.g., employees) or third parties, including cybercriminals, competitors, nation-states and “hacktivists,” among others. These risks can be exacerbated by geopolitical tensions, which can increase the likelihood and severity of such attacks. Cyber-events can include, for example, phishing, credential harvesting or use of stolen access credentials, unauthorized access to systems, networks or devices (such as, for example, through “hacking” activity), structured query language attacks, infection from or spread of malware, ransomware, computer viruses or other malicious software code, corruption of data, exfiltration of data to malicious sites, the dark web or other locations or threat actors, and attacks (including, but not limited to, denial of service attacks on websites) which shut down, disable, slow, impair or otherwise disrupt operations, business processes, technology, connectivity or website or internet access, functionality or performance. Like other advisers and business enterprises, the Federated Advisory Companies and their service providers have experienced, and will likely continue to experience, frequent cyber-events. In addition to intentional cyber-events, unintentional cyber-events can occur, such as, for example, the inadvertent release of confidential information. Cyber-events can also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on the service providers’ systems or websites rendering them unavailable to intended users or via “ransomware” that renders the systems inoperable until appropriate actions are taken. To date, cyber-events have not had a material adverse effect on the Federated Advisory Companies’ businesses, results of operation, financial condition and/or cash flows. Cyber-events can affect, potentially in a material way, the Federated Advisory Companies’ relationships with their clients, customers, employees, products, accounts, shareholders and relevant service providers. Any cyber-event could adversely impact the Federated Advisory Companies and their clients and service providers and cause the Federated Advisory Companies to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, damage to employee perceptions of the company, and additional compliance costs associated with corrective measures and credit monitoring for impacted individuals. A cyber-event can cause the Federated Advisory Companies, or their service providers, to lose proprietary information, suffer data corruption, lose operational capacity (such as, for example, the loss of the ability to process transactions, generate or make filings or deliver reports or statements, or other disruptions to operations), and/or fail to comply with applicable privacy and other laws. Among other potentially harmful effects, cyber-events also can result in theft, unauthorized monitoring and failures in the physical infrastructure or operating systems that support the Federated Advisory Companies and their service providers. Federated Securities Corp., and the other Federated Advisory Companies, could incur additional, incremental costs to prevent and mitigate the risks of such cyber-events or incidents in the future. The Federated Advisory Companies and their relevant affiliates have established practices and systems they believe are reasonably designed to seek to reduce the risks associated with cyber-events. The Federated Advisory Companies employ various measures aimed at mitigating cybersecurity risk, including, among others, use of firewalls, system segmentation, system monitoring, virus scanning, periodic penetration testing, employee phishing training, and an employee cybersecurity awareness campaign. The Federated Advisory Companies have adopted policies and procedures relating to cybersecurity and information security that they believe are reasonably designed to protect the confidentiality - 16 -

Read the rest in the brochure

Types

Federated Securities Corp. does not provide investment supervisory services or model portfolio management services to any client. We do not have any investment advisory clients of our own. Our employee-representatives provide solicitation services to the Relevant Other Federated Advisory Companies and provide advice on behalf of Relevant Other Federated Advisory Companies to clients of such Relevant Other Federated Advisory Companies. (Please refer to “Our Services” in Item 4 of this brochure for further information.) For further information on the advisory services provided by the other Federated Advisory Companies, reference should be made to the Form ADV, Part 1, and Form ADV, Part 2A, brochures for the other Federated Advisory Companies (to the extent prepared and filed with the SEC). Please refer to “Advisory Business” in Item 4 of this brochure for information on how to obtain the Form ADV, Part 1, and any available brochures of the other Federated Advisory Companies. B.

Requirements for Services

Since Federated Securities Corp. does not provide investment supervisory services or model portfolio management services to any client, and we do not have any investment advisory clients of our own, we do not have any requirements for opening or maintaining an account. (Please refer to “Our Services” in Item 4 of this brochure for further information.) Federated Securities Corp. has written agreements with certain Relevant Other Federated Advisory Companies. When providing its solicitation services, Federated Securities Corp. also requires a written agreement (which could be with an affiliate). As noted above, we, and our employee-representatives (or supervised persons), can perform solicitation services on behalf of the Relevant Other Federated Advisory Companies, and provide investment advice on behalf of Relevant Other Federated Advisory Companies. When performing these functions, we, and our employee-representatives, or Relevant Other Federated Advisory Companies, can request clients of Relevant Other Federated Advisory Companies to provide proof of authority, directed trading letters, qualified purchaser or accredited investors letters/certifications, or other information to allow Relevant Other Federated Advisory Companies to manage client assets. For further information on the requirements that the other Advisory Companies impose for managing client assets, reference should be made to the Form ADV, Part 2A brochures for the other Advisory Companies (to the extent prepared and filed with the SEC). Please refer to “Advisory-Related Services” in Item 4 of this brochure for information on how to obtain any available brochures of the other Federated Advisory Companies. We, and our employee-representatives, also could be restricted by the securities laws of jurisdictions outside of the U.S. from performing solicitation services on behalf of the Relevant Other Federated Advisory Companies, and providing investment advice on behalf of Relevant Other Federated Advisory Companies, to clients of Relevant Other Federated Advisory Companies or engaging in the other activities discussed under “Advisory-Related Services” in Item 4 of this brochure.

The following disclosures relate to performance-based fees, and side by side management of client accounts, and the actual or potential conflicts of interest that they present for Federated Securities Corp. and our employee-representatives (or supervised persons). In addition to these conflicts, other actual or potential conflicts of interest arise from Federated Securities Corp.’s common economic interests with our affiliates (including the other Federated Advisory Companies), our relationships with our affiliates and other persons or entities in the financial industry, and our, and our related persons’, self-interests. For example, our employee-representatives serve as sales people/promoters for the Relevant Other Federated Advisory Companies, and provide advice on behalf of certain Relevant Other Federated Advisory Companies. We also share certain directors/trustees and officers with other Federated Advisory Companies, and share certain supervised persons with certain other Federated Advisory Companies. To the extent an officer or supervised person is shared among Advisory Companies, the officer or supervised person will be subject to such Advisory Companies’ policies and procedures, to the extent applicable. As used within this section, “we” shall refer to Federated Securities Corp., our affiliates and/or our related persons, including our employee-representatives, as appropriate. Given these relationships, as described in further detail below:

We have an incentive to act in ways that benefit our affiliates and others in the financial industry with which we have relationships rather than in the best interests of clients; and It is possible that our shared directors/trustees, officers, employees or supervised persons and affiliated service providers, and the other Federated Advisory Companies, face similar incentives.

We generally address actual and potential conflicts of interest in one of the following ways:

Prohibition –

Disgorgement –

Deference –

Isolation –

Validation –

Disclosure/ Consent – Setting a De Minimis Threshold –

we prohibit the conduct that gives rise to the conflict of interest (e.g., insider trading is prohibited under our Code of Ethics); a benefit received is given back to an account (e.g., other Federated Advisory Companies that manage Separate Accounts will waive or reimburse a Separate Account accountholder for the account’s share of the advisory fees, if any, paid to other Federated Advisory Companies by an Affiliated Investment Vehicle into which account assets are invested); we defer to third parties to act or make decisions (e.g., we will review a matter with the Board of an Investment Company or a client or sub-advised client); information barriers are constructed to prevent a person from gaining knowledge that gives rise to a conflict of interest (e.g., certain individuals can be isolated from knowing information about a strategic transaction that Federated Hermes is considering); a benchmark for conduct is established that is designed to protect client interests or impose limitations on activities that create the conflict of interest (e.g., the other Federated Advisory Companies follow SEC Rule 17a-7 under the Investment Company Act to obtain a reasonable value for securities in cross-trades involving Investment Companies advised by them); we disclose the conflict of interest (e.g., we disclose the solicitation arrangements we have with our affiliated advisers); or we set a threshold for a benefit that is considered too small to influence conduct, and is therefore permitted (e.g., we set limits on entertainment and gifts under our Code of Ethics, and permit de minimis political contributions as permitted under SEC Rule 206(4)-5 under the Advisers Act).

We have adopted a Code of Ethics and written compliance policies and procedures that we believe are reasonably designed to prevent, detect and cure violations by us and our employee-representatives (or supervised persons) of the Advisers Act and other applicable federal securities laws. Our compliance policies and procedures also provide for various auditing and testing of our policies and procedures, which are reviewed no less frequently than annually as required by SEC rules. Our policy is to perform our services consistent with applicable law and in the best interests of -6-

clients, including clients of Relevant Other Federated Advisory Companies for which we perform solicitation and other functions. The other Federated Advisory Companies have adopted the same Code of Ethics and written policies and procedures. (Please refer to “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” in Item 11 of this brochure for further information regarding our Code of Ethics.) The following is a further discussion of certain actual or potential conflicts of interest relating to (A) performance-based fees, (B) side by side management and (C) other aspects of our business (and the business of the other Federated Advisory Companies), and how we seek to address these conflicts of interest. Federated Securities Corp. shares certain directors/trustees and officers with the other Advisory Companies. To the extent that we or our affiliates face actual or potential conflicts of interest, it is likely that our shared directors/trustees, officers, supervised persons, as well as the other Federated Advisory Companies, have the same incentives, and face the same actual or potential conflicts of interest, as those discussed in this section of our brochure. A.

Conflicts of Interest Relating to Performance-Based Fees

Since Federated Securities Corp. does not manage any client accounts or investment products, conflicts of interest relating to performance-based fees do not arise from our management of client assets. As noted above, however, we, and our employee-representatives (or supervised persons), can perform solicitation services. We also provide investment advice on behalf of Relevant Other Federated Advisory Companies, some of which can accept performance-based fees or performance-based fees in addition to another type of fee (e.g., asset-based fees or flat fees). Our employee-representatives can discuss the fees (including performance-based fees) charged by Relevant Other Federated Advisory Companies, and the fee practices of Relevant Other Federated Advisory Companies, with the clients of Relevant Other Federated Advisory Companies when serving as sales people/promoters for Relevant Other Federated Advisory Companies, or providing advice on behalf of Relevant Other Federated Advisory Companies. Actual or potential conflicts of interest arise in connection with Federated Advisory Companies’ charging performancebased fees on certain accounts of the Federated Advisory Companies while they are managing other accounts at the same time for asset-based fees or flat fees. There is an incentive to favor any account for which the Federated Advisory Companies receive performance-based fees. For example, we can recommend investment in products or strategies for which the Federated Advisory Companies receive a performance-based fee, giving the Federated Advisory Companies an opportunity to receive greater fees or compensation from their accounts or investment products that they charge performance-based fees as opposed to their accounts or investment products for which performance-based fees are not charged. As a result, we have an incentive to direct clients and potential clients of the Federated Advisory Companies to their investment products or strategies for which they can receive performance-based fees. The Federated Advisory Companies also have similar conflicts of interest arising from the incentive to direct the best investment ideas to, or to allocate, aggregate or sequence trades in favor of, or to otherwise favor (whether in terms of better execution, brokerage commissions, directed brokerage/trading or otherwise), an account or investment product that pays a Federated Advisory Company a performance-based fee. To address these actual or potential conflicts of interest, the Federated Advisory Companies’ trade allocation policies prohibit the consideration of the compensation or other benefits received by us or our affiliates, or by any of our officers or employees, when allocating trades among participating accounts or investment products. The Compliance Department for the Federated Advisory Companies reviews and reaffirms these allocation policies annually as well as the procedures adopted by each applicable Federated Advisory Company’s Trading Department and portfolio managers to comply with these policies. The Compliance Department also monitors for favoring an account or product, front running and inconsistencies among similarly managed accounts or products. B.

Conflicts of Interest Relating to Side by Side Management

“Side by side management” refers to an investment adviser’s practice of managing different types of client accounts and/or investment products simultaneously. While neither we, nor our employee-representatives, manage any client accounts or investment products, we do perform services with respect to different types of accounts and/or investment products. Federated Securities Corp. and our employee-representatives (or supervised persons) could have conflicts of interest in allocating their time and services. To address these conflicts, Federated Securities Corp. will endeavor to devote such time to performing our services as Federated Securities Corp. deems appropriate under the circumstances to perform our duties and obligations in accordance with applicable law and relevant agreements. -7-

The following discusses certain more specific examples of actual or potential conflicts of interest relating to side by side management. 1.

Conflicts of Interest Relating to Affiliated Investment Vehicles

When acting as a sales person/promoter for Relevant Other Federated Advisory Companies, and providing advice on behalf of Relevant Other Federated Advisory Companies, Federated Securities Corp.’s employee-representatives (or supervised persons) can recommend investing in Affiliated Investment Vehicles. These Affiliated Investment Vehicles generally pay their investment advisers and service providers based on a percentage of their average net assets. We also can receive compensation for selling these Affiliate Investment Vehicles. (Please refer to “Sales Compensation” in Item 5 of this brochure for further information.) Accordingly, we have an incentive to recommend investments in these Affiliated Investment Vehicles in order to increase the compensation that will be paid to us, other Federated Advisory Companies and/or our affiliates by these Affiliated Investment Vehicles. To address these actual or potential conflicts of interest, investments in Affiliated Investment Vehicles will be recommended only when such investments are consistent with an account’s investment objectives, policies, guidelines and restrictions, and applicable law. To the extent required by applicable law, prior to recommending or making investments in Affiliated Investment Vehicles, Federated Securities Corp. or our related persons will:

Disclose to the client (or, as applicable, the client’s Board of Trustees or Directors) the nature of the affiliation; Obtain such client’s authorization to invest in Affiliated Investment Vehicles; and Specify in such client’s authorization whether, as applicable: (a) the Federated Advisory Companies will charge, waive or reimburse the client for advisory fees attributable to investments in Affiliated Investment Vehicles; or (b) the Federated Advisory Companies will waive or reimburse the account for the account’s share of the advisory fees, if any, paid by the Affiliated Investment Vehicle to the other Federated Advisory Companies.

Any authorization will be in writing (which can include Board minutes) and could, to the extent permitted by law, authorize investments in Affiliated Investment Vehicles generally. With respect to certain accounts where written authorization is impracticable, the Federated Advisory Companies address this conflict of interest through disclosure. This authorization or disclosure could apply, for example, as required by applicable law, where advisory fees would be paid twice for duplicative services rendered by Federated Advisory Companies and their affiliates. In certain cases, an Affiliated Investment Vehicle could in turn invest its cash in another Affiliated Investment Vehicle for cash management purposes. In these cases, Clients of other Federated Advisory Companies could bear advisory and other fees paid by such Affiliated Investment Vehicles to Federated Advisory Companies or their affiliates, which can be reflected as part of investment return of the Affiliated Investment Vehicle, subject to a client’s investment policies, guidelines and restrictions and applicable law. We and our related persons will also comply with the conditions of any applicable law, rule or exemptive order regulating investments in Affiliated Investment Vehicles. C.

Other Actual or Potential Conflicts of Interest 1.

Conflicts of Interest Relating to Receipt of Compensation or Benefits, Other Than Advisory Fees

Actual or potential conflicts of interest arise to the extent that we, our employee-representatives (or supervised persons), or our affiliates (e.g., the other Federated Advisory Companies), or any of their respective employees, supervised persons or other representatives, receive compensation or benefits other than advisory fees. Additional compensation or benefits could be received by us or our employee-representatives, or our affiliates, for example, for:

Soliciting business for other Federated Advisory Companies; Providing investment advice on behalf of another investment adviser; Providing services to another investment adviser or investment product;

-8-

Read the rest in the brochure

This section of our brochure discusses the activities and relationships that Federated Securities Corp., and our management, engage in or have with other financial industry participants. A.

Relationships with Broker/Dealers

As discussed under “Advisory Business” in Item 4 of this brochure and “Sales Compensation” in Item 5 of this brochure, Federated Securities Corp. is a dually-registered investment adviser, municipal securities dealer and broker/dealer. Federated Securities Corp. also acts as placement agent for Pooled Investment Vehicle clients of Relevant Other Federated Advisory Companies. Given these registrations, most of our management persons are registered representatives of Federated Securities Corp. Our employees are registered representatives of Federated Securities Corp. and are salaried employees. As discussed under “Our Services” in Item 4 of this brochure and “Sales Compensation” in Item 5 of this brochure, our employee-representatives serve as sales people/promoters for Relevant Other Federated Advisory Companies, and provide certain investment advice on behalf of and are supervised persons of Relevant Other Federated Advisory Companies. Federated Securities Corp. also:

Can provide services to banks, financial institutions or other advisers in connection with Federated Securities Corp. locating purchasers for assets held in pooled investment vehicles for which such entities serve as trustees; Sells units of certain collective investment trust(s)/fund(s) for which Federated Investors Trust Company, an affiliate of Federated Securities Corp., serves as trustee; Sells shares of certain private funds for which another Federated Advisory Company can serve as trustee, managing member or investment adviser; and Engages in certain sales-related activities relating to certain local government investment pools. - 17 -

Federated Securities Corp. 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 “Sales Compensation” in Item 5 of this brochure for additional information regarding these activities and related arrangements.) (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.) B.

Relationships with Commodity Pool Operators and Commodity Trading Advisors

Certain other Federated Advisory Companies, Federated Investment Management Company and Federated Equity Management Company of Pennsylvania, discussed under “Other Investment Advisers” under “Relationships with Certain Related Persons” under “Other Financial Industry Activities and Affiliations” are registered as commodity pool operators. C.

Relationships with Certain Related Persons

The following discusses other arrangements and relationships that Federated Securities Corp. has with our related persons. In addition to the other relationships discussed below, Federated Securities Corp. has certain directors/trustees, officers, or supervised persons in common with:

Certain other Federated Advisory Companies and the other affiliated investment advisers discussed under “Other Investment Advisers” in Item 10 of this brochure; and Certain other affiliated companies owned by Federated Hermes (such as, among others, the trust company (Federated Investors Trust Company) discussed under “Trust Company” in Item 10 of this brochure).

Certain of these shared/common directors/trustees, officers, or supervised persons of Federated Securities Corp. also can be directors/trustees or officers of the Investment Companies, Private Investment Companies and Pooled Investment Vehicles discussed under “Investment Companies, Private Investment Companies and Pooled Investment Vehicles” and “Sponsor or Syndicator of Limited Partnerships” in Item 10 of this brochure. (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.) 1.

Investment Companies, Private Investment Companies and Pooled Investment Vehicles

As discussed under “Advisory Business” in Item 4 of this brochure, Federated Securities Corp., and our employeerepresentatives, can sell shares or units of domestic Investment Companies and Private Investment Companies managed by the other Advisory Companies and FHL Advisory Companies. Certain Federated Advisory Companies serve as investment adviser or sub-adviser to domestic and foreign funds (i.e., Pooled Investment Vehicles), Investment Companies and Private Investment Companies managed and/or distributed by the Federated Advisory Companies or their affiliates (including Federated Securities Corp.), as well as to other nonaffiliated funds and accounts. The other Federated Advisory Companies can charge advisory clients a fee other than the fund’s fees on assets which are invested in U.S. registered funds which the other Federated Advisory Companies can advise. Under appropriate circumstances, Federated Securities Corp., or its employee-representatives, and the other Federated Advisory Companies, also can recommend investments in certain Affiliated Investment Vehicles (i.e., Investment Companies, Private Investment Companies, or Pooled Investment Vehicles advised by the other Federated Advisory Companies). Except as discussed under “Conflicts of Interest Relating to Affiliated Investment Vehicles” in Item 6 of this brochure, clients of the other Federated Advisory Companies can pay the fees and expenses charged or assessed by any Investment Companies, Private Investment Companies or Pooled Investment Vehicles to the extent that their assets are invested in Investment Companies, Private Investment Companies and Pooled Investment Vehicles, including those (such as Affiliated Investment Vehicles) that are managed by, are distributed by or receive services from the Federated Advisory Companies (including Federated Securities Corp.) or other affiliated companies. - 18 -

Federated Securities Corp. 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. (Please refer to “Performance-Based Fees and Side by Side Management” (including “Conflicts of Interest Relating to Affiliated Investment Vehicles”) in Item 6 of this brochure for a discussion of conflicts of interest that arise as a result of these relationships.) 2.

Other Investment Advisers

As discussed under “Our Ownership Structure” in Item 4 of this brochure, Federated Securities Corp. 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 “Advisory Business” in Item 4 of this brochure, we share certain directors/trustees and officers with the other Advisory Companies. We also share certain supervised persons with certain of the other Federated Advisory Companies. Certain employees of certain of the other Federated Advisory Companies also can be registered representatives of Federated Securities Corp., including in its capacity as a broker/dealer. The Federated Advisory Companies also receive certain shared services from certain 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 Securities Corp. 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 Securities Corp. and the other Advisory Companies)

Federated Securities Corp.; Federated Investment Counseling; Federated Advisory Services Company; Federated Equity Management Company of Pennsylvania; Federated Global Investment Management Corp.; Federated Investment Management Company; Federated MDTA LLC; Federated Hermes (UK) LLP; Hermes Investment Management Limited; - 19 -

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. As discussed under “Our Services” in Item 4 of this brochure and “Sales Compensation” in Item 5 of this brochure, Federated Securities Corp.’s employee-representatives sell products and services of the Relevant Other Federated Advisory Companies, in addition to shares of the Federated Investment Companies, and engage in other activities. In these cases, representatives are salaried employees and receive no commission, fees or other remuneration in connection with individual securities transactions. Bonuses can be paid as described under “Sales Compensation” in Item 5 of this brochure and “Arrangements Involving Receipt of Economic Benefits from Non-Clients” in Item 14 of this brochure. (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.) 3.

Trust Company

Certain other Federated Advisory Companies act as investment adviser to Federated Investors Trust Company in its capacity as trustee for one or more collective investment trust(s)/fund(s) (a type of Pooled Investment Vehicle). Federated Investors Trust Company is affiliated through common ownership with Federated Securities Corp. Federated Securities Corp. and our employee-representatives also sell units of these collective investment trust(s)/fund(s). (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 this relationship.) 4.

Sponsor or Syndicator of Limited Partnerships

Related persons of Federated Securities Corp. are the Managing Member or General Partner of certain Pooled Investment Vehicles. Clients of the other Federated Advisory Companies are generally not actively solicited to invest in these funds. However, such a client’s assets could be invested in one or more of these Pooled Investment Vehicles by the other Federated Advisory Companies (or we, or our employee-representatives, can recommend investment in one of these Pooled Investment Vehicles) as part of the overall investment strategy for that client. Assets are invested pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended (1933 Act), and not as part of a public offering. Shares of the Pooled Investment Vehicles are offered for investment only to individuals, organizations or entities that are “accredited investors” within the meaning of Regulation D of the 1933 Act. (Please refer to “Performance- Based Fees and Side by Side Management” in Item 6 of this brochure for a discussion of certain conflicts of interest that arise as a result of these relationships.) 5.

Other Service Providers

Read the rest in the brochure

Our Code of Ethics

Federated Securities Corp., the other Advisory Companies, and the FHL Advisory Companies have adopted a Code of Ethics that sets forth restrictions and safeguards on certain activities such as personal trading, insider trading, misuse of client information, serving on boards of directors by investment personnel, disclosure of conflicts of interest and receiving/giving gifts and political and charitable contributions. We will provide a copy of our Code of Ethics upon request. Item 6 of this brochure, “Performance-Based Fees and Side by Side Management”, contains a detailed discussion of Federated Securities Corp.’s Code of Ethics and how it addresses conflicts related to the Federated Advisory Companies’ participation or interest in client transactions and personal trading. (Please refer to “Conflicts of Interest Relating to Personal Trading” in Item 6 of this brochure for further information regarding our Code of Ethics.) B.

Participation or Interest in Client Transactions 1.

Client Investments in Affiliated Investment Vehicles

Related persons of Federated Securities Corp. (i.e., the other Federated Advisory Companies, including those for which our employee-representatives serve as sales people/promoters) can, from time to time, invest client assets in or recommend investments in Affiliated Investment Vehicles, including, for example, with respect to the management of cash in a client’s portfolio. (Please refer to “Performance-Based Fees and Side by Side Management” in Item 6 of this brochure as well as “Sponsor or Syndicator of Limited Partnerships” in Item 10 of this brochure for further information.) The other Federated Advisory Companies will receive compensation for management of the Affiliated Investment Vehicles; consequently, they can have an incentive to allocate client funds to Affiliated Investment Vehicles in lieu of other investment opportunities. Except in connection with Managed Accounts or model portfolio management services as required or permitted by our policies and applicable law, offered by several of the other Federated Advisory Companies, the other Federated Advisory Companies generally waive or reimburse a portion of their advisory fee equal to the advisory fee paid to the Affiliated Investment Vehicle into which we invest client assets to mitigate this conflict. (Please refer to “Conflicts of Interest Relating to Affiliated Investment Vehicles” and “Management- and Trading-Related Conflicts Of Interest” in Item 6 of this brochure for further information.) 2.

Proprietary Accounts

Affiliates of Federated Securities Corp. (i.e., the other Federated Advisory Companies, including those for which our employee-representatives serve as sales people/promoters) will, from time to time, temporarily seed a Proprietary - 21 -

Account for the purposes of establishing an investment strategy or seeding an Investment Company, Private Investment Company or Pooled Investment Vehicle. These investments are generally nominal in relation to both our total managed client assets and our own assets. (Please refer to “Performance-Based Fees and Side by Side Management” in Item 6 of this brochure for further information.) 3.

Principal and Cross Transactions

Affiliates of Federated Securities Corp. (i.e., the other Federated Advisory Companies, including those for which our employee-representatives serve as sales people/promoters) also can from time to time buy or sell portfolio securities:

Between a Proprietary Account and another client account (including Separate Accounts, Investment Companies, Private Investment Companies, or Pooled Investment Vehicles); Between client accounts (including Separate Accounts, Investment Companies, Private Investment Companies, or Pooled Investment Vehicles); or Between Proprietary Accounts.

We can recommend or discuss cross or principal transactions with clients of Relevant Other Federated Advisory Companies. However, a Proprietary Account generally will only participate in one of the above-listed transactions when the extent of our and/or our affiliates’ interest in such Proprietary Account would not cause the transaction to be a principal transaction within the meaning of Section 206(3) of the Advisers Act. When engaging in cross or principal transactions, no Federated Advisory Company, nor any affiliate, receives any compensation for acting as a broker/dealer, and any applicable SEC rules or guidance for cross transactions or, if applicable, principal transactions are typically followed. (Please refer to “Conflicts of Interest Relating to Certain Cross Transactions” in Item 6 of this brochure for further information regarding conflicts of interest and how they are addressed.) The above activities can create various actual or potential conflicts of interest for Federated Securities Corp. and our employee-representatives (or supervised persons) and related persons (i.e., the other Federated Advisory Companies, including those for which our employee-representatives serve as sales people/promoters). For example, conflicts of interest could arise when a recommendation is provided to invest in an Affiliated Investment Vehicle to which Federated Securities Corp. acts as distributor or an affiliate (i.e., the other Federated Advisory Companies, including those for which our employee-representatives serve as sales people/promoters) acts as investment adviser, provides other services or serves as General Partner. We, and/or our affiliates, receive a financial benefit since advisory fees and other service fees are often based on the average net assets invested in such Affiliated Investment Vehicles. (Please refer to “Performance-Based Fees and Side by Side Management” in Item 6 of this brochure for further information regarding conflicts of interest and how they are addressed.) C.

Personal Trading

Federated Securities Corp., and/or our employee-representatives (or supervised persons) and related persons (e.g., the other Advisory Companies, including those for which our employee-representatives serve as sales people/promoters), can recommend or invest in the same securities, or related securities, that we, or our employee-representatives, recommend, or our related persons invest in on behalf of, or recommend to, clients, including at or around the same time. Personal trading can create various actual or potential conflicts of interest for Federated Securities Corp. and our employee-representatives (or supervised persons) and related persons. The Code contains significant safeguards designed to protect clients from abuses in this area, such as requirements to obtain prior approval for, and to report, particular transactions, and the imposition of blackout periods. (Please refer to “Conflicts of Interest Relating to Personal Trading” in Item 6 of this brochure for a discussion of conflicts of interest and how they are addressed.)

Federated Securities Corp. does not manage client accounts or investment products (including providing trading instructions). We do not have any investment advisory clients of our own. Accordingly, we do not select or recommend broker/dealers for client transactions, determine the reasonableness of broker/dealer compensation, engage in soft dollar practices in connection with client securities transactions, or recommend, request or require that clients direct us, or permit clients to direct us, to execute transactions through a specified broker/dealer or aggregate client securities transactions. - 22 -

We, and our employee-representatives (or supervised persons), can perform solicitation services on behalf of the Relevant Other Federated Advisory Companies, and provide investment advice on behalf of Relevant Other Federated Advisory Companies. The Relevant Other Federated Advisory Companies manage client accounts or investment products (including providing trading instructions) and select broker/dealers for client transactions. They also determine the reasonableness of broker/dealer compensation, engage in soft dollar practices in connection with client securities transactions, and permit clients to direct them to execute transactions through a specified broker/dealer or aggregate client securities transactions. We share certain directors/trustees and officers with the other Advisory Companies. We also share certain supervised persons with certain of the other Federated Advisory Companies. Federated Securities Corp. and related persons (e.g., the other Federated Advisory Companies) also can from time to time come into possession of confidential or privileged information about issuers of securities, or other persons or entities and their current or anticipated securities trading activities, as a result of the investment activities and other business activities of the Federated Advisory Companies. In such cases, we (including the other Federated Advisory Companies) could be restricted from executing certain trades if doing so could violate insider trading policies and procedures or if we believe that such actions would be inconsistent with applicable legal requirements/laws or contractual obligations owed to third parties. Federated Securities Corp., and the other Federated Advisory Companies, have adopted policies and procedures to address the treatment of such confidential or nonpublic information, and the potential impacts to the ability to execute trades for client accounts, in a manner that the Federated Advisory Companies believe to be reasonable. In certain cases, the policies require the imposition of trading restrictions in the absence of a clear legal requirement to do so (e.g., when it is unclear whether nonpublic information is “material”). These restrictions can have an adverse impact on client accounts or investment products because the other Federated Advisory Companies could be restricted from executing or recommending certain transactions that they would otherwise execute or recommend for client accounts or investment products.

Arrangements Involving Receipt of Economic Benefits from Non-Clients

As discussed under “Our Services” in Item 4 of this brochure and under “Sales Compensation” in Item 5 of this brochure, the Federated Advisory Companies have entered into a written agreement with Federated Securities Corp. - 23 -

Under this arrangement, our employee-representatives also serve as sales people/promoters for the investment services and products sponsored by Federated Hermes and investment advisory services offered by the other Federated Advisory Companies. We, and our employee-representatives, act in the capacity of promoters for Relevant Other Federated Advisory Companies. In certain cases, we, and our employee-representatives, also provide advice on behalf of Relevant Other Federated Advisory Companies to the institutional, separately managed account/wrap-fee account and other clients of Relevant Other Federated Advisory Companies. We receive compensation from such other Federated Advisory Companies (in the form of an intercompany credit) for performing these activities on their behalf. Our employee-representatives also can receive compensation from Federated Securities Corp. for performing such solicitation and other functions. In connection with these services, under applicable guidance issued by the SEC, any relevant regulatory history of Federated Securities Corp. is required to be disclosed to clients and potential clients. Certain other Advisory Companies have entered into a network support payment agreement with certain FHL Advisory Companies. Under this arrangement, such Advisory Companies, or their affiliates, pay certain network support fees in exchange for local sales and marketing services provided by the relevant FHL Advisory Companies in non-U.S. markets. Some broker/dealers that execute portfolio transactions for certain other Federated Advisory Companies and their clients can furnish research and brokerage services (or soft dollar benefits) which can be used in advising Investment Companies, Private Investment Companies, Pooled Investment Vehicles, Separate Accounts, Managed Accounts and other accounts. To the extent that receipt of these services and software could supplant services for which the Federated Advisory Companies might otherwise have paid, expenses would be reduced. Certain of our affiliates (e.g., certain Federated Advisory Companies) act as portfolio managers in Managed Account programs. In Managed Account program arrangements, our affiliates receive fees from sponsors to the Managed Account programs, or related platform providers, for services rendered to Managed Account program participants. To the extent that the sponsor or platform provider is not considered a client, and Managed Account program participants could be deemed to be clients, our affiliates could be viewed as receiving cash from a non-client in connection with advice given to Managed Account program participants. Similarly, our affiliates receive fees for investment advisory services provided to sub-advisory clients from the primary advisers for those clients. Employees and supervised persons of Federated Securities Corp. and/or our affiliates (e.g., the other Federated Advisory Companies) also can receive salaries, bonuses and certain sales awards, such as travel and entertainment, from Federated Hermes or other affiliates. For example, Federated Securities Corp.’s employee-representatives are salaried employees of Federated Securities Corp. and receive no commission, fees or other remuneration in connection with individual securities transactions. Bonuses are discretionary and can be based on a number of factors, including mutual fund, ETF, private fund, and/or account sales, net sales, increase in average annual assets and/or revenue of assigned accounts/investment products or territories, and, for certain sales managers, Federated Hermes’s overall financial results. Certain employee-representatives can be eligible to receive a portion of their annual bonus in cash or a combination of cash and restricted stock of Federated Hermes. Finally, investment professionals at the other Federated Advisory Companies can receive a fixed-base salary and a variable annual incentive or bonus. Base salary is determined within a market competitive, position-specific salary range, based on the portfolio manager’s experience and performance. The annual incentive amount or bonus is determined based primarily on the performance of the accounts managed by the investment professional and can also include a discretionary component based on a variety of factors deemed relevant, such as financial measures and performance and can be paid entirely in cash, or in a combination of cash and restricted stock of Federated Hermes. The allocation or weighting given to the performance of any account for which the individual is responsible when compensation is calculated can vary. The performance of any such account may or may not represent a significant portion of the calculation at any point in time (and can be adjusted periodically). Investment performance is based on a variety of factors including performance versus account specific benchmarks and versus the performance of a designated peer group of comparable accounts. Any individual allocations from the discretionary component are determined by executive management on a discretionary basis using various factors such as, for example, on a product, strategy or asset class basis, and considering overall contributions and any other factors deemed relevant (and can be adjusted periodically). (Please refer to “Conflicts of Interest Relating to Receipt of Compensation or Benefits, Other Than Advisory Fees” in Item 6 of this brochure for a further discussion of these conflicts of interest and how they are addressed.) Such employees and supervised persons of Federated Securities Corp. and/or our affiliates (i.e., the other Federated Advisory Companies) also can receive entertainment and gifts from third parties to the extent permitted under our and the other Federated Advisory Companies’ Code of Ethics. (Please refer to “Our Code of Ethics” in Item 11 of this brochure for more information on Federated Securities Corp.’s Code of Ethics.)

- 24 -

We also can be provided with office space, phone systems, computer systems, internet and other administrative, clerical and technical support from or through our ultimate parent company, Federated Hermes, or its affiliates. Arrangements in which Federated Securities Corp. or our related persons receive economic benefits from non-clients create conflicts of interest for us and our related persons. For example, we, and our employee-representatives (or supervised persons), have an incentive to favor these non-clients. Our affiliates (e.g., the other Federated Advisory Companies), and their employees or supervised persons, have an incentive to utilize the services of a particular broker/dealer. We, our employee-representatives and related persons also have an incentive to recommend a particular security to, or, in the case of our related persons, buy a particular security for, an account based on economic benefits received from the broker/dealer or issuer or placement agent. (Please refer to “Advisory Business” in Item 4 of this brochure and “Sales Compensation” in Item 5 of this brochure for additional information regarding these arrangements.) Conflicts of interest also arise in connection with certain portfolio manager or other employee and supervised person compensation arrangements. (Please refer to “Conflicts of Interest Relating to Receipt of Compensation or Benefits, Other Than Advisory Fees” in Item 6 of this brochure for a further discussion of these conflicts of interest and how they are addressed.) B.

Arrangements Where Compensation is Paid to Another Person for Client Referral

Federated Securities Corp. and our affiliates (e.g., certain other Advisory Companies) can enter into various arrangements pursuant to which employees, or affiliated and unaffiliated third parties, including, with respect to non-U.S. solicitation activities, certain FHL Advisory Companies, can be compensated, directly or indirectly, for referring clients to our affiliates. (Please refer to “Arrangements Involving Receipt of Economic Benefits from Non-Clients” in Item 14, “Our Services” in Item 4, and “Sales Compensation” in Item 5 of this brochure for further information.) Such compensation will not result in a charge to investment advisory clients, or in any differential in the level of advisory fees customarily charged, unless specifically disclosed to clients. While not advisory clients of the Federated Advisory Companies, we and our affiliates can enter into arrangements pursuant to which potential shareholders are solicited for investment in Investment Companies or other investment products sponsored, managed, serviced or distributed by Federated Hermes or the Federated Advisory Companies (including Affiliated Investment Vehicles). In addition, our affiliates pay financial intermediaries to make the Investment Companies available to investors on the applicable intermediary’s platform. Arrangements where we, or our affiliates (e.g., certain other Federated Advisory Companies), pay compensation to promoters for referrals create conflicts of interest for us, and our affiliates, as well as the promoters. We, and our employee-representatives (or supervised persons), and our related persons, have an incentive to utilize or recommend the promoter’s products and services. The promoter also has a financial incentive to favor the services of, and products sponsored, distributed or managed by, Federated Securities Corp. and our affiliates, over the interest of clients. (Please refer to “Conflicts of Interest Relating to Receipt of Compensation or Benefits, Other Than Advisory Fees” in Item 6 of this brochure for a discussion of these conflicts of interest and how they are addressed.)

To the best of Federated Securities Corp.’s knowledge, there are no legal or disciplinary events that are material to a client’s or prospective client’s evaluation of or the integrity of us.

Federated Securities Corp. does not manage client accounts or investment products. We do not have any investment advisory clients of our own. Accordingly, we do not conduct reviews of accounts, periodically or otherwise. We also do not provide our own written or other reports independently to clients. As noted under “Our Services” in Item 4 this brochure, we, and our employee-representatives, can perform solicitation services on behalf of the Relevant Other Federated Advisory Companies, and can provide investment advice on behalf of Relevant Other Federated Advisory Companies, which do periodically review their client relationships and provide written reports to their clients. For further information regarding the account review practices of the other Federated Advisory Companies, and regarding the reports the other Federated Advisory Companies provide to their clients, reference should be made to the Form ADV, Part 2A brochures for the other Federated Advisory Companies (to the extent prepared and filed with the SEC). Please refer to “Advisory Business” in Item 4 of this brochure for information on how to obtain any available brochures of the other Federated Advisory Companies. We also share certain directors/trustees and officers with the other Advisory Companies. We also share certain supervised persons with certain of the other Federated Advisory Companies. While Federated Securities Corp. does not manage client accounts or investment products, so there are no accounts or products of its own to review, we, and our employee-representatives, can assist the other Federated Advisory Companies in conducting reviews of their client accounts and products and delivering certain reports to their clients. Our employee-representatives also can jointly participate in conference calls or other meetings between investment professionals of the other Federated Advisory Companies and their clients. For further information regarding the periodic account reviews conducted by, and reports provided by, the other Federated Advisory Companies, reference should be made to the Form ADV, Part 2A brochures for the other Federated Advisory Companies (to the extent prepared and filed with the SEC). Please refer to “Advisory Business” in Item 4 of this brochure for information on how to obtain any available brochures for the other Federated Advisory Companies.

Federated Securities Corp. does not have custody of client assets. As noted under “Our Services” in Item 4 of this brochure, we, and our employee-representatives (or supervised persons), can perform solicitation services on behalf of the Relevant Other Federated Advisory Companies, and provide investment advice on behalf of Relevant Other Federated Advisory Companies. We share certain directors/trustees and officers with the other Advisory Companies. We also share certain supervised persons with certain of the other Federated Advisory Companies. For further information regarding the other Federated Advisory Companies’ custody practices, reference should be made to the Form ADV, Part 1, and Form ADV, Part 2A brochures for the other Federated Advisory Companies (to the extent prepared and filed with the SEC). Please refer to “Advisory Business” in Item 4 of this brochure for information on how to obtain the Form ADV, Part 1, and any available brochures of the other Federated Advisory Companies.

- 25 -

Federated Securities Corp. does not accept investment discretion on behalf of clients to manage their accounts. As noted under “Our Services” in Item 4 of this brochure, we, and our employee-representatives (or supervised persons), can perform solicitation services on behalf of the Relevant Other Federated Advisory Companies, and can provide investment advice on behalf of Relevant Other Federated Advisory Companies. When acting in such capacity, our employee-representatives are supervised persons of Relevant Other Federated Advisory Companies, which do accept investment discretion on behalf of their clients to manage their clients’ accounts. Our employee-representatives can discuss investment objectives, policies, guidelines, restrictions/limitations and other instructions or information with a client of another Federated Advisory Company. (Please refer to “Our Services” in Item 4 for further information on the activities our employee-representatives can perform when providing investment advice on behalf of Relevant Other Federated Advisory Companies.) We also share certain directors/trustees and officers with the Advisory Companies. We also share certain supervised persons with certain of the other Federated Advisory Companies. For further information regarding the investment discretion of the other Federated Advisory Companies, reference should be made to the Form ADV, Part 1, and Form ADV, Part 2A brochures for the other Federated Advisory Companies (to the extent prepared and filed with the SEC). Please refer to “Advisory Business” in Item 4 of this brochure for information on how to obtain the Form ADV, Part 1 and any available brochures of the other Federated Advisory Companies.

Federated Securities Corp. does not accept authority or direction to vote securities held in client accounts. Accordingly, Federated Securities Corp. is not required under SEC Rule 206(4)-6 under the Advisers Act to have proxy voting policies and procedures. For further information regarding the proxy voting authority, policies and procedures of the other Federated Advisory Companies (including how to obtain information about how they voted securities in their client accounts), reference should be made to the Form ADV, Part 2A brochures for the other Federated Advisory Companies (to the extent prepared and filed with the SEC). Please refer to “Advisory Business” in Item 4 of this brochure for information on how to obtain any available brochures of the other Federated Advisory Companies.

Federated Securities Corp. is not required to include a balance sheet for our most recent fiscal year because we do not require or solicit prepayment of more than $1,200 in fees per client, six months or more in advance. There are no financial conditions affecting us that are reasonably likely to impair our ability to meet contractual commitments. We also have not been subject to a bankruptcy petition at any time during the past ten years.

- 26 -

PRIVACY POLICY AND NOTICE Last Updated: January 1, 2026 Federated Hermes, Inc. (“Federated Hermes,” “we,” “our,” or “us”) is committed to maintaining the confidentiality, security, and integrity of customer, client, and shareholder information. In this Privacy Notice, we describe how Federated Hermes obtains your nonpublic personal information (“Personal Information”), how it is used, and how it is kept secure. California Residents: If you are a resident of California, you may have additional rights regarding your personal information. Please review our California Consumer Privacy Act (“CCPA”) Notice regarding your rights under the CCPA. The applicable notice may be found here: https://www.federatedhermes.com/us/policies/california-consumer-privacyact-notice.do. Personal Information Federated Hermes Collects Federated Hermes may collect Personal Information about you from the following sources:

We may collect Personal Information from you or your financial representative on account applications, other forms or electronically, such as your name, address, Social Security number, assets, and income.

We may collect information from you or your financial representative through transactions, correspondence, and other communications, such as specific investments and account balances.

We may obtain other Personal Information in connection with providing you a financial product or service, such as depository or debit account numbers.

Information Sharing Policy Except as described below, Federated Hermes does not share or disclose client, customer, or shareholder Personal Information. If you decide to close your account(s) or become an inactive customer, we will continue to follow these privacy policies and practices. Federated Hermes will not disclose Personal Information, including account numbers, access numbers, or access codes for deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail, or other marketing purposes. Federated Hermes limits the sharing of Personal Information about you with financial and non-financial companies or other entities, including companies affiliated with Federated Hermes, and other, nonaffiliated third parties, to the following:

Personal Information that is necessary and required to process a transaction or to service a client, customer, or shareholder relationship. For example, sharing Personal Information with a company that provides account record keeping services or proxy services to shareholders.

Personal Information that is required or permitted by law. For example, to protect you against fraud or with someone who has a legal or beneficial interest, such as your power of attorney, or in response to a subpoena.

Some or all of the information described above with companies that perform joint marketing or other services on our behalf. For example, with the financial intermediary (bank, investment advisor, or broker-dealer) through whom you purchased Federated Hermes products or services, or with providers of joint marketing, legal, accounting or other professional services.

Personal Information (which may include anonymized Personal Information) with third-party vendors that offer Federated Hermes sales data and analytics services, which vendors are subject to confidentiality obligations. These services may include operational assistance, transaction processing, and assisting with sales and marketing efforts.

Notwithstanding any other provision of this Privacy Notice, for the avoidance of doubt, nothing herein prevents reporting possible violations of federal law or regulation to any governmental agency or entity or making other disclosures protected under the whistleblower provisions of federal law or regulation. However, the protections provided for Personal - 27 -

Information under state and federal privacy law is not superseded by the federal whistleblower rules. As a result, the release of Personal Information, even to a government agency or entity, remains protected under state and federal privacy rules, and could be considered a violation of federal privacy rules, until the SEC or other government entity specifically request the Personal Information to support a claim made by the whistleblower. Information Security Federated Hermes uses federal guidance and standards to develop and implement its reasonable security safeguards to prevent unauthorized access to and otherwise protect your Personal Information. Specifically, Federated Hermes maintains physical, electronic, and procedural safeguards to protect your Personal Information, and has procedures in place for its appropriate disposal and protection against its unauthorized access or use when we are no longer required to maintain the information. Please refer to our Security Policy for further information regarding how Federated Hermes makes doing business with us online more secure and convenient here: https://www.federatedhermes.com/us/policies/security-policy.do. If Federated Hermes shares Personal Information, it is made available for limited purposes and under controlled circumstances. We require third parties to comply with our standards for security, confidentiality, and integrity. These requirements are included in written agreements between Federated Hermes and such third-party service providers. Each of the following sections explains an aspect of Federated Hermes’ commitment to protecting your Personal Information and respecting your privacy. Employee Access to Personal Information Federated Hermes employees must adhere to Federated Hermes’ security, privacy, and confidentiality policies. Employee access to Personal Information is authorized for business purposes only and is based on an employee’s need for the information to service client, customer, and shareholder accounts or comply with legal requirements. Visiting a Federated Hermes Website

Federated Hermes’ website maintains statistics about the number of visitors and the information viewed most frequently. These statistics are used to improve the content and level of service we provide to our clients, customers, and shareholders.

Information or data entered into a website will be retained. The information we collect depends on how you use our website (see our Cookie Notice at: https://www.federatedhermes.com/us/policies/cookie-notice.do).

“Cookies” are used to improve your online experience. A cookie is a small file stored on your computer that recognizes whether you have visited our site before and identifies you each time you visit.

We may also obtain Internet Protocol (“IP”) addresses to monitor the number of visitors to the site.

Restricted Access Website Federated Hermes provides restricted sections of its websites for investment professionals and certain customers, clients, or shareholders. Information entered in these sites is only accessible by those individual clients or shareholders, persons with whom they share access information, a limited number of Federated Hermes employees, and Federated Hermes’ authorized service providers who maintain website functionality. Federated Hermes does not permit the use of that information for any purpose, or the renting, selling, trading, or otherwise releasing or disclosing of information to any other party. Email If you have opted to receive marketing information from Federated Hermes by email, we require that all messages include instructions for canceling subsequent email programs. Some products or services from Federated Hermes are intended to be delivered and serviced electronically. Email communication may be utilized in such cases. Please do not provide any account or Personal Information such as Social Security numbers, account numbers, or account balances within your email correspondence to us. We will not use unsecured email to execute transaction instructions, provide personal account information, or change account registration. - 28 -

Surveys / Aggregate Data Periodically, Federated Hermes may conduct surveys about financial products and services or review elements of information in an effort to forecast future business needs. We then generate reports that are used for Federated Hermes’ own planning, analytical, and other related purposes. Changes to Our Privacy Notice Federated Hermes reserves the right to modify this Privacy Notice at any time. We will notify you of any changes that may affect your rights under this Privacy Notice. We Welcome Your Comments Federated Hermes welcomes your questions and comments about this Privacy Notice. Client Service Representatives are available at 1-800-341-7400, Option 4, Monday through Friday from 8:00 a.m. to 6:00 p.m. ET. This Privacy Notice applies to Federated Hermes, Inc. and each of its wholly owned broker-dealer, investment advisor and other subsidiaries.

- 29 -