EDGAR HTML

United States

Securities and Exchange Commission

Washington, D.C. 20549

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

811-21904

(Investment Company Act File Number)

Federated Hermes MDT Series

_______________________________________________________________

(Exact Name of Registrant as Specified in Charter)

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, Pennsylvania 15086-7561

(Address of Principal Executive Offices)

(412) 288-1900

(Registrant's Telephone Number)

Peter J. Germain, Esquire

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

Date of Fiscal Year End: 07/31/22

Date of Reporting Period: 07/31/22

Item 1.

Reports to Stockholders

Annual Shareholder Report

July 31, 2022

Share Class | Ticker

A | QAACX

C | QCACX

Institutional | QIACX

R6 | QKACX

Federated Hermes MDT All Cap Core Fund

Fund Established 2002

A Portfolio of Federated Hermes MDT Series

Dear Valued Shareholder,

We are pleased to present the Annual Shareholder Report for your fund covering the period from August 1, 2021 through July 31, 2022. This report includes Management’s Discussion of Fund Performance, a complete listing of your fund’s holdings, performance information and financial statements along with other important fund information.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely,

J. Christopher Donahue, President

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

Management’s Discussion of Fund Performance (unaudited)

The total return of Federated Hermes MDT All Cap Core Fund (the “Fund”), based on net asset value, for the 12-month reporting period ended July 31, 2022, was -4.95% for Class A Shares, -5.67% for Class C Shares, -4.67% for Institutional Shares and -4.66% for Class R6 Shares. The total return for the Russell 3000® Index (R3000),1 the Fund’s broad-based securities market index, was -7.35% for the same period. The total return of the Morningstar Large Blend Funds Average (MLBFA),2 a peer group average for the Fund, was -6.36% during the same period. The Fund’s and MLBFA’s total returns for the most recently completed fiscal year reflected actual cash flows, transaction costs and expenses, which were not reflected in the total return of the R3000.

During the reporting period, the Fund’s investment strategy focused on stock selection. Stock selection was the most significant factor affecting the Fund’s performance relative to the R3000 during the period.

The following discussion will focus on the performance of the Fund’s Class R6 Shares relative to the R3000.

Market Overview

During the reporting period, the market was upset by a number of challenges: the Covid-19 pandemic moved from the Delta variant to the Omicron variant (late 2021), Russia attacked Ukraine (beginning in late February 2022), and inflation rose steadily to levels not seen in the last 40 years. Each challenge would first turn a positive market negative, then the market, after dropping, would become accustomed to the news and resume climbing until the next challenge arrived. It was a very volatile marketplace which, by the end of the reporting period, favored large capitalization stocks over small capitalization3 stocks. The mega-cap Russell Top 200 Index4 returned -5.80%, the Russell Midcap Index5 returned -9.83% and the small-cap Russell 2000 Index (R2000)6 returned -14.29%; the whole-market Russell 3000 Index (R3000) returned -7.35%. As often happens, during most of the market downdrafts, value was favored over growth: the Russell 3000 Value Index (R3000V)7 returned -1.65% during the reporting period while the Russell 3000 Growth Index (R3000G)8 returned -12.65%.

The reporting period did close on a more favorable note: the R3000 returned 9.38% in July 2022 and made it the most positive month of the period for that index–and for every one of its standard core, value and growth subindexes as well except the Russell Top 200 Value Index9 where December 2021 was slightly better than July 2022 (6.32% and 5.63%, respectively). July 2022 was also the most favorable month for growth versus value, with the R3000G returning 11.95% and the R3000V returning 6.81%, a growth advantage of 5.14%.

Annual Shareholder Report

The best performing sectors in the R3000 during the reporting period were Energy (66.72%), Utilities (14.97%) and Consumer Staples (6.37%). Underperforming sectors during the same period included Communication Services (-30.07%), Consumer Discretionary (-14.23%) and Information Technology (-10.07%).

STOCK SELECTION

When looking at the Fund’s outperformance in terms of fundamental and technical characteristics, most of the Fund’s outperformance relative to the R3000 was driven by an overweight allocation to and strong stock selection among stocks with high structural earnings and neutral to high analyst conviction. Mature stocks with strong recent returns and positive analyst conviction detracted the most from performance. The Fund’s sector exposures continued to remain close to R3000 weights; there were no significant overweight or underweight positions at the end of the reporting period. Favorable stock selection in the Health Care, Communication Services and Information Technology sectors contributed the most to the Fund’s outperformance versus the benchmark. The largest offsets were unfavorable stock selection in the Consumer Discretionary, Financials and Industrials sectors.

Individual stocks enhancing the Fund’s performance during the reporting period included Marathon Petroleum Corporation, McKesson Corporation and AbbVie, Inc.

Individual stocks detracting from the Fund’s performance during the reporting period included EPAM Systems, Inc., Expedia Group, Inc. and MSCI Inc. (Class A).

Please see the footnotes to the line graph below for definitions of, and further information about, the Russell 3000® Index.

Please see the footnotes to the line graph below for definitions of, and further information about, the Morningstar peer group average.

Small capitalization stocks may be less liquid and subject to greater price volatility than large capitalization stocks.

The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 70% of the total market capitalization of the U.S. market. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.*

The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 26% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.*

Annual Shareholder Report

The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 6% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.*

The Russell 3000® Value Index measures the performance of the broad value segment of the U.S. equity universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.*

The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The Russell 3000® Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.*

The Russell Top 200® Value Index measures the performance of the largest cap value segment of the U.S. equity universe. It includes those Russell Top 200 ® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Top 200® Value Index is constructed to provide an unbiased and stable barometer of the very large cap value market. The Russell Top 200® Value Index is completely reconstituted annually to ensure that new value-oriented equities are included and that the represented companies continue to reflect value characteristics.*

The index is unmanaged, and it is not possible to invest directly in an index.

Annual Shareholder Report

FUND PERFORMANCE AND GROWTH OF A $10,000 INVESTMENT

The graph below illustrates the hypothetical investment of $10,0001 in the Federated Hermes MDT All Cap Core Fund (the “Fund”) from July 31, 2012 to July 31, 2022, compared to the Russell 3000® Index (R3000)2 and the Morningstar Large Blend Funds Average (MLBFA).3 The Average Annual Total Return table below shows returns for each class averaged over the stated periods.

Growth of a $10,000 Investment

Growth of $10,000 as of July 31, 2022

◾ Total returns shown for the Class C Shares include the maximum contingent deferred sales charge of 1.00% as applicable.

The Fund offers multiple share classes whose performance may be greater than or less than its other share class(es) due to differences in sales charges and expenses. See the Average Annual Total Return table below for the returns of additional classes not shown in the line graph above.

Average Annual Total Returns for the Period Ended 7/31/2022

(returns reflect all applicable sales charges and contingent deferred sales charges as specified below in footnote #1)

	1 Year	5 Years	10 Years
Class A Shares	-10.18%	12.16%	13.59%
Class C Shares	-6.45%	12.59%	13.53%
Institutional Shares	-4.67%	13.77%	14.57%
Class R6 Shares4	-4.66%	13.78%	14.22%
R3000	-7.35%	12.18%	13.48%
MLBFA	-6.36%	11.16%	12.42%

Annual Shareholder Report

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month-end performance and after-tax returns, visit FederatedInvestors.com or call 1-800-341-7400. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class C Shares, a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. The R3000 and MLBFA have been adjusted to reflect reinvestment of dividends on securities.

The R3000 measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The R3000 is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R3000 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance.

Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of a $10,000 Investment line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category.

Prior to September 1, 2016, Class R6 Shares were known as Class R Shares and included 12b-1 fees and certain other expenses. As of September 1, 2016, Class R6 does not include such 12b-1 fees and certain other expenses, and the performance shown above for Class R6 prior to September 1, 2016, reflects the higher Class R expenses.

Annual Shareholder Report

Portfolio of Investments Summary Table (unaudited)

At July 31, 2022, the Fund’s sector composition1 was as follows:

Sector Composition	Percentage of Total Net Assets
Information Technology	24.9%
Health Care	15.0%
Financials	12.2%
Consumer Discretionary	9.7%
Communication Services	8.5%
Industrials	7.9%
Consumer Staples	6.5%
Energy	5.4%
Materials	3.3%
Real Estate	2.7%
Utilities	1.8%
Securities Lending Collateral2	0.3%
Cash Equivalents3	2.0%
Other Assets and Liabilities—Net4	(0.2)%
TOTAL	100%

1	Except for Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS.
2	Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements.
3	Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending.
4	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Annual Shareholder Report

Portfolio of Investments

July 31, 2022

Shares			Value
		COMMON STOCKS— 97.9%
		Communication Services— 8.5%
69,080	1	Alphabet, Inc., Class A	$ 8,035,386
341,396	1	Altice USA, Inc.	3,588,072
65,486	1	Cars.com, Inc.	770,115
39,077	1	Meta Platforms, Inc.	6,217,151
10,869	1	Netflix, Inc.	2,444,438
132,030	1	Pinterest, Inc.	2,571,944
7,128	1	T-Mobile USA, Inc.	1,019,732
28,070	1	TripAdvisor, Inc.	533,611
120,496		Walt Disney Co.	12,784,625
		TOTAL	37,965,074
		Consumer Discretionary— 9.7%
1,511		Advance Auto Parts, Inc.	292,560
4,502	1	Amazon.com, Inc.	607,545
21,502	2	American Eagle Outfitters, Inc.	258,884
564	1	AutoZone, Inc.	1,205,488
18,660		Big Lots, Inc.	376,745
24,415	1	Bright Horizons Family Solutions, Inc.	2,286,953
136,713	1	Chegg, Inc.	2,911,987
8,073		Domino’s Pizza, Inc.	3,165,504
85,234	1	Expedia Group, Inc.	9,039,065
312,671		Gap (The), Inc.	3,007,895
5,958		Garmin Ltd.	581,620
53,197	1	Goodyear Tire & Rubber Co.	653,259
23,097	1,2	Groupon, Inc.	244,828
15,487		Home Depot, Inc.	4,660,658
138,355		Macy’s, Inc.	2,441,966
42,129		Nordstrom, Inc.	990,453
1,439		Target Corp.	235,104
1,713	1	Tesla, Inc.	1,527,054
10,296	1	Ulta Beauty, Inc.	4,004,217
39,026	1	Under Armour, Inc., Class A	361,381
61,479		V.F. Corp.	2,746,882
15,873	1,2	Wayfair, Inc.	855,713
19,618	1	YETI Holdings, Inc.	996,006
		TOTAL	43,451,767
		Consumer Staples— 6.5%
56,627		Albertsons Cos., Inc.	1,520,435
12,477		Costco Wholesale Corp.	6,753,800
26,337		Hershey Foods Corp.	6,003,783
89,728		Kroger Co.	4,166,968

Annual Shareholder Report

Shares			Value
		COMMON STOCKS— continued
		Consumer Staples— continued
26,177		PepsiCo, Inc.	$ 4,579,928
15,001	1	The Boston Beer Co., Inc., Class A	5,706,831
3,666		The Coca-Cola Co.	235,247
		TOTAL	28,966,992
		Energy— 5.4%
6,402		Cheniere Energy, Inc.	957,611
13,526		Chevron Corp.	2,215,288
4,911		ConocoPhillips	478,479
3,531		Diamondback Energy, Inc.	452,039
10,428		EOG Resources, Inc.	1,159,802
25,639		Exxon Mobil Corp.	2,485,188
63,055		Marathon Oil Corp.	1,563,764
99,970		Marathon Petroleum Corp.	9,163,250
58,493		Occidental Petroleum Corp.	3,845,915
25,984		Targa Resources, Inc.	1,795,754
		TOTAL	24,117,090
		Financials— 12.2%
103,312		Bank of New York Mellon Corp.	4,489,939
87,204		Berkley, W. R. Corp.	5,452,866
31,963		Carlyle Group LP/The	1,243,680
8,468		Cboe Global Markets, Inc.	1,044,782
6,758		CME Group, Inc.	1,348,086
15,752		Gallagher (Arthur J.) & Co.	2,819,450
22,626	1	Green Dot Corp.	635,791
26,160		Houlihan Lokey, Inc.	2,212,090
35,342		Interactive Brokers Group, Inc., Class A	2,074,222
7,637		JPMorgan Chase & Co.	881,004
310	1	Markel Corp.	402,113
16,827		Marketaxess Holdings, Inc.	4,556,415
25,152		NASDAQ, Inc.	4,549,997
43,356		Northern Trust Corp.	4,326,062
26,509	1	PROG Holdings, Inc.	488,296
31,698		State Street Corp.	2,251,826
34,803		T. Rowe Price Group, Inc.	4,297,126
38,409		The Travelers Cos., Inc.	6,095,508
142,729		Virtu Financial, Inc.	3,329,868
38,383		Zions Bancorporation, N.A.	2,093,793
		TOTAL	54,592,914
		Health Care— 15.0%
28,357		AbbVie, Inc.	4,069,513
30,236	1	Align Technology, Inc.	8,495,409
9,876		Amgen, Inc.	2,444,014
34,701	1,2	AnaptysBio, Inc.	726,639
40,925	1	Biogen, Inc.	8,801,330

Annual Shareholder Report

Shares			Value
		COMMON STOCKS— continued
		Health Care— continued
53,530		Bristol-Myers Squibb Co.	$ 3,949,443
7,819		CVS Health Corp.	748,122
15,877		Eli Lilly & Co.	5,234,488
55,866	1	Enovis Corp.	3,336,318
52,572		Gilead Sciences, Inc.	3,141,177
810	1	Illumina, Inc.	175,511
8,388		McKesson Corp.	2,865,173
52,895		Merck & Co., Inc.	4,725,639
9,635	1	Moderna, Inc.	1,581,007
37,635	1	Myriad Genetics, Inc.	992,811
75,540	1	Nevro Corp.	3,274,659
84,000		Pfizer, Inc.	4,242,840
3,995	1	United Therapeutics Corp.	923,125
8,928		UnitedHealth Group, Inc.	4,842,012
8,007	1	Vertex Pharmaceuticals, Inc.	2,245,243
		TOTAL	66,814,473
		Industrials— 7.9%
10,871		AGCO Corp.	1,184,069
22,011	1	Alaska Air Group, Inc.	975,748
18,086		Allegion PLC	1,911,690
18,699	1	Astronics Corp.	209,803
28,412	1	CIRCOR International, Inc.	494,653
28,069		Emerson Electric Co.	2,528,175
12,843		Expeditors International Washington, Inc.	1,364,569
6,043		Fortune Brands Home & Security, Inc.	421,076
11,207		General Electric Co.	828,310
28,990	1	KAR Auction Services, Inc.	495,729
5,425		Lennox International, Inc.	1,299,450
114,028	1	Lyft, Inc.	1,580,428
14,625		Manpower, Inc.	1,146,746
30,808		Masco Corp.	1,706,147
14,135		Robert Half International, Inc.	1,118,644
37,735		Ryder System, Inc.	2,955,405
3,475	1	Southwest Airlines Co.	132,467
11,956	1	SPX Corp.	706,958
18,447		Trane Technologies PLC	2,711,525
17,402	1	Trex Co., Inc.	1,122,777
9,980		Union Pacific Corp.	2,268,454
14,272		Waste Management, Inc.	2,348,600
83,080	1	XPO Logistics, Inc.	4,963,199
9,392		Xylem, Inc.	864,346
		TOTAL	35,338,968
		Information Technology— 24.9%
4,193		Accenture PLC	1,284,148

Annual Shareholder Report

Shares			Value
		COMMON STOCKS— continued
		Information Technology— continued
434	1	Adobe, Inc.	$ 177,992
107,414		Apple, Inc.	17,455,849
51,424	1	Arista Networks, Inc.	5,997,581
35,739	1	Arrow Electronics, Inc.	4,580,668
1,036		Automatic Data Processing, Inc.	249,800
10,106	1	Box, Inc.	287,415
16,358		Bread Financial Holdings, Inc.	647,940
1,551		Broadcom, Inc.	830,529
12,917	1	Cerence, Inc.	363,872
21,864	1	Cirrus Logic, Inc.	1,868,497
9,243	1	Commvault Systems, Inc.	518,440
164,148		Dell Technologies, Inc.	7,396,509
11,645	1	DocuSign, Inc.	745,047
81,019	1	DXC Technology Co.	2,560,200
25,554		Fidelity National Information Services, Inc.	2,610,597
1,816	1	Gartner, Inc., Class A	482,112
17,451		Hewlett Packard Enterprise Co.	248,502
5,499		HP, Inc.	183,612
15,825		Intel Corp.	574,606
91,877	1	IPG Photonics Corp.	9,792,251
8,352	1	MA-COM Technology Solutions Holdings, Inc.	483,915
45,750		Microsoft Corp.	12,843,855
43,390		Oracle Corp.	3,377,478
32,095		Paychex, Inc.	4,117,146
150,672	1	PayPal Holdings, Inc.	13,037,648
39,375		Pegasystems, Inc.	1,580,906
144,041	1	Pure Storage, Inc.	4,083,562
45,542	1	Qorvo, Inc.	4,739,556
17,952		Qualcomm, Inc.	2,604,117
7,271		Universal Display Corp.	839,510
66,109		Western Union Co.	1,125,175
22,778	1	Wix.com Ltd.	1,351,419
19,682		Xerox Holdings Corp.	337,153
16,807	1	Zoom Video Communications, Inc.	1,745,575
		TOTAL	111,123,182
		Materials— 3.3%
47,046		Alcoa Corp.	2,394,171
55,896	1	Berry Global Group, Inc.	3,222,404
4,282		CF Industries Holdings, Inc.	408,888
9,403		Chemours Co./The	334,653
32,594		Mosaic Co./The	1,716,400
38,652		Newmont Corp.	1,750,162
22,647		Nucor Corp.	3,075,463
15,653		Steel Dynamics, Inc.	1,219,056

Annual Shareholder Report

Shares			Value
		COMMON STOCKS— continued
		Materials— continued
28,058		United States Steel Corp.	$ 663,572
		TOTAL	14,784,769
		Real Estate— 2.7%
5,612		Crown Castle International Corp.	1,013,864
27,575		Extra Space Storage, Inc.	5,226,014
76,810		Macerich Co. (The)	814,954
9,192		SBA Communications, Corp.	3,086,582
8,112		SL Green Realty Corp.	402,761
46,776	1	Zillow Group, Inc.	1,637,160
		TOTAL	12,181,335
		Utilities— 1.8%
8,369		CMS Energy Corp.	575,202
2,309		Entergy Corp.	265,835
74,682		Exelon Corp.	3,471,966
10,943		NRG Energy, Inc.	413,098
37,132		OGE Energy Corp.	1,525,383
18,422		Public Service Enterprises Group, Inc.	1,209,773
7,488		WEC Energy Group, Inc.	777,329
		TOTAL	8,238,586
		TOTAL COMMON STOCKS (IDENTIFIED COST $397,238,689)	437,575,150
		INVESTMENT COMPANIES— 2.3%
1,540,198		Federated Hermes Government Obligations Fund, Premier Shares, 1.82%3	1,540,198
8,862,667		Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 1.84%3	8,858,235
		TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $10,398,135)	10,398,433
		TOTAL INVESTMENT IN SECURITIES—100.2% (IDENTIFIED COST $407,636,824)4	447,973,583
		OTHER ASSETS AND LIABILITIES - NET—(0.2)%5	(894,114)
		TOTAL NET ASSETS—100%	$447,079,469

Annual Shareholder Report

Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended July 31, 2022, were as follows:

	Federated Hermes Government Obligations Fund Premier Shares*	Federated Hermes Institutional Prime Value Obligations Fund Institutional Shares	Total of Affiliated Transactions
Value as of 7/31/2021	$—	$7,662,074	$7,662,074
Purchases at Cost	$40,444,074	$122,236,173	$162,680,247
Proceeds from Sales	$(38,903,876)	$(121,033,849)	$(159,937,725)
Change in Unrealized Appreciation/ Depreciation	N/A	$298	$298
Net Realized Gain/(Loss)	N/A	$(6,461)	$(6,461)
Value as of 7/31/2022	$1,540,198	$8,858,235	$10,398,433
Shares Held as of 7/31/2022	1,540,198	8,862,667	10,402,865
Dividend Income	$6,026	$26,296	$32,322
Gain Distributions Received	$—	$1,383	$1,383

*	All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions.

1	Non-income-producing security.
2	All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers.
3	7-day net yield.
4	The cost of investments for federal tax purposes amounts to $412,539,093.
5	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at July 31, 2022.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of July 31, 2022, all investments of the Fund utilized Level 1 inputs in valuing the Fund’s assets carried at fair value.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Class A Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$42.75	$31.77	$29.90	$30.01	$24.95
Income From Investment Operations:
Net investment income (loss)1	0.08	0.08	0.13	0.16	0.09
Net realized and unrealized gain (loss)	(1.60)	11.90	2.69	1.81	5.08
Total From Investment Operations	(1.52)	11.98	2.82	1.97	5.17
Less Distributions:
Distributions from net investment income	(0.04)	(0.12)	(0.11)	(0.07)	(0.11)
Distributions from net realized gain	(6.87)	(0.88)	(0.84)	(2.01)	—
Total Distributions	(6.91)	(1.00)	(0.95)	(2.08)	(0.11)
Net Asset Value, End of Period	$34.32	$42.75	$31.77	$29.90	$30.01
Total Return2	(4.95)%	38.40%	9.66%	7.80%	20.78%
Ratios to Average Net Assets:
Net expenses3	1.04%	1.04%	1.04%	1.08%	1.36%
Net investment income	0.22%	0.23%	0.44%	0.57%	0.31%
Expense waiver/reimbursement4	0.16%	0.17%	0.20%	0.24%	0.00%5
Supplemental Data:
Net assets, end of period (000 omitted)	$105,590	$109,747	$79,301	$69,221	$40,539
Portfolio turnover6	133%	63%	160%	87%	82%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.
5	Represents less than 0.01%.
6	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Class C Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$39.55	$29.57	$27.99	$28.37	$23.66
Income From Investment Operations:
Net investment income (loss)1	(0.19)	(0.18)	(0.08)	(0.05)	(0.11)
Net realized and unrealized gain (loss)	(1.43)	11.04	2.50	1.68	4.82
Total From Investment Operations	(1.62)	10.86	2.42	1.63	4.71
Less Distributions:
Distributions from net realized gain	(6.87)	(0.88)	(0.84)	(2.01)	—
Net Asset Value, End of Period	$31.06	$39.55	$29.57	$27.99	$28.37
Total Return2	(5.67)%	37.37%	8.86%	6.96%	19.91%
Ratios to Average Net Assets:
Net expenses3	1.81%	1.79%	1.79%	1.85%	2.09%
Net investment income (loss)	(0.55)%	(0.52)%	(0.31)%	(0.20)%	(0.41)%
Expense waiver/reimbursement4	0.14%	0.16%	0.21%	0.24%	0.00%5
Supplemental Data:
Net assets, end of period (000 omitted)	$33,256	$38,028	$31,030	$32,178	$39,625
Portfolio turnover6	133%	63%	160%	87%	82%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.
5	Represents less than 0.01%.
6	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$43.40	$32.22	$30.29	$30.37	$25.24
Income From Investment Operations:
Net investment income (loss)1	0.20	0.19	0.22	0.25	0.16
Net realized and unrealized gain (loss)	(1.63)	12.08	2.74	1.81	5.16
Total From Investment Operations	(1.43)	12.27	2.96	2.06	5.32
Less Distributions:
Distributions from net investment income	(0.14)	(0.21)	(0.19)	(0.13)	(0.19)
Distributions from net realized gain	(6.87)	(0.88)	(0.84)	(2.01)	—
Total Distributions	(7.01)	(1.09)	(1.03)	(2.14)	(0.19)
Net Asset Value, End of Period	$34.96	$43.40	$32.22	$30.29	$30.37
Total Return2	(4.67)%	38.83%	10.01%	8.08%	21.15%
Ratios to Average Net Assets:
Net expenses3	0.74%	0.74%	0.74%	0.78%	1.07%
Net investment income	0.52%	0.52%	0.73%	0.87%	0.57%
Expense waiver/reimbursement4	0.20%	0.21%	0.25%	0.29%	0.00%5
Supplemental Data:
Net assets, end of period (000 omitted)	$291,517	$283,822	$243,490	$215,799	$95,290
Portfolio turnover6	133%	63%	160%	87%	82%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.
5	Represents less than 0.01%.
6	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Class R6 Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$42.56	$31.62	$29.75	$29.89	$24.85
Income From Investment Operations:
Net investment income (loss)1	0.20	0.20	0.21	0.23	0.18
Net realized and unrealized gain (loss)	(1.59)	11.84	2.69	1.79	5.06
Total From Investment Operations	(1.39)	12.04	2.90	2.02	5.24
Less Distributions:
Distributions from net investment income	(0.14)	(0.22)	(0.19)	(0.15)	(0.20)
Distributions from net realized gain	(6.87)	(0.88)	(0.84)	(2.01)	—
Total Distributions	(7.01)	(1.10)	(1.03)	(2.16)	(0.20)
Net Asset Value, End of Period	$34.16	$42.56	$31.62	$29.75	$29.89
Total Return2	(4.66)%	38.84%	10.00%	8.08%	21.17%
Ratios to Average Net Assets:
Net expenses3	0.73%	0.73%	0.73%	0.81%	1.02%
Net investment income	0.53%	0.54%	0.75%	0.78%	0.65%
Expense waiver/reimbursement4	0.13%	0.15%	0.17%	0.18%	0.00%5
Supplemental Data:
Net assets, end of period (000 omitted)	$16,717	$11,513	$8,571	$9,183	$20,425
Portfolio turnover6	133%	63%	160%	87%	82%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.
5	Represents less than 0.01%.
6	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Affiliated	Value as of 7/31/2021	Purchases at Cost*	Proceeds from Sales*
Health Care:
AnaptysBio, Inc.	$928,300	$—	$(129,160)
Affiliated issuers no longer in the portfolio at period end	$142,873	$136,013	$(203,499)
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS	$1,071,173	$136,013	$(332,659)

Change in Unrealized Appreciation/ Depreciation*	Net Realized Gain/ (Loss)*	Value as of 7/31/2022	Shares Held as of 7/31/2022	Dividend Income*

$(86,706)	$14,205	$726,639	34,701	$—
$(29,271)	$(46,116)	$—	—	$681
$(115,977)	$(31,911)	$726,639	34,701	$681

Assets:
Investment in securities, at value including $1,519,484 of securities loaned, $10,398,433 of investments in affiliated holdings and $726,639 of investments in affiliated companies* (identified cost $407,636,824)	$447,973,583
Income receivable	200,805
Income receivable from affiliated holdings	10,143
Receivable for investments sold	6,442,551
Receivable for shares sold	1,164,856
Total Assets	455,791,938
Liabilities:
Payable for investments purchased	6,436,224
Payable for shares redeemed	481,264
Payable for collateral due to broker for securities lending (Note 2)	1,540,198
Payable for investment adviser fee (Note 5)	20,086
Payable for administrative fee (Note

Management’s Discussion of Fund Performance	1
Portfolio of Investments Summary Table	6
Portfolio of Investments	7
Financial Highlights	15
Statement of Assets and Liabilities	19
Statement of Operations	21
Statement of Changes in Net Assets	22
Notes to Financial Statements	23
Report of Independent Registered Public Accounting Firm	35
Shareholder Expense Example	37
Board of Trustees and Trust Officers	39
Evaluation and Approval of Advisory Contract	46
Liquidity Risk Management Program – Annual Evaluation of Adequacy and Effectiveness	56
Voting Proxies on Fund Portfolio Securities	58
Quarterly Portfolio Schedule	58