Federated Securities Corp

Item 5. FEES AND COMPENSATION

A.       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 employee-
representatives, 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 employee-
representatives 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 employee-
representatives, 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

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
...

Item 7. TYPES OF CLIENTS

A.       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.