Share Class |
Service |
|
|
|
S |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) |
|
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) |
|
Redemption Fee (as a percentage of amount redeemed, if applicable) |
|
Exchange Fee |
|
|
S |
Management Fee |
|
Distribution (12b-1) Fee |
|
Other Expenses1 |
|
Total Annual Fund Operating Expenses |
|
Fee Waivers and/or Expense Reimbursements2 |
( |
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements |
|
1 Year |
$ |
3 Years |
$ |
5 Years |
$ |
10 Years |
$ |
Share Class |
1 Year |
5 Years |
10 Years |
S Class: |
|
|
|
|
Year Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Income From Investment Operations: |
|
|
|
|
|
Net investment income (loss)1 |
0.044 |
0.011 |
0.0002 |
0.002 |
0.016 |
Net realized gain (loss) |
— |
0.001 |
(0.000)2 |
0.0002 |
0.0002 |
Total From Investment Operations |
0.044 |
0.012 |
0.0002 |
0.002 |
0.016 |
Less Distributions: |
|
|
|
|
|
Distributions from net investment income |
(0.044) |
(0.012) |
(0.000)2 |
(0.002) |
(0.016) |
Net Asset Value, End of Period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Total Return3 |
4.52% |
1.16% |
0.00%4 |
0.20% |
1.64% |
Ratios to Average Net Assets: |
|
|
|
|
|
Net expenses5 |
0.63% |
0.48% |
0.07% |
0.31% |
0.63% |
Net investment income |
4.43% |
1.14% |
0.00%4 |
0.18% |
1.66% |
Expense waiver/reimbursement6 |
0.08% |
0.24% |
0.66% |
0.40% |
0.09% |
Supplemental Data: |
|
|
|
|
|
Net assets, end of period (000 omitted) |
$80,914 |
$80,514 |
$81,245 |
$90,591 |
$80,054 |
1 |
Per share numbers have been calculated using the average shares method. |
2 |
Represents less than $0.001. |
3 |
Based on net asset value. Total returns do not reflect any additional fees or expenses that may be imposed by separate accounts of insurance companies or in
connection with any variable annuity or variable life insurance contract. |
4 |
Represents less than 0.01%. |
5 |
Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 |
This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/
reimbursement recorded by investment companies in which the Fund may invest. |
FEDERATED HERMES GOVERNMENT MONEY FUND II - S CLASS | |||||
ANNUAL EXPENSE RATIO: 0.72% | |||||
MAXIMUM FRONT-END SALES CHARGE: N/A | |||||
Year |
Hypothetical
Beginning
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses |
Hypothetical
Ending
Investment |
1 |
$10,000.00 |
$500.00 |
$10,500.00 |
$73.54 |
$10,428.00 |
2 |
$10,428.00 |
$521.40 |
$10,949.40 |
$76.69 |
$10,874.32 |
3 |
$10,874.32 |
$543.72 |
$11,418.04 |
$79.97 |
$11,339.74 |
4 |
$11,339.74 |
$566.99 |
$11,906.73 |
$83.39 |
$11,825.08 |
5 |
$11,825.08 |
$591.25 |
$12,416.33 |
$86.96 |
$12,331.19 |
6 |
$12,331.19 |
$616.56 |
$12,947.75 |
$90.68 |
$12,858.96 |
7 |
$12,858.96 |
$642.95 |
$13,501.91 |
$94.57 |
$13,409.32 |
8 |
$13,409.32 |
$670.47 |
$14,079.79 |
$98.61 |
$13,983.24 |
9 |
$13,983.24 |
$699.16 |
$14,682.40 |
$102.83 |
$14,581.72 |
10 |
$14,581.72 |
$729.09 |
$15,310.81 |
$107.24 |
$15,205.82 |
Cumulative |
|
$6,081.59 |
|
$894.48 |
|
Share Class |
Service |
|
|
|
|
|
|
|
|
Contents |
1 |
|
1 |
|
3 |
|
6 |
|
8 |
|
8 |
|
8 |
|
11 |
|
11 |
|
11 |
|
11 |
|
12 |
|
12 |
|
26 |
|
27 |
|
28 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s) |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
J. Christopher Donahue*
Birth Date: April 11, 1949
Trustee
Indefinite Term
Began serving: September 1993 |
Principal Occupations: Principal Executive Officer and President of certain
of the Funds in the Federated Hermes Complex; Director or Trustee of the
Funds in the Federated Hermes Complex; President, Chief Executive
Officer and Director, Federated Hermes, Inc.; Chairman and Trustee,
Federated Investment Management Company; Trustee, Federated
Investment Counseling; Chairman and Director, Federated Global
Investment Management Corp.; Chairman and Trustee, Federated Equity
Management Company of Pennsylvania; Trustee, Federated Shareholder
Services Company; Director, Federated Services Company.
Previous Positions: President, Federated Investment Counseling; President
and Chief Executive Officer, Federated Investment Management Company,
Federated Global Investment Management Corp. and Passport
Research, Ltd.; Chairman, Passport Research, Ltd. |
$0 |
$0 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s) |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016 |
Principal Occupations: Director or Trustee of certain funds in the
Federated Hermes Complex; Chief Financial Officer, Treasurer, Vice
President and Assistant Secretary, Federated Hermes, Inc.; Chairman and
Trustee, Federated Administrative Services; Chairman and Director,
Federated Administrative Services, Inc.; Trustee and Treasurer, Federated
Advisory Services Company; Director or Trustee and Treasurer, Federated
Equity Management Company of Pennsylvania, Federated Global
Investment Management Corp., Federated Investment Counseling, and
Federated Investment Management Company; Director, MDTA LLC;
Director, Executive Vice President and Assistant Secretary, Federated
Securities Corp.; Director or Trustee and Chairman, Federated Services
Company and Federated Shareholder Services Company; and Director and
President, FII Holdings, Inc.
Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary,
Federated Investment Management Company, Federated Global
Investment Management Company and Passport Research, LTD; Treasurer,
Passport Research, LTD; Executive Vice President, Federated Securities
Corp.; and Treasurer, FII Holdings, Inc. |
$0 |
$0 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Other Directorships Held for
Past Five Years, Previous Position(s) and Qualifications |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
G. Thomas Hough
Birth Date: February 28, 1955
Trustee
Indefinite Term
Began serving: August 2015 |
Principal Occupations: Director or Trustee and Chair of the Board of
Directors or Trustees of the Federated Hermes Complex; formerly,
Vice Chair, Ernst & Young LLP (public accounting firm) (Retired).
Other Directorships Held: Director, Chair of the Audit Committee,
Member of the Compensation Committee, Equifax, Inc.; Lead Director,
Member of the Audit and Nominating and Corporate Governance
Committees, Haverty Furniture Companies, Inc.; formerly, Director,
Member of Governance and Compensation Committees, Publix Super
Markets, Inc.
Qualifications: Mr. Hough has served in accounting, business management
and directorship positions throughout his career. Mr. Hough most recently
held the position of Americas Vice Chair of Assurance with Ernst &
Young LLP (public accounting firm). Mr. Hough serves on the President’s
Cabinet and Business School Board of Visitors for the University of
Alabama. Mr. Hough previously served on the Business School Board of
Visitors for Wake Forest University, and he previously served as an
Executive Committee member of the United States Golf Association. |
$244.13 |
$365,000 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Other Directorships Held for
Past Five Years, Previous Position(s) and Qualifications |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
Maureen Lally-Green
Birth Date: July 5, 1949
Trustee
Indefinite Term
Began serving: August 2009 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; Adjunct Professor of Law, Emerita, Duquesne University School of
Law; formerly, Dean of the Duquesne University School of Law and
Professor of Law and Interim Dean of the Duquesne University School of
Law; formerly, Associate General Secretary and Director, Office of Church
Relations, Diocese of Pittsburgh.
Other Directorships Held: Director, CNX Resources Corporation
(natural gas).
Qualifications: Judge Lally-Green has served in various legal and business
roles and directorship positions throughout her career. Judge Lally-Green
previously held the position of Dean of the School of Law of Duquesne
University (as well as Interim Dean). Judge Lally-Green previously served as
Director of the Office of Church Relations and later as Associate General
Secretary for the Diocese of Pittsburgh, a member of the Superior Court of
Pennsylvania and as a Professor of Law, Duquesne University School of Law.
Judge Lally-Green was appointed by the Supreme Court of Pennsylvania
and previously served on the Supreme Court’s Board of Continuing Judicial
Education and the Supreme Court’s Appellate Court Procedural Rules
Committee. Judge Lally-Green was then appointed by the Supreme Court
of Pennsylvania and currently serves on the Judicial Ethics Advisory Board.
Judge Lally-Green also currently holds the positions on not for profit or for
profit boards of directors as follows: Director and Chair, UPMC Mercy
Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State
Board of Education (public); Director, Catholic Charities, Pittsburgh; and
Director, CNX Resources Corporation (natural gas). Judge Lally-Green has
held the positions of: Director, Auberle; Director, Epilepsy Foundation of
Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh;
Director, Saint Thomas More Society; Director and Chair, Catholic High
Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar
Institute; Director, Saint Vincent College; Director and Chair, North Catholic
High School, Inc.; Director and Vice Chair, Our Campaign for the Church
Alive!, Inc.; and Director and Vice Chair, Saint Francis University. |
$220.72 |
$330,000 |
Thomas M. O’Neill
Birth Date: June 14, 1951
Trustee
Indefinite Term
Began serving: August 2006 |
Principal Occupations: Director or Trustee and Chair of the Audit
Committee of the Federated Hermes Complex; Sole Proprietor, Navigator
Management Company (investment and strategic consulting).
Other Directorships Held: None.
Qualifications: Mr. O’Neill has served in several business, mutual fund and
financial management roles and directorship positions throughout his
career. Mr. O’Neill serves as Director, Medicines for Humanity. Mr. O’Neill
previously served as Chief Executive Officer and President, Managing
Director and Chief Investment Officer, Fleet Investment Advisors; President
and Chief Executive Officer, Aeltus Investment Management, Inc.; General
Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment
Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending
Officer, Fleet Bank; Director and Consultant, EZE Castle Software
(investment order management software); Director, Midway Pacific
(lumber); and Director, The Golisano Children’s Museum of Naples, Florida. |
$220.72 |
$330,000 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Other Directorships Held for
Past Five Years, Previous Position(s) and Qualifications |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
Madelyn A. Reilly
Birth Date: February 2, 1956
Trustee
Indefinite Term
Began serving: November 2020 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; formerly, Senior Vice President for Legal Affairs, General Counsel
and Secretary of Board of Directors, Duquesne University (Retired).
Other Directorships Held: None.
Qualifications: Ms. Reilly has served in various business and legal
management roles throughout her career. Ms. Reilly previously served as
Senior Vice President for Legal Affairs, General Counsel and Secretary of
Board of Directors and Director of Risk Management and Associate General
Counsel, Duquesne University. Prior to her work at Duquesne University,
Ms. Reilly served as Assistant General Counsel of Compliance and
Enterprise Risk as well as Senior Counsel of Environment, Health and
Safety, PPG Industries. Ms. Reilly currently serves as a member of the Board
of Directors of UPMC Mercy Hospital, and as a member of the Board of
Directors of Catholic Charities, Pittsburgh. |
$200.65 |
$300,000 |
P. Jerome Richey
Birth Date: February 23, 1949
Trustee
Indefinite Term
Began serving: October 2013 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer,
University of Pittsburgh and Executive Vice President and Chief Legal
Officer, CONSOL Energy Inc. (split into two separate publicly traded
companies known as CONSOL Energy Inc. and CNX Resources Corp.).
Other Directorships Held: None.
Qualifications: Mr. Richey has served in several business and legal
management roles and directorship positions throughout his career.
Mr. Richey most recently held the positions of Senior Vice Chancellor and
Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as
Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and
Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey
previously served as Chief Legal Officer and Executive Vice President,
CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics
Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
$220.72 |
$330,000 |
John S. Walsh
Birth Date: November 28, 1957
Trustee
Indefinite Term
Began serving: January 1999 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; President and Director, Heat Wagon, Inc. (manufacturer of
construction temporary heaters); President and Director, Manufacturers
Products, Inc. (distributor of portable construction heaters); President,
Portable Heater Parts, a division of Manufacturers Products, Inc.
Other Directorships Held: None.
Qualifications: Mr. Walsh has served in several business management roles
and directorship positions throughout his career. Mr. Walsh previously
served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
$200.65 |
$300,000 |
Name
Birth Date
Address
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Previous Position(s) |
Jeremy D. Boughton
Birth Date: September 29, 1976
Treasurer
Officer since: March 2024 |
Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Complex; Senior Vice President,
Federated Administrative Services, Federated Administrative Services, Inc., Federated Advisory Services Company, Federated
Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment
Counseling, Federated Investment Management Company and Federated MDTA, LLC. Formerly, Controller, Federated Hermes,
Inc. and Financial and Operations Principal for Federated Securities Corp. Mr. Boughton has received the Certified Public
Accountant designation.
Previous Positions: Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer,
Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services,
Inc., Federated Securities Corp., Federated Advisory Services Company, Federated Equity Management Company of
Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment
Management Company, Federated MDTA, LLC and Federated Hermes (UK) LLP, as well as other subsidiaries of Federated
Hermes, Inc. |
Peter J. Germain
Birth Date: September 3, 1959
CHIEF LEGAL OFFICER,
SECRETARY and EXECUTIVE
VICE PRESIDENT
Officer since: January 2005 |
Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes
Complex. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee
and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative
Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities
Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company;
and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a
member of the Pennsylvania Bar Association.
Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes,
Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
John B. Fisher
Birth Date: May 16, 1956
PRESIDENT
Officer since: November 2004 |
Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Complex;
Director or Trustee of certain of the Funds in the Federated Hermes Complex; Director and Vice President, Federated Hermes,
Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of
Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment
Management Company, and Federated MDTA LLC; Director, Federated Investors Trust Company.
Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and CEO
of Passport Research, Ltd.; Director and President, Technology, Federated Services Company. |
Stephen Van Meter
Birth Date: June 5, 1975
CHIEF COMPLIANCE OFFICER
AND SENIOR VICE PRESIDENT
Officer since: July 2015 |
Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Complex; Vice President
and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries.
Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66.
Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to
joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions
of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Stephen F. Auth
Birth Date: September 13, 1956
101 Park Avenue
41st Floor
New York, NY 10178
CHIEF INVESTMENT OFFICER
Officer since: November 2002 |
Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Complex;
Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated
Equity Management Company of Pennsylvania.
Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd.
(investment advisory subsidiary of Federated Hermes); Senior Vice President, Global Portfolio Management Services Division;
Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and
Portfolio Manager, Prudential Investments. |
Robert J. Ostrowski
Birth Date: April 26, 1963
Chief Investment Officer
Officer since: May 2004 |
Principal Occupations: Robert J. Ostrowski joined Federated Hermes, Inc. in 1987 as an Investment Analyst and became a
Portfolio Manager in 1990. He was named Chief Investment Officer of Federated Hermes, Inc. taxable fixed-income products in
2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund’s Adviser in
2009 and served as a Senior Vice President of the Fund’s Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered
Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University. |
Deborah A. Cunningham
Birth Date: September 15, 1959
Chief Investment Officer
Officer since: June 2012 |
Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market
products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive
Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and
holds an M.S.B.A. in Finance from Robert Morris College. |
Director/Trustee Emeritus |
Compensation
From the Fund
(past fiscal year) |
Total
Compensation
Paid to
Director/Trustee
Emeritus1
(past calendar year) |
John T. Collins2 |
$257.50 |
$385,000 |
Charles F. Mansfield, Jr. |
$11.33 |
$60,000 |
Board
Committee |
Committee
Members |
Committee Functions |
Meetings Held
During Last
Fiscal Year |
Executive |
J. Christopher Donahue
G. Thomas Hough
John S. Walsh |
In between meetings of the full Board, the Executive Committee generally may
exercise all the powers of the full Board in the management and direction of the
business and conduct of the affairs of the Trust in such manner as the Executive
Committee shall deem to be in the best interests of the Trust. However, the
Executive Committee cannot elect or remove Board members, increase or decrease
the number of Trustees, elect or remove any Officer, declare dividends, issue shares
or recommend to shareholders any action requiring shareholder approval. |
One |
Board
Committee |
Committee
Members |
Committee Functions |
Meetings Held
During Last
Fiscal Year |
Audit |
Maureen Lally-Green
Thomas M. O’Neill
P. Jerome Richey
John S. Walsh |
The purposes of the Audit Committee are to oversee the accounting and financial
reporting process of the Fund, the Fund’s internal control over financial reporting
and the quality, integrity and independent audit of the Fund’s financial statements.
The Committee also oversees or assists the Board with the oversight of compliance
with legal requirements relating to those matters, approves the engagement and
reviews the qualifications, independence and performance of the Fund’s
independent registered public accounting firm, acts as a liaison between the
independent registered public accounting firm and the Board and reviews the Fund’s
internal audit function. |
Seven |
Nominating |
G. Thomas Hough
Maureen Lally-Green
Thomas M. O’Neill
Madelyn A. Reilly
P. Jerome Richey
John S. Walsh |
The Nominating Committee, whose members consist of all Independent Trustees,
selects and nominates persons for election to the Fund’s Board when vacancies
occur. The Committee will consider candidates recommended by shareholders,
Independent Trustees, officers or employees of any of the Fund’s agents or service
providers and counsel to the Fund. Any shareholder who desires to have an
individual considered for nomination by the Committee must submit a
recommendation in writing to the Secretary of the Fund, at the Fund’s address
appearing on the back cover of this SAI. The recommendation should include the
name and address of both the shareholder and the candidate and detailed
information concerning the candidate’s qualifications and experience. In identifying
and evaluating candidates for consideration, the Committee shall consider such
factors as it deems appropriate. Those factors will ordinarily include: integrity,
intelligence, collegiality, judgment, diversity, skill, business and other experience,
qualification as an “Independent Trustee,” the existence of material relationships
which may create the appearance of a lack of independence, financial or accounting
knowledge and experience and dedication and willingness to devote the time and
attention necessary to fulfill Board responsibilities. |
Three |
Interested Board
Member Name |
Dollar Range of
Shares Owned in
Federated Hermes
Government Money Fund II |
Aggregate
Dollar Range of
Shares Owned in
Federated Hermes Family of
Investment Companies |
J. Christopher Donahue |
None |
Over $100,000 |
Thomas R. Donahue |
None |
Over $100,000 |
Independent Board
Member Name |
|
|
G. Thomas Hough |
None |
Over $100,000 |
Maureen Lally-Green |
None |
Over $100,000 |
Thomas M. O’Neill |
None |
Over $100,000 |
Madelyn A. Reilly |
None |
Over $100,000 |
P. Jerome Richey |
None |
Over $100,000 |
John S. Walsh |
None |
Over $100,000 |
Administrative Services
Fee Rate |
Average Daily Net Assets
of the Investment Complex |
0.100% |
on assets up to $50 billion |
0.075% |
on assets over $50 billion |
For the Year Ended December 31 |
2023 |
2022 |
2021 |
Advisory Fee Earned |
$159,152 |
$164,361 |
$171,141 |
Advisory Fee Waived |
$66,971 |
$101,844 |
$171,141 |
Net Administrative Fee |
$63,370 |
$64,644 |
$69,080 |
Share Class |
Primary |
|
|
|
P |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) |
|
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) |
|
Redemption Fee (as a percentage of amount redeemed, if applicable) |
|
Exchange Fee |
|
|
P |
Management Fee |
|
Distribution (12b-1) Fee |
|
Other Expenses |
|
Total Annual Fund Operating Expenses |
|
Fee Waivers and/or Expense Reimbursements2 |
( |
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements |
|
1 Year |
$ |
3 Years |
$ |
5 Years |
$ |
10 Years |
$ |
Share Class |
1 Year |
5 Years |
10 Years |
P Class: |
|
|
|
Return Before Taxes |
|
|
|
Bloomberg US Corporate High Yield 2% Issuer Capped Index1
(reflects no deduction for fees, expenses or taxes) |
|
|
|
Lipper Variable Underlying High Yield Funds Average2 |
|
|
|
|
Year Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$5.34 |
$6.39 |
$6.41 |
$6.53 |
$6.07 |
Income From Investment Operations: |
|
|
|
|
|
Net investment income (loss)1 |
0.30 |
0.29 |
0.28 |
0.30 |
0.33 |
Net realized and unrealized gain (loss) |
0.34 |
(1.02) |
0.02 |
(0.05) |
0.53 |
Total From Investment Operations |
0.64 |
(0.73) |
0.30 |
0.25 |
0.86 |
Less Distributions: |
|
|
|
|
|
Distributions from net investment income |
(0.32) |
(0.32) |
(0.32) |
(0.37) |
(0.40) |
Net Asset Value, End of Period |
$5.66 |
$5.34 |
$6.39 |
$6.41 |
$6.53 |
Total Return2 |
12.71% |
(11.78)% |
4.85% |
5.59% |
14.54% |
Ratios to Average Net Assets: |
|
|
|
|
|
Net expenses3
|
0.81% |
0.81% |
0.81% |
0.81% |
0.81% |
Net investment income |
5.69% |
5.15% |
4.42% |
4.95% |
5.26% |
Expense waiver/reimbursement4 |
0.06% |
0.05% |
0.04% |
0.03% |
0.02% |
Supplemental Data: |
|
|
|
|
|
Net assets, end of period (000 omitted) |
$72,987 |
$68,740 |
$103,152 |
$109,888 |
$109,538 |
Portfolio turnover5 |
16% |
13% |
39% |
36% |
31% |
1 |
Per share numbers have been calculated using the average shares method. |
2 |
Based on net asset value. Total returns do not reflect any additional fees or expenses that may be imposed by separate accounts of insurance companies or in
connection with any variable annuity or variable life insurance contract. |
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 ratios shown above. Amount does not reflect expense waiver/
reimbursement recorded by investment companies in which the Fund may invest. |
5 |
Securities that mature are considered sales for purposes of this calculation. |
FEDERATED HERMES HIGH INCOME BOND FUND II - P CLASS | |||||
ANNUAL EXPENSE RATIO: 0.88% | |||||
MAXIMUM FRONT-END SALES CHARGE: N/A | |||||
Year |
Hypothetical
Beginning
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses |
Hypothetical
Ending
Investment |
1 |
$10,000.00 |
$500.00 |
$10,500.00 |
$89.81 |
$10,412.00 |
2 |
$10,412.00 |
$520.60 |
$10,932.60 |
$93.51 |
$10,840.97 |
3 |
$10,840.97 |
$542.05 |
$11,383.02 |
$97.37 |
$11,287.62 |
4 |
$11,287.62 |
$564.38 |
$11,852.00 |
$101.38 |
$11,752.67 |
5 |
$11,752.67 |
$587.63 |
$12,340.30 |
$105.55 |
$12,236.88 |
6 |
$12,236.88 |
$611.84 |
$12,848.72 |
$109.90 |
$12,741.04 |
7 |
$12,741.04 |
$637.05 |
$13,378.09 |
$114.43 |
$13,265.97 |
8 |
$13,265.97 |
$663.30 |
$13,929.27 |
$119.15 |
$13,812.53 |
9 |
$13,812.53 |
$690.63 |
$14,503.16 |
$124.05 |
$14,381.61 |
10 |
$14,381.61 |
$719.08 |
$15,100.69 |
$129.17 |
$14,974.13 |
Cumulative |
|
$6,036.56 |
|
$1,084.32 |
|
Share Class |
Service |
|
|
|
S |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) |
|
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) |
|
Redemption Fee (as a percentage of amount redeemed, if applicable) |
|
Exchange Fee |
|
|
S |
Management Fee |
|
Distribution (12b-1) Fee |
|
Other Expenses |
|
Total Annual Fund Operating Expenses |
|
Fee Waivers and/or Expense Reimbursements2 |
( |
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements |
|
1 Year |
$ |
3 Years |
$ |
5 Years |
$ |
10 Years |
$ |
Share Class |
1 Year |
5 Years |
10 Years |
S Class: |
|
|
|
Return Before Taxes |
|
|
|
Bloomberg US Corporate High Yield 2% Issuer Capped Index1
(reflects no deduction for fees, expenses or taxes) |
|
|
|
Lipper Variable Underlying High Yield Funds Average2 |
|
|
|
|
Year Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$5.31 |
$6.35 |
$6.38 |
$6.49 |
$6.04 |
Income From Investment Operations: |
|
|
|
|
|
Net investment income (loss)1 |
0.29 |
0.27 |
0.26 |
0.28 |
0.31 |
Net realized and unrealized gain (loss) |
0.34 |
(1.00) |
0.01 |
(0.03) |
0.52 |
Total From Investment Operations |
0.63 |
(0.73) |
0.27 |
0.25 |
0.83 |
Less Distributions: |
|
|
|
|
|
Distributions from net investment income |
(0.31) |
(0.31) |
(0.30) |
(0.36) |
(0.38) |
Net Asset Value, End of Period |
$5.63 |
$5.31 |
$6.35 |
$6.38 |
$6.49 |
Total Return2 |
12.47% |
(11.92)% |
4.44% |
5.46% |
14.13% |
Ratios to Average Net Assets: |
|
|
|
|
|
Net expenses3
|
1.06% |
1.06% |
1.06% |
1.06% |
1.06% |
Net investment income |
5.44% |
4.92% |
4.16% |
4.70% |
4.99% |
Expense waiver/reimbursement4 |
0.06% |
0.05% |
0.04% |
0.03% |
0.02% |
Supplemental Data: |
|
|
|
|
|
Net assets, end of period (000 omitted) |
$50,747 |
$47,172 |
$57,578 |
$50,322 |
$58,591 |
Portfolio turnover5 |
16% |
13% |
39% |
36% |
31% |
1 |
Per share numbers have been calculated using the average shares method. |
2 |
Based on net asset value. Total returns do not reflect any additional fees or expenses that may be imposed by separate accounts of insurance companies or in
connection with any variable annuity or variable life insurance contract. |
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 ratios shown above. Amount does not reflect expense waiver/
reimbursement recorded by investment companies in which the Fund may invest. |
5 |
Securities that mature are considered sales for purposes of this calculation. |
FEDERATED HERMES HIGH INCOME BOND FUND II - S CLASS | |||||
ANNUAL EXPENSE RATIO: 1.13% | |||||
MAXIMUM FRONT-END SALES CHARGE: N/A | |||||
Year |
Hypothetical
Beginning
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses |
Hypothetical
Ending
Investment |
1 |
$10,000.00 |
$500.00 |
$10,500.00 |
$115.19 |
$10,387.00 |
2 |
$10,387.00 |
$519.35 |
$10,906.35 |
$119.64 |
$10,788.98 |
3 |
$10,788.98 |
$539.45 |
$11,328.43 |
$124.27 |
$11,206.51 |
4 |
$11,206.51 |
$560.33 |
$11,766.84 |
$129.08 |
$11,640.20 |
5 |
$11,640.20 |
$582.01 |
$12,222.21 |
$134.08 |
$12,090.68 |
6 |
$12,090.68 |
$604.53 |
$12,695.21 |
$139.27 |
$12,558.59 |
7 |
$12,558.59 |
$627.93 |
$13,186.52 |
$144.66 |
$13,044.61 |
8 |
$13,044.61 |
$652.23 |
$13,696.84 |
$150.26 |
$13,549.44 |
9 |
$13,549.44 |
$677.47 |
$14,226.91 |
$156.07 |
$14,073.80 |
10 |
$14,073.80 |
$703.69 |
$14,777.49 |
$162.11 |
$14,618.46 |
Cumulative |
|
$5,966.99 |
|
$1,374.63 |
|
Share Class |
Primary |
Service |
|
|
|
|
|
|
|
Contents |
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18 |
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24 |
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24 |
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24 |
|
24 |
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25 |
|
25 |
|
43 |
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43 |
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48 |
|
49 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s) |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
J. Christopher Donahue*
Birth Date: April 11, 1949
Trustee
Indefinite Term
Began serving: September 1993 |
Principal Occupations: Principal Executive Officer and President of certain
of the Funds in the Federated Hermes Complex; Director or Trustee of the
Funds in the Federated Hermes Complex; President, Chief Executive
Officer and Director, Federated Hermes, Inc.; Chairman and Trustee,
Federated Investment Management Company; Trustee, Federated
Investment Counseling; Chairman and Director, Federated Global
Investment Management Corp.; Chairman and Trustee, Federated Equity
Management Company of Pennsylvania; Trustee, Federated Shareholder
Services Company; Director, Federated Services Company.
Previous Positions: President, Federated Investment Counseling; President
and Chief Executive Officer, Federated Investment Management Company,
Federated Global Investment Management Corp. and Passport
Research, Ltd.; Chairman, Passport Research, Ltd. |
$0 |
$0 |
Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016 |
Principal Occupations: Director or Trustee of certain funds in the
Federated Hermes Complex; Chief Financial Officer, Treasurer, Vice
President and Assistant Secretary, Federated Hermes, Inc.; Chairman and
Trustee, Federated Administrative Services; Chairman and Director,
Federated Administrative Services, Inc.; Trustee and Treasurer, Federated
Advisory Services Company; Director or Trustee and Treasurer, Federated
Equity Management Company of Pennsylvania, Federated Global
Investment Management Corp., Federated Investment Counseling, and
Federated Investment Management Company; Director, MDTA LLC;
Director, Executive Vice President and Assistant Secretary, Federated
Securities Corp.; Director or Trustee and Chairman, Federated Services
Company and Federated Shareholder Services Company; and Director and
President, FII Holdings, Inc.
Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary,
Federated Investment Management Company, Federated Global
Investment Management Company and Passport Research, LTD; Treasurer,
Passport Research, LTD; Executive Vice President, Federated Securities
Corp.; and Treasurer, FII Holdings, Inc. |
$0 |
$0 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Other Directorships Held for
Past Five Years, Previous Position(s) and Qualifications |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
G. Thomas Hough
Birth Date: February 28, 1955
Trustee
Indefinite Term
Began serving: August 2015 |
Principal Occupations: Director or Trustee and Chair of the Board of
Directors or Trustees of the Federated Hermes Complex; formerly,
Vice Chair, Ernst & Young LLP (public accounting firm) (Retired).
Other Directorships Held: Director, Chair of the Audit Committee,
Member of the Compensation Committee, Equifax, Inc.; Lead Director,
Member of the Audit and Nominating and Corporate Governance
Committees, Haverty Furniture Companies, Inc.; formerly, Director,
Member of Governance and Compensation Committees, Publix Super
Markets, Inc.
Qualifications: Mr. Hough has served in accounting, business management
and directorship positions throughout his career. Mr. Hough most recently
held the position of Americas Vice Chair of Assurance with Ernst &
Young LLP (public accounting firm). Mr. Hough serves on the President’s
Cabinet and Business School Board of Visitors for the University of
Alabama. Mr. Hough previously served on the Business School Board of
Visitors for Wake Forest University, and he previously served as an
Executive Committee member of the United States Golf Association. |
$273.30 |
$365,000 |
Maureen Lally-Green
Birth Date: July 5, 1949
Trustee
Indefinite Term
Began serving: August 2009 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; Adjunct Professor of Law, Emerita, Duquesne University School of
Law; formerly, Dean of the Duquesne University School of Law and
Professor of Law and Interim Dean of the Duquesne University School of
Law; formerly, Associate General Secretary and Director, Office of Church
Relations, Diocese of Pittsburgh.
Other Directorships Held: Director, CNX Resources Corporation
(natural gas).
Qualifications: Judge Lally-Green has served in various legal and business
roles and directorship positions throughout her career. Judge Lally-Green
previously held the position of Dean of the School of Law of Duquesne
University (as well as Interim Dean). Judge Lally-Green previously served as
Director of the Office of Church Relations and later as Associate General
Secretary for the Diocese of Pittsburgh, a member of the Superior Court of
Pennsylvania and as a Professor of Law, Duquesne University School of Law.
Judge Lally-Green was appointed by the Supreme Court of Pennsylvania
and previously served on the Supreme Court’s Board of Continuing Judicial
Education and the Supreme Court’s Appellate Court Procedural Rules
Committee. Judge Lally-Green was then appointed by the Supreme Court
of Pennsylvania and currently serves on the Judicial Ethics Advisory Board.
Judge Lally-Green also currently holds the positions on not for profit or for
profit boards of directors as follows: Director and Chair, UPMC Mercy
Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State
Board of Education (public); Director, Catholic Charities, Pittsburgh; and
Director, CNX Resources Corporation (natural gas). Judge Lally-Green has
held the positions of: Director, Auberle; Director, Epilepsy Foundation of
Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh;
Director, Saint Thomas More Society; Director and Chair, Catholic High
Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar
Institute; Director, Saint Vincent College; Director and Chair, North Catholic
High School, Inc.; Director and Vice Chair, Our Campaign for the Church
Alive!, Inc.; and Director and Vice Chair, Saint Francis University. |
$247.09 |
$330,000 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Other Directorships Held for
Past Five Years, Previous Position(s) and Qualifications |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
Thomas M. O’Neill
Birth Date: June 14, 1951
Trustee
Indefinite Term
Began serving: August 2006 |
Principal Occupations: Director or Trustee and Chair of the Audit
Committee of the Federated Hermes Complex; Sole Proprietor, Navigator
Management Company (investment and strategic consulting).
Other Directorships Held: None.
Qualifications: Mr. O’Neill has served in several business, mutual fund and
financial management roles and directorship positions throughout his
career. Mr. O’Neill serves as Director, Medicines for Humanity. Mr. O’Neill
previously served as Chief Executive Officer and President, Managing
Director and Chief Investment Officer, Fleet Investment Advisors; President
and Chief Executive Officer, Aeltus Investment Management, Inc.; General
Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment
Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending
Officer, Fleet Bank; Director and Consultant, EZE Castle Software
(investment order management software); Director, Midway Pacific
(lumber); and Director, The Golisano Children’s Museum of Naples, Florida. |
$247.09 |
$330,000 |
Madelyn A. Reilly
Birth Date: February 2, 1956
Trustee
Indefinite Term
Began serving: November 2020 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; formerly, Senior Vice President for Legal Affairs, General Counsel
and Secretary of Board of Directors, Duquesne University (Retired).
Other Directorships Held: None.
Qualifications: Ms. Reilly has served in various business and legal
management roles throughout her career. Ms. Reilly previously served as
Senior Vice President for Legal Affairs, General Counsel and Secretary of
Board of Directors and Director of Risk Management and Associate General
Counsel, Duquesne University. Prior to her work at Duquesne University,
Ms. Reilly served as Assistant General Counsel of Compliance and
Enterprise Risk as well as Senior Counsel of Environment, Health and
Safety, PPG Industries. Ms. Reilly currently serves as a member of the Board
of Directors of UPMC Mercy Hospital, and as a member of the Board of
Directors of Catholic Charities, Pittsburgh. |
$224.63 |
$300,000 |
P. Jerome Richey
Birth Date: February 23, 1949
Trustee
Indefinite Term
Began serving: October 2013 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer,
University of Pittsburgh and Executive Vice President and Chief Legal
Officer, CONSOL Energy Inc. (split into two separate publicly traded
companies known as CONSOL Energy Inc. and CNX Resources Corp.).
Other Directorships Held: None.
Qualifications: Mr. Richey has served in several business and legal
management roles and directorship positions throughout his career.
Mr. Richey most recently held the positions of Senior Vice Chancellor and
Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as
Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and
Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey
previously served as Chief Legal Officer and Executive Vice President,
CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics
Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
$247.09 |
$330,000 |
John S. Walsh
Birth Date: November 28, 1957
Trustee
Indefinite Term
Began serving: January 1999 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; President and Director, Heat Wagon, Inc. (manufacturer of
construction temporary heaters); President and Director, Manufacturers
Products, Inc. (distributor of portable construction heaters); President,
Portable Heater Parts, a division of Manufacturers Products, Inc.
Other Directorships Held: None.
Qualifications: Mr. Walsh has served in several business management roles
and directorship positions throughout his career. Mr. Walsh previously
served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
$224.63 |
$300,000 |
Name
Birth Date
Address
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Previous Position(s) |
Jeremy D. Boughton
Birth Date: September 29, 1976
Treasurer
Officer since: March 2024 |
Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Complex; Senior Vice President,
Federated Administrative Services, Federated Administrative Services, Inc., Federated Advisory Services Company, Federated
Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment
Counseling, Federated Investment Management Company and Federated MDTA, LLC. Formerly, Controller, Federated Hermes,
Inc. and Financial and Operations Principal for Federated Securities Corp. Mr. Boughton has received the Certified Public
Accountant designation.
Previous Positions: Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer,
Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services,
Inc., Federated Securities Corp., Federated Advisory Services Company, Federated Equity Management Company of
Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment
Management Company, Federated MDTA, LLC and Federated Hermes (UK) LLP, as well as other subsidiaries of Federated
Hermes, Inc. |
Peter J. Germain
Birth Date: September 3, 1959
CHIEF LEGAL OFFICER,
SECRETARY and EXECUTIVE
VICE PRESIDENT
Officer since: January 2005 |
Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes
Complex. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee
and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative
Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities
Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company;
and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a
member of the Pennsylvania Bar Association.
Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes,
Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
John B. Fisher
Birth Date: May 16, 1956
PRESIDENT
Officer since: November 2004 |
Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Complex;
Director or Trustee of certain of the Funds in the Federated Hermes Complex; Director and Vice President, Federated Hermes,
Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of
Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment
Management Company, and Federated MDTA LLC; Director, Federated Investors Trust Company.
Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and CEO
of Passport Research, Ltd.; Director and President, Technology, Federated Services Company. |
Stephen Van Meter
Birth Date: June 5, 1975
CHIEF COMPLIANCE OFFICER
AND SENIOR VICE PRESIDENT
Officer since: July 2015 |
Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Complex; Vice President
and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries.
Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66.
Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to
joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions
of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Stephen F. Auth
Birth Date: September 13, 1956
101 Park Avenue
41st Floor
New York, NY 10178
CHIEF INVESTMENT OFFICER
Officer since: November 2002 |
Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Complex;
Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated
Equity Management Company of Pennsylvania.
Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd.
(investment advisory subsidiary of Federated Hermes); Senior Vice President, Global Portfolio Management Services Division;
Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and
Portfolio Manager, Prudential Investments. |
Robert J. Ostrowski
Birth Date: April 26, 1963
Chief Investment Officer
Officer since: May 2004 |
Principal Occupations: Robert J. Ostrowski joined Federated Hermes, Inc. in 1987 as an Investment Analyst and became a
Portfolio Manager in 1990. He was named Chief Investment Officer of Federated Hermes, Inc. taxable fixed-income products in
2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund’s Adviser in
2009 and served as a Senior Vice President of the Fund’s Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered
Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University. |
Deborah A. Cunningham
Birth Date: September 15, 1959
Chief Investment Officer
Officer since: June 2012 |
Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market
products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive
Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and
holds an M.S.B.A. in Finance from Robert Morris College. |
Director/Trustee Emeritus |
Compensation
From the Fund
(past fiscal year) |
Total
Compensation
Paid to
Director/Trustee
Emeritus1
(past calendar year) |
John T. Collins2 |
$288.24 |
$385,000 |
Charles F. Mansfield, Jr. |
$16.66 |
$60,000 |
Board
Committee |
Committee
Members |
Committee Functions |
Meetings Held
During Last
Fiscal Year |
Executive |
J. Christopher Donahue
G. Thomas Hough
John S. Walsh |
In between meetings of the full Board, the Executive Committee generally may
exercise all the powers of the full Board in the management and direction of the
business and conduct of the affairs of the Trust in such manner as the Executive
Committee shall deem to be in the best interests of the Trust. However, the
Executive Committee cannot elect or remove Board members, increase or decrease
the number of Trustees, elect or remove any Officer, declare dividends, issue shares
or recommend to shareholders any action requiring shareholder approval. |
One |
Board
Committee |
Committee
Members |
Committee Functions |
Meetings Held
During Last
Fiscal Year |
Audit |
Maureen Lally-Green
Thomas M. O’Neill
P. Jerome Richey
John S. Walsh |
The purposes of the Audit Committee are to oversee the accounting and financial
reporting process of the Fund, the Fund’s internal control over financial reporting
and the quality, integrity and independent audit of the Fund’s financial statements.
The Committee also oversees or assists the Board with the oversight of compliance
with legal requirements relating to those matters, approves the engagement and
reviews the qualifications, independence and performance of the Fund’s
independent registered public accounting firm, acts as a liaison between the
independent registered public accounting firm and the Board and reviews the Fund’s
internal audit function. |
Seven |
Nominating |
G. Thomas Hough
Maureen Lally-Green
Thomas M. O’Neill
Madelyn A. Reilly
P. Jerome Richey
John S. Walsh |
The Nominating Committee, whose members consist of all Independent Trustees,
selects and nominates persons for election to the Fund’s Board when vacancies
occur. The Committee will consider candidates recommended by shareholders,
Independent Trustees, officers or employees of any of the Fund’s agents or service
providers and counsel to the Fund. Any shareholder who desires to have an
individual considered for nomination by the Committee must submit a
recommendation in writing to the Secretary of the Fund, at the Fund’s address
appearing on the back cover of this SAI. The recommendation should include the
name and address of both the shareholder and the candidate and detailed
information concerning the candidate’s qualifications and experience. In identifying
and evaluating candidates for consideration, the Committee shall consider such
factors as it deems appropriate. Those factors will ordinarily include: integrity,
intelligence, collegiality, judgment, diversity, skill, business and other experience,
qualification as an “Independent Trustee,” the existence of material relationships
which may create the appearance of a lack of independence, financial or accounting
knowledge and experience and dedication and willingness to devote the time and
attention necessary to fulfill Board responsibilities. |
Three |
Interested Board
Member Name |
Dollar Range of
Shares Owned in
Federated Hermes High
Income Bond Fund II |
Aggregate
Dollar Range of
Shares Owned in
Federated Hermes Family of
Investment Companies |
J. Christopher Donahue |
None |
Over $100,000 |
Thomas R. Donahue |
None |
Over $100,000 |
Independent Board
Member Name |
|
|
G. Thomas Hough |
None |
Over $100,000 |
Maureen Lally-Green |
None |
Over $100,000 |
Thomas M. O’Neill |
None |
Over $100,000 |
Madelyn A. Reilly |
None |
Over $100,000 |
P. Jerome Richey |
None |
Over $100,000 |
John S. Walsh |
None |
Over $100,000 |
Types of Accounts Managed
by Mark Durbiano |
Total Number of Additional Accounts
Managed/Total Assets* |
Additional Accounts/Assets Managed
that are Subject to Advisory Fee
Based on Account Performance |
Registered Investment Companies |
18/$12.9 billion |
0/$0 |
Other Pooled Investment Vehicles |
3/$385.1 million |
0/$0 |
Other Accounts |
6/$1.1 billion |
1/$149.4 million |
Types of Accounts Managed
by Kathryn P. Glass |
Total Number of Additional Accounts
Managed/Total Assets* |
|
Registered Investment Companies |
4/$8.9 billion |
|
Other Pooled Investment Vehicles |
2/$207.6 million |
|
Other Accounts |
3/$236.3 million |
|
Types of Accounts Managed
by Randal Stuckwish |
Total Number of Additional Accounts
Managed/Total Assets* |
Registered Investment Companies |
1/$100.7 million |
Other Pooled Investment Vehicles |
0/$0 |
Other Accounts |
1/$43.5 million |
Administrative Services
Fee Rate |
Average Daily Net Assets
of the Investment Complex |
0.100% |
on assets up to $50 billion |
0.075% |
on assets over $50 billion |
For the Year Ended December 31 |
2023 |
2022 |
2021 |
Advisory Fee Earned |
$709,906 |
$774,585 |
$942,618 |
Advisory Fee Waived |
$74,454 |
$69,666 |
$63,949 |
Brokerage Commissions |
— |
— |
— |
Net Administrative Fee |
$100,609 |
$106,128 |
$132,291 |
Net 12b-1 Fee: |
|
|
|
Service Shares |
$119,413 |
$127,939 |
$135,559 |
Gross income from securities lending activities |
$00.00 |
Fees and/or compensation for securities lending activities and related services |
|
Fees paid to securities lending agent from a revenue split |
$00.00 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in
the revenue split |
— |
Administrative fees not included in revenue split |
— |
Indemnification fee not included in revenue split |
— |
Rebate (paid to borrower) |
$00.00 |
Other fees not included in revenue split (specify) |
— |
Aggregate fees/compensation for securities lending activities |
$00.00 |
Net income from securities lending activities |
$00.00 |
Share Class |
Primary |
|
|
|
P |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) |
|
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) |
|
Redemption Fee (as a percentage of amount redeemed, if applicable) |
|
Exchange Fee |
|
|
P |
Management Fee |
|
Distribution (12b-1) Fee |
|
Other Expenses |
|
Total Annual Fund Operating Expenses |
|
Fee Waivers and/or Expense Reimbursements |
( |
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements |
|
1 Year |
$ |
3 Years |
$ |
5 Years |
$ |
10 Years |
$ |
Share Class |
1 Year |
5 Years |
10 Years |
P Class: |
|
|
|
Return Before Taxes |
|
|
|
Russell Midcap® Growth Index1 (reflects no deduction for fees, expenses or taxes) |
|
|
|
Morningstar Variable Underlying Mid-Cap Growth Funds Average2 |
|
|
|
Investment Team Member |
Business Experience |
Primary Role in Fund Management |
Hans P. Utsch |
Member of Fund’s Investment Team since April 2002; Senior Portfolio
Manager and Co-Head of Kaufmann Growth Equity Team; has been with the
Adviser or an affiliate since 2001; formerly Chairman of the Board and
Secretary of Edgemont Asset Management Corp., and President and Portfolio
Manager to The Kaufmann Fund, Inc. (predecessor to the Kaufmann Fund)
from 1984-2001; B.A., Amherst College; M.B.A., Columbia University. |
Senior Portfolio Manager; security selection;
and team oversight |
John Ettinger |
Member of the Fund’s Investment Team since April 2002; Senior Portfolio
Manager, Co-Head of the Kaufmann Growth Equity Team; has been with the
Adviser or an affiliate since 2001; formerly Investment Analyst with Edgemont
Asset Management Corp., Adviser to The Kaufmann Fund, Inc. (predecessor
to the Kaufmann Fund) from 1996-2001; B.A., Duke University; received
Chartered Financial Analyst designation. |
Senior Portfolio Manager; sets investment
strategy; security selection; and team
oversight |
Mark Bauknight |
Member of the Fund’s Investment Team since April 2002; Senior Portfolio
Manager; has been with the Adviser or an affiliate since 2001; formerly
Investment Analyst with Edgemont Asset Management Corp., Adviser to The
Kaufmann Fund, Inc. (predecessor to the Kaufmann Fund) from 1997-2001;
Two B.A. degrees, University of North Carolina at Chapel Hill; M.B.A.,
University of Oxford. |
Senior Portfolio Manager; security selection;
research and analytical support |
Tom M. Brakel |
Member of the Fund’s Investment Team since October 2003; Senior Portfolio
Manager; has been with the Adviser or an affiliate since 2003; formerly
Analyst with New Vernon Associates from 2002-2003, BioPharma Fund from
2000-2002; Mehta Partners from 1998-1999; U.S. pharmaceutical experience
includes six years at Organon Inc.; M.D., Erasmus University, The Netherlands;
M.B.A., Stanford University. |
Senior Portfolio Manager; sets investment
strategy; security selection; research and
analytical support |
Barbara Miller |
Member of the Fund’s Investment Team since April 2002; Senior Portfolio
Manager; has been with the Adviser or an affiliate since 2002; formerly Vice
President and Equity Analyst with Goldman Sachs from 1999-2001 and
Principal/Equity Analyst with Alex Brown & Sons from 1992-1999; B.A., Brown
University; M.B.A., Harvard Business School. |
Senior Portfolio Manager; security selection;
research and analytical support |
Investment Team Member |
Business Experience |
Primary Role in Fund Management |
Steven Abrahamson |
Member of the Fund’s Investment Team since April 2002; Senior Portfolio
Manager; has been with the Adviser or an affiliate since 2001; formerly
Investment Analyst with Edgemont Asset Management Corp., Adviser to The
Kaufmann Fund, Inc. (predecessor to the Kaufmann Fund) since 2001; B.S.,
Bucknell University; M.B.A., Duke University. |
Senior Portfolio Manager; security selection;
research and analytical support |
Stephen DeNichilo |
Member of the Fund’s Investment team since February 2012; Senior Portfolio
Manager; has been with the Adviser or an affiliate since 2012; formerly Senior
Research Analyst with ACK Asset Management, LLC from 2010-2012 and
Equity Research Analyst with Thomson, Horstmann & Bryant, Inc., from
2006-2010; B.S., Villanova University; M.B.A., Fordham University; received
Chartered Financial Analyst designation. |
Senior Portfolio Manager; security selection;
research and analytical support |
Aditi Singhania |
Member of the Fund’s Investment Team since April 2018; Portfolio Manager;
has been with the Adviser or an affiliate since 2018; formerly Vice President,
Research Analyst, Pharmaceuticals Equity Research, J.P. Morgan Chase;
Biotech Equity Research Associate, Leerink Partners. Fachhochschule Bonn
Rhein Sieg, Germany (bachelor thesis conducted at Harvard University);
Ph.D., Columbia University. |
Portfolio Manager; security selection; research
and analytical support |
|
Year Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$15.10 |
$24.31 |
$25.46 |
$22.63 |
$18.55 |
Income From Investment Operations: |
|
|
|
|
|
Net investment income (loss)1 |
(0.02) |
(0.08) |
(0.24) |
(0.22) |
(0.10) |
Net realized and unrealized gain (loss) |
2.32 |
(6.87) |
0.83 |
5.27 |
6.15 |
Total From Investment Operations |
2.30 |
(6.95) |
0.59 |
5.05 |
6.05 |
Less Distributions: |
|
|
|
|
|
Distributions from net realized gain |
— |
(2.26) |
(1.74) |
(2.22) |
(1.97) |
Net Asset Value, End of Period |
$17.40 |
$15.10 |
$24.31 |
$25.46 |
$22.63 |
Total Return2 |
15.23% |
(30.09)% |
2.51% |
28.79% |
33.82% |
Ratios to Average Net Assets: |
|
|
|
|
|
Net expenses3 |
1.54% |
1.54% |
1.50% |
1.50% |
1.51% |
Net investment loss |
(0.15)% |
(0.51)% |
(0.99)% |
(1.01)% |
(0.49)% |
Expense waiver/reimbursement4 |
0.02% |
0.00%5 |
—% |
—% |
—% |
Supplemental Data: |
|
|
|
|
|
Net assets, end of period (000 omitted) |
$33,266 |
$34,430 |
$55,366 |
$63,502 |
$57,988 |
Portfolio turnover6 |
56% |
41% |
34% |
45% |
43% |
1 |
Per share numbers have been calculated using the average shares method. |
2 |
Based on net asset value. Total returns do not reflect any additional fees or expenses that may be imposed by separate accounts of insurance companies or in
connection with any variable annuity or variable life insurance contract. |
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 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. |
FEDERATED HERMES KAUFMANN FUND II - P CLASS | |||||
ANNUAL EXPENSE RATIO: 1.57% | |||||
MAXIMUM FRONT-END SALES CHARGE: N/A | |||||
Year |
Hypothetical
Beginning
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses |
Hypothetical
Ending
Investment |
1 |
$10,000.00 |
$500.00 |
$10,500.00 |
$159.69 |
$10,343.00 |
2 |
$10,343.00 |
$517.15 |
$10,860.15 |
$165.17 |
$10,697.76 |
3 |
$10,697.76 |
$534.89 |
$11,232.65 |
$170.84 |
$11,064.69 |
4 |
$11,064.69 |
$553.23 |
$11,617.92 |
$176.69 |
$11,444.21 |
5 |
$11,444.21 |
$572.21 |
$12,016.42 |
$182.76 |
$11,836.75 |
6 |
$11,836.75 |
$591.84 |
$12,428.59 |
$189.02 |
$12,242.75 |
7 |
$12,242.75 |
$612.14 |
$12,854.89 |
$195.51 |
$12,662.68 |
8 |
$12,662.68 |
$633.13 |
$13,295.81 |
$202.21 |
$13,097.01 |
9 |
$13,097.01 |
$654.85 |
$13,751.86 |
$209.15 |
$13,546.24 |
10 |
$13,546.24 |
$677.31 |
$14,223.55 |
$216.32 |
$14,010.88 |
Cumulative |
|
$5,846.75 |
|
$1,867.36 |
|
Share Class |
Service |
|
|
|
S |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) |
|
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) |
|
Redemption Fee (as a percentage of amount redeemed, if applicable) |
|
Exchange Fee |
|
|
S |
Management Fee |
|
Distribution (12b-1) Fee |
|
Other Expenses |
|
Total Annual Fund Operating Expenses |
|
Fee Waivers and/or Expense Reimbursements |
( |
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements |
|
1 Year |
$ |
3 Years |
$ |
5 Years |
$ |
10 Years |
$ |
Share Class |
1 Year |
5 Years |
10 Years |
S Class: |
|
|
|
Return Before Taxes |
|
|
|
Russell Midcap® Growth Index1 (reflects no deduction for fees, expenses or taxes) |
|
|
|
Morningstar Variable Underlying Mid-Cap Growth Funds Average2 |
|
|
|
Investment Team Member |
Business Experience |
Primary Role in Fund Management |
Hans P. Utsch |
Member of Fund’s Investment Team since April 2002; Senior Portfolio
Manager and Co-Head of Kaufmann Growth Equity Team; has been with the
Adviser or an affiliate since 2001; formerly Chairman of the Board and
Secretary of Edgemont Asset Management Corp., and President and Portfolio
Manager to The Kaufmann Fund, Inc. (predecessor to the Kaufmann Fund)
from 1984-2001; B.A., Amherst College; M.B.A., Columbia University. |
Senior Portfolio Manager; security selection;
and team oversight |
John Ettinger |
Member of the Fund’s Investment Team since April 2002; Senior Portfolio
Manager, Co-Head of the Kaufmann Growth Equity Team; has been with the
Adviser or an affiliate since 2001; formerly Investment Analyst with Edgemont
Asset Management Corp., Adviser to The Kaufmann Fund, Inc. (predecessor
to the Kaufmann Fund) from 1996-2001; B.A., Duke University; received
Chartered Financial Analyst designation. |
Senior Portfolio Manager; sets investment
strategy; security selection; and team
oversight |
Mark Bauknight |
Member of the Fund’s Investment Team since April 2002; Senior Portfolio
Manager; has been with the Adviser or an affiliate since 2001; formerly
Investment Analyst with Edgemont Asset Management Corp., Adviser to The
Kaufmann Fund, Inc. (predecessor to the Kaufmann Fund) from 1997-2001;
Two B.A. degrees, University of North Carolina at Chapel Hill; M.B.A.,
University of Oxford. |
Senior Portfolio Manager; security selection;
research and analytical support |
Tom M. Brakel |
Member of the Fund’s Investment Team since October 2003; Senior Portfolio
Manager; has been with the Adviser or an affiliate since 2003; formerly
Analyst with New Vernon Associates from 2002-2003, BioPharma Fund from
2000-2002; Mehta Partners from 1998-1999; U.S. pharmaceutical experience
includes six years at Organon Inc.; M.D., Erasmus University, The Netherlands;
M.B.A., Stanford University. |
Senior Portfolio Manager; sets investment
strategy; security selection; research and
analytical support |
Barbara Miller |
Member of the Fund’s Investment Team since April 2002; Senior Portfolio
Manager; has been with the Adviser or an affiliate since 2002; formerly Vice
President and Equity Analyst with Goldman Sachs from 1999-2001 and
Principal/Equity Analyst with Alex Brown & Sons from 1992-1999; B.A., Brown
University; M.B.A., Harvard Business School. |
Senior Portfolio Manager; security selection;
research and analytical support |
Steven Abrahamson |
Member of the Fund’s Investment Team since April 2002; Senior Portfolio
Manager; has been with the Adviser or an affiliate since 2001; formerly
Investment Analyst with Edgemont Asset Management Corp., Adviser to The
Kaufmann Fund, Inc. (predecessor to the Kaufmann Fund) since 2001; B.S.,
Bucknell University; M.B.A., Duke University. |
Senior Portfolio Manager; security selection;
research and analytical support |
Stephen DeNichilo |
Member of the Fund’s Investment team since February 2012; Senior Portfolio
Manager; has been with the Adviser or an affiliate since 2012; formerly Senior
Research Analyst with ACK Asset Management, LLC from 2010-2012 and
Equity Research Analyst with Thomson, Horstmann & Bryant, Inc., from
2006-2010; B.S., Villanova University; M.B.A., Fordham University; received
Chartered Financial Analyst designation. |
Senior Portfolio Manager; security selection;
research and analytical support |
Aditi Singhania |
Member of the Fund’s Investment Team since April 2018; Portfolio Manager;
has been with the Adviser or an affiliate since 2018; formerly Vice President,
Research Analyst, Pharmaceuticals Equity Research, J.P. Morgan Chase;
Biotech Equity Research Associate, Leerink Partners. Fachhochschule Bonn
Rhein Sieg, Germany (bachelor thesis conducted at Harvard University);
Ph.D., Columbia University. |
Portfolio Manager; security selection; research
and analytical support |
|
Year Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$13.73 |
$22.40 |
$23.65 |
$21.27 |
$17.57 |
Income From Investment Operations: |
|
|
|
|
|
Net investment income (loss)1 |
(0.05) |
(0.11) |
(0.28) |
(0.26) |
(0.15) |
Net realized and unrealized gain (loss) |
2.10 |
(6.30) |
0.77 |
4.86 |
5.82 |
Total From Investment Operations |
2.05 |
(6.41) |
0.49 |
4.60 |
5.67 |
Less Distributions: |
|
|
|
|
|
Distributions from net realized gain |
— |
(2.26) |
(1.74) |
(2.22) |
(1.97) |
Net Asset Value, End of Period |
$15.78 |
$13.73 |
$22.40 |
$23.65 |
$21.27 |
Total Return2 |
14.93% |
(30.26)% |
2.26% |
28.48% |
33.52% |
Ratios to Average Net Assets: |
|
|
|
|
|
Net expenses3 |
1.79% |
1.79% |
1.75% |
1.75% |
1.76% |
Net investment loss |
(0.38)% |
(0.73)% |
(1.24)% |
(1.26)% |
(0.74)% |
Expense waiver/reimbursement4 |
0.02% |
0.00%5 |
—% |
—% |
—% |
Supplemental Data: |
|
|
|
|
|
Net assets, end of period (000 omitted) |
$90,210 |
$108,981 |
$150,983 |
$169,061 |
$129,327 |
Portfolio turnover6 |
56% |
41% |
34% |
45% |
43% |
1 |
Per share numbers have been calculated using the average shares method. |
2 |
Based on net asset value. Total returns do not reflect any additional fees or expenses that may be imposed by separate accounts of insurance companies or in
connection with any variable annuity or variable life insurance contract. |
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 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. |
FEDERATED HERMES KAUFMANN FUND II - S CLASS | |||||
ANNUAL EXPENSE RATIO: 1.82% | |||||
MAXIMUM FRONT-END SALES CHARGE: N/A | |||||
Year |
Hypothetical
Beginning
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses |
Hypothetical
Ending
Investment |
1 |
$10,000.00 |
$500.00 |
$10,500.00 |
$184.89 |
$10,318.00 |
2 |
$10,318.00 |
$515.90 |
$10,833.90 |
$190.77 |
$10,646.11 |
3 |
$10,646.11 |
$532.31 |
$11,178.42 |
$196.84 |
$10,984.66 |
4 |
$10,984.66 |
$549.23 |
$11,533.89 |
$203.10 |
$11,333.97 |
5 |
$11,333.97 |
$566.70 |
$11,900.67 |
$209.56 |
$11,694.39 |
6 |
$11,694.39 |
$584.72 |
$12,279.11 |
$216.22 |
$12,066.27 |
7 |
$12,066.27 |
$603.31 |
$12,669.58 |
$223.10 |
$12,449.98 |
8 |
$12,449.98 |
$622.50 |
$13,072.48 |
$230.19 |
$12,845.89 |
9 |
$12,845.89 |
$642.29 |
$13,488.18 |
$237.51 |
$13,254.39 |
10 |
$13,254.39 |
$662.72 |
$13,917.11 |
$245.07 |
$13,675.88 |
Cumulative |
|
$5,779.68 |
|
$2,137.25 |
|
Share Class |
Primary |
Service |
|
|
|
|
|
|
|
Contents |
1 |
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1 |
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1 |
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11 |
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15 |
|
16 |
|
19 |
|
19 |
|
22 |
|
22 |
|
22 |
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22 |
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23 |
|
24 |
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46 |
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52 |
|
53 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s) |
Aggregate
Compensation
From Trust
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
J. Christopher Donahue*
Birth Date: April 11, 1949
Trustee
Indefinite Term
Began serving: September 1993 |
Principal Occupations: Principal Executive Officer and President of certain
of the Funds in the Federated Hermes Complex; Director or Trustee of the
Funds in the Federated Hermes Complex; President, Chief Executive
Officer and Director, Federated Hermes, Inc.; Chairman and Trustee,
Federated Investment Management Company; Trustee, Federated
Investment Counseling; Chairman and Director, Federated Global
Investment Management Corp.; Chairman and Trustee, Federated Equity
Management Company of Pennsylvania; Trustee, Federated Shareholder
Services Company; Director, Federated Services Company.
Previous Positions: President, Federated Investment Counseling; President
and Chief Executive Officer, Federated Investment Management Company,
Federated Global Investment Management Corp. and Passport
Research, Ltd.; Chairman, Passport Research, Ltd. |
$0 |
$0 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s) |
Aggregate
Compensation
From Trust
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016 |
Principal Occupations: Director or Trustee of certain funds in the
Federated Hermes Complex; Chief Financial Officer, Treasurer, Vice
President and Assistant Secretary, Federated Hermes, Inc.; Chairman and
Trustee, Federated Administrative Services; Chairman and Director,
Federated Administrative Services, Inc.; Trustee and Treasurer, Federated
Advisory Services Company; Director or Trustee and Treasurer, Federated
Equity Management Company of Pennsylvania, Federated Global
Investment Management Corp., Federated Investment Counseling, and
Federated Investment Management Company; Director, MDTA LLC;
Director, Executive Vice President and Assistant Secretary, Federated
Securities Corp.; Director or Trustee and Chairman, Federated Services
Company and Federated Shareholder Services Company; and Director and
President, FII Holdings, Inc.
Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary,
Federated Investment Management Company, Federated Global
Investment Management Company and Passport Research, LTD; Treasurer,
Passport Research, LTD; Executive Vice President, Federated Securities
Corp.; and Treasurer, FII Holdings, Inc. |
$0 |
$0 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Other Directorships Held for
Past Five Years, Previous Position(s) and Qualifications |
Aggregate
Compensation
From Trust
(past fiscal year) |
Total Compensation
From Trust and
Federated Hermes Complex
(past calendar year) |
G. Thomas Hough
Birth Date: February 28, 1955
Trustee
Indefinite Term
Began serving: August 2015 |
Principal Occupations: Director or Trustee and Chair of the Board of
Directors or Trustees of the Federated Hermes Complex; formerly,
Vice Chair, Ernst & Young LLP (public accounting firm) (Retired).
Other Directorships Held: Director, Chair of the Audit Committee,
Member of the Compensation Committee, Equifax, Inc.; Lead Director,
Member of the Audit and Nominating and Corporate Governance
Committees, Haverty Furniture Companies, Inc.; formerly, Director,
Member of Governance and Compensation Committees, Publix Super
Markets, Inc.
Qualifications: Mr. Hough has served in accounting, business management
and directorship positions throughout his career. Mr. Hough most recently
held the position of Americas Vice Chair of Assurance with Ernst &
Young LLP (public accounting firm). Mr. Hough serves on the President’s
Cabinet and Business School Board of Visitors for the University of
Alabama. Mr. Hough previously served on the Business School Board of
Visitors for Wake Forest University, and he previously served as an
Executive Committee member of the United States Golf Association. |
$293.82 |
$365,000 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Other Directorships Held for
Past Five Years, Previous Position(s) and Qualifications |
Aggregate
Compensation
From Trust
(past fiscal year) |
Total Compensation
From Trust and
Federated Hermes Complex
(past calendar year) |
Maureen Lally-Green
Birth Date: July 5, 1949
Trustee
Indefinite Term
Began serving: August 2009 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; Adjunct Professor of Law, Emerita, Duquesne University School of
Law; formerly, Dean of the Duquesne University School of Law and
Professor of Law and Interim Dean of the Duquesne University School of
Law; formerly, Associate General Secretary and Director, Office of Church
Relations, Diocese of Pittsburgh.
Other Directorships Held: Director, CNX Resources Corporation
(natural gas).
Qualifications: Judge Lally-Green has served in various legal and business
roles and directorship positions throughout her career. Judge Lally-Green
previously held the position of Dean of the School of Law of Duquesne
University (as well as Interim Dean). Judge Lally-Green previously served as
Director of the Office of Church Relations and later as Associate General
Secretary for the Diocese of Pittsburgh, a member of the Superior Court of
Pennsylvania and as a Professor of Law, Duquesne University School of Law.
Judge Lally-Green was appointed by the Supreme Court of Pennsylvania
and previously served on the Supreme Court’s Board of Continuing Judicial
Education and the Supreme Court’s Appellate Court Procedural Rules
Committee. Judge Lally-Green was then appointed by the Supreme Court
of Pennsylvania and currently serves on the Judicial Ethics Advisory Board.
Judge Lally-Green also currently holds the positions on not for profit or for
profit boards of directors as follows: Director and Chair, UPMC Mercy
Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State
Board of Education (public); Director, Catholic Charities, Pittsburgh; and
Director, CNX Resources Corporation (natural gas). Judge Lally-Green has
held the positions of: Director, Auberle; Director, Epilepsy Foundation of
Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh;
Director, Saint Thomas More Society; Director and Chair, Catholic High
Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar
Institute; Director, Saint Vincent College; Director and Chair, North Catholic
High School, Inc.; Director and Vice Chair, Our Campaign for the Church
Alive!, Inc.; and Director and Vice Chair, Saint Francis University. |
$265.65 |
$330,000 |
Thomas M. O’Neill
Birth Date: June 14, 1951
Trustee
Indefinite Term
Began serving: August 2006 |
Principal Occupations: Director or Trustee and Chair of the Audit
Committee of the Federated Hermes Complex; Sole Proprietor, Navigator
Management Company (investment and strategic consulting).
Other Directorships Held: None.
Qualifications: Mr. O’Neill has served in several business, mutual fund and
financial management roles and directorship positions throughout his
career. Mr. O’Neill serves as Director, Medicines for Humanity. Mr. O’Neill
previously served as Chief Executive Officer and President, Managing
Director and Chief Investment Officer, Fleet Investment Advisors; President
and Chief Executive Officer, Aeltus Investment Management, Inc.; General
Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment
Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending
Officer, Fleet Bank; Director and Consultant, EZE Castle Software
(investment order management software); Director, Midway Pacific
(lumber); and Director, The Golisano Children’s Museum of Naples, Florida. |
$265.65 |
$330,000 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Other Directorships Held for
Past Five Years, Previous Position(s) and Qualifications |
Aggregate
Compensation
From Trust
(past fiscal year) |
Total Compensation
From Trust and
Federated Hermes Complex
(past calendar year) |
Madelyn A. Reilly
Birth Date: February 2, 1956
Trustee
Indefinite Term
Began serving: November 2020 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; formerly, Senior Vice President for Legal Affairs, General Counsel
and Secretary of Board of Directors, Duquesne University (Retired).
Other Directorships Held: None.
Qualifications: Ms. Reilly has served in various business and legal
management roles throughout her career. Ms. Reilly previously served as
Senior Vice President for Legal Affairs, General Counsel and Secretary of
Board of Directors and Director of Risk Management and Associate General
Counsel, Duquesne University. Prior to her work at Duquesne University,
Ms. Reilly served as Assistant General Counsel of Compliance and
Enterprise Risk as well as Senior Counsel of Environment, Health and
Safety, PPG Industries. Ms. Reilly currently serves as a member of the Board
of Directors of UPMC Mercy Hospital, and as a member of the Board of
Directors of Catholic Charities, Pittsburgh. |
$241.51 |
$300,000 |
P. Jerome Richey
Birth Date: February 23, 1949
Trustee
Indefinite Term
Began serving: October 2013 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer,
University of Pittsburgh and Executive Vice President and Chief Legal
Officer, CONSOL Energy Inc. (split into two separate publicly traded
companies known as CONSOL Energy Inc. and CNX Resources Corp.).
Other Directorships Held: None.
Qualifications: Mr. Richey has served in several business and legal
management roles and directorship positions throughout his career.
Mr. Richey most recently held the positions of Senior Vice Chancellor and
Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as
Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and
Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey
previously served as Chief Legal Officer and Executive Vice President,
CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics
Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
$265.65 |
$330,000 |
John S. Walsh
Birth Date: November 28, 1957
Trustee
Indefinite Term
Began serving: January 1999 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; President and Director, Heat Wagon, Inc. (manufacturer of
construction temporary heaters); President and Director, Manufacturers
Products, Inc. (distributor of portable construction heaters); President,
Portable Heater Parts, a division of Manufacturers Products, Inc.
Other Directorships Held: None.
Qualifications: Mr. Walsh has served in several business management roles
and directorship positions throughout his career. Mr. Walsh previously
served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
$241.51 |
$300,000 |
Name
Birth Date
Address
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Previous Position(s) |
Jeremy D. Boughton
Birth Date: September 29, 1976
Treasurer
Officer since: March 2024 |
Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Complex; Senior Vice President,
Federated Administrative Services, Federated Administrative Services, Inc., Federated Advisory Services Company, Federated
Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment
Counseling, Federated Investment Management Company and Federated MDTA, LLC. Formerly, Controller, Federated Hermes,
Inc. and Financial and Operations Principal for Federated Securities Corp. Mr. Boughton has received the Certified Public
Accountant designation.
Previous Positions: Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer,
Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services,
Inc., Federated Securities Corp., Federated Advisory Services Company, Federated Equity Management Company of
Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment
Management Company, Federated MDTA, LLC and Federated Hermes (UK) LLP, as well as other subsidiaries of Federated
Hermes, Inc. |
Peter J. Germain
Birth Date: September 3, 1959
CHIEF LEGAL OFFICER,
SECRETARY and EXECUTIVE
VICE PRESIDENT
Officer since: January 2005 |
Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes
Complex. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee
and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative
Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities
Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company;
and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a
member of the Pennsylvania Bar Association.
Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes,
Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
John B. Fisher
Birth Date: May 16, 1956
PRESIDENT
Officer since: November 2004 |
Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Complex;
Director or Trustee of certain of the Funds in the Federated Hermes Complex; Director and Vice President, Federated Hermes,
Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of
Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment
Management Company, and Federated MDTA LLC; Director, Federated Investors Trust Company.
Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and CEO
of Passport Research, Ltd.; Director and President, Technology, Federated Services Company. |
Stephen Van Meter
Birth Date: June 5, 1975
CHIEF COMPLIANCE OFFICER
AND SENIOR VICE PRESIDENT
Officer since: July 2015 |
Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Complex; Vice President
and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries.
Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66.
Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to
joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions
of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Stephen F. Auth
Birth Date: September 13, 1956
101 Park Avenue
41st Floor
New York, NY 10178
CHIEF INVESTMENT OFFICER
Officer since: November 2002 |
Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Complex;
Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated
Equity Management Company of Pennsylvania.
Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd.
(investment advisory subsidiary of Federated Hermes); Senior Vice President, Global Portfolio Management Services Division;
Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and
Portfolio Manager, Prudential Investments. |
Robert J. Ostrowski
Birth Date: April 26, 1963
Chief Investment Officer
Officer since: May 2004 |
Principal Occupations: Robert J. Ostrowski joined Federated Hermes, Inc. in 1987 as an Investment Analyst and became a
Portfolio Manager in 1990. He was named Chief Investment Officer of Federated Hermes, Inc. taxable fixed-income products in
2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund’s Adviser in
2009 and served as a Senior Vice President of the Fund’s Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered
Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University. |
Deborah A. Cunningham
Birth Date: September 15, 1959
Chief Investment Officer
Officer since: June 2012 |
Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market
products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive
Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and
holds an M.S.B.A. in Finance from Robert Morris College. |
Director/Trustee Emeritus |
Compensation
From the Fund
(past fiscal year) |
Total
Compensation
Paid to
Director/Trustee
Emeritus1
(past calendar year) |
John T. Collins2 |
$309.92 |
$385,000 |
Charles F. Mansfield, Jr. |
$20.41 |
$60,000 |
Board
Committee |
Committee
Members |
Committee Functions |
Meetings Held
During Last
Fiscal Year |
Executive |
J. Christopher Donahue
G. Thomas Hough
John S. Walsh |
In between meetings of the full Board, the Executive Committee generally may
exercise all the powers of the full Board in the management and direction of the
business and conduct of the affairs of the Trust in such manner as the Executive
Committee shall deem to be in the best interests of the Trust. However, the
Executive Committee cannot elect or remove Board members, increase or decrease
the number of Trustees, elect or remove any Officer, declare dividends, issue shares
or recommend to shareholders any action requiring shareholder approval. |
One |
Board
Committee |
Committee
Members |
Committee Functions |
Meetings Held
During Last
Fiscal Year |
Audit |
Maureen Lally-Green
Thomas M. O’Neill
P. Jerome Richey
John S. Walsh |
The purposes of the Audit Committee are to oversee the accounting and financial
reporting process of the Fund, the Fund’s internal control over financial reporting
and the quality, integrity and independent audit of the Fund’s financial statements.
The Committee also oversees or assists the Board with the oversight of compliance
with legal requirements relating to those matters, approves the engagement and
reviews the qualifications, independence and performance of the Fund’s
independent registered public accounting firm, acts as a liaison between the
independent registered public accounting firm and the Board and reviews the Fund’s
internal audit function. |
Seven |
Nominating |
G. Thomas Hough
Maureen Lally-Green
Thomas M. O’Neill
Madelyn A. Reilly
P. Jerome Richey
John S. Walsh |
The Nominating Committee, whose members consist of all Independent Trustees,
selects and nominates persons for election to the Fund’s Board when vacancies
occur. The Committee will consider candidates recommended by shareholders,
Independent Trustees, officers or employees of any of the Fund’s agents or service
providers and counsel to the Fund. Any shareholder who desires to have an
individual considered for nomination by the Committee must submit a
recommendation in writing to the Secretary of the Fund, at the Fund’s address
appearing on the back cover of this SAI. The recommendation should include the
name and address of both the shareholder and the candidate and detailed
information concerning the candidate’s qualifications and experience. In identifying
and evaluating candidates for consideration, the Committee shall consider such
factors as it deems appropriate. Those factors will ordinarily include: integrity,
intelligence, collegiality, judgment, diversity, skill, business and other experience,
qualification as an “Independent Trustee,” the existence of material relationships
which may create the appearance of a lack of independence, financial or accounting
knowledge and experience and dedication and willingness to devote the time and
attention necessary to fulfill Board responsibilities. |
Three |
Interested Board
Member Name |
Dollar Range of
Shares Owned in
Federated Hermes
Kaufmann Fund II |
Aggregate
Dollar Range of
Shares Owned in
Federated Hermes Family of
Investment Companies |
J. Christopher Donahue |
None |
Over $100,000 |
Thomas R. Donahue |
None |
Over $100,000 |
Independent Board
Member Name |
|
|
G. Thomas Hough |
None |
Over $100,000 |
Maureen Lally-Green |
None |
Over $100,000 |
Thomas M. O’Neill |
None |
Over $100,000 |
Madelyn A. Reilly |
None |
Over $100,000 |
P. Jerome Richey |
None |
Over $100,000 |
John S. Walsh |
None |
Over $100,000 |
Types of Accounts Managed
by Hans Utsch |
Total Number of Additional Accounts
Managed/Total Assets* |
Registered Investment Companies |
3/$10.7 billion |
Other Pooled Investment Vehicles |
0/$0 |
Other Accounts |
66/$55.7 million |
Types of Accounts Managed
by John Ettinger |
Total Number of Additional Accounts
Managed/Total Assets* |
Registered Investment Companies |
3/$10.7 billion |
Other Pooled Investment Vehicles |
0/$0 |
Other Accounts |
66/$55.7 million |
Types of Accounts Managed
by Mark Bauknight |
Total Number of Additional Accounts
Managed/Total Assets* |
Registered Investment Companies |
3/$10.7 billion |
Other Pooled Investment Vehicles |
0/$0 |
Other Accounts |
66/$55.7 million |
Types of Accounts Managed
by Thomas Brakel |
Total Number of Additional Accounts
Managed/Total Assets* |
Registered Investment Companies |
3/$10.7 billion |
Other Pooled Investment Vehicles |
0/$0 |
Other Accounts |
66/$55.7 million |
Types of Accounts Managed
by Steven Abrahamson |
Total Number of Additional Accounts
Managed/Total Assets* |
Registered Investment Companies |
3/$10.7 billion |
Other Pooled Investment Vehicles |
0/$0 |
Other Accounts |
66/$55.7 million |
Types of Accounts Managed
by Stephen DeNichilo |
Total Number of Additional Accounts
Managed/Total Assets* |
Registered Investment Companies |
3/$10.7 billion |
Other Pooled Investment Vehicles |
0/$0 |
Other Accounts |
66/$55.7 million |
Types of Accounts Managed
by Barbara Miller |
Total Number of Additional Accounts
Managed/Total Assets* |
Registered Investment Companies |
3/$10.7 billion |
Other Pooled Investment Vehicles |
0/$0 |
Other Accounts |
66/$55.7 million |
Types of Accounts Managed
by Aditi Singhania |
Total Number of Additional Accounts
Managed/Total Assets* |
Registered Investment Companies |
3/$10.7 billion |
Other Pooled Investment Vehicles |
0/$0 |
Other Accounts |
66/$55.7 million |
Administrative Services
Fee Rate |
Average Daily Net Assets
of the Investment Complex |
0.100% |
on assets up to $50 billion |
0.075% |
on assets over $50 billion |
For the Year Ended December 31 |
2023 |
2022 |
2021 |
Advisory Fee Earned |
$1,726,286 |
$2,023,216 |
$2,928,235 |
Advisory Fee Waived |
$27,034 |
$1,648 |
$— |
Brokerage Commissions |
$123,384 |
$115,708 |
$129,593 |
Net Administrative Fee |
$106,557 |
$123,658 |
$179,510 |
Net 12b-1 Fee: |
|
|
|
Service Shares |
$249,323 |
$289,503 |
$411,116 |
Gross income from securities lending activities |
$75,339 |
Fees and/or compensation for securities lending activities and related services |
|
Fees paid to securities lending agent from a revenue split |
(3,560) |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included
in the revenue split |
— |
Administrative fees not included in revenue split |
— |
Indemnification fee not included in revenue split |
— |
Rebate (paid to borrower) |
(39,741) |
Other fees not included in revenue split (specify) |
— |
Aggregate fees/compensation for securities lending activities |
$(43,301) |
Net income from securities lending activities |
$32,038 |
Share Class |
Primary |
|
|
P |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) |
|
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) |
|
Redemption Fee (as a percentage of amount redeemed, if applicable) |
|
Exchange Fee |
|
|
P |
Management Fee |
|
Distribution (12b-1) Fee |
|
Other Expenses |
|
Acquired Fund Fees and Expenses |
|
Total Annual Fund Operating Expenses |
|
Fee Waivers and/or Expense Reimbursements2 |
( |
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements |
|
1 Year |
$ |
3 Years |
$ |
5 Years |
$ |
10 Years |
$ |
Share Class |
1 Year |
5 Years |
10 Years |
P Class: |
|
|
|
Return Before Taxes |
|
|
|
S&P 500® Index1 (reflects no deduction for fees, expenses or taxes) |
|
|
|
Russell 1000®Value Index2 (reflects no deduction for fees, expenses or taxes) |
|
|
|
Blended Index3 (reflects no deduction for fees, expenses or taxes) |
|
|
|
|
Year Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$8.46 |
$12.90 |
$11.09 |
$11.30 |
$9.60 |
Income From Investment Operations: |
|
|
|
|
|
Net investment income (loss)1 |
0.20 |
0.16 |
0.19 |
0.19 |
0.24 |
Net realized and unrealized gain (loss) |
0.52 |
(1.72) |
1.83 |
(0.13) |
1.68 |
Total From Investment Operations |
0.72 |
(1.56) |
2.02 |
0.06 |
1.92 |
Less Distributions: |
|
|
|
|
|
Distributions from net investment income |
(0.16) |
(0.21) |
(0.21) |
(0.27) |
(0.22) |
Distributions from net realized gain |
— |
(2.67) |
— |
— |
— |
Total Distributions |
(0.16) |
(2.88) |
(0.21) |
(0.27) |
(0.22) |
Net Asset Value, End of Period |
$9.02 |
$8.46 |
$12.90 |
$11.09 |
$11.30 |
Total Return2 |
8.68% |
(13.75)% |
18.51% |
0.93% |
20.23% |
Ratios to Average Net Assets: |
|
|
|
|
|
Net expenses3 |
0.95% |
0.95% |
0.93% |
0.92% |
0.91% |
Net investment income |
2.39% |
1.72% |
1.58% |
1.82% |
2.28% |
Expense waiver/reimbursement4 |
0.13% |
0.11% |
0.02% |
0.01% |
0.02% |
Supplemental Data: |
|
|
|
|
|
Net assets, end of period (000 omitted) |
$174,228 |
$173,194 |
$217,682 |
$586,281 |
$651,498 |
Portfolio turnover5 |
47% |
51% |
60% |
61% |
47% |
1 |
Per share numbers have been calculated using the average shares method. |
2 |
Based on net asset value. Total returns do not reflect any additional fees or expenses that may be imposed by separate accounts of insurance companies or in
connection with any variable annuity or variable life insurance contract. |
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 ratios shown above. Amount does not reflect expense waiver/
reimbursement recorded by investment companies in which the Fund may invest. |
5 |
Securities that mature are considered sales for purposes of this calculation. |
FEDERATED HERMES MANAGED VOLATILITY FUND II - P CLASS | |||||
ANNUAL EXPENSE RATIO: 1.10% | |||||
MAXIMUM FRONT-END SALES CHARGE: N/A | |||||
Year |
Hypothetical
Beginning
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses |
Hypothetical
Ending
Investment |
1 |
$10,000.00 |
$500.00 |
$10,500.00 |
$112.15 |
$10,390.00 |
2 |
$10,390.00 |
$519.50 |
$10,909.50 |
$116.52 |
$10,795.21 |
3 |
$10,795.21 |
$539.76 |
$11,334.97 |
$121.06 |
$11,216.22 |
4 |
$11,216.22 |
$560.81 |
$11,777.03 |
$125.78 |
$11,653.65 |
5 |
$11,653.65 |
$582.68 |
$12,236.33 |
$130.69 |
$12,108.14 |
6 |
$12,108.14 |
$605.41 |
$12,713.55 |
$135.79 |
$12,580.36 |
7 |
$12,580.36 |
$629.02 |
$13,209.38 |
$141.08 |
$13,070.99 |
8 |
$13,070.99 |
$653.55 |
$13,724.54 |
$146.58 |
$13,580.76 |
9 |
$13,580.76 |
$679.04 |
$14,259.80 |
$152.30 |
$14,110.41 |
10 |
$14,110.41 |
$705.52 |
$14,815.93 |
$158.24 |
$14,660.72 |
Cumulative |
|
$5,975.29 |
|
$1,340.19 |
|
Share Class |
Service |
|
|
S |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) |
|
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) |
|
Redemption Fee (as a percentage of amount redeemed, if applicable) |
|
Exchange Fee |
|
|
S |
Management Fee |
|
Distribution (12b-1) Fee |
|
Other Expenses |
|
Acquired Fund Fees and Expenses |
|
Total Annual Fund Operating Expenses |
|
Fee Waivers and/or Expense Reimbursements2 |
( |
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements |
|
1 Year |
$ |
3 Years |
$ |
5 Years |
$ |
10 Years |
$ |
Share Class |
1 Year |
5 Years |
10 Years |
S Class: |
|
|
|
Return Before Taxes |
|
|
|
Standard & Poor’s 500 Index1 (reflects no deduction for fees, expenses or taxes) |
|
|
|
Russell 1000®Value Index2 (reflects no deduction for fees, expenses or taxes) |
|
|
|
Blended Index3 (reflects no deduction for fees, expenses or taxes) |
|
|
|
|
Year Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$8.63 |
$12.90 |
$11.09 |
$11.27 |
$9.59 |
Income From Investment Operations: |
|
|
|
|
|
Net investment income (loss)1 |
0.19 |
0.14 |
0.16 |
0.16 |
0.21 |
Net realized and unrealized gain (loss) |
0.52 |
(1.74) |
1.84 |
(0.12) |
1.68 |
Total From Investment Operations |
0.71 |
(1.60) |
2.00 |
0.04 |
1.89 |
Less Distributions: |
|
|
|
|
|
Distributions from net investment income |
(0.14) |
— |
(0.19) |
(0.22) |
(0.21) |
Distributions from net realized gain |
— |
(2.67) |
— |
— |
— |
Total Distributions |
(0.14) |
(2.67) |
(0.19) |
(0.22) |
(0.21) |
Net Asset Value, End of Period |
$9.20 |
$8.63 |
$12.90 |
$11.09 |
$11.27 |
Total Return2 |
8.33% |
(14.00)% |
18.25% |
0.71% |
19.92% |
Ratios to Average Net Assets: |
|
|
|
|
|
Net expenses3 |
1.20% |
1.20% |
1.16% |
1.17% |
1.16% |
Net investment income |
2.14% |
1.47% |
1.38% |
1.57% |
2.03% |
Expense waiver/reimbursement4 |
0.13% |
0.11% |
0.02% |
0.01% |
0.02% |
Supplemental Data: |
|
|
|
|
|
Net assets, end of period (000 omitted) |
$1,581 |
$1,576 |
$1,949 |
$39,680 |
$44,161 |
Portfolio turnover5 |
47% |
51% |
60% |
61% |
47% |
1 |
Per share numbers have been calculated using the average shares method. |
2 |
Based on net asset value. Total returns do not reflect any additional fees or expenses that may be imposed by separate accounts of insurance companies or in
connection with any variable annuity or variable life insurance contract. |
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 ratios shown above. Amount does not reflect expense waiver/
reimbursement recorded by investment companies in which the Fund may invest. |
5 |
Securities that mature are considered sales for purposes of this calculation. |
FEDERATED HERMES MANAGED VOLATILITY FUND II - S CLASS | |||||
ANNUAL EXPENSE RATIO: 1.35% | |||||
MAXIMUM FRONT-END SALES CHARGE: N/A | |||||
Year |
Hypothetical
Beginning
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses |
Hypothetical
Ending
Investment |
1 |
$10,000.00 |
$500.00 |
$10,500.00 |
$137.46 |
$10,365.00 |
2 |
$10,365.00 |
$518.25 |
$10,883.25 |
$142.48 |
$10,743.32 |
3 |
$10,743.32 |
$537.17 |
$11,280.49 |
$147.68 |
$11,135.45 |
4 |
$11,135.45 |
$556.77 |
$11,692.22 |
$153.07 |
$11,541.89 |
5 |
$11,541.89 |
$577.09 |
$12,118.98 |
$158.66 |
$11,963.17 |
6 |
$11,963.17 |
$598.16 |
$12,561.33 |
$164.45 |
$12,399.83 |
7 |
$12,399.83 |
$619.99 |
$13,019.82 |
$170.45 |
$12,852.42 |
8 |
$12,852.42 |
$642.62 |
$13,495.04 |
$176.67 |
$13,321.53 |
9 |
$13,321.53 |
$666.08 |
$13,987.61 |
$183.12 |
$13,807.77 |
10 |
$13,807.77 |
$690.39 |
$14,498.16 |
$189.81 |
$14,311.75 |
Cumulative |
|
$5,906.52 |
|
$1,623.85 |
|
Share Class |
Primary |
Service |
|
|
|
|
|
|
|
Contents |
1 |
|
1 |
|
12 |
|
17 |
|
19 |
|
22 |
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22 |
|
25 |
|
25 |
|
25 |
|
25 |
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26 |
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27 |
|
49 |
|
49 |
|
54 |
|
55 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s) |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
J. Christopher Donahue*
Birth Date: April 11, 1949
Trustee
Indefinite Term
Began serving: September 1993 |
Principal Occupations: Principal Executive Officer and President of certain
of the Funds in the Federated Hermes Complex; Director or Trustee of the
Funds in the Federated Hermes Complex; President, Chief Executive
Officer and Director, Federated Hermes, Inc.; Chairman and Trustee,
Federated Investment Management Company; Trustee, Federated
Investment Counseling; Chairman and Director, Federated Global
Investment Management Corp.; Chairman and Trustee, Federated Equity
Management Company of Pennsylvania; Trustee, Federated Shareholder
Services Company; Director, Federated Services Company.
Previous Positions: President, Federated Investment Counseling; President
and Chief Executive Officer, Federated Investment Management Company,
Federated Global Investment Management Corp. and Passport
Research, Ltd.; Chairman, Passport Research, Ltd. |
$0 |
$0 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s) |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016 |
Principal Occupations: Director or Trustee of certain funds in the
Federated Hermes Complex; Chief Financial Officer, Treasurer, Vice
President and Assistant Secretary, Federated Hermes, Inc.; Chairman and
Trustee, Federated Administrative Services; Chairman and Director,
Federated Administrative Services, Inc.; Trustee and Treasurer, Federated
Advisory Services Company; Director or Trustee and Treasurer, Federated
Equity Management Company of Pennsylvania, Federated Global
Investment Management Corp., Federated Investment Counseling, and
Federated Investment Management Company; Director, MDTA LLC;
Director, Executive Vice President and Assistant Secretary, Federated
Securities Corp.; Director or Trustee and Chairman, Federated Services
Company and Federated Shareholder Services Company; and Director and
President, FII Holdings, Inc.
Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary,
Federated Investment Management Company, Federated Global
Investment Management Company and Passport Research, LTD; Treasurer,
Passport Research, LTD; Executive Vice President, Federated Securities
Corp.; and Treasurer, FII Holdings, Inc. |
$0 |
$0 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Other Directorships Held for
Past Five Years, Previous Position(s) and Qualifications |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
G. Thomas Hough
Birth Date: February 28, 1955
Trustee
Indefinite Term
Began serving: August 2015 |
Principal Occupations: Director or Trustee and Chair of the Board of
Directors or Trustees of the Federated Hermes Complex; formerly,
Vice Chair, Ernst & Young LLP (public accounting firm) (Retired).
Other Directorships Held: Director, Chair of the Audit Committee,
Member of the Compensation Committee, Equifax, Inc.; Lead Director,
Member of the Audit and Nominating and Corporate Governance
Committees, Haverty Furniture Companies, Inc.; formerly, Director,
Member of Governance and Compensation Committees, Publix Super
Markets, Inc.
Qualifications: Mr. Hough has served in accounting, business management
and directorship positions throughout his career. Mr. Hough most recently
held the position of Americas Vice Chair of Assurance with Ernst &
Young LLP (public accounting firm). Mr. Hough serves on the President’s
Cabinet and Business School Board of Visitors for the University of
Alabama. Mr. Hough previously served on the Business School Board of
Visitors for Wake Forest University, and he previously served as an
Executive Committee member of the United States Golf Association. |
$317.55 |
$365,000 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Other Directorships Held for
Past Five Years, Previous Position(s) and Qualifications |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
Maureen Lally-Green
Birth Date: July 5, 1949
Trustee
Indefinite Term
Began serving: August 2009 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; Adjunct Professor of Law, Emerita, Duquesne University School of
Law; formerly, Dean of the Duquesne University School of Law and
Professor of Law and Interim Dean of the Duquesne University School of
Law; formerly, Associate General Secretary and Director, Office of Church
Relations, Diocese of Pittsburgh.
Other Directorships Held: Director, CNX Resources Corporation
(natural gas).
Qualifications: Judge Lally-Green has served in various legal and business
roles and directorship positions throughout her career. Judge Lally-Green
previously held the position of Dean of the School of Law of Duquesne
University (as well as Interim Dean). Judge Lally-Green previously served as
Director of the Office of Church Relations and later as Associate General
Secretary for the Diocese of Pittsburgh, a member of the Superior Court of
Pennsylvania and as a Professor of Law, Duquesne University School of Law.
Judge Lally-Green was appointed by the Supreme Court of Pennsylvania
and previously served on the Supreme Court’s Board of Continuing Judicial
Education and the Supreme Court’s Appellate Court Procedural Rules
Committee. Judge Lally-Green was then appointed by the Supreme Court
of Pennsylvania and currently serves on the Judicial Ethics Advisory Board.
Judge Lally-Green also currently holds the positions on not for profit or for
profit boards of directors as follows: Director and Chair, UPMC Mercy
Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State
Board of Education (public); Director, Catholic Charities, Pittsburgh; and
Director, CNX Resources Corporation (natural gas). Judge Lally-Green has
held the positions of: Director, Auberle; Director, Epilepsy Foundation of
Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh;
Director, Saint Thomas More Society; Director and Chair, Catholic High
Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar
Institute; Director, Saint Vincent College; Director and Chair, North Catholic
High School, Inc.; Director and Vice Chair, Our Campaign for the Church
Alive!, Inc.; and Director and Vice Chair, Saint Francis University. |
$287.10 |
$330,000 |
Thomas M. O’Neill
Birth Date: June 14, 1951
Trustee
Indefinite Term
Began serving: August 2006 |
Principal Occupations: Director or Trustee and Chair of the Audit
Committee of the Federated Hermes Complex; Sole Proprietor, Navigator
Management Company (investment and strategic consulting).
Other Directorships Held: None.
Qualifications: Mr. O’Neill has served in several business, mutual fund and
financial management roles and directorship positions throughout his
career. Mr. O’Neill serves as Director, Medicines for Humanity. Mr. O’Neill
previously served as Chief Executive Officer and President, Managing
Director and Chief Investment Officer, Fleet Investment Advisors; President
and Chief Executive Officer, Aeltus Investment Management, Inc.; General
Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment
Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending
Officer, Fleet Bank; Director and Consultant, EZE Castle Software
(investment order management software); Director, Midway Pacific
(lumber); and Director, The Golisano Children’s Museum of Naples, Florida. |
$287.10 |
$330,000 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Other Directorships Held for
Past Five Years, Previous Position(s) and Qualifications |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
Madelyn A. Reilly
Birth Date: February 2, 1956
Trustee
Indefinite Term
Began serving: November 2020 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; formerly, Senior Vice President for Legal Affairs, General Counsel
and Secretary of Board of Directors, Duquesne University (Retired).
Other Directorships Held: None.
Qualifications: Ms. Reilly has served in various business and legal
management roles throughout her career. Ms. Reilly previously served as
Senior Vice President for Legal Affairs, General Counsel and Secretary of
Board of Directors and Director of Risk Management and Associate General
Counsel, Duquesne University. Prior to her work at Duquesne University,
Ms. Reilly served as Assistant General Counsel of Compliance and
Enterprise Risk as well as Senior Counsel of Environment, Health and
Safety, PPG Industries. Ms. Reilly currently serves as a member of the Board
of Directors of UPMC Mercy Hospital, and as a member of the Board of
Directors of Catholic Charities, Pittsburgh. |
$260.99 |
$300,000 |
P. Jerome Richey
Birth Date: February 23, 1949
Trustee
Indefinite Term
Began serving: October 2013 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer,
University of Pittsburgh and Executive Vice President and Chief Legal
Officer, CONSOL Energy Inc. (split into two separate publicly traded
companies known as CONSOL Energy Inc. and CNX Resources Corp.).
Other Directorships Held: None.
Qualifications: Mr. Richey has served in several business and legal
management roles and directorship positions throughout his career.
Mr. Richey most recently held the positions of Senior Vice Chancellor and
Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as
Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and
Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey
previously served as Chief Legal Officer and Executive Vice President,
CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics
Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
$287.10 |
$330,000 |
John S. Walsh
Birth Date: November 28, 1957
Trustee
Indefinite Term
Began serving: January 1999 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; President and Director, Heat Wagon, Inc. (manufacturer of
construction temporary heaters); President and Director, Manufacturers
Products, Inc. (distributor of portable construction heaters); President,
Portable Heater Parts, a division of Manufacturers Products, Inc.
Other Directorships Held: None.
Qualifications: Mr. Walsh has served in several business management roles
and directorship positions throughout his career. Mr. Walsh previously
served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
$260.99 |
$300,000 |
Name
Birth Date
Address
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Previous Position(s) |
Jeremy D. Boughton
Birth Date: September 29, 1976
Treasurer
Officer since: March 2024 |
Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Complex; Senior Vice President,
Federated Administrative Services, Federated Administrative Services, Inc., Federated Advisory Services Company, Federated
Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment
Counseling, Federated Investment Management Company and Federated MDTA, LLC. Formerly, Controller, Federated Hermes,
Inc. and Financial and Operations Principal for Federated Securities Corp. Mr. Boughton has received the Certified Public
Accountant designation.
Previous Positions: Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer,
Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services,
Inc., Federated Securities Corp., Federated Advisory Services Company, Federated Equity Management Company of
Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment
Management Company, Federated MDTA, LLC and Federated Hermes (UK) LLP, as well as other subsidiaries of Federated
Hermes, Inc. |
Peter J. Germain
Birth Date: September 3, 1959
CHIEF LEGAL OFFICER,
SECRETARY and EXECUTIVE
VICE PRESIDENT
Officer since: January 2005 |
Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes
Complex. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee
and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative
Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities
Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company;
and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a
member of the Pennsylvania Bar Association.
Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes,
Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
John B. Fisher
Birth Date: May 16, 1956
PRESIDENT
Officer since: November 2004 |
Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Complex;
Director or Trustee of certain of the Funds in the Federated Hermes Complex; Director and Vice President, Federated Hermes,
Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of
Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment
Management Company, and Federated MDTA LLC; Director, Federated Investors Trust Company.
Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and CEO
of Passport Research, Ltd.; Director and President, Technology, Federated Services Company. |
Stephen Van Meter
Birth Date: June 5, 1975
CHIEF COMPLIANCE OFFICER
AND SENIOR VICE PRESIDENT
Officer since: July 2015 |
Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Complex; Vice President
and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries.
Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66.
Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to
joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions
of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Stephen F. Auth
Birth Date: September 13, 1956
101 Park Avenue
41st Floor
New York, NY 10178
CHIEF INVESTMENT OFFICER
Officer since: November 2002 |
Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Complex;
Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated
Equity Management Company of Pennsylvania.
Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd.
(investment advisory subsidiary of Federated Hermes); Senior Vice President, Global Portfolio Management Services Division;
Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and
Portfolio Manager, Prudential Investments. |
Robert J. Ostrowski
Birth Date: April 26, 1963
Chief Investment Officer
Officer since: May 2004 |
Principal Occupations: Robert J. Ostrowski joined Federated Hermes, Inc. in 1987 as an Investment Analyst and became a
Portfolio Manager in 1990. He was named Chief Investment Officer of Federated Hermes, Inc. taxable fixed-income products in
2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund’s Adviser in
2009 and served as a Senior Vice President of the Fund’s Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered
Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University. |
Deborah A. Cunningham
Birth Date: September 15, 1959
Chief Investment Officer
Officer since: June 2012 |
Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market
products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive
Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and
holds an M.S.B.A. in Finance from Robert Morris College. |
Director/Trustee Emeritus |
Compensation
From the Fund
(past fiscal year) |
Total
Compensation
Paid to
Director/Trustee
Emeritus1
(past calendar year) |
John T. Collins2 |
$334.93 |
$385,000 |
Charles F. Mansfield, Jr. |
$24.72 |
$60,000 |
Board
Committee |
Committee
Members |
Committee Functions |
Meetings Held
During Last
Fiscal Year |
Executive |
J. Christopher Donahue
G. Thomas Hough
John S. Walsh |
In between meetings of the full Board, the Executive Committee generally may
exercise all the powers of the full Board in the management and direction of the
business and conduct of the affairs of the Trust in such manner as the Executive
Committee shall deem to be in the best interests of the Trust. However, the
Executive Committee cannot elect or remove Board members, increase or decrease
the number of Trustees, elect or remove any Officer, declare dividends, issue shares
or recommend to shareholders any action requiring shareholder approval. |
One |
Board
Committee |
Committee
Members |
Committee Functions |
Meetings Held
During Last
Fiscal Year |
Audit |
Maureen Lally-Green
Thomas M. O’Neill
P. Jerome Richey
John S. Walsh |
The purposes of the Audit Committee are to oversee the accounting and financial
reporting process of the Fund, the Fund’s internal control over financial reporting
and the quality, integrity and independent audit of the Fund’s financial statements.
The Committee also oversees or assists the Board with the oversight of compliance
with legal requirements relating to those matters, approves the engagement and
reviews the qualifications, independence and performance of the Fund’s
independent registered public accounting firm, acts as a liaison between the
independent registered public accounting firm and the Board and reviews the Fund’s
internal audit function. |
Seven |
Nominating |
G. Thomas Hough
Maureen Lally-Green
Thomas M. O’Neill
Madelyn A. Reilly
P. Jerome Richey
John S. Walsh |
The Nominating Committee, whose members consist of all Independent Trustees,
selects and nominates persons for election to the Fund’s Board when vacancies
occur. The Committee will consider candidates recommended by shareholders,
Independent Trustees, officers or employees of any of the Fund’s agents or service
providers and counsel to the Fund. Any shareholder who desires to have an
individual considered for nomination by the Committee must submit a
recommendation in writing to the Secretary of the Fund, at the Fund’s address
appearing on the back cover of this SAI. The recommendation should include the
name and address of both the shareholder and the candidate and detailed
information concerning the candidate’s qualifications and experience. In identifying
and evaluating candidates for consideration, the Committee shall consider such
factors as it deems appropriate. Those factors will ordinarily include: integrity,
intelligence, collegiality, judgment, diversity, skill, business and other experience,
qualification as an “Independent Trustee,” the existence of material relationships
which may create the appearance of a lack of independence, financial or accounting
knowledge and experience and dedication and willingness to devote the time and
attention necessary to fulfill Board responsibilities. |
Three |
Interested Board
Member Name |
Dollar Range of
Shares Owned in
Federated Hermes Managed
Volatility Fund II |
Aggregate
Dollar Range of
Shares Owned in
Federated Hermes Family of
Investment Companies |
J. Christopher Donahue |
None |
Over $100,000 |
Thomas R. Donahue |
None |
Over $100,000 |
Independent Board
Member Name |
|
|
G. Thomas Hough |
None |
Over $100,000 |
Maureen Lally-Green |
None |
Over $100,000 |
Thomas M. O’Neill |
None |
Over $100,000 |
Madelyn A. Reilly |
None |
Over $100,000 |
P. Jerome Richey |
None |
Over $100,000 |
John S. Walsh |
None |
Over $100,000 |
Types of Accounts Managed
by Damian McIntyre |
Total Number of Additional Accounts
Managed/Total Assets* |
Registered Investment Companies |
2/$518.7 million |
Other Pooled Investment Vehicles |
0/$0 |
Other Accounts |
0/$0 |
Types of Accounts Managed
by Ian Miller |
Total Number of Additional Accounts
Managed/Total Assets* |
Registered Investment Companies |
2/$518.7 million |
Other Pooled Investment Vehicles |
0/$0 |
Other Accounts |
0/$0 |
Types of Accounts Managed
by Dana Meissner |
Total Number of Additional Accounts
Managed/Total Assets* |
Registered Investment Companies |
1/$190.4 million |
Other Pooled Investment Vehicles |
0/$0 |
Other Accounts |
0/$0 |
Types of Accounts Managed
by Brian Smalley |
Total Number of Additional Accounts
Managed/Total Assets* |
Registered Investment Companies |
0/$0 |
Other Pooled Investment Vehicles |
0/$0 |
Other Accounts |
0/$0 |
Types of Accounts Managed
by Jerome Conner |
Total Number of Additional Accounts
Managed/Total Assets* |
Registered Investment Companies |
5/$14.9 billion |
Other Pooled Investment Vehicles |
1/$335.2 million |
Other Accounts |
5/$841.2 million |
Types of Accounts Managed
by Ihab Salib |
Total Number of Additional Accounts
Managed/Total Assets* |
Additional Accounts/Assets Managed
that are Subject to Advisory Fee
Based on Account Performance |
Registered Investment Companies |
15/$2.9 billion |
0/$0 |
Other Pooled Investment Vehicles |
7/$475.6 million |
0/$0 |
Other Accounts |
2/$26.9 million |
2/$420.6 million |
Types of Accounts Managed
by Todd Abraham |
Total Number of Additional Accounts
Managed/Total Assets* |
Registered Investment Companies |
17/$6.5 billion |
Other Pooled Investment Vehicles |
0/$0 |
Other Accounts |
1/$51.1 million |
Types of Accounts Managed
by Mark Durbiano |
Total Number of Additional Accounts
Managed/Total Assets* |
Additional Accounts/Assets Managed
that are Subject to Advisory Fee
Based on Account Performance |
Registered Investment Companies |
18/$13.0 billion |
0/$0 |
Other Pooled Investment Vehicles |
3/$385.1 million |
0/$0 |
Other Accounts |
6/$1.1 billion |
1/$149.4 million |
Broker Dealer |
Amount of
Securities Owned |
JPMorgan Chase & Co.
Bank of America Corp.
Goldman Sachs Group
State Street Bank
Jefferies Group |
$2,437,007
$1,446,044
$876,124
$472,196
$81,976 |
Administrative Services
Fee Rate |
Average Daily Net Assets
of the Investment Complex |
0.100% |
on assets up to $50 billion |
0.075% |
on assets over $50 billion |
For the Year Ended December 31 |
2023 |
2022 |
2021 |
Advisory Fee Earned |
$1,286,764 |
$1,411,707 |
$3,132,053 |
Advisory Fee Waiver |
$205,311 |
$175,930 |
- |
Advisory Fee Reimbursed |
$13,854 |
$22,068 |
$80,840 |
Brokerage Commissions |
$520,816 |
$352,351 |
$594,706 |
Net Administrative Fee |
$269,409 |
$277,337 |
$464,464 |
Net 12b-1 Fee: |
|
|
|
Service Shares |
$3,883 |
$4,185 |
$50,713 |
Gross income from securities lending activities |
$00.00 |
Fees and/or compensation for securities lending activities and related services |
|
Fees paid to securities lending agent from a revenue split |
$00.00 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in
the revenue split |
— |
Administrative fees not included in revenue split |
— |
Indemnification fee not included in revenue split |
— |
Rebate (paid to borrower) |
$00.00 |
Other fees not included in revenue split (specify) |
— |
Aggregate fees/compensation for securities lending activities |
$00.00 |
Net income from securities lending activities |
$00.00 |
Share Class |
Primary |
|
|
|
P |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) |
|
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) |
|
Redemption Fee (as a percentage of amount redeemed, if applicable) |
|
Exchange Fee |
|
|
P |
Management Fee |
|
Distribution (12b-1) Fee |
|
Other Expenses |
|
Total Annual Fund Operating Expenses |
|
Fee Waivers and/or Expense Reimbursements3 |
( |
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements |
|
1 Year |
$ |
3 Years |
$ |
5 Years |
$ |
10 Years |
$ |
Share Class |
1 Year |
5 Years |
10 Years |
P Class: |
|
|
|
Return Before Taxes |
|
|
|
Bloomberg US Intermediate Credit Index1
(reflects no deduction for fees, expenses or taxes) |
|
|
|
|
Year Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$9.81 |
$11.26 |
$11.82 |
$11.31 |
$10.65 |
Income From Investment Operations: |
|
|
|
|
|
Net investment income (loss)1 |
0.29 |
0.25 |
0.25 |
0.28 |
0.31 |
Net realized and unrealized gain (loss) |
0.30 |
(1.27) |
(0.42) |
0.58 |
0.68 |
Total From Investment Operations |
0.59 |
(1.02) |
(0.17) |
0.86 |
0.99 |
Less Distributions: |
|
|
|
|
|
Distributions from net investment income |
(0.26) |
(0.27) |
(0.29) |
(0.32) |
(0.33) |
Distributions from net realized gain |
— |
(0.16) |
(0.10) |
(0.03) |
(0.00)2 |
Total Distributions |
(0.26) |
(0.43) |
(0.39) |
(0.35) |
(0.33) |
Net Asset Value, End of Period |
$10.14 |
$9.81 |
$11.26 |
$11.82 |
$11.31 |
Total Return3 |
6.14% |
(9.28)% |
(1.40)% |
8.12% |
9.44% |
Ratios to Average Net Assets: |
|
|
|
|
|
Net expenses4
|
0.74% |
0.74% |
0.74% |
0.74% |
0.74% |
Net investment income |
2.94% |
2.44% |
2.17% |
2.50% |
2.79% |
Expense waiver/reimbursement5 |
0.08% |
0.07% |
0.06% |
0.07% |
0.08% |
Supplemental Data: |
|
|
|
|
|
Net assets, end of period (000 omitted) |
$132,027 |
$134,757 |
$162,034 |
$170,912 |
$167,625 |
Portfolio turnover6 |
15% |
15% |
27% |
24% |
21% |
1 |
Per share numbers have been calculated using the average shares method. |
2 |
Represents less than $0.01. |
3 |
Based on net asset value. Total returns do not reflect any additional fees or expenses that may be imposed by separate accounts of insurance companies or in
connection with any variable annuity or variable life insurance contract. |
4 |
Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 |
This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/
reimbursement recorded by investment companies in which the Fund may invest. |
6 |
Securities that mature are considered sales for purposes of this calculation. |
FEDERATED HERMES QUALITY BOND FUND II - P CLASS | |||||
ANNUAL EXPENSE RATIO: 0.82% | |||||
MAXIMUM FRONT-END SALES CHARGE: N/A | |||||
Year |
Hypothetical
Beginning
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses |
Hypothetical
Ending
Investment |
1 |
$10,000.00 |
$500.00 |
$10,500.00 |
$83.71 |
$10,418.00 |
2 |
$10,418.00 |
$520.90 |
$10,938.90 |
$87.21 |
$10,853.47 |
3 |
$10,853.47 |
$542.67 |
$11,396.14 |
$90.86 |
$11,307.15 |
4 |
$11,307.15 |
$565.36 |
$11,872.51 |
$94.66 |
$11,779.79 |
5 |
$11,779.79 |
$588.99 |
$12,368.78 |
$98.61 |
$12,272.19 |
6 |
$12,272.19 |
$613.61 |
$12,885.80 |
$102.74 |
$12,785.17 |
7 |
$12,785.17 |
$639.26 |
$13,424.43 |
$107.03 |
$13,319.59 |
8 |
$13,319.59 |
$665.98 |
$13,985.57 |
$111.50 |
$13,876.35 |
9 |
$13,876.35 |
$693.82 |
$14,570.17 |
$116.16 |
$14,456.38 |
10 |
$14,456.38 |
$722.82 |
$15,179.20 |
$121.02 |
$15,060.66 |
Cumulative |
|
$6,053.41 |
|
$1,013.50 |
|
Share Class |
Service |
|
|
|
S |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) |
|
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) |
|
Redemption Fee (as a percentage of amount redeemed, if applicable) |
|
Exchange Fee |
|
|
S |
Management Fee |
|
Distribution (12b-1) Fee |
|
Other Expenses |
|
Total Annual Fund Operating Expenses |
|
Fee Waivers and/or Expense Reimbursements2 |
( |
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements |
|
1 Year |
$ |
3 Years |
$ |
5 Years |
$ |
10 Years |
$ |
Share Class |
1 Year |
5 Years |
10 Years |
S Class: |
|
|
|
Return Before Taxes |
|
|
|
Bloomberg US Intermediate Credit Index1
(reflects no deduction for fees, expenses or taxes) |
|
|
|
|
Year Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$9.79 |
$11.23 |
$11.79 |
$11.28 |
$10.62 |
Income From Investment Operations: |
|
|
|
|
|
Net investment income (loss)1 |
0.26 |
0.22 |
0.22 |
0.26 |
0.28 |
Net realized and unrealized gain (loss) |
0.30 |
(1.26) |
(0.42) |
0.57 |
0.68 |
Total From Investment Operations |
0.56 |
(1.04) |
(0.20) |
0.83 |
0.96 |
Less Distributions: |
|
|
|
|
|
Distributions from net investment income |
(0.23) |
(0.24) |
(0.26) |
(0.29) |
(0.30) |
Distributions from net realized gain |
— |
(0.16) |
(0.10) |
(0.03) |
(0.00)2 |
Total Distributions |
(0.23) |
(0.40) |
(0.36) |
(0.32) |
(0.30) |
Net Asset Value, End of Period |
$10.12 |
$9.79 |
$11.23 |
$11.79 |
$11.28 |
Total Return3 |
5.85% |
(9.46)% |
(1.66)% |
7.86% |
9.17% |
Ratios to Average Net Assets: |
|
|
|
|
|
Net expenses4
|
0.99% |
0.99% |
0.99% |
0.99% |
0.99% |
Net investment income |
2.69% |
2.19% |
1.92% |
2.25% |
2.54% |
Expense waiver/reimbursement5 |
0.08% |
0.07% |
0.06% |
0.07% |
0.08% |
Supplemental Data: |
|
|
|
|
|
Net assets, end of period (000 omitted) |
$12,468 |
$12,873 |
$16,287 |
$18,302 |
$18,776 |
Portfolio turnover6 |
15% |
15% |
27% |
24% |
21% |
1 |
Per share numbers have been calculated using the average shares method. |
2 |
Represents less than $0.01. |
3 |
Based on net asset value. Total returns do not reflect any additional fees or expenses that may be imposed by separate accounts of insurance companies or in
connection with any variable annuity or variable life insurance contract. |
4 |
Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 |
This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/
reimbursement recorded by investment companies in which the Fund may invest. |
6 |
Securities that mature are considered sales for purposes of this calculation. |
FEDERATED HERMES QUALITY BOND FUND II - S CLASS | |||||
ANNUAL EXPENSE RATIO: 1.07% | |||||
MAXIMUM FRONT-END SALES CHARGE: N/A | |||||
Year |
Hypothetical
Beginning
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses |
Hypothetical
Ending
Investment |
1 |
$10,000.00 |
$500.00 |
$10,500.00 |
$109.10 |
$10,393.00 |
2 |
$10,393.00 |
$519.65 |
$10,912.65 |
$113.39 |
$10,801.44 |
3 |
$10,801.44 |
$540.07 |
$11,341.51 |
$117.85 |
$11,225.94 |
4 |
$11,225.94 |
$561.30 |
$11,787.24 |
$122.48 |
$11,667.12 |
5 |
$11,667.12 |
$583.36 |
$12,250.48 |
$127.29 |
$12,125.64 |
6 |
$12,125.64 |
$606.28 |
$12,731.92 |
$132.29 |
$12,602.18 |
7 |
$12,602.18 |
$630.11 |
$13,232.29 |
$137.49 |
$13,097.45 |
8 |
$13,097.45 |
$654.87 |
$13,752.32 |
$142.90 |
$13,612.18 |
9 |
$13,612.18 |
$680.61 |
$14,292.79 |
$148.51 |
$14,147.14 |
10 |
$14,147.14 |
$707.36 |
$14,854.50 |
$154.35 |
$14,703.12 |
Cumulative |
|
$5,983.61 |
|
$1,305.65 |
|
Share Class |
Primary |
Service |
|
|
|
|
|
|
|
Contents |
1 |
|
1 |
|
12 |
|
16 |
|
17 |
|
20 |
|
20 |
|
23 |
|
23 |
|
23 |
|
24 |
|
24 |
|
25 |
|
41 |
|
41 |
|
47 |
|
48 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s) |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
J. Christopher Donahue*
Birth Date: April 11, 1949
Trustee
Indefinite Term
Began serving: September 1993 |
Principal Occupations: Principal Executive Officer and President of certain
of the Funds in the Federated Hermes Complex; Director or Trustee of the
Funds in the Federated Hermes Complex; President, Chief Executive
Officer and Director, Federated Hermes, Inc.; Chairman and Trustee,
Federated Investment Management Company; Trustee, Federated
Investment Counseling; Chairman and Director, Federated Global
Investment Management Corp.; Chairman and Trustee, Federated Equity
Management Company of Pennsylvania; Trustee, Federated Shareholder
Services Company; Director, Federated Services Company.
Previous Positions: President, Federated Investment Counseling; President
and Chief Executive Officer, Federated Investment Management Company,
Federated Global Investment Management Corp. and Passport
Research, Ltd.; Chairman, Passport Research, Ltd. |
$0 |
$0 |
Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016 |
Principal Occupations: Director or Trustee of certain funds in the
Federated Hermes Complex; Chief Financial Officer, Treasurer, Vice
President and Assistant Secretary, Federated Hermes, Inc.; Chairman and
Trustee, Federated Administrative Services; Chairman and Director,
Federated Administrative Services, Inc.; Trustee and Treasurer, Federated
Advisory Services Company; Director or Trustee and Treasurer, Federated
Equity Management Company of Pennsylvania, Federated Global
Investment Management Corp., Federated Investment Counseling, and
Federated Investment Management Company; Director, MDTA LLC;
Director, Executive Vice President and Assistant Secretary, Federated
Securities Corp.; Director or Trustee and Chairman, Federated Services
Company and Federated Shareholder Services Company; and Director and
President, FII Holdings, Inc.
Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary,
Federated Investment Management Company, Federated Global
Investment Management Company and Passport Research, LTD; Treasurer,
Passport Research, LTD; Executive Vice President, Federated Securities
Corp.; and Treasurer, FII Holdings, Inc. |
$0 |
$0 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Other Directorships Held for
Past Five Years, Previous Position(s) and Qualifications |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
G. Thomas Hough
Birth Date: February 28, 1955
Trustee
Indefinite Term
Began serving: August 2015 |
Principal Occupations: Director or Trustee and Chair of the Board of
Directors or Trustees of the Federated Hermes Complex; formerly,
Vice Chair, Ernst & Young LLP (public accounting firm) (Retired).
Other Directorships Held: Director, Chair of the Audit Committee,
Member of the Compensation Committee, Equifax, Inc.; Lead Director,
Member of the Audit and Nominating and Corporate Governance
Committees, Haverty Furniture Companies, Inc.; formerly, Director,
Member of Governance and Compensation Committees, Publix Super
Markets, Inc.
Qualifications: Mr. Hough has served in accounting, business management
and directorship positions throughout his career. Mr. Hough most recently
held the position of Americas Vice Chair of Assurance with Ernst &
Young LLP (public accounting firm). Mr. Hough serves on the President’s
Cabinet and Business School Board of Visitors for the University of
Alabama. Mr. Hough previously served on the Business School Board of
Visitors for Wake Forest University, and he previously served as an
Executive Committee member of the United States Golf Association. |
$297.46 |
$365,000 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Other Directorships Held for
Past Five Years, Previous Position(s) and Qualifications |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
Maureen Lally-Green
Birth Date: July 5, 1949
Trustee
Indefinite Term
Began serving: August 2009 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; Adjunct Professor of Law, Emerita, Duquesne University School of
Law; formerly, Dean of the Duquesne University School of Law and
Professor of Law and Interim Dean of the Duquesne University School of
Law; formerly, Associate General Secretary and Director, Office of Church
Relations, Diocese of Pittsburgh.
Other Directorships Held: Director, CNX Resources Corporation
(natural gas).
Qualifications: Judge Lally-Green has served in various legal and business
roles and directorship positions throughout her career. Judge Lally-Green
previously held the position of Dean of the School of Law of Duquesne
University (as well as Interim Dean). Judge Lally-Green previously served as
Director of the Office of Church Relations and later as Associate General
Secretary for the Diocese of Pittsburgh, a member of the Superior Court of
Pennsylvania and as a Professor of Law, Duquesne University School of Law.
Judge Lally-Green was appointed by the Supreme Court of Pennsylvania
and previously served on the Supreme Court’s Board of Continuing Judicial
Education and the Supreme Court’s Appellate Court Procedural Rules
Committee. Judge Lally-Green was then appointed by the Supreme Court
of Pennsylvania and currently serves on the Judicial Ethics Advisory Board.
Judge Lally-Green also currently holds the positions on not for profit or for
profit boards of directors as follows: Director and Chair, UPMC Mercy
Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State
Board of Education (public); Director, Catholic Charities, Pittsburgh; and
Director, CNX Resources Corporation (natural gas). Judge Lally-Green has
held the positions of: Director, Auberle; Director, Epilepsy Foundation of
Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh;
Director, Saint Thomas More Society; Director and Chair, Catholic High
Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar
Institute; Director, Saint Vincent College; Director and Chair, North Catholic
High School, Inc.; Director and Vice Chair, Our Campaign for the Church
Alive!, Inc.; and Director and Vice Chair, Saint Francis University. |
$268.93 |
$330,000 |
Thomas M. O’Neill
Birth Date: June 14, 1951
Trustee
Indefinite Term
Began serving: August 2006 |
Principal Occupations: Director or Trustee and Chair of the Audit
Committee of the Federated Hermes Complex; Sole Proprietor, Navigator
Management Company (investment and strategic consulting).
Other Directorships Held: None.
Qualifications: Mr. O’Neill has served in several business, mutual fund and
financial management roles and directorship positions throughout his
career. Mr. O’Neill serves as Director, Medicines for Humanity. Mr. O’Neill
previously served as Chief Executive Officer and President, Managing
Director and Chief Investment Officer, Fleet Investment Advisors; President
and Chief Executive Officer, Aeltus Investment Management, Inc.; General
Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment
Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending
Officer, Fleet Bank; Director and Consultant, EZE Castle Software
(investment order management software); Director, Midway Pacific
(lumber); and Director, The Golisano Children’s Museum of Naples, Florida. |
$268.93 |
$330,000 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Other Directorships Held for
Past Five Years, Previous Position(s) and Qualifications |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
Madelyn A. Reilly
Birth Date: February 2, 1956
Trustee
Indefinite Term
Began serving: November 2020 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; formerly, Senior Vice President for Legal Affairs, General Counsel
and Secretary of Board of Directors, Duquesne University (Retired).
Other Directorships Held: None.
Qualifications: Ms. Reilly has served in various business and legal
management roles throughout her career. Ms. Reilly previously served as
Senior Vice President for Legal Affairs, General Counsel and Secretary of
Board of Directors and Director of Risk Management and Associate General
Counsel, Duquesne University. Prior to her work at Duquesne University,
Ms. Reilly served as Assistant General Counsel of Compliance and
Enterprise Risk as well as Senior Counsel of Environment, Health and
Safety, PPG Industries. Ms. Reilly currently serves as a member of the Board
of Directors of UPMC Mercy Hospital, and as a member of the Board of
Directors of Catholic Charities, Pittsburgh. |
$244.47 |
$300,000 |
P. Jerome Richey
Birth Date: February 23, 1949
Trustee
Indefinite Term
Began serving: October 2013 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer,
University of Pittsburgh and Executive Vice President and Chief Legal
Officer, CONSOL Energy Inc. (split into two separate publicly traded
companies known as CONSOL Energy Inc. and CNX Resources Corp.).
Other Directorships Held: None.
Qualifications: Mr. Richey has served in several business and legal
management roles and directorship positions throughout his career.
Mr. Richey most recently held the positions of Senior Vice Chancellor and
Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as
Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and
Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey
previously served as Chief Legal Officer and Executive Vice President,
CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics
Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
$268.93 |
$330,000 |
John S. Walsh
Birth Date: November 28, 1957
Trustee
Indefinite Term
Began serving: January 1999 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; President and Director, Heat Wagon, Inc. (manufacturer of
construction temporary heaters); President and Director, Manufacturers
Products, Inc. (distributor of portable construction heaters); President,
Portable Heater Parts, a division of Manufacturers Products, Inc.
Other Directorships Held: None.
Qualifications: Mr. Walsh has served in several business management roles
and directorship positions throughout his career. Mr. Walsh previously
served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
$244.47 |
$300,000 |
Name
Birth Date
Address
Positions Held with Fund
Date Service Began |
Principal Occupation(s) and Previous Position(s) |
Jeremy D. Boughton
Birth Date: September 29, 1976
Treasurer
Officer since: March 2024 |
Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Complex; Senior Vice President,
Federated Administrative Services, Federated Administrative Services, Inc., Federated Advisory Services Company, Federated
Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment
Counseling, Federated Investment Management Company and Federated MDTA, LLC. Formerly, Controller, Federated Hermes,
Inc. and Financial and Operations Principal for Federated Securities Corp. Mr. Boughton has received the Certified Public
Accountant designation.
Previous Positions: Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer,
Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services,
Inc., Federated Securities Corp., Federated Advisory Services Company, Federated Equity Management Company of
Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment
Management Company, Federated MDTA, LLC and Federated Hermes (UK) LLP, as well as other subsidiaries of Federated
Hermes, Inc. |
Peter J. Germain
Birth Date: September 3, 1959
CHIEF LEGAL OFFICER,
SECRETARY and EXECUTIVE
VICE PRESIDENT
Officer since: January 2005 |
Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes
Complex. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee
and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative
Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities
Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company;
and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a
member of the Pennsylvania Bar Association.
Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes,
Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
John B. Fisher
Birth Date: May 16, 1956
PRESIDENT
Officer since: November 2004 |
Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Complex;
Director or Trustee of certain of the Funds in the Federated Hermes Complex; Director and Vice President, Federated Hermes,
Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of
Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment
Management Company, and Federated MDTA LLC; Director, Federated Investors Trust Company.
Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and CEO
of Passport Research, Ltd.; Director and President, Technology, Federated Services Company. |
Stephen Van Meter
Birth Date: June 5, 1975
CHIEF COMPLIANCE OFFICER
AND SENIOR VICE PRESIDENT
Officer since: July 2015 |
Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Complex; Vice President
and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries.
Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66.
Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to
joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions
of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Stephen F. Auth
Birth Date: September 13, 1956
101 Park Avenue
41st Floor
New York, NY 10178
CHIEF INVESTMENT OFFICER
Officer since: November 2002 |
Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Complex;
Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated
Equity Management Company of Pennsylvania.
Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd.
(investment advisory subsidiary of Federated Hermes); Senior Vice President, Global Portfolio Management Services Division;
Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and
Portfolio Manager, Prudential Investments. |
Robert J. Ostrowski
Birth Date: April 26, 1963
Chief Investment Officer
Officer since: May 2004 |
Principal Occupations: Robert J. Ostrowski joined Federated Hermes, Inc. in 1987 as an Investment Analyst and became a
Portfolio Manager in 1990. He was named Chief Investment Officer of Federated Hermes, Inc. taxable fixed-income products in
2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund’s Adviser in
2009 and served as a Senior Vice President of the Fund’s Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered
Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University. |
Deborah A. Cunningham
Birth Date: September 15, 1959
Chief Investment Officer
Officer since: June 2012 |
Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market
products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive
Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and
holds an M.S.B.A. in Finance from Robert Morris College. |
Director/Trustee Emeritus |
Compensation
From the Fund
(past fiscal year) |
Total
Compensation
Paid to
Director/Trustee
Emeritus1
(past calendar year) |
John T. Collins2 |
$313.76 |
$385,000 |
Charles F. Mansfield, Jr. |
$21.06 |
$60,000 |
Board
Committee |
Committee
Members |
Committee Functions |
Meetings Held
During Last
Fiscal Year |
Executive |
J. Christopher Donahue
G. Thomas Hough
John S. Walsh |
In between meetings of the full Board, the Executive Committee generally may
exercise all the powers of the full Board in the management and direction of the
business and conduct of the affairs of the Trust in such manner as the Executive
Committee shall deem to be in the best interests of the Trust. However, the
Executive Committee cannot elect or remove Board members, increase or decrease
the number of Trustees, elect or remove any Officer, declare dividends, issue shares
or recommend to shareholders any action requiring shareholder approval. |
One |
Board
Committee |
Committee
Members |
Committee Functions |
Meetings Held
During Last
Fiscal Year |
Audit |
Maureen Lally-Green
Thomas M. O’Neill
P. Jerome Richey
John S. Walsh |
The purposes of the Audit Committee are to oversee the accounting and financial
reporting process of the Fund, the Fund’s internal control over financial reporting
and the quality, integrity and independent audit of the Fund’s financial statements.
The Committee also oversees or assists the Board with the oversight of compliance
with legal requirements relating to those matters, approves the engagement and
reviews the qualifications, independence and performance of the Fund’s
independent registered public accounting firm, acts as a liaison between the
independent registered public accounting firm and the Board and reviews the Fund’s
internal audit function. |
Seven |
Nominating |
G. Thomas Hough
Maureen Lally-Green
Thomas M. O’Neill
Madelyn A. Reilly
P. Jerome Richey
John S. Walsh |
The Nominating Committee, whose members consist of all Independent Trustees,
selects and nominates persons for election to the Fund’s Board when vacancies
occur. The Committee will consider candidates recommended by shareholders,
Independent Trustees, officers or employees of any of the Fund’s agents or service
providers and counsel to the Fund. Any shareholder who desires to have an
individual considered for nomination by the Committee must submit a
recommendation in writing to the Secretary of the Fund, at the Fund’s address
appearing on the back cover of this SAI. The recommendation should include the
name and address of both the shareholder and the candidate and detailed
information concerning the candidate’s qualifications and experience. In identifying
and evaluating candidates for consideration, the Committee shall consider such
factors as it deems appropriate. Those factors will ordinarily include: integrity,
intelligence, collegiality, judgment, diversity, skill, business and other experience,
qualification as an “Independent Trustee,” the existence of material relationships
which may create the appearance of a lack of independence, financial or accounting
knowledge and experience and dedication and willingness to devote the time and
attention necessary to fulfill Board responsibilities. |
Three |
Interested Board
Member Name |
Dollar Range of
Shares Owned in
Federated Hermes Quality
Bond Fund II |
Aggregate
Dollar Range of
Shares Owned in
Federated Hermes Family of
Investment Companies |
J. Christopher Donahue |
None |
Over $100,000 |
Thomas R. Donahue |
None |
Over $100,000 |
Independent Board
Member Name |
|
|
G. Thomas Hough |
None |
Over $100,000 |
Maureen Lally-Green |
None |
Over $100,000 |
Thomas M. O’Neill |
None |
Over $100,000 |
Madelyn A. Reilly |
None |
Over $100,000 |
P. Jerome Richey |
None |
Over $100,000 |
John S. Walsh |
None |
Over $100,000 |
Types of Accounts Managed
by Bryan Dingle |
Total Number of Additional Accounts
Managed/Total Assets* |
Registered Investment Companies |
2/$1.5 billion |
Other Pooled Investment Vehicles |
0/$0 |
Other Accounts |
6/$26.9 billion |
Types of Accounts Managed
by Brian Ruffner |
Total Number of Additional Accounts
Managed/Total Assets* |
|
Registered Investment Companies |
4/$3.0 billion |
|
Other Pooled Investment Vehicles |
1/$140.3 million |
|
Other Accounts |
5/$673.4 million |
|
Broker Dealer |
Amount of
Securities Owned |
Bank of America Corp.
Goldman Sachs + Co.
Morgan Stanley & Inc |
$4,433,712
$3,201,814
$2,779,488 |
Administrative Services
Fee Rate |
Average Daily Net Assets
of the Investment Complex |
0.100% |
on assets up to $50 billion |
0.075% |
on assets over $50 billion |
For the Year Ended December 31 |
2023 |
2022 |
2021 |
Advisory Fee Earned |
$872,629 |
$950,461 |
$1,140,983 |
Advisory Fee Waived |
$112,700 |
$103,011 |
$122,692 |
Net Administrative Fee |
$120,046 |
$127,811 |
$156,214 |
Net 12b-1 Fee: |
|
|
|
Service Shares |
$31,570 |
$35,924 |
$42,979 |
Gross income from securities lending activities |
$80,785 |
Fees and/or compensation for securities lending activities and related services |
|
Fees paid to securities lending agent from a revenue split |
(1,479) |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included
in the revenue split |
— |
Administrative fees not included in revenue split |
— |
Indemnification fee not included in revenue split |
— |
Rebate (paid to borrower) |
(66,005) |
Other fees not included in revenue split (specify) |
— |
Aggregate fees/compensation for securities lending activities |
$(67,484) |
Net income from securities lending activities |
$13,301 |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) |
|
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) |
|
Redemption Fee (as a percentage of amount redeemed, if applicable) |
|
Exchange Fee |
|
|
|
Management Fee |
|
Distribution (12b-1) Fee |
|
Other Expenses1 |
|
Total Annual Fund Operating Expenses |
|
Fee Waivers and/or Expense Reimbursements2 |
( |
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements |
|
1 Year |
$ |
3 Years |
$ |
5 Years |
$ |
10 Years |
$ |
Fund: |
1 Year |
5 Years |
10 Years |
Return Before Taxes |
|
( |
|
Bloomberg US Mortgage Backed Securities Index1 (reflects no deduction for fees, expenses or taxes) |
|
|
|
Bloomberg US Government Bond Index2 (reflects no deduction for fees, expenses or taxes) |
|
|
|
Blended Index3 (reflects no deduction for fees, expenses or taxes) |
|
|
|
|
Year Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$9.20 |
$10.71 |
$11.16 |
$10.87 |
$10.52 |
Income From Investment Operations: |
|
|
|
|
|
Net investment income (loss)1 |
0.30 |
0.21 |
0.15 |
0.20 |
0.27 |
Net realized and unrealized gain (loss) |
0.08 |
(1.54) |
(0.38) |
0.36 |
0.34 |
TOTAL FROM INVESTMENT OPERATIONS |
0.38 |
(1.33) |
(0.23) |
0.56 |
0.61 |
Less Distributions: |
|
|
|
|
|
Distributions from net investment income |
(0.23) |
(0.18) |
(0.22) |
(0.27) |
(0.26) |
Net Asset Value, End of Period |
$9.35 |
$9.20 |
$10.71 |
$11.16 |
$10.87 |
Total Return2 |
4.19% |
(12.55)% |
(2.04)% |
5.21% |
5.90% |
Ratios to Average Net Assets: |
|
|
|
|
|
Net expenses3
|
0.78% |
0.78% |
0.78% |
0.78% |
0.78% |
Net investment income |
3.29% |
2.12% |
1.34% |
1.79% |
2.49% |
Expense waiver/reimbursement4 |
0.14% |
0.13% |
0.09% |
0.08% |
0.10% |
Supplemental Data: |
|
|
|
|
|
Net assets, end of period (000 omitted) |
$84,042 |
$91,840 |
$114,594 |
$130,306 |
$116,935 |
Portfolio turnover5 |
74% |
122% |
166% |
139% |
65% |
Portfolio turnover (excluding purchases and sales from dollar-roll transactions)5 |
65% |
96% |
31% |
37% |
61% |
1 |
Per share numbers have been calculated using the average shares method. |
2 |
Based on net asset value. Total returns do not reflect any additional fees or expenses that may be imposed by separate accounts of insurance companies or in
connection with any variable annuity or variable life insurance contract. |
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 ratios shown above. Amount does not reflect expense waiver/
reimbursement recorded by investment companies in which the Fund may invest. |
5 |
Securities that mature are considered sales for purposes of this calculation. |
FEDERATED HERMES FUND FOR U.S. GOVERNMENT SECURITIES II | |||||
ANNUAL EXPENSE RATIO: 0.93% | |||||
MAXIMUM FRONT-END SALES CHARGE: N/A | |||||
Year |
Hypothetical
Beginning
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses |
Hypothetical
Ending
Investment |
1 |
$10,000.00 |
$500.00 |
$10,500.00 |
$94.89 |
$10,407.00 |
2 |
$10,407.00 |
$520.35 |
$10,927.35 |
$98.75 |
$10,830.56 |
3 |
$10,830.56 |
$541.53 |
$11,372.09 |
$102.77 |
$11,271.36 |
4 |
$11,271.36 |
$563.57 |
$11,834.93 |
$106.96 |
$11,730.10 |
5 |
$11,730.10 |
$586.51 |
$12,316.61 |
$111.31 |
$12,207.52 |
6 |
$12,207.52 |
$610.38 |
$12,817.90 |
$115.84 |
$12,704.37 |
7 |
$12,704.37 |
$635.22 |
$13,339.59 |
$120.56 |
$13,221.44 |
8 |
$13,221.44 |
$661.07 |
$13,882.51 |
$125.46 |
$13,759.55 |
9 |
$13,759.55 |
$687.98 |
$14,447.53 |
$130.57 |
$14,319.56 |
10 |
$14,319.56 |
$715.98 |
$15,035.54 |
$135.88 |
$14,902.37 |
Cumulative |
|
$6,022.59 |
|
$1,142.99 |
|
|
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Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s) |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
J. Christopher Donahue*
Birth Date: April 11, 1949
Trustee
Indefinite Term
Began serving: September 1993 |
Principal Occupations: Principal Executive Officer and President of certain
of the Funds in the Federated Hermes Complex; Director or Trustee of the
Funds in the Federated Hermes Complex; President, Chief Executive
Officer and Director, Federated Hermes, Inc.; Chairman and Trustee,
Federated Investment Management Company; Trustee, Federated
Investment Counseling; Chairman and Director, Federated Global
Investment Management Corp.; Chairman and Trustee, Federated Equity
Management Company of Pennsylvania; Trustee, Federated Shareholder
Services Company; Director, Federated Services Company.
Previous Positions: President, Federated Investment Counseling; President
and Chief Executive Officer, Federated Investment Management Company,
Federated Global Investment Management Corp. and Passport
Research, Ltd.; Chairman, Passport Research, Ltd. |
$0 |
$0 |
Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016 |
Principal Occupations: Director or Trustee of certain funds in the
Federated Hermes Complex; Chief Financial Officer, Treasurer, Vice
President and Assistant Secretary, Federated Hermes, Inc.; Chairman and
Trustee, Federated Administrative Services; Chairman and Director,
Federated Administrative Services, Inc.; Trustee and Treasurer, Federated
Advisory Services Company; Director or Trustee and Treasurer, Federated
Equity Management Company of Pennsylvania, Federated Global
Investment Management Corp., Federated Investment Counseling, and
Federated Investment Management Company; Director, MDTA LLC;
Director, Executive Vice President and Assistant Secretary, Federated
Securities Corp.; Director or Trustee and Chairman, Federated Services
Company and Federated Shareholder Services Company; and Director and
President, FII Holdings, Inc.
Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary,
Federated Investment Management Company, Federated Global
Investment Management Company and Passport Research, LTD; Treasurer,
Passport Research, LTD; Executive Vice President, Federated Securities
Corp.; and Treasurer, FII Holdings, Inc. |
$0 |
$0 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Other Directorships Held for
Past Five Years, Previous Position(s) and Qualifications |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
G. Thomas Hough
Birth Date: February 28, 1955
Trustee
Indefinite Term
Began serving: August 2015 |
Principal Occupations: Director or Trustee and Chair of the Board of
Directors or Trustees of the Federated Hermes Complex; formerly,
Vice Chair, Ernst & Young LLP (public accounting firm) (Retired).
Other Directorships Held: Director, Chair of the Audit Committee,
Member of the Compensation Committee, Equifax, Inc.; Lead Director,
Member of the Audit and Nominating and Corporate Governance
Committees, Haverty Furniture Companies, Inc.; formerly, Director,
Member of Governance and Compensation Committees, Publix Super
Markets, Inc.
Qualifications: Mr. Hough has served in accounting, business management
and directorship positions throughout his career. Mr. Hough most recently
held the position of Americas Vice Chair of Assurance with Ernst &
Young LLP (public accounting firm). Mr. Hough serves on the President’s
Cabinet and Business School Board of Visitors for the University of
Alabama. Mr. Hough previously served on the Business School Board of
Visitors for Wake Forest University, and he previously served as an
Executive Committee member of the United States Golf Association. |
$252.56 |
$365,000 |
Maureen Lally-Green
Birth Date: July 5, 1949
Trustee
Indefinite Term
Began serving: August 2009 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; Adjunct Professor of Law, Emerita, Duquesne University School of
Law; formerly, Dean of the Duquesne University School of Law and
Professor of Law and Interim Dean of the Duquesne University School of
Law; formerly, Associate General Secretary and Director, Office of Church
Relations, Diocese of Pittsburgh.
Other Directorships Held: Director, CNX Resources Corporation
(natural gas).
Qualifications: Judge Lally-Green has served in various legal and business
roles and directorship positions throughout her career. Judge Lally-Green
previously held the position of Dean of the School of Law of Duquesne
University (as well as Interim Dean). Judge Lally-Green previously served as
Director of the Office of Church Relations and later as Associate General
Secretary for the Diocese of Pittsburgh, a member of the Superior Court of
Pennsylvania and as a Professor of Law, Duquesne University School of Law.
Judge Lally-Green was appointed by the Supreme Court of Pennsylvania
and previously served on the Supreme Court’s Board of Continuing Judicial
Education and the Supreme Court’s Appellate Court Procedural Rules
Committee. Judge Lally-Green was then appointed by the Supreme Court
of Pennsylvania and currently serves on the Judicial Ethics Advisory Board.
Judge Lally-Green also currently holds the positions on not for profit or for
profit boards of directors as follows: Director and Chair, UPMC Mercy
Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State
Board of Education (public); Director, Catholic Charities, Pittsburgh; and
Director, CNX Resources Corporation (natural gas). Judge Lally-Green has
held the positions of: Director, Auberle; Director, Epilepsy Foundation of
Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh;
Director, Saint Thomas More Society; Director and Chair, Catholic High
Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar
Institute; Director, Saint Vincent College; Director and Chair, North Catholic
High School, Inc.; Director and Vice Chair, Our Campaign for the Church
Alive!, Inc.; and Director and Vice Chair, Saint Francis University. |
$228.31 |
$330,000 |
Name
Birth Date
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Other Directorships Held for
Past Five Years, Previous Position(s) and Qualifications |
Aggregate
Compensation
From Fund
(past fiscal year) |
Total Compensation
From Fund and
Federated Hermes Complex
(past calendar year) |
Thomas M. O’Neill
Birth Date: June 14, 1951
Trustee
Indefinite Term
Began serving: August 2006 |
Principal Occupations: Director or Trustee and Chair of the Audit
Committee of the Federated Hermes Complex; Sole Proprietor, Navigator
Management Company (investment and strategic consulting).
Other Directorships Held: None.
Qualifications: Mr. O’Neill has served in several business, mutual fund and
financial management roles and directorship positions throughout his
career. Mr. O’Neill serves as Director, Medicines for Humanity. Mr. O’Neill
previously served as Chief Executive Officer and President, Managing
Director and Chief Investment Officer, Fleet Investment Advisors; President
and Chief Executive Officer, Aeltus Investment Management, Inc.; General
Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment
Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending
Officer, Fleet Bank; Director and Consultant, EZE Castle Software
(investment order management software); Director, Midway Pacific
(lumber); and Director, The Golisano Children’s Museum of Naples, Florida. |
$228.31 |
$330,000 |
Madelyn A. Reilly
Birth Date: February 2, 1956
Trustee
Indefinite Term
Began serving: November 2020 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; formerly, Senior Vice President for Legal Affairs, General Counsel
and Secretary of Board of Directors, Duquesne University (Retired).
Other Directorships Held: None.
Qualifications: Ms. Reilly has served in various business and legal
management roles throughout her career. Ms. Reilly previously served as
Senior Vice President for Legal Affairs, General Counsel and Secretary of
Board of Directors and Director of Risk Management and Associate General
Counsel, Duquesne University. Prior to her work at Duquesne University,
Ms. Reilly served as Assistant General Counsel of Compliance and
Enterprise Risk as well as Senior Counsel of Environment, Health and
Safety, PPG Industries. Ms. Reilly currently serves as a member of the Board
of Directors of UPMC Mercy Hospital, and as a member of the Board of
Directors of Catholic Charities, Pittsburgh. |
$207.56 |
$300,000 |
P. Jerome Richey
Birth Date: February 23, 1949
Trustee
Indefinite Term
Began serving: October 2013 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer,
University of Pittsburgh and Executive Vice President and Chief Legal
Officer, CONSOL Energy Inc. (split into two separate publicly traded
companies known as CONSOL Energy Inc. and CNX Resources Corp.).
Other Directorships Held: None.
Qualifications: Mr. Richey has served in several business and legal
management roles and directorship positions throughout his career.
Mr. Richey most recently held the positions of Senior Vice Chancellor and
Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as
Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and
Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey
previously served as Chief Legal Officer and Executive Vice President,
CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics
Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
$228.31 |
$330,000 |
John S. Walsh
Birth Date: November 28, 1957
Trustee
Indefinite Term
Began serving: January 1999 |
Principal Occupations: Director or Trustee of the Federated Hermes
Complex; President and Director, Heat Wagon, Inc. (manufacturer of
construction temporary heaters); President and Director, Manufacturers
Products, Inc. (distributor of portable construction heaters); President,
Portable Heater Parts, a division of Manufacturers Products, Inc.
Other Directorships Held: None.
Qualifications: Mr. Walsh has served in several business management roles
and directorship positions throughout his career. Mr. Walsh previously
served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
$207.56 |
$300,000 |
Name
Birth Date
Address
Positions Held with Trust
Date Service Began |
Principal Occupation(s) and Previous Position(s) |
Jeremy D. Boughton
Birth Date: September 29, 1976
Treasurer
Officer since: March 2024 |
Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Complex; Senior Vice President,
Federated Administrative Services, Federated Administrative Services, Inc., Federated Advisory Services Company, Federated
Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment
Counseling, Federated Investment Management Company and Federated MDTA, LLC. Formerly, Controller, Federated Hermes,
Inc. and Financial and Operations Principal for Federated Securities Corp. Mr. Boughton has received the Certified Public
Accountant designation.
Previous Positions: Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer,
Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services,
Inc., Federated Securities Corp., Federated Advisory Services Company, Federated Equity Management Company of
Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment
Management Company, Federated MDTA, LLC and Federated Hermes (UK) LLP, as well as other subsidiaries of Federated
Hermes, Inc. |
Peter J. Germain
Birth Date: September 3, 1959
CHIEF LEGAL OFFICER,
SECRETARY and EXECUTIVE
VICE PRESIDENT
Officer since: January 2005 |
Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes
Complex. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee
and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative
Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities
Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company;
and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a
member of the Pennsylvania Bar Association.
Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes,
Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
John B. Fisher
Birth Date: May 16, 1956
PRESIDENT
Officer since: November 2004 |
Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Complex;
Director or Trustee of certain of the Funds in the Federated Hermes Complex; Director and Vice President, Federated Hermes,
Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of
Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment
Management Company, and Federated MDTA LLC; Director, Federated Investors Trust Company.
Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and CEO
of Passport Research, Ltd.; Director and President, Technology, Federated Services Company. |
Stephen Van Meter
Birth Date: June 5, 1975
CHIEF COMPLIANCE OFFICER
AND SENIOR VICE PRESIDENT
Officer since: July 2015 |
Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Complex; Vice President
and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries.
Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66.
Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to
joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions
of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Stephen F. Auth
Birth Date: September 13, 1956
101 Park Avenue
41st Floor
New York, NY 10178
CHIEF INVESTMENT OFFICER
Officer since: November 2002 |
Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Complex;
Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated
Equity Management Company of Pennsylvania.
Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd.
(investment advisory subsidiary of Federated Hermes); Senior Vice President, Global Portfolio Management Services Division;
Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and
Portfolio Manager, Prudential Investments. |
Robert J. Ostrowski
Birth Date: April 26, 1963
Chief Investment Officer
Officer since: May 2004 |
Principal Occupations: Robert J. Ostrowski joined Federated Hermes, Inc. in 1987 as an Investment Analyst and became a
Portfolio Manager in 1990. He was named Chief Investment Officer of Federated Hermes, Inc. taxable fixed-income products in
2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund’s Adviser in
2009 and served as a Senior Vice President of the Fund’s Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered
Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University. |
Deborah A. Cunningham
Birth Date: September 15, 1959
Chief Investment Officer
Officer since: June 2012 |
Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market
products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive
Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and
holds an M.S.B.A. in Finance from Robert Morris College. |
Director/Trustee Emeritus |
Compensation
From the Fund
(past fiscal year) |
Total
Compensation
Paid to
Director/Trustee
Emeritus1
(past calendar year) |
John T. Collins2 |
$266.39 |
$385,000 |
Charles F. Mansfield, Jr. |
$12.87 |
$60,000 |
Board
Committee |
Committee
Members |
Committee Functions |
Meetings Held
During Last
Fiscal Year |
Executive |
J. Christopher Donahue
G. Thomas Hough
John S. Walsh |
In between meetings of the full Board, the Executive Committee generally may
exercise all the powers of the full Board in the management and direction of the
business and conduct of the affairs of the Trust in such manner as the Executive
Committee shall deem to be in the best interests of the Trust. However, the
Executive Committee cannot elect or remove Board members, increase or decrease
the number of Trustees, elect or remove any Officer, declare dividends, issue shares
or recommend to shareholders any action requiring shareholder approval. |
One |
Board
Committee |
Committee
Members |
Committee Functions |
Meetings Held
During Last
Fiscal Year |
Audit |
Maureen Lally-Green
Thomas M. O’Neill
P. Jerome Richey
John S. Walsh |
The purposes of the Audit Committee are to oversee the accounting and financial
reporting process of the Fund, the Fund’s internal control over financial reporting
and the quality, integrity and independent audit of the Fund’s financial statements.
The Committee also oversees or assists the Board with the oversight of compliance
with legal requirements relating to those matters, approves the engagement and
reviews the qualifications, independence and performance of the Fund’s
independent registered public accounting firm, acts as a liaison between the
independent registered public accounting firm and the Board and reviews the Fund’s
internal audit function. |
Seven |
Nominating |
G. Thomas Hough
Maureen Lally-Green
Thomas M. O’Neill
Madelyn A. Reilly
P. Jerome Richey
John S. Walsh |
The Nominating Committee, whose members consist of all Independent Trustees,
selects and nominates persons for election to the Fund’s Board when vacancies
occur. The Committee will consider candidates recommended by shareholders,
Independent Trustees, officers or employees of any of the Fund’s agents or service
providers and counsel to the Fund. Any shareholder who desires to have an
individual considered for nomination by the Committee must submit a
recommendation in writing to the Secretary of the Fund, at the Fund’s address
appearing on the back cover of this SAI. The recommendation should include the
name and address of both the shareholder and the candidate and detailed
information concerning the candidate’s qualifications and experience. In identifying
and evaluating candidates for consideration, the Committee shall consider such
factors as it deems appropriate. Those factors will ordinarily include: integrity,
intelligence, collegiality, judgment, diversity, skill, business and other experience,
qualification as an “Independent Trustee,” the existence of material relationships
which may create the appearance of a lack of independence, financial or accounting
knowledge and experience and dedication and willingness to devote the time and
attention necessary to fulfill Board responsibilities. |
Three |
Interested Board
Member Name |
Dollar Range of
Shares Owned in
Federated Hermes Fund for
U.S. Government Securities II |
Aggregate
Dollar Range of
Shares Owned in
Federated Hermes Family of
Investment Companies |
J. Christopher Donahue |
None |
Over $100,000 |
Thomas R. Donahue |
None |
Over $100,000 |
Independent Board
Member Name |
|
|
G. Thomas Hough |
None |
Over $100,000 |
Maureen Lally-Green |
None |
Over $100,000 |
Thomas M. O’Neill |
None |
Over $100,000 |
Madelyn A. Reilly |
None |
Over $100,000 |
P. Jerome Richey |
None |
Over $100,000 |
John S. Walsh |
None |
Over $100,000 |
Types of Accounts Managed
by Todd Abraham |
Total Number of Additional Accounts
Managed/Total Assets* |
Registered Investment Companies |
17/$6.5 billion |
Other Pooled Investment Vehicles |
0/$0 |
Other Accounts |
1/$51.1 million |
Types of Accounts Managed
by Liam O’Connell |
Total Number of Additional Accounts
Managed/Total Assets* |
Registered Investment Companies |
10/$7.5 billion |
Other Pooled Investment Vehicles |
0/$0 |
Other Accounts |
2/$107.2 million |
Administrative Services
Fee Rate |
Average Daily Net Assets
of the Investment Complex |
0.100% |
on assets up to $50 billion |
0.075% |
on assets over $50 billion |
For the Year Ended December 31 |
2023 |
2022 |
2021 |
Advisory Fee Earned |
$514,306 |
$607,156 |
$723,128 |
Advisory Fee Waived |
$123,932 |
$127,051 |
$108,032 |
Net Administrative Fee |
$70,312 |
$81,176 |
$98,035 |
Gross income from securities lending activities |
$00.00 |
Fees and/or compensation for securities lending activities and related services |
|
Fees paid to securities lending agent from a revenue split |
$00.00 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in
the revenue split |
— |
Administrative fees not included in revenue split |
— |
Indemnification fee not included in revenue split |
— |
Rebate (paid to borrower) |
$00.00 |
Other fees not included in revenue split (specify) |
— |
Aggregate fees/compensation for securities lending activities |
$00.00 |
Net income from securities lending activities |
$00.00 |
Item 28. Exhibits
(a) | Declaration of Trust | |
Conformed copy of Amended and Restated Declaration of Trust of the Registrant dated July 16, 2004 | + |
(b) | By-Laws | |
Conformed Copy of Amended and Restated By-Laws of the Registrant effective as of April 28, 2020 | + |
(c) | Instruments Defining Rights of Security Holders | |
1 | Copy of Specimen Certificate for Shares of Beneficial Interest for Federated Utility Fund II, Federated Fund for U.S. Government Securities Fund II, Federated High Income Bond Fund II and Federated Prime Money Fund II of the Registrant, as filed in Post-Effective Amendment No. 15 on July 31, 1997 on Form N-1A (File Nos. 811-8042 and 33-69268) | |
As of September 1, 1997, Federated Securities Corp. stopped issuing share certificates |
(d) | Investment Advisory Contracts | |
Federated Equity Management Company of Pennsylvania | ||
1 | Conformed copy of the Investment Advisory Contract of the Registrant dated January 1, 2004 | + |
Federated Investment Management Company | ||
2 | Conformed copy of the Investment Advisory Contract of the Registrant dated December 1, 1993 | + |
Co-Advisory Advisory Agreement | ||
3 | Conformed copy of the Co-Adviser Investment Advisory Contract of the Registrant dated August 15, 2014 | + |
Sub-Advisory Agreement-Federated Global Investment Management Corp. | ||
4 | Conformed copy of the Sub-Advisory Agreement of the Registrant dated March 1, 2002 | + |
(e) | Underwriting Contracts | |
Conformed copy of the Distributor’s Contract of the Registrant dated December 1, 1993 | + |
(f) | Bonus or Profit Sharing Contracts | |
Not applicable |
(g) | Custodian Agreements | |
Conformed copy of the Amended and Restated Master Custodian Agreement dated March 1, 2017 by and between State Street Bank and Trust Company and the Registrant | + |
(i) | Legal Opinion | |
Conformed copy of Opinion and Consent of Counsel as to legality of shares being registered, as filed on paper in Post-Effective Amendment No. 1 on April 29, 1994 on Form N-1A (File Nos. 811-8042 and 33-69268) [p] |
(j) | Other Opinions | |
Conformed copy of Consent of Independent Registered Public Accounting Firm KPMG LLP | + |
(k) | Omitted Financial Statements | |
Not Applicable |
(l) | Initial Capital Agreements | |
Conformed copy of Initial Capital Understanding, as filed on paper in Post-Effective Amendment No. 1 on April 29, 1994 on Form N-1A (File Nos. 811-8042 and 33-69268) [p] |
(m) | Rule 12b-1 Plan | |
Conformed copy of the Distribution Plan between certain classes of the Registrant and Federated Securities Corp., dated February 12, 2004 | + |
(n) | Rule 18f-3 Plan | |
Conformed copy of the Multiple Class Plan and all share class Exhibits as adopted by certain Federated investment companies offering separate classes of shares | + |
(p) | Codes of Ethics | |
Conformed copy of the Federated Hermes, Inc. Code of Ethics for Access Persons, effective January 4, 2022 | + |
+ | Exhibit is being filed electronically with registration statement | |
[p] | Exhibit filed on paper |
Exhibit List for Inline Interactive Data File Submission.
Index No. | Description of Exhibit |
EX-101.INS | XBRL Instance Document - Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |
EX-101.SCH | XBRL Taxonomy Extension Schema Document |
EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase |
EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase |
EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
Item 29. Persons Controlled by or Under Common Control with the Fund: |
None |
Item 30. Indemnification |
Indemnification is provided to Officers and Trustees of the Registrant pursuant to the Registrant's By-Laws, as amended. This includes indemnification against: (a) any liabilities or expenses incurred in connection with the defense or disposition of any action, suit or proceeding in which an Officer or Trustee may be or may have been involved; and (b) any liabilities and expenses incurred by an Officer or Trustee as a result of having provided personally identifiable information to a regulator or counterparty by or with whom the Registrant (or its series, as applicable) is regulated or engages in business to satisfy a legal or procedural requirement of such regulator or counterparty. The Investment Advisory Contracts, and Sub-advisory Agreements as applicable, (collectively, “Advisory Contracts”) between the Registrant and the investment advisers, co-advisers and sub-advisers as applicable, (collectively, “Advisers”) of its series, provide that, in the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of the obligations or duties under the Advisory Contracts on the part of the Advisers, Advisers shall not be liable to the Registrant or to any shareholder for any act or omission in the course of or connected in any way with rendering services or for any losses that may be sustained in the purchase, holding, or sale of any security. The Registrant’s distribution contract contains provisions limiting the liability, and providing for indemnification, of the Officers and Trustees under certain circumstances. Registrant's Trustees and Officers are covered by an Investment Trust Errors and Omissions Policy. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to Trustees, Officers, and controlling persons of the Registrant by the Registrant pursuant to the By-Laws, as amended, or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Act and, therefore, is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by Trustees), Officers, or controlling persons of the Registrant in connection with the successful defense of any act, suit, or proceeding) is asserted by such Trustees, Officers, or controlling persons in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issues. Insofar as indemnification for liabilities may be permitted pursuant to Section 17 of the Investment Company Act of 1940 for Trustees, Officers, and controlling persons of the Registrant by the Registrant pursuant to the By-Laws, as amended, or otherwise, the Registrant is aware of the position of the Securities and Exchange Commission as set forth in Investment Company Act Release No. IC-11330. Therefore, the Registrant undertakes that in addition to complying with the applicable provisions of the By-Laws, as amended, or otherwise, in the absence of a final decision on the merits by a court or other body before which the proceeding was brought, that an indemnification payment will not be made unless in the absence of such a decision, a reasonable determination based upon factual review has been made (i) by a majority vote of a quorum of non-party Trustees who are not interested persons of the Registrant or (ii) by independent legal counsel in a written opinion that the indemnitee was not liable for an act of willful misfeasance, bad faith, gross negligence, or reckless disregard of duties. The Registrant further undertakes that advancement of expenses incurred in the defense of a proceeding (upon undertaking for repayment unless it is ultimately determined that indemnification is appropriate) against an Officer, Trustee or controlling person of the Registrant will not be made absent the fulfillment of at least one of the following conditions: (i) the indemnitee provides security for his undertaking; (ii) the Registrant is insured against losses arising by reason of any lawful advances; or (iii) a majority of a quorum of disinterested non-party Trustees or independent legal counsel in a written opinion makes a factual determination that there is reason to believe the indemnitee will be entitled to indemnification. |
Item 31. Business and Other Connections of Investment Adviser: Federated Investment Management Company | |
For a description of the other business of the Investment Adviser, see the section entitled “Who Manages the Fund?” in Part A. The affiliations with the Registrant of two of the Trustees and three of the Officers of the Investment Adviser are included in Part B of this Registration Statement under "Who Manages and Provides Services to the Fund?" The remaining Trustees of the Investment Adviser and, in parentheses, their principal occupations are: Thomas R. Donahue, (Chief Financial Officer, Federated Hermes, Inc.), 1001 Liberty Avenue, Pittsburgh, PA, 15222-3779, John B. Fisher, (Vice Chairman, Federated Hermes, Inc.) 1001 Liberty Avenue, Pittsburgh, PA, 15222-3779 and James J. Gallagher, II, Partner, Morris James LLP, 500 Delaware Avenue, Suite 1500, Wilmington, DE 19801-1494. The business address of each of the Officers of the Investment Adviser is 1001 Liberty Avenue, Pittsburgh, Pennsylvania 15222-3779. These individuals are also officers of a majority of the Investment Advisers to the investment companies in the Federated Hermes Fund Complex described in Part B of this Registration Statement. | |
The Officers of the Investment Adviser are: | |
Chairman: | J. Christopher Donahue |
President/ Chief Executive Officer: | John B. Fisher |
Executive Vice Presidents: |
Deborah A. Cunningham Anne H. Kruczek Robert J. Ostrowski Timothy G. Trebilcock |
Senior Vice Presidents: |
Todd Abraham Jonathan C. Conley Mark E. Durbiano Donald T. Ellenberger Eamonn G. Folan Richard J. Gallo John T. Gentry Michael R. Granito Lori A. Hensler Susan R. Hill William R. Jamison Jeffrey A. Kozemchak Tracey L. Lusk Judith J. Mackin Marian R. Marinack Christopher P. McGinley Mary Jo Ochson Ihab Salib Michael W. Sirianni, Jr. Nicholas S. Tripodes Paige Wilhelm |
Vice Presidents: |
John Badeer Patrick D. Benacci Christopher S. Bodamer G. Andrew Bonnewell Hanan Callas David B. Catalane, Jr. Nicholas S. Cecchini James Chelmu Leslie Ciferno Jerome Conner Lee R. Cunningham, II Gregory Czamara, V B. Anthony Delserone, Jr. Jason DeVito Bryan Dingle Ann Ferentino Kevin M. Fitzpatrick Timothy P. Gannon Kathryn P. Glass James L. Grant Brandon Ray Hochstetler Nathan H. Kehm Allen J. Knizner Karen Manna Daniel James Mastalski Robert J. Matthews Karl Mocharko Joseph M. Natoli Nicholas Navari Gene Neavin Bob Nolte Liam O’Connell Bradley S. Payne John Polinski Rae Ann Rice Braden Rotberg Brian Ruffner Thomas C. Scherr John Scullion John Sidawi Paul Smith Peter Snook Kyle Stewart Randal Stuckwish Mary Ellen Tesla Frank Tetlow James Damen Thompson Anthony A. Venturino Mark Weiss George B. Wright Christopher Wu |
Assistant Vice Presidents: |
Patrick B. Cooper Quincy Hershey Christopher F. Hopkins Jeff J. Ignelzi Bennett L. Lo Natasha Nunez Steven J. Slanika Tyler R. Stenger Patrick O. Watson Michael S. Wilson John E. Wyda |
Secretary: | G. Andrew Bonnewell |
Assistant Secretaries: |
Edward C. Bartley Jonathan M. Lushko George F. Magera |
Treasurer: | Thomas R. Donahue |
Assistant Treasurers: |
Jeremy D. Boughton Richard A. Novak |
Chief Compliance Officer: | Stephen Van Meter |
Item 31. Business and Other Connections of Investment Adviser: Federated Global Investment Management Corp. | |
For a description of the other business of the Investment Adviser, see the section entitled “Who Manages the Fund?” in Part A. The affiliations with the Registrant of one of the Trustees and two of the Officers of the Investment Adviser are included in Part B of this Registration Statement under "Who Manages and Provides Services to the Fund?" The remaining Trustees of the Investment Adviser and, in parentheses, their principal occupations are: Thomas R. Donahue, (Chief Financial Officer, Federated Hermes, Inc.) and John B. Fisher, (Vice Chairman, Federated Hermes, Inc.) 1001 Liberty Avenue, Pittsburgh, PA, 15222-3779. The business addresses of the Officers of the Investment Adviser are: 1001 Liberty Avenue, Pittsburgh, PA 15222-3779; 101 Park Avenue, 41st Floor, New York, NY 10178 and 400 Meridian Centre, Suite 200, Rochester, NY 14618. Some of these individuals are also officers of a majority of the Investment Advisers to the investment companies in the Federated Hermes Fund Complex described in Part B of this Registration Statement. | |
The Officers of the Investment Adviser are: | |
Chairman: | J. Christopher Donahue |
President/ Chief Executive Officer: | John B. Fisher |
Executive Vice President: |
Stephen F. Auth Anne H. Kruczek Timothy G. Trebilcock |
Senior Vice Presidents: |
Steven Anthony Chiavarone John S. Ettinger Timothy Goodger Michael R. Granito Lori A. Hensler Judith J. Mackin William P. Pribanic Martin Christian Schulz Hans Utsch Richard A Winkowski, Jr. Yu (Calvin) Zhang |
Vice Presidents: |
Steven Abrahamson Jeff D. Aronsohn Thomas J. Banks Mark S. Bauknight Thomas M. Brakel G. Andrew Bonnewell Charles L. Curran Michael Czekaj Darius Czoch Stephen DeNichilo Fabrice Di Giusto Qun Liu Barbara E. Miller Robert Ricardo John F. Sherman Aditi Singhania Paul Smith Anastacio U. Teodoro, IV Frank Tetlow |
Assistant Vice Presidents: | Casimir A. Duchnowski |
Secretary: | G. Andrew Bonnewell |
Assistant Secretaries: |
Edward C. Bartley Jonathan M. Lushko George F. Magera |
Treasurer: | Thomas R. Donahue |
Assistant Treasurers: | Jeremy
D. Boughton Richard A. Novak |
Chief Compliance Officer: | Stephen Van Meter |
Item 31. Business and Other Connections of Investment Adviser: Federated Equity Management Company of Pennsylvania | |
For a description of the other business of the Investment Adviser, see the section entitled “Who Manages the Fund?” in Part A. The affiliations with the Registrant of one of the Trustees and two of the Officers of the Investment Adviser are included in Part B of this Registration Statement under "Who Manages and Provides Services to the Fund?" The remaining Trustees of the Investment Adviser and, in parentheses, their principal occupations are: Thomas R. Donahue, (Chief Financial Officer, Federated Hermes, Inc.), 1001 Liberty Avenue, Pittsburgh, PA, 15222-3779, John B. Fisher, (Vice Chairman, Federated Hermes, Inc.) 1001 Liberty Avenue, Pittsburgh, PA, 15222-3779 and James J. Gallagher, II, Partner, Morris James LLP, 500 Delaware Avenue, Suite 1500, Wilmington, DE 19801-1494. The business address of each of the Officers of the Investment Adviser is 1001 Liberty Avenue, Pittsburgh, Pennsylvania 15222-3779. These individuals are also officers of a majority of the Investment Advisers to the investment companies in the Federated Hermes Fund Complex described in Part B of this Registration Statement. | |
The Officers of the Investment Adviser are: | |
Chairman | J. Christopher Donahue |
President/ Chief Executive Officer: | John B. Fisher |
Executive Vice President |
Stephen F. Auth Anne H. Kruczek Timothy G. Trebilcock |
Senior Vice Presidents: |
Deborah D. Bickerstaff Linda A. Duessel Michael R. Granito Stephen Gutch Lori A. Hensler Judith J. Mackin Dana L. Meissner Daniel Peris Michael R. Tucker |
Vice Presidents: |
P. Ryan Bend G. Andrew Bonnewell Jared Hoff Chad Hudson Michael Jura Damian McIntyre Ian Miller Brian Charles Smalley Paul Smith Frank Tetlow Eric Matthew Triplett |
Assistant Vice Presidents: | Adam Koser |
Secretary: | G. Andrew Bonnewell |
Assistant Secretaries: |
Edward C. Bartley Jonathan M. Lushko George F. Magera |
Treasurer: | Thomas R. Donahue |
Assistant Treasurers: | Jeremy
Boughton Richard A. Novak |
Chief Compliance Officer: | Stephen Van Meter |
Item 32. Principal Underwriters: | |
(a) | Federated Securities Corp., the Distributor for shares of the Registrant, acts as principal underwriter for the following investment companies, including the Registrant: |
Federated Hermes Adjustable Rate Securities Trust | |
Federated Hermes Adviser Series | |
Federated Hermes Core Trust | |
Federated Hermes Core Trust III | |
Federated Hermes ETF Trust | |
Federated Hermes Equity Funds | |
Federated Hermes Equity Income Fund, Inc. | |
Federated Hermes Fixed Income Securities, Inc. | |
Federated Hermes Global Allocation Fund | |
Federated Hermes Government Income Trust | |
Federated Hermes Sustainable High Yield Bond Fund, Inc. | |
Federated Hermes High Yield Trust | |
Federated Hermes Income Securities Trust | |
Federated Hermes Index Trust | |
Federated Hermes Institutional Trust | |
Federated Hermes Insurance Series | |
Federated Hermes Intermediate Municipal Trust | |
Federated Hermes International Series, Inc. | |
Federated Hermes Investment Series Funds, Inc. | |
Federated Hermes Managed Pool Series | |
Federated Hermes MDT Series | |
Federated Hermes Money Market Obligations Trust | |
Federated Hermes Municipal Bond Fund, Inc. | |
Federated Hermes Municipal Securities Income Trust | |
Federated Hermes Premier Municipal Income Fund | |
Federated Hermes Project and Trade Finance Tender Fund | |
Federated Hermes Short-Intermediate Duration Municipal Trust | |
Federated Hermes Short-Intermediate Government Trust | |
Federated Hermes Short-Term Government Trust | |
Federated Hermes Total Return Government Bond Fund | |
Federated Hermes Total Return Series, Inc. | |
Federated Hermes World Investment Series, Inc. |
(b) | ||
(1) Positions and Offices with Distributor |
(2) Name
|
(3) Positions and Offices With Registrant |
Executive Vice President, Assistant Secretary and Director: | Thomas R. Donahue | |
President and Director: | Paul Uhlman | |
Vice President and Director: | Peter J. Germain | |
Director: | Frank C. Senchak |
(1) Positions and Offices with Distributor |
(2) Name
|
(3) Positions and Offices With Registrant |
Executive Vice Presidents: |
Charles L. Davis, Jr. Peter W. Eisenbrandt Anne H. Kruczek Amy M. Michaliszyn Solon A. Person Brian S. Ronayne |
|
Senior Vice Presidents: |
Irving Anderson Jeff Antonacci Christopher D. Berg Daniel G. Berry Jack Bohnet Edwin J. Brooks, III Bryan Burke Daniel P. Casey Scott J. Charlton James S. Conely Stephen R. Cronin Michael DiMarsico Jack C. Ebenreiter James Getz, Jr. Erik Gosule Dayna C. Haferkamp Vincent L. Harper, Jr. Bruce E. Hastings Jeffrey S. Jones Ryan W. Jones Philip L. Judson Scott D. Kavanagh Michael Koenig Edwin C. Koontz Jane E. Lambesis Michael Liss Judith J. Mackin Paul J. Magan Brian McInis Diane Marzula Richard C. Mihm Vincent T. Morrow John C. Mosko Alec H. Neilly James E. Ostrowski Stephen Otto Mark B. Patsy Richard P. Paulson Diane M. Robinson Timothy A. Rosewicz Matt Ryan Tom Schinabeck Peter C. Siconolfi Edward L. Smith John R. Stanley John A. Staley Mark J. Strubel William C. Tustin David A. Wasik G. Walter Whalen Brian R. Willer Lewis C. Williams Theodore E. Williams Michael Wolff Daniel R. Wroble Erik Zettlemayer |
|
Vice Presidents: |
Frank Amato Catherine M. Applegate Jeff D. Aronsohn, Jr. Kenneth C. Baber Justin A. Bard Raisa E. Barkaloff Robert W. Bauman Marc Benacci Joshua W. Billiel Bill Boarts Zachary Bono Matthew A. Boyle Thomas R. Brown Ryan P. Cain Mark Carroll Dan Casey Edward R. Costello Stephen J. Costlow Mary Ellen Coyne David G. Dankmyer Christopher T. Davis Charles R. Ebbs Mark A. Flisek Heather W. Froelich Maya Gorokhovskiy (Ferd) David D. Gregoire Raymond J. Hanley George M. Hnaras Scott A. Holick Christopher Jackson Timothy H. Johnson Todd Jones Andrew R. Kehler Scott Robert Kelley Patrick Kelly Nicholas R. Kemerer Robert H. Kern Shawn E. Knutson Joseph R. Lantz John S. Larson Anthony W. Lennon Justin Levy John P. Liekar Jonathan Lipinski Alexi A. Maravel Thomas Andrew Marik Stephen R. Massey Meghan McAndrew Catherine McGee Samuel McGowan Daniel McGrath Mark J. Murphy Ryan M. Newman Catherine M. Nied Ted Noethling Mark Patsy Marcus Persichetti Luke Anthony Raffa Max E. Recker Emory Redd Melissa R. Ryan John Shrewsbury Bradley Smith Justin J. Slomkowski Jonathan Sullivan Gregory Tzanoukakis Scott A. Vallina James M. Wagner David Wasik Brian R. Willer Littell Wilson Jr. James J. Wojciak |
|
Assistant Vice Presidents: |
Debbie Adams-Marshall Courtney Comstock Adina Davis Christopher DiBartolomeo Madison Dischinger Michelle Ausefski Doyle Andrew Druckenbroad Lucie Gordon Elizabeth Krah Graner Kristen C. Kiesling Leah Kaitlin Leitzel Clara L. Matvey Jennifer M. McSorley John K. Murray Carol Anne Sheppard Laura Vickerman |
|
Secretary: | Kary A. Moore | |
Assistant Secretaries: | Edward C. Bartley | |
Thomas R. Donahue | ||
George F. Magera | ||
Treasurer: | Richard A. Novak | |
Assistant Treasurer: | Jeremy D. Boughton | |
Chief Compliance Officer: | Stephen Van Meter |
(c) | Not Applicable |
Item 33. Location of Accounts and Records: |
All accounts and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 promulgated thereunder and those records required to be maintained by the Adviser with respect to the Registrant in accordance with CFTC regulations are maintained at one of the following locations: |
Registrant |
Federated Hermes Funds (Notices should be sent to the Agent for Service at the address listed on the facing page of this filing.) |
Federated Administrative Services (Administrator) |
1001 Liberty Avenue Pittsburgh, PA 15222-3779 |
Federated Investment Management Company 1 (Adviser and Co-Adviser) and Federated Equity Management Company of Pennsylvania 2 (Adviser and Co-Adviser) |
1001 Liberty Avenue Pittsburgh, PA 15222-3779 |
Federated Global Investment Management Corp. 3 (Sub-Adviser) |
101 Park Avenue 41st Floor New York, NY 10178 |
SS&C GIDS, Inc. (Transfer Agent, Dividend Disbursing Agent) |
P.O. Box 219318 Kansas City, MO 64121-9318 |
State Street Bank and Trust Company (Custodian) |
1 Iron Street Boston, MA 02110 |
1. | Federated Investment Management Company: Adviser to Federated Hermes Government Money Fund II, Federated Hermes Fund for U.S. Government Securities Fund II, Federated Hermes High Income Bond Fund II and Federated Hermes Quality Bond Fund II. Co-Adviser to Federated Hermes Managed Volatility Fund II. |
2. | Federated Equity Management Company of Pennsylvania: Adviser to Federated Hermes Kaufmann Fund II. Co-Adviser to Federated Hermes Managed Volatility Fund II. |
3. | Federated Global Investment Management Corp.: Sub-Adviser to Federated Hermes Kaufmann Fund II. |
Item 34. Management Services: Not applicable. |
Item 35. Undertakings: |
Registrant hereby undertakes to comply with the provisions of Section 16(c) of the 1940 Act with respect to the removal of Trustees and the calling of special shareholder meetings by shareholders. |
SIGNATURES Pursuant to the requirements of the Securities Act of 1933, and the Investment Company Act of 1940, the Registrant, Federated Hermes Insurance Series, certifies that it meets all of the requirements for effectiveness of this Amendment to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Pittsburgh and Commonwealth of Pennsylvania, on the day 24th of April 2024. |
Federated Hermes Insurance Series |
BY: /s/ George F. Magera George F. Magera, Assistant Secretary |
Pursuant to the requirements of the Securities Act of 1933, this Amendment to its Registration Statement has been signed below by the following person in the capacity and on the date indicated: |
NAME | TITLE | DATE |
BY: /s/
George F. Magera George F. Magera, Assistant Secretary |
Attorney In Fact For the Persons Listed Below | April 24, 2024 |
John B. Fisher* | President and (Principal Executive Officer) | |
J. Christopher Donahue* | Trustee | |
Thomas R. Donahue* | Trustee | |
Jeremy D. Boughton* | Treasurer (Principal Financial Officer/Principal Accounting Officer) | |
G. Thomas Hough* | Trustee | |
Maureen Lally-Green* | Trustee | |
Thomas O’Neill* | Trustee | |
Madelyn A. Reilly* | Trustee | |
P. Jerome Richey* | Trustee | |
John S. Walsh* | Trustee | |
*By Power of Attorney |