Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Federated Hermes Managed Volatility II P Release date as of 2024-06-30. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-06-30 Out of 222 Tactical Allocation Funds Morningstar® Style Box™ What is this? As of 2024-03-31 As of 2024-03-31 Total Fund Assets ($ Mil) 182.06 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks high current income and moderate capital appreciation. The fund invests in both equity and fixed-income securities that have high income potential. The analysis seeks to identify securities likely to have predictable returns based on a number of strategies such as valuation, market sentiment, profitability and capital use. It may buy or sell foreign currencies or foreign currency forwards in lieu of or in addition to non-dollar denominated fixed-income securities in order to hedge or increase or decrease its exposure to foreign interest rate and/or currency markets.

Morningstar Category: Tactical Allocation Tactical Allocation portfolios seek to provide capital appreciation and income by actively shifting allocations across investments. These portfolios have material shifts across equity regions, and bond sectors on a frequent basis. To qualify for the tactical allocation category, the fund must have minimum exposures of 10% in bonds and 20% in equity. Next, the fund must historically demonstrate material shifts in sector or regional allocations either through a gradual shift over three years or through a series of material shifts on a quarterly basis. Within a three-year period, typically the average quarterly changes between equity regions and bond sectors exceeds 15% or the difference between the maximum and minimum exposure to a single equity region or bond sector exceeds 50%.

Investment Risks There are no additional fund specific investment risks (e.g. liquidity risk, currency risk, foreign investment risk, etc.) associated with this fund beyond the normal risks generally associated with investing in a mutual fund.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 56.5 Non-U.S. Stocks 0.5 Bonds 36.4 Cash 5.0 Other 1.7 Data through 2024-03-31 Morningstar Equity Sectors % of Stocks Cyclical 32.02 Basic Materials 3.21 Consumer Cyclical 7.97 Financial Services 17.23 Real Estate 3.61 Sensitive 43.87 Communication Services 6.76 Energy 6.03 Industrials 11.18 Technology 19.90 Defensive 24.11 Consumer Defensive 6.80 Healthcare 13.80 Utilities 3.51 Data through 2024-03-31 Morningstar Fixed-Income Sectors % Fund Government 41.28 Corporate 23.23 Securitized 23.45 Municipal 0.00 Cash & Equivalents 12.04 Derivative 0.00 Data through 2024-03-31 Credit Analysis % Bonds AAA 4.10 AA 61.40 A 7.80 BBB 15.80 BB 2.50 B 2.50 Below B 1.20 Not Rated 4.70 Data through 2024-03-31 Holding Status Total Number of Stock Holdings 282 Total Number of Bond Holdings 348 % of Net Assets in Top 10 Holdings 53.06 Turnover % (as of 2023-12-31) 47.00 30 Day SEC Yield % 2.81 Top Holdings Sector Country Maturity Date Market Value ($000) % of Net Assets Future on E-mini S&P 500 Futures --- USA 2024-06-21 74,319 27.70 Federated Mortgage Core Portfolio --- USA --- 27,125 10.11 Us 5yr Note (Cbt) Jun24 Xcbt 20240628 --- --- 2024-06-28 13,377 4.99 United States Treasury Notes 2.75% --- USA 2027-07-31 5,414 2.02 10 Year Treasury Note Future June 24 --- USA 2024-06-18 -4,764 1.78 Federated Project and Trade Fin Cor --- USA --- 4,687 1.75 United States Treasury Notes 2.625% --- USA 2027-05-31 3,602 1.34 Ultra 10 Year US Treasury Note Future June 24 --- USA 2024-06-18 3,324 1.24 Federated Emerging Markets Core --- USA --- 2,865 1.07 Federated Hermes High Income Bond II P --- USA --- 2,836 1.06 Data through 2024-03-31

Principal Risks    Short Sale, Credit and Counterparty, Extension, Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Quantitative Investing, Value Investing, Interest Rate, Market/Market Volatility, Equity Securities, High-Yield Securities, Other, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Derivatives, Leverage, Management, Mid-Cap, Large Cap Show Risk Definitions

Other Information Inception Date: 1994-02-10 Portfolio Manager(s) Jerome D. Conner   (2014-04-08) Jerome D. Conner, CFA, is a portfolio manager at Federated Investment Management Company focusing on asset allocation, interest rate strategy and security selection. He has been with Federated Investment Management Company since 2002; has worked in investment management since 1995; has managed investment portfolios since 2010. Education: B.S., U.S. Naval Academy; M.S., Boston University. Ian L. Miller   (2017-04-30) Mr. Miller joined Federated in January 2006 as a Quantitative Analyst. ; has worked in investment management since 2006; and has managed investment portfolios since 2012. Miller earned a B.S. in Molecular Biology from Clarion University and an M.S. in Biotechnology from The John Hopkins University. Damian M. McIntyre   (2015-04-30) Damian M. McIntyre, CFA , FRM and CAIA, Portfolio Manager, has been the Fund’s portfolio manager since January 2017 and served as associate portfolio manager since April 2015. Mr. McIntyre joined Federated in 2008 as an Associate Quantitative Analyst and has been responsible for assisting with the investment process in the Global Equity Area, focusing on Managed Risk strategies. Mr. McIntyre received his B.S., Computational Finance, and an M.B.A. with a concentration in Finance, Economics and Strategy from Carnegie Mellon University. Brian Smalley   (2024-04-30) Associate Portfolio Manager, Fixed Income Managed Accounts. Responsible for assisting with the investment process for the managed account portfolios. Previous associations: Proprietary Trader/Fund Manager, Merus Capital Partners; Proprietary Trader, G2 Trading; Trader, Helios Partners; Proprietary Trader, First New York Securities. B.S., Carnegie Mellon University. Joined Federated 2014; Investment Experience: 11 Years Ihab L. Salib   (2013-05-13) Responsible for product strategy, portfolio management, and research in the international fixed income area. Previous associations: Senior Trader, global fixed income and foreign exchange securities, Federated Hermes; Associate Director, Senior Analyst/Trader, UBS Brinson; Various positions at Bank of New York and Bankers Trust Company. B.A., State University of New York at Stony Brook. Joined Federated Hermes 1999. Dana L. Meissner   (2020-04-30) Dana L. Meissner, CFA, FRM and CAIA, Senior Portfolio Manager, has been the Fund’s portfolio manager since April 2020. Mr. Meissner is jointly responsible for the day-to-day management of the Fund. He has been with the Adviser or an affiliate since 2000; has worked in investment management since 2000; and has managed investment portfolios since 2009. Education: M.S.I.A., Carnegie Mellon University; M.S. and B.S., University of Toledo. Todd A. Abraham   (1999-02-28) Todd A. Abraham, CFA, Senior Portfolio Manager of Federated Investment Management Company (“FIMC”). Mr. Abraham is a Senior Portfolio Manager and Head of the Government/Mortgage-backed Fixed Income Group. He is responsible for overseeing the macro risk elements in the portfolio. He has been with FIMC or an affiliate since 1993; has worked in investment management since 1993; has managed investment portfolios since 1995. Education: B.S., Indiana University of Pennsylvania; M.B.A., Loyola College. Mark E. Durbiano   (1994-02-10) Mark E. Durbiano, CFA, Senior Portfolio Manager, Head of the Domestic High Yield Group is responsible for portfolio management and research in the fixed income area, concentrating in the domestic high yield sector. Mr. Durbiano joined Federated in 1982 and has been Senior Portfolio Manager and Senior Vice President since 1996. He received a B.A. from Dickinson College and an M.B.A. from University of Pittsburgh. Mr. Durbiano has 38 years of investment experience. Investment Advisor(s) Federated Investment Management Company Federated Equity Mgmt Co. Of Penn Issuer Federated Subadvisor(s) ---

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