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Federated Hermes Fund for U.S. Government Securities II
Federated Hermes Quality Bond Fund II - P Class
Federated Hermes Quality Bond Fund II - S Class
Federated Hermes High Income Bond Fund II - P Class
Federated Hermes High Income Bond Fund II - S Class
Federated Hermes Managed Volatility Fund II – P Class
Federated Hermes Managed Volatility Fund II – S Class
Federated Hermes Kaufmann Fund II – P Class
Federated Hermes Kaufmann Fund II - S Class
Federated Hermes Government Money Fund II – S Class
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Federated Hermes Insurance Series
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<span style="color:#000000;font-family:Times New Roman;font-size:14pt;">Fund Summary Information </span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Federated Hermes Government Money Fund II (the “Fund”)</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment objective is to provide current income consistent with stability of principal and liquidity.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: FEES AND EXPENSES</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Note: The Table below and the Example that follows it relate exclusively to the Service Shares (S) of the Fund. They do </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. If these had been included, your costs would be higher. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell S class of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span>
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<span style="font-family:Arial Narrow;font-size:8pt;">May 1, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Example</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Example assumes that you invest $10,000 for the time periods indicated and then redeem or hold all of your Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses remain the same. The Example does not reflect sales charges (loads) on reinvested dividends. If these sales charges (loads) were included, your costs would be higher. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</span>
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<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">What are the Fund’s Main Investment Strategies?</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund invests in a portfolio of U.S. Treasury and government securities maturing in 397 days or less, as well as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">repurchase agreements collateralized fully by U.S. Treasury and government securities. The Fund may also hold cash. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association (“Ginnie Mae”). Finally, to a lesser extent, the Fund may invest in certain government securities that are issued by entities whose activities are sponsored by the federal government, but that have no explicit financial support. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under the Investment Company Act of 1940 (“Rule 2a-7”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund will operate as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under the Investment Company Act of 1940, as amended (the “1940 Act”). “Government money market funds” are required to invest at least 99.5% of their total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully. Government money market funds are not required to adopt a liquidity fee framework. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Under normal conditions, the Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment purposes) are invested in government securities and/or repurchase agreements that are collateralized fully by government securities. The Fund will notify shareholders at least 60 days in advance of any change in this investment policy.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">a stable NAV, it is possible to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">You could lose money by investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-11.04pt;position:relative;top:1pt;">■ </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Prices of fixed-income securities generally fall when interest rates rise. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates. Very low or negative interest rates magnify interest rate risk. During periods when interest rates are low or there are negative interest rates, the Fund’s yield (and total return) also is likely to be lower or the Fund may be unable to maintain a positive return, or yield, or a stable NAV.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-11.04pt;position:relative;top:1pt;">■ </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Issuer Credit Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</span>
<span style="font-family:Times New Roman;font-size:10pt;margin-left:-11.04pt;position:relative;top:1pt;">■ </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Counterparty Risk.</span><span style="font-family:Times New Roman;font-size:10pt;"> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-11.04pt;position:relative;top:1pt;">■ </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Call Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below its current market value.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-11.04pt;position:relative;top:1pt;">■ </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Associated with Investing Share Purchase Proceeds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund’s yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund’s yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</span>
<span style="font-family:Times New Roman;font-size:10pt;margin-left:-11.04pt;position:relative;top:1pt;">■ </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Associated with Use of Amortized Cost.</span><span style="font-family:Times New Roman;font-size:10pt;"> In the unlikely event that the Fund’s Board of Trustees (“Board”) were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund’s amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-11.04pt;position:relative;top:1pt;">■ </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Additional Factors Affecting Yield. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund’s yield will vary. Periods of very low or negative interest rates impact, in a negative way, the Fund’s ability to maintain a positive return, or yield, or pay dividends to Fund shareholders.</span>
<span style="font-family:Times New Roman;font-size:10pt;margin-left:-11.04pt;position:relative;top:1pt;">■ </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Related to the Economy. </span><span style="font-family:Times New Roman;font-size:10pt;">The value of the Fund’s portfolio may decline in tandem with a drop in the overall value of the markets in which the Fund invests and/or other markets. Global economic, political and financial conditions, including geopolitical and other events (e.g., wars, tensions, sanctions and terrorism), legislative changes or shifts in fiscal or monetary policy or reform, industry or economic trends and developments,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:11.9pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">grid congestion or capacity constraints, natural disasters or public health risks, such as epidemics or pandemics, may, from time to time, and for varying periods of time, have a significant effect on the economies of many nations, including the U.S., and financial markets generally and cause the Fund to experience volatility, illiquidity, loss of value, shareholder redemptions and/or other potentially adverse effects.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-11.04pt;position:relative;top:1pt;">■ </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Technology Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser uses various technologies in managing the Fund, consistent with its investment objective(s) and strategy described in this Prospectus. For example, proprietary and third-party data and systems are utilized to support decision-making for the Fund. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect Fund performance.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Performance: Bar Chart and Table</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Risk/Return Bar Chart</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund’s S class and are intended to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">help you analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s total returns on a calendar year-by-year basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Average Annual Total Return table shows returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">averaged</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> over the stated periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">For current performance information, contact your insurance company.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund’s S class and are intended to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">help you analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s total returns on a calendar year-by-year basis.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">Within the periods shown in the bar chart, the Fund’s S class highest quarterly return was 1.21% (quarter ended December 31, 2023). Its lowest quarterly return was 0.00% (quarter ended March 31, 2022).</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Return Table</span>
<span style="font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The following table represents the Fund’s Average Annual Total Returns for the calendar period ended </span><span style="font-family:Times New Roman;font-size:10pt;">December 31, 2025.</span>
0.0373
0.0280
0.0173
<span style="font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The Fund’s 7-Day Net Yield as of December 31, 2025</span><span style="font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">, was </span><span style="font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">3.22</span><span style="font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">%. You may go to </span><span style="font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">FederatedHermes.com/us or call the Fund at </span><span style="font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">1-800-341-7400</span><span style="font-family:Arial Narrow;font-size:7.75pt;font-style:italic;"> for the current 7-Day Net Yield.</span>
<span style="font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The Fund’s 7-Day Net Yield as of December 31, 2025</span>
0.0322
<span style="font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">1-800-341-7400</span>
<span style="color:#000000;font-family:Times New Roman;font-size:14pt;">Fund Summary Information </span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Federated Hermes High Income Bond Fund II (the “Fund”)</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investment objective is to seek high current income.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: FEES AND EXPENSES</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Note: The table below and the Example that follows it relate exclusively to the Primary Shares (P) of the Fund. They do </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. If these had been included, your costs would be higher. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell P class of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span>
0.0060
0
0.0030
0.0090
-0.0009
0.0081
<span style="font-family:Arial Narrow;font-size:8pt;">May 1, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Example</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Example assumes that you invest $10,000 for the time periods indicated and then redeem or hold all of your Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses remain the same. The Example does not reflect sales charges (loads) on reinvested dividends. If these sales charges (loads) were included, your costs would be higher. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</span>
92
287
498
1108
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Portfolio Turnover</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">28</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span>
0.28
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">What are the Fund’s Main Investment Strategies?</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund pursues its investment objective by investing primarily in a diversified portfolio of high-yield, lower-rated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">corporate bonds (also known as “junk bonds”). The Fund primarily invests in domestic high-yield, lower-rated bonds, but may invest a portion of its portfolio in securities of issuers based outside of the United States (so-called “foreign securities”) in both emerging and developed markets. The Fund’s investment adviser (the “Adviser’) does not target an average maturity for the Fund’s portfolio.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund may invest in derivative contracts and/or hybrid instruments to implement elements of its investment strategy. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">For example, the Fund may use derivative contracts or hybrid instruments to increase or decrease the portfolio’s exposure to the investment(s) underlying the derivative contracts or hybrid instruments in an attempt to benefit from changes in the value of the underlying investment(s). There can be no assurance that the Fund’s use of derivative contracts or hybrid instruments will work as intended. Derivative investments made by the Fund are included within the Fund’s 80% policy (as described below) and are calculated at market value. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are </span><span style="font-family:Times New Roman;font-size:10pt;">invested in lower-rated fixed-income investments. The Fund will notify shareholders at least 60 days in advance of any change in this investment policy.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Associated with Noninvestment-Grade Securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Securities rated below investment-grade may be subject to greater interest rate, credit and liquidity risks than investment-grade securities. These securities are considered speculative with respect to the issuer’s ability to pay interest and repay principal.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Issuer Credit Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> It is possible that interest or principal on securities will not be paid when due. Noninvestment-grade securities generally have a higher default risk than investment-grade securities. Such non-payment or default may reduce the value of the Fund’s portfolio holdings, its share price and its performance.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Counterparty Risk. </span><span style="font-family:Times New Roman;font-size:10pt;">Counterparty risk includes the possibility that a party to a transaction involving the Fund will fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategy.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Related to the Economy.</span><span style="font-family:Times New Roman;font-size:10pt;"> The value of the Fund’s portfolio may decline in tandem with a drop in the overall value of the markets in which the Fund invests and/or other markets. Global economic, political and financial conditions, including geopolitical and other events (e.g., wars, tensions, sanctions and terrorism), legislative changes or shifts in fiscal or monetary policy or reform, industry or economic trends and developments,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">grid congestion or capacity constraints, natural disasters or public health risks, such as epidemics or pandemics, may, from time to time, and for </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.00pt;">varying periods of time, </span><span style="font-family:Times New Roman;font-size:10pt;">have a significant effect on the economies of many nations, including the U.S., and financial </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.00pt;">markets generally and </span><span style="font-family:Times New Roman;font-size:10pt;">cause the Fund to experience volatility, illiquidity, loss of value, shareholder redemptions, and/or </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.00pt;">other potentially adverse effects. Among other investments, lower-grade bonds and loans may be particularly sensitive to changes in the economy.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Liquidity of individual corporate bonds varies considerably. Low-grade corporate bonds have less liquidity than investment-grade securities, which means that it may be more difficult to sell or buy a security at a favorable price or time.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Prices of fixed-income securities generally fall when interest rates rise. The longer the duration of a fixed-income security, the more susceptible it is to interest-rate risk. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Call Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is a possibility that an issuer of fixed-income securities in which the Fund may invest may redeem a security before maturity (a “call”) at a price below its current market price. An increase in the likelihood of a call may reduce the security’s price.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Foreign Investing.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Because the Fund invests in securities issued by foreign companies, the Fund’s Share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than could otherwise be the case.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Exchange rates for currencies fluctuate daily. Foreign securities are normally denominated and traded in foreign currencies. As a result, the value of the Fund’s foreign investments and the value of the shares may be affected favorably or unfavorably by changes in currency exchange rates relative to the U.S. dollar.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">European Union and Eurozone Related Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> A number of countries in the European Union (EU), including certain countries within the EU that have adopted the euro (Eurozone), have experienced, and may continue to experience, severe economic and financial difficulties. Additional countries within the EU may also fall subject to such difficulties. These events could negatively affect the value and liquidity of the Fund’s investments in euro-denominated securities and derivatives contracts, securities of issuers located in the EU or with significant exposure to EU issuers or countries.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Leverage Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Leverage risk is created when an investment exposes the Fund to a level of risk that exceeds the amount invested.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Investing in Emerging Market Countries.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Securities issued or traded in emerging markets generally entail greater risks than securities issued or traded in developed markets. Securities markets within emerging market countries may experience low or non-existent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities. Political and economic structures in emerging market countries generally lack the social, political and economic stability of developed countries, which may affect the value of the Fund’s investments in these countries. There may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing, and financial reporting standards comparable to those which U.S. companies are subject.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Investing in Derivative Contracts and Hybrid Instruments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Derivative contracts and hybrid instruments involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such contracts and instruments include valuation issues, increased potential for losses and/or costs to the Fund and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in the Prospectus. Derivative contracts and hybrid instruments may also involve other risks described in the Prospectus such as interest rate, counterparty credit, currency, liquidity and leverage risks.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Technology Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Adviser uses various technologies in managing the Fund, consistent with its investment objective and strategy described in this Prospectus. For example, proprietary and third-party data and systems are utilized to support decision-making for the Fund. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect Fund performance.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Performance: Bar Chart and Table</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Risk/Return Bar Chart</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund’s P class. The performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">information shown below will help you analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s P class total returns on a calendar year-by-year basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Average Annual Total </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Return Table shows returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">averaged</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> over the stated periods, and includes comparative performance information with a broad-based securities market index. The Fund’s performance is also compared to a secondary index to show how the Fund’s performance compares with the returns of an index with similar investments. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">For current performance information, contact your insurance company.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund’s P class. The performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">information shown below will help you analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s P class total returns on a calendar year-by-year basis.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">Within the periods shown in the bar chart, the Fund’s P class highest quarterly return was 9.42% (quarter ended June 30, 2020). Its lowest quarterly return was (12.53)% (quarter ended March 31, 2020).</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Return Table</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Return Before Taxes is shown for the Fund’s P class. </span><span style="font-family:Arial;font-size:8.5pt;">(For the Period Ended December 31, 2025)</span>
0.0823
0.0370
0.0559
0.0730
-0.0036
0.0201
0.0862
0.0450
0.0652
0.0779
0.0430
0.0561
<span style="color:#000000;font-family:Times New Roman;font-size:14pt;">Fund Summary Information </span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Federated Hermes High Income Bond Fund II (the “Fund”)</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investment objective is to seek high current income.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: FEES AND EXPENSES</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Note: The table below and the Example that follows it relate exclusively to the Service Shares (S) of the Fund. They do </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. If these had been included, your costs would be higher. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell S class of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span>
0.0060
0.0025
0.0029
0.0114
-0.0008
0.0106
<span style="font-family:Arial Narrow;font-size:8pt;">May 1, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Example</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Example assumes that you invest $10,000 for the time periods indicated and then redeem or hold all of your Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses remain the same. The Example does not reflect sales charges (loads) on reinvested dividends. If these sales charges (loads) were included, your costs would be higher. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</span>
116
362
628
1386
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Portfolio Turnover</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">28</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span>
0.28
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">What are the Fund’s Main Investment Strategies?</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund pursues its investment objective by investing primarily in a diversified portfolio of high-yield, lower-rated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">corporate bonds (also known as “junk bonds”). The Fund primarily invests in domestic high-yield, lower-rated bonds, but may invest a portion of its portfolio in securities of issuers based outside of the United States (so-called “foreign securities”) in both emerging and developed markets. The Fund’s investment adviser (the “Adviser’) does not target an average maturity for the Fund’s portfolio.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund may invest in derivative contracts and/or hybrid instruments to implement elements of its investment strategy. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">For example, the Fund may use derivative contracts or hybrid instruments to increase or decrease the portfolio’s exposure to the investment(s) underlying the derivative contracts or hybrid instruments in an attempt to benefit from changes in the value of the underlying investment(s). There can be no assurance that the Fund’s use of derivative contracts or hybrid instruments will work as intended. Derivative investments made by the Fund are included within the Fund’s 80% policy (as described below) and are calculated at market value. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are </span><span style="font-family:Times New Roman;font-size:10pt;">invested in lower-rated fixed-income investments. The Fund will notify shareholders at least 60 days in advance of any change in this investment policy.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Associated with Noninvestment-Grade Securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Securities rated below investment-grade may be subject to greater interest rate, credit and liquidity risks than investment-grade securities. These securities are considered speculative with respect to the issuer’s ability to pay interest and repay principal.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Issuer Credit Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> It is possible that interest or principal on securities will not be paid when due. Noninvestment-grade securities generally have a higher default risk than investment-grade securities. Such non-payment or default may reduce the value of the Fund’s portfolio holdings, its share price and its performance.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Counterparty Risk. </span><span style="font-family:Times New Roman;font-size:10pt;">Counterparty risk includes the possibility that a party to a transaction involving the Fund will fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategy.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Related to the Economy.</span><span style="font-family:Times New Roman;font-size:10pt;"> The value of the Fund’s portfolio may decline in tandem with a drop in the overall value of the markets in which the Fund invests and/or other markets. Global economic, political and financial conditions, including geopolitical and other events (e.g., wars, tensions, sanctions and terrorism), legislative changes or shifts in fiscal or monetary policy or reform, industry or economic trends and developments,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">grid congestion or capacity constraints, natural disasters or public health risks, such as epidemics or pandemics, may, from time to time, and for </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.00pt;">varying periods of time, </span><span style="font-family:Times New Roman;font-size:10pt;">have a significant effect on the economies of many nations, including the U.S., and financial </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.00pt;">markets generally and </span><span style="font-family:Times New Roman;font-size:10pt;">cause the Fund to experience volatility, illiquidity, loss of value, shareholder redemptions, and/or </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.00pt;">other potentially adverse effects. Among other investments, lower-grade bonds and loans may be particularly sensitive to changes in the economy.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Liquidity of individual corporate bonds varies considerably. Low-grade corporate bonds have less liquidity than investment-grade securities, which means that it may be more difficult to sell or buy a security at a favorable price or time.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Prices of fixed-income securities generally fall when interest rates rise. The longer the duration of a fixed-income security, the more susceptible it is to interest-rate risk. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Call Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is a possibility that an issuer of fixed-income securities in which the Fund may invest may redeem a security before maturity (a “call”) at a price below its current market price. An increase in the likelihood of a call may reduce the security’s price.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Foreign Investing.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Because the Fund invests in securities issued by foreign companies, the Fund’s Share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than could otherwise be the case.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Exchange rates for currencies fluctuate daily. Foreign securities are normally denominated and traded in foreign currencies. As a result, the value of the Fund’s foreign investments and the value of the shares may be affected favorably or unfavorably by changes in currency exchange rates relative to the U.S. dollar.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">European Union and Eurozone Related Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> A number of countries in the European Union (EU), including certain countries within the EU that have adopted the euro (Eurozone), have experienced, and may continue to experience, severe economic and financial difficulties. Additional countries within the EU may also fall subject to such difficulties. These events could negatively affect the value and liquidity of the Fund’s investments in euro-denominated securities and derivatives contracts, securities of issuers located in the EU or with significant exposure to EU issuers or countries.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Leverage Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Leverage risk is created when an investment exposes the Fund to a level of risk that exceeds the amount invested.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Investing in Emerging Market Countries.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Securities issued or traded in emerging markets generally entail greater risks than securities issued or traded in developed markets. Securities markets within emerging market countries may experience low or non-existent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities. Political and economic structures in emerging market countries generally lack the social, political and economic stability of developed countries, which may affect the value of the Fund’s investments in these countries. There may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing, and financial reporting standards comparable to those which U.S. companies are subject.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Investing in Derivative Contracts and Hybrid Instruments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Derivative contracts and hybrid instruments involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such contracts and instruments include valuation issues, increased potential for losses and/or costs to the Fund and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in the Prospectus. Derivative contracts and hybrid instruments may also involve other risks described in the Prospectus such as interest rate, counterparty credit, currency, liquidity and leverage risks.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Technology Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Adviser uses various technologies in managing the Fund, consistent with its investment objective and strategy described in this Prospectus. For example, proprietary and third-party data and systems are utilized to support decision-making for the Fund. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect Fund performance.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Performance: Bar Chart and Table</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Risk/Return Bar Chart</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund’s S class. The performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">information shown below will help you analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s S class total returns on a calendar year-by-year basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Average Annual Total </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Return Table shows returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">averaged</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> over the stated periods, and includes comparative performance information with a broad-based securities market index. The Fund’s performance is also compared to a secondary index to show how the Fund’s performance compares with the returns of an index with similar investments. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">For current performance information, contact your insurance company.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund’s S class. The performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">information shown below will help you analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s S class total returns on a calendar year-by-year basis.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">Within the periods shown in the bar chart, the Fund’s S class highest quarterly return was 9.25% (quarter ended June 30, 2020). Its lowest quarterly return was (12.39)% (quarter ended March 31, 2020).</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Return Table</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Return Before Taxes is shown for the Fund’s S class. </span><span style="font-family:Arial;font-size:8.5pt;">(For the Period Ended December 31, 2025)</span>
0.0818
0.0345
0.0533
0.0730
-0.0036
0.0201
0.0862
0.0450
0.0652
0.0779
0.0430
0.0561
<span style="color:#000000;font-family:Times New Roman;font-size:14pt;">Fund Summary Information </span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Federated Hermes Kaufmann Fund II (the “Fund”)</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investment objective is capital appreciation.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: FEES AND EXPENSES</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Note: The table below and the Example that follows it relate exclusively to the Primary Shares (P) of the Fund. They do </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. If these had been included, your costs would be higher. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell P class of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span>
0.0130
0.0000
0.0025
0.0155
-0.0001
0.0154
<span style="font-family:Arial Narrow;font-size:8pt;">May 1, 2027;</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Example</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Example assumes that you invest $10,000 for the time periods indicated and then redeem or hold all of your Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses remain the same. The Example does not reflect sales charges (loads) on reinvested dividends. If these sales charges (loads) were included, your costs would be higher. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</span>
158
490
845
1845
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Portfolio Turnover</span>
<span style="font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). </span><span style="font-family:Times New Roman;font-size:10pt;">A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:10pt;">25</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span>
0.25
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">What are the Fund’s Main Investment Strategies?</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">In seeking to achieve its objective, the Fund invests a majority of its assets in the common stocks of small- and medium-sized</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> companies that are traded on national securities exchanges, the NASDAQ stock market and on the over-the-counter market. Up to 30% of the Fund’s net assets may be invested in foreign securities. When investing in foreign securities, the Fund’s Adviser may emphasize investment in a particular country or group of countries which may subject the Fund to the risks of investing in such country or group of countries to a greater extent than if the Fund’s foreign security exposure was diversified over a greater number of countries. The Adviser’s process for selecting investments is bottom-up and growth-oriented. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund may invest in fixed-income securities, American Depositary Receipts (ADRs) and use derivative contracts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(such as, for example, futures contracts, options and swaps) and/or hybrid instruments to implement elements of its investment strategy. For example, the Fund may use derivative contracts or hybrid instruments to increase or decrease the portfolio’s exposure to the investment(s) underlying the derivative or hybrid instruments in an attempt to benefit from changes in the value of the underlying investment(s), to realize gains from trading a derivative contract or to hedge against potential losses. There can be no assurances the Fund’s use of derivative contracts and/or hybrid instruments will work as intended.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Stock Market Risk.</span><span style="font-family:Times New Roman;font-size:10pt;"> The value of equity securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s Share price may decline suddenly or over a sustained period of time. Declines in value can occur because of events relating to an issuer of a particular security resulting in a decline in the price of a particular portfolio holding, shareholder redemptions, or events relating to the broader stock market or economy, including changes in interest rates, industry or economic trends, monetary policy changes, market volatility and liquidity, or other adverse effects, which could negatively impact the Fund’s performance. Information publicly available about an issuer, whether from the issuer’s financial statements or other disclosures or from third parties, or information available to some but not all market participants, also can affect the price of an issuer’s shares in the market. The Adviser and its affiliated investment advisers, as well as third party advisers, also may manage other funds and accounts that use similar investment strategies,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and invest in similar securities, as</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">the Fund, and investments in certain</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">securities by multiple funds and accounts,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">including those managed by the Adviser and its affiliates, could impact the availability of suitable securities and cause a capacity constraint associated with the Fund’s investment strategy and could cause the Fund to be closed entirely or partially to new investment by all or certain shareholders.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Related to Investing for Growth. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. For instance, the price of a growth stock may experience a larger decline on a forecast of lower earnings, a negative fundamental development, or an adverse market development. Further, growth stocks may not pay dividends or may pay lower dividends than value stocks. This means they depend more on price changes for returns and may be more adversely affected in a down market compared to value stocks that pay higher dividends.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mid-Cap Company Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may invest in mid-capitalization (or “mid-cap”) companies. Mid-cap companies often have narrower markets, limited managerial and financial resources, more volatile performance and greater risk of failure, compared to larger, more established companies. These factors could increase the volatility of the Fund’s portfolio, performance and Share price.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Small-Cap Company Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may invest in small capitalization (or “small-cap”) companies. Small-cap companies may have less liquid stock, a more volatile share price, unproven track records, a limited product or service base and limited access to capital. The above factors could make small-cap companies more likely to fail than larger companies, and increase the volatility of the Fund’s portfolio, performance and Share price.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Focused Investment Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent that the Fund focuses its investments in the securities of a particular issuer or companies in a particular country, group of countries, region, market, industry, group of industries, sector, or asset class, the Fund’s exposure to various risks may be heightened, including price volatility and adverse economic, market, political, or regulatory occurrences affecting that issuer, country, group of countries, region, market, industry, group of industries, sector, or asset class.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Liquidity risk refers to the possibility that the Fund may not be able to sell a security or close out a derivative contract when it wants to. If this happens, the Fund will be required to continue to hold the security or keep the position open, and the Fund could incur losses. OTC derivative contracts generally carry greater liquidity risk than exchange-traded contracts.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Foreign Investing.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Because the Fund invests in securities issued by foreign companies and national governments, the Fund’s Share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than could otherwise be the case.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Investing in ADRs and Domestically Traded Securities of Foreign Issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Because the Fund may invest in ADRs and other domestically traded securities of foreign companies, the Fund’s Share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Custodial Services and Related Investment Costs.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Custodial services and other costs relating to investment in international securities markets generally are more expensive due to differing settlement and clearance procedures than those of the United States. The inability of the Fund to make intended securities purchases due to settlement problems could cause the Fund to miss attractive investment opportunities. In addition, security settlement and clearance procedures in some emerging market countries may not fully protect the Fund against loss of its assets.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Exchange rates for currencies fluctuate daily. Foreign securities are normally denominated and traded in foreign currencies. As a result, the value of the Fund’s foreign investments and the value of the Shares may be affected favorably or unfavorably by changes in currency exchange rates relative to the U.S. dollar.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">European Union and Eurozone Related Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A number of countries in the European Union (EU), including certain countries within the EU that have adopted the euro (Eurozone) have experienced, and may continue to experience, severe economic and financial difficulties. Additional countries within the EU may also fall subject to such difficulties. These events could negatively affect the value and liquidity of the Fund’s investments in euro-denominated securities and derivatives contracts, securities of issuers located in the EU or with significant exposure to EU issuers or countries.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Investing in Derivative Contracts and Hybrid Instruments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Derivative contracts and hybrid instruments involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such contracts and instruments include valuation issues, increased potential for losses and/or costs to the Fund and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivative contracts and hybrid instruments may also involve other risks described in this Prospectus, such as stock market, credit, currency, liquidity and leverage risks.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Credit risk includes the possibility that a party to a transaction (such as a derivative transaction) involving the Fund will fail to meet its obligations. This could cause the Fund to lose money or the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategy.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Initial Public Offerings (IPOs) Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> IPOs are initial public offerings of equity securities. Securities issued in IPOs have no trading history, and there may only be limited information about the companies. In addition, the prices of securities sold in IPOs may be highly volatile and may rise or fall shortly after an IPO.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Leverage Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Leverage risk is created when an investment (such as a derivative transaction) exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund’s risk of loss and potential for gain.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Prices of fixed-income securities generally fall when interest rates rise. The longer the duration of a fixed-income security, the more susceptible it is to interest rate risk. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Related to the Economy.</span><span style="font-family:Times New Roman;font-size:10pt;"> The value of the Fund’s portfolio may decline in tandem with a drop in the overall value of the markets in which the Fund invests and/or other markets. Global economic, political and financial conditions, including geopolitical and other events (e.g., wars, tensions, sanctions and terrorism), legislative changes or shifts in fiscal or monetary policy or reform, industry or economic trends and developments,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">grid congestion or capacity constraints, natural disasters or public health risks, such as epidemics or pandemics, may, from time to time, and for varying periods of time, have a significant effect on the economies of many nations, including the U.S., and financial markets generally and cause the Fund to experience volatility, illiquidity, loss of value, shareholder redemptions, and/or other potentially adverse effects.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Funds Risk.</span><span style="font-family:Times New Roman;font-size:10pt;"> An investment in an exchange-traded fund (ETF) generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. The price of an ETF can fluctuate up or down, and the Fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Technology Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser uses various technologies in managing the Fund, consistent with its investment objective and strategy described in this Prospectus. For example, proprietary and third-party data and systems are utilized to support decision-making for the Fund. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect Fund performance.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Performance: Bar Chart and Table</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Risk/Return Bar Chart</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s P class total returns on a calendar year-by-year basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Average Annual Total Return Table shows returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">averaged </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">over the stated periods, and includes comparative performance information with a broad-based securities market index. The Fund’s performance is also compared to a secondary index to show how the Fund’s performance compares with the returns of an index with similar investments. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> For current performance information, contact your insurance company.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s P class total returns on a calendar year-by-year basis.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">Within the periods shown in the bar chart, the Fund’s P class highest quarterly return was 29.20% (quarter ended June 30, 2020). Its lowest quarterly return was (18.68)% (quarter ended June 30, 2022).</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Return Table</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Return Before Taxes is shown for the Fund’s P class. </span><span style="font-family:Arial;font-size:8.5pt;">(For the Period Ended December 31, 2025)</span>
0.1152
0.0151
0.0988
0.1715
0.1315
0.1428
0.0866
0.0665
0.1249
0.0625
0.0341
0.1080
<span style="color:#000000;font-family:Times New Roman;font-size:14pt;">Fund Summary Information </span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Federated Hermes Kaufmann Fund II (the “Fund”)</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investment objective is capital appreciation.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: FEES AND EXPENSES</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Note: The table below and the Example that follows it relate exclusively to the Service Shares (S) of the Fund. They do </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. If these had been included, your costs would be higher. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell S class of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span>
0.0130
0.0025
0.0025
0.0180
-0.0001
0.0179
<span style="font-family:Arial Narrow;font-size:8pt;">May 1, 2027;</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Example</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Example assumes that you invest $10,000 for the time periods indicated and then redeem or hold all of your Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses remain the same. The Example does not reflect sales charges (loads) on reinvested dividends. If these sales charges (loads) were included, your costs would be higher. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</span>
183
566
975
2116
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Portfolio Turnover</span>
<span style="font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). </span><span style="font-family:Times New Roman;font-size:10pt;">A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:10pt;">25</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span>
0.25
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">What are the Fund’s Main Investment Strategies?</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">In seeking to achieve its objective, the Fund invests a majority of its assets in the common stocks of small- and medium-sized</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> companies that are traded on national securities exchanges, the NASDAQ stock market and on the over-the-counter market. Up to 30% of the Fund’s net assets may be invested in foreign securities. When investing in foreign securities, the Fund’s Adviser may emphasize investment in a particular country or group of countries which may subject the Fund to the risks of investing in such country or group of countries to a greater extent than if the Fund’s foreign security exposure was diversified over a greater number of countries. The Adviser’s process for selecting investments is bottom-up and growth-oriented. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund may invest in fixed-income securities, American Depositary Receipts (ADRs) and use derivative contracts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(such as, for example, futures contracts, options and swaps) and/or hybrid instruments to implement elements of its investment strategy. For example, the Fund may use derivative contracts or hybrid instruments to increase or decrease the portfolio’s exposure to the investment(s) underlying the derivative or hybrid instruments in an attempt to benefit from changes in the value of the underlying investment(s), to realize gains from trading a derivative contract or to hedge against potential losses. There can be no assurances the Fund’s use of derivative contracts and/or hybrid instruments will work as intended.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Stock Market Risk.</span><span style="font-family:Times New Roman;font-size:10pt;"> The value of equity securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s Share price may decline suddenly or over a sustained period of time. Declines in value can occur because of events relating to an issuer of a particular security resulting in a decline in the price of a particular portfolio holding, shareholder redemptions, or events relating to the broader stock market or economy, including changes in interest rates, industry or economic trends, monetary policy changes, market volatility and liquidity, or other adverse effects, which could negatively impact the Fund’s performance. Information publicly available about an issuer, whether from the issuer’s financial statements or other disclosures or from third parties, or information available to some but not all market participants, also can affect the price of an issuer’s shares in the market. The Adviser and its affiliated investment advisers, as well as third party advisers, also may manage other funds and accounts that use similar investment strategies,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and invest in similar securities, as</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">the Fund, and investments in certain</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">securities by multiple funds and accounts,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">including those managed by the Adviser and its affiliates, could impact the availability of suitable securities and cause a capacity constraint associated with the Fund’s investment strategy and could cause the Fund to be closed entirely or partially to new investment by all or certain shareholders.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Related to Investing for Growth. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. For instance, the price of a growth stock may experience a larger decline on a forecast of lower earnings, a negative fundamental development, or an adverse market development. Further, growth stocks may not pay dividends or may pay lower dividends than value stocks. This means they depend more on price changes for returns and may be more adversely affected in a down market compared to value stocks that pay higher dividends.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mid-Cap Company Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may invest in mid-capitalization (or “mid-cap”) companies. Mid-cap companies often have narrower markets, limited managerial and financial resources, more volatile performance and greater risk of failure, compared to larger, more established companies. These factors could increase the volatility of the Fund’s portfolio, performance and Share price.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Small-Cap Company Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may invest in small capitalization (or “small-cap”) companies. Small-cap companies may have less liquid stock, a more volatile share price, unproven track records, a limited product or service base and limited access to capital. The above factors could make small-cap companies more likely to fail than larger companies, and increase the volatility of the Fund’s portfolio, performance and Share price.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Focused Investment Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent that the Fund focuses its investments in the securities of a particular issuer or companies in a particular country, group of countries, region, market, industry, group of industries, sector, or asset class, the Fund’s exposure to various risks may be heightened, including price volatility and adverse economic, market, political, or regulatory occurrences affecting that issuer, country, group of countries, region, market, industry, group of industries, sector, or asset class.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Liquidity risk refers to the possibility that the Fund may not be able to sell a security or close out a derivative contract when it wants to. If this happens, the Fund will be required to continue to hold the security or keep the position open, and the Fund could incur losses. OTC derivative contracts generally carry greater liquidity risk than exchange-traded contracts.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Foreign Investing.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Because the Fund invests in securities issued by foreign companies and national governments, the Fund’s Share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than could otherwise be the case.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Investing in ADRs and Domestically Traded Securities of Foreign Issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Because the Fund may invest in ADRs and other domestically traded securities of foreign companies, the Fund’s Share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Custodial Services and Related Investment Costs.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Custodial services and other costs relating to investment in international securities markets generally are more expensive due to differing settlement and clearance procedures than those of the United States. The inability of the Fund to make intended securities purchases due to settlement problems could cause the Fund to miss attractive investment opportunities. In addition, security settlement and clearance procedures in some emerging market countries may not fully protect the Fund against loss of its assets.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Exchange rates for currencies fluctuate daily. Foreign securities are normally denominated and traded in foreign currencies. As a result, the value of the Fund’s foreign investments and the value of the Shares may be affected favorably or unfavorably by changes in currency exchange rates relative to the U.S. dollar.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">European Union and Eurozone Related Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A number of countries in the European Union (EU), including certain countries within the EU that have adopted the euro (Eurozone) have experienced, and may continue to experience, severe economic and financial difficulties. Additional countries within the EU may also fall subject to such difficulties. These events could negatively affect the value and liquidity of the Fund’s investments in euro-denominated securities and derivatives contracts, securities of issuers located in the EU or with significant exposure to EU issuers or countries.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Investing in Derivative Contracts and Hybrid Instruments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Derivative contracts and hybrid instruments involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such contracts and instruments include valuation issues, increased potential for losses and/or costs to the Fund and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivative contracts and hybrid instruments may also involve other risks described in this Prospectus, such as stock market, credit, currency, liquidity and leverage risks.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Credit risk includes the possibility that a party to a transaction (such as a derivative transaction) involving the Fund will fail to meet its obligations. This could cause the Fund to lose money or the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategy.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Initial Public Offerings (IPOs) Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> IPOs are initial public offerings of equity securities. Securities issued in IPOs have no trading history, and there may only be limited information about the companies. In addition, the prices of securities sold in IPOs may be highly volatile and may rise or fall shortly after an IPO.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Leverage Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Leverage risk is created when an investment (such as a derivative transaction) exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund’s risk of loss and potential for gain.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Prices of fixed-income securities generally fall when interest rates rise. The longer the duration of a fixed-income security, the more susceptible it is to interest rate risk. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Related to the Economy.</span><span style="font-family:Times New Roman;font-size:10pt;"> The value of the Fund’s portfolio may decline in tandem with a drop in the overall value of the markets in which the Fund invests and/or other markets. Global economic, political and financial conditions, including geopolitical and other events (e.g., wars, tensions, sanctions and terrorism), legislative changes or shifts in fiscal or monetary policy or reform, industry or economic trends and developments,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">grid congestion or capacity constraints, natural disasters or public health risks, such as epidemics or pandemics, may, from time to time, and for varying periods of time, have a significant effect on the economies of many nations, including the U.S., and financial markets generally and cause the Fund to experience volatility, illiquidity, loss of value, shareholder redemptions, and/or other potentially adverse effects.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Funds Risk.</span><span style="font-family:Times New Roman;font-size:10pt;"> An investment in an exchange-traded fund (ETF) generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. The price of an ETF can fluctuate up or down, and the Fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Technology Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser uses various technologies in managing the Fund, consistent with its investment objective and strategy described in this Prospectus. For example, proprietary and third-party data and systems are utilized to support decision-making for the Fund. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect Fund performance.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Performance: Bar Chart and Table</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Risk/Return Bar Chart</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s S class total returns on a calendar year-by-year basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Average Annual Total Return Table shows returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">averaged </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">over the stated periods, and includes comparative performance information with a broad-based securities market index. The Fund’s performance is also compared to a secondary index to show how the Fund’s performance compares with the returns of an index with similar investments. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">For current performance information, contact your insurance company.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s S class total returns on a calendar year-by-year basis.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">Within the periods shown in the bar chart, the Fund’s S class highest quarterly return was 29.11% (quarter ended June 30, 2020). Its lowest quarterly return was (18.71)% (quarter ended June 30, 2022).</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Return Table</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Return Before Taxes is shown for the Fund’s S class. </span><span style="font-family:Arial;font-size:8.5pt;">(For the Period Ended December 31, 2025)</span>
0.1126
0.0126
0.0961
0.1715
0.1315
0.1428
0.0866
0.0665
0.1249
0.0625
0.0341
0.1080
<span style="color:#000000;font-family:Times New Roman;font-size:14pt;">Fund Summary Information </span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Federated Hermes Managed Volatility Fund II (the “Fund”)</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investment objective is to achieve high current income and moderate capital appreciation.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: FEES AND EXPENSES</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Note: The table below and the Example that follows it relate exclusively to the Primary Shares (P) of the Fund. They do </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. If these had been included, your costs would be higher. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell P class of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span>
0.0075
0
0.0035
0.0002
0.0112
-0.0015
0.0097
<span style="font-family:Arial Narrow;font-size:8pt;">May 1, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Example</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Example assumes that you invest $10,000 for the time periods indicated and then redeem or hold all of your Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses remain the same. The Example does not reflect sales charges (loads) on reinvested dividends. If these sales charges (loads) were included, your costs would be higher. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</span>
114
356
617
1363
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Portfolio Turnover</span>
<span style="font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). </span><span style="font-family:Times New Roman;font-size:10pt;">A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:10pt;">60</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span>
0.60
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">What are the Fund’s Main Investment Strategies?</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund pursues its investment objective by investing in both equity and fixed-income securities that have high </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">income potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund’s Co-Advisers are Federated Investment Management Company (FIMCO) and Federated Equity Management </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Company of Pennsylvania (FEMCOPA) (collectively, the “Co-Advisers” and, in certain contexts, “Adviser”). FEMCOPA is primarily responsible for managing the equity portion of the Fund’s portfolio, including equity securities and related derivative contracts. FIMCO is primarily responsible for managing the fixed-income portion of the Fund’s portfolio, including fixed-income securities and related derivative contracts. FEMCOPA is primarily responsible for implementing a managed volatility strategy that involves managing the Fund’s use of equity index futures contracts to adjust the Fund’s expected volatility to a target annualized volatility. FEMCOPA is also primarily responsible for determining the allocation of the Fund’s portfolio between the equity, fixed-income and managed volatility strategies. Each Co-Adviser also may from time to time consult and work collaboratively with, or be informed by the decisions of or information from, the other Co-Adviser in connection with making certain investment decisions in regards to the Fund’s investment strategies and portfolio, in addition to various compliance, operational and administrative matters. While the Co-Advisers may work collaboratively in connection with the management of the Fund’s portfolio as described above, under certain circumstances, such as, for example, when certain personnel at the other Co-Adviser are not available, a Co-Adviser may make decisions or otherwise act independently from the other Co-Adviser. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Regarding the Fund’s equity portfolio, FEMCOPA’s process for managing the equity investments will be to over or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">underweight positions in mid- to large-cap companies based upon the Adviser’s quantitative analysis of the securities. The analysis seeks to identify securities likely to have predictable returns based on a number of factors such as valuation, market sentiment, profitability and capital use. Additionally, FEMCOPA seeks to purchase undervalued stocks that may increase in price as the market recognizes the company’s value. The portfolio is constructed and maintained to provide a reasonable trade-off between risk and return. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Regarding the Fund’s fixed-income portfolio, FIMCO selects fixed-income investments that offer high current yields or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">total return. FIMCO expects that these fixed-income investments will primarily be U.S. government securities, investment-grade debt issues, domestic noninvestment-grade debt securities (also known as “junk bonds” or “high-yield bonds”) and foreign investment-grade and noninvestment-grade fixed-income securities, including emerging market debt securities. The Fund limits the amount it may invest in a single fixed-income category up to 30% of Fund assets, except for U.S. government securities and high-quality, investment-grade, fixed-income investments, in which the Fund may invest up to 60% of its assets (and a minimum of 10% of its assets). FIMCO continuously analyzes a variety of economic and market indicators, considers the expected performance and risks unique to these categories of fixed-income investments, and attempts to strategically allocate among the categories to achieve strong income across changing business cycles. FIMCO does not target an average maturity or duration for the Fund’s portfolio and may invest in bonds of any maturity range. The Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and/or currency markets. When selecting investments for the Fund including but not limited to high-yield bonds, mortgage-backed securities and emerging market debt securities, FIMCO can invest in securities directly or in other investment companies, including funds advised by FIMCO (“Underlying Funds”). At times, the Fund’s investment in Underlying Funds advised by FIMCO may be a substantial portion of the Fund’s portfolio.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Certain of the fixed-income investments in which the Fund invests are government securities that are not backed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association (“Ginnie Mae”). Finally, the Fund may invest in certain government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Regarding the Fund’s managed volatility strategy, FEMCOPA will primarily use U.S. equity index futures contracts (a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">type of derivative) to target an annualized volatility level for the Fund of approximately 10%. To implement this target volatility management strategy, FEMCOPA will monitor the forecasted annualized volatility of returns of the entire Fund portfolio, placing a greater weight on recent historical data. When the forecasted volatility of the Fund’s entire portfolio falls outside of a lower (8%) or an upper (12%) band, FEMCOPA will generally take action to manage the fund’s volatility, taking into account current market conditions, macroeconomic conditions and competitive considerations. The Fund’s strategy of managing volatility to a target range seeks to reduce the expected volatility of the Fund’s entire portfolio in high volatility environments and to increase the expected volatility of the Fund’s entire portfolio in low volatility environments. FEMCOPA believes that the managed volatility strategy may lead to enhanced returns for investors while dampening large swings in the volatility of the Fund’s entire portfolio over time. To implement the Fund’s managed volatility strategy, FEMCOPA will buy equity index futures contracts (the “Long Equity Index Futures Positions”) and interest rate futures contracts in order to seek to raise the Fund’s expected volatility level and sell equity index futures contracts (the “Short Equity Index Futures Positions”) and interest rate futures contracts to hedge the Fund’s entire portfolio and lower the Fund’s expected volatility level. Under normal market conditions, FEMCOPA will seek to manage the Fund’s investments in equity index futures contracts (or other broad-based U. S. equity futures) such that: </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-11.04pt;position:relative;top:1pt;">■ </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The notional value of the Long Equity Index Futures Positions generally will not exceed 60% of the Fund’s net asset value at any given time; and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-11.04pt;position:relative;top:1pt;">■ </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The notional value of the Short Equity Index Futures Positions generally will not exceed 40% of the Fund’s net asset value at any given time. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Due to these limitations, market conditions, or other factors, the actual or realized volatility of the Fund for any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">particular period of time may be materially higher or lower than the target level. The volatility of the Fund is a statistical measurement of the frequency and level of changes in the Fund’s returns without regard to the direction of those changes. Volatility may result from rapid and dramatic price swings. The Fund will use Short Equity Index Futures Positions to hedge the Fund’s exposure to long equity positions. The Fund also intends to use other equity futures or interest rate futures for hedging purposes, and intends to use derivative contracts (such as, for example, options and futures contracts) to implement other elements of its investment strategy as more fully described in the Fund’s prospectus or SAI. There can be no assurances that the Fund’s use of derivative contracts will work as intended. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Regarding the composition of the Fund’s portfolio, under normal conditions, it is anticipated that approximately 40% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund’s assets will be invested directly into equity securities and 60% of the Fund’s assets will be invested in fixed-income securities and other investments. FEMCOPA may vary this allocation by +/- 10% for each asset class depending upon their economic and market outlook, as well as a result of favorable investment opportunities. The managed volatility strategy described in the previous paragraph may cause the Fund’s effective exposure to the equity asset class to be greater or less than the level of its direct investments in equity securities. In addition to the other risks of investing in the Fund, the managed volatility strategy will also expose the Fund to leverage risk and the risks of investing in derivative contracts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund actively trades its portfolio securities in an attempt to achieve its investment objective. Active trading will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">cause the Fund to have an increased portfolio turnover rate and increase the Fund’s trading costs, which may have an adverse impact on the Fund’s performance. An active trading strategy will likely result in the Fund generating more short-term capital gains or losses. Short-term gains are generally taxed at a higher rate than long-term gains. Any short-term losses are used first to offset short-term gains. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Stock Market Risk.</span><span style="font-family:Times New Roman;font-size:10pt;"> The value of equity securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s Share price may decline suddenly or over a sustained period of time. Declines in value can occur because of events relating to an issuer of a particular security resulting in a decline in the price of a particular portfolio holding, shareholder redemptions, or events relating to the broader stock market or economy, including changes in interest rates, industry or economic trends, monetary policy changes, market volatility and liquidity, or other adverse effects, which could negatively impact the Fund’s performance. Information publicly available about an issuer, whether from the issuer’s financial statements or other disclosures or from third parties, or information available to some but not all market participants, also can affect the price of an issuer’s shares in the market. The Adviser and its affiliated investment advisers, as well as third party advisers, also may manage other funds and accounts that use similar investment strategies,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and invest in similar securities, as</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">the Fund, and investments in certain</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">securities by multiple funds and accounts,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">including those managed by the Adviser and its affiliates, could impact the availability of suitable securities and cause a capacity constraint associated with the Fund’s investment strategy and could cause the Fund to be closed entirely or partially to new investment by all or certain shareholders.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Prices of fixed-income securities generally fall when interest rates rise. The longer the duration of a fixed-income security, the more susceptible it is to interest rate risk. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Managed Volatility Strategy.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There can be no guarantee that the Fund will maintain its target annualized volatility. Furthermore, while the volatility management portion of the strategy seeks enhanced returns with more consistent volatility levels over time, attaining and maintaining the target volatility does not ensure that the Fund will deliver enhanced returns. The Fund’s managed volatility strategy may expose the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if the Fund’s investment program consisted only of holding securities directly. For example, the value of the Long Equity Index Futures Positions (which generally will be up to 60% of the Fund’s net asset value) may decline in value due to a decline in the level of the equity index futures, while the value of the Short Equity Index Futures Position (which generally will be up to 40% of the Fund’s net asset value) may decline in value due to an increase in the level of the equity index futures. In addition, due to the Fund’s managed volatility strategy, there is a risk that the Fund may not fully participate in upside market appreciation. </span>
<br/><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will use Short Equity Index Futures Positions to hedge the Fund’s long equity exposure. The Fund’s losses on a Short Equity Index Futures Position could theoretically be unlimited as there is no limit as to how high the equity index futures can appreciate in value. However, such losses would tend to be offset by the appreciation of the Fund’s equity holdings. The use by the Fund of Short Equity Index Futures Positions to hedge the Fund’s long exposure and manage volatility within a target may not be successful. </span>
<br/><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Additionally, the Long Equity Index Futures Positions are not being held to hedge the value of the Fund’s direct investments in equity securities and, as a result, these futures contracts may decline in value at the same time as the Fund’s direct investments in equity securities. The Fund’s managed volatility strategy also exposes shareholders to leverage risk and the risks of investing in derivative contracts.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Investing in Derivative Contracts.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Derivative contracts involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such contracts and instruments include valuation issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in the Prospectus. Derivative contracts may also involve other risks described in the Prospectus or the Fund’s Statement of Additional Information (SAI), such as stock market, interest rate, credit, currency, liquidity and leverage risks.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Leverage Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Leverage risk is created when an investment, which includes, for example, an investment in a derivative contract, exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund’s risk of loss and potential for gain.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Counterparty Risk.</span><span style="font-family:Times New Roman;font-size:10pt;"> Counterparty risk includes the possibility that a party to a transaction involving the Fund will fail to meet its obligations. This could cause the Fund to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategy.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Asset Allocation Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund intends to invest in a diversified mix of asset classes to seek to manage its investment risk. The Fund’s investment results will suffer if it increases allocations to a particular asset class and such asset class decreases in market value, or if it reduces allocations to a particular asset class and such asset class increases in value. This risk is in addition to the market risks associated with each of the Fund’s investments. In certain conditions, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.00pt;">Fund may employ risk management strategies. No risk management strategies can eliminate the Fund’s exposure to adverse events; at best, they can only reduce the possibility that the Fund will be affected by such events, and especially those risks that are not intrinsic to the Fund’s investment program. There can be no guarantee that the Adviser will be successful in their attempts to manage the risk exposure of the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Related to Investing for Value.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund generally uses a “value” style of investing, so that the Fund’s Share price may lag that of other funds using a different investment style.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mid-Cap Company Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may invest in mid-capitalization (or “mid-cap”) companies. Mid-cap companies often have narrower markets, limited managerial and financial resources, more volatile performance and greater risk of failure, compared to larger, more established companies. These factors could increase the volatility of the Fund’s portfolio, performance and Share price.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large-Cap Company Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may invest in large capitalization (or “large-cap”) companies. Large cap companies may have fewer opportunities to expand the market for their products or services, may focus their competitive efforts on maintaining or expanding their market share, and may be less capable of responding quickly to competitive challenges. These factors could result in the share price of large companies not keeping pace with the overall stock market or growth in the general economy, and could have a negative effect on the Fund’s portfolio, performance and Share price.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Trading opportunities are more limited for fixed-income securities that have not received any credit ratings, have received ratings below investment grade or are not widely held. These features may make it more difficult to sell or buy a security at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities may also lead to an increase in their price volatility.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Associated with Noninvestment-Grade Securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Securities rated below investment grade (also known as “junk bonds”) may be subject to greater interest rate, credit and liquidity risks than investment-grade securities. These securities are considered speculative with respect to the issuers ability to pay interest and repay principal.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Related to the Economy.</span><span style="font-family:Times New Roman;font-size:10pt;"> The value of the Fund’s portfolio may decline in tandem with a drop in the overall value of the markets in which the Fund invests and/or other markets. Global economic, political and financial conditions, including geopolitical and other events (e.g., wars, tensions, sanctions and terrorism), legislative changes or shifts in fiscal or monetary policy or reform, industry or economic trends and developments,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">grid congestion or capacity constraints, natural disasters or public health risks, such as epidemics or pandemics, may, from time to time, and for varying periods of time, have a significant effect on the economies of many nations, including the U.S., and financial markets generally and cause the Fund to experience volatility, illiquidity, loss of value, shareholder redemptions, and/or other potentially adverse effects.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prepayment Risk and Extension Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> When homeowners prepay their mortgages in response to lower interest rates, the Fund will be required to reinvest the proceeds at the lower interest rates available. Also, when interest rates fall, the price of mortgage-backed securities may not rise to as great an extent as that of other fixed-income securities. When interest rates rise, homeowners are less likely to prepay their mortgages. A decreased rate of prepayments lengthens the expected maturity of a mortgage-backed security, and the price of mortgage-backed securities may decrease more than the price of other fixed-income securities when interest rates rise.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Foreign Investing.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Because the Fund may invest in securities issued by foreign companies, the Fund’s Share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than could otherwise be the case.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Investing in Emerging Markets Countries.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Securities issued or traded in emerging markets generally entail greater risks than securities issued or traded in developed markets. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of businesses, expropriation, confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economics.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Exchange rates for currencies fluctuate daily. Accordingly, the Fund may experience increased volatility with respect to the value of its Shares and its returns as a result of its exposure to foreign currencies through direct holding of such currencies or holding of non-U.S. dollar-denominated securities.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">European Union and Eurozone Related Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A number of countries in the European Union (EU) including certain countries within the EU that have adopted the euro (Eurozone) have experienced, and may continue to experience, severe economic and financial difficulties. Additional countries within the EU may also fall subject to such difficulties. These events could negatively affect the value and liquidity of the Fund’s investments in euro-denominated securities and derivatives contracts, securities of issuers located in the EU or with significant exposure to EU issuers or countries.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Custodial Services and Related Investment Costs. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Custodial services and other costs relating to investment in international securities markets generally are more expensive than in the United States. Such markets have settlement and clearance procedures that differ from those in the United States. In certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. The inability of the Fund to make intended securities purchases due to settlement problems could cause the Fund to miss attractive investment opportunities. Inability to dispose of a portfolio security caused by settlement problems could result in losses to the Fund due to a subsequent decline in value of the portfolio security. In addition, security settlement and clearance procedures in some emerging countries may not fully protect the Fund against loss of its assets.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Short Selling Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may enter into short sales which expose the Fund to the risks of short selling. Short sales involve borrowing a security from a lender which is then sold in the open market at a future date. The security is then repurchased by the Fund and returned to the lender. Short selling allows an investor to profit from declines in prices of securities. Short selling a security involves the risk that the security sold short will appreciate in value at the time of repurchase therefore creating a loss for the Fund. The Fund may incur expenses in selling securities short and such expenses are investment expenses of the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Underlying Fund Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The risk that the Fund’s performance is closely related to the risks associated with the securities and other investments held by Underlying Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of Underlying Funds to achieve their respective investment objectives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund bears Underlying Fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quantitative Modeling Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund employs quantitative models as a management technique. These models examine multiple economic factors using various proprietary and third-party data. The results generated by quantitative analysis may perform differently than expected and may negatively affect Fund performance for various reasons (for example, human judgment, data imprecision, software or other technology malfunctions, or programming inaccuracies).</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Technology Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Co-Advisers use various technologies in managing the Fund, consistent with its investment objective(s) and strategy described in this Prospectus. For example, proprietary and third-party data and systems are utilized to support decision-making for the Fund. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect Fund performance.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Performance: Bar Chart and Table</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Risk/Return Bar Chart</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund’s P class and are intended to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">help you analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s P class total returns on a calendar year-by-year basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Average Annual Total Return Table shows returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">averaged</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> over the stated periods, and includes comparative performance information with a broad-based securities market index. The Fund’s performance is also compared to a secondary index to show how the Fund’s performance compares with the returns of an index with similar investments. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">For current performance information, contact your insurance company.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund’s P class and are intended to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">help you analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s P class total returns on a calendar year-by-year basis.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span><span style="font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">Within the periods shown in the bar chart, the Fund’s P class highest quarterly return was 9.69% (quarter ended December 31, 2020). Its lowest quarterly return was (11.72)% (quarter ended March 31, 2020).</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Return Table</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Return Before Taxes is shown for the Fund’s P class. </span><span style="font-family:Arial;font-size:8.5pt;">(For the Period Ended December 31, 2025)</span>
0.0693
0.0654
0.0684
0.1788
0.1443
0.1482
0.1076
0.0435
0.0561
0.1244
0.0570
0.0664
<span style="color:#000000;font-family:Times New Roman;font-size:14pt;">Fund Summary Information </span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Federated Hermes Managed Volatility Fund II (the “Fund”)</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investment objective is to achieve high current income and moderate capital appreciation.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: FEES AND EXPENSES</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Note: The table below and the Example that follows it relate exclusively to the Service Shares (S) of the Fund. They do </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. If these had been included, your costs would be higher. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell S class of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span>
0.0075
0.0025
0.0035
0.0002
0.0137
-0.0015
0.0122
<span style="font-family:Arial Narrow;font-size:8pt;">May 1, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Example</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Example assumes that you invest $10,000 for the time periods indicated and then redeem or hold all of your Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses remain the same. The Example does not reflect sales charges (loads) on reinvested dividends. If these sales charges (loads) were included, your costs would be higher. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</span>
139
434
750
1646
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Portfolio Turnover</span>
<span style="font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). </span><span style="font-family:Times New Roman;font-size:10pt;">A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:10pt;">60</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span>
0.60
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">What are the Fund’s Main Investment Strategies?</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund pursues its investment objective by investing in both equity and fixed-income securities that have high </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">income potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund’s Co-Advisers are Federated Investment Management Company (FIMCO) and Federated Equity Management </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Company of Pennsylvania (FEMCOPA) (collectively, the “Co-Advisers” and, in certain contexts, “Adviser”). FEMCOPA is primarily responsible for managing the equity portion of the Fund’s portfolio, including equity securities and related derivative contracts. FIMCO is primarily responsible for managing the fixed-income portion of the Fund’s portfolio, including fixed-income securities and related derivative contracts. FEMCOPA is primarily responsible for implementing a managed volatility strategy that involves managing the Fund’s use of equity index futures contracts to adjust the Fund’s expected volatility to a target annualized volatility. FEMCOPA is also primarily responsible for determining the allocation of the Fund’s portfolio between the equity, fixed-income and managed volatility strategies. Each Co-Adviser also may from time to time consult and work collaboratively with, or be informed by the decisions of or information from, the other Co-Adviser in connection with making certain investment decisions in regards to the Fund’s investment strategies and portfolio, in addition to various compliance, operational and administrative matters. While the Co-Advisers may work collaboratively in connection with the management of the Fund’s portfolio as described above, under certain circumstances, such as, for example, when certain personnel at the other Co-Adviser are not available, a Co-Adviser may make decisions or otherwise act independently from the other Co-Adviser. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Regarding the Fund’s equity portfolio, FEMCOPA’s process for managing the equity investments will be to over or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">underweight positions in mid- to large-cap companies based upon the Adviser’s quantitative analysis of the securities. The analysis seeks to identify securities likely to have predictable returns based on a number of factors such as valuation, market sentiment, profitability and capital use. Additionally, FEMCOPA seeks to purchase undervalued stocks that may increase in price as the market recognizes the company’s value. The portfolio is constructed and maintained to provide a reasonable trade-off between risk and return. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Regarding the Fund’s fixed-income portfolio, FIMCO selects fixed-income investments that offer high current yields or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">total return. FIMCO expects that these fixed-income investments will primarily be U.S. government securities, investment-grade debt issues, domestic noninvestment-grade debt securities (also known as “junk bonds” or “high-yield bonds”) and foreign investment-grade and noninvestment-grade fixed-income securities, including emerging market debt securities. The Fund limits the amount it may invest in a single fixed-income category up to 30% of Fund assets, except for U.S. government securities and high-quality, investment-grade, fixed-income investments, in which the Fund may invest up to 60% of its assets (and a minimum of 10% of its assets). FIMCO continuously analyzes a variety of economic and market indicators, considers the expected performance and risks unique to these categories of fixed-income investments, and attempts to strategically allocate among the categories to achieve strong income across changing business cycles. FIMCO does not target an average maturity or duration for the Fund’s portfolio and may invest in bonds of any maturity range. The Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and/or currency markets. When selecting investments for the Fund including but not limited to high-yield bonds, mortgage-backed securities and emerging market debt securities, FIMCO can invest in securities directly or in other investment companies, including funds advised by FIMCO (“Underlying Funds”). At times, the Fund’s investment in Underlying Funds advised by FIMCO may be a substantial portion of the Fund’s portfolio.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Certain of the fixed-income investments in which the Fund invests are government securities that are not backed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association (“Ginnie Mae”). Finally, the Fund may invest in certain government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Regarding the Fund’s managed volatility strategy, FEMCOPA will primarily use U.S. equity index futures contracts (a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">type of derivative) to target an annualized volatility level for the Fund of approximately 10%. To implement this target volatility management strategy, FEMCOPA will monitor the forecasted annualized volatility of returns of the entire Fund portfolio, placing a greater weight on recent historical data. When the forecasted volatility of the Fund’s entire portfolio falls outside of a lower (8%) or an upper (12%) band, FEMCOPA will generally take action to manage the fund’s volatility, taking into account current market conditions, macroeconomic conditions and competitive considerations. The Fund’s strategy of managing volatility to a target range seeks to reduce the expected volatility of the Fund’s entire portfolio in high volatility environments and to increase the expected volatility of the Fund’s entire portfolio in low volatility environments. FEMCOPA believes that the managed volatility strategy may lead to enhanced returns for investors while dampening large swings in the volatility of the Fund’s entire portfolio over time. To implement the Fund’s managed volatility strategy, FEMCOPA will buy equity index futures contracts (the “Long Equity Index Futures Positions”) and interest rate futures contracts in order to seek to raise the Fund’s expected volatility level and sell equity index futures contracts (the “Short Equity Index Futures Positions”) and interest rate futures contracts to hedge the Fund’s entire portfolio and lower the Fund’s expected volatility level. Under normal market conditions, FEMCOPA will seek to manage the Fund’s investments in equity index futures contracts (or other broad-based U. S. equity futures) such that: </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-11.04pt;position:relative;top:1pt;">■ </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The notional value of the Long Equity Index Futures Positions generally will not exceed 60% of the Fund’s net asset value at any given time; and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-11.04pt;position:relative;top:1pt;">■ </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The notional value of the Short Equity Index Futures Positions generally will not exceed 40% of the Fund’s net asset value at any given time. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Due to these limitations, market conditions, or other factors, the actual or realized volatility of the Fund for any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">particular period of time may be materially higher or lower than the target level. The volatility of the Fund is a statistical measurement of the frequency and level of changes in the Fund’s returns without regard to the direction of those changes. Volatility may result from rapid and dramatic price swings. The Fund will use Short Equity Index Futures Positions to hedge the Fund’s exposure to long equity positions. The Fund also intends to use other equity futures or interest rate futures for hedging purposes, and intends to use derivative contracts (such as, for example, options and futures contracts) to implement other elements of its investment strategy as more fully described in the Fund’s prospectus or SAI. There can be no assurances that the Fund’s use of derivative contracts will work as intended. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Regarding the composition of the Fund’s portfolio, under normal conditions, it is anticipated that approximately 40% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund’s assets will be invested directly into equity securities and 60% of the Fund’s assets will be invested in fixed-income securities and other investments. FEMCOPA may vary this allocation by +/- 10% for each asset class depending upon their economic and market outlook, as well as a result of favorable investment opportunities. The managed volatility strategy described in the previous paragraph may cause the Fund’s effective exposure to the equity asset class to be greater or less than the level of its direct investments in equity securities. In addition to the other risks of investing in the Fund, the managed volatility strategy will also expose the Fund to leverage risk and the risks of investing in derivative contracts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund actively trades its portfolio securities in an attempt to achieve its investment objective. Active trading will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">cause the Fund to have an increased portfolio turnover rate and increase the Fund’s trading costs, which may have an adverse impact on the Fund’s performance. An active trading strategy will likely result in the Fund generating more short-term capital gains or losses. Short-term gains are generally taxed at a higher rate than long-term gains. Any short-term losses are used first to offset short-term gains. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Stock Market Risk.</span><span style="font-family:Times New Roman;font-size:10pt;"> The value of equity securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s Share price may decline suddenly or over a sustained period of time. Declines in value can occur because of events relating to an issuer of a particular security resulting in a decline in the price of a particular portfolio holding, shareholder redemptions, or events relating to the broader stock market or economy, including changes in interest rates, industry or economic trends, monetary policy changes, market volatility and liquidity, or other adverse effects, which could negatively impact the Fund’s performance. Information publicly available about an issuer, whether from the issuer’s financial statements or other disclosures or from third parties, or information available to some but not all market participants, also can affect the price of an issuer’s shares in the market. The Adviser and its affiliated investment advisers, as well as third party advisers, also may manage other funds and accounts that use similar investment strategies,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and invest in similar securities, as</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">the Fund, and investments in certain</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">securities by multiple funds and accounts,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">including those managed by the Adviser and its affiliates, could impact the availability of suitable securities and cause a capacity constraint associated with the Fund’s investment strategy and could cause the Fund to be closed entirely or partially to new investment by all or certain shareholders.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Prices of fixed-income securities generally fall when interest rates rise. The longer the duration of a fixed-income security, the more susceptible it is to interest rate risk. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Managed Volatility Strategy.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There can be no guarantee that the Fund will maintain its target annualized volatility. Furthermore, while the volatility management portion of the strategy seeks enhanced returns with more consistent volatility levels over time, attaining and maintaining the target volatility does not ensure that the Fund will deliver enhanced returns. The Fund’s managed volatility strategy may expose the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if the Fund’s investment program consisted only of holding securities directly. For example, the value of the Long Equity Index Futures Positions (which generally will be up to 60% of the Fund’s net asset value) may decline in value due to a decline in the level of the equity index futures, while the value of the Short Equity Index Futures Position (which generally will be up to 40% of the Fund’s net asset value) may decline in value due to an increase in the level of the equity index futures. In addition, due to the Fund’s managed volatility strategy, there is a risk that the Fund may not fully participate in upside market appreciation. </span>
<br/><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will use Short Equity Index Futures Positions to hedge the Fund’s long equity exposure. The Fund’s losses on a Short Equity Index Futures Position could theoretically be unlimited as there is no limit as to how high the equity index futures can appreciate in value. However, such losses would tend to be offset by the appreciation of the Fund’s equity holdings. The use by the Fund of Short Equity Index Futures Positions to hedge the Fund’s long exposure and manage volatility within a target may not be successful. </span>
<br/><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Additionally, the Long Equity Index Futures Positions are not being held to hedge the value of the Fund’s direct investments in equity securities and, as a result, these futures contracts may decline in value at the same time as the Fund’s direct investments in equity securities. The Fund’s managed volatility strategy also exposes shareholders to leverage risk and the risks of investing in derivative contracts.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Investing in Derivative Contracts.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Derivative contracts involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such contracts and instruments include valuation issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in the Prospectus. Derivative contracts may also involve other risks described in the Prospectus or the Fund’s Statement of Additional Information (SAI), such as stock market, interest rate, credit, currency, liquidity and leverage risks.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Leverage Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Leverage risk is created when an investment, which includes, for example, an investment in a derivative contract, exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund’s risk of loss and potential for gain.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Counterparty Risk.</span><span style="font-family:Times New Roman;font-size:10pt;"> Counterparty risk includes the possibility that a party to a transaction involving the Fund will fail to meet its obligations. This could cause the Fund to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategy.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Asset Allocation Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund intends to invest in a diversified mix of asset classes to seek to manage its investment risk. The Fund’s investment results will suffer if it increases allocations to a particular asset class and such asset class decreases in market value, or if it reduces allocations to a particular asset class and such asset class increases in value. This risk is in addition to the market risks associated with each of the Fund’s investments. In certain conditions, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.00pt;">Fund may employ risk management strategies. No risk management strategies can eliminate the Fund’s exposure to adverse events; at best, they can only reduce the possibility that the Fund will be affected by such events, and especially those risks that are not intrinsic to the Fund’s investment program. There can be no guarantee that the Adviser will be successful in their attempts to manage the risk exposure of the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Related to Investing for Value.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund generally uses a “value” style of investing, so that the Fund’s Share price may lag that of other funds using a different investment style.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mid-Cap Company Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may invest in mid-capitalization (or “mid-cap”) companies. Mid-cap companies often have narrower markets, limited managerial and financial resources, more volatile performance and greater risk of failure, compared to larger, more established companies. These factors could increase the volatility of the Fund’s portfolio, performance and Share price.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large-Cap Company Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may invest in large capitalization (or “large-cap”) companies. Large cap companies may have fewer opportunities to expand the market for their products or services, may focus their competitive efforts on maintaining or expanding their market share, and may be less capable of responding quickly to competitive challenges. These factors could result in the share price of large companies not keeping pace with the overall stock market or growth in the general economy, and could have a negative effect on the Fund’s portfolio, performance and Share price.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Trading opportunities are more limited for fixed-income securities that have not received any credit ratings, have received ratings below investment grade or are not widely held. These features may make it more difficult to sell or buy a security at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities may also lead to an increase in their price volatility.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Associated with Noninvestment-Grade Securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Securities rated below investment grade (also known as “junk bonds”) may be subject to greater interest rate, credit and liquidity risks than investment-grade securities. These securities are considered speculative with respect to the issuers ability to pay interest and repay principal.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Related to the Economy.</span><span style="font-family:Times New Roman;font-size:10pt;"> The value of the Fund’s portfolio may decline in tandem with a drop in the overall value of the markets in which the Fund invests and/or other markets. Global economic, political and financial conditions, including geopolitical and other events (e.g., wars, tensions, sanctions and terrorism), legislative changes or shifts in fiscal or monetary policy or reform, industry or economic trends and developments,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">grid congestion or capacity constraints, natural disasters or public health risks, such as epidemics or pandemics, may, from time to time, and for varying periods of time, have a significant effect on the economies of many nations, including the U.S., and financial markets generally and cause the Fund to experience volatility, illiquidity, loss of value, shareholder redemptions, and/or other potentially adverse effects.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prepayment Risk and Extension Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> When homeowners prepay their mortgages in response to lower interest rates, the Fund will be required to reinvest the proceeds at the lower interest rates available. Also, when interest rates fall, the price of mortgage-backed securities may not rise to as great an extent as that of other fixed-income securities. When interest rates rise, homeowners are less likely to prepay their mortgages. A decreased rate of prepayments lengthens the expected maturity of a mortgage-backed security, and the price of mortgage-backed securities may decrease more than the price of other fixed-income securities when interest rates rise.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Foreign Investing.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Because the Fund may invest in securities issued by foreign companies, the Fund’s Share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than could otherwise be the case.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Investing in Emerging Markets Countries.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Securities issued or traded in emerging markets generally entail greater risks than securities issued or traded in developed markets. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of businesses, expropriation, confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economics.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Exchange rates for currencies fluctuate daily. Accordingly, the Fund may experience increased volatility with respect to the value of its Shares and its returns as a result of its exposure to foreign currencies through direct holding of such currencies or holding of non-U.S. dollar-denominated securities.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">European Union and Eurozone Related Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A number of countries in the European Union (EU) including certain countries within the EU that have adopted the euro (Eurozone) have experienced, and may continue to experience, severe economic and financial difficulties. Additional countries within the EU may also fall subject to such difficulties. These events could negatively affect the value and liquidity of the Fund’s investments in euro-denominated securities and derivatives contracts, securities of issuers located in the EU or with significant exposure to EU issuers or countries.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Custodial Services and Related Investment Costs. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Custodial services and other costs relating to investment in international securities markets generally are more expensive than in the United States. Such markets have settlement and clearance procedures that differ from those in the United States. In certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. The inability of the Fund to make intended securities purchases due to settlement problems could cause the Fund to miss attractive investment opportunities. Inability to dispose of a portfolio security caused by settlement problems could result in losses to the Fund due to a subsequent decline in value of the portfolio security. In addition, security settlement and clearance procedures in some emerging countries may not fully protect the Fund against loss of its assets.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Short Selling Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may enter into short sales which expose the Fund to the risks of short selling. Short sales involve borrowing a security from a lender which is then sold in the open market at a future date. The security is then repurchased by the Fund and returned to the lender. Short selling allows an investor to profit from declines in prices of securities. Short selling a security involves the risk that the security sold short will appreciate in value at the time of repurchase therefore creating a loss for the Fund. The Fund may incur expenses in selling securities short and such expenses are investment expenses of the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Underlying Fund Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The risk that the Fund’s performance is closely related to the risks associated with the securities and other investments held by Underlying Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of Underlying Funds to achieve their respective investment objectives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund bears Underlying Fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quantitative Modeling Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund employs quantitative models as a management technique. These models examine multiple economic factors using various proprietary and third-party data. The results generated by quantitative analysis may perform differently than expected and may negatively affect Fund performance for various reasons (for example, human judgment, data imprecision, software or other technology malfunctions, or programming inaccuracies).</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Technology Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Co-Advisers use various technologies in managing the Fund, consistent with its investment objective(s) and strategy described in this Prospectus. For example, proprietary and third-party data and systems are utilized to support decision-making for the Fund. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect Fund performance.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Performance: Bar Chart and Table</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Risk/Return Bar Chart</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund’s S class commenced operations on April 26, 2018. For the periods prior to the commencement of operations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the Fund’s S class, the performance information shown below is for the Fund’s Primary (P) class. The performance of the P class has not been adjusted to reflect the expenses applicable to the S class. The total returns of the S class would have been substantially similar to the annual returns for the P class over the same period because the classes are invested in the same portfolio of securities and would differ only to the extent the classes do not have the same expenses. It is anticipated that the expenses of the S class will be higher than those of the P class; accordingly, the performance of the S class is anticipated to be lower than the performance of the P class. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund’s S class and are intended to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">help you analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s S class total returns on a calendar year-by-year basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Average Annual Total Return Table shows returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">averaged</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> over the stated periods, and includes comparative performance information with a broad-based securities market index. The Fund’s performance is also compared to a secondary index to show how the Fund’s performance compares with the returns of an index with similar investments. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">For current performance information, contact your insurance company.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund’s S class and are intended to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">help you analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s S class total returns on a calendar year-by-year basis.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span><span style="font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">Within the periods shown in the bar chart, the Fund’s S class highest quarterly return was 9.69% (quarter ended December 31, 2020). Its lowest quarterly return was (11.73)% (quarter ended March 31, 2020).</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Return Table</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Return Before Taxes is shown for the Fund’s S class. </span><span style="font-family:Arial;font-size:8.5pt;">(For the Period Ended December 31, 2025)</span>
0.0653
0.0626
0.0664
0.1788
0.1443
0.1482
0.1076
0.0435
0.0561
0.1244
0.0570
0.0664
<span style="color:#000000;font-family:Times New Roman;font-size:14pt;">Fund Summary Information </span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Federated Hermes Quality Bond Fund II (the “Fund”)</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investment objective is to provide current income.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: FEES AND EXPENSES</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Note: The table below and the Example that follows it relate exclusively to the Primary Shares (P) of the Fund. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. If these had been included, your costs would be higher. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell P class of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span>
0.0060
0.0000
0.0024
0.0084
-0.0010
0.0074
<span style="font-family:Arial Narrow;font-size:8pt;">May 1, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Example</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Example assumes that you invest $10,000 for the time periods indicated and then redeem or hold all of your Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses remain the same. The Example does not reflect sales charges (loads) on reinvested dividends. If these sales charges (loads) were included, your costs would be higher. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</span>
86
268
466
1037
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Portfolio Turnover</span>
<span style="font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). </span><span style="font-family:Times New Roman;font-size:10pt;">A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:10pt;">19</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span>
0.19
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">What are the Fund’s Main Investment Strategies?</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund invests in a diversified portfolio of investment-grade, fixed-income securities consisting primarily of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">corporate debt securities, U.S. government and privately issued mortgage-backed securities, and U.S. Treasury and agency securities. The Fund’s investment adviser (the “Adviser”) seeks to enhance the Fund’s performance by allocating relatively more of its portfolio to the security type that the Adviser expects to offer the best balance between current income and risk. Investment-grade securities are rated in one of the four highest categories (BBB or higher) by a nationally recognized statistical rating organization (NRSRO) or, if unrated, of comparable quality as determined by the Adviser. A corporate debt security in which the Fund invests is considered a “foreign security” if the issuer derived in its most current fiscal year at least 50% of its total assets, capitalization, gross revenue or profit from goods produced, services performed or sales made in another country. The foreign securities in which the Fund invests will be predominately denominated in U.S. dollars. The Fund may invest in derivative contracts and/or hybrid instruments to implement elements of its investment strategy. For example, the Fund may use derivative contracts or hybrid instruments to increase or decrease the portfolio’s exposure to the investment(s) underlying the derivative contract or hybrid instrument in an attempt to benefit from changes in the value of the underlying investment(s). There can be no assurances that the Fund’s use of derivative contracts or hybrid instruments will work as intended. Derivative investments made by the Fund are included within the Fund’s 80% policy (as described below) and are calculated at market value. Consistent with the Fund’s benchmark, the Fund may, from time to time, have larger allocations to certain broad market sectors in attempting to achieve its investment objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Although the value of the Fund’s Shares will fluctuate, the Adviser will seek to manage the magnitude of fluctuation by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limiting, under normal market conditions, the Fund’s dollar-weighted average maturity to between three and ten years and dollar-weighted average duration to between three and seven years. Maturity reflects the time until a fixed-income security becomes payable. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund intends to invest in the securities of U.S. government-sponsored enterprises (GSEs), including GSE securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">that are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in GSE securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association. Finally, to a lesser extent, the Fund may invest in GSE securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. Such securities include those issued by the Farm Credit System. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Under normal circumstances, the Fund will invest its assets so that at least 80% of its net assets (plus the amount of any </span><span style="font-family:Times New Roman;font-size:10pt;">borrowings for investment purposes) are invested in investment-grade, fixed-income investments. The Fund will notify shareholders at least 60 days in advance of any change in this investment policy. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Issuer Credit Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> It is possible that interest or principal on securities will not be paid when due. Such non-payment or default may reduce the value of the Fund’s portfolio holdings, its share price and its performance.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Counterparty Risk.</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">Counterparty risk includes the possibility that a party to a transaction involving the Fund will fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategy.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Prices of fixed-income securities generally fall when interest rates rise. The longer the duration of a fixed-income security, the more susceptible it is to interest rate risk. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fixed-income securities in which the Fund invests may be less readily marketable and may be subject to greater fluctuation in price than other securities. Liquidity risk also refers to the possibility that the Fund may not be able to sell a security or close out a derivative contract when it wants to. If this happens, the Fund could incur losses.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Foreign Investing.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Because the Fund invests in securities issued by foreign companies and national governments, the Fund’s Share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Call Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below its current market value.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prepayment and Extension Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">When homeowners prepay their mortgages in response to lower interest rates, the Fund will be required to reinvest the proceeds at the lower interest rates available. Also, when interest rates fall, the price of mortgage-backed securities may not rise to as great an extent as that of other fixed-income securities. When interest rates rise, homeowners are less likely to prepay their mortgages. A decreased rate of prepayments lengthens the expected maturity of a mortgage-backed security, and the price of mortgage-backed securities may decrease more than the price of other fixed-income securities when interest rates rise.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Leverage Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Leverage risk is created when an investment exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund’s risk of loss and potential for gain.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Investing in Derivative Contracts and Hybrid Instruments. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Derivative contracts and hybrid instruments involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such contracts and instruments include valuation issues, increased potential for losses and/or costs to the Fund and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in the Prospectus. Derivative contracts and hybrid instruments may also involve other risks described in the Prospectus, such as interest rate, credit, liquidity and leverage risks.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Related to the Economy. </span><span style="font-family:Times New Roman;font-size:10pt;">The value of the Fund’s portfolio may decline in tandem with a drop in the overall value of the markets in which the Fund invests and/or other markets. Global economic, political and financial conditions, including geopolitical and other events (e.g., wars, tensions, sanctions and terrorism), legislative changes or shifts in fiscal or monetary policy or reform, industry or economic trends and developments,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">grid congestion or capacity constraints, natural disasters or public health risks, such as epidemics or pandemics, may, from time to time, and for varying periods of time, have a significant effect on the economies of many nations, including the U.S., and financial markets generally and cause the Fund to experience volatility, illiquidity, loss of value, shareholder redemptions, and/or other potentially adverse effects.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mortgage-Backed Securities (MBS) Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> A rise in interest rates may cause the value of MBS held by the Fund to decline. Certain MBS issued by GSEs are not backed by the full faith and credit of the U.S. government. A non-agency MBS is subject to the risk that the value of such security will decline, because the security is not issued or guaranteed as to the principal or interest by the U.S. government or a GSE. These securities may have exposure to borrowers with weakened credit histories, increasing the potential for default (subprime risk). The Fund’s investments in collateralized mortgage obligations (CMOs) may entail greater market, prepayment and liquidity risks than other MBS. The liquidity of non-agency MBS and CMOs may also vary dramatically over time.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Because the Fund may allocate relatively more assets to certain industry sectors than others, the Fund’s performance may be more susceptible to any developments which affect those sectors emphasized by the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Technology Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser uses various technologies in managing the Fund, consistent with its investment objective(s) and strategy described in this Prospectus. For example, proprietary and third-party data and systems are utilized to support decision-making for the Fund. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect Fund performance.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Performance: Bar Chart and Table</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Risk/Return Bar Chart</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund’s P class and are intended </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to help you analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s P class total returns on a calendar year-by-year basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Average Annual Total Return Table shows returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">averaged</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> over the stated periods, and includes comparative performance information with a broad-based securities market index. The Fund’s performance is also compared to a secondary index to show how the Fund’s performance compares with the returns of an index with similar investments. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">For current performance information, contact your insurance company.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund’s P class and are intended </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to help you analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s P class total returns on a calendar year-by-year basis.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">Within the periods shown in the bar chart, the Fund’s P class highest quarterly return was 8.23% (quarter ended June 30, 2020). Its lowest quarterly return was (5.02)% (quarter ended March 31, 2022).</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Return Table</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Return Before Taxes is shown for the Fund’s P class. </span><span style="font-family:Arial;font-size:8.5pt;">(For the Period Ended December 31, 2025)</span>
0.0708
0.0110
0.0299
0.0730
-0.0036
0.0201
0.0788
0.0154
0.0313
<span style="color:#000000;font-family:Times New Roman;font-size:14pt;">Fund Summary Information </span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Federated Hermes Quality Bond Fund II (the “Fund”)</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investment objective is to provide current income.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: FEES AND EXPENSES</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Note: The table below and the Example that follows it relate exclusively to the Service Shares (S) of the Fund. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. If these had been included, your costs would be higher. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell S class of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span>
0.0060
0.0025
0.0024
0.0109
-0.0010
0.0099
<span style="font-family:Arial Narrow;font-size:8pt;">May 1, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Example</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Example assumes that you invest $10,000 for the time periods indicated and then redeem or hold all of your Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses remain the same. The Example does not reflect sales charges (loads) on reinvested dividends. If these sales charges (loads) were included, your costs would be higher. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</span>
111
347
601
1329
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Portfolio Turnover</span>
<span style="font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). </span><span style="font-family:Times New Roman;font-size:10pt;">A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:10pt;">19</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span>
0.19
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">What are the Fund’s Main Investment Strategies?</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund invests in a diversified portfolio of investment-grade, fixed-income securities consisting primarily of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">corporate debt securities, U.S. government and privately issued mortgage-backed securities, and U.S. Treasury and agency securities. The Fund’s investment adviser (the “Adviser”) seeks to enhance the Fund’s performance by allocating relatively more of its portfolio to the security type that the Adviser expects to offer the best balance between current income and risk. Investment-grade securities are rated in one of the four highest categories (BBB or higher) by a nationally recognized statistical rating organization (NRSRO) or, if unrated, of comparable quality as determined by the Adviser. A corporate debt security in which the Fund invests is considered a “foreign security” if the issuer derived in its most current fiscal year at least 50% of its total assets, capitalization, gross revenue or profit from goods produced, services performed or sales made in another country. The foreign securities in which the Fund invests will be predominately denominated in U.S. dollars. The Fund may invest in derivative contracts and/or hybrid instruments to implement elements of its investment strategy. For example, the Fund may use derivative contracts or hybrid instruments to increase or decrease the portfolio’s exposure to the investment(s) underlying the derivative contract or hybrid instrument in an attempt to benefit from changes in the value of the underlying investment(s). There can be no assurances that the Fund’s use of derivative contracts or hybrid instruments will work as intended. Derivative investments made by the Fund are included within the Fund’s 80% policy (as described below) and are calculated at market value. Consistent with the Fund’s benchmark, the Fund may, from time to time, have larger allocations to certain broad market sectors in attempting to achieve its investment objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Although the value of the Fund’s Shares will fluctuate, the Adviser will seek to manage the magnitude of fluctuation by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limiting, under normal market conditions, the Fund’s dollar-weighted average maturity to between three and ten years and dollar-weighted average duration to between three and seven years. Maturity reflects the time until a fixed-income security becomes payable. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund intends to invest in the securities of U.S. government-sponsored enterprises (GSEs), including GSE securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">that are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in GSE securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association. Finally, to a lesser extent, the Fund may invest in GSE securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. Such securities include those issued by the Farm Credit System. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Under normal circumstances, the Fund will invest its assets so that at least 80% of its net assets (plus the amount of any </span><span style="font-family:Times New Roman;font-size:10pt;">borrowings for investment purposes) are invested in investment-grade, fixed-income investments. The Fund will notify shareholders at least 60 days in advance of any change in this investment policy.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Issuer Credit Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> It is possible that interest or principal on securities will not be paid when due. Such non-payment or default may reduce the value of the Fund’s portfolio holdings, its share price and its performance.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Counterparty Risk.</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">Counterparty risk includes the possibility that a party to a transaction involving the Fund will fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategy.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Prices of fixed-income securities generally fall when interest rates rise. The longer the duration of a fixed-income security, the more susceptible it is to interest rate risk. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fixed-income securities in which the Fund invests may be less readily marketable and may be subject to greater fluctuation in price than other securities. Liquidity risk also refers to the possibility that the Fund may not be able to sell a security or close out a derivative contract when it wants to. If this happens, the Fund could incur losses.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Foreign Investing.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Because the Fund invests in securities issued by foreign companies and national governments, the Fund’s Share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Call Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below its current market value.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prepayment and Extension Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">When homeowners prepay their mortgages in response to lower interest rates, the Fund will be required to reinvest the proceeds at the lower interest rates available. Also, when interest rates fall, the price of mortgage-backed securities may not rise to as great an extent as that of other fixed-income securities. When interest rates rise, homeowners are less likely to prepay their mortgages. A decreased rate of prepayments lengthens the expected maturity of a mortgage-backed security, and the price of mortgage-backed securities may decrease more than the price of other fixed-income securities when interest rates rise.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Leverage Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Leverage risk is created when an investment exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund’s risk of loss and potential for gain.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Investing in Derivative Contracts and Hybrid Instruments. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Derivative contracts and hybrid instruments involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such contracts and instruments include valuation issues, increased potential for losses and/or costs to the Fund and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in the Prospectus. Derivative contracts and hybrid instruments may also involve other risks described in the Prospectus, such as interest rate, credit, liquidity and leverage risks.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Related to the Economy. </span><span style="font-family:Times New Roman;font-size:10pt;">The value of the Fund’s portfolio may decline in tandem with a drop in the overall value of the markets in which the Fund invests and/or other markets. Global economic, political and financial conditions, including geopolitical and other events (e.g., wars, tensions, sanctions and terrorism), legislative changes or shifts in fiscal or monetary policy or reform, industry or economic trends and developments,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">grid congestion or capacity constraints, natural disasters or public health risks, such as epidemics or pandemics, may, from time to time, and for varying periods of time, have a significant effect on the economies of many nations, including the U.S., and financial markets generally and cause the Fund to experience volatility, illiquidity, loss of value, shareholder redemptions, and/or other potentially adverse effects.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mortgage-Backed Securities (MBS) Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> A rise in interest rates may cause the value of MBS held by the Fund to decline. Certain MBS issued by GSEs are not backed by the full faith and credit of the U.S. government. A non-agency MBS is subject to the risk that the value of such security will decline, because the security is not issued or guaranteed as to the principal or interest by the U.S. government or a GSE. These securities may have exposure to borrowers with weakened credit histories, increasing the potential for default (subprime risk). The Fund’s investments in collateralized mortgage obligations (CMOs) may entail greater market, prepayment and liquidity risks than other MBS. The liquidity of non-agency MBS and CMOs may also vary dramatically over time.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Because the Fund may allocate relatively more assets to certain industry sectors than others, the Fund’s performance may be more susceptible to any developments which affect those sectors emphasized by the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Technology Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser uses various technologies in managing the Fund, consistent with its investment objective(s) and strategy described in this Prospectus. For example, proprietary and third-party data and systems are utilized to support decision-making for the Fund. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect Fund performance.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Performance: Bar Chart and Table</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Risk/Return Bar Chart</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund’s S class and are intended </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to help you analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s S class total returns on a calendar year-by-year basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Average Annual Total Return Table shows returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">averaged</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> over the stated periods, and includes comparative performance information with a broad-based securities market index. The Fund’s performance is also compared to a secondary index to show how the Fund’s performance compares with the returns of an index with similar investments. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> For current performance information, contact your insurance company.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund’s S class and are intended </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to help you analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s S class total returns on a calendar year-by-year basis.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">Within the periods shown in the bar chart, the Fund’s S class highest quarterly return was 8.24% (quarter ended June 30, 2020). Its lowest quarterly return was (5.11)% (quarter ended March 31, 2022).</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Return Table</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Return Before Taxes is shown for the Fund’s S class. </span><span style="font-family:Arial;font-size:8.5pt;">(For the Period Ended December 31, 2025)</span>
0.0682
0.0085
0.0273
0.0730
-0.0036
0.0201
0.0788
0.0154
0.0313
<span style="color:#000000;font-family:Times New Roman;font-size:14pt;">Fund Summary Information </span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Federated Hermes Fund for U.S. Government Securities II (the “Fund”)</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investment objective is to provide current income.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: FEES AND EXPENSES</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Note: The Table below and the Example that follows it relate exclusively to the Shares of the Fund. They do not reflect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. If these had been included, your costs would be higher. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span>
0.0060
0
0.0042
0.0102
-0.0024
0.0078
<span style="font-family:Arial Narrow;font-size:8pt;">May 1, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Example</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Example assumes that you invest $10,000 for the time periods indicated and then redeem or hold all of your Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses remain the same. The Example does not reflect sales charges (loads) on reinvested dividends. If these sales charges (loads) were included, your costs would be higher. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</span>
104
325
563
1248
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Portfolio Turnover</span>
<span style="font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). </span><span style="font-family:Times New Roman;font-size:10pt;">A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:10pt;">57</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span>
0.57
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">What are the Fund’s Main Investment Strategies?</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund seeks to provide current income. Under normal market conditions, the Fund invests primarily in a diversified </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio of U.S. government securities, including mortgage-backed securities (MBS) of investment-grade quality and seeks to provide returns consistent with investments in the market for U.S. home mortgages. The Fund will invest in MBS that are issued or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises (GSEs). The Fund may invest in non-agency MBS, which are those not issued or guaranteed by GSEs. The Fund also may invest in asset-backed securities, other U.S. government securities and certain derivative instruments. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund typically seeks to maintain an overall average dollar-weighted portfolio duration that is within one year above </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or below a custom Blended Index (the “Index”), which consists of a 67%/33% blend of the Bloomberg US Mortgage Backed Securities Index and Bloomberg US Government Bond Index, respectively. At times, the Fund’s investment adviser’s (the “Adviser”) calculation of portfolio duration may result in variances outside this range. Duration is a measure of the price volatility of a fixed-income security as a result of changes in market rates of interest, based on the weighted average timing of the instrument’s expected fixed interest and principal payments. The Adviser seeks to create a portfolio, consisting of MBS, derivative instruments and other securities, that outperforms the Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">Based on fundamental analysis, the Adviser will consider a variety of factors when making decisions to purchase or sell </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">particular securities or derivative contracts. The Fund may, but is not required to, use derivative instruments, which are instruments that have a value based on another instrument, exchange rate or index, and may be used as substitutes for securities in which the Fund can invest, or to hedge against a potential loss in the underlying asset. There can be no assurance that the Fund’s use of derivative instruments will work as intended. Derivative investments made by the Fund are included within the Fund’s 80% policy (as described below) and are calculated at market value. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are </span><span style="font-family:Times New Roman;font-size:10pt;">invested in U.S. government securities. The Fund will notify shareholders at least 60 days in advance of any change in this investment policy.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">MBS Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> A rise in interest rates may cause the value of MBS held by the Fund to decline. Certain MBS issued by GSEs are not backed by the full faith and credit of the U.S. government. A non-agency MBS is subject to the risk that the value of such security will decline, because the security is not issued or guaranteed as to principal or interest by the U.S. government or a GSE. The Fund’s investments in collateralized mortgage obligations (CMOs) may entail greater market, prepayment and liquidity risks than other MBS.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Asset-Backed Securities (ABS) Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The value of asset-backed securities (ABS) may be affected by certain factors such as interest rate risk, credit risk, prepayment risk and the availability of information concerning the pool of underlying assets and its structure. Under certain market conditions, ABS may be less liquid and may be difficult to value. Movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of ABS. ABS can also be subject to the risk of default on the underlying assets.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Prices of fixed-income securities generally fall when interest rates rise. The longer the duration of a fixed-income security, the more susceptible it is to interest rate risk. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> It is possible that borrowers of non-agency MBS in which the Fund invests will fail to pay interest or principal on these securities when due, which would result in the Fund losing money.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Counterparty risk includes the possibility that a party to a transaction involving the Fund will fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategy.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prepayment and Extension Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> When homeowners prepay their mortgages in response to lower interest rates, the Fund will be required to reinvest the proceeds at the lower interest rates available. Also, when interest rates fall, the prices of mortgage-backed securities may not rise to as great an extent as those of other fixed-income securities due to the potential prepayment of higher interest mortgages. When interest rates rise, homeowners are less likely to prepay their mortgages. A decreased rate of prepayments lengthens the expected maturity of a mortgage-backed security, and the price of mortgage-backed securities may decrease more than the price of other fixed income securities when interest rates rise.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Security Downgrades.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The downgrade of the credit of a security held by the Fund may decrease its value. Fixed-income securities with lower ratings tend to have a higher probability that a borrower will default or fail to meet its payment obligations.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The non-agency MBS and CMOs in which the Fund invests may be less readily marketable and may be subject to greater fluctuation in price than other securities.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Leverage Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Leverage risk is created when an investment exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund’s risk of loss and potential for gain.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk of Investing in Derivative Instruments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s exposure to derivative contracts (either directly or through its investment in another investment company) involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty, or the failure of the counterparty to meet its obligations under the contract, or due to tax or regulatory constraints. Derivatives may create investment leverage in the Fund, which magnifies the Fund’s exposure to the underlying investment. Derivative instruments may be difficult to value, may be illiquid and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. Over-the-counter derivative contracts generally carry greater liquidity risk than exchange-traded contracts. The loss on derivative transactions may substantially exceed the initial investment.</span>
<span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Related to the Economy.</span><span style="font-family:Times New Roman;font-size:10pt;"> The value of the Fund’s portfolio may decline in tandem with a drop in the overall value of the markets in which the Fund invests and/or other markets. Global economic, political and financial conditions, including geopolitical and other events (e.g., wars, tensions, sanctions and terrorism) legislative changes or shifts in fiscal or monetary policy or reform, industry or economic trends and developments,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">grid congestion or capacity constraints, natural disasters or public health risks, such as epidemics or pandemics, may, from time to time, and for varying periods of time, have a significant effect on the economies of many nations including the U.S., and financial markets generally cause the Fund to experience volatility, illiquidity, loss of value, shareholder redemptions, and/or other potentially adverse effects. Among other investments, lower-grade bonds may be particularly sensitive to changes in the economy.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Technology Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Adviser uses various technologies in managing the Fund, consistent with its investment objective(s) and strategy described in this Prospectus. For example, proprietary and third-party data and systems are utilized to support decision-making for the Fund. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect Fund performance.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Performance: Bar Chart and Table</span><span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Risk/Return Bar Chart</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s total returns on a calendar year-by-year basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Average Annual Total Return Table shows returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">averaged</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> over the stated periods, and includes comparative performance information with a broad-based securities market index. The Fund’s performance is also compared to a secondary index to show how the Fund’s performance compares with the returns of an index with similar investments. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">For current performance information, contact your insurance company.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt;">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">analyze the Fund’s investment risks in light of its historical returns. The bar chart shows the variability of the Fund’s total returns on a calendar year-by-year basis.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">Within the periods shown in the bar chart, the Fund’s highest quarterly return was 6.74% (quarter ended December 31, 2023). Its lowest quarterly return was (4.94)% (quarter ended March 31, 2022).</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:7.75pt;font-style:italic;">The total returns shown in the bar chart above are based upon net asset value and do not reflect the charges and expenses of a variable annuity or variable life insurance contract. If contract charges or fees had been included, the returns shown would have been lower.</span>
<span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Return Table</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Return Before Taxes is shown for the Fund’s Shares.</span><span style="font-family:Arial;font-size:8.5pt;">(For the Period Ended December 31, 2025)</span>
0.0680
-0.0084
0.0106
0.0730
-0.0036
0.0201
0.0783
-0.0021
0.0153
The Fund may incur and pay administrative service fees up to a maximum amount of 0.25%. No such fees are currently incurred and paid by the Fund. The Fund will not incur and pay such fees until such time as approved by the Fund’s Board of Trustees (the “Trustees”).
The Adviser and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding acquired fund fees and expenses, interest expense, extraordinary expenses and proxy-related expenses, if any) paid by the Fund (after the voluntary waivers and/or reimbursements) will not exceed 0.78% (the “Fee Limit”) up to but not including the later of (the “Termination Date”): (a) May 1, 2027; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the approval of the Trustees.
The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercial mortgage-backed securities.
A custom blended index comprised of 67% of the return of the Bloomberg US Mortgage Backed Securities Index and 33% of the return of the Bloomberg US Government Bond Index.
The Fund has adopted a Distribution (12b-1) Plan for its P class pursuant to which the P class of the Fund may incur and pay a Distribution (12b-1) Fee of up to a maximum amount of 0.25%. No such fee is currently incurred and paid by the P class of the Fund. The P class of the Fund will not incur and pay such a Distribution (12b-1) Fee until such time as approved by the Fund’s Board of Trustees (the “Trustees”).
The Fund may incur and pay administrative service fees on its P class of up to a maximum amount of 0.25%. No such fees are currently incurred and paid by the P class of the Fund. The P class of the Fund will not incur and pay such fees until such time as approved by the Trustees.
The Adviser and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding acquired fund fees and expenses, interest expense, extraordinary expenses and proxy-related expenses, if any) paid by the Fund’s P class (after the voluntary waivers and/or reimbursements) will not exceed 0.74% (the “Fee Limit”) up to but not including the later of (the “Termination Date”): (a) May 1, 2027; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the approval of the Trustees.
The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar denominated, fixed-rate, taxable bond market.
The Bloomberg US Intermediate Credit Index measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government related bond markets. The index only includes securities with maturity between one and ten years. It is composed of the Bloomberg US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities.
The Fund may incur and pay administrative service fees on its S class of up to a maximum amount of 0.25%. No such fees are currently incurred and paid by the S class of the Fund. The S class of the Fund will not incur and pay such fees until such time as approved by the Fund’s Board of Trustees (the “Trustees”).
The Adviser and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding acquired fund fees and expenses, interest expense, extraordinary expenses and proxy-related expenses, if any) paid by the Fund’s S class (after the voluntary waivers and/or reimbursements) will not exceed 0.99% (the “Fee Limit”) up to but not including the later of (the “Termination Date”): (a) May 1, 2027; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the approval of the Trustees.
The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar denominated, fixed-rate, taxable bond market.
The Bloomberg US Intermediate Credit Index measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets. The index only includes securities with maturity between one and ten years. It is composed of the Bloomberg US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities.
The Fund may incur and pay administrative service fees on its P class up to a maximum amount of 0.25%. No such fees are currently incurred and paid by the P class of the Fund. The P class of the Fund will not incur and pay such fees until such time as approved by the Fund’s Board of Trustees (the “Trustees”).
The Adviser and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding acquired fund fees and expenses, interest expense, extraordinary expenses and proxy-related expenses, if any) paid by the Fund’s P class (after the voluntary waivers and/or reimbursements) will not exceed 0.81% (the “Fee Limit”) up to but not including the later of (the “Termination Date”): (a) May 1, 2027; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the approval of the Trustees.
The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar denominated, fixed-rate, taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercial mortgage-backed securities.
The Bloomberg US Corporate High-Yield 2% Issuer Capped Index is an issuer-constrained version of the Bloomberg US Corporate High-Yield Index that measures the market of U.S. dollar denominated, noninvestment-grade, fixed-rate, taxable corporate bonds. The index follows the same rules as the uncapped index but limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro-rata basis.
Lipper figures represent the average total returns reported by all of the funds serving as underlying investment options for variable insurance contracts designated by Lipper, Inc. as falling into the category indicated. They do not reflect sales charges.
The Fund may incur and pay administrative service fees on its S class up to a maximum amount of 0.25%. No such fees are currently incurred and paid by the S class of the Fund. The S class of the Fund will not incur and pay such fees until such time as approved by the Fund’s Board of Trustees (the “Trustees”).
The Adviser and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding acquired fund fees and expenses, interest expense, extraordinary expenses and proxy-related expenses, if any) paid by the Fund’s S class (after the voluntary waivers and/or reimbursements) will not exceed 1.06% (the “Fee Limit”) up to but not including the later of (the “Termination Date”): (a) May 1, 2027; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the approval of the Trustees.
The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar denominated, fixed-rate, taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercial mortgage-backed securities.
The Bloomberg US Corporate High-Yield 2% Issuer Capped Index is an issuer-constrained version of the Bloomberg US Corporate High-Yield Index that measures the market of U.S. dollar denominated, noninvestment-grade, fixed-rate, taxable corporate bonds. The index follows the same rules as the uncapped index but limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro-rata basis.
Lipper figures represent the average total returns reported by all of the funds serving as underlying investment options for variable insurance contracts designated by Lipper, Inc. as falling into the category indicated. They do not reflect sales charges.
The Fund may incur and pay administrative service fees on its S class of up to a maximum amount of 0.25%. No such fees are currently incurred and paid by the S class of the Fund. The S class of the Fund will not incur and pay such fees until such time as approved by the Fund’s Board of Trustees (the “Trustees”).
The Adviser and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses and proxy-related expenses, if any) paid by the Fund’s P class (after the voluntary waivers and/or reimbursements) will not exceed 0.95% (the “Fee Limit”) up to but not including the later of (the “Termination Date”): (a) May 1, 2027; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the approval of the Trustees.
The S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.
The 60% Bloomberg US Aggregate Bond / 40% Russell 1000 Value is a custom blended index comprised of 60% of the return of the Bloomberg US Aggregate Bond Index and 40% of the return of the Russell 1000 Value Index. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000® Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Russell 1000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercial mortgage-backed securities.
Morningstar figures represent the average of the total returns reported by all the mutual funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges.
The Fund may incur and pay administrative service fees on its S class of up to a maximum amount of 0.25%. No such fees are currently incurred and paid by the S class of the Fund. The S class of the Fund will not incur and pay such fees until such time as approved by the Fund’s Board of Trustees (the “Trustees”).
The Adviser and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses and proxy-related expenses, if any) paid by the Fund’s S class (after the voluntary waivers and/or reimbursements) will not exceed 1.20% (the “Fee Limit”) up to but not including the later of (the “Termination Date”): (a) May 1, 2027; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the approval of the Trustees.
The S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.
The 60% Bloomberg US Aggregate Bond / 40% Russell 1000 Value is a custom blended index comprised of 60% of the return of the Bloomberg US Aggregate Bond Index and 40% of the return of the Russell 1000 Value Index. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000® Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Russell 1000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercial mortgage-backed securities.
Morningstar figures represent the average of the total returns reported by all the mutual funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges.
The Fund has adopted a Distribution (12b-1) Plan for its P class pursuant to which the P class of the Fund may incur and pay a Distribution (12b-1) Fee of up to a maximum amount of 0.25%. No such fee is currently incurred and paid by the P class of the Fund. The P class of the Fund will not incur and pay such a Distribution (12b-1) Fee until such time as approved by the Fund’s Board of Trustees (the “Trustees”).
The Fund may incur and pay administrative service fees on its P class of up to a maximum amount of 0.25%. No such fees are currently incurred and paid by the P class of the Fund. The P class of the Fund will not incur and pay such fees until such time as approved by the Trustees.
The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding acquired fund fees and expenses, interest expense, extraordinary expenses, and proxy-related expenses, if any) paid by the Fund’s P class (after the voluntary waivers and/or reimbursements) will not exceed 1.54% (the “Fee Limit”) up to but not including the later of (the “Termination Date”): (a) May 1, 2027; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the approval of the Trustees.
The Russell 3000® Index is a broad-based securities market index that measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell Midcap® Growth Index (RMCGI) measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those RMCGI companies with higher price-to-book ratios and higher forecasted growth values. The RMCGI is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The RMCGI is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market.
Morningstar figures represent the average of the total returns reported by all the mutual funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges.
The Fund may incur and pay administrative service fees on its S class of up to a maximum amount of 0.25%. No such fees are currently incurred and paid by the S class of the Fund. The S class of the Fund will not incur and pay such fees until such time as approved by the Fund’s Board of Trustees (the “Trustees”).
The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding acquired fund fees and expenses, interest expense, extraordinary expenses, and proxy-related expenses, if any) paid by the Fund’s S class (after the voluntary waivers and/or reimbursements) will not exceed 1.79% (the “Fee Limit”) up to but not including the later of (the “Termination Date”): (a) May 1, 2027; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the approval of the Trustees.
The Russell 3000® Index is a broad-based securities market index that measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell Midcap® Growth Index (RMCGI) measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values. The RMCGI is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The RMCGI is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market.
Morningstar figures represent the average of the total returns reported by all the mutual funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges.
The Fund may incur and pay administrative service fees of up to 0.25% of average net assets to insurance companies for providing recordkeeping, shareholder and administrative services.
The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding acquired fund fees and expenses, interest expense, extraordinary expenses, and proxy-related expenses, if any) paid by the Fund’s S class (after the voluntary waivers and/or reimbursements) will not exceed 0.63% (the “Fee Limit”) up to but not including the later of (the “Termination Date”): (a) May 1, 2027; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the approval of the Trustees.