Summary Prospectus
April 30, 2026
Federated Hermes Fund for
U.S. Government Securities II
A Portfolio of Federated Hermes Insurance Series
A Portfolio of Federated Hermes Insurance Series
Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus and other information about the Fund, including the Statement of Additional Information and most recent reports to shareholders, online at FederatedHermes.com/FundInformation. You can also get this information at no cost by calling 1-800-341-7400, by sending an email request via Contact Us on FederatedHermes.com/us, or from a financial intermediary through which Shares of the Fund may be bought or sold. The Fund’s Prospectus and Statement of Additional Information, both dated April 30, 2026, are incorporated by reference into this Summary Prospectus. Fund Shares
are available exclusively as a funding vehicle for life insurance companies writing variable life insurance policies and
variable annuity contracts. They are subject to investment limitations that do not apply to other mutual funds available directly
to the general public. Therefore, any comparison of these two types of mutual funds would be inappropriate. This Prospectus should be
accompanied by the Prospectuses for such variable contracts.
A mutual fund seeking to provide current income by investing primarily in a diversified portfolio of U.S. government and government agency securities and mortgage-backed securities.
As with all mutual funds, the Securities and Exchange Commission (SEC) has not approved
or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal
offense.
Fund Shares are available exclusively as a funding vehicle for life insurance companies
writing variable life insurance policies and variable annuity contracts. They are subject to investment limitations that do not
apply to other mutual funds available directly to the general public. Therefore, any comparison of these two types of mutual funds would
be inappropriate. This Prospectus should be accompanied by the Prospectuses for such variable contracts.
Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee
Fund Summary Information
Federated Hermes Fund for U.S. Government Securities II (the “Fund”)
RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE
The Fund’s investment objective is to provide current income.
RISK/RETURN SUMMARY: FEES AND EXPENSES
Note: The Table below and the Example that follows it relate exclusively to the Shares
of the Fund. They 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.
This table describes the fees and expenses that you may pay if you buy, hold and sell
Shares of the Fund. 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.
Shareholder Fees (fees paid directly from your investment)
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
|
N/A
|
|
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or
redemption proceeds, as applicable)
|
N/A
|
|
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions)
(as a percentage of offering price)
|
N/A
|
|
Redemption Fee (as a percentage of amount redeemed, if applicable)
|
N/A
|
|
Exchange Fee
|
N/A
|
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of
the value of your investment)
|
|
|
|
Management Fee
|
0.60%
|
|
Distribution (12b-1) Fee
|
None
|
|
Other Expenses
|
0.42%1
|
|
Total Annual Fund Operating Expenses
|
1.02%
|
|
Fee Waivers and/or Expense Reimbursements2
|
(0.24)%
|
|
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements
|
0.78%
|
1
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”).
2
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.
Example
This Example is intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 for the time periods indicated and then
redeem or hold all of your Shares 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:
|
1 Year
|
$104
|
|
3 Years
|
$325
|
|
5 Years
|
$563
|
|
10 Years
|
$1,248
|
1
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). 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 57% of the average value of its portfolio.
RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE
What are the Fund’s Main Investment Strategies?
The Fund seeks to provide current income. Under normal market conditions, the Fund
invests primarily in a diversified 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.
The Fund typically seeks to maintain an overall average dollar-weighted portfolio
duration that is within one year above 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.
Based on fundamental analysis, the Adviser will consider a variety of factors when
making decisions to purchase or sell 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.
The Fund will invest its assets so that at least 80% of its net assets (plus any borrowings
for investment purposes) are invested in U.S. government securities. The Fund will notify shareholders at least
60 days in advance of any change in this investment policy.
What are the Main Risks of Investing in the Fund?
All mutual funds take investment risks. Therefore, it is possible to lose money by
investing in the Fund. The primary factors that may reduce the Fund’s returns include:
■ MBS Risk. 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.
■ Asset-Backed Securities (ABS) Risk. 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.
■ Interest Rate Risk. 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.
■ Credit Risk. 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.
■ Counterparty Risk. 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.
2
■ Prepayment and Extension Risk. 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.
■ Risk of Security Downgrades. 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.
■ Liquidity Risk. 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.
■ Leverage Risk. 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.
■ Risk of Investing in Derivative Instruments. 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.
■ Risk Related to the Economy. 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,
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.
■ Technology Risk. 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.
The Shares offered by this Prospectus are not deposits or obligations of any bank,
are not endorsed or guaranteed by any 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.
3
Performance: Bar Chart and Table
Risk/Return Bar Chart
The bar chart and performance table below reflect historical performance data for
the Fund and are intended 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 total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns averaged 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. The Fund’s performance will fluctuate, and past performance is not necessarily an indication of future results. For current performance information, contact your insurance company.
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.
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).
Average Annual Total Return Table
Return Before Taxes is shown for the Fund’s Shares.
(For the Period Ended December 31, 2025)
|
Fund:
|
1 Year
|
5 Years
|
10 Years
|
|
Return Before Taxes
|
6.80%
|
(0.84)%
|
1.06%
|
|
Bloomberg US Aggregate Bond Index1
(reflects no deduction for fees, expenses or taxes)
|
7.30%
|
(0.36)%
|
2.01%
|
|
67% Bloomberg US Mortgage Backed Securities Index/33% Bloomberg US Government Bond
Index2
(reflects no deduction for fees, expenses or taxes)
|
7.83%
|
(0.21)%
|
1.53%
|
1
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.
2
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.
FUND MANAGEMENT
The Fund’s Investment Adviser is Federated Investment Management Company.
Liam O’Connell, CFA, Portfolio Manager, has been the Fund’s portfolio manager since April of 2017.
J. Andrew Kirschler, Portfolio Manager, has been the Fund’s portfolio manager since April of 2026.
PURCHASE AND SALE OF FUND SHARES
Shares are used solely as an investment vehicle for separate accounts of participating
insurance companies offering variable annuity contracts and variable life insurance policies. The general public
has access to the Fund only by purchasing a variable annuity contract or variable life insurance policy (thus becoming
a contract owner). Shares are not sold directly to the general public.
Shares of the Fund can be purchased or redeemed by participating insurance companies
on any day the New York Stock Exchange (NYSE) is open.
4
Tax Information
The Fund expects, based on its investment objectives and strategies, that its distributions,
if any, will consist of ordinary income, capital gains or some combination of both. Because shares of the Fund must
be purchased through variable annuity contracts or variable life insurance contracts, such distribution will be
exempt from current taxation if left to accumulate within the variable contract. You should ask your own tax advisor for more
information on your own tax situation, including possible state or local taxes.
Payments to Insurance companies or qualifying dealers
Fund Shares are generally available only through participating insurance companies
offering variable annuity contracts and variable life insurance policies. Life insurance policies and variable annuities
are generally purchased through a broker-dealer or other financial intermediary. The Fund and/or its related companies
may make payments to the participating insurance companies for services; some of the payments may go to broker-dealers
and other intermediaries. These payments may create a conflict of interest for an intermediary, or be a factor
in the participating insurance companies’ decision to include the Fund as an underlying investment option in a variable contract. Ask your salesperson or visit your financial intermediary’s website for more information.
5
Federated Hermes Fund for U.S. Government Securities II
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Contact us at FederatedHermes.com/us
or call 1-800-341-7400.
or call 1-800-341-7400.
Federated Securities Corp., Distributor
Investment Company Act File No. 811-8042
CUSIP 313916207
Q450253 (4/26)
© 2026 Federated Hermes, Inc.