Summary Prospectus
April 30, 2026
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Share Class
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Primary
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Federated Hermes High Income Bond Fund 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/us/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 high current income by investing primarily in a professionally managed, diversified portfolio of fixed-income 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 High Income Bond Fund II (the “Fund”)
RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE
The Fund’s investment objective is to seek high current income.
RISK/RETURN SUMMARY: FEES AND EXPENSES
Note: The table below and the Example that follows it relate exclusively to the Primary
Shares (P) 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
P class 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)
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P
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Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
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N/A
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Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or
redemption proceeds, as applicable)
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N/A
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Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions)
(as a percentage of offering price)
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N/A
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Redemption Fee (as a percentage of amount redeemed, if applicable)
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N/A
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Exchange Fee
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N/A
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of
the value of your investment)
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P
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Management Fee
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0.60%
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Distribution (12b-1) Fee
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None
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Other Expenses
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0.30%1
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Total Annual Fund Operating Expenses
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0.90%
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Fee Waivers and/or Expense Reimbursements2
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(0.09)%
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Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements
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0.81%
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1
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”).
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’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.
1
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:
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1 Year
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$92
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3 Years
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$287
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5 Years
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$498
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10 Years
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$1,108
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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 28% of the average value of its portfolio.
RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE
What are the Fund’s Main Investment Strategies?
The Fund pursues its investment objective by investing primarily in a diversified
portfolio of high-yield, lower-rated 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.
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 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.
The Fund will invest its assets so that at least 80% of its net assets (plus any borrowings
for investment purposes) are 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.
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:
■ Risk Associated with Noninvestment-Grade Securities. 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.
■ Issuer Credit Risk. 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.
■ 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.
■ 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
2
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. Among other investments, lower-grade bonds and
loans may be particularly sensitive to changes in the economy.
■ Liquidity Risk. 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.
■ 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.
■ Call Risk. 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.
■ Risk of Foreign Investing. 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.
■ Currency Risk. 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.
■ European Union and Eurozone Related Risk. 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.
■ Leverage Risk. Leverage risk is created when an investment exposes the Fund to a level of risk that
exceeds the amount invested.
■ Risk of Investing in Emerging Market Countries. 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.
■ Risk of Investing in Derivative Contracts and Hybrid Instruments. 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.
■ Technology Risk. 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.
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’s P class. The performance 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. 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 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).
Average Annual Total Return Table
Return Before Taxes is shown for the Fund’s P class.
(For the Period Ended December 31, 2025)
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Share Class
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1 Year
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5 Years
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10 Years
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P Class:
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Return Before Taxes
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8.23%
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3.70%
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5.59%
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Bloomberg US Aggregate Bond Index1
(reflects no deduction for fees, expenses or taxes)
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7.30%
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(0.36)%
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2.01%
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Bloomberg US Corporate High Yield 2% Issuer Capped Index2
(reflects no deduction for fees, expenses or taxes)
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8.62%
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4.50%
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6.52%
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Lipper Variable Underlying High Yield Funds Average3
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7.79%
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4.30%
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5.61%
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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
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.
3
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.
4
FUND MANAGEMENT
The Fund’s Investment Adviser is Federated Investment Management Company.
Randal Stuckwish, CFA, Portfolio Manager, has been the Fund’s portfolio manager since September of 2023.
Mark E. Durbiano, CFA, Senior Portfolio Manager, has been the Fund’s portfolio manager since its inception in August of 1993.
Kathryn P. Glass, CFA, Senior Portfolio Manager, has been the Fund’s portfolio manager since September of 2023.
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.
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 High Income Bond Fund 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 313916306
Q450259 (4/26)
© 2026 Federated Hermes, Inc.