Emerging Market Debt Fund

Federated Hermes Emerging Market Debt Fund

Nasdaq symbol — IS: EMDIX | A: IHIAX | C: IHICX

6/30/21 Breakdown by currency (%) United States dollar 72.1 New Romanian leu 0.9 Product highlights Chinese yuan renminbi 10.7 Peruvian nuevo sol 0.6 Mexican peso 3.7 Turkish lira 0.2 • Pursues a high level of current income with a 3.1 0.2 secondary objective of capital appreciation. Brazilian real Uruguayan peso • Invests primarily in emerging markets government Polish zloty 2.2 Canadian dollar 0.2 and corporate fixed income investments. South African rand 1.2 Indonesian rupiah 0.1 • Investments may be denominated in foreign currencies or U.S. dollars, of any duration and Russian ruble 1.1 Indian rupee 0.1 include non-investment grade debt investments. Hungarian forint 1.1 British pound 0.1 Egyptian pound 1.1 Euro 0.1 Morningstar category Czech koruna 1.1 Australian dollar 0.1 Emerging Markets Bond Benchmark 1 Breakdown by region (%) Top 10 countries (%) J.P. Morgan Emerging Markets Bond Index Global 26.8 Latin America Brazil 10.8 Benchmark 2 Central and Eastern China 10.5 Equally weighted J.P. Morgan Emerging Markets Bond Europe 21.9 Index Global / J.P. Morgan Corporate Emerging 10.2 Asia 19.2 Mexico Markets Bond Index / J.P. Morgan Government Bond Index-Emerging Markets-Unhedged Africa 18.9 Russia 6.9 11.5 Key investment team Middle East Turkey 6.8 Cash/Cash Equivalents Ihab Salib 1.7 Egypt 4.3 Jason DeVito, CFA 4.1 Mohammed Elmi, CFA South Africa 3.5 Yields (%) Oman 3.1 30-day yield - IS 3.81 Saudi Arabia 30-day yield - A 3.39 Ukraine 2.8 30-day yield - C 2.80

Fund statistics Intl/global Average annual total returns (%) Performance shown is before tax. Portfolio assets $36.3 m Expense ratio* Number of securities 164 Dividends Paid monthly Performance Cumulative Since Before After Weighted average effective maturity 8.3 years NAV inception 3-month 1-year 3-year 5-year 10-year inception waivers waivers Weighted average effective duration 4.95 years IS 10/2/96 4.28 10.49 6.81 4.92 3.91 6.66 2.09 0.94 Top holdings (%) A 10/2/96 4.22 10.22 6.55 4.69 3.68 6.92 2.35 1.19 Brazil, Government of, 10%, 1/1/2025, Brazil 5.8 Mexico, Government of, Sr. Unsecd. Note, Series 3.8 C 10/2/96 3.93 9.26 5.72 3.86 3.05 6.66 3.09 1.94 M, 5.75%, 03/05/2026, Mexico Benchmark 1 3.93 6.81 6.48 4.44 5.34 - - - China, Government of, Series 1916, 3.12%, 3.4 12/05/2026, China Benchmark 2 3.41 8.06 6.20 4.55 3.86 - - - China, Government of, Sr. Unsecd. Note, Series 3.2 Maximum offering price 1827, 3.25%, 11/22/2028, China Russia, Government of, Series 6212, 7.05%, 1.7 A 10/2/96 -0.44 5.28 4.92 3.72 3.19 6.72 2.35 1.19 1/19/2028, Russia Russia, Government of, Unsecd. Note, Series 1.6 C 10/2/96 2.93 8.26 5.72 3.86 3.05 6.66 3.09 1.94 6222, 7.1%, 10/16/2024, Russia Mexico, Government of, Sr. Unsecd. Note, Series 1.2 A Shares/NAV M, 7.25%, 12/09/2021, Mexico Calendar year total returns (%) Petroleos Mexicanos, Sr. Unsecd. Note, 5.95%, 1.2 YTD 2020 2019 2018 2017 2016 2015 2014 2013 2012 01/28/2031, Mexico Poland, Government of, Unsecd. Note, Series 1.2 NAV 0.08 5.79 12.89 -5.17 10.36 6.98 -3.33 -0.15 -8.32 19.14 0726, 2.5%, 07/25/2026, Poland Benchmark 1 -1.00 5.88 14.42 -4.61 9.32 10.19 1.23 5.53 -6.58 18.54 Oman, Government of, Sr. Unsecd. Note, 144A, 1.1 7.00%, 01/25/2051, Oman Benchmark 2 -0.17 4.08 13.89 -4.17 10.84 11.06 -5.56 2.98 -5.81 16.88

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than what is stated. To view performance current to the most recent month-end, and for after-tax returns, contact us or visit FederatedInvestors.com. Maximum offering price figures reflect the maximum sales charge of 4.5% for A Shares, and the maximum contingent deferred sales charge of 1% for C Shares. See the prospectus for other fees and expenses that apply to a continued investment in the fund. * The fund’s expense ratio is from the most recent prospectus. The expense ratio may reflect voluntary fee waivers and/or expense reimbursements determined by the fund’s Advisor and its affiliates. The voluntary waivers and/or reimbursements, if applicable, are in effect up to but not including the later of 2/1/22 or the date of the fund’s next effective prospectus. Not FDIC Insured ● May Lose Value ● No Bank Guarantee Federated Hermes Emerging Market Debt Fund

Growth over time If you had invested $10,000 in A Shares on 10/31/96 (month end of the fund’s performance inception) and Investors should carefully consider the fund’s reinvested all distributions, here’s how your account would have grown by 6/30/21. investment objectives, risks, charges and expenses $52,398 before investing. To obtain a summary prospectus or prospectus containing this and other information, contact us or visit FederatedInvestors.com. Please carefully read the summary prospectus or the prospectus before investing. $0 10/96 12/02 12/09 12/16 6/21 Past performance is no guarantee of future results.

Quality (%)** Definitions Ratings and rating agencies The holdings percentages are based on net assets at the Morningstar Category identifies funds based on their A 10.4 close of business on 6/30/21 and may not necessarily reflect actual investment styles as measured by their underlying BBB 22.1 adjustments that are routinely made when presenting net portfolio holdings over the past three years. If the fund is assets for formal financial statement purposes. Because this less than three years old, the category is based on the life BB 30.4 is a managed portfolio, the investment mix will change. of the fund. ©2021 Morningstar, Inc. All Rights Reserved. B 29.0 Total retur n represents the change in value of an The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and CCC 4.9 investment after reinvesting all income and capital gains. Total return would have been lower in the absence of (3) is not warranted to be accurate, complete or timely. CC & Below 0.6 temporary expense waivers or reimbursements. Neither Morningstar nor its content providers are respon- sible for any damages or losses arising from any use of Not Rated 0.9 30-day yield (also known as “SEC yield”) is a compounded this information. Past performance is no guarantee of and annualized figure calculated according to a formula set Cash/Cash Equivalents future results. 1.7 by the SEC. The formula requires use of a specific method- ology for calculating dividends and interest earned, and ** The ratings agencies that provided the ratings are expenses accrued, during the period, and reflects the Standard and Poor’s, Moody’s and Fitch. When ratings vary, the highest rating is used. Credit ratings of A or better are The fund’s Institutional Shares commenced operations on maximum offering price per fund share. The standardized computation is designed to facilitate yield comparisons considered to be high credit quality; credit ratings of BBB March 30, 2012. For the period prior to the commence- are good credit quality and the lowest category of investment of operations of the Institutional Shares, the among different funds. In the absence of temporary expense waivers or reimbursements, the 30-day yield would have ment grade; credit ratings BB and below are lower-rated performance information shown is for the fund’s A Shares. securities (“junk bonds”); and credit ratings of CCC or below The performance of the A Shares has not been adjusted been 2.79% for Institutional Shares, 2.37% for A Shares, and 1.78% for C Shares. have high default risk. The credit quality breakdown does to reflect the expenses of the Institutional Shares since not give effect to the impact of any credit derivative invest-

Intl/global the Institutional Shares have a lower expense ratio than Growth over time performance is for the fund’s A Shares. ments made by the fund. the expense ratio Figures do not reflect the 4.5% maximum sales charge. The of the A Shares. The performance of the A Shares has fund offers additional share classes whose performance will been adjusted to remove any voluntary waiver of the vary due to differences in charges and expenses. fund’s expenses related to the A Shares that may have Weighted average effective maturity is the average occurred during the period prior to the commencement time to maturity of debt securities held in the fund. of operations of the Institutional Shares. Weighted average effective duration (sometimes called A word about risk “Option-Adjusted Duration”) is a measure of a security’s Mutual funds are subject to risks and fluctuate in value. price sensitivity to changes in interest rates calculated International investing involves special risks including using a model that recognizes that the probability of a currency risk, increased volatility, political risks, and differ- bond being called or remaining outstanding until ences in auditing and other financial standards. Prices of maturity may vary if market interest rates change, and emerging market and frontier market securities can be that makes adjustments based on a bond’s embedded significantly more volatile than the prices of securities in options (e.g., call rights, or in the case of a mortgage- developed countries, and currency risk and political risks backed security, the probability that homeowners will are accentuated in emerging markets. prepay their mortgages), if any, based on the probability that the options will be exercised. A fund’s weighted High-yield, lower-rated securities generally entail greater average effective duration will equal the market value market, credit/default and liquidity risks, and may be weighted average of each bond’s effective duration in the more volatile than investment-grade securities. fund’s portfolio. As with any model, several assumptions Bond prices are sensitive to changes in interest rates, and are made so the weighted average effective duration of a a rise in interest rates can cause a decline in their prices. fund in the Federated Hermes family of funds may not be comparable to other funds outside of the Federated Hermes family of funds. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations. J.P. Morgan Emerging Markets Bond Index Global tracks total returns for traded external debt instruments in the emerging markets. J.P. Morgan Corporate Emerging Markets Bond Index tracks total returns of US dollar-denominated debt instruments issued by corporate entities in Emerging Markets countries. J.P. Morgan Government Bond Index-Emerging Markets - Unhedged tracks local government bond debt. Indexes are unmanaged and cannot be invested in directly.