Adjustable Rate Fund

ticker F E U N X Mutual Funds . Short-Term Bond .


June 30 2024
$159.6 M
YTD Return NAV
July 16 2024
Fixed Income
Rating ™
June 30 2024
5 out of 5 stars"

Seeks current income consistent with minimal volatility of principal by investing primarily in adjustable- and floating-rate securities.

Key Facts - Part 1
Symbol ticker F E U N X
Benchmark ICE BofA 1-Year US Treasury Note Index
Key Facts - Part 2
Fund Number(s)
CUSIP 3 1 4 0 8 2 3 0 6
Performance Incp. Date December 3 1985
Short Government
High Limited
Todd Abraham, CFA
Senior Vice President
Senior Portfolio Manager
Head of Government/Mortgage Backed Fixed Income Group

joined Federated Hermes
35 years of experience
Liam O'Connell, CFA
Vice President
Portfolio Manager
Senior Investment Analyst

joined Federated Hermes
21 years of experience




For additional information, including definitions of related terms and indexes, see the Financial Glossary and Benchmark Index Glossary.




1 disclosure If this product is new, it will not have completed its first financial reporting period. Please check back to view future shareholder reports. For the new share of an existing fund, you may wish to view recent shareholder reports of another share of that fund by visiting another share.

The “As of Date” for regulatory documents  is the date when the document is made available on Federated Hermes' website.

2 disclosure Each fiscal quarter, the Fund will file with the SEC a complete schedule of its monthly portfolio holdings on “Form N-PORT.” The Fund’s holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at within 60 days of the end of the fiscal quarter upon filing.

Distributions and Taxes

Standard Performance


dagger disclosure 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 11/01/2024 or the date of the fund's next effective prospectus.

Effective at the start of business on July 28, 2022, the former Service Shares were re-designated as new A Shares. For the periods prior to the re-designation, the performance information show for the A Share is for the fund's former Service Shares and has not been adjusted, except that it includes A Share sales charges. Previously, effective at close of business on August 2, 2019, the former Institutional Shares had been re-designated as the former Service Shares, an earlier class of Service Shares was converted into the re-designated former Service Shares, and a new Institutional Share was created. Following the August 2, 2019 changes, the performance for the former Institutional Shares was carried over in the re-designated former Service Shares. 

The Fund's new IS class commenced operations on August 5, 2019. For the periods prior to commencement of operations of the Fund's new IS class, the performance information shown is for the Fund's newly re-designated SS class, formerly the Fund's Institutional Shares. The performance of the Fund's new IS class has not been adjusted since the new IS class is expected to have a lower expense ratio than the expense ratio of the newly re-designated SS class.

Total returns for periods of less than one year are cumulative.

Total return may have been lower in the absence of temporary expense waivers or reimbursements.

Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.

The value of some mortgage-backed securities may be particularly sensitive to changes in prevailing interest rates, and although the securities are generally supported by some form of government or private insurance, there is no assurance that private guarantors or insurers will meet their obligations.

Effective January 21, 1992, the fund converted its investment policy from intermediate- to longer-term Treasurys to adjustable rate mortgage securities

After-tax returns are calculated using a standard set of assumptions. Actual after-tax returns depend on each investor’s personal tax situation, and are likely to differ from those shown. The stated returns assume the highest historical federal income and capital gains tax rates, but do not reflect the effect of any applicable state and local taxes. Return After Taxes on Distributions assumes a continued investment in the fund and shows the effect of taxes on fund distributions. Return After Taxes on Distribution and Sale of Fund Shares assumes all shares were redeemed at the end of each measurement period, and shows the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on fund distributions. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA, 401(k) plans. The after-tax average annual total returns are based on the 37% tax bracket and include the 3.8% tax on net investment income.

Mutual funds are subject to risks and fluctuate in value.

Moody's Credit Ratings: Obtained after Moody's evaluates a number of factors, including credit quality, market price exposure and management. Credit Ratings are subject to change and do not remove market risk.

Product classifications noted at the top are Federated Hermes' internal classifications.

The fund may invest proceeds from dollar-roll transactions in floaters. The accounting treatment of these transactions may result in negative percentages for cash equivalents, if applicable.

The holdings percentages are based on net assets at the close of business on the date above, and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. Because this is a managed portfolio, the investment mix will change.

Current and future portfolio holdings are subject to risk.

Investors should carefully consider the fund's investment objectives, risks, charges and expenses before investing. To obtain a summary prospectus or prospectus containing this and other information, contact us or view the prospectus provided on this website. Please carefully read the summary prospectus or prospectus before investing.

Federated Securities Corp., Distributor

Not FDIC Insured
May Lose Value
No Bank Guarantee