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

High-yield, lower-rated securities generally entail greater market, credit/default and liquidity risks and may be more volatile than investment-grade securities.

Foreign investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards.

Yield Curve: Graph showing the comparative yields of securities in a particular class according to maturity. Securities on the long end of the yield curve have longer maturities.

Past performance is no guarantee of future results.

The performance quoted is for illustrative purposes only and is not representative of any specific investment.

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

Although the information provided has been obtained from sources which Federated Hermes believes to be reliable, it does not guarantee accuracy of such information and such information may be incomplete or condensed.

The value of equity securities will rise and fall. These fluctuations could be a sustained trend or a drastic movement.

Prices of emerging markets securities can be significantly more volatile than the prices of securities in developed countries and currency risk and political risks are accentuated in emerging markets.

There are no guarantees that dividend-paying stocks will continue to pay dividends. In addition, dividend-paying stocks may not experience the same capital appreciation potential as non-dividend-paying stocks.

Secured Overnight Financing Rate (SOFR): a broad measure of the cost of borrowing cash that is collateralized by U.S. Treasury securities. The New York Fed publishes SOFR on a daily basis.

Value stocks may lag growth stocks in performance, particularly in late stages of a market advance.

Growth stocks are typically more volatile than value stocks.

Small company stocks may be less liquid and subject to greater price volatility than large company stocks.

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.

Variable and floating-rate loans and securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much or as quickly as interest rates in general. Conversely, variable and floating-rate loans and securities generally will not increase in value as much as fixed-rate debt instruments if interest rates decline.

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