This brochure explains Federated Global Investment Management ’s advisory business, and provides important
information about us and, in certain cases, our affiliates and our related persons. As used within this section, “we” shall
refer to Federated Global Investment Management , our affiliates and/or our related persons, as appropriate. Corp.
Thank you for considering Federated Global Investment Management as your investment adviser. We encourage
you to read this brochure completely and carefully. You may contact us at the phone number provided on the cover
page of this brochure if you have any questions or to request another copy of this brochure. You also may obtain this
brochure from our website (
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FederatedHermes.com) free of charge. Additional information about us, our investment
adviser representatives, and our affiliates that are domestic registered investment advisers (together with us, each, as
applicable, an Advisory Company and, collectively, as applicable, the Advisory Companies) also is available via the ’s
website at
SEC
www.adviserinfo.sec.gov.
A. How We are Organized
We organized as a Delaware corporation on May 12, 1995. Our original name was Federated Global Research We
first registered with the as an investment adviser under the Investment Advisers Act of 1940, as amended (the
Advisers Act), on June 22, 1995.
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B. Our Ownership Structure
We are an indirect, wholly-owned subsidiary of Federated Hermes, (Federated Hermes). Federated Hermes is
organized as a Pennsylvania corporation and is a publicly owned company (Ticker Symbol: ). Federated Hermes
owns 100% of the outstanding voting securities of Holdings, , a Delaware corporation. Holdings owns 100%
of the outstanding voting securities of Federated Global Investment Management . Corp
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Federated Hermes, a public company, has shares of both Class A Common Stock and Class B Common Stock. The
Class B Common Stock is listed on the New York Stock Exchange (). Except under certain limited circumstances,
the entire voting power of Federated Hermes is vested in the holder of the outstanding shares of the Class A Common
Stock. All of the outstanding shares of Class A Common Stock are held by a Voting Shares Irrevocable Trust, dated
May 31, 1989 (the Voting Trust), the three trustees of which are Federated Hermes’s President and Chief Executive
Officer and Chairman of its Board of Directors, Mr. J. Christopher Donahue, his brother, Thomas R. Donahue,
Federated Hermes’s Vice President, Treasurer and Chief Financial Officer and a director, and Ann C. Donahue, the wife
of Mr. J. Christopher Donahue, for the benefit of the members of the Donahue family.
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Federated Hermes owns a number of domestic and foreign advisory subsidiaries that are under common control with,
and affiliates of, Federated Global Investment Management Corp. Federated Hermes Limited (), a wholly-owned
subsidiary of Federated Hermes based in the United Kingdom, wholly-owns registered investment adviser subsidiaries,
including Hermes Investment Management Limited (such investment adviser subsidiaries, the Advisory
Companies), as well as, among others, Hermes Equity Ownership Services (), an entity that provides stewardship
services, including engagement on environmental, social, corporate governance, strategic and financial matters, and
research services. is discussed further in Item 10. Although the Advisory Companies are under common
control with, and affiliates of, Federated Global Investment Management and the other Advisory Companies
(together with us, each, as applicable, a Federated Advisory Company and, collectively, as applicable, the Federated
Advisory Companies), the disclosure and discussion of the policies and practices of the Federated Advisory Companies
herein does not include the Advisory Companies, except where specifically noted, as the Advisory Companies
generally operate their investment management and trading functions independently, and will have no material effect on
the advisory activities of the Federated Advisory Companies. However, Federated Global Investment Management
Corp. or other Federated Advisory Companies will provide coordination and oversight of the investment management
activities of the Advisory Companies when the Advisory Companies act in a subadvisory capacity for clients
of the Federated Advisory Companies, and will share certain internally-generated research with theAdvisory
Companies and , subject to the information barriers described below. As discussed under “Conflicts of Interest
Relating to Information Sharing Among Affiliates” in Item 6, information barriers have been implemented among the
Advisory Companies and to prevent the exchange of material non-public information among the Federated
Advisory Companies, , and the Advisory Companies, and which requires that all investment-related activities,
including trading activity and the allocation and aggregation of trades, of the Federated Advisory Companies are
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operated independent of, and are not integrated with, the investment related activities of the Advisory Companies.
(Please refer to “Other Financial Industry Activities and Affiliations” in Item 10 of this brochure for further
information.)
The Federated Advisory Companies collectively provide advisory services to a variety of separately managed accounts or
wrap fee accounts (Managed Accounts), institutional, or high net worth individual, separate accounts (Separate
Accounts), registered investment companies, including exchange-traded funds () and mutual funds (collectively,
Investment Companies), investment companies that are registered under the Investment Company Act (as defined
below) that offer shares that are not registered under the 1933 Act (as defined below) (Private Investment Companies),
other pooled investment vehicles (Pooled Investment Vehicles), and proprietary accounts and funds (Proprietary
Accounts). Federated Hermes also owns other companies, both in the United States and in certain other countries, such
as broker/dealers, investment advisers, management companies, commodity pool operators, and trust companies.
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C. Our Advisory Services
Federated Global Investment Management currently provides Investment Supervisory Services (as defined below),
Model Portfolio Management Services (as defined below), and other discretionary and non-discretionary investment
advisory services as discussed in this brochure.
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1. Investment Supervisory Services
Federated Global Investment Management provides continuous and regular investment supervisory or
management services (Investment Supervisory Services) pursuant to which we have discretionary authority over a client’s
assets and provide ongoing supervisory or management services with respect to the client’s assets. Such discretionary
authority generally does not require prior client consultation.
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We may also provide Investment Supervisory Services when we do not have discretionary authority over a client’s assets,
but we have ongoing responsibility to select and make recommendations to a client as to specific securities or other
investments that may be purchased or sold for a client’s account. Under these arrangements, if our recommendations are
accepted by the client, we are responsible for arranging or effecting the purchase or sale of such securities or other
investments.
We strive to tailor our Investment Supervisory Services to the individual needs of our clients. We generally discuss
investment strategy and permissible investment with clients during the account set-up process. We generally permit
clients to impose reasonable restrictions on investment in certain securities or types of securities. A restriction is
reasonable if, in our judgment, the restriction does not impose any material or significant impairment on our ability to
manage a client’s assets in accordance with the investment strategy and guidelines established for that client’s account.
We review a client’s investment guidelines and discuss them with the client. Following approval, relevant rules and
restrictions are inputted into our trade management system. We also intend to perform our Investment Supervisory
Services in accordance with Rule 3a-4 under the Investment Company Act of 1940 (Investment Company Act) to
the extent required under applicable law or the terms of a client’s investment management agreement(s). (Please refer to
“Methods of Analysis, Investment Strategies and Risk of Loss” in Item 8 and “Investment Discretion” in Item 16 of this
brochure for further information on our methods of analysis, investment strategies, and related risks.)
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Investment Supervisory Services provided to Managed Accounts and our Model Portfolio Management Services are not
intended for use with respect to any collective fund, Investment Company, Private Investment Company, other Pooled
Investment Vehicle or unitized accounts/vehicles without written consent of Federated Global Investment Management
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In the case of Managed Accounts and other discretionary investment accounts that we manage, we may invest client
assets in certain affiliated Investment Companies advised by Federated Global Investment Management or other
Federated Advisory Companies. These affiliated Investment Companies may bear expenses as disclosed in their
prospectuses. For example, while these affiliated Investment Companies may not pay certain of the investment
management fees or other fees to Federated Global Investment Management or other Federated Advisory
Companies or their affiliates, they typically pay (directly or indirectly by investing in other investment companies) third-
party expenses (including custodian fees, transfer agency fees, legal expenses and other third-party expenses). In certain
cases, however, an affiliated Investment Company may invest in another affiliated Investment Company, Private
Investment Company or Pooled Investment Vehicle that pays, or that invests in yet another affiliated Investment
Company, Private Investment Company or Pooled Investment Vehicle that pays, management fees or other fees to
Federated Global Investment Management or other Federated Advisory Companies or their affiliates, in which
case clients may bear those fees indirectly, including as part of the investment return of the affiliated Investment
Company, Private Investment Company or Pooled Investment Vehicle. Please refer to “Conflicts of Interest Relating to
Affiliated Investment Vehicles” and “Conflicts of Interest Relating to Uninvested Cash Positions” in Item 6 of this
brochure for further information regarding actual or potential conflicts of interest that may arise in connection with
investments in affiliated investment vehicles. Clients also bear expenses charged directly to the Managed Accounts. We
may invest client assets in a portfolio of individual securities or investments, or in a combination of individual securities
or investments and affiliated Investment Companies. We determine how to invest the client assets based upon several
factors, including the type of client account, the investment strategy, and applicable client investment objectives,
guidelines and policies, restrictions or instructions, or other relevant factors. In these cases, the affiliated Investment
Companies are reasonably believed to be designed to purchase securities required for the fixed income, equity or other
investment strategies that cannot be efficiently held individually in client accounts, but can be efficiently held in a pooled
vehicle, such as a mutual fund. Affiliated Investment Companies may only be held in Managed Accounts of clients that
meet certain conditions to be considered “eligible investors.” Unless an affiliated Investment Company determines to
accept a purchase order for an investment, an “eligible investor” in the affiliated Investment Company does not include:
(i) a non-resident alien within the meaning of Internal Revenue Code (I.R.C.) § 7701(b)(1)(B) who is a natural person; (ii)
a covered expatriate (
i.e., a U.S. citizen temporarily residing abroad) within the meaning of I.R.C. § 877A(g)(1)(A); (iii) a
foreign institutional investor; or (iv) a fund or investor in the European Union. If a Managed Account client ceases to be
an “eligible investor,” the affiliated Investment Companies are authorized to redeem shares held by or on behalf of such
a client. Dividends paid by affiliated Investment Companies to Managed Accounts are paid in cash; Managed Account
clients may not reinvest dividends into affiliated Investment Companies. (Please refer to “Performance-Based Fees and
Side by Side Management,” in Item 6, “Code of Ethics, Participation or Interest in Client Transactions, and Personal
Trading” in Item 11 and “Brokerage Practices” in Item 12 of this brochure for further information regarding
investments in affiliated Investment Companies.)
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In connection with the Investment Supervisory Services that Federated Global Investment Management provides,
we generally are responsible for providing investment research and investment evaluation services. We may also provide
certain reports to our clients. Additional information, including performance reports prepared in compliance with
Global Investment Performance Standards (®), is available at GIPS
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FederatedHermes.com.
When acting in our capacity as investment adviser to Investment Companies and certain Proprietary Accounts,
Federated Global Investment Management provides investment research and supervises the investments of our
clients and conducts a continuous program of investment evaluation. We also provide advice regarding appropriate sales
or other dispositions and reinvestment of such clients’ portfolios. In all cases, our advice is subject to the investment
objective, policies and limitations of our clients.
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From time to time, we may also agree to facilitate the transition of a client’s portfolio in connection with the inception
or termination of an advisory relationship. We only provide these services when requested by clients and the services are
not available in all circumstances.
2. Model Portfolio Management Services
Federated Global Investment Management also furnishes investment advice and recommendations through the
provision of model portfolios for certain of our investment strategies, and provides periodic updates to the model
portfolios (Model Portfolio Management Services). Model Portfolio Management Services may be provided with respect
to model portfolios that invest in individual securities, make allocations among Investment Companies (including
affiliated Investment Companies), or a combination of both. We typically provide these services to investment advisory
firms, other managers, financial advisers, or other intermediaries (Overlay Managers), either directly or through turn-key
asset management providers that operate platforms or programs (Platform Providers) in which Overlay Managers
participate. These Overlay Managers utilize our model portfolios and periodic updates, either alone or together with
other model portfolios provided by the Overlay Managers or other investment advisers, to manage the assets of the
Overlay Manager’s clients. We generally do not have investment discretion or trading responsibilities in such
arrangements, nor do we have an advisory relationship with the Overlay Manager’s clients, and do not manage model
portfolios on the basis of the financial situation or investment objectives of individual clients that participate in these
programs. As a consequence, Model Portfolio Management Services are generally not tailored to the needs of our
individual clients.
Investment Supervisory Services provided to Managed Accounts and our Model Portfolio Management
Services are not
intended for use with respect to any collective fund, Investment Company, Private Investment Company, other Pooled
Investment Vehicle or unitized accounts/vehicles without written consent of Federated Global Investment Management
3. Other Advisory Services
Federated Global Investment Management provides Investment Supervisory Services to banks, trust companies
and other investment advisers (collectively, Other Advisers) and to Investment Companies, Pooled Investment Vehicles
and Proprietary Accounts. These services (Other Advisory Services) may include:
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Acting as an adviser, co-adviser, or a sub-adviser for Managed Accounts, Separate Accounts, Investment
Companies, and Pooled Investment Vehicles, such as collective investment funds, common trust funds, and
other investment accounts or products managed by Other Advisers; and
Assisting Other Advisers in reviewing and managing investment accounts or products.
The process by which we implement decisions may vary based on type or size of account, restrictions of intermediary
firms, applicable investment objectives, guidelines and policies, and, if applicable, client-imposed investment restrictions.
Depending upon our arrangement with our clients, we may make asset allocation decisions along with security selection
decisions, and may provide asset allocation recommendations and periodic updates to clients.
D. The Types of Accounts/Products We Manage
Federated Global Investment Management provides Investment Supervisory Services, Model Portfolio
Management Services and Other Advisory Services in connection with Managed Accounts, Separate Accounts,
Investment Companies, Pooled Investment Vehicles, and Proprietary Accounts. The following further describes each of
these types of client accounts or investment products.
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1. Separate Accounts
Federated Global Investment Management provides Investment Supervisory Services to high net worth and
institutional investors. We provide these services pursuant to an investment management agreement with the client that
describes or attaches the client’s investment policy statement and/or our investment strategy or mandate pursuant to
which we will manage the client’s account, and the rights and responsibilities of the client in connection with the
termination of the agreement. Custody of the client’s assets is maintained by a qualified custodian selected by the client.
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For certain Separate Account strategies, we may retain a sub-adviser to assist us with the management of the Separate
Account. Federated Global Investment Management may have an ownership interest in or be affiliated with such
sub-advisers.
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2. Managed Accounts
Federated Global Investment Management participates as an investment manager or portfolio manager in certain
separately managed account or wrap fee programs (Managed Accounts or Managed Account Programs) and provides
Investment Supervisory Services to individuals, high net worth individuals, pension plans, charitable organizations and
certain small institutional investors. Managed Account Programs generally are investment programs under which a client
is charged a single specified fee for investment advisory services (which may include portfolio management or advice
concerning the selection of other investment advisers), execution of client transactions by the program’s sponsor, and
custodial services. However, as described in “Managed Account Programs” in Item 12 of this brochure, with respect to
certain Managed Account Programs, the single Managed Account fee does not cover the cost of execution of client
transactions. We receive a portion of the fees paid by the Managed Account client for our services.
In Managed Account Programs, clients (with or without the assistance of the sponsors (Sponsors) of the Managed
Account Program) select or appoint Federated Global Investment Management to manage designated client assets
in accordance with one or more of our investment strategies. The Sponsors of the Managed Account Programs typically
are broker/dealers, financial institutions or other investment advisory firms which sponsor, operate and administer the
Managed Account Programs.
When providing Investment Supervisory Services to Managed Accounts, we typically act as a sub-adviser to the
Sponsors of the Managed Account Programs. The Sponsors typically enter into investment management agreements
with clients; we typically do not have direct investment management agreements with clients that participate in Managed
Account Programs. Managed Account Programs may also be structured as dual contract or unbundled relationships, in
which Sponsors (typically broker/dealers) will enter into brokerage agreements with clients and Federated Global
Investment Management will enter into separate investment management agreements directly with the same
clients. In all cases, the Sponsors typically provide portfolio manager selection, performance monitoring and evaluation,
custody, brokerage and other administrative services (or a combination of these services) to clients. We exclusively
provide advisory services to Managed Account Program clients.
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In certain cases, Sponsors operate their Managed Account Programs on platforms, or use systems developed and
supported by Platform Providers (i.e., technology companies or certain other companies or turn-key asset management
providers). In these cases, we may have an agreement with the Platform Provider, and the Platform Provider has
agreements with the Sponsors that utilize the Platform Provider’s platform or systems.
There are certain differences between how we manage Managed Accounts and how we manage other client accounts.
For example, when participating in Managed Account Programs, the Sponsor is typically responsible for determining the
suitability of the Managed Account Program, including Federated Global Investment Management and our
investment strategy, for the client. We typically are only responsible for managing client assets in accordance with the
designated investment strategy. In certain Managed Account Programs, Sponsors and Platform Providers may limit the
information that is available to us about the client, the client’s other investments or risk tolerance, and other information
that would be relevant to determining whether the investment strategy or certain specific investments would be suitable
for the client. Likewise, we may be restricted by Sponsors and Platform Providers from communicating directly with
clients; all communications, including communications with respect to the clients’ investment objectives, financial
condition and reasonable investment restrictions, typically must be directed through the Sponsor or Platform Provider.
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Federated Global Investment Management also provides Model Portfolio Management Services to Overlay
Managers, Sponsors or Platform Providers that participate as managers in, sponsor or operate Managed Account
Programs.
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3. Investment Companies
Federated Global Investment Management provides Investment Supervisory Services to Investment Companies.
Investment Companies are pooled investment vehicles that are registered as investment companies under the
Investment Company Act. Investment Companies issue shares that are registered and publicly offered under the
Securities Act of 1933 (1933 Act). We may act as either an investment adviser, co-adviser, or sub-adviser to our
Investment Company clients.
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4. Other Pooled Investment Vehicles
Federated Global Investment Management may provide Investment Supervisory Services to a variety of Pooled
Investment Vehicles, including:
Investment vehicles or funds that are domiciled outside of the United States; and
Collective funds, collective trust funds or group trusts (collectively, collective or common funds).
These Pooled Investment Vehicles typically are exempt from registration under the Investment Company Act, and the
interests in such Pooled Investment Vehicles typically are exempt from registration under the 1933 Act (although in
some cases such interests may be registered under the 1933 Act or similar foreign regulation).
The investment management or other agreements governing our provision of advisory services to Pooled Investment
Vehicles typically vary between clients, including with respect to termination provisions. Clients should refer to their
investment management or other agreement with us for a complete understanding of their termination and other rights.
5. Proprietary Accounts
Federated Global Investment Management may from time to time provide Investment Supervisory Services to
Proprietary Accounts. At any given time, we may manage Proprietary Accounts that are Managed Accounts, Separate
Accounts, Investment Companies or Pooled Investment Vehicles. The clients, account holders, shareholders or
investors in these Proprietary Accounts may include: Federated Global Investment Management , another
Federated Advisory Company or affiliate, or employees of these entities.
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Proprietary Accounts typically are established when we or another Federated Advisory Company are establishing an
investment strategy or creating or seeding an Investment Company, Private Investment Company or other Pooled
Investment Vehicle, although investment vehicles with unaffiliated investors may also be treated as Proprietary Accounts
if we and/or the other Federated Advisory Companies also have a significant ownership interest in the investment
vehicle.
E. Our Use of “Shared Personnel” and Third-Party Service Providers
Federated Global Investment Management shares certain directors/trustees and officers with the other Advisory
Companies. We also share certain employees and supervised persons with certain other Federated Advisory Companies.
To the extent an employee, officer or supervised person is shared among Advisory Companies, the employee, officer or
supervised person will be subject to such Advisory Companies’ policies and procedures, to the extent applicable. In
connection with providing Investment Supervisory Services to our clients, certain service providers, such as providers of
proxy voting services (collectively, Service Providers), have been engaged to perform services on our behalf. These
Service Providers may or may not be affiliated with us. For example, we receive certain shared services from another
Federated Advisory Company, Federated Advisory Services Company, such as performance attribution and corporate
action administration. We also may engage another Advisory Company or an unaffiliated adviser as a sub-adviser in
connection with certain investment strategies. In cases where Service Providers have been engaged, we may disclose
confidential information, including non-public personal information about clients, to these Service Providers for the
purpose of processing transactions for and servicing clients’ accounts. We will typically only make such disclosure when
the Service Provider is subject to contractual or other obligations not to misuse or publicly disclose this information.
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F. Our Assets Under Management
As of December 31, 2023, Federated Global Investment Management had $18,372,825,523 in total assets under
management. As of such date, our assets under management consisted of $18,336,921,276 of assets that we managed on
a discretionary basis. These include assets for which we provided Investment Services and exercised discretionary
authority or non-discretionary authority with trading responsibility and accounts over which Federated Global
Investment Management shares investment discretion with another affiliated or unaffiliated adviser. As of such
date, our assets under management also consisted of $35,904,247 of assets that we managed on a non-discretionary
basis. These include our Model Portfolio Management Services and other accounts for which we provided non-
discretionary services and did not have trading responsibility.
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G. Standard of Care
Investment advisers are permitted to include performance standard provisions in their investment management
agreements under certain conditions. These provisions are sometimes referred to as “hedge clauses.” Unless Federated
Global Investment Management specifically agrees in writing (in an investment management agreement or
otherwise) to comply with different performance standards, we provide our Investment Supervisory Services, Model
Portfolio Management Services and Other Advisory Services as discussed in this brochure in accordance with the
following performance standards. Our responsibility and liability relating to the provision of advisory services also is
subject to the following performance standards:
*
Federated Global Investment Management renders advisory services and/or manages client accounts in
accordance with our duties and obligations under the Advisers Act, and the rules and regulations of the SEC
promulgated under the Advisers Act from time to time, and other applicable law (including, if applicable,
); ERISA
Investment decisions are subject to various market, currency, economic, political and business risks.
Investment decisions will not always be profitable and may subject client accounts to overall investment loss.
Federated Global Investment Management does not guarantee future performance, any specific level of
performance or the success of any particular investment decision or strategy;
Federated Global Investment Management does not guarantee that any particular person will provide the
investment advisory services to be provided by us;
Federated Global Investment Management shall not be liable for (a) any act or omission of any person
or entity other than Federated Global Investment Management and our affiliated companies, or (b) any
act or omission taken or made by Federated Global Investment Management at the direction of any
client, or Sponsor of a Managed Account Program or Platform Provider or Overlay Manager or based on
inaccurate, incomplete or obsolete information provided to Federated Global Investment Management
by any person or entity other than our affiliated companies; and
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Absent gross negligence, willful misconduct, bad faith or reckless disregard of our obligations on the part of
Federated Global Investment Management , Federated Global Investment Management shall not
be liable for any investment decision or other act or omission taken or made by us or our affiliated companies.
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*Applicable provisions of state, federal, and, as applicable, foreign securities laws (and certain other non-waivable provisions of
state, federal, and, as applicable, foreign, law, including, if applicable, ), may impose liability under certain circumstances
on persons or entities that act in good faith. Therefore, these performance standards are not intended to and shall not constitute a
waiver or limitation of any liability that Federated Global Investment Management may have, or rights that any client,
Sponsor, Platform Provider or Overlay Manager may have, under any such laws.
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ERISA
As indicated above, it is important to understand that these performance standards (or any different performance
standards agreed to by Federated Global Investment Management in writing (in an investment management
agreement or otherwise)) do not constitute a waiver of any provision of, or claim or cause of action under, state, federal,
and, as applicable, foreign securities or other laws that by its terms, or by judicial or regulatory decisions or authority,
cannot be waived. If you have any questions regarding your rights, you should consult with legal counsel or contact us.
(Please refer to the cover page of this brochure for our contact information.)
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