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11337.60646 13290 13940 0.052 0.064 0.045 0.041 11090 13056.84737 11193 13040.35952 10674.5675 0.064 10225 14406.55048 24393 18242 10741.326 0.050 10877 9233 0001707560 false N-CSR Federated Hermes Adviser Series 2024-05-31 Federated Hermes Emerging Markets Equity Fund Institutional Shares PIEFX This annual shareholder report contains important information about the Federated Hermes Emerging Markets Equity Fund (the “Fund”) for the period of June 1, 2023 to May 31, 2024. annual shareholder report You can find additional information about the Fund at <span>FederatedHermes.com/us/FundInformation</span>. You can also request this information by contacting us at 1‑800‑341‑7400, Option 4, or your financial advisor. FederatedHermes.com/us/FundInformation 1‑800‑341‑7400 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid; text-align: left; vertical-align: bottom; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; padding: 0px 3pt;"><strong>Class Name</strong></td> <td style="break-inside: avoid; text-align: right; vertical-align: bottom; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; padding: 0px 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid; text-align: right; vertical-align: bottom; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; width: 180pt; padding: 0px 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; text-align: left; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Institutional Shares</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>103</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">0.98<span>%</span></td> </tr> </table> 103 0.0098 <div style="font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">The following discussion compares the performance of the Fund to the MSCI Emerging Markets Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes. The Fund seeks to provide long-term capital appreciation by investing primarily in a diversified portfolio of emerging market equity securities.</div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Top Contributors to Performance</b></div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Country allocation positively affected fund relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By country, stock selection in India and overweight positions in Argentina and Kazakhstan aided performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By sector, stock selection in Consumer Staples, Financials and Materials aided performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top individual outperforming Fund holdings included PB Fintech Ltd., an Indian online insurance marketplace provider; Nu Holdings Ltd., a Brazilian fintech company; and Varun Beverages Ltd., an Indian manufacturer and distributor of Pepsi products.</div> </li> </ul> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Top Detractors from Performance</b></div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Sector allocation and stock selection within countries detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By country, stock selection in South Korea, China and Poland detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By sector, stock selection in Industrials, Energy and Information Technology detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top individual Fund holdings that detracted from performance included Samsung SDI Co. Ltd., a South Korean battery maker; Meituan, a Chinese food delivery and services e-commerce platform; and Ganfeng Lithium Group Co. Ltd., a Chinese lithium miner.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt;" title="stop"><b>Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</b></div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: March 31, 2017 through May 31, 2024</div> <div style="text-transform: none; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; font-size: 10pt; margin-bottom: 3pt; font-weight: normal; margin-top: 11.5pt;">Initial Investment of $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_7980331.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 521pt;"/> </div> Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="page-break-inside: avoid; border-bottom-style: none; border-bottom-width: initial; height: 20pt; font-family: 'avenirltpro'; font-weight: bold; font-size: 12pt; color: #000000; border-bottom-color: initial; padding-left: 3px;"> <td style="break-inside: avoid; vertical-align: middle; text-align: left; font-family: AvenirLTPro; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0); padding: 0px 3pt 0px 3px;">Average Annual Total Returns</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>5 Year</strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; width: 14%; padding: 6pt 3pt 3pt 3pt;"><strong>Since Inception</strong></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Institutional Shares¹</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">10.47<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">5.99<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">6.21<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">MSCI Emerging Markets Index</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">12.39<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">3.55<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">3.77<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">MSCI Emerging Markets Growth Index</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">10.04<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">3.69<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">4.13<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Morningstar Diversified Emerging Markets Funds Average</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">13.68<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">3.94<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">3.69<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid; font-family: AvenirLTPro; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: rgb(0, 0, 0); width: 14pt; padding: 0px;">1</td> <td style="break-inside: avoid; font-family: AvenirLTPro; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: rgb(0, 0, 0); padding: 0px;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 7.5pt; margin-bottom: 0px;">Commenced operations on November 15, 2019. The Fund is the successor to the PNC Emerging Markets Equity Fund (the "Predecessor Fund") pursuant to a reorganization involving the Fund and the Predecessor Fund. For periods prior to the reorganization, the performance information is historical information for the Predecessor Fund which commenced operations on March 31, 2017.</div> </td> </tr> </table> Institutional Shares 0.1047 0.0599 0.0621 MSCI Emerging Markets Index 0.1239 0.0355 0.0377 MSCI Emerging Markets Growth Index 0.1004 0.0369 0.0413 Morningstar Diversified Emerging Markets Funds Average 0.1368 0.0394 0.0369 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">Visit <span>FederatedHermes.com/us/FundInformation</span> and click on the link to your fund and share class for more recent performance information.</div> <div style="font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt; break-after: avoid;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid; vertical-align: middle; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: AvenirLTPro; font-weight: bold; padding: 0px 10pt 0px 3px;">Net Assets</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; padding: 0px 10pt 0px 3px;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>43,104,129<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Number of Investments</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>59<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Portfolio Turnover Rate</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>26<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Total Advisory Fees Paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>85,186<span style="visibility: hidden; display: none;">%</span></td> </tr> </table> 43104129 59 0.26 85186 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Holdings</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;"><b>Top Countries<br/>(% of Net Assets)</b></div> <div style="padding-right: 3pt; padding-left: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_7980286.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;"><b>Top Sectors<br/>(% of Net Assets)</b></div> <div style="padding-left: 3pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_7980221.jpg" style="width: 172.8pt;"/> </div> Federated Hermes Emerging Markets Equity Fund Class R6 Shares FRIEX This annual shareholder report contains important information about the Federated Hermes Emerging Markets Equity Fund (the “Fund”) for the period of June 1, 2023 to May 31, 2024. annual shareholder report You can find additional information about the Fund at <span>FederatedHermes.com/us/FundInformation</span>. You can also request this information by contacting us at 1‑800‑341‑7400, Option 4, or your financial advisor. FederatedHermes.com/us/FundInformation 1‑800‑341‑7400 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid; text-align: left; vertical-align: bottom; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; padding: 0px 3pt;"><strong>Class Name</strong></td> <td style="break-inside: avoid; text-align: right; vertical-align: bottom; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; padding: 0px 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid; text-align: right; vertical-align: bottom; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; width: 180pt; padding: 0px 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; text-align: left; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>97</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">0.92<span>%</span></td> </tr> </table> 97 0.0092 <div style="margin-bottom: 0px;"> <div style="break-inside: avoid;"> <div style="font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">The following discussion compares the performance of the Fund to the MSCI Emerging Markets Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes. The Fund seeks to provide long-term capital appreciation by investing primarily in a diversified portfolio of emerging market equity securities.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Top Contributors to Performance</b></div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Country allocation positively affected fund relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By country, stock selection in India and overweight positions in Argentina and Kazakhstan aided performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By sector, stock selection in Consumer Staples, Financials and Materials aided performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top individual outperforming Fund holdings included PB Fintech Ltd., an Indian online insurance marketplace provider; Nu Holdings Ltd., a Brazilian fintech company; and Varun Beverages Ltd., an Indian manufacturer and distributor of Pepsi products.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;"></div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Top Detractors from Performance</b></div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Sector allocation and stock selection within countries detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By country, stock selection in South Korea, China and Poland detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By sector, stock selection in Industrials, Energy and Information Technology detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top individual Fund holdings that detracted from performance included Samsung SDI Co. Ltd., a South Korean battery maker; Meituan, a Chinese food delivery and services e-commerce platform; and Ganfeng Lithium Group Co. Ltd., a Chinese lithium miner.</div> </li> </ul> </div> </div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt;" title="stop"><b>Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</b></div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: March 31, 2017 through May 31, 2024</div> <div style="text-transform: none; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; font-size: 10pt; margin-bottom: 3pt; font-weight: normal; margin-top: 11.5pt;">Initial Investment of $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_7980336.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 521pt;"/> </div> Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="page-break-inside: avoid; border-bottom-style: none; border-bottom-width: initial; height: 20pt; font-family: 'avenirltpro'; font-weight: bold; font-size: 12pt; color: #000000; border-bottom-color: initial; padding-left: 3px;"> <td style="break-inside: avoid; vertical-align: middle; text-align: left; font-family: AvenirLTPro; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0); padding: 0px 3pt 0px 3px;">Average Annual Total Returns</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>5 Year</strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; width: 14%; padding: 6pt 3pt 3pt 3pt;"><strong>Since Inception</strong></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Class R6 Shares¹</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">10.49<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">6.01<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">6.22<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">MSCI Emerging Markets Index</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">12.39<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">3.55<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">3.77<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">MSCI Emerging Markets Growth Index</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">10.04<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">3.69<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">4.13<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Morningstar Diversified Emerging Markets Funds Average</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">13.68<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">3.94<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">3.69<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid; font-family: AvenirLTPro; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: rgb(0, 0, 0); width: 14pt; padding: 0px;">1</td> <td style="break-inside: avoid; font-family: AvenirLTPro; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: rgb(0, 0, 0); padding: 0px;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 7.5pt; margin-bottom: 0px;">The Fund’s Class R6 Shares commenced operations on August 26, 2021. For the periods prior to the commencement of operations of the Fund’s Class R6 Shares, the performance information shown is for the Fund’s Institutional Shares, which commenced operations on March 31, 2017. The performance of the Institutional Shares has not been adjusted to reflect the expenses of the Class R6 Shares, since the Class R6 Shares have a lower expense ratio than the Institutional Shares.</div> </td> </tr> </table> Class R6 Shares 0.1049 0.0601 0.0622 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">Visit <span>FederatedHermes.com/us/FundInformation</span> and click on the link to your fund and share class for more recent performance information.</div> <div style="font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt; break-after: avoid;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid; vertical-align: middle; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: AvenirLTPro; font-weight: bold; padding: 0px 10pt 0px 3px;">Net Assets</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; padding: 0px 10pt 0px 3px;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>43,104,129<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Number of Investments</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>59<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Portfolio Turnover Rate</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>26<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Total Advisory Fees Paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>85,186<span style="visibility: hidden; display: none;">%</span></td> </tr> </table> 43104129 59 0.26 85186 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Holdings</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;"><b>Top Countries<br/>(% of Net Assets)</b></div> <div style="padding-right: 3pt; padding-left: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_7980281.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;"><b>Top Sectors<br/>(% of Net Assets)</b></div> <div style="padding-left: 3pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_7980226.jpg" style="width: 172.8pt;"/> </div> Federated Hermes InternationalEquity Fund Class A Shares PMIEX This annual shareholder report contains important information about the Federated Hermes International Equity Fund (the “Fund”) for the period of June 1, 2023 to May 31, 2024. annual shareholder report You can find additional information about the Fund at <span>FederatedHermes.com/us/FundInformation</span>. You can also request this information by contacting us at 1‑800‑341‑7400, Option 4, or your financial advisor. FederatedHermes.com/us/FundInformation 1‑800‑341‑7400 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid; text-align: left; vertical-align: bottom; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; padding: 0px 3pt;"><strong>Class Name</strong></td> <td style="break-inside: avoid; text-align: right; vertical-align: bottom; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; padding: 0px 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid; text-align: right; vertical-align: bottom; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; width: 180pt; padding: 0px 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; text-align: left; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A Shares</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>85</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">0.78<span>%</span></td> </tr> </table> 85 0.0078 <div style="margin-bottom: 0px;"> <div style="break-inside: avoid;"> <div style="font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">The following discussion compares the performance of the Fund to the MSCI ACWI ex USA Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes. The Fund seeks to provide long-term capital appreciation by investing primarily in a diversified portfolio of equity securities.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Top Contributors to Performance</b></div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Stock selection and country allocation positively affected Fund relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By country, stock selection in China and Germany as well as an overweight position in Ireland aided performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By sector, stock selection in Materials, Consumer Staples and Consumer Discretionary aided performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top individual outperforming Fund holdings included Lundin Mining Corp., a Canadian copper miner; SK Hynix Inc., a Korean chipmaker; and DISCO Corp., a Japanese semiconductor production equipment maker.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;"></div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Top Detractors from Performance</b></div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Sector allocation detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By sector, an underweight position in Financials and stock selection in Information Technology detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By country, stock selection in Italy and the Netherlands as well as an overweight position in South Korea detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top individual Fund holdings that detracted from performance included Samsung SDI Co., Ltd., a South Korean battery maker; Open Text Corp., a Canadian enterprise software company; and Teleperformance SE, a French outsourced customer experience company.</div> </li> </ul> </div> </div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt;" title="stop"><b>Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</b></div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: May 31, 2014 through May 31, 2024</div> <div style="text-transform: none; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; font-size: 10pt; margin-bottom: 3pt; font-weight: normal; margin-top: 11.5pt;">Initial Investment of $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_7980334.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 521pt;"/> </div> Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="page-break-inside: avoid; border-bottom-style: none; border-bottom-width: initial; height: 20pt; font-family: 'avenirltpro'; font-weight: bold; font-size: 12pt; color: #000000; border-bottom-color: initial; padding-left: 3px;"> <td style="break-inside: avoid; vertical-align: middle; text-align: left; font-family: AvenirLTPro; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0); padding: 0px 3pt 0px 3px;">Average Annual Total Returns</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>5 Year</strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; width: 14%; padding: 6pt 3pt 3pt 3pt;"><strong>10 Year</strong></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Class A Shares — including sales load¹</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">10.77<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">5.99<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">4.56<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Class A Shares — excluding sales load¹</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">17.21<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">7.20<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">5.16<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">MSCI ACWI ex USA Index</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">16.74<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">6.81<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">4.02<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Morningstar Foreign Large Blend Funds Average</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">17.32<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">7.28<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">4.12<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid; font-family: AvenirLTPro; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: rgb(0, 0, 0); width: 14pt; padding: 0px;">1</td> <td style="break-inside: avoid; font-family: AvenirLTPro; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: rgb(0, 0, 0); padding: 0px;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 7.5pt; margin-bottom: 0px;">The Fund is the successor to the PNC International Equity Fund (the “Predecessor Fund”), pursuant to a reorganization involving the Fund and the Predecessor Fund that occurred on November 15, 2019. For periods prior to the reorganization, the performance information is historical information for the Predecessor Fund.</div> </td> </tr> </table> Class A Shares — including sales load 0.1077 0.0599 0.0456 Class A Shares — excluding sales load 0.1721 0.0720 0.0516 MSCI ACWI ex USA Index 0.1674 0.0681 0.0402 Morningstar Foreign Large Blend Funds Average 0.1732 0.0728 0.0412 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">Visit <span>FederatedHermes.com/us/FundInformation</span> and click on the link to your fund and share class for more recent performance information.</div> <div style="font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt; break-after: avoid;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid; vertical-align: middle; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: AvenirLTPro; font-weight: bold; padding: 0px 10pt 0px 3px;">Net Assets</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; padding: 0px 10pt 0px 3px;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>1,323,854,656<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Number of Investments</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>62<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Portfolio Turnover Rate</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>8<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Total Advisory Fees Paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>4,626,392<span style="visibility: hidden; display: none;">%</span></td> </tr> </table> 1323854656 62 0.08 4626392 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Holdings</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;"><b>Top Countries<br/>(% of Net Assets)¹</b></div> <div style="padding-right: 3pt; padding-left: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_7980283.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;"><b>Top Sectors<br/>(% of Net Assets)¹</b></div> <div style="padding-left: 3pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_7980224.jpg" style="width: 172.8pt;"/> </div> <div style="margin-bottom: 0px; font-family: 'avenirltpro'; font-style: italic; font-size: 7.5pt; margin-top: 6pt; text-align: left;">^{1   Reflects the pro rata portfolio composition of underlying affiliated investment companies (other than an affiliated money market mutual fund) in which the Fund invested greater than 10% of its net assets as of the date specified above. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments.}</div> Federated Hermes InternationalEquity Fund Class C Shares PIUCX This annual shareholder report contains important information about the Federated Hermes International Equity Fund (the “Fund”) for the period of June 1, 2023 to May 31, 2024. annual shareholder report You can find additional information about the Fund at <span>FederatedHermes.com/us/FundInformation</span>. You can also request this information by contacting us at 1‑800‑341‑7400, Option 4, or your financial advisor. FederatedHermes.com/us/FundInformation 1‑800‑341‑7400 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid; text-align: left; vertical-align: bottom; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; padding: 0px 3pt;"><strong>Class Name</strong></td> <td style="break-inside: avoid; text-align: right; vertical-align: bottom; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; padding: 0px 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid; text-align: right; vertical-align: bottom; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; width: 180pt; padding: 0px 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; text-align: left; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C Shares</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>166</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">1.53<span>%</span></td> </tr> </table> 166 0.0153 <div style="font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">The following discussion compares the performance of the Fund to the MSCI ACWI ex USA Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes. The Fund seeks to provide long-term capital appreciation by investing primarily in a diversified portfolio of equity securities.</div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Top Contributors to Performance</b></div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Stock selection and country allocation positively affected Fund relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By country, stock selection in China and Germany as well as an overweight position in Ireland aided performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By sector, stock selection in Materials, Consumer Staples and Consumer Discretionary aided performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top individual outperforming Fund holdings included Lundin Mining Corp., a Canadian copper miner; SK Hynix Inc., a Korean chipmaker; and DISCO Corp., a Japanese semiconductor production equipment maker.</div> </li> </ul> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Top Detractors from Performance</b></div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Sector allocation detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By sector, an underweight position in Financials and stock selection in Information Technology detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By country, stock selection in Italy and the Netherlands as well as an overweight position in South Korea detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top individual Fund holdings that detracted from performance included Samsung SDI Co., Ltd., a South Korean battery maker; Open Text Corp., a Canadian enterprise software company; and Teleperformance SE, a French outsourced customer experience company.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt;" title="stop"><b>Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</b></div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: May 31, 2014 through May 31, 2024</div> <div style="text-transform: none; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; font-size: 10pt; margin-bottom: 3pt; font-weight: normal; margin-top: 11.5pt;">Initial Investment of $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_7980333.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 521pt;"/> </div> Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="page-break-inside: avoid; border-bottom-style: none; border-bottom-width: initial; height: 20pt; font-family: 'avenirltpro'; font-weight: bold; font-size: 12pt; color: #000000; border-bottom-color: initial; padding-left: 3px;"> <td style="break-inside: avoid; vertical-align: middle; text-align: left; font-family: AvenirLTPro; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0); padding: 0px 3pt 0px 3px;">Average Annual Total Returns</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>5 Year</strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; width: 14%; padding: 6pt 3pt 3pt 3pt;"><strong>10 Year</strong></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Class C Shares — including sales load¹</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">15.34<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">6.40<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">4.57<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Class C Shares — excluding sales load¹</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">16.34<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">6.40<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">4.57<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">MSCI ACWI ex USA Index</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">16.74<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">6.81<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">4.02<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Morningstar Foreign Large Blend Funds Average</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">17.32<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">7.28<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">4.12<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid; font-family: AvenirLTPro; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: rgb(0, 0, 0); width: 14pt; padding: 0px;">1</td> <td style="break-inside: avoid; font-family: AvenirLTPro; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: rgb(0, 0, 0); padding: 0px;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 7.5pt; margin-bottom: 0px;">The Fund is the successor to the PNC International Equity Fund (the “Predecessor Fund”), pursuant to a reorganization involving the Fund and the Predecessor Fund that occurred on November 15, 2019. For periods prior to the reorganization, the performance information is historical information for the Predecessor Fund.</div> </td> </tr> </table> Class C Shares — including sales load 0.1534 0.0640 0.0457 Class C Shares — excluding sales load 0.1634 0.0640 0.0457 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">Visit <span>FederatedHermes.com/us/FundInformation</span> and click on the link to your fund and share class for more recent performance information.</div> <div style="font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt; break-after: avoid;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid; vertical-align: middle; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: AvenirLTPro; font-weight: bold; padding: 0px 10pt 0px 3px;">Net Assets</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; padding: 0px 10pt 0px 3px;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>1,323,854,656<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Number of Investments</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>62<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Portfolio Turnover Rate</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>8<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Total Advisory Fees Paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>4,626,392<span style="visibility: hidden; display: none;">%</span></td> </tr> </table> 1323854656 62 0.08 4626392 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Holdings</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;"><b>Top Countries<br/>(% of Net Assets)¹</b></div> <div style="padding-right: 3pt; padding-left: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_7980284.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;"><b>Top Sectors<br/>(% of Net Assets)¹</b></div> <div style="padding-left: 3pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_7980223.jpg" style="width: 172.8pt;"/> </div> <div style="margin-bottom: 0px; font-family: 'avenirltpro'; font-style: italic; font-size: 7.5pt; margin-top: 6pt; text-align: left;">^{1   Reflects the pro rata portfolio composition of underlying affiliated investment companies (other than an affiliated money market mutual fund) in which the Fund invested greater than 10% of its net assets as of the date specified above. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments.}</div> Federated Hermes InternationalEquity Fund Institutional Shares PIUIX This annual shareholder report contains important information about the Federated Hermes International Equity Fund (the “Fund”) for the period of June 1, 2023 to May 31, 2024. annual shareholder report You can find additional information about the Fund at <span>FederatedHermes.com/us/FundInformation</span>. You can also request this information by contacting us at 1‑800‑341‑7400, Option 4, or your financial advisor. FederatedHermes.com/us/FundInformation 1‑800‑341‑7400 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid; text-align: left; vertical-align: bottom; font-family: AvenirLTPro; color: #000000; font-size: 10pt; padding: 0px 3pt;"><strong>Class Name</strong></td> <td style="break-inside: avoid; text-align: right; vertical-align: bottom; font-family: AvenirLTPro; color: #000000; font-size: 10pt; padding: 0px 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid; text-align: right; vertical-align: bottom; font-family: AvenirLTPro; color: #000000; font-size: 10pt; width: 180pt; padding: 0px 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; text-align: left; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Institutional Shares</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>58</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">0.53<span>%</span></td> </tr> </table> 58 0.0053 <div style="margin-bottom: 0px;"> <div style="break-inside: avoid;"> <div style="font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">The following discussion compares the performance of the Fund to the MSCI ACWI ex USA Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes. The Fund seeks to provide long-term capital appreciation by investing primarily in a diversified portfolio of equity securities.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Top Contributors to Performance</b></div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Stock selection and country allocation positively affected Fund relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By country, stock selection in China and Germany as well as an overweight position in Ireland aided performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By sector, stock selection in Materials, Consumer Staples and Consumer Discretionary aided performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top individual outperforming Fund holdings included Lundin Mining Corp., a Canadian copper miner; SK Hynix Inc., a Korean chipmaker; and DISCO Corp., a Japanese semiconductor production equipment maker.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;"></div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Top Detractors from Performance</b></div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Sector allocation detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By sector, an underweight position in Financials and stock selection in Information Technology detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By country, stock selection in Italy and the Netherlands as well as an overweight position in South Korea detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top individual Fund holdings that detracted from performance included Samsung SDI Co., Ltd., a South Korean battery maker; Open Text Corp., a Canadian enterprise software company; and Teleperformance SE, a French outsourced customer experience company.</div> </li> </ul> </div> </div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt;" title="stop"><b>Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</b></div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: May 31, 2014 through May 31, 2024</div> <div style="text-transform: none; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; font-size: 10pt; margin-bottom: 3pt; font-weight: normal; margin-top: 11.5pt;">Initial Investment of $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_7980341.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 521pt;"/> </div> Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="page-break-inside: avoid; border-bottom-style: none; border-bottom-width: initial; height: 20pt; font-family: 'avenirltpro'; font-weight: bold; font-size: 12pt; color: #000000; border-bottom-color: initial; padding-left: 3px;"> <td style="break-inside: avoid; vertical-align: middle; text-align: left; font-family: AvenirLTPro; font-weight: bold; font-size: 12pt; width: 60%; color: #000000; padding: 0px 3pt 0px 3px;">Average Annual Total Returns</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>5 Year</strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; width: 14%; padding: 6pt 3pt 3pt 3pt;"><strong>10 Year</strong></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Institutional Shares¹</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">17.48<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">7.47<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">5.45<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">MSCI ACWI ex USA Index</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">16.74<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">6.81<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">4.02<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Morningstar Foreign Large Blend Funds Average</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">17.32<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">7.28<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">4.12<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid; font-family: AvenirLTPro; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: #000000; width: 14pt; padding: 0px;">1</td> <td style="break-inside: avoid; font-family: AvenirLTPro; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: #000000; padding: 0px;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 7.5pt; margin-bottom: 0px;">The Fund is the successor to the PNC International Equity Fund (the “Predecessor Fund”), pursuant to a reorganization involving the Fund and the Predecessor Fund that occurred on November 15, 2019. For periods prior to the reorganization, the performance information is historical information for the Predecessor Fund.</div> </td> </tr> </table> Institutional Shares 0.1748 0.0747 0.0545 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">Visit <span>FederatedHermes.com/us/FundInformation</span> and click on the link to your fund and share class for more recent performance information.</div> <div style="font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt; break-after: avoid;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: AvenirLTPro; font-weight: bold; padding: 0px 10pt 0px 3px;">Net Assets</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: AvenirLTPro; color: #000000; font-size: 10pt; padding: 0px 10pt 0px 3px;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>1,323,854,656<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Number of Investments</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>62<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Portfolio Turnover Rate</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>8<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Total Advisory Fees Paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>4,626,392<span style="visibility: hidden; display: none;">%</span></td> </tr> </table> 1323854656 62 0.08 4626392 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Holdings</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;"><b>Top Countries<br/>(% of Net Assets)¹</b></div> <div style="padding-right: 3pt; padding-left: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_7980276.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;"><b>Top Sectors<br/>(% of Net Assets)¹</b></div> <div style="padding-left: 3pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_7980231.jpg" style="width: 172.8pt;"/> </div> <div style="margin-bottom: 0px; font-family: 'avenirltpro'; font-style: italic; font-size: 7.5pt; margin-top: 6pt; text-align: left;">^{1   Reflects the pro rata portfolio composition of underlying affiliated investment companies (other than an affiliated money market mutual fund) in which the Fund invested greater than 10% of its net assets as of the date specified above. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments.}</div> Federated Hermes InternationalEquity Fund Class R6 Shares PEIRX This annual shareholder report contains important information about the Federated Hermes International Equity Fund (the “Fund”) for the period of June 1, 2023 to May 31, 2024. annual shareholder report You can find additional information about the Fund at <span>FederatedHermes.com/us/FundInformation</span>. You can also request this information by contacting us at 1‑800‑341‑7400, Option 4, or your financial advisor. FederatedHermes.com/us/FundInformation 1‑800‑341‑7400 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid; text-align: left; vertical-align: bottom; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; padding: 0px 3pt;"><strong>Class Name</strong></td> <td style="break-inside: avoid; text-align: right; vertical-align: bottom; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; padding: 0px 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid; text-align: right; vertical-align: bottom; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; width: 180pt; padding: 0px 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; text-align: left; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>53</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">0.49<span>%</span></td> </tr> </table> 53 0.0049 <div style="margin-bottom: 0px;"> <div style="break-inside: avoid;"> <div style="font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">The following discussion compares the performance of the Fund to the MSCI ACWI ex USA Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes. The Fund seeks to provide long-term capital appreciation by investing primarily in a diversified portfolio of equity securities.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Top Contributors to Performance</b></div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Stock selection and country allocation positively affected Fund relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By country, stock selection in China and Germany as well as an overweight position in Ireland aided performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By sector, stock selection in Materials, Consumer Staples and Consumer Discretionary aided performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top individual outperforming Fund holdings included Lundin Mining Corp., a Canadian copper miner; SK Hynix Inc., a Korean chipmaker; and DISCO Corp., a Japanese semiconductor production equipment maker.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;"></div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Top Detractors from Performance</b></div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Sector allocation detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By sector, an underweight position in Financials and stock selection in Information Technology detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By country, stock selection in Italy and the Netherlands as well as an overweight position in South Korea detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top individual Fund holdings that detracted from performance included Samsung SDI Co., Ltd., a South Korean battery maker; Open Text Corp., a Canadian enterprise software company; and Teleperformance SE, a French outsourced customer experience company.</div> </li> </ul> </div> </div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt;" title="stop"><b>Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</b></div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: May 31, 2014 through May 31, 2024</div> <div style="text-transform: none; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; font-size: 10pt; margin-bottom: 3pt; font-weight: normal; margin-top: 11.5pt;">Initial Investment of $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_7980340.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 521pt;"/> </div> Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="page-break-inside: avoid; border-bottom-style: none; border-bottom-width: initial; height: 20pt; font-family: 'avenirltpro'; font-weight: bold; font-size: 12pt; color: #000000; border-bottom-color: initial; padding-left: 3px;"> <td style="break-inside: avoid; vertical-align: middle; text-align: left; font-family: AvenirLTPro; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0); padding: 0px 3pt 0px 3px;">Average Annual Total Returns</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>5 Year</strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; width: 14%; padding: 6pt 3pt 3pt 3pt;"><strong>10 Year</strong></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Class R6 Shares^1,2</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">17.57<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">7.53<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">5.48<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">MSCI ACWI ex USA Index</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">16.74<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">6.81<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">4.02<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Morningstar Foreign Large Blend Funds Average</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">17.32<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">7.28<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">4.12<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid; font-family: AvenirLTPro; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: rgb(0, 0, 0); width: 14pt; padding: 0px;">1</td> <td style="break-inside: avoid; font-family: AvenirLTPro; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: rgb(0, 0, 0); padding: 0px;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 7.5pt; margin-bottom: 0px;">The Fund’s Class R6 Shares commenced operations on June 11, 2018. For the period prior to the commencement of operations of the Class R6 Shares, the performance information shown is for the Institutional Shares.</div> </td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; font-family: 'AvenirLTPro'; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: #000000; width: 14pt; padding: 0;">2</td> <td style="page-break-inside: avoid; font-family: 'AvenirLTPro'; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: #000000; padding: 0;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 7.5pt; margin-bottom: 0px;">The Fund is the successor to the PNC International Equity Fund (the “Predecessor Fund”), pursuant to a reorganization involving the Fund and the Predecessor Fund that occurred on November 15, 2019. For periods prior to the reorganization, the performance information is historical information for the Predecessor Fund.</div> </td> </tr> </table> Class R6 Shares 0.1757 0.0753 0.0548 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">Visit <span>FederatedHermes.com/us/FundInformation</span> and click on the link to your fund and share class for more recent performance information.</div> <div style="font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt; break-after: avoid;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid; vertical-align: middle; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: AvenirLTPro; font-weight: bold; padding: 0px 10pt 0px 3px;">Net Assets</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: AvenirLTPro; color: rgb(0, 0, 0); font-size: 10pt; padding: 0px 10pt 0px 3px;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>1,323,854,656<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Number of Investments</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>62<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Portfolio Turnover Rate</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>8<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Total Advisory Fees Paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>4,626,392<span style="visibility: hidden; display: none;">%</span></td> </tr> </table> 1323854656 62 0.08 4626392 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Holdings</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;"><b>Top Countries<br/>(% of Net Assets)¹</b></div> <div style="padding-right: 3pt; padding-left: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_7980277.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;"><b>Top Sectors<br/>(% of Net Assets)¹</b></div> <div style="padding-left: 3pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_7980230.jpg" style="width: 172.8pt;"/> </div> <div style="margin-bottom: 0px; font-family: 'avenirltpro'; font-style: italic; font-size: 7.5pt; margin-top: 6pt; text-align: left;">^{1   Reflects the pro rata portfolio composition of underlying affiliated investment companies (other than an affiliated money market mutual fund) in which the Fund invested greater than 10% of its net assets as of the date specified above. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments.}</div> Federated Hermes InternationalGrowth Fund Institutional Shares PIGDX This annual shareholder report contains important information about the Federated Hermes International Growth Fund (the “Fund”) for the period of June 1, 2023 to May 31, 2024. annual shareholder report You can find additional information about the Fund at <span>FederatedHermes.com/us/FundInformation</span>. You can also request this information by contacting us at 1‑800‑341‑7400, Option 4, or your financial advisor. FederatedHermes.com/us/FundInformation 1‑800‑341‑7400 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid; text-align: left; vertical-align: bottom; font-family: AvenirLTPro; color: #000000; font-size: 10pt; padding: 0px 3pt;"><strong>Class Name</strong></td> <td style="break-inside: avoid; text-align: right; vertical-align: bottom; font-family: AvenirLTPro; color: #000000; font-size: 10pt; padding: 0px 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid; text-align: right; vertical-align: bottom; font-family: AvenirLTPro; color: #000000; font-size: 10pt; width: 180pt; padding: 0px 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; text-align: left; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Institutional Shares</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>90</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> </tr> </table> 90 0.0084 <div style="margin-bottom: 0px;"> <div style="break-inside: avoid;"> <div style="font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">The following discussion compares the performance of the Fund to the MSCI ACWI ex USA Growth Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the MSCI ACWI ex USA Index, which represents the global equity market outside the U.S. in developed markets and emerging markets. The Fund seeks to provide long-term capital appreciation by investing primarily in a diversified portfolio of equity securities.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Top Contributors to Performance</b></div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Stock selection, country allocation, and sector allocation positively affected Fund relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By country, stock selection in Japan, India and Israel aided performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By sector, stock selection in Health Care, Consumer Staples and Consumer Discretionary aided performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top individual outperformers included Nu Holdings Ltd., a Brazilian fintech company; Kongsberg Gruppen ASA, a Norwegian defense and maritime technology company; and DISCO Corp., a Japanese semiconductor production equipment maker.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;"></div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Top Detractors from Performance</b></div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By country, stock selection in South Korea, Italy and the Netherlands detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By sector, stock selection in Information Technology and Communication Services as well as an underweight to Industrials detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top individual detractors included Samsung SDI Co. Ltd., a South Korean battery maker; SolarEdge Technologies Inc., an Israeli solar equipment company; and an underweight in Taiwan Semiconductor Manufacturing Co. Ltd., a Taiwanese chipmaker.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt;" title="stop"><b>Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</b></div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: February 29, 2016 through May 31, 2024</div> <div style="text-transform: none; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; font-size: 10pt; margin-bottom: 3pt; font-weight: normal; margin-top: 11.5pt;">Initial Investment of $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_7980338.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 521pt;"/> </div> Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="page-break-inside: avoid; border-bottom-style: none; border-bottom-width: initial; height: 20pt; font-family: 'avenirltpro'; font-weight: bold; font-size: 12pt; color: #000000; border-bottom-color: initial; padding-left: 3px;"> <td style="break-inside: avoid; vertical-align: middle; text-align: left; font-family: AvenirLTPro; font-weight: bold; font-size: 12pt; width: 60%; color: #000000; padding: 0px 3pt 0px 3px;">Average Annual Total Returns</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>5 Year</strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; width: 14%; padding: 6pt 3pt 3pt 3pt;"><strong>Since Inception</strong></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Institutional Shares¹</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">13.56<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">7.93<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">9.23<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">MSCI ACWI ex USA Index²</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">16.74<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">6.81<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">7.70<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">MSCI ACWI ex USA Growth Index</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">13.01<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">6.65<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">7.75<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Morningstar Foreign Large Growth Funds Average</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">14.64<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">6.87<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">7.82<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid; font-family: AvenirLTPro; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: #000000; width: 14pt; padding: 0px;">1</td> <td style="break-inside: avoid; font-family: AvenirLTPro; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: #000000; padding: 0px;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 7.5pt; margin-bottom: 0px;">Commenced operations on November 15, 2019.  The Fund is the successor to the PNC International Growth Fund (the "Predecessor Fund") pursuant to a reorganization involving the Fund and the Predecessor Fund.  For periods prior to the reorganization, the performance information is historical information for the Predecessor Fund which commenced operations on February 29, 2016.</div> </td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; font-family: 'AvenirLTPro'; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: #000000; width: 14pt; padding: 0;">2</td> <td style="page-break-inside: avoid; font-family: 'AvenirLTPro'; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: #000000; padding: 0;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 7.5pt; margin-bottom: 0px;">The Fund has designated the MSCI ACWI ex USA Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index.</div> </td> </tr> </table> Institutional Shares 0.1356 0.0793 0.0923 MSCI ACWI ex USA Growth Index 0.1301 0.0665 0.0775 Morningstar Foreign Large Growth Funds Average 0.1464 0.0687 0.0782 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">Visit <span>FederatedHermes.com/us/FundInformation</span> and click on the link to your fund and share class for more recent performance information.</div> <div style="font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt; break-after: avoid;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: AvenirLTPro; font-weight: bold; padding: 0px 10pt 0px 3px;">Net Assets</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: AvenirLTPro; color: #000000; font-size: 10pt; padding: 0px 10pt 0px 3px;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>699,755,796<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Number of Investments</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>81<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Portfolio Turnover Rate</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>37<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Total Advisory Fees Paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>4,699,676<span style="visibility: hidden; display: none;">%</span></td> </tr> </table> 699755796 81 0.37 4699676 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Holdings</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;"><b>Top Countries<br/>(% of Net Assets)</b></div> <div style="padding-right: 3pt; padding-left: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_7980279.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;"><b>Top Sectors<br/>(% of Net Assets)</b></div> <div style="padding-left: 3pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_7980228.jpg" style="width: 172.8pt;"/> </div> Federated Hermes InternationalGrowth Fund Class R6 Shares REIGX This annual shareholder report contains important information about the Federated Hermes International Growth Fund (the “Fund”) for the period of June 1, 2023 to May 31, 2024. annual shareholder report You can find additional information about the Fund at <span>FederatedHermes.com/us/FundInformation</span>. You can also request this information by contacting us at 1‑800‑341‑7400, Option 4, or your financial advisor. FederatedHermes.com/us/FundInformation 1‑800‑341‑7400 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid; text-align: left; vertical-align: bottom; font-family: AvenirLTPro; color: #000000; font-size: 10pt; padding: 0px 3pt;"><strong>Class Name</strong></td> <td style="break-inside: avoid; text-align: right; vertical-align: bottom; font-family: AvenirLTPro; color: #000000; font-size: 10pt; padding: 0px 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid; text-align: right; vertical-align: bottom; font-family: AvenirLTPro; color: #000000; font-size: 10pt; width: 180pt; padding: 0px 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; text-align: left; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>89</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">0.83<span>%</span></td> </tr> </table> 89 0.0083 <div style="margin-bottom: 0px;"> <div style="break-inside: avoid;"> <div style="font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">The following discussion compares the performance of the Fund to the MSCI ACWI ex USA Growth Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the MSCI ACWI ex USA Index, which represents the global equity market outside the U.S. in developed markets and emerging markets. The Fund seeks to provide long-term capital appreciation by investing primarily in a diversified portfolio of equity securities.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Top Contributors to Performance</b></div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Stock selection, country allocation, and sector allocation positively affected Fund relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By country, stock selection in Japan, India and Israel aided performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By sector, stock selection in Health Care, Consumer Staples and Consumer Discretionary aided performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top individual outperformers included Nu Holdings Ltd., a Brazilian fintech company; Kongsberg Gruppen ASA, a Norwegian defense and maritime technology company; and DISCO Corp., a Japanese semiconductor production equipment maker.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;"></div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Top Detractors from Performance</b></div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By country, stock selection in South Korea, Italy and the Netherlands detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By sector, stock selection in Information Technology and Communication Services as well as an underweight to Industrials detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top individual detractors included Samsung SDI Co. Ltd., a South Korean battery maker; SolarEdge Technologies Inc., an Israeli solar equipment company; and an underweight in Taiwan Semiconductor Manufacturing Co. Ltd., a Taiwanese chipmaker.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt;" title="stop"><b>Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</b></div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: February 29, 2016 through May 31, 2024</div> <div style="text-transform: none; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; font-size: 10pt; margin-bottom: 3pt; font-weight: normal; margin-top: 11.5pt;">Initial Investment of $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_7980337.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 521pt;"/> </div> Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="page-break-inside: avoid; border-bottom-style: none; border-bottom-width: initial; height: 20pt; font-family: 'avenirltpro'; font-weight: bold; font-size: 12pt; color: #000000; border-bottom-color: initial; padding-left: 3px;"> <td style="break-inside: avoid; vertical-align: middle; text-align: left; font-family: AvenirLTPro; font-weight: bold; font-size: 12pt; width: 60%; color: #000000; padding: 0px 3pt 0px 3px;">Average Annual Total Returns</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>5 Year</strong></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; width: 14%; padding: 6pt 3pt 3pt 3pt;"><strong>Since Inception</strong></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Class R6 Shares¹</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">13.55<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">7.94<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">9.24<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">MSCI ACWI ex USA Index²</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">16.74<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">6.81<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">7.70<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">MSCI ACWI ex USA Growth Index</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">13.01<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">6.65<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">7.75<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Morningstar Foreign Large Growth Funds Average</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">14.64<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">6.87<span>%</span></td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">7.82<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid; font-family: AvenirLTPro; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: #000000; width: 14pt; padding: 0px;">1</td> <td style="break-inside: avoid; font-family: AvenirLTPro; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: #000000; padding: 0px;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 7.5pt; margin-bottom: 0px;">The Fund’s Class R6 Shares commenced operations on August 26, 2021. For the periods prior to the commencement of operations of the Fund’s Class R6 Shares, the performance information shown is for the Fund’s Institutional Shares, which commenced operations on February 29, 2016. The performance of the Institutional Shares has not been adjusted to reflect the expenses of the Class R6 Shares, since the Class R6 Shares have a lower expense ratio than the Institutional Shares.</div> </td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; font-family: 'AvenirLTPro'; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: #000000; width: 14pt; padding: 0;">2</td> <td style="page-break-inside: avoid; font-family: 'AvenirLTPro'; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: #000000; padding: 0;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 7.5pt; margin-bottom: 0px;">The Fund has designated the MSCI ACWI ex USA Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index.</div> </td> </tr> </table> Class R6 Shares 0.1355 0.0794 0.0924 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">Visit <span>FederatedHermes.com/us/FundInformation</span> and click on the link to your fund and share class for more recent performance information.</div> <div style="font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt; break-after: avoid;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: AvenirLTPro; font-weight: bold; padding: 0px 10pt 0px 3px;">Net Assets</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: AvenirLTPro; color: #000000; font-size: 10pt; padding: 0px 10pt 0px 3px;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>699,755,796<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Number of Investments</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>81<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Portfolio Turnover Rate</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>37<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 1pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Total Advisory Fees Paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>4,699,676<span style="visibility: hidden; display: none;">%</span></td> </tr> </table> 699755796 81 0.37 4699676 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Holdings</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;"><b>Top Countries<br/>(% of Net Assets)</b></div> <div style="padding-right: 3pt; padding-left: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_7980280.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;"><b>Top Sectors<br/>(% of Net Assets)</b></div> <div style="padding-left: 3pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_7980227.jpg" style="width: 172.8pt;"/> </div> Reflects the pro rata portfolio composition of underlying affiliated investment companies (other than an affiliated money market mutual fund) in which the Fund invested greater than 10% of its net assets as of the date specified above. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. Reflects the pro rata portfolio composition of underlying affiliated investment companies (other than an affiliated money market mutual fund) in which the Fund invested greater than 10% of its net assets as of the date specified above. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. Reflects the pro rata portfolio composition of underlying affiliated investment companies (other than an affiliated money market mutual fund) in which the Fund invested greater than 10% of its net assets as of the date specified above. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments.   Reflects the pro rata portfolio composition of underlying affiliated investment companies (other than an affiliated money market mutual fund) in which the Fund invested greater than 10% of its net assets as of the date specified above. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. The Fund’s Class R6 Shares commenced operations on August 26, 2021. For the periods prior to the commencement of operations of the Fund’s Class R6 Shares, the performance information shown is for the Fund’s Institutional Shares, which commenced operations on March 31, 2017. The performance of the Institutional Shares has not been adjusted to reflect the expenses of the Class R6 Shares, since the Class R6 Shares have a lower expense ratio than the Institutional Shares. Commenced operations on November 15, 2019. The Fund is the successor to the PNC Emerging Markets Equity Fund (the "Predecessor Fund") pursuant to a reorganization involving the Fund and the Predecessor Fund. For periods prior to the reorganization, the performance information is historical information for the Predecessor Fund which commenced operations on March 31, 2017. The Fund is the successor to the PNC International Equity Fund (the “Predecessor Fund”), pursuant to a reorganization involving the Fund and the Predecessor Fund that occurred on November 15, 2019. For periods prior to the reorganization, the performance information is historical information for the Predecessor Fund. The Fund is the successor to the PNC International Equity Fund (the “Predecessor Fund”), pursuant to a reorganization involving the Fund and the Predecessor Fund that occurred on November 15, 2019. For periods prior to the reorganization, the performance information is historical information for the Predecessor Fund. The Fund is the successor to the PNC International Equity Fund (the “Predecessor Fund”), pursuant to a reorganization involving the Fund and the Predecessor Fund that occurred on November 15, 2019. For periods prior to the reorganization, the performance information is historical information for the Predecessor Fund. The Fund’s Class R6 Shares commenced operations on June 11, 2018. For the period prior to the commencement of operations of the Class R6 Shares, the performance information shown is for the Institutional Shares. The Fund is the successor to the PNC International Equity Fund (the “Predecessor Fund”), pursuant to a reorganization involving the Fund and the Predecessor Fund that occurred on November 15, 2019. For periods prior to the reorganization, the performance information is historical information for the Predecessor Fund. Commenced operations on November 15, 2019.  The Fund is the successor to the PNC International Growth Fund (the "Predecessor Fund") pursuant to a reorganization involving the Fund and the Predecessor Fund.  For periods prior to the reorganization, the performance information is historical information for the Predecessor Fund which commenced operations on February 29, 2016. The Fund’s Class R6 Shares commenced operations on August 26, 2021. For the periods prior to the commencement of operations of the Fund’s Class R6 Shares, the performance information shown is for the Fund’s Institutional Shares, which commenced operations on February 29, 2016. The performance of the Institutional Shares has not been adjusted to reflect the expenses of the Class R6 Shares, since the Class R6 Shares have a lower expense ratio than the Institutional Shares.