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Fund Class A Shares SVAAX This annual shareholder report contains important information about the Federated Hermes Strategic Value Dividend Fund (the “Fund”) for the period of November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">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: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>Class Name</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong><span style="white-space: nowrap;">Costs of a $10,000 investment</span></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 180pt; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A Shares</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>109</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">1.05<span>%</span></td> </tr> </table> 109 0.0105 <div style="margin-bottom: 0px;"> <div style="break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); 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: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">The following discussion compares the performance of the Fund to the S&amp;P 500 Index (the “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 the Index. The Fund seeks to provide income and long-term capital appreciation by investing primarily in high dividend-paying stocks of U.S. issuers with dividend growth potential.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold; page-break-after: avoid;"><b>Top Contributors to Performance</b></div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund provided a dividend yield more than three times that of the Index which contributed positively to Fund relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Stock selection in the Health Care sector contributed positively to relative performance. Outperformers included GlaxoSmithKline plc, Gilead Sciences, Inc., Johnson &amp; Johnson and AbbVie, Inc.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Stock selection in the Energy sector was another area of relative strength, led by Canadian Pipelines, Enbridge Inc. and TC Energy Corp.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Stock selection in the Utilities sector was also a positive relative contributor to performance, driven by robust performance from Evergy, Inc., American Electric Power and National Grid plc.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;"> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold; page-break-after: avoid;"><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: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund’s largest relative detractor was the underweight position to the Information Technology sector. Information Technology accounted for 55% of the total performance of the Index. Information Technology continues to afford little in the way of high-and-rising dividend paying companies.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund’s overweight position in the Energy sector was a relative detractor from performance, as the sector was an underperformer in the Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Stock selection and an underweight position in the Communication Services sector was another area of relative weakness, as the Fund’s strategy is to invest in the defensive, dividend-paying telecom service names while the top performers in the sector were Alphabet Inc., Meta Platforms and Netflix. These outperformers either do not pay a dividend or pay a dividend notably lower than our minimum threshold and, therefore, were not held by the Fund.</div> </li> </ul> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;"> </div> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.</b> <b>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: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: October 31, 2015 through October 31, 2025</div> <div style="text-transform: none; font-family: 'times new roman'; color: rgb(0, 0, 0); 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_10916032.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; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: none; border-bottom-width: initial; break-inside: avoid-page; height: 20pt; font-family: 'times new roman'; font-weight: bold; font-size: 12pt; color: rgb(0, 0, 0); border-bottom-color: initial; padding-left: 3px;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Times New Roman'; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0); padding: 6pt 3pt 3pt 3px;">Average Annual Total Returns</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 14%; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</strong></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Class A Shares — including sales load</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">2.16<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">11.79<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">6.82<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Class A Shares — excluding sales load</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">8.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">13.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">7.42<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">S&amp;P 500<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">21.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">17.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">14.63<span>%</span></td> </tr> </table> Class A Shares — including sales load 0.0216 0.1179 0.0682 Class A Shares — excluding sales load 0.0807 0.1306 0.0742 S&P 500® Index 0.2145 0.1764 0.1463 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Visit <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">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: 'times new roman'; color: rgb(0, 0, 0); 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; break-inside: avoid;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="float: none;">$</span>8,633,089,408</td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Number of Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 10pt 3pt 3px;">43</td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 10pt 3pt 3px;">34<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Total Advisory Fees Paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="float: none;">$</span>56,455,524</td> </tr> </table> 8633089408 43 0.34 56455524 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Holdings</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: rgb(0, 0, 0); letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;"><b>Top Sectors</b> <br/><b>(% of Net Assets)</b></div> <div style="padding-left: 0px; padding-right: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10916037.jpg" style="width: 172.8pt;"/> </div> Federated Hermes Strategic Value Dividend Fund Class C Shares SVACX This annual shareholder report contains important information about the Federated Hermes Strategic Value Dividend Fund (the “Fund”) for the period of November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-style:solid;text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:10pt">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:'times new roman';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;">What were the Fund costs for the last year?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><strong>Class Name</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><strong><span style="white-space:nowrap">Costs of a $10,000 investment</span></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 180pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom;">Class C Shares</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><span style="float:none">$</span>193</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">1.86<span>%</span></td> </tr> </table> 193 0.0186 <div style="margin-bottom:0px;"> <div style="break-inside:avoid;"> <div style="font-family:'times new roman';color:rgb(0, 0, 0);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:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">The following discussion compares the performance of the Fund to the S&amp;P 500 Index (the “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 the Index. The Fund seeks to provide income and long-term capital appreciation by investing primarily in high dividend-paying stocks of U.S. issuers with dividend growth potential.</div> </div> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;text-transform:none;letter-spacing:normal;font-weight:bold;page-break-after:avoid;"> <b>Top Contributors to Performance</b> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">The Fund provided a dividend yield more than three times that of the Index which contributed positively to Fund relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">Stock selection in the Health Care sector contributed positively to relative performance. Outperformers included GlaxoSmithKline plc, Gilead Sciences, Inc., Johnson &amp; Johnson and AbbVie, Inc.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">Stock selection in the Energy sector was another area of relative strength, led by Canadian Pipelines, Enbridge Inc. and TC Energy Corp.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">Stock selection in the Utilities sector was also a positive relative contributor to performance, driven by robust performance from Evergy, Inc., American Electric Power and National Grid plc.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;"> </div> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;text-transform:none;letter-spacing:normal;font-weight:bold;page-break-after:avoid;"> <b>Top Detractors from Performance</b> </div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">The Fund’s largest relative detractor was the underweight position to the Information Technology sector. Information Technology accounted for 55% of the total performance of the Index. Information Technology continues to afford little in the way of high-and-rising dividend paying companies.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">The Fund’s overweight position in the Energy sector was a relative detractor from performance, as the sector was an underperformer in the Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">Stock selection and an underweight position in the Communication Services sector was another area of relative weakness, as the Fund’s strategy is to invest in the defensive, dividend-paying telecom service names while the top performers in the sector were Alphabet Inc., Meta Platforms and Netflix. These outperformers either do not pay a dividend or pay a dividend notably lower than our minimum threshold and, therefore, were not held by the Fund.</div> </li> </ul> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;"> </div> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;">Fund Performance</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;"> <b>Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.</b> <b>The graph and table do</b><b> 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:'times new roman';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;">Cumulative Performance: October 31, 2015 through October 31, 2025</div><div style="text-transform:none;font-family:'times new roman';color:rgb(0, 0, 0);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_10916072.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;break-inside:avoid"> <tr style="break-after:avoid;border-bottom-style:none;border-bottom-width:initial;break-inside:avoid-page;height:20pt;font-family:'times new roman';font-weight:bold;font-size:12pt;color:rgb(0, 0, 0);border-bottom-color:initial;padding-left:3px"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; font-family: 'Times New Roman'; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0);">Average Annual Total Returns</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 14%;"><strong>10 Years</strong></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal;">Class C Shares — including sales load</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">6.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">6.76<span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal;">Class C Shares — excluding sales load</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">7.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">6.76<span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal;">S&amp;P 500<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">21.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">17.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">14.63<span>%</span></td> </tr> </table> Class C Shares — including sales load 0.0618 0.1219 0.0676 Class C Shares — excluding sales load 0.0718 0.1219 0.0676 S&P 500® Index 0.2145 0.1764 0.1463 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Visit <span style="text-decoration-style:solid;text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:10pt">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:'times new roman';color:rgb(0, 0, 0);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;break-inside:avoid"> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'Times New Roman'; font-weight: bold;">Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><span style="float:none">$</span>8,633,089,408</td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'Times New Roman'; font-weight: bold;">Number of Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">43</td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'Times New Roman'; font-weight: bold;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">34<span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'Times New Roman'; font-weight: bold;">Total Advisory Fees Paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><span style="float:none">$</span>56,455,524</td> </tr> </table> 8633089408 43 0.34 56455524 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;">Fund Holdings</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'times new roman';color:rgb(0, 0, 0);letter-spacing:normal;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;font-weight:bold;"> <b>Top Sectors</b> <br/> <b>(% of Net Assets)</b> </div><div style="padding-left:0px;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10916077.jpg" style="width: 172.8pt;"/> </div> Federated Hermes Strategic Value Dividend Fund Institutional Shares SVAIX This annual shareholder report contains important information about the Federated Hermes Strategic Value Dividend Fund (the “Fund”) for the period of November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-style:solid;text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:10pt">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:'times new roman';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;">What were the Fund costs for the last year?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><strong>Class Name</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><strong><span style="white-space:nowrap">Costs of a $10,000 investment</span></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 180pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom;">Institutional Shares</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><span style="float:none">$</span>83</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">0.80<span>%</span></td> </tr> </table> 83 0.0080 <div style="margin-bottom:0px;"> <div style="break-inside:avoid;"> <div style="font-family:'times new roman';color:rgb(0, 0, 0);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:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">The following discussion compares the performance of the Fund to the S&amp;P 500 Index (the “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 the Index. The Fund seeks to provide income and long-term capital appreciation by investing primarily in high dividend-paying stocks of U.S. issuers with dividend growth potential.</div> </div> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;text-transform:none;letter-spacing:normal;font-weight:bold;page-break-after:avoid;"> <b>Top Contributors to Performance</b> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">The Fund provided a dividend yield more than three times that of the Index which contributed positively to Fund relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">Stock selection in the Health Care sector contributed positively to relative performance. Outperformers included GlaxoSmithKline plc, Gilead Sciences, Inc., Johnson &amp; Johnson and AbbVie, Inc.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">Stock selection in the Energy sector was another area of relative strength, led by Canadian Pipelines, Enbridge Inc. and TC Energy Corp.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">Stock selection in the Utilities sector was also a positive relative contributor to performance, driven by robust performance from Evergy, Inc., American Electric Power and National Grid plc.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;"> </div> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;text-transform:none;letter-spacing:normal;font-weight:bold;page-break-after:avoid;"> <b>Top Detractors from Performance</b> </div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">The Fund’s largest relative detractor was the underweight position to the Information Technology sector. Information Technology accounted for 55% of the total performance of the Index. Information Technology continues to afford little in the way of high-and-rising dividend paying companies.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">The Fund’s overweight position in the Energy sector was a relative detractor from performance, as the sector was an underperformer in the Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">Stock selection and an underweight position in the Communication Services sector was another area of relative weakness, as the Fund’s strategy is to invest in the defensive, dividend-paying telecom service names while the top performers in the sector were Alphabet Inc., Meta Platforms and Netflix. These outperformers either do not pay a dividend or pay a dividend notably lower than our minimum threshold and, therefore, were not held by the Fund.</div> </li> </ul> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;"> </div> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;">Fund Performance</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;"> <b>Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.</b> <b>The graph and table do</b><b> 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:'times new roman';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;">Cumulative Performance: October 31, 2015 through October 31, 2025</div><div style="text-transform:none;font-family:'times new roman';color:rgb(0, 0, 0);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_10915992.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;break-inside:avoid"> <tr style="break-after:avoid;border-bottom-style:none;border-bottom-width:initial;break-inside:avoid-page;height:20pt;font-family:'times new roman';font-weight:bold;font-size:12pt;color:rgb(0, 0, 0);border-bottom-color:initial;padding-left:3px"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; font-family: 'Times New Roman'; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0);">Average Annual Total Returns</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 14%;"><strong>10 Years</strong></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal;">Institutional Shares</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">8.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">13.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">7.68<span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal;">S&amp;P 500<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">21.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">17.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">14.63<span>%</span></td> </tr> </table> Institutional Shares 0.0845 0.1332 0.0768 S&P 500® Index 0.2145 0.1764 0.1463 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Visit <span style="text-decoration-style:solid;text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:10pt">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:'times new roman';color:rgb(0, 0, 0);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;break-inside:avoid"> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'Times New Roman'; font-weight: bold;">Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><span style="float:none">$</span>8,633,089,408</td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'Times New Roman'; font-weight: bold;">Number of Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">43</td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'Times New Roman'; font-weight: bold;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;">34<span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'Times New Roman'; font-weight: bold;">Total Advisory Fees Paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><span style="float:none">$</span>56,455,524</td> </tr> </table> 8633089408 43 0.34 56455524 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;">Fund Holdings</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'times new roman';color:rgb(0, 0, 0);letter-spacing:normal;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;font-weight:bold;"> <b>Top Sectors</b> <br/> <b>(% of Net Assets)</b> </div><div style="padding-left:0px;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10915997.jpg" style="width: 172.8pt;"/> </div> Federated Hermes Strategic Value Dividend Fund Class R6 Shares SVALX This annual shareholder report contains important information about the Federated Hermes Strategic Value Dividend Fund (the “Fund”) for the period of November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">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: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>Class Name</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong><span style="white-space: nowrap;">Costs of a $10,000 investment</span></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 180pt; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>81</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">0.78<span>%</span></td> </tr> </table> 81 0.0078 <div style="margin-bottom: 0px;"> <div style="break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); 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: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">The following discussion compares the performance of the Fund to the S&amp;P 500 Index (the “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 the Index. The Fund seeks to provide income and long-term capital appreciation by investing primarily in high dividend-paying stocks of U.S. issuers with dividend growth potential.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold; page-break-after: avoid;"><b>Top Contributors to Performance</b></div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund provided a dividend yield more than three times that of the Index which contributed positively to Fund relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Stock selection in the Health Care sector contributed positively to relative performance. Outperformers included GlaxoSmithKline plc, Gilead Sciences, Inc., Johnson &amp; Johnson and AbbVie, Inc.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Stock selection in the Energy sector was another area of relative strength, led by Canadian Pipelines, Enbridge Inc. and TC Energy Corp.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Stock selection in the Utilities sector was also a positive relative contributor to performance, driven by robust performance from Evergy, Inc., American Electric Power and National Grid plc.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;"> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold; page-break-after: avoid;"><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: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund’s largest relative detractor was the underweight position to the Information Technology sector. Information Technology accounted for 55% of the total performance of the Index. Information Technology continues to afford little in the way of high-and-rising dividend paying companies.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund’s overweight position in the Energy sector was a relative detractor from performance, as the sector was an underperformer in the Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Stock selection and an underweight position in the Communication Services sector was another area of relative weakness, as the Fund’s strategy is to invest in the defensive, dividend-paying telecom service names while the top performers in the sector were Alphabet Inc., Meta Platforms and Netflix. These outperformers either do not pay a dividend or pay a dividend notably lower than our minimum threshold and, therefore, were not held by the Fund.</div> </li> </ul> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;"> </div> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.</b> <b>The graph and table do</b><b> 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: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: October 31, 2015 through October 31, 2025</div> <div style="text-transform: none; font-family: 'times new roman'; color: rgb(0, 0, 0); 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_10916112.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; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: none; border-bottom-width: initial; break-inside: avoid-page; height: 20pt; font-family: 'times new roman'; font-weight: bold; font-size: 12pt; color: rgb(0, 0, 0); border-bottom-color: initial; padding-left: 3px;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Times New Roman'; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0); padding: 6pt 3pt 3pt 3px;">Average Annual Total Returns</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 14%; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</strong></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Class R6 Shares<sup>*</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">8.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">13.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">7.69<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">S&amp;P 500<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">21.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">17.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">14.63<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: rgb(0, 0, 0); width: 14pt; padding: 10pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; margin-bottom: 0px;"><sup>*</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: rgb(0, 0, 0); padding: 10pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; margin-bottom: 0px;">The Fund’s Class R6 Shares commenced operations on June 29, 2016. For the period prior to the commencement of operations of the Class R6 Shares, the performance information shown is for Institutional Shares.</div> </td> </tr> </table> Class R6 Shares 0.0830 0.1335 0.0769 S&P 500® Index 0.2145 0.1764 0.1463 2016-06-29 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Visit <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">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: 'times new roman'; color: rgb(0, 0, 0); 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; break-inside: avoid;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="float: none;">$</span>8,633,089,408</td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Number of Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 10pt 3pt 3px;">43</td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 10pt 3pt 3px;">34<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Total Advisory Fees Paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="float: none;">$</span>56,455,524</td> </tr> </table> 8633089408 43 0.34 56455524 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Holdings</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: rgb(0, 0, 0); letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;"><b>Top Sectors</b> <br/><b>(% of Net Assets)</b></div> <div style="padding-left: 0px; padding-right: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10916117.jpg" style="width: 172.8pt;"/> </div> The Fund’s Class R6 Shares commenced operations on June 29, 2016. For the period prior to the commencement of operations of the Class R6 Shares, the performance information shown is for Institutional Shares.