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0.112 0.050 0.051 0.186 0.078 0.058 0.167 0.167 0.112 0.077 0.050 0.081 0.108 0.078 0.051 0.145 0.108 0.099 0.195 0.173 0.035 0.020 0.167 0.081 0.140 0.173 0.035 0.140 0.081 0.066 0.020 0.050 0.047 0.099 0.078 0.140 0.173 0.047 0.050 0.167 0.186 0.195 0.051 0.112 0.058 0.047 0.066 0.145 0.140 0.078 0.195 0.112 0.047 0.066 0.099 0.077 0.020 0.108 0.186 0.058 0.195 0.099 0.081 0.077 0.108 0.035 0.066 0.035 0.051 0.145 0.058 0.173 0.020 0000745968 false N-1A N-CSR Federated Hermes Equity Funds 2025-11-30 Federated Hermes International Strategic Value Dividend Fund Class A Shares IVFAX This annual shareholder report contains important information about the Federated Hermes International Strategic Value Dividend Fund (the “Fund”) for the period of December 1, 2024 to November 30, 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:10pt;margin-bottom:10pt;"> <b>This report describes planned changes made to the Fund since the beginning of the reporting period.</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;">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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom;">Class A Shares</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><span style="float:none">$</span>124</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;">1.11<span>%</span></td> </tr> </table> 124 0.0111 <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 MSCI World ex USA Index (the “Index”) which is representative of the broader stock market outside of the U.S., 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 income and long-term capital appreciation by investing primarily in equity securities of companies based in countries outside the United States, consisting principally of high dividend-paying stocks 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 40% higher than that of the Index which contributed positively to the 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 and a relative overweight position in the Utility sector contributed positively to performance. Outperformers included Italgas, Iberdrola, and Enel, as share prices started to reflect the expected increase in gas and power demand related to the buildout of data centers.</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 stock selection in the Health Care sector was also a positive contributor to performance. Top-performing Fund holdings included GlaxoSmithKline, Roche, and Novartis.</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 a relative underweight position in the Consumer Staples sector was another area of relative strength, led by the outperformance of Kimberly-Clark de Mexico, British American Tobacco, and Philip Morris during the reporting period.</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 detractor to performance was the underweight position in the Financials sector. Stock selection also contributed modestly to underperformance in Financials, as several of the Index’s top-performing holdings did not meet the Fund’s income requirements and, therefore, were not held by the Fund.</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 stock selection in the Materials sector was also a relative detractor to relative performance driven mainly by UPM Kymmene and Amcor. Shares of Amcor declined throughout the reporting period from weaker demand and cost pressures.</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 the overweight position in the Energy sector was also a relative detractor, as top performers in the Index did not offer a dividend yield high enough to warrant inclusion in 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. 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: November 30, 2015 through November 30, 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_11049700.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 A 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;">17.04<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;">8.80<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;">5.54<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 A 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;">23.84<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;">10.06<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;">6.14<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;">MSCI World ex-USA 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;">24.58<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;">9.79<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;">8.03<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;">MSCI World ex-USA High Dividend Yield 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;">26.07<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;">12.20<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;">8.31<span>%</span></td> </tr> </table> Class A Shares — including sales load 0.1704 0.0880 0.0554 Class A Shares — excluding sales load 0.2384 0.1006 0.0614 MSCI World ex-USA Index 0.2458 0.0979 0.0803 MSCI World ex-USA High Dividend Yield Index 0.2607 0.1220 0.0831 <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>793,110,980</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;">47</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;">32<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>5,072,372</td> </tr> </table> 793110980 47 0.32 5072372 <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 Countries</b> <br/> <b>(% of Net Assets)</b> </div><div style="padding-right:3pt;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_11049705.jpg" style="width: 172.8pt;"/> </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:3pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_11049710.jpg" style="width: 172.8pt;"/> </div> <div style="font-family:'times new roman';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;">Material Fund Changes</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Following is a summary of material changes planned for the Fund since the beginning of the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Effective January 31, 2026, Darren Catanzaro, CFA, will be added to the Fund’s portfolio management team and Daniel Peris, CFA, will no longer serve as a Portfolio Manager to the Fund.</div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Following is a summary of material changes planned for the Fund since the beginning of the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div> FederatedHermes.com/us/FundInformation 1-800-341-7400 Federated Hermes International Strategic Value Dividend Fund Class C Shares IVFCX This annual shareholder report contains important information about the Federated Hermes International Strategic Value Dividend Fund (the “Fund”) for the period of December 1, 2024 to November 30, 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:10pt;margin-bottom:10pt;"> <b>This report describes planned changes made to the Fund since the beginning of the reporting period.</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;">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>216</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;">1.94<span>%</span></td> </tr> </table> 216 0.0194 <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 MSCI World ex USA Index (the “Index”) which is representative of the broader stock market outside of the U.S., 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 income and long-term capital appreciation by investing primarily in equity securities of companies based in countries outside the United States, consisting principally of high dividend-paying stocks 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 40% higher than that of the Index which contributed positively to the 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 and a relative overweight position in the Utility sector contributed positively to performance. Outperformers included Italgas, Iberdrola, and Enel, as share prices started to reflect the expected increase in gas and power demand related to the buildout of data centers.</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 stock selection in the Health Care sector was also a positive contributor to performance. Top-performing Fund holdings included GlaxoSmithKline, Roche, and Novartis.</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 a relative underweight position in the Consumer Staples sector was another area of relative strength, led by the outperformance of Kimberly-Clark de Mexico, British American Tobacco, and Philip Morris during the reporting period.</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 detractor to performance was the underweight position in the Financials sector. Stock selection also contributed modestly to underperformance in Financials, as several of the Index’s top-performing holdings did not meet the Fund’s income requirements and, therefore, were not held by the Fund.</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 stock selection in the Materials sector was also a relative detractor to relative performance driven mainly by UPM Kymmene and Amcor. Shares of Amcor declined throughout the reporting period from weaker demand and cost pressures.</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 the overweight position in the Energy sector was also a relative detractor, as top performers in the Index did not offer a dividend yield high enough to warrant inclusion in 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. 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: November 30, 2015 through November 30, 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_11049740.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;">21.53<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;">9.16<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;">5.31<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;">22.53<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;">9.16<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;">5.31<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;">MSCI World ex-USA 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;">24.58<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;">9.79<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;">8.03<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;">MSCI World ex-USA High Dividend Yield 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;">26.07<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;">12.20<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;">8.31<span>%</span></td> </tr> </table> Class C Shares — including sales load 0.2153 0.0916 0.0531 Class C Shares — excluding sales load 0.2253 0.0916 0.0531 MSCI World ex-USA Index 0.2458 0.0979 0.0803 MSCI World ex-USA High Dividend Yield Index 0.2607 0.1220 0.0831 <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>793,110,980</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;">47</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;">32<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>5,072,372</td> </tr> </table> 793110980 47 0.32 5072372 <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 Countries</b> <br/> <b>(% of Net Assets)</b> </div><div style="padding-right:3pt;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_11049745.jpg" style="width: 172.8pt;"/> </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:3pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_11049750.jpg" style="width: 172.8pt;"/> </div> <div style="font-family:'times new roman';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;">Material Fund Changes</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Following is a summary of material changes planned for the Fund since the beginning of the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Effective January 31, 2026, Darren Catanzaro, CFA, will be added to the Fund’s portfolio management team and Daniel Peris, CFA, will no longer serve as a Portfolio Manager to the Fund.</div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Following is a summary of material changes planned for the Fund since the beginning of the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div> FederatedHermes.com/us/FundInformation 1-800-341-7400 Federated Hermes International Strategic Value Dividend Fund Institutional Shares IVFIX This annual shareholder report contains important information about the Federated Hermes International Strategic Value Dividend Fund (the “Fund”) for the period of December 1, 2024 to November 30, 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:10pt;margin-bottom:10pt;"> <b>This report describes planned changes made to the Fund since the beginning of the reporting period.</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;">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>96</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;">0.86<span>%</span></td> </tr> </table> 96 0.0086 <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 MSCI World ex USA Index (the “Index”) which is representative of the broader stock market outside of the U.S., 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 income and long-term capital appreciation by investing primarily in equity securities of companies based in countries outside the United States, consisting principally of high dividend-paying stocks 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 40% higher than that of the Index which contributed positively to the 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 and a relative overweight position in the Utility sector contributed positively to performance. Outperformers included Italgas, Iberdrola, and Enel, as share prices started to reflect the expected increase in gas and power demand related to the buildout of data centers.</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 stock selection in the Health Care sector was also a positive contributor to performance. Top-performing Fund holdings included GlaxoSmithKline, Roche, and Novartis.</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 a relative underweight position in the Consumer Staples sector was another area of relative strength, led by the outperformance of Kimberly-Clark de Mexico, British American Tobacco, and Philip Morris during the reporting period.</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 detractor to performance was the underweight position in the Financials sector. Stock selection also contributed modestly to underperformance in Financials, as several of the Index’s top-performing holdings did not meet the Fund’s income requirements and, therefore, were not held by the Fund.</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 stock selection in the Materials sector was also a relative detractor to relative performance driven mainly by UPM Kymmene and Amcor. Shares of Amcor declined throughout the reporting period from weaker demand and cost pressures.</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 the overweight position in the Energy sector was also a relative detractor, as top performers in the Index did not offer a dividend yield high enough to warrant inclusion in 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. 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: November 30, 2015 through November 30, 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_11049780.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;">24.08<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;">10.31<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;">6.41<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;">MSCI World ex-USA 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;">24.58<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;">9.79<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;">8.03<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;">MSCI World ex-USA High Dividend Yield 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;">26.07<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;">12.20<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;">8.31<span>%</span></td> </tr> </table> Institutional Shares 0.2408 0.1031 0.0641 MSCI World ex-USA Index 0.2458 0.0979 0.0803 MSCI World ex-USA High Dividend Yield Index 0.2607 0.1220 0.0831 <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>793,110,980</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;">47</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;">32<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>5,072,372</td> </tr> </table> 793110980 47 0.32 5072372 <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 Countries</b> <br/> <b>(% of Net Assets)</b> </div><div style="padding-right:3pt;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_11049785.jpg" style="width: 172.8pt;"/> </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:3pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_11049790.jpg" style="width: 172.8pt;"/> </div> <div style="font-family:'times new roman';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;">Material Fund Changes</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Following is a summary of material changes planned for the Fund since the beginning of the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Effective January 31, 2026, Darren Catanzaro, CFA, will be added to the Fund’s portfolio management team and Daniel Peris, CFA, will no longer serve as a Portfolio Manager to the Fund.</div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Following is a summary of material changes planned for the Fund since the beginning of the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div> FederatedHermes.com/us/FundInformation 1-800-341-7400 Federated Hermes International StrategicValue Dividend Fund Class R6 Shares IVFLX This annual shareholder report contains important information about the Federated Hermes International Strategic Value Dividend Fund (the “Fund”) for the period of December 1, 2024 to November 30, 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: 10pt; margin-bottom: 10pt;"><b>This report describes planned changes made to the Fund since the beginning of the reporting period.</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;">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>95</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;">0.85<span>%</span></td> </tr> </table> 95 0.0085 <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 MSCI World ex USA Index (the “Index”) which is representative of the broader stock market outside of the U.S., 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 income and long-term capital appreciation by investing primarily in equity securities of companies based in countries outside the United States, consisting principally of high dividend-paying stocks 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 40% higher than that of the Index which contributed positively to the 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 and a relative overweight position in the Utility sector contributed positively to performance. Outperformers included Italgas, Iberdrola, and Enel, as share prices started to reflect the expected increase in gas and power demand related to the buildout of data centers.</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 stock selection in the Health Care sector was also a positive contributor to performance. Top-performing Fund holdings included GlaxoSmithKline, Roche, and Novartis.</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 a relative underweight position in the Consumer Staples sector was another area of relative strength, led by the outperformance of Kimberly-Clark de Mexico, British American Tobacco, and Philip Morris during the reporting period.</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 detractor to performance was the underweight position in the Financials sector. Stock selection also contributed modestly to underperformance in Financials, as several of the Index’s top-performing holdings did not meet the Fund’s income requirements and, therefore, were not held by the Fund.</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 stock selection in the Materials sector was also a relative detractor to relative performance driven mainly by UPM Kymmene and Amcor. Shares of Amcor declined throughout the reporting period from weaker demand and cost pressures.</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 the overweight position in the Energy sector was also a relative detractor, as top performers in the Index did not offer a dividend yield high enough to warrant inclusion in 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. 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: November 30, 2015 through November 30, 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_11049820.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^*</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;">24.15<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;">10.28<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;">6.39<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;">MSCI World ex-USA 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;">24.58<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;">9.79<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;">8.03<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;">MSCI World ex-USA High Dividend Yield 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;">26.07<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;">12.20<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;">8.31<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;">^*</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 January 27, 2017. 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.</div> </td> </tr> </table> Class R6 Shares 0.2415 0.1028 0.0639 MSCI World ex-USA Index 0.2458 0.0979 0.0803 MSCI World ex-USA High Dividend Yield Index 0.2607 0.1220 0.0831 2017-01-27 <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>793,110,980</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;">47</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;">32<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>5,072,372</td> </tr> </table> 793110980 47 0.32 5072372 <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 Countries</b> <br/><b>(% of Net Assets)</b></div> <div style="padding-right: 3pt; padding-left: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_11049825.jpg" style="width: 172.8pt;"/> </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: 3pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_11049830.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">Material Fund Changes</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Following is a summary of material changes planned for the Fund since the beginning of the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Effective January 31, 2026, Darren Catanzaro, CFA, will be added to the Fund’s portfolio management team and Daniel Peris, CFA, will no longer serve as a Portfolio Manager to the Fund.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Following is a summary of material changes planned for the Fund since the beginning of the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div> FederatedHermes.com/us/FundInformation 1-800-341-7400 The Fund’s Class R6 Shares commenced operations on January 27, 2017. 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.