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Federated Hermes Strategic Value Dividend Fund

Portfolio of Investments

July 31, 2026 (unaudited)

Shares		Dividend Yield	Value in U.S. Dollars
	Common Stocks—99.1%
	Communication Services—3.6%
7,739,971	Verizon Communications, Inc.	6.05%	$ 362,308,042
	Consumer Discretionary—2.3%
1,304,600	Best Buy Co., Inc.	4.45	112,534,796
578,175	Darden Restaurants, Inc.	3.19	117,704,866
	TOTAL		230,239,662
	Consumer Staples—14.6%
1,674,175	Altria Group, Inc.	6.21	114,396,378
5,316,850	British American Tobacco PLC	5.36	322,789,352
785,775	Hershey Foods Corp.	3.32	137,549,914
1,707,225	Kimberly-Clark Corp.	4.68	186,616,765
1,049,775	McCormick & Co., Inc.	3.77	53,433,547
2,237,450	Mondelez International, Inc.	3.21	139,415,509
2,011,275	PepsiCo, Inc.	4.24	280,693,539
1,132,647	Philip Morris International, Inc.	3.08	216,131,701
	TOTAL		1,451,026,705
	Energy—11.1%
1,080,525	Chevron Corp.	3.62	212,679,736
6,270,925	Enbridge, Inc.	4.32	341,224,924
3,456,694	TC Energy Corp.	3.16	232,772,346
3,603,495	TotalEnergies SE	4.71	320,066,465
	TOTAL		1,106,743,471
	Financials—17.1%
472,500	Allianz SE	3.36	235,835,770
790,025	CME Group, Inc.	4.24	211,560,795
335,450	Muenchener Rueckversicherungs-Gesellschaft Aktiengesellschaft in Muenchen	3.91	202,117,114
1,172,950	PNC Financial Services Group, Inc.	3.20	293,085,017
7,726,625	Regions Financial Corp.	3.88	239,139,044
2,252,861	Truist Financial Corp.	4.01	116,788,314
6,518,491	U.S. Bancorp	3.30	410,730,118
	TOTAL		1,709,256,172
	Health Care—14.4%
1,130,776	AbbVie, Inc.	2.76	283,756,929
325,500	Amgen, Inc.	2.62	125,369,580
3,435,000	Medtronic PLC	3.37	293,314,650
1,424,150	Merck & Co., Inc.	2.61	185,424,330
10,011,020	Pfizer, Inc.	6.88	250,375,610
3,484,035	Sanofi	5.53	299,728,492
	TOTAL		1,437,969,591
	Industrials—6.2%
723,000	Automatic Data Processing, Inc.	2.55	192,650,580
3,598,975	Paychex, Inc.	4.07	420,504,239
	TOTAL		613,154,819
	Information Technology—2.2%
495,375	Accenture PLC	3.93	82,192,620
2,407,050	Amdocs Ltd.	4.08	134,120,826
	TOTAL		216,313,446

Shares		Dividend Yield	Value in U.S. Dollars
	Common Stocks—continued
	Materials—2.5%
5,621,095	Amcor PLC	5.79%	$ 252,274,744
	Real Estate—10.3%
1,236,300	American Tower Corp.	4.04	214,324,968
2,596,850	Brixmor Property Group, Inc.	3.81	81,826,744
11,633,100	Kimco Realty Corp.	4.01	296,411,388
2,681,914	NNN REIT, Inc.	4.97	127,444,553
2,118,150	ProLogis, Inc.	2.66	306,305,671
	TOTAL		1,026,313,324
	Utilities—14.8%
1,538,079	Duke Energy Corp.	3.46	192,921,249
2,899,250	Evergy, Inc.	3.35	240,666,742
5,257,250	FirstEnergy, Corp.	3.85	253,977,747
13,701,440	National Grid-SP PLC	4.07	219,233,771
4,837,280	PPL Corp.	3.24	170,320,629
849,327	Southern Co.	3.22	80,295,375
2,046,750	WEC Energy Group, Inc.	3.48	223,955,385
1,198,725	Xcel Energy, Inc.	3.03	93,740,295
	TOTAL		1,475,111,193
	Total Common Stocks (IDENTIFIED COST $8,241,361,726)		9,880,711,169
	Investment Company—0.6%
54,015,134	Federated Hermes Government Obligations Fund, Premier Shares, 3.57%1 (IDENTIFIED COST $54,015,134)		54,015,134
	TOTAL INVESTMENT IN SECURITIES—99.7% (IDENTIFIED COST $8,295,376,860)		9,934,726,303
	OTHER ASSETS AND LIABILITIES - NET—0.3%2		32,979,273
	NET ASSETS—100%		$9,967,705,576

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended July 31, 2026, were as follows:

	Federated Hermes Government Obligations Fund, Premier Shares
Value as of 10/31/2025	$49,083,764
Purchases at Cost	$1,297,277,997
Proceeds from Sales	$(1,292,346,627)
Change in Unrealized Appreciation/Depreciation	$—
Net Realized Gain/(Loss)	$—
Value as of 7/31/2026	$54,015,134
Shares Held as of 7/31/2026	54,015,134
Dividend Income	$1,752,607

1	7-day net yield.
2	Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of net assets at July 31, 2026.

Investment Valuation

In calculating its net asset value (NAV), the Fund generally values investments as follows:

■ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.

■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.

■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by Federated Equity Management Company of Pennsylvania (the “Adviser”).

■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

Fair Valuation and Significant Events Procedures

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;

■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;

■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.

The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Valuation Inputs
	Level 1— Quoted Prices	Level 2— Other Significant Observable Inputs	Level 3— Significant Unobservable Inputs	Total
Equity Securities:
Common Stocks
Domestic	$6,945,040,095	$—	$—	$6,945,040,095
International	1,571,735,880	1,363,935,194	—	2,935,671,074
Investment Company	54,015,134	—	—	54,015,134
TOTAL SECURITIES	$8,570,791,109	$1,363,935,194	$—	$9,934,726,303

The following acronym(s) are used throughout this portfolio:
REIT	—Real Estate Investment Trust