EDGAR HTML

Federated Hermes International Strategic Value Dividend Fund

Portfolio of Investments

August 31, 2026 (unaudited)

Shares		Value in U.S. Dollars
	COMMON STOCKS—98.8%
	Communication Services—9.4%
829,200	Deutsche Telekom AG, Class REG	$ 27,334,304
617,840	Elisa OYJ	25,230,738
3,113,200	Koninklijke KPN NV	14,989,684
1,524,200	Telefonica Brasil SA	8,780,649
	TOTAL	76,335,375
	Consumer Discretionary—3.9%
56,800	Autoliv, Inc.	6,884,728
307,500	Compagnie Generale des Etablissements Michelin SCA, Class B	12,479,409
627,700	Toyota Motor Corp.	12,328,723
	TOTAL	31,692,860
	Consumer Staples—20.9%
425,045	British American Tobacco PLC	23,635,252
208,901	Coca-Cola Femsa S.A.B. de C.V., ADR	23,221,435
165,200	Danone SA	12,318,251
349,000	Imperial Brands PLC	11,923,760
7,204,120	Kimberly-Clark de Mexico SAB de CV	16,903,548
194,500	Nestle S.A.	18,904,266
89,810	Philip Morris International, Inc.	16,821,413
286,680	Reckitt Benckiser Group PLC	19,875,230
397,466	Unilever PLC	25,753,685
	TOTAL	169,356,840
	Energy—16.2%
431,965	Enbridge, Inc.	21,885,770
469,800	Pembina Pipeline Corp.	22,901,034
575,100	Shell PLC	26,182,109
362,025	TC Energy Corp.	22,667,866
424,879	TotalEnergies SE	37,487,690
	TOTAL	131,124,469
	Financials—16.8%
59,425	Allianz SE	31,115,690
325,400	DBS Group Holdings Ltd.	19,801,899
48,400	Muenchener Rueckversicherungs-Gesellschaft Aktiengesellschaft in Muenchen	29,166,497
939,800	Nordea Bank Abp	19,240,401
169,800	Sumitomo Mitsui Financial Group, Inc.	7,291,824
40,130	Zurich Insurance Group AG	29,389,550
	TOTAL	136,005,861
	Health Care—11.2%
1,021,100	GSK PLC	25,659,351
76,865	Novartis AG	11,697,610
337,381	Sanofi	29,989,980
636,625	Takeda Pharmaceutical Co. Ltd.	22,970,937
	TOTAL	90,317,878
	Materials—5.4%
519,320	Amcor PLC	23,831,595
696,873	UPM - Kymmene Oyj	19,472,112
	TOTAL	43,303,707

Shares		Value in U.S. Dollars
	COMMON STOCKS—continued
	Real Estate—1.1%
673,400	Segro PLC	$ 8,742,580
	Utilities—13.9%
2,492,100	Enel SpA	27,308,192
175,790	Fortis, Inc. / Canada	9,714,460
717,807	Iberdrola, S.A.	16,740,726
1,176,195	Italgas SpA	12,001,467
1,597,097	National Grid-SP PLC	25,284,522
3,165,625	Snam Rete Gas SPA	21,300,021
	TOTAL	112,349,388
	TOTAL COMMON STOCKS (IDENTIFIED COST $696,557,571)	799,228,958
	INVESTMENT COMPANY—1.9%
14,794,294	Federated Hermes Government Obligations Fund, Premier Shares, 3.58%1 (IDENTIFIED COST $14,794,294)	14,794,294
	TOTAL INVESTMENT IN SECURITIES—100.7% (IDENTIFIED COST $711,351,865)	814,023,252
	OTHER ASSETS AND LIABILITIES - NET—(0.7%)2	(5,313,578)
	NET ASSETS—100%	$808,709,674

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

	Federated Hermes Government Obligations Fund, Premier Shares
Value as of 11/30/2025	$6,520,087
Purchases at Cost	$164,165,676
Proceeds from Sales	$(155,891,469)
Change in Unrealized Appreciation/Depreciation	$—
Net Realized Gain/(Loss)	$—
Value as of 8/31/2026	$14,794,294
Shares Held as of 8/31/2026	14,794,294
Dividend Income	$146,863

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 August 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.

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Valuation Inputs
	Level 1— Quoted Prices	Level 2— Other Significant Observable Inputs	Level 3— Significant Unobservable Inputs	Total
Equity Securities:
Common Stocks
International	$52,774,029	$705,801,921	$—	$758,575,950
Domestic	40,653,008	—	—	40,653,008
Investment Company	14,794,294	—	—	14,794,294
TOTAL SECURITIES	$108,221,331	$705,801,921	$—	$814,023,252

The following acronym(s) are used throughout this portfolio:
ADR	—American Depositary Receipt