Federated Hermes Mid-Cap Index Fund
Portfolio of Investments
July 31, 2025 (unaudited)  
Shares
 
 
Value
          
1
COMMON STOCKS—96.1%
 
Communication Services—1.2%
8,068
2
Echostar Holding Corp.
$    262,936
20,791
2
Frontier Communications Parent, Inc.
    763,861
10,097
 
Iridium Communications, Inc.
    246,973
15,148
 
New York Times Co., Class A
    786,030
3,439
 
Nexstar Media Group, Inc., Class A
    643,471
13,619
 
Warner Music Group Corp.
    398,492
24,257
2
ZoomInfo Technologies, Inc.
    262,703
 
TOTAL
3,364,466
 
Consumer Discretionary—12.5%
4,447
2
Abercrombie & Fitch Co., Class A
    427,001
24,465
 
Aramark
  1,041,230
6,639
 
Autoliv, Inc.
    740,580
2,323
2
AutoNation, Inc.
    447,503
24,662
 
Bath & Body Works, Inc.
    714,212
7,437
 
Boyd Gaming Corp.
    631,401
6,132
 
Brunswick Corp.
    357,434
5,299
2
Burlington Stores, Inc.
  1,446,415
11,007
2
Capri Holdings Ltd.
    200,217
7,666
2
Cava Group, Inc.
    674,685
23,589
2
Chewy, Inc.
    865,716
2,064
3
Choice Hotels International, Inc.
    263,593
6,743
 
Churchill Downs, Inc.
    721,771
2,862
 
Columbia Sportswear Co.
    161,903
6,555
2
Crocs, Inc.
    653,730
4,514
 
Dick’s Sporting Goods, Inc.
    954,756
3,941
2
Duolingo, Inc.
  1,365,754
5,140
2
Five Below, Inc.
    701,713
10,045
2
Floor & Decor Holdings, Inc.
    769,849
37,998
2
GameStop Corp.
    853,055
20,742
 
Gap (The), Inc.
    403,639
20,986
 
Gentex Corp.
    554,450
14,097
2
Goodyear Tire & Rubber Co.
    144,917
455
 
Graham Holdings Co.
    434,152
3,313
2
Grand Canyon Education, Inc.
    558,671
12,498
 
H&R Block, Inc.
    679,141
15,862
 
Harley-Davidson, Inc.
    385,922
5,391
2
Hilton Grand Vacations, Inc.
    241,625
2,918
 
Hyatt Hotels Corp.
    411,350
4,086
 
KB HOME
    225,792
4,991
 
Lear Corp.
    470,601
7,877
2
Light & Wonder International, Inc.
    758,713
2,430
 
Lithia Motors, Inc.
    699,840
26,005
 
Macy’s, Inc.
    328,443
2,966
 
Marriott Vacations Worldwide Corp.
    220,878
30,143
2
Mattel, Inc.
    512,732
1,679
 
Murphy USA, Inc.
    608,604
5,732
2
Ollie’s Bargain Outlet Holdings, Inc.
    783,163
1
Shares
 
 
Value
          
1
COMMON STOCKS—continued
 
Consumer Discretionary—continued
1,730
 
Penske Automotive Group, Inc.
$    289,619
7,828
2
Planet Fitness, Inc.
    854,739
4,931
 
Polaris, Inc., Class A
    260,899
4,480
 
PVH Corp.
    328,922
1,137
2
RH
    233,790
13,289
 
Service Corp. International
  1,014,084
10,046
2
Skechers USA, Inc., Class A
    635,410
21,311
 
Somnigroup International, Inc.
  1,542,490
9,370
2
Taylor Morrison Home Corp.
    555,454
6,193
 
Texas Roadhouse, Inc.
  1,146,510
3,394
 
The Wendy’s Co.
     33,431
4,967
3
Thor Industries, Inc.
    451,947
9,283
 
Toll Brothers Finance Corp.
  1,098,736
2,653
2
TopBuild Corp.
    982,751
6,200
 
Travel + Leisure Co.
    367,350
6,918
2
Under Armour, Inc., Class A
     45,936
681
2
Under Armour, Inc., Class C
      4,290
30,912
 
V.F. Corp.
    362,289
2,634
 
Vail Resorts, Inc.
    395,785
11,866
2
Valvoline, Inc.
    418,277
2,545
2
Visteon Corp.
    282,877
5,191
3
Whirlpool Corp.
    431,061
2,228
 
Wingstop, Inc.
    840,714
7,188
 
Wyndham Hotels & Resorts, Inc.
    618,168
11,413
2
YETI Holdings, Inc.
    419,314
 
TOTAL
36,029,994
 
Consumer Staples—5.0%
37,623
 
Albertsons Cos., Inc.
    723,114
11,855
2
Bellring Brands, Inc.
    647,046
11,107
2
BJ’s Wholesale Club Holdings, Inc.
  1,176,231
3,465
 
Casey’s General Stores, Inc.
  1,802,250
11,678
2
Celsius Holdings, Inc.
    529,481
5,472
 
Coca-Cola Bottling Co.
    611,496
34,201
2
Coty, Inc., Class A
    165,875
14,764
2
Darling Ingredients, Inc.
    478,058
5,265
2
elf Beauty, Inc.
    638,065
18,330
 
Flowers Foods, Inc.
    290,531
6,969
 
Ingredion, Inc.
    916,702
18,398
2
Maplebear, Inc.
    882,552
14,571
2
Performance Food Group Co.
  1,462,928
3,763
 
Pilgrim’s Pride Corp.
    178,329
4,213
2
Post Holdings, Inc.
    445,778
9,135
2
Sprouts Farmers Market, Inc.
  1,384,318
769
2
The Boston Beer Co., Inc., Class A
    159,245
1,020
 
The Marzetti Co.
    181,315
21,597
2
US Foods Holding Corp.
  1,799,678
 
TOTAL
14,472,992
 
Energy—3.4%
38,604
 
Antero Midstream Corp.
    708,383
27,249
2
Antero Resources Corp.
    951,808
5,392
 
Chord Energy Corp.
    594,899
7,951
 
Civitas Resources, Inc.
    241,392
2
Shares
 
 
Value
          
1
COMMON STOCKS—continued
 
Energy—continued
13,510
2
CNX Resources Corp.
$    409,488
10,739
 
DT Midstream, Inc.
  1,103,217
11,762
 
HF Sinclair Corp.
    516,822
10,870
 
Matador Resources Co.
    542,196
12,523
 
Murphy Oil Corp.
    310,696
35,076
 
NOV, Inc.
    441,256
27,460
 
Ovintiv, Inc.
  1,130,803
6,284
 
PBF Energy, Inc.
    142,018
59,535
 
Permian Resources Corp.
    843,016
22,309
 
Range Resources Corp.
    819,187
6,104
2
Valaris Ltd.
    296,838
9,001
 
Viper Energy Partners LP
    338,978
6,773
 
Weatherford International PLC
    383,013
 
TOTAL
9,774,010
 
Financials—17.4%
2,654
 
Affiliated Managers Group, Inc.
    556,995
25,808
 
Ally Financial, Inc.
    976,833
6,705
 
American Financial Group, Inc.
    837,455
56,486
 
Annaly Capital Management, Inc.
  1,148,360
15,248
 
Associated Banc-Corp.
    377,236
9,863
 
Bank OZK
    486,246
7,604
2
Brighthouse Financial, Inc.
    363,851
17,399
 
Cadence Bank
    606,355
19,891
 
Carlyle Group LP/The
  1,206,588
9,255
 
CNO Financial Group, Inc.
    340,954
19,623
 
Columbia Banking Systems, Inc.
    467,027
9,901
 
Comerica, Inc.
    669,011
11,335
 
Commerce Bancshares, Inc.
    693,702
6,001
 
Cullen Frost Bankers, Inc.
    764,587
11,455
 
East West Bancorp, Inc.
  1,148,364
28,369
 
Equitable Holdings, Inc.
  1,456,748
9,466
 
Essent Group Ltd.
    530,001
3,795
2
Euronet Worldwide, Inc.
    368,798
3,356
 
Evercore, Inc., Class A
  1,010,626
7,592
 
Federated Hermes, Inc.
    376,335
24,356
 
Fidelity National Financial, Inc.
  1,374,409
9,606
 
First American Financial Corp.
    576,840
8,254
 
First Financial Bankshares, Inc.
    285,753
54,125
 
First Horizon Corp.
  1,180,466
3,603
 
FirstCash Holdings, Inc.
    480,244
16,735
 
Flagstar Financial, Inc.
    188,938
33,589
 
FNB Corp. (PA)
    514,584
14,316
 
Glacier Bancorp, Inc.
    627,470
3,081
 
Hamilton Lane, Inc.
    469,236
7,995
 
Hancock Whitney Corp.
    477,461
3,353
 
Hanover Insurance Group, Inc.
    575,475
17,143
 
Home Bancshares, Inc.
    482,747
5,021
 
Houlihan Lokey, Inc.
    957,304
38,174
 
Interactive Brokers Group, Inc., Class A
  2,502,687
4,989
 
International Bancshares Corp.
    340,150
15,373
 
Janus Henderson Group PLC
    665,651
12,728
 
Jefferies Financial Group, Inc.
    733,897
3
Shares
 
 
Value
          
1
COMMON STOCKS—continued
 
Financials—continued
5,616
 
Kemper Corp.
$    345,889
1,781
 
Kinsale Capital Group, Inc.
    784,869
22,165
 
MGIC Investment Corp.
    574,074
2,048
 
Morningstar, Inc.
    566,190
30,390
 
Old National Bancorp
    641,533
24,799
 
Old Republic International Corp.
    896,980
7,176
 
Pinnacle Financial Partners, Inc.
    630,699
3,067
 
Primerica, Inc.
    814,687
8,895
 
Prosperity Bancshares, Inc.
    592,585
6,169
 
Reinsurance Group of America, Inc.
  1,187,224
4,542
 
RenaissanceRe Holdings Ltd.
  1,107,067
5,948
 
RLI Corp.
    392,509
8,067
 
Ryan Specialty Group Holdings, Inc.
    493,620
10,420
 
SEI Investments Co.
    918,210
5,673
 
Selective Insurance Group, Inc.
    442,324
4,859
2
Shift4 Payments, Inc.
    500,477
23,759
 
SLM Corp.
    755,536
9,190
 
South State Corp.
    865,422
30,104
 
Starwood Property Trust, Inc.
    585,824
9,590
 
Stifel Financial Corp.
  1,094,411
12,977
 
Synovus Financial Corp.
    613,034
2,540
2
Texas Capital Bancshares, Inc.
    213,284
5,334
 
UMB Financial Corp.
    586,687
13,230
 
United Bankshares, Inc.
    469,930
16,660
 
Unum Group
  1,196,355
44,463
 
Valley National Bancorp
    412,172
10,975
 
VOYA Financial, Inc.
    768,250
18,268
 
Webster Financial Corp. Waterbury
  1,053,150
12,002
 
Western Alliance Bancorp
    930,875
46,513
 
Western Union Co.
    374,430
3,197
2
WEX, Inc.
    542,467
6,248
 
Wintrust Financial Corp.
    799,619
16,510
 
Zions Bancorporation, N.A.
    885,266
 
TOTAL
49,855,033
 
Health Care—8.1%
5,572
2
Acadia Healthcare Co., Inc.
    121,302
3,057
2
Amedisys, Inc.
    301,420
63,613
2
Avantor, Inc.
    854,959
17,903
2
BioMarin Pharmaceutical, Inc.
  1,035,689
2,306
2
Bio-Rad Laboratories, Inc., Class A
    557,937
10,326
 
Bruker Corp.
    396,828
1,366
 
Chemed Corp.
    563,202
7,111
2
Cytokinetics, Inc.
    267,658
18,604
 
Dentsply Sirona, Inc.
    266,223
14,779
2
Doximity, Inc.
    868,266
9,410
 
Encompass Health Corp.
  1,036,135
5,328
 
Ensign Group, Inc.
    799,200
22,923
2
Envista Holdings Corp.
    433,016
28,702
2
Exelixis, Inc.
  1,039,586
10,544
2
Globus Medical, Inc.
    554,931
2,803
2
Haemonetics Corp.
    207,534
11,503
2
Halozyme Therapeutics, Inc.
    689,835
4
Shares
 
 
Value
          
1
COMMON STOCKS—continued
 
Health Care—continued
9,383
2
HealthEquity Inc.
$    910,151
16,457
2
Hims & Hers Health, Inc.
  1,089,124
16,242
2
Illumina, Inc.
  1,668,216
5,754
2
Jazz Pharmaceuticals PLC
    659,581
6,459
2
Lantheus Holdings, Inc.
    459,816
5,090
2
Livanova PLC
    214,747
4,201
2
Masimo Corp.
    646,072
2,200
2
Medpace Holdings, Inc.
    939,840
9,239
2
Neurocrine Biosciences, Inc.
  1,184,717
15,286
2
Option Care Health, Inc.
    448,644
3,615
2
Penumbra, Inc.
    911,956
12,834
 
Perrigo Co. PLC
    342,283
4,878
2
Repligen Corp.
    571,067
27,749
2
Roivant Sciences Ltd.
    315,229
9,174
2
Sarepta Therapeutics, Inc.
    150,637
14,309
2
Sotera Health Topco, Inc.
    164,410
8,671
2
Tenet Healthcare Corp.
  1,398,459
4,211
2
United Therapeutics Corp.
  1,156,762
 
TOTAL
23,225,432
 
Industrials—22.9%
4,463
 
Aaon, Inc.
    372,660
2,857
 
Acuity, Inc.
    889,527
6,591
 
Advanced Drainage System, Inc.
    756,317
12,351
 
AECOM
  1,392,452
2,970
2
Aerovironment, Inc.
    794,891
5,779
 
AGCO Corp.
    681,749
11,332
2
Alaska Air Group, Inc.
    600,143
61,567
2
American Airlines Group, Inc.
    707,405
34,114
2
APi Group Corp.
  1,230,492
3,555
 
Applied Industrial Technologies, Inc.
    965,182
13,169
2
ATI, Inc.
  1,013,223
2,360
2
Avis Budget Group, Inc.
    401,766
8,529
 
BWX Technologies, Inc.
  1,295,811
2,053
2
CACI International, Inc., Class A
    945,550
4,029
 
Carlisle Cos., Inc.
  1,429,127
4,195
2
Chart Industries, Inc.
    834,092
4,702
2
Clean Harbors, Inc.
  1,108,779
91,954
 
CNH Industrial NV
  1,191,724
3,286
 
Comfort Systems USA, Inc.
  2,311,044
4,294
 
Concentrix Corp.
    223,159
15,328
2
Core & Main, Inc.
    975,474
4,562
 
Crane Co.
    893,103
3,804
 
Curtiss-Wright Corp.
  1,864,797
11,157
 
Donaldson Co., Inc.
    802,969
4,395
 
Emcor Group, Inc.
  2,757,819
2,100
 
EnerSys, Inc.
    193,977
6,438
 
Esab Corp.
    863,786
18,111
2
Exlservice Holding, Inc.
    786,561
4,738
 
Exponent, Inc.
    326,732
12,204
 
Flowserve Corp.
    683,912
12,731
2
Fluor Corp.
    722,739
11,227
 
Fortune Brands Innovations, Inc.
    612,321
5
Shares
 
 
Value
          
1
COMMON STOCKS—continued
 
Industrials—continued
2,325
2
FTI Consulting, Inc.
$    386,764
2,471
 
GATX Corp.
    377,297
15,019
 
Genpact Ltd.
    661,587
17,164
 
Graco, Inc.
  1,441,433
7,592
2
GXO Logistics, Inc.
    377,398
7,507
 
Hexcel Corp.
    449,744
1,142
 
Insperity, Inc.
     68,040
7,347
 
ITT Corp.
  1,248,696
12,111
 
KBR, Inc.
    566,068
5,237
2
Kirby Corp.
    499,138
15,128
 
Knight-Swift Transportation Holdings, Inc.
    642,940
3,262
 
Landstar System, Inc.
    435,053
5,211
 
Lincoln Electric Holdings, Inc.
  1,268,878
999
 
Manpower, Inc.
     41,209
6,526
2
Mastec, Inc.
  1,234,784
5,260
 
Maximus, Inc.
    388,504
4,993
2
Middleby Corp.
    724,984
3,669
 
MSA Safety, Inc.
    652,605
4,161
 
MSC Industrial Direct Co., Inc.
    360,426
10,329
 
Mueller Industries, Inc.
    881,787
11,172
2
NEXTracker, Inc.
    650,881
15,369
 
nVent Electric PLC
  1,205,237
4,804
 
Oshkosh Corp.
    607,850
8,952
 
Owens Corning, Inc.
  1,248,177
4,390
2
Parsons Corp.
    325,738
4,770
2
Paylocity Corp.
    881,878
18,551
 
RB Global, Inc.
  2,008,331
2,926
2
RBC Bearings, Inc.
  1,133,357
6,193
 
Regal Rexnord Corp.
    946,786
4,732
 
Ryder System, Inc.
    840,924
2,026
2
Saia, Inc.
    612,338
4,403
 
Science Applications International Corp.
    490,846
13,656
 
Sensata Technologies Holdings PLC
    420,059
3,039
 
Simpson Manufacturing Co., Inc.
    545,288
6,124
 
Terex Corp.
    311,467
24,599
 
Tetra Tech, Inc.
    903,767
3,921
 
The Brink’s Co.
    342,460
5,943
 
Timken Co.
    452,203
9,318
 
Toro Co.
    691,861
7,942
2
Trex Co., Inc.
    510,194
5,638
 
UFP Industries, Inc.
    552,524
2,286
 
Valmont Industries, Inc.
    831,990
2,944
 
Watsco, Inc.
  1,327,391
3,108
 
Watts Industries, Inc., Class A
    815,291
4,146
 
WESCO International, Inc.
    858,056
5,555
 
Woodward, Inc.
  1,428,079
10,998
2
XPO, Inc.
  1,322,949
 
TOTAL
65,602,540
 
Information Technology—11.3%
12,204
2
Allegro MicroSystems, Inc.
    383,328
1,243
2
Ambiq Micro, Inc.
     54,505
10,609
 
Amkor Technology, Inc.
    239,339
6
Shares
 
 
Value
          
1
COMMON STOCKS—continued
 
Information Technology—continued
1,561
2
AppFolio, Inc.
$    417,380
4,843
2
Arrow Electronics, Inc.
    561,788
4,089
2
ASGN, Inc.
    205,022
10,422
 
Avnet, Inc.
    551,741
4,894
 
Belden, Inc.
    605,143
5,751
2
Bill.Com Holdings, Inc.
    246,430
3,518
2
Blackbaud, Inc.
    237,183
13,270
2
Ciena Corp.
  1,231,987
6,228
2
Cirrus Logic, Inc.
    627,222
15,671
 
Cognex Corp.
    638,907
14,511
2
Coherent Corp.
  1,561,384
4,119
2
Commvault Systems, Inc.
    782,404
4,605
 
Crane NXT Co.
    273,261
20,660
2
DocuSign, Inc.
  1,562,722
5,732
 
Dolby Laboratories, Class A
    431,849
22,983
2
Dropbox, Inc.
    624,448
27,988
2
Dynatrace Holdings LLC
  1,472,449
12,400
 
Entegris, Inc.
    972,904
2,847
2
Fabrinet
    921,659
35,763
2
Flex Ltd.
  1,783,501
7,830
2
Guidewire Software, Inc.
  1,771,303
2,462
2
IPG Photonics Corp.
    184,379
21,723
2
Kyndryl Holdings, Inc.
    820,478
12,837
2
Lattice Semiconductor Corp.
    639,668
2,307
 
Littelfuse, Inc.
    593,660
4,985
2
Lumentum Holdings, Inc.
    548,749
6,539
2
MA-COM Technology Solutions Holdings, Inc.
    896,758
5,668
2
Manhattan Associates, Inc.
  1,245,033
6,261
 
MKS Inc.
    595,922
3,358
2
Novanta, Inc.
    413,101
16,940
2
Okta, Inc.
  1,656,732
4,562
2
Onto Innovation, Inc.
    432,249
8,308
 
Pegasystems, Inc.
    487,763
2,809
 
Power Integrations, Inc.
    136,293
31,512
2
Pure Storage, Inc.
  1,875,594
2,428
2
Qualys, Inc.
    323,094
10,027
2
Rambus, Inc.
    741,296
3,041
2
Silicon Laboratories, Inc.
    400,713
3,598
2
Synaptics, Inc.
    225,595
5,912
 
TD SYNNEX Corp.
    853,634
4,126
 
Universal Display Corp.
    595,794
13,807
 
Vontier Corp.
    572,576
 
TOTAL
32,396,940
 
Materials—5.1%
24,167
 
Alcoa Corp.
    724,285
7,048
 
Aptargroup, Inc.
  1,107,523
1,550
 
Ashland, Inc.
     79,918
8,545
 
Avient Corp.
    269,766
20,403
2
Axalta Coating Systems Ltd.
    577,813
5,015
 
Cabot Corp.
    361,983
4,647
 
Carpenter Technology Corp.
  1,158,915
30,911
2
Cleveland-Cliffs, Inc.
    325,184
7
Shares
 
 
Value
          
1
COMMON STOCKS—continued
 
Materials—continued
13,244
 
Commercial Metals Corp.
$    686,834
12,030
 
Crown Holdings, Inc.
  1,195,301
3,108
 
Eagle Materials, Inc.
    697,093
21,953
 
Graphic Packaging Holding Co.
    490,869
2,437
 
Greif, Inc., Class A
    154,579
5,289
2
Knife River Corp.
    436,237
7,309
 
Louisiana-Pacific Corp.
    660,807
908
 
Newmarket Corp.
    623,796
10,748
 
Olin Corp.
    203,567
4,909
 
Reliance, Inc.
  1,424,248
6,144
 
Royal Gold, Inc.
    930,324
11,989
 
RPM International, Inc.
  1,407,628
4,041
 
Scotts Miracle-Gro Co.
    253,209
7,591
 
Silgan Holdings, Inc.
    353,209
9,207
 
Sonoco Products Co.
    414,959
1,256
 
Westlake Corp.
     99,601
 
TOTAL
14,637,648
 
Real Estate—6.4%
8,496
 
Agree Realty Corp.
    609,163
29,667
 
American Homes 4 Rent
  1,029,148
28,571
 
Brixmor Property Group, Inc.
    746,560
15,135
 
COPT Defense Properties
    412,883
15,675
 
Cousins Properties, Inc.
    424,792
21,280
 
Cubesmart
    828,005
4,895
 
EastGroup Properties, Inc.
    799,060
9,413
 
EPR Properties
    518,092
17,848
 
Equity Lifestyle Properties, Inc.
  1,069,452
12,360
 
First Industrial Realty Trust, Inc.
    602,179
25,656
 
Gaming and Leisure Properties, Inc.
  1,169,400
32,806
 
Healthcare Realty Trust, Inc.
    503,900
21,787
 
Independence Realty Trust, Inc.
    365,368
4,432
2
Jones Lang LaSalle, Inc.
  1,198,236
9,938
 
Kilroy Realty Corp.
    366,315
26,365
 
Kite Realty Group Trust
    579,503
8,212
 
Lamar Advertising Co.
  1,003,917
10,594
 
National Storage Affiliates Trust
    312,099
17,546
 
NNN REIT, Inc.
    723,948
23,444
 
Omega Healthcare Investors, Inc.
    911,972
5,692
 
Park Hotels & Resorts, Inc.
     60,677
6,677
 
PotlatchDeltic Corp.
    273,023
7,243
 
Rayonier, Inc.
    168,834
18,442
 
Rexford Industrial Realty, Inc.
    673,686
22,212
 
Sabra Health Care REIT, Inc.
    400,482
17,421
 
STAG Industrial, Inc.
    598,063
18,851
 
Vornado Realty Trust, LP
    724,255
20,442
 
WP Carey, Inc.
  1,311,559
 
TOTAL
18,384,571
 
Utilities—2.8%
5,405
 
Allete, Inc.
    356,352
6,769
 
Black Hills Corp.
    391,113
20,542
 
Essential Utilities, Inc.
    755,945
3,880
 
Idacorp, Inc.
    486,280
8
Shares
 
 
Value
          
1
COMMON STOCKS—continued
 
Utilities—continued
9,982
 
National Fuel Gas Co.
$    866,338
9,370
 
New Jersey Resources Corp.
    430,177
5,730
 
Northwestern Energy Group, Inc.
    307,701
18,795
 
OGE Energy Corp.
    853,669
5,595
 
ONE Gas, Inc.
    406,756
5,380
 
Ormat Technologies, Inc.
    481,026
10,223
 
Portland General Electric Co.
    420,370
7,427
 
Southwest Gas Holdings, Inc.
    580,346
5,509
 
Spire, Inc.
    410,255
6,314
 
TXNM Energy, Inc.
    358,572
23,652
 
UGI Corp.
    855,729
 
TOTAL
7,960,629
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $164,715,748)
275,704,255
 
INVESTMENT COMPANY—4.0%
11,651,633
 
Federated Hermes Government Obligations Fund, Premier Shares, 4.24%4
(IDENTIFIED COST $11,651,633)
 11,651,633
 
TOTAL INVESTMENT IN SECURITIES—100.1%
(IDENTIFIED COST $176,367,381)
287,355,888
 
OTHER ASSETS AND LIABILITIES - NET—(0.1%)5
(398,897)
 
NET ASSETS—100%
$286,956,991
At July 31, 2025, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
Long Futures:
 
S&P MidCap 400 E-Mini Index
36
$11,394,360
September 2025
$463,246
Net Unrealized Appreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”
Transactions with affiliates, which are either the parent company of the Manager or investment companies which are funds managed by the Manager or an affiliate of the Manager, during the period ended July 31, 2025, were as follows:  
 
Federated
Hermes, Inc.
Federated Hermes
Government
Obligations Fund,
Premier Shares*
Total of
Affiliated
Transactions
Value as of 10/31/2024
$339,058
$6,288,306
$6,627,364
Purchases at Cost
$—
$66,477,376
$66,477,376
Proceeds from Sales
$(35,059)
$(61,114,049)
$(61,149,108)
Change in Unrealized Appreciation/Depreciation
$54,614
$—
$54,614
Net Realized Gain/(Loss)
$17,722
$—
$17,722
Value as of 7/31/2025
$376,335
$11,651,633
$12,027,968
Shares Held as of 7/31/2025
7,592
11,651,633
11,659,225
Dividend Income
$7,554
$353,995
$361,549
 
*
All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions.
 
1
The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain
payments to shareholders and corporate actions while maintaining exposure to the S&P MidCap 400 Index and minimizing trading costs. The underlying face
amount, at value, of open index futures contracts is $11,394,360 at July 31, 2025, which represents 4.0% of net assets. Taking into consideration these open index
futures contracts, the Fund’s effective total exposure to the S&P MidCap 400 Index is 100.1%.
2
Non-income-producing security.
3
All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers.
9
 
Fair Value of
Securities Loaned
Collateral
Received
$1,031,741
$1,054,128
 
4
7-day net yield.
5
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of net assets at July 31, 2025.
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 “Manager”).
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Manager, 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 Manager’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Manager’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, the Fund’s Board of Trustees (the “Trustees”) has designated the Manager as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Manager is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Manager’s fair value determinations.
The Manager, 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 Manager and certain of the Manager’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 Manager 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 Manager. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Manager’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 Manager.
The Manager 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;
10
■ 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 Manager 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 Manager. 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.
As of July 31, 2025, all investments of the Fund utilized Level 1 inputs in valuing the Fund’s assets carried at fair value.  
The following acronym(s) are used throughout this portfolio:
 
LP
—Limited Partnership
REIT
—Real Estate Investment Trust
11