Federated Hermes SDG Engagement Equity Fund
Portfolio of Investments
July 31, 2025 (unaudited)  
Shares
 
 
Value in
U.S. Dollars
         
 
COMMON STOCKS—98.8%
 
Australia—2.0%
105,996
 
Ansell Ltd.
$ 2,022,274
 
Belgium—1.8%
112,891
 
Azelis Group NV
 1,742,589
 
Finland—1.4%
41,832
 
Huhtamaki Oyj
 1,439,019
 
Germany—1.0%
22,918
 
Bechtle AG
   996,498
 
Hong Kong—2.2%
180,740
 
Techtronic Industries Co.
 2,172,448
 
Ireland—1.6%
110,256
 
Glanbia PLC
 1,595,638
 
Italy—2.4%
154,214
 
Technogym S.P.A.
 2,377,645
 
Japan—9.1%
27,962
 
Horiba Ltd.
 2,065,485
62,109
 
NIFCO, Inc.
 1,512,938
33,230
 
Nissan Chemical Industries
 1,082,442
33,554
 
Open House Co. Ltd.
 1,489,861
45,090
 
Yaoko Co. Ltd.
 2,913,716
 
TOTAL
9,064,442
 
Netherlands—1.7%
54,162
 
Aalberts N.V.
 1,730,007
 
Peru—2.7%
11,166
 
Credicorp Ltd.
 2,646,342
 
Spain—3.9%
130,626
 
Merlin Properties SOCIMI SA
 1,808,216
30,506
 
Viscofan Industria Navarra De Envolturas Celulosicas SA
 2,088,353
 
TOTAL
3,896,569
 
Switzerland—2.6%
2,952
 
Burckhardt Compression Holdings AG
 2,625,107
 
United Kingdom—8.6%
2,753,333
1
AFC Energy PLC
   355,722
245,816
 
Breedon Group LTD.
 1,172,816
594,487
 
Central Asia Metals PLC
 1,147,187
30,599
 
DCC PLC
 1,918,403
616,675
 
Harworth Group PLC
 1,537,063
271,617
1
Molten Ventures PLC
 1,267,794
546,575
 
SSP Group PLC
 1,231,460
 
TOTAL
8,630,445
 
United States—57.8%
16,350
 
Alliant Energy Corp.
 1,062,914
19,205
 
Aptargroup, Inc.
 3,017,874
8,768
 
Assurant, Inc.
 1,642,246
30,780
 
Brunswick Corp.
 1,794,166
13,401
1
Chart Industries, Inc.
 2,664,521
7,075
1
Clean Harbors, Inc.
 1,668,356
1
Shares
 
 
Value in
U.S. Dollars
         
 
COMMON STOCKS—continued
 
United States—continued
35,045
1
Core & Main, Inc.
$ 2,230,264
115,204
2
Diversified Energy Co PLC
 1,727,884
8,494
 
Eagle Materials, Inc.
 1,905,119
9,687
 
Equifax, Inc.
 2,327,108
18,799
 
Fortune Brands Innovations, Inc.
 1,025,297
14,685
1
Kirby Corp.
 1,399,627
6,946
 
Littelfuse, Inc.
 1,787,414
22,276
 
LKQ Corp.
   656,474
23,420
 
Maximus, Inc.
 1,729,801
33,229
 
nVent Electric PLC
 2,605,818
17,382
1
PTC, Inc.
 3,733,827
14,054
 
Reinsurance Group of America, Inc.
 2,704,692
22,935
 
RPM International, Inc.
 2,692,798
26,474
1
Samsara, Inc.
 1,006,806
756,892
 
Samsonite International SA
 1,535,638
17,924
1
Silicon Laboratories, Inc.
 2,361,846
11,886
 
Simpson Manufacturing Co., Inc.
 2,132,705
11,938
 
STERIS PLC
 2,703,838
25,761
1
Trex Co., Inc.
 1,654,887
2,592
1
Tyler Technologies, Inc.
 1,515,180
7,420
 
West Pharmaceutical Services, Inc.
 1,775,309
9,366
1
WEX, Inc.
 1,589,223
24,468
 
Wintrust Financial Corp.
 3,131,415
 
TOTAL
57,783,047
 
TOTAL INVESTMENT IN SECURITIES—98.8%
(IDENTIFIED COST $75,694,329)
98,722,070
 
OTHER ASSETS AND LIABILITIES - NET—1.2%3
1,244,310
 
NET ASSETS—100%
$99,966,380
 
1
Non-income-producing security.
2
Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under
the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At July 31, 2025, these restricted securities amounted to $1,727,884, which
represented 1.7% of net assets.
3
Assets, other than investments in securities, less liabilities.
Additional information on restricted securities held at July 31, 2025, is as follows:  
Security
Acquisition
Date
Cost
Value
Diversified Energy Co PLC
7/24/2020-3/21/2025
$2,388,990
$1,727,884
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 Global Investment Management Corp. (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
2
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, 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.
3
The following is a summary of the inputs used, as of July 31, 2025, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Equity Securities:
Common Stocks
Domestic
$54,519,525
$3,263,522
$—
$57,783,047
International
2,646,342
38,292,681
—
40,939,023
TOTAL SECURITIES
$57,165,867
$41,556,203
$—
$98,722,070
4