Federated Hermes Max-Cap Index Fund
Portfolio of Investments
July 31, 2026 (unaudited)  
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Value
          
1
COMMON STOCKS—95.0%
 
Communication Services—9.2%
24,359
 
Alphabet, Inc., Class A
$  8,674,971
19,569
 
Alphabet, Inc., Class C
  6,979,284
23,102
 
AT&T, Inc.
    537,122
350
2
Charter Communications, Inc.
     50,743
14,890
 
Comcast Corp., Class A
    356,764
570
2
Echostar Holding Corp.
     47,931
1,598
 
Electronic Arts, Inc.
    335,356
834
 
Fox Corp., Class A
     48,564
581
 
Fox Corp., Class B
     30,177
661
2
Live Nation Entertainment, Inc.
    115,100
9,178
 
Meta Platforms, Inc.
  5,109,484
15,867
2
Netflix, Inc.
  1,137,823
1,525
 
News Corp., Class A
     42,029
504
 
News Corp., Class B
     15,760
1,191
 
Omnicom Group, Inc.
     93,732
727
2
Take-Two Interactive Software, Inc.
    176,603
263
 
TKO Group Holdings, Inc.
     47,816
1,945
 
T-Mobile USA, Inc.
    335,921
9,122
2
Trade Desk, Inc./The
    164,561
17,451
 
Verizon Communications, Inc.
    816,881
5,936
 
Walt Disney Co.
    570,984
10,358
2
Warner Bros. Discovery, Inc.
    272,415
 
TOTAL
25,960,021
 
Consumer Discretionary—8.9%
1,747
2
Airbnb, Inc.
    264,705
40,912
2
Amazon.com, Inc.
 11,110,881
25
2
AutoZone, Inc.
     75,406
2,327
 
Best Buy Co., Inc.
    200,727
4,015
 
Booking Holdings, Inc.
    774,494
5,377
 
Carnival Corp. Ltd.
    149,534
874
2
Carvana Co.
     54,503
5,361
2
Chipotle Mexican Grill, Inc.
    199,536
1,102
 
D. R. Horton, Inc.
    157,652
479
 
Darden Restaurants, Inc.
     97,515
1,854
2
Deckers Outdoor Corp.
    179,616
128
 
Domino’s Pizza, Inc.
     44,472
777
2
DoorDash, Inc.
    152,416
1,856
 
eBay, Inc.
    211,603
931
 
Expedia Group, Inc.
    274,403
16,357
 
Ford Motor Co.
    240,121
685
 
Garmin Ltd.
    201,239
3,768
 
General Motors Co.
    334,824
575
 
Genuine Parts Co.
     71,513
562
 
Hasbro, Inc.
     52,794
951
 
Hilton Worldwide Holdings, Inc.
    304,786
3,756
 
Home Depot, Inc.
  1,246,842
4,015
 
Las Vegas Sands Corp.
    196,293
1
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Value
          
1
COMMON STOCKS—continued
 
Consumer Discretionary—continued
2,341
 
Lowe’s Cos., Inc.
$    486,483
1,513
2
Lululemon Athletica Inc.
    179,850
915
 
Marriott International, Inc., Class A
    341,139
2,969
 
McDonald’s Corp.
    803,530
802
2
MGM Resorts International
     35,745
5,013
 
Nike, Inc., Class B
    209,092
11
2
NVR, Inc.
     67,618
3,463
2
O’Reilly Automotive, Inc.
    309,419
796
 
Pulte Group, Inc.
    100,670
444
2
Reformation, Inc.
      7,202
1,918
 
Ross Stores, Inc.
    481,552
600
 
Royal Caribbean Cruises, Ltd.
    190,980
4,763
 
Starbucks Corp.
    501,306
844
 
Tapestry, Inc.
    128,600
11,766
2
Tesla, Inc.
  3,661,697
4,622
 
TJX Cos., Inc.
    727,226
2,192
 
Tractor Supply Co.
     67,448
182
2
Ulta Beauty, Inc.
     93,335
492
 
Williams-Sonoma, Inc.
    112,501
350
 
Wynn Resorts Ltd.
     34,759
1,152
 
Yum! Brands, Inc.
    176,579
 
TOTAL
25,312,606
 
Consumer Staples—4.4%
6,979
 
Altria Group, Inc.
    476,875
3,756
 
Archer-Daniels-Midland Co.
    297,738
2,106
 
Brown-Forman Corp., Class B
     60,505
154
 
Casey’s General Stores, Inc.
    134,134
990
 
Church & Dwight Co., Inc.
     97,822
505
 
Clorox Co.
     48,243
3,344
 
Colgate-Palmolive Co.
    305,307
1,529
 
Constellation Brands, Inc., Class A
    199,122
1,854
 
Costco Wholesale Corp.
  1,764,804
920
 
Dollar General Corp.
    116,886
757
2
Dollar Tree, Inc.
     96,298
2,649
 
Estee Lauder Cos., Inc., Class A
    222,251
2,230
 
General Mills, Inc.
     79,722
620
 
Hershey Foods Corp.
    108,531
8,024
 
Kenvue, Inc.
    154,382
1,373
 
Keurig Dr Pepper, Inc.
     42,728
1,387
 
Kimberly-Clark Corp.
    151,613
3,568
 
Kraft Heinz Co./The
     92,233
4,035
 
Kroger Co.
    232,981
1,062
 
McCormick & Co., Inc.
     54,056
671
 
Molson Coors Beverage Company, Class B
     27,887
3,175
 
Mondelez International, Inc.
    197,834
2,984
2
Monster Beverage Corp.
    287,598
6,653
 
PepsiCo, Inc.
    928,493
6,514
 
Philip Morris International, Inc.
  1,243,001
8,847
 
Procter & Gamble Co.
  1,278,303
446
 
Smucker (J.M.) Co.
     53,190
1,998
 
Sysco Corp.
    170,310
856
 
Target Corp.
    123,683
2
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Value
          
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COMMON STOCKS—continued
 
Consumer Staples—continued
16,183
 
The Coca-Cola Co.
$  1,417,469
1,179
 
Tyson Foods, Inc., Class A
     68,335
18,322
 
WalMart Inc.
  2,037,406
 
TOTAL
12,569,740
 
Energy—3.1%
1,477
 
APA Corp.
     55,122
4,146
 
Baker Hughes a GE Co. LLC
    250,792
7,824
 
Chevron Corp.
  1,539,998
5,092
 
ConocoPhillips
    613,484
7,948
 
Devon Energy Corp.
    358,693
811
 
Diamondback Energy, Inc.
    164,592
2,226
 
EOG Resources, Inc.
    330,984
2,614
 
EQT Corp.
    139,300
2,523
 
Expand Energy Corp.
    237,238
17,323
2
ExxonMobil Holdings Corp.
  2,692,687
3,491
 
Halliburton Co.
    112,585
3,930
 
Kinder Morgan, Inc.
    126,467
1,220
 
Marathon Petroleum Corp.
    386,093
3,035
 
Occidental Petroleum Corp.
    173,208
1,076
 
ONEOK, Inc.
     97,712
1,029
 
Phillips 66
    217,819
6,248
 
SLB Ltd.
    309,838
897
 
Targa Resources, Inc.
    242,522
242
 
Texas Pacific Land Corp.
     97,424
1,699
 
Valero Energy Corp.
    531,617
3,241
 
Williams Cos., Inc.
    231,861
 
TOTAL
8,910,036
 
Financials—11.9%
1,915
 
Aflac, Inc.
    244,124
1,076
 
Allstate Corp.
    284,150
2,224
 
American Express Co.
    747,820
3,365
 
American International Group, Inc.
    264,422
376
 
Ameriprise Financial, Inc.
    205,236
893
 
Aon PLC
    321,971
1,928
 
Apollo Global Management, Inc.
    242,138
1,454
2
Arch Capital Group Ltd.
    146,171
882
3
Ares Management Corp.
    112,975
571
 
Arthur J. Gallagher & Co.
    142,419
207
 
Assurant, Inc.
     57,792
24,929
 
Bank of America Corp.
  1,544,352
2,869
 
Bank of New York Mellon Corp.
    448,511
7,391
2
Berkshire Hathaway, Inc., Class B
  3,780,792
603
 
BlackRock, Inc.
    657,505
3,105
 
Blackstone, Inc.
    396,664
2,237
2
Block, Inc.
    181,734
1,937
 
Capital One Financial Co.
    404,852
437
 
Cboe Global Markets, Inc.
    135,571
6,832
 
Charles Schwab Corp.
    719,000
1,508
 
Chubb Ltd.
    528,825
7,128
 
Citigroup, Inc.
    944,104
1,767
 
Citizens Financial Group, Inc.
    126,606
2,042
 
CME Group, Inc.
    546,827
3
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Value
          
1
COMMON STOCKS—continued
 
Financials—continued
122
2
Coinbase Global, Inc.
$     17,844
106
 
Erie Indemnity Co.
     25,656
530
 
Everest Group Ltd.
    198,299
623
 
FactSet Research Systems, Inc.
    163,974
2,160
 
Fidelity National Information Services, Inc.
     96,703
3,788
 
Fifth Third Bancorp
    214,022
2,229
2
Fiserv, Inc.
    120,232
5,284
 
Franklin Resources, Inc.
    178,916
972
 
Global Payments, Inc.
     81,726
325
 
Globe Life, Inc.
     59,231
1,233
 
Goldman Sachs Group, Inc.
  1,255,663
8,472
 
Huntington Bancshares, Inc.
    144,363
461
 
Interactive Brokers Group, Inc., Class A
     40,563
3,353
 
Intercontinental Exchange, Inc.
    511,265
1,853
 
Invesco Ltd.
     54,849
1,177
 
Jack Henry & Associates, Inc.
    181,305
10,799
 
JPMorgan Chase & Co.
  3,798,980
3,852
 
KeyCorp
     87,017
1,518
 
KKR & Co., Inc, Class Common
    153,971
612
 
M&T Bank Corp.
    150,729
2,014
 
Marsh & McLennan Cos., Inc.
    382,036
3,372
 
Mastercard, Inc.
  1,932,493
3,811
 
MetLife, Inc.
    366,351
336
 
Moody’s Corp.
    160,736
5,010
 
Morgan Stanley
  1,054,204
304
 
MSCI, Inc., Class A
    173,961
1,867
 
NASDAQ, Inc.
    175,853
1,535
 
Northern Trust Corp.
    279,662
3,687
 
PayPal Holdings, Inc.
    210,933
1,678
 
PNC Financial Services Group, Inc.
    419,282
822
 
Principal Financial Group, Inc.
     93,461
2,442
 
Progressive Corp., OH
    516,288
1,450
 
Prudential Financial, Inc.
    177,016
725
 
Raymond James Financial, Inc.
    127,586
8,217
 
Regions Financial Corp.
    254,316
2,040
2
Robinhood Markets, Inc.
    176,582
1,267
 
S&P Global, Inc.
    521,915
1,935
 
State Street Corp.
    356,350
1,406
 
Synchrony Financial
    106,561
2,128
 
T. Rowe Price Group, Inc.
    237,804
2,173
 
The Hartford Insurance Group, Inc.
    308,370
889
 
The Travelers Cos., Inc.
    332,806
7,810
 
Truist Financial Corp.
    404,870
6,488
 
U.S. Bancorp
    408,809
6,937
 
Visa, Inc., Class A
  2,539,844
1,229
 
W. R. Berkley Corp.
     89,152
12,790
 
Wells Fargo & Co.
  1,105,695
395
 
Willis Towers Watson PLC
    132,688
 
TOTAL
33,765,493
 
Health Care—8.6%
7,280
 
Abbott Laboratories
    769,496
7,384
 
AbbVie, Inc.
  1,852,941
4
Shares
 
 
Value
          
1
COMMON STOCKS—continued
 
Health Care—continued
109
 
Agilent Technologies, Inc.
$     15,082
278
2
Align Technology, Inc.
     47,027
2,256
 
Amgen, Inc.
    868,921
2,159
 
Baxter International, Inc.
     56,480
1,934
 
Becton Dickinson & Co.
    320,309
617
2
Biogen, Inc.
    125,220
654
 
Bio-Techne Corp.
     47,147
3,248
2
Boston Scientific Corp.
    151,779
8,535
 
Bristol-Myers Squibb Co.
    557,421
979
 
Cardinal Health, Inc.
    225,199
332
 
Cencora, Inc.
    103,365
4,158
2
Centene Corp.
    258,711
201
2
Charles River Laboratories International, Inc.
     46,735
815
2
Cooper Cos., Inc.
     58,941
3,989
 
CVS Health Corp.
    416,571
2,633
 
Danaher Corp.
    513,382
767
2
Davita, Inc.
    184,149
3,483
2
Dexcom, Inc.
    290,656
2,406
2
Edwards Lifesciences Corp.
    207,085
908
 
Elevance Health, Inc.
    341,263
3,186
 
Eli Lilly & Co.
  3,660,204
5,189
 
Gilead Sciences, Inc.
    675,660
992
 
HCA Healthcare, Inc.
    399,369
134
 
Humana, Inc.
     48,757
330
2
IDEXX Laboratories, Inc.
    184,493
1,730
2
Incyte Genomics, Inc.
    206,770
289
2
Insulet Corp.
     47,786
1,480
2
Intuitive Surgical, Inc.
    522,928
1,230
2
IQVIA Holdings, Inc.
    289,075
9,492
 
Johnson & Johnson
  2,433,274
343
 
Labcorp Holdings, Inc.
    106,056
502
 
McKesson Corp.
    429,807
5,366
 
Medtronic PLC
    458,203
11,476
 
Merck & Co., Inc.
  1,494,175
84
2
Mettler-Toledo International, Inc.
    118,969
1,476
2
Moderna, Inc.
     80,914
23,820
 
Pfizer, Inc.
    595,738
463
 
Quest Diagnostics, Inc.
    107,884
599
 
Regeneron Pharmaceuticals, Inc.
    456,815
606
 
ResMed, Inc.
    127,854
466
 
Revvity, Inc.
     52,434
1,078
 
STERIS PLC
    246,215
1,442
 
Stryker Corp.
    469,659
1,106
 
The Cigna Group
    308,629
1,553
 
Thermo Fisher Scientific, Inc.
    891,888
3,795
 
UnitedHealth Group, Inc.
  1,572,648
223
 
Universal Health Services, Inc., Class B
     37,562
628
2
Veeva Systems, Inc.
    127,974
770
2
Vertex Pharmaceuticals, Inc.
    367,367
4,867
 
Viatris, Inc.
     85,465
37
2
Waters Corp.
     13,961
295
 
West Pharmaceutical Services, Inc.
    100,583
5
Shares
 
 
Value
          
1
COMMON STOCKS—continued
 
Health Care—continued
809
 
Zimmer Biomet Holdings, Inc.
$     75,989
3,319
 
Zoetis, Inc.
    256,526
 
TOTAL
24,509,511
 
Industrials—8.2%
2,180
 
3M Co.
    384,290
359
 
Allegion PLC
     56,507
382
 
Ametek, Inc.
     92,333
1,671
 
Automatic Data Processing, Inc.
    445,255
119
2
Axon Enterprise, Inc.
     62,803
2,704
2
Boeing Co.
    584,443
483
 
Broadridge Financial Solutions, Inc.
     74,358
2,200
2
Builders Firstsource, Inc.
    146,168
493
 
C.H. Robinson Worldwide, Inc.
     72,831
3,263
 
Carrier Global Corp.
    201,686
1,925
 
Caterpillar, Inc.
  1,568,509
776
 
Cintas Corp.
    158,793
147
 
Comfort Systems USA, Inc.
    254,264
3,704
2
Copart, Inc.
    107,860
7,766
 
CSX Corp.
    391,406
762
 
Cummins, Inc.
    483,260
1,050
 
Deere & Co.
    622,303
4,351
 
Delta Air Lines 2020-1 Class
    380,451
563
 
Dover Corp.
    115,201
1,298
 
Eaton Corp. PLC
    538,930
186
 
Emcor Group, Inc.
    148,322
2,341
 
Emerson Electric Co.
    350,729
1,212
 
Equifax, Inc.
    209,215
547
 
Expeditors International of Washington, Inc.
     91,836
4,798
 
Fastenal Co.
    228,913
917
 
FedEx Corp.
    281,886
454
2
Fedex Freight Holding Co. Inc.
     63,801
1,274
 
Fortive Corp.
     75,434
3,987
 
GE Aerospace
  1,435,599
996
 
GE Vernova, Inc.
    986,329
246
2
Generac Holdings, Inc.
     48,489
1,428
 
General Dynamics Corp.
    547,524
1,324
2
Honeywell Aerospace, Inc.
    273,724
1,324
 
Honeywell International, Inc.
    321,798
1,672
 
Howmet Aerospace, Inc.
    471,939
221
 
Hubbell, Inc.
    104,434
613
 
Huntington Ingalls Industries, Inc.
    200,114
309
 
IDEX Corp.
     71,209
586
 
Illinois Tool Works, Inc.
    168,153
1,488
 
Ingersoll-Rand, Inc.
    124,069
810
 
J. B. Hunt Transportation Services, Inc.
    220,117
2,550
 
Johnson Controls International PLC
    373,983
779
 
L3Harris Technologies Inc.
    215,830
1,586
 
Leidos Holdings, Inc.
    183,342
132
 
Lennox International, Inc.
     54,896
1,098
 
Lockheed Martin Corp.
    639,848
843
 
Masco Corp.
     60,258
681
 
Nordson Corp.
    202,788
6
Shares
 
 
Value
          
1
COMMON STOCKS—continued
 
Industrials—continued
495
 
Norfolk Southern Corp.
$    166,063
800
 
Northrop Grumman Corp.
    433,984
765
 
Old Dominion Freight Lines, Inc.
    162,287
1,604
 
Otis Worldwide Corp.
    115,408
2,200
 
PACCAR, Inc.
    291,896
527
 
Parker-Hannifin Corp.
    514,631
1,348
 
Paychex, Inc.
    157,500
675
 
Pentair PLC
     44,172
627
 
Quanta Services, Inc.
    418,435
836
 
Republic Services, Inc.
    176,020
756
 
Rockwell Automation, Inc.
    362,940
1,227
 
Rollins, Inc.
     46,589
4,936
 
RTX Corp.
  1,062,326
2,770
 
Smith (A.O.) Corp.
    166,560
216
 
Snap-On, Inc.
     88,649
650
 
Stanley Black & Decker, Inc.
     61,477
2,164
 
Textron, Inc.
    184,503
924
 
Trane Technologies PLC
    420,374
133
2
TransDigm, Inc.
    166,833
8,507
2
Uber Technologies, Inc.
    598,552
2,481
 
Union Pacific Corp.
    724,775
1,356
2
United Airlines Holdings, Inc.
    164,523
1,853
 
United Parcel Service, Inc.
    193,120
262
 
United Rentals, Inc.
    282,766
1,026
 
Veralto Corp.
     96,618
548
 
Verisk Analytics, Inc.
    106,778
1,605
 
Vertiv Holdings Co.
    387,720
182
 
W.W. Grainger, Inc.
    251,564
1,544
 
Waste Management, Inc.
    349,793
219
 
Westinghouse Air Brake Technologies Corp.
     63,698
993
 
Xylem, Inc.
    116,151
 
TOTAL
23,272,935
 
Information Technology—35.0%
2,566
 
Accenture PLC
    425,751
2,252
2
Adobe, Inc.
    563,923
6,815
2
Advanced Micro Devices, Inc.
  3,244,962
608
2
Akamai Technologies, Inc.
     70,029
4,315
 
Amphenol Corp., Class A
    693,420
2,362
 
Analog Devices, Inc.
    867,822
61,384
 
Apple, Inc.
 18,962,131
3,092
 
Applied Materials, Inc.
  1,569,716
1,124
2
AppLovin Corp.
    444,992
4,315
2
Arista Networks, Inc.
    778,210
1,446
2
Autodesk, Inc.
    338,653
19,788
 
Broadcom, Inc.
  7,703,073
1,153
2
Cadence Design Systems, Inc.
    392,043
534
 
CDW Corp.
     78,931
896
2
Ciena Corp.
    337,837
16,508
 
Cisco Systems, Inc.
  1,914,763
1,980
 
Cognizant Technology Solutions Corp.
    109,593
466
2
Coherent Corp.
    122,507
3,273
 
Corning, Inc.
    452,492
7
Shares
 
 
Value
          
1
COMMON STOCKS—continued
 
Information Technology—continued
4,256
2
Crowdstrike Holdings, Inc.
$    812,300
1,383
2
Datadog, Inc.
    370,603
1,209
 
Dell Technologies, Inc.
    490,092
582
2
F5, Inc.
    234,296
97
2
Fair Isaac & Co., Inc.
    108,928
972
2
First Solar, Inc.
    205,121
1,537
2
Flex Ltd.
    174,834
2,603
2
Fortinet, Inc.
    421,556
280
2
Gartner, Inc., Class A
     42,286
1,961
2
GoDaddy, Inc.
    162,253
8,310
 
Hewlett Packard Enterprise Co.
    398,049
8,548
 
HP, Inc.
    233,104
3,420
 
IBM Corp.
    764,883
19,745
2
Intel Corp.
  1,780,999
1,156
 
Intuit, Inc.
    365,377
441
 
Jabil, Inc.
    138,937
717
2
Keysight Technologies, Inc.
    228,780
5,011
 
KLA Corp.
    916,111
5,227
 
Lam Research Corp.
  1,531,616
172
2
Lumentum Holdings, Inc.
    122,798
3,199
 
Marvell Technology, Inc.
    600,004
846
 
Microchip Technology, Inc.
     62,849
4,713
 
Micron Technology, Inc.
  3,878,940
30,779
 
Microsoft Corp.
 14,303,617
205
 
Monolithic Power Systems, Inc.
    292,336
694
 
Motorola Solutions, Inc.
    302,411
1,685
 
NetApp, Inc.
    300,773
101,226
 
NVIDIA Corp.
 20,321,119
1,055
 
NXP Semiconductors NV
    241,764
2,818
2
ON Semiconductor Corp.
    229,977
6,366
 
Oracle Corp.
    826,752
8,576
2
Palantir Technologies, Inc.
  1,055,363
3,389
2
Palo Alto Networks, Inc.
  1,124,572
483
2
PTC, Inc.
     66,268
875
2
Qnity Electronics, Inc.
    114,783
4,405
 
Qualcomm, Inc.
    650,222
100
 
Roper Technologies, Inc.
     39,197
3,419
 
Salesforce, Inc.
    629,164
619
2
Sandisk Corp.
    751,980
937
 
Seagate Technology Holdings PLC
    802,194
5,452
2
ServiceNow, Inc.
    606,426
629
 
Skyworks Solutions, Inc.
     39,174
801
2
Synopsys, Inc.
    311,397
1,220
 
TE Connectivity Plc
    250,942
654
 
Teradyne, Inc.
    240,469
4,245
 
Texas Instruments, Inc.
  1,170,516
974
2
Trimble, Inc.
     55,109
176
2
Tyler Technologies, Inc.
     54,490
845
 
Verisign, Inc.
    245,067
1,441
 
Western Digital Corp.
    785,114
851
2
Workday, Inc.
    136,449
8
Shares
 
 
Value
          
1
COMMON STOCKS—continued
 
Information Technology—continued
199
2
Zebra Technologies Corp., Class A
$     58,470
 
TOTAL
99,121,679
 
Materials—1.8%
931
 
Air Products & Chemicals, Inc.
    274,543
493
 
Albemarle Corp.
     57,997
1,155
 
Avery Dennison Corp.
    196,038
1,113
 
Ball Corp.
     72,234
642
 
CF Industries Holdings, Inc.
     80,372
2,795
 
Corteva, Inc.
    219,994
4,010
 
CRH PLC
    380,990
3,012
 
Dow, Inc
     91,233
571
 
DuPont de Nemours, Inc.
     78,227
1,059
 
Ecolab, Inc.
    294,010
6,008
 
Freeport-McMoRan, Inc.
    376,281
2,213
 
International Paper Co.
     90,357
1,674
 
Linde PLC
    800,808
1,878
 
LyondellBasell Industries N.V.
    116,586
26
 
Martin Marietta Materials
     13,654
5,723
 
Newmont Corp.
    536,302
952
 
Nucor Corp.
    244,940
370
 
Packaging Corp. of America
     90,961
932
 
PPG Industries, Inc.
    103,005
1,383
 
Sherwin-Williams Co.
    471,396
2,192
 
Smurfit WestRock PLC
    100,766
567
 
Steel Dynamics, Inc.
    142,464
542
 
Vulcan Materials Co.
    145,565
 
TOTAL
4,978,723
 
Real Estate—1.8%
655
 
Alexandria Real Estate Equities, Inc.
     33,700
2,683
 
American Tower Corp.
    465,125
1,322
 
Avalonbay Communities, Inc.
    245,376
420
 
Camden Property Trust
     46,540
1,224
2
CBRE Group, Inc.
    179,695
1,707
2
CoStar Group, Inc.
     49,093
3,378
 
Crown Castle, Inc.
    257,741
1,381
 
Digital Realty Trust, Inc.
    260,346
412
 
Equinix, Inc.
    419,943
269
 
Essex Property Trust, Inc.
     76,434
329
 
Federal Realty Investment Trust
     40,826
9,750
 
Healthpeak Properties, Inc.
    212,843
8,074
 
Host Hotels & Resorts, Inc.
    202,900
2,284
 
Invitation Homes, Inc.
     67,881
1,243
 
Iron Mountain, Inc.
    152,044
2,819
 
Kimco Realty Corp.
     71,828
486
 
Mid-American Apartment Communities, Inc.
     64,317
2,951
 
ProLogis, Inc.
    426,744
660
 
Public Storage
    213,952
3,897
 
Realty Income Corp.
    248,901
689
 
Regency Centers Corp.
     55,320
443
 
SBA Communications, Corp.
     80,174
720
 
Simon Property Group, Inc.
    165,146
1,236
 
UDR, Inc.
     47,166
9
Shares
 
 
Value
          
1
COMMON STOCKS—continued
 
Real Estate—continued
2,032
 
Ventas, Inc.
$    190,012
4,567
 
VICI Properties, Inc.
    120,341
1,425
 
Vivmark Residential
     94,691
2,424
 
Welltower, Inc.
    568,283
 
TOTAL
5,057,362
 
Utilities—2.1%
8,900
 
AES Corp.
    130,652
1,079
 
Alliant Energy Corp.
     76,372
1,157
 
Ameren Corp.
    126,819
2,274
 
American Electric Power Co., Inc.
    290,731
816
 
American Water Works Co., Inc.
    109,483
2,734
 
CenterPoint Energy, Inc.
    114,937
1,540
 
Consolidated Edison Co.
    167,629
837
 
Constellation Energy Corp.
    219,922
3,676
 
Dominion Energy, Inc.
    254,269
869
 
DTE Energy Co.
    123,285
4,335
 
Duke Energy Corp.
    543,739
3,487
 
Edison International
    255,841
1,914
 
Entergy Corp.
    205,985
963
 
Evergy, Inc.
     79,939
3,501
 
EverSource Energy
    250,636
7,201
 
Exelon Corp.
    329,950
2,176
 
FirstEnergy, Corp.
    105,122
8,715
 
NextEra Energy, Inc.
    757,508
2,004
 
NiSource, Inc.
     89,038
17,309
 
P G & E Corp.
    300,830
506
 
Pinnacle West Capital Corp.
     51,101
3,144
 
PPL Corp.
    110,700
2,083
 
Public Service Enterprises Group, Inc.
    159,724
2,732
 
Sempra Energy
    241,918
4,711
 
Southern Co.
    445,378
1,325
 
Vistra Corp.
    196,352
177
 
WEC Energy Group, Inc.
     19,367
889
 
Xcel Energy, Inc.
     69,520
 
TOTAL
5,826,747
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $58,906,256)
269,284,853
 
RIGHTS—0.0%
 
Industrials—0.0%
933
2,4
TPG, Inc., Rights
(IDENTIFIED COST $0)
          9
 
INVESTMENT COMPANY—4.7%
13,365,341
 
Federated Hermes Government Obligations Fund, Premier Shares, 3.57%5
(IDENTIFIED COST $13,365,341)
 13,365,341
 
TOTAL INVESTMENT IN SECURITIES—99.7%
(IDENTIFIED COST $72,271,597)6
282,650,203
 
OTHER ASSETS AND LIABILITIES - NET—0.3%7
871,497
 
NET ASSETS—100%
$283,521,700
10
At July 31, 2026, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
Long Futures:
 
S&P 500 E-Mini Index Long Futures
38
$14,286,575
September 2026
$20,312
Net Unrealized Appreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”
Transactions with affiliated investment companies, which are funds managed by the Manager or an affiliate of the Manager, during the period ended July 31, 2026, were as follows:  
 
Federated
Hermes Government
Obligations Fund,
Premier Shares*
Value as of 10/31/2025
$10,403,526
Purchases at Cost
$24,052,707
Proceeds from Sales
$(21,090,892)
Change in Unrealized Appreciation/Depreciation
$—
Net Realized Gain/(Loss)
$—
Value as of 7/31/2026
$13,365,341
Shares Held as of 7/31/2026
13,365,341
Dividend Income
$302,207
 
*
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 500 Index and minimizing trading costs. The underlying face amount, at
value, of open index futures contracts is $14,286,575 at July 31, 2026, which represents 5.0% of net assets. Taking into consideration these open index futures
contracts, the Fund’s effective total exposure to the S&P 500 Index is 100%.
2
Non-income-producing security.
3
All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
 
Fair Value of
Securities Loaned
Collateral
Received
$108,357
$110,653
 
4
Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established
by and under the general supervision of the Fund’s Adviser acting through its Valuation Committee.
5
7-day net yield.
6
Also represents cost of investments for federal tax purposes.
7
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.
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Equity Management Company of Pennsylvania (the “Manager”).
■ 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 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.
11
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 Act of 1940, as amended, 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;
■  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.
12
The following is a summary of the inputs used, as of July 31, 2026, 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
$261,766,975
$—
$—
$261,766,975
International
7,517,878
—
—
7,517,878
Investment Company
13,365,341
—
—
13,365,341
Rights
—
—
9
9
TOTAL SECURITIES
$282,650,194
$—
$9
$282,650,203
Other Financial Instruments:*
Assets
Futures Contracts
$20,312
$—
$—
$20,312
 
*
Other financial instruments are futures contracts.
13