Federated Hermes Mid-Cap Index Fund
Portfolio of Investments
July 31, 2026 (unaudited)  
Shares
 
 
Value
         
1
COMMON STOCKS—97.6%
 
Communication Services—1.6%
12,445
 
New York Times Co., Class A
$    932,006
3,040
 
Nexstar Media Group, Inc., Class A
    579,211
31,683
2
Pinterest, Inc.
    760,709
10,136
2
Roku, Inc.
  1,469,821
14,564
 
Sirius XM Holdings, Inc.
    431,386
11,298
 
Warner Music Group Corp.
    293,296
 
TOTAL
4,466,429
 
Consumer Discretionary—10.2%
3,457
2
Abercrombie & Fitch Co., Class A
    344,110
20,316
 
Aramark
  1,157,402
5,321
 
Autoliv, Inc.
    655,388
1,347
2
AutoNation, Inc.
    286,103
22,216
 
Bath & Body Works, Inc.
    446,986
17,780
 
BorgWarner, Inc.
  1,133,297
4,250
 
Boyd Gaming Corp.
    361,505
5,020
 
Brunswick Corp.
    396,580
4,854
2
Burlington Stores, Inc.
  1,788,602
9,207
2
Capri Holdings Ltd.
    146,667
6,187
2
Cava Group, Inc.
    403,578
18,558
2
Chewy, Inc.
    419,411
1,568
3
Choice Hotels International, Inc.
    174,816
6,669
 
Churchill Downs, Inc.
    562,197
4,934
2
Crocs, Inc.
    631,601
4,483
3
Dick’s Sporting Goods, Inc.
    878,264
3,109
2
Duolingo, Inc.
    419,124
7,783
2
Dutch Bros, Inc.
    512,355
4,985
2
Five Below, Inc.
  1,082,393
8,352
2
Floor & Decor Holdings, Inc.
    480,825
31,871
2,3
GameStop Corp.
    692,238
17,218
 
Gap (The), Inc.
    345,910
16,453
 
Gentex Corp.
    384,342
258
 
Graham Holdings Co.
    310,513
2,983
2
Grand Canyon Education, Inc.
    433,549
9,794
 
H&R Block, Inc.
    431,230
8,133
 
Harley-Davidson, Inc.
    199,584
4,640
2
Hilton Grand Vacations, Inc.
    214,090
2,495
 
Hyatt Hotels Corp.
    434,280
4,840
 
KB HOME
    266,055
3,870
 
Lear Corp.
    505,577
1,445
 
Lithia Motors, Inc.
    556,932
26,084
 
Macy’s, Inc.
    647,405
22,452
2
Mattel, Inc.
    338,801
1,299
 
Murphy USA, Inc.
    789,480
4,687
2
Ollie’s Bargain Outlet Holdings, Inc.
    344,354
1,422
 
Penske Automotive Group, Inc.
    309,015
8,829
2
Planet Fitness, Inc.
    493,629
4,175
 
Polaris, Inc., Class A
    280,059
1
Shares
 
 
Value
         
1
COMMON STOCKS—continued
 
Consumer Discretionary—continued
3,560
 
PVH Corp.
$    308,510
445
2
Reformation, Inc.
      7,218
1,197
2
RH
    198,127
10,660
 
Service Corp. International
    918,785
5,467
2
SharkNinja, Inc.
    884,397
14,411
 
Somnigroup International, Inc.
    941,471
5,078
 
Texas Roadhouse, Inc.
  1,043,224
2,168
3
Thor Industries, Inc.
    162,535
7,317
 
Toll Brothers Finance Corp.
  1,067,477
4,823
 
Travel + Leisure Co.
    366,644
25,393
 
V.F. Corp.
    363,628
1,902
3
Vail Resorts, Inc.
    284,121
9,854
2
Valvoline, Inc.
    378,492
2,062
 
Visteon Corp.
    215,561
3,772
3
Whirlpool Corp.
    141,450
2,104
 
Wingstop, Inc.
    272,447
5,784
 
Wyndham Hotels & Resorts, Inc.
    432,990
8,739
2
YETI Holdings, Inc.
    427,687
 
TOTAL
28,673,011
 
Consumer Staples—3.2%
27,510
 
Albertsons Cos., Inc.
    318,566
9,866
2
BJ’s Wholesale Club Holdings, Inc.
    964,697
12,246
2
Celsius Holdings, Inc.
    357,706
4,367
 
Coca-Cola Bottling Co.
    820,559
12,279
2
Darling Ingredients, Inc.
    744,599
4,562
2
elf Beauty, Inc.
    378,144
4,872
 
Ingredion, Inc.
    484,569
15,895
2
Maplebear, Inc.
    708,917
12,137
2
Performance Food Group Co.
  1,388,351
3,082
2
Post Holdings, Inc.
    281,726
5,555
2
Sprouts Farmers Market, Inc.
    484,174
1,371
2
The Boston Beer Co., Inc., Class A
    251,167
1,568
 
The Marzetti Co.
    167,572
17,015
2
US Foods Holding Corp.
  1,711,539
 
TOTAL
9,062,286
 
Energy—4.8%
25,688
 
Antero Midstream Corp.
    564,365
22,742
2
Antero Resources Corp.
    821,896
4,350
 
Chord Energy Corp.
    610,653
10,931
2
CNX Resources Corp.
    391,330
7,882
 
DT Midstream, Inc.
  1,087,716
11,839
 
HF Sinclair Corp.
  1,082,913
9,019
 
Matador Resources Co.
    449,958
10,411
 
Murphy Oil Corp.
    413,733
27,728
 
NOV, Inc.
    538,755
23,821
 
Ovintiv, Inc.
  1,487,860
4,614
 
PBF Energy, Inc.
    333,500
60,809
 
Permian Resources Corp.
  1,295,840
18,205
 
Range Resources Corp.
    730,749
32,839
 
TechnipFMC PLC
  2,353,243
3,334
2
Valaris Ltd.
    264,019
11,861
 
Viper Energy, Inc.
    529,119
2
Shares
 
 
Value
         
1
COMMON STOCKS—continued
 
Energy—continued
7,005
 
Weatherford International PLC
$    614,969
 
TOTAL
13,570,618
 
Financials—15.2%
2,041
 
Affiliated Managers Group, Inc.
    748,496
21,551
 
Ally Financial, Inc.
    933,805
6,350
 
American Financial Group, Inc.
    899,922
50,463
 
Annaly Capital Management, Inc.
  1,146,519
17,333
 
Associated Banc-Corp.
    535,243
10,711
 
Bank OZK
    549,474
4,418
2
Brighthouse Financial, Inc.
    273,518
17,041
 
Carlyle Group LP/The
    784,227
7,212
 
CNO Financial Group, Inc.
    397,309
22,367
 
Columbia Banking Systems, Inc.
    699,416
10,475
 
Commerce Bancshares, Inc.
    620,853
23,349
 
Corebridge Financial, Inc.
    728,255
4,852
 
Cullen Frost Bankers, Inc.
    807,082
10,585
 
East West Bancorp, Inc.
  1,386,635
21,751
 
Equitable Holdings, Inc.
  1,036,435
9,428
 
Essent Group Ltd.
    621,871
2,736
2
Euronet Worldwide, Inc.
    195,159
2,989
 
Evercore, Inc., Class A
    958,154
5,943
 
Federated Hermes, Inc.
    356,342
19,548
 
Fidelity National Financial, Inc.
  1,008,481
7,873
 
First American Financial Corp.
    590,396
5,888
 
First Financial Bankshares, Inc.
    206,904
36,670
 
First Horizon Corp.
    940,219
2,372
 
FirstCash Holdings, Inc.
    483,912
13,849
 
Flagstar Bank, N.A.
    196,933
27,502
 
FNB Corp. (PA)
    519,788
7,123
 
Glacier Bancorp, Inc.
    351,093
3,157
 
Hamilton Lane, Inc.
    280,689
6,270
 
Hancock Whitney Corp.
    482,790
2,020
 
Hanover Insurance Group, Inc.
    469,913
14,472
 
Home Bancshares, Inc.
    449,645
4,189
 
Houlihan Lokey, Inc.
    525,678
4,180
 
International Bancshares Corp.
    319,937
12,636
 
Jefferies Financial Group, Inc.
    689,926
1,332
 
Kinsale Capital Group, Inc.
    474,751
21,534
 
MGIC Investment Corp.
    646,881
1,704
 
Morningstar, Inc.
    328,139
26,568
 
Old National Bancorp
    707,772
17,312
 
Old Republic International Corp.
    748,052
11,620
 
Pinnacle Financial Partners, Inc.
  1,222,773
2,894
 
Primerica, Inc.
    925,964
7,204
 
Prosperity Bancshares, Inc.
    539,363
5,062
 
Reinsurance Group of America, Inc.
  1,198,935
3,294
 
RenaissanceRe Holdings Ltd.
  1,054,014
7,103
 
RLI Corp.
    434,988
5,593
 
Ryan Specialty Group Holdings, Inc.
    246,987
7,062
 
SEI Investments Co.
    727,245
4,626
 
Selective Insurance Group, Inc.
    438,499
1,648
2,3
Shift4 Payments, Inc.
     87,344
3
Shares
 
 
Value
         
1
COMMON STOCKS—continued
 
Financials—continued
14,571
 
SLM Corp.
$    378,773
8,968
 
South State Corp.
    942,447
26,926
 
Starwood Property Trust, Inc.
    430,277
11,852
 
Stifel Financial Corp.
    982,649
3,374
 
Texas Capital Bancshares, Inc.
    333,520
36,290
2
Toast, Inc.
  1,171,078
5,518
 
UMB Financial Corp.
    804,138
10,622
 
United Bankshares, Inc.
    514,636
12,845
 
Unum Group
  1,106,083
36,819
 
Valley National Bancorp
    526,144
8,511
 
VOYA Financial, Inc..
    846,249
10,701
 
Webster Financial Corp. Waterbury
    826,331
9,650
 
Western Alliance Bancorp
    776,728
2,679
2
WEX, Inc.
    500,866
5,211
 
Wintrust Financial Corp.
    831,363
13,426
 
Zions Bancorporation, N.A.
    935,792
 
TOTAL
42,883,800
 
Health Care—9.9%
12,565
2
Arrowhead Pharmaceuticals, Inc.
  1,063,627
52,751
2
Avantor, Inc.
    726,909
14,933
2
BioMarin Pharmaceutical, Inc.
    896,279
1,392
2
Bio-Rad Laboratories, Inc., Class A
    453,068
12,228
2
BrightSpring Health Services, Inc.
    730,134
8,586
 
Bruker Corp.
    539,544
1,026
 
Chemed Corp.
    546,089
8,745
2
Cytokinetics, Inc.
    674,502
4,177
 
Dentsply Sirona, Inc.
     55,846
17,005
2
Doximity, Inc.
    355,575
38,588
2
Elanco Animal Health, Inc.
  1,017,566
7,664
 
Encompass Health Corp.
    851,240
4,478
 
Ensign Group, Inc.
    797,800
7,089
2
Envista Holdings Corp.
    193,601
19,420
2
Exelixis, Inc.
  1,029,843
8,755
2
Globus Medical, Inc.
    689,806
3,590
2
Haemonetics Corp.
    307,089
9,164
2
Halozyme Therapeutics, Inc.
    756,397
6,527
2
HealthEquity Inc.
    656,681
15,419
2,3
Hims & Hers Health, Inc.
    428,186
11,690
2
Illumina, Inc.
  2,397,619
5,448
2
Jazz Pharmaceuticals plc
  1,377,581
2,029
2
Krystal Biotech, Inc.
    692,132
6,351
2
Lantheus Holdings, Inc.
    632,814
4,244
2
Livanova PLC
    340,114
1,990
2
Medpace Holdings, Inc.
  1,148,449
4,028
2
Molina Healthcare, Inc.
    787,957
7,769
2
Neurocrine Biosciences, Inc.
  1,295,869
12,132
2
Option Care Health, Inc.
    279,400
3,039
2
Penumbra, Inc.
    976,096
3,076
2
Repligen Corp.
    433,747
30,467
2
Roivant Sciences Ltd.
  1,033,136
20,490
2
Sotera Health Topco, Inc.
    365,951
7,256
2
Tenet Healthcare Corp.
  1,848,684
4
Shares
 
 
Value
         
1
COMMON STOCKS—continued
 
Health Care—continued
3,280
2
United Therapeutics Corp.
$  1,698,089
 
TOTAL
28,077,420
 
Industrials—24.3%
4,231
 
Aaon, Inc.
    376,813
2,327
 
Acuity, Inc.
    764,164
6,517
 
Advanced Drainage System, Inc.
    902,474
7,966
 
AECOM
    576,659
2,215
2
Aerovironment, Inc.
    330,855
4,643
 
AGCO Corp.
    474,329
6,307
2
Alaska Air Group, Inc.
    299,267
6,408
 
Allison Transmission Holdings, Inc.
    733,972
51,100
2
American Airlines Group, Inc.
    780,297
33,051
2
APi Group Corp.
  1,311,464
2,856
 
Applied Industrial Technologies, Inc.
    985,920
11,236
2
ATI, Inc.
  2,106,076
1,071
2
Avis Budget Group, Inc.
    147,198
9,317
 
Booz Allen Hamilton Holding Corp.
    649,581
7,078
 
BWX Technologies, Inc.
  1,194,059
1,431
2
CACI International, Inc., Class A
    712,280
3,119
 
Carlisle Cos., Inc.
  1,122,591
3,839
 
Carpenter Technology Corp.
  1,994,975
4,313
2
Clean Harbors, Inc.
  1,349,451
68,019
 
CNH Industrial NV
    697,195
14,536
2
Core & Main, Inc.
    639,148
3,792
 
Crane Co.
    809,440
2,854
 
Curtiss-Wright Corp.
  2,066,296
8,948
 
Donaldson Co., Inc.
    843,260
2,615
2
Dycom Industries, Inc.
  1,048,798
3,446
 
EnerSys, Inc.
    641,128
4,422
 
Esab Corp.
    382,636
11,804
2
Exlservice Holding, Inc.
    400,510
1,357
 
Exponent, Inc.
     90,715
9,875
 
Flowserve Corp.
    750,401
8,165
2
Fluor Corp.
    409,638
6,486
 
Fortune Brands Innovations, Inc.
    319,500
2,285
2
FTI Consulting, Inc.
    364,183
1,956
 
GATX Corp.
    349,870
12,180
 
Genpact Ltd.
    428,371
14,634
 
Graco, Inc.
  1,161,647
8,889
2
GXO Logistics, Inc.
    445,872
5,828
 
Hexcel Corp.
    599,993
678
2
IES Holdings, Inc.
    504,798
6,907
 
ITT Corp.
  1,353,634
9,796
 
KBR, Inc.
    358,632
5,106
2
Kirby Corp.
    669,601
12,555
 
Knight-Swift Transportation Holdings, Inc.
    872,949
12,355
2
Kratos Defense & Security Solutions
    575,743
2,621
 
Landstar System, Inc.
    458,072
4,233
 
Lincoln Electric Holdings, Inc.
  1,106,125
4,912
 
Louisiana-Pacific Corp.
    355,776
4,761
2
Mastec, Inc.
  1,252,619
4,059
 
Maximus, Inc.
    244,555
5
Shares
 
 
Value
         
1
COMMON STOCKS—continued
 
Industrials—continued
3,214
2
Middleby Corp.
$    429,326
2,197
 
MOOG, Inc., Class A
    856,500
2,804
 
MSA Safety, Inc.
    533,517
3,537
 
MSC Industrial Direct Co., Inc.
    436,466
17,086
 
Mueller Industries, Inc.
  1,134,681
11,472
2
NextPower,Inc
  1,030,989
12,495
 
nVent Electric PLC
  1,922,106
4,817
 
Oshkosh Corp.
    685,989
7,116
 
Owens Corning, Inc.
    988,412
4,133
2
Parsons Corp.
    182,720
3,351
2
Paylocity Corp.
    462,086
13,124
 
RB Global, Inc.
  1,440,228
2,437
2
RBC Bearings, Inc.
  1,343,542
5,143
 
Regal Rexnord Corp.
  1,055,498
2,989
 
Ryder System, Inc.
    766,439
2,381
2
Saia, Inc.
    827,707
3,330
 
Science Applications International Corp.
    390,043
13,993
 
Sensata Technologies Holdings PLC
    647,736
3,889
 
Simpson Manufacturing Co., Inc.
    730,121
3,289
2
SPX Technologies, Inc.
    722,330
9,618
2
StandardAero, Inc.
    281,904
2,371
2
Sterling Infrastructure, Inc.
  1,414,942
8,823
 
Terex Corp.
    554,437
20,051
 
Tetra Tech, Inc.
    664,891
4,331
 
The Brink’s Co.
    513,007
4,886
 
Timken Co.
    672,069
8,990
 
Toro Co.
    825,911
14,896
 
TransUnion
  1,171,124
8,027
2
Trex Co., Inc.
    348,051
5,987
 
UFP Industries, Inc.
    519,312
7,460
 
UL Solutions, Inc.
    683,634
1,500
 
Valmont Industries, Inc.
    722,550
1,386
2
Vicor Corp.
    287,415
2,350
 
Watsco, Inc.
    726,855
2,123
 
Watts Industries, Inc., Class A
    734,112
3,763
 
WESCO International, Inc.
  1,292,553
4,603
 
Woodward, Inc.
  1,660,532
9,071
2
XPO, Inc.
  1,822,999
 
TOTAL
68,496,264
 
Information Technology—13.3%
2,552
 
Advanced Energy Industries, Inc.
    738,855
9,592
2
Allegro MicroSystems, Inc.
    398,068
8,810
 
Amkor Technology, Inc.
    439,355
1,095
2
AppFolio, Inc.
    197,308
3,951
2
Arrow Electronics, Inc.
    855,668
4,819
 
Avnet, Inc.
    428,120
3,009
 
Belden, Inc.
    373,266
11,517
 
Bentley Systems, Inc.
    408,162
6,849
2
Bill.Com Holdings, Inc.
    309,095
4,792
2
Cirrus Logic, Inc.
    619,845
14,963
 
Cognex Corp.
    976,186
3,187
2
Commvault Systems, Inc.
    375,429
6
Shares
 
 
Value
         
1
COMMON STOCKS—continued
 
Information Technology—continued
3,823
 
Crane NXT Co.
$    198,605
5,574
2
Digitalocean Holdings, Inc.
    654,945
17,618
2
DocuSign, Inc.
    965,995
2,001
 
Dolby Laboratories, Class A
    117,679
11,572
2
Dropbox, Inc.
    376,784
22,765
2
Dynatrace Holdings LLC
  1,008,945
11,782
 
Entegris, Inc.
  1,402,647
26,256
2
Everpure, Inc.
  2,026,176
2,535
2
Fabrinet
  1,103,764
6,541
2
Guidewire Software, Inc.
    993,840
2,473
 
InterDigital, Inc.
    753,832
1,968
2
IPG Photonics Corp.
    167,398
17,418
2
Kyndryl Holdings, Inc.
    236,014
10,585
2
Lattice Semiconductor Corp.
  1,315,398
2,246
 
Littelfuse, Inc.
    993,024
4,698
2
MA-COM Technology Solutions Holdings, Inc.
  1,181,265
4,571
2
Manhattan Associates, Inc.
    874,707
4,851
 
MKS Inc.
  1,442,930
2,751
2
Novanta, Inc.
    392,155
22,863
2
Nutanix, Inc.
  1,349,146
12,954
2
Okta, Inc.
  1,838,561
3,843
2
Onto Innovation, Inc.
    993,723
6,972
 
Pegasystems, Inc.
    212,995
2,721
2
Qualys, Inc.
    393,865
9,403
2
Rambus, Inc.
    855,955
4,141
2
Sanmina Corp.
    768,404
7,194
2
Semtech Corp.
    847,597
2,548
2
Silicon Laboratories, Inc.
    554,190
1,713
2
Sitime Corp.
    916,798
1,964
2
Synaptics, Inc.
    210,776
5,776
 
TD SYNNEX Corp.
  1,476,923
8,024
2
TTM Technologies, Inc.
    926,291
11,726
2
Twilio, Inc.
  2,314,126
22,183
2,3
UiPath, Inc.
    283,055
3,359
 
Universal Display Corp.
    269,257
18,072
2
Viavi Solutions, Inc.
    667,760
10,878
 
Vontier Corp.
    349,510
 
TOTAL
37,554,392
 
Materials—5.4%
22,597
 
Alcoa Corp.
  1,022,740
4,931
 
Aptargroup, Inc.
    660,557
5,656
 
Ashland, Inc.
    410,682
7,086
 
Avient Corp.
    257,364
16,536
2
Axalta Coating Systems Ltd.
    592,154
5,530
 
Cabot Corp.
    486,751
35,599
2
Cleveland-Cliffs, Inc.
    410,101
87,705
 
Coeur Mining, Inc.
  1,307,682
8,567
 
Commercial Metals Corp.
    588,724
8,537
 
Crown Holdings, Inc.
  1,006,085
2,428
 
Eagle Materials, Inc.
    497,594
10,060
 
Graphic Packaging Holding Co.
    107,944
1,914
 
Greif, Inc., Class A
    165,657
7
Shares
 
 
Value
         
1
COMMON STOCKS—continued
 
Materials—continued
60,309
 
Hecla Mining Co.
$    851,563
4,385
2
Knife River Corp.
    320,850
8,670
2,3
MP Materials Corp.
    358,678
590
 
Newmarket Corp.
    501,594
8,800
 
Olin Corp.
    162,888
3,944
 
Reliance, Inc.
  1,601,658
5,671
 
Royal Gold, Inc.
  1,124,843
9,861
 
RPM International, Inc.
  1,055,817
3,461
 
Scotts Miracle-Gro Co.
    227,319
6,777
 
Silgan Holdings, Inc.
    270,944
12,269
 
Solstice Advanced Materials Inc.
    738,226
4,948
 
Sonoco Products Co.
    278,869
2,574
 
Westlake Corp.
    181,467
 
TOTAL
15,188,751
 
Real Estate—6.8%
7,418
 
Agree Realty Corp.
    577,120
14,890
 
American Healthcare REIT, Inc.
    827,884
24,474
 
American Homes 4 Rent
    817,921
23,707
 
Brixmor Property Group, Inc.
    747,008
18,252
 
CareTrust REIT, Inc.
    765,489
12,820
 
COPT Defense Properties
    486,647
12,713
 
Cousins Properties, Inc.
    401,095
17,493
 
Cubesmart
    725,260
4,837
 
EastGroup Properties, Inc.
  1,010,981
5,911
 
EPR Properties
    366,896
12,814
 
Equity Lifestyle Properties, Inc.
    833,807
10,243
 
First Industrial Realty Trust, Inc.
    674,399
21,882
 
Gaming and Leisure Properties, Inc.
    980,095
33,583
 
Healthcare Realty Trust, Inc.
    705,579
18,178
 
Independence Realty Trust, Inc.
    302,300
3,584
2
Jones Lang LaSalle, Inc.
  1,272,428
8,265
 
Kilroy Realty Corp.
    320,847
15,689
 
Kite Realty Group Trust
    449,019
6,726
 
Lamar Advertising Co.
  1,075,891
14,699
 
NNN REIT, Inc.
    698,497
23,009
 
Omega Healthcare Investors, Inc.
  1,164,946
6,155
 
Park Hotels & Resorts, Inc.
     92,694
14,801
 
Rayonier, Inc.
    322,366
17,303
 
Rexford Industrial Realty, Inc.
    653,534
13,218
 
Sabra Health Care REIT, Inc.
    279,825
14,773
 
STAG Industrial, Inc.
    565,215
15,947
 
Vornado Realty Trust, LP
    628,152
19,097
 
WP Carey, Inc.
  1,405,539
 
TOTAL
19,151,434
 
Utilities—2.9%
3,989
 
Black Hills Corp.
    284,057
18,224
 
Essential Utilities, Inc.
    726,226
3,320
 
Idacorp, Inc.
    474,461
9,138
 
National Fuel Gas Co.
    752,149
7,797
 
New Jersey Resources Corp.
    451,368
4,752
 
Northwestern Energy Group, Inc.
    326,652
15,945
 
OGE Energy Corp.
    754,996
8
Shares
 
 
Value
         
1
COMMON STOCKS—continued
 
Utilities—continued
4,849
 
ONE Gas, Inc.
$    376,525
4,748
 
Ormat Technologies, Inc.
    463,310
11,679
 
Portland General Electric Co.
    576,125
4,977
 
Southwest Gas Holdings, Inc.
    444,944
4,567
 
Spire, Inc.
    364,721
3,840
2
Talen Energy Corp.
  1,282,944
7,698
 
TXNM Energy, Inc.
    445,868
16,564
 
UGI Corp.
    598,292
 
TOTAL
8,322,638
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $158,119,327)
275,447,043
 
INVESTMENT COMPANY—3.2%
9,093,029
 
Federated Hermes Government Obligations Fund, Premier Shares, 3.57%4
(IDENTIFIED COST $9,093,029)
  9,093,029
 
TOTAL INVESTMENT IN SECURITIES—100.8%
(IDENTIFIED COST $167,212,356)
284,540,072
 
OTHER ASSETS AND LIABILITIES - NET—(0.8%)5
(2,266,301)
 
NET ASSETS—100%
$282,273,771
At July 31, 2026, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
(Depreciation)
Long Futures:
 
S&P MidCap 400 E-Mini Index
18
$6,791,220
September 2026
$(98,718)
Net Unrealized Depreciation 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, 2026, were as follows:  
 
Federated
Hermes, Inc.
Federated Hermes
Government
Obligations Fund,
Premier Shares*
Total of
Affiliated
Transactions
Value as of 10/31/2025
$340,960
$8,372,946
$8,713,906
Purchases at Cost
$—
$109,676,341
$109,676,341
Proceeds from Sales
$(55,373)
$(108,956,258)
$(109,011,631)
Change in Unrealized Appreciation/Depreciation
$37,433
$—
$37,433
Net Realized Gain/(Loss)
$33,322
$—
$33,322
Value as of 7/31/2026
$356,342
$9,093,029
$9,449,371
Shares Held as of 7/31/2026
5,943
9,093,029
9,098,972
Dividend Income
$6,670
$358,241
$364,911
 
*
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 $6,791,220 at July 31, 2026, which represents 2.4% 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%.
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
$2,529,366
$2,596,566
 
4
7-day net yield.
5
Assets, other than investments in securities, less liabilities.
9
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 and exchange-traded funds 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;
■ 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
10
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, 2026, 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